January 27, 2023 – California-based Chevron today announced a record 2022 profit of $35.5 billion – enough to cover the entire cost of losses from the devastating floods in the company’s home state.
Chevron has said it made $6.4 billion in the fourth quarter of 2022, building on a banner year that resulted in a 127 percentage jump in profits compared to 2021.
The announcement comes as Californians struggle to rebuild after floods earlier this month consumed roads, businesses, and homes. Current damage estimates sit at over $30 billion.
Chevron is headquartered in California’s Bay Area and has oil operations across the state.
According to data from the Climate Accountability Institute, Chevron ranked in second place of the 20 fossil fuel companies whose exploitation of the world’s oil, gas and coal reserves can be directly linked to more than one-third of all greenhouse gas emissions in the modern era.
Jonathan Noronha-Gant, Global Witness, Senior Campaigner, said:
“As Californians seek ways to shoulder the cost of the damage done by January’s floods, the billions that Chevron earned in 2022 will seem like a slap in the face.”
“Americans across the country are likely to experience more and more extreme weather events thanks to the climate emergency; when you’re freezing in your home in winter or boiling in the summer you know whom to blame. This is a public health and existential emergency that is reaping Chevron huge profits. They’re richer because you’re poorer.”
Global Witness has previously filed a complaint with US regulators against Chevron for misleading consumers by claiming to be climate friendly while investing heavily in fossil fuels, and claiming to be racial justice-oriented while its operations have disproportionately harmed people of colour.
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When founded in 1993, we were pioneers in seeing the link between natural resources, conflict and corruption. For over 25 years, we have investigated and exposed environmental and human rights abuses in the oil, gas, mining, and timber sectors, and tracked ill-gotten money and influence through the global financial and political system. Today, we continue to focus on abusive actors, misuse of power and financial flows, but have turned our focus on some of the most urgent issues facing humanity: the climate emergency and attacks on civic space. www.globalwitness.org