The oil industry generates around 10% returns on capital employed through the cycle, Chevron’s chief executive Mike Wirth told Bloomberg Television, pushing back on the persistent accusations by the Biden Administration that oil companies are profiteering from the surge in prices after the Russian invasion of Ukraine.
“Through the cycle, it’s an industry that generates 10%-ish returns on capital employed, which is I think, by the standards of many other industries, a pretty modest return,” Wirth told ‘The…Oil Tanks Further on Depressing U.S. Manufacturing Data
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