Chevron Reports First Quarter 2024 Results
- Positive: Chevron reported strong earnings of $5.5 billion for Q1 2024, with adjusted earnings of $5.4 billion, showcasing consistent financial performance.
- Positive: Worldwide production increased by 12 percent from the previous year, reflecting growth and operational efficiency.
- Positive: Return on Capital Employed (ROCE) was greater than 12 percent, indicating effective capital management and profitability.
- Negative: Downstream earnings were lower due to decreased margins on refined product sales and higher operating expenses, impacting overall profitability.
- Negative: Cash flow from operations was lower due to higher investments in expansion and asset retirements, despite strong earnings.
- None.
Insights
-
Reported earnings of
; adjusted earnings of$5.5 billion $5.4 billion - Worldwide production 12 percent higher than a year ago
-
Returned
cash to shareholders; eighth straight quarter over$6 billion $5 billion -
Achieved key project milestones in
Kazakhstan , East Mediterranean andU.S.
Earnings & Cash Flow Summary |
||||||||||
|
Unit |
1Q 2024 |
4Q 2023 |
1Q 2023 |
||||||
Total Earnings / (Loss) |
$ MM |
$ |
5,501 |
|
$ |
2,259 |
|
$ |
6,574 |
|
Upstream |
$ MM |
$ |
5,239 |
|
$ |
1,586 |
|
$ |
5,161 |
|
Downstream |
$ MM |
$ |
783 |
|
$ |
1,147 |
|
$ |
1,800 |
|
All Other |
$ MM |
$ |
(521 |
) |
$ |
(474 |
) |
$ |
(387 |
) |
Earnings Per Share - Diluted |
$/Share |
$ |
2.97 |
|
$ |
1.22 |
|
$ |
3.46 |
|
Adjusted Earnings (1) |
$ MM |
$ |
5,416 |
|
$ |
6,453 |
|
$ |
6,744 |
|
Adjusted Earnings Per Share - Diluted (1) |
$/Share |
$ |
2.93 |
|
$ |
3.45 |
|
$ |
3.55 |
|
Cash Flow From Operations (CFFO) |
$ B |
$ |
6.8 |
|
$ |
12.4 |
|
$ |
7.2 |
|
CFFO Excluding Working Capital (1) |
$ B |
$ |
8.0 |
|
$ |
11.4 |
|
$ |
9.0 |
|
(1) See non-GAAP reconciliation in attachments |
|
|
|
“We had another quarter of strong operational and financial performance and delivered superior cash returns to shareholders,” said Mike Wirth, Chevron’s chairman and chief executive officer. “U.S. production was up 35 percent from a year ago, and we continued to meet major project milestones.”
Chevron’s return on capital employed in the first quarter 2024 was greater than 12 percent, as the company increased its dividend per share payout by 8 percent from fourth quarter 2023 and repurchased nearly
Financial and Business Highlights |
||||||||||
|
Unit |
1Q 2024 |
4Q 2023 |
1Q 2023 |
||||||
Return on Capital Employed (ROCE) |
% |
|
12.4 |
% |
|
5.1 |
% |
|
14.6 |
% |
Capital Expenditures (Capex) |
$ B |
$ |
4.1 |
|
$ |
4.4 |
|
$ |
3.0 |
|
Affiliate Capex |
$ B |
$ |
0.6 |
|
$ |
0.9 |
|
$ |
0.9 |
|
Free Cash Flow (1) |
$ B |
$ |
2.7 |
|
$ |
8.1 |
|
$ |
4.2 |
|
Free Cash Flow ex. working capital (1) |
$ B |
$ |
3.9 |
|
$ |
7.1 |
|
$ |
6.0 |
|
Debt Ratio (end of period) |
% |
|
12.0 |
% |
|
11.5 |
% |
|
12.7 |
% |
Net Debt Ratio (1) (end of period) |
% |
|
8.8 |
% |
|
7.3 |
% |
|
4.4 |
% |
Net Oil-Equivalent Production |
MBOED |
|
3,346 |
|
|
3,392 |
|
|
2,979 |
|
(1) See non-GAAP reconciliation in attachments |
|
|
|
Financial Highlights
-
First quarter 2024 earnings decreased compared to last year primarily due to lower margins on refined product sales and lower natural gas realizations, partly offset by higher upstream sales volumes in the
U.S. -
Worldwide production was up 12 percent from a year ago primarily due to the acquisition of PDC and strong operational performance in the Permian and DJ Basins in the
U.S. and the Tengizchevroil affiliate inKazakhstan , partly offset by planned downtime inNigeria . - Capex in the first quarter of 2024 was up from last year largely due to higher investments in upstream, including post-acquisition spend on legacy PDC assets.
