Financially speaking, Chevron (NYSE: CVX) had a very good year in 2022. Investors benefited along the way as the stock price rose over 50% in a year when the S&P 500 index sank nearly 20%. Despite the impressive financial performance, Chevron only increased its dividend by 6%. That has some investors upset, but they should actually be pleased with the outcome. Here's why.

To understand the dividend issue you need to get a handle on just how good a year Chevron had in 2022. Revenue in 2022 totaled $246.3 billion, up from $162.5 billion in 2021. Earnings per share tallied up to $18.28 per share last year, compared to $8.14 in 2021. That's a massive year-over-year increase, helped along by a record production year for U.S. oil and natural gas. 

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Source Fool.com