Chevron (NYSE: CVX) had a record-high free cash flow and its strongest annual earnings since 2014, thanks to rising oil and gas prices and an economic comeback in 2021.

In a statement, the Chairman and Chief Executive Officer, Mike Wirth, said: “We’re more capital and cost efficient, enabling us to return more cash to shareholders.”

Chevron announced $15.6 billion in full-year 2021 earnings on Friday, compared to a $5.5 billion loss in 2020. Last year, it generated $29.2 billion in cash flow from operations and $21.1 billion in free cash flow.

Chevron’s net oil-equivalent output increased to a new high of 3.10 million barrels per day in 2021 (bpd). The company added 1.3 billion barrels of net oil-equivalent proved reserves, with properties in the Permian Basin, the Gulf of Mexico, and Australia accounting for the majority of the net additions.

Chevron’s upstream operations in the United States earned $7.319 billion, compared to a $1.6 billion loss in 2020. The worldwide upstream company made $8.499 billion, versus a loss of $825 million in 2020. The downstream industry in the United States earned $2.389 billion in 2021, compared to a loss of $571 million in 2020.

Chevron increased its quarterly dividend by almost 6% last week, putting the company on track to boost its annual dividend payout per share for the 35th straight year in 2022.