- Cash flow from operations was lower than a year ago mainly due to lower earnings and higher spend on expansion of the retail marketing network and asset retirements, partly offset by lower working capital.
-
The company returned
of cash to shareholders during the quarter, including dividends of$6.0 billion and share repurchases of nearly$3.0 billion .$3.0 billion -
The company’s Board of Directors declared a quarterly dividend of
one dollar andsixty-three cents ( ) per share, payable June 10, 2024, to all holders of common stock as shown on the transfer records of the corporation at the close of business on May 17, 2024.$1.63
Business Highlights and Milestones
- Started up WPMP at the company’s 50 percent-owned affiliate, Tengizchevroil, with the first pressure boost facility compressor online and first metering station conversion completed.
-
Reached final investment decision to add midstream infrastructure expected to increase production capacity at the Tamar gas field in
Israel to 1.6 billion cubic feet per day. - Entered an agreement to assume a 60 percent operated interest in Uruguay’s AREA OFF-1 offshore exploration block, subject to customary closing conditions.
-
Expanded fuel marketing network in key
U.S. West Coast and Gulf Coast markets, encompassing more than 250 retail stations. -
Launched a
Future Energy Fund III focused on venture investments in technology-based solutions that have the potential to enable affordable, reliable and lower carbon energy.$500 million - Drilled onshore and offshore stratigraphic wells to delineate carbon dioxide storage potential through the company’s joint venture Bayou Bend CCS LLC.
-
Reached final investment decision to build an oilseed processing plant in
Louisiana through the company’s joint venture Bunge Chevron Ag Renewables LLC. -
Announced the company’s first solar-to-hydrogen production project that is expected to utilize solar power and non-potable water from existing assets in
California . -
Withdrew from Chevron’s nonoperated working interests in
Myanmar effective April 1, 2024.
Segment Highlights
Upstream
|
Unit |
1Q 2024 |
4Q 2023 |
|
1Q 2023 |
|||
Earnings / (Loss) |
$ MM |
$ |
2,075 |
$ |
(1,347 |
) |
$ |
1,781 |
Net Oil-Equivalent Production |
MBOED |
|
1,573 |
|
1,598 |
|
|
1,167 |
Liquids Production |
MBD |
|
1,130 |
|
1,164 |
|
|
877 |
Natural Gas Production |
MMCFD |
|
2,657 |
|
2,604 |
|
|
1,742 |
Liquids Realization |
$/BBL |
$ |
57.37 |
$ |
58.69 |
|
$ |
59.06 |
Natural Gas Realization |
$/MCF |
$ |
1.24 |
$ |
1.62 |
|
$ |
2.58 |
-
U.S. upstream earnings were higher than the year-ago period primarily due to higher sales volumes, including from legacy PDC assets, partly offset by higher depreciation, depletion and amortization mainly from higher production, and lower realizations. -
U.S. net oil-equivalent production was up 406,000 barrels per day from a year earlier primarily due to the acquisition of PDC and higher production in the Permian and DJ Basins.
International Upstream |
Unit |
1Q 2024 |
4Q 2023 |
1Q 2023 |
|||||
Earnings / (Loss) (1) |
$ MM |
$ |
3,164 |
$ |
2,933 |
|
$ |
3,380 |
|
Net Oil-Equivalent Production |
MBOED |
|
1,773 |
|
1,794 |
|
|
1,812 |
|
Liquids Production |
MBD |
|
838 |
|
851 |
|
|
849 |
|
Natural Gas Production |
MMCFD |
|
5,610 |
|
5,661 |
|
|
5,775 |
|
Liquids Realization |
$/BBL |
$ |
72.52 |
$ |
74.54 |
|
$ |
68.89 |
|
Natural Gas Realization |
$/MCF |
$ |
7.25 |
$ |
7.31 |
|
$ |
9.00 |
|
(1) Includes foreign currency effects |
$ MM |
$ |
22 |
$ |
(162 |
) |
$ |
(56 |
) |
-
International upstream earnings were lower than a year ago primarily due to lower natural gas realizations, partly offset by favorable tax impacts, including the absence of first quarter 2023 tax charges related to the energy profits levy in the
United Kingdom , higher liquids realizations and favorable foreign currency effects. -
Net oil-equivalent production during the quarter was down 39,000 barrels per day from a year earlier primarily due to a planned turnaround in
Nigeria and normal field declines, partly offset by stronger operational performance at Tengizchevroil.
