Chevron Reports Second Quarter 2024 Results
Chevron (NYSE: CVX) reported earnings of $4.4 billion ($2.43 per share - diluted) for Q2 2024, down from $6.0 billion ($3.20 per share - diluted) in Q2 2023. Adjusted earnings were $4.7 billion ($2.55 per share - diluted), compared to $5.8 billion ($3.08 per share - diluted) last year. Foreign currency effects decreased earnings by $243 million. Chevron's global production rose by 11% driven by the acquisition of PDC Energy and strong performance in the Permian and DJ Basins.
The company returned $6 billion to shareholders, totaling over $50 billion in the last two years. However, worldwide net oil-equivalent production was up 11% from a year ago but partly offset by downtime in Australia. The company's cash flow from operations stood at $6.3 billion, in line with the year-ago period.
Capex increased to $4.0 billion from $3.8 billion last year, reflecting higher investments in upstream projects. Chevron executed agreements in Namibia, Brazil, Equatorial Guinea, and Angola to expand exploration acreage. The quarterly dividend was declared at $1.63 per share, payable on September 10, 2024.
Chevron (NYSE: CVX) ha riportato utili di 4,4 miliardi di dollari (2,43 dollari per azione - diluito) per il secondo trimestre del 2024, in calo rispetto ai 6,0 miliardi di dollari (3,20 dollari per azione - diluito) del secondo trimestre del 2023. Gli utili rettificati sono stati di 4,7 miliardi di dollari (2,55 dollari per azione - diluito), rispetto ai 5,8 miliardi di dollari (3,08 dollari per azione - diluito) dell'anno precedente. Gli effetti delle valute estere hanno ridotto gli utili di 243 milioni di dollari. La produzione globale di Chevron è aumentata del 11%, sostenuta dall'acquisizione di PDC Energy e da una forte performance nei bacini di Permiano e DJ.
L'azienda ha restituito 6 miliardi di dollari agli azionisti, raggiungendo oltre 50 miliardi di dollari negli ultimi due anni. Tuttavia, la produzione netta mondiale equivalente al petrolio è aumentata dell'11% rispetto a un anno fa, ma in parte compensata dai tempi di inattività in Australia. Il flusso di cassa operativo dell'azienda si è attestato a 6,3 miliardi di dollari, in linea con il periodo dell'anno precedente.
Le spese in conto capitale sono aumentate a 4,0 miliardi di dollari rispetto ai 3,8 miliardi di dollari dell'anno scorso, riflettendo investimenti più elevati in progetti upstream. Chevron ha stipulato accordi in Namibia, Brasile, Guinea Equatoriale e Angola per espandere le aree di esplorazione. Il dividendo trimestrale è stato dichiarato a 1,63 dollari per azione, pagabile il 10 settembre 2024.
Chevron (NYSE: CVX) reportó ganancias de 4.4 mil millones de dólares (2.43 dólares por acción - diluido) para el segundo trimestre de 2024, en comparación con 6.0 mil millones de dólares (3.20 dólares por acción - diluido) en el segundo trimestre de 2023. Las ganancias ajustadas fueron de 4.7 mil millones de dólares (2.55 dólares por acción - diluido), en comparación con 5.8 mil millones de dólares (3.08 dólares por acción - diluido) el año pasado. Los efectos de las divisas extranjeras disminuyeron las ganancias en 243 millones de dólares. La producción global de Chevron aumentó un 11%, impulsada por la adquisición de PDC Energy y un fuerte desempeño en las cuencas de Permian y DJ.
La compañía devolvió 6 mil millones de dólares a los accionistas, sumando más de 50 mil millones de dólares en los últimos dos años. Sin embargo, la producción neta mundial equivalente al petróleo aumentó un 11% en comparación con hace un año, aunque parcialmente compensada por el tiempo de inactividad en Australia. El flujo de caja de las operaciones se mantuvo en 6.3 mil millones de dólares, en línea con el periodo del año anterior.
