Text Summary:

Abram (a.k.a. Abraham) returns from Egypt very rich, so much so that he and his nephew Lot have to separate to have enough land for all their animals.  Lot moves to Sodom and is taken with all his possession when a group of kings invade.

Abram learns of Lot’s fate from an escapee and sends an army of 318 men to rescue him. Abram wins the battle and shares the loot with his allies and the remaining kings.  Abram is blessed by Melchizedek, a king and priest, in the name of the Most High God.

Interpretation:

Sounds like a historical record of how Abram saves Lot from the captors of Sodom. Abram is benevolent enough to share the resulting loot with his allies and the remaining ill-fated kings.