Downstream
Unit |
1Q 2024 |
4Q 2023 |
1Q 2023 |
||||
Earnings / (Loss) |
$ MM |
$ |
453 |
$ |
470 |
$ |
977 |
Refinery Crude Unit Inputs |
MBD |
|
878 |
|
950 |
|
931 |
Refined Product Sales |
MBD |
|
1,248 |
|
1,298 |
|
1,252 |
-
U.S. downstream earnings were lower compared to last year primarily due to lower margins on refined product sales and higher operating expenses mainly from planned shutdowns. -
Refinery crude unit inputs, including crude oil and other inputs, decreased 6 percent from the year-ago period primarily due to a planned shutdown at the
Pascagoula, Mississippi refinery. - Refined product sales were flat compared to the year-ago period.
International Downstream |
Unit |
1Q 2024 |
4Q 2023 |
1Q 2023 |
||||
Earnings / (Loss) (1) |
$ MM |
$ |
330 |
$ |
677 |
|
$ |
823 |
Refinery Crude Unit Inputs |
MBD |
|
651 |
|
634 |
|
|
640 |
Refined Product Sales |
MBD |
|
1,430 |
|
1,437 |
|
|
1,460 |
(1) Includes foreign currency effects |
$ MM |
$ |
56 |
$ |
(58 |
) |
$ |
18 |
- International downstream earnings were lower compared to a year ago primarily due to lower margins on refined product sales.
- Refinery crude unit inputs, including crude oil and other inputs, increased 2 percent, while refined product sales decreased 2 percent from the year-ago period.
All Other
All Other |
Unit |
1Q 2024 |
4Q 2023 |
1Q 2023 |
||||||
Net charges (1) |
$ MM |
$ |
(521 |
) |
$ |
(474 |
) |
$ |
(387 |
) |
(1) Includes foreign currency effects |
$ MM |
$ |
7 |
|
$ |
(259 |
) |
$ |
(2 |
) |
- All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.
- Net charges increased compared to a year ago primarily due to lower interest income and higher employee benefit costs.
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies. More information about Chevron is available at www.chevron.com.
NOTICE
Chevron’s discussion of first quarter 2024 earnings with security analysts will take place on Friday, April 26, 2024, at 8:00 a.m. PT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 3:30 a.m. PT and located under “Events and Presentations” in the “Investors” section on the Chevron website.
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.
Non-GAAP Financial Measures - This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on asset sales, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. We believe it is useful for investors to consider this measure in comparing the underlying performance of our business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with
This news release also includes cash flow from operations excluding working capital, free cash flow and free cash flow excluding working capital. Cash flow from operations excluding working capital is defined as net cash provided by operating activities less net changes in operating working capital, and represents cash generated by operating activities excluding the timing impacts of working capital. Free cash flow is defined as net cash provided by operating activities less capital expenditures and generally represents the cash available to creditors and investors after investing in the business. Free cash flow excluding working capital is defined as net cash provided by operating activities excluding working capital less capital expenditures and generally represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. Reconciliations of cash flow from operations excluding working capital, free cash flow and free cash flow excluding working capital are shown in Attachment 3.