Las inversiones aumentaron a 4.0 mil millones de dólares desde 3.8 mil millones de dólares el año pasado, reflejando mayores inversiones en proyectos upstream. Chevron ejecutó acuerdos en Namibia, Brasil, Guinea Ecuatorial y Angola para expandir las áreas de exploración. El dividendo trimestral fue declarado en 1.63 dólares por acción, pagadero el 10 de septiembre de 2024.
Chevron (NYSE: CVX)는 2024년 2분기에 44억 달러 (주당 2.43달러 - 희석 기준)의 수익을 보고하며, 2023년 2분기의 60억 달러 (주당 3.20달러 - 희석 기준)에서 감소했습니다. 조정된 수익은 47억 달러 (주당 2.55달러 - 희석 기준)로, 지난해의 58억 달러 (주당 3.08달러 - 희석 기준)와 비교됩니다. 외화 효과로 인해 수익이 2억 4천300만 달러 감소했습니다. Chevron의 글로벌 생산량은 PDC Energy의 인수와 Permian 및 DJ 분지에서의 강력한 성과로 인해 11% 증가했습니다.
회사는 주주에게 60억 달러를 반환했으며, 지난 2년간 총 500억 달러가 넘습니다. 그러나 전 세계 순 석유 동등 생산량은 작년 대비 11% 증가했지만, 호주에서의 가동 중지로 부분적으로 상쇄되었습니다. 회사의 운영 현금 흐름은 63억 달러로, 지난해와 유사한 수준입니다.
자본 지출은 지난해 38억 달러에서 40억 달러로 증가하여, 상류 프로젝트에 대한 투자가 증가했음을 반영합니다. Chevron은 나미비아, 브라질, 적도 기니 및 앙골라에서 탐사 지역을 확장하기 위해 계약을 체결했습니다. 분기 배당금은 주당 1.63달러로 선언되었으며, 2024년 9월 10일에 지급됩니다.
Chevron (NYSE: CVX) a déclaré des bénéfices de 4,4 milliards de dollars (2,43 dollars par action - dilué) pour le deuxième trimestre 2024, en baisse par rapport à 6,0 milliards de dollars (3,20 dollars par action - dilué) au deuxième trimestre 2023. Les bénéfices ajustés étaient de 4,7 milliards de dollars (2,55 dollars par action - dilué), contre 5,8 milliards de dollars (3,08 dollars par action - dilué) l'année dernière. Les effets des devises étrangères ont réduit les bénéfices de 243 millions de dollars. La production mondiale de Chevron a augmenté de 11%, soutenue par l'acquisition de PDC Energy et une forte performance dans les bassins de Permien et DJ.
L'entreprise a restitué 6 milliards de dollars aux actionnaires, totalisant plus de 50 milliards de dollars au cours des deux dernières années. Cependant, la production nette mondiale équivalente au pétrole a augmenté de 11 % par rapport à l'année précédente, mais a été partiellement compensée par des temps d'arrêt en Australie. Le flux de trésorerie d'exploitation de l'entreprise s'élevait à 6,3 milliards de dollars, conforme à la période de l'année précédente.
Les dépenses d'investissement ont augmenté à 4,0 milliards de dollars contre 3,8 milliards de dollars l'année dernière, reflétant des investissements plus importants dans des projets en amont. Chevron a conclu des accords en Namibie, au Brésil, en Guinée équatoriale et en Angola pour étendre les zones d'exploration. Le dividende trimestriel a été déclaré à 1,63 dollars par action, payable le 10 septembre 2024.
Chevron (NYSE: CVX) meldete für das 2. Quartal 2024 einen Gewinn von 4,4 Milliarden US-Dollar (2,43 US-Dollar pro Aktie - verwässert), was einem Rückgang von 6,0 Milliarden US-Dollar (3,20 US-Dollar pro Aktie - verwässert) im 2. Quartal 2023 entspricht. Der bereinigte Gewinn betrug 4,7 Milliarden US-Dollar (2,55 US-Dollar pro Aktie - verwässert) im Vergleich zu 5,8 Milliarden US-Dollar (3,08 US-Dollar pro Aktie - verwässert) im letzten Jahr. Währungswirkungen verringerten die Gewinne um 243 Millionen US-Dollar. Die globale Produktion von Chevron stieg um 11%, angetrieben durch die Übernahme von PDC Energy und starke Leistungen in den Permian- und DJ-Becken.