This news release also includes net debt ratio. Net debt ratio is defined as total debt less cash and cash equivalents and marketable securities as a percentage of total debt less cash and cash equivalents and marketable securities, plus Chevron Corporation stockholders’ equity, which indicates the company’s leverage, net of its cash balances. The company believes this measure is useful to monitor the strength of the company’s balance sheet. A reconciliation of net debt ratio is shown in Attachment 2.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations and lower carbon strategy that are based on management’s current expectations, estimates, and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between
Attachment 1 |
|||||
CHEVRON CORPORATION - FINANCIAL REVIEW
|
|||||
CONSOLIDATED STATEMENT OF INCOME |
|||||
|
Three Months Ended
|
||||
REVENUES AND OTHER INCOME |
2024 |
|
2023 |
||
Sales and other operating revenues |
$ |
46,580 |
|
$ |
48,842 |
Income (loss) from equity affiliates |
|
1,441 |
|
|
1,588 |
Other income (loss) |
|
695 |
|
|
363 |
Total Revenues and Other Income |
|
48,716 |
|
|
50,793 |
COSTS AND OTHER DEDUCTIONS |
|
|
|
||
Purchased crude oil and products |
|
27,741 |
|
|
29,407 |
Operating expenses (1) |
|
7,591 |
|
|
6,940 |
Exploration expenses |
|
129 |
|
|
190 |
Depreciation, depletion and amortization |
|
4,091 |
|
|
3,526 |
Taxes other than on income |
|
1,124 |
|
|
1,096 |
Interest and debt expense |
|
118 |
|
|
115 |
Total Costs and Other Deductions |
|
40,794 |
|
|
41,274 |
Income (Loss) Before Income Tax Expense |
|
7,922 |
|
|
9,519 |
Income tax expense (benefit) |
|
2,371 |
|
|
2,914 |
Net Income (Loss) |
|
5,551 |
|
|
6,605 |
Less: Net income (loss) attributable to noncontrolling interests |
|
50 |
|
|
31 |
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION |
$ |
5,501 |
|
$ |
6,574 |
|
|
|
|
||
(1) Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs. |
|||||
|
|
|
|
||
|
|
|
|
||
PER SHARE OF COMMON STOCK |
|
|
|
||
Net Income (Loss) Attributable to Chevron Corporation |
|
|
|||
- Basic |
$ |
2.99 |
|
$ |
3.48 |
- Diluted |
$ |
2.97 |
|
$ |
3.46 |
Weighted Average Number of Shares Outstanding (000's) |
|||||
- Basic |
|
1,842,377 |
|
|
1,891,695 |
- Diluted |
|
1,849,116 |
|
|
1,900,785 |
Note: Shares outstanding (excluding 14 million associated with Chevron’s Benefit Plan Trust) were 1,833 million and 1,851 million at March 31, 2024, and December 31, 2023, respectively. |
EARNINGS BY MAJOR OPERATING AREA |
Three Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Upstream |
|
|
|
||||
|
$ |
2,075 |
|
|
$ |
1,781 |
|
International |
|
3,164 |
|
|
|
3,380 |
|
Total Upstream |
|
5,239 |
|
|
|
5,161 |
|
Downstream |
|
|
|
||||
|
|
453 |
|
|
|
977 |
|
International |
|
330 |
|
|
|
823 |
|
Total Downstream |
|
783 |
|
|
|
1,800 |
|
All Other |
|
(521 |
) |
|
|
(387 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION |
$ |
5,501 |
|
|
$ |
6,574 |
|
Attachment 2 |
||||||||
CHEVRON CORPORATION - FINANCIAL REVIEW
|
||||||||
SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary) |
|
March 31,
|
|
December 31,
|
||||
Cash and cash equivalents |
|
$ |
6,278 |
|
|
$ |
8,178 |
|
Marketable securities |
|
$ |
— |
|
|
$ |
45 |
|
Total assets |
|
$ |
261,651 |
|
|
$ |
261,632 |
|
Total debt |
|
$ |
21,835 |
|
|
$ |
20,836 |
|
Total Chevron Corporation stockholders' equity |
|
$ |
160,625 |
|
|
$ |
160,957 |
|
Noncontrolling interests |
|
$ |
1,031 |
|
|
$ |
972 |
|
|
|
|
|
|
||||
SELECTED FINANCIAL RATIOS |
|
|
|
|
||||
Total debt plus total stockholders’ equity |
|
$ |
182,460 |
|
|
$ |
181,793 |
|
Debt ratio (Total debt / Total debt plus stockholders’ equity) |
|
|
12.0 |
% |
|
|
11.5 |
% |
|
|
|
|
|
||||
Adjusted debt (Total debt less cash and cash equivalents and marketable securities) |
|
$ |
15,557 |
|
|
$ |
12,613 |
|
Adjusted debt plus total stockholders’ equity |
|
$ |
176,182 |
|
|
$ |
173,570 |
|
Net debt ratio (Adjusted debt / Adjusted debt plus total stockholders’ equity) |
|
|
8.8 |
% |
|
|
7.3 |
% |
RETURN ON CAPITAL EMPLOYED (ROCE) |
Three Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Total reported earnings |
$ |
5,501 |
|
|
$ |
6,574 |
|
Noncontrolling interest |
|
50 |
|
|
|
31 |
|
Interest expense (A/T) |
|
109 |
|
|
|
106 |
|
ROCE earnings |
|
5,660 |
|
|
|
6,711 |
|
Annualized ROCE earnings |
|
22,640 |
|
|
|
26,844 |
|
Average capital employed (1) |
|
183,128 |
|
|
|
183,611 |
|
ROCE |
|
12.4 |
% |
|
|
14.6 |
% |
(1) Capital employed is the sum of Chevron Corporation stockholders’ equity, total debt and noncontrolling interest. Average capital employed is computed by averaging the sum of capital employed at the beginning and the end of the period. |
|
Three Months Ended
|
||||
CAPEX BY SEGMENT |
2024 |
|
2023 |
||
|
|
|
|
||
Upstream |
$ |
2,430 |
|
$ |
1,918 |
Downstream |
|
429 |
|
|
331 |
Other |
|
72 |
|
|
31 |
Total |
|
2,931 |
|
|
2,280 |
|
|
|
|
||
International |
|
|
|
||
Upstream |
|
1,129 |
|
|
722 |
Downstream |
|
28 |
|
|
30 |
Other |
|
1 |
|
|
6 |
Total International |
|
1,158 |
|
|
758 |
CAPEX |
$ |
4,089 |
|
$ |
3,038 |
|
|
|
|
||
AFFILIATE CAPEX (not included above): |
|
|
|
||
Upstream |
$ |
399 |
|
$ |
639 |
Downstream |
|
224 |
|
|
230 |
AFFILIATE CAPEX |
$ |
623 |
|
$ |
869 |
Attachment 3 |
|||||||
CHEVRON CORPORATION - FINANCIAL REVIEW
|
|||||||
SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary)(1) |
Three Months Ended
|
||||||
|
|||||||
OPERATING ACTIVITIES |
2024 |
|
2023 |
||||
Net Income (Loss) |
$ |
5.6 |
|
|
$ |
6.6 |
|
Adjustments |
|
|
|
||||
Depreciation, depletion and amortization |
|
4.1 |
|
|
|
3.5 |
|
Distributions more (less) than income from equity affiliates |
|
(0.7 |
) |
|
|
(0.9 |
) |
Loss (gain) on asset retirements and sales |
|
— |
|
|
|
— |
|
Net foreign currency effects |
|
(0.2 |
) |
|
|
— |
|
Deferred income tax provision |
|
0.7 |
|
|
|
0.8 |
|
Net decrease (increase) in operating working capital |
|
(1.1 |
) |
|
|
(1.8 |
) |
Other operating activity |
|
(1.4 |
) |
|
|
(1.1 |
) |
Net Cash Provided by Operating Activities |
$ |
6.8 |
|
|
$ |
7.2 |
|
|
|
|
|
||||
INVESTING ACTIVITIES |
|
|
|
||||
Acquisition of businesses, net of cash acquired |
|
— |
|
|
|
— |
|
Capital expenditures (Capex) |
|
(4.1 |
) |
|
|
(3.0 |
) |
Proceeds and deposits related to asset sales and returns of investment |
|
0.1 |
|
|
|
0.2 |
|
Other investing activity |
|
— |
|
|
|
— |
|
Net Cash Used for Investing Activities |
$ |
(4.0 |
) |
|
$ |
(2.8 |
) |
|
|
|
|
||||
FINANCING ACTIVITIES |
|
|
|
||||
Net change in debt |
|
1.0 |
|
|
|
(0.1 |
) |
Cash dividends — common stock |
|
(3.0 |
) |
|
|
(2.9 |
) |
Shares issued for share-based compensation |
|
0.1 |
|
|
|
0.1 |
|
Shares repurchased |
|
(3.0 |
) |
|
|
(3.8 |
) |
Distributions to noncontrolling interests |
|
— |
|
|
|
— |
|
Net Cash Provided by (Used for) Financing Activities |
$ |
(4.9 |
) |
|
$ |
(6.6 |
) |
|
|
|
|
||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
(0.1 |
) |
|
|
— |
|
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
$ |
(2.1 |
) |
|
$ |
(2.2 |
) |
|
|
|
|
||||
RECONCILIATION OF NON-GAAP MEASURES (1) |
|
|
|
||||
Net Cash Provided by Operating Activities |
$ |
6.8 |
|
|
$ |
7.2 |
|
Less: Net decrease (increase) in operating working capital |
|
(1.1 |
) |
|
|
(1.8 |
) |
Cash Flow from Operations Excluding Working Capital |
$ |
8.0 |
|
|
$ |
9.0 |
|
|
|
|
|
||||
Net Cash Provided by Operating Activities |
$ |
6.8 |
|
|
$ |
7.2 |
|
Less: Capital expenditures |
|
4.1 |
|
|
|
3.0 |
|
Free Cash Flow |
$ |
2.7 |
|
|
$ |
4.2 |
|
Less: Net decrease (increase) in operating working capital |
|
(1.1 |
) |
|
|
(1.8 |
) |
Free Cash Flow Excluding Working Capital |
$ |
3.9 |
|
|
$ |
6.0 |
|
(1) Totals may not match sum of parts due to presentation in billions. |
|
|
|
Attachment 4 |
||||||||||||||||||||
CHEVRON CORPORATION - FINANCIAL REVIEW
|
||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
|||||||||||||||||
REPORTED EARNINGS |
Pre-Tax |
Income Tax |
After-Tax |
|
Pre-Tax |
Income Tax |
After-Tax |
|||||||||||||
|
|
|
|
|
||||||||||||||||
|
|
|
$ |
2,075 |
|
|
|
|
$ |
1,781 |
|
|||||||||
Int'l Upstream |
|
|
|
3,164 |
|
|
|
|
|
3,380 |
|
|||||||||
|
|
|
|
453 |
|
|
|
|
|
977 |
|
|||||||||
Int'l Downstream |
|
|
|
330 |
|
|
|
|
|
823 |
|
|||||||||
All Other |
|
|
|
(521 |
) |
|
|
|
|
(387 |
) |
|||||||||
Net Income (Loss) Attributable to Chevron |
$ |
5,501 |
|
|
|
|
$ |
6,574 |
|
|||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
SPECIAL ITEMS |
|
|
|
|
|
|
|
|||||||||||||
Int'l Upstream |
|
|
|
|
|
|
|
|||||||||||||
Tax items |
|
— |
|
— |
|
— |
|
|
|
— |
|
(130 |
) |
|
(130 |
) |
||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Special Items |
$ |
— |
$ |
— |
$ |
— |
|
|
$ |
— |
$ |
(130 |
) |
$ |
(130 |
) |
||||
|
|
|
|
|
|
|
|
|||||||||||||
FOREIGN CURRENCY EFFECTS |
|
|
|
|
|
|
|
|||||||||||||
Int'l Upstream |
|
|
$ |
22 |
|
|
|
|
$ |
(56 |
) |
|||||||||
Int'l Downstream |
|
|
|
56 |
|
|
|
|
|
18 |
|
|||||||||
All Other |
|
|
|
7 |
|
|
|
|
|
(2 |
) |
|||||||||
Total Foreign Currency Effects |
|
$ |
85 |
|
|
|
|
$ |
(40 |
) |
||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
ADJUSTED EARNINGS/(LOSS) (1) |
|
|
|
|
|
|
|
|||||||||||||
|
|
|
$ |
2,075 |
|
|
|
|
$ |
1,781 |
|
|||||||||
Int'l Upstream |
|
|
|
3,142 |
|
|
|
|
|
3,566 |
|
|||||||||
|
|
|
|
453 |
|
|
|
|
|
977 |
|
|||||||||
Int'l Downstream |
|
|
|
274 |
|
|
|
|
|
805 |
|
|||||||||
All Other |
|
|
|
(528 |
) |
|
|
|
|
(385 |
) |
|||||||||
Total Adjusted Earnings/(Loss) |
$ |
5,416 |
|
|
|
|
$ |
6,744 |
|
|||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Adjusted Earnings/(Loss) per share |
$ |
2.93 |
|
|
|
|
$ |
3.55 |
|
|||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
(1) Adjusted Earnings/(Loss) is defined as Net Income (loss) attributable to Chevron Corporation excluding special items and foreign currency effects. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240426369856/en/
Randy Stuart -- +1 713-283-8609
Source: Chevron Corporation
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