Das Unternehmen gab 6 Milliarden US-Dollar an die Aktionäre zurück, was in den letzten zwei Jahren insgesamt über 50 Milliarden US-Dollar ausmachte. Allerdings stieg die weltweite Netto-Öl-Ersatzproduktion im Vergleich zum Vorjahr um 11%, wurde jedoch teilweise durch Stillstandszeiten in Australien ausgeglichen. Der Cashflow aus der betrieblichen Tätigkeit lag bei 6,3 Milliarden US-Dollar, was dem Vorjahreszeitraum entspricht.
Die Investitionen erhöhten sich auf 4,0 Milliarden US-Dollar von 3,8 Milliarden US-Dollar im letzten Jahr, was höhere Investitionen in upstream Projekte widerspiegelt. Chevron schloss Vereinbarungen in Namibia, Brasilien, Äquatorialguinea und Angola ab, um das Explorationsareal auszubauen. Die vierteljährliche Dividende wurde mit 1,63 US-Dollar pro Aktie festgelegt und ist am 10. September 2024 zahlbar.
- Record Permian production and 11% increase in worldwide production.
- Returned $6 billion to shareholders, over $50 billion in the last two years.
- Capex increased, reflecting higher investments in upstream projects.
- Executed agreements in Namibia, Brazil, Equatorial Guinea, and Angola to expand exploration acreage.
- Earnings decreased to $4.4 billion from $6.0 billion in Q2 2023.
- Adjusted earnings dropped to $4.7 billion from $5.8 billion last year.
- Foreign currency effects decreased earnings by $243 million.
- Worldwide net oil-equivalent production partially offset by downtime in Australia.
Insights
Chevron's Q2 2024 results paint a mixed picture. While the company reported
- Record Permian production and an 11% increase in worldwide production year-over-year
$6 billion returned to shareholders, maintaining a strong focus on shareholder returns- Successful integration of PDC Energy, boosting U.S. production
The earnings decline was primarily due to lower margins on refined product sales and the absence of favorable tax items from the previous year. This suggests potential challenges in the downstream segment.
Notably, Chevron's cash flow from operations remained stable at
Looking ahead, Chevron's expansion of exploration acreage in Namibia, Brazil, Equatorial Guinea and Angola could provide future growth opportunities. However, investors should monitor the impact of operational downtime and softer margins on near-term performance.
Chevron's Q2 2024 results reflect the complex dynamics of the current oil market. The
However, the downstream segment's performance is concerning. Lower margins on refined product sales led to significant earnings declines in both U.S. and international downstream operations. This could indicate oversupply in refined products or weakening demand, both of which are important indicators for the broader oil market.
Chevron's strategic moves in exploration are noteworthy. The expansion into frontier areas like Namibia and deepwater Angola could potentially unlock significant resources in the long term. However, these are high-risk, high-reward plays that may take years to materialize.
The company's focus on technological innovation, such as using unmanned aircraft for leak detection, demonstrates a commitment to operational efficiency and environmental responsibility. This could provide a competitive edge in an increasingly scrutinized industry.
Overall, while Chevron faces near-term challenges, particularly in its downstream operations, its strong production growth and strategic exploration moves position it well for long-term success in a volatile oil market.
-
Reported earnings of
$4.4 billion $4.7 billion - Record Permian production; worldwide production 11 percent higher than last year
-
Returned
$6 billion $50 billion
Earnings & Cash Flow Summary |
||||||||||||||||
|
|
|
|
|
YTD |
|||||||||||
|
Unit |
|
2Q 2024 |
|
|
1Q 2024 |
|
|
2Q 2023 |
|
|
2Q 2024 |
|
|
2Q 2023 |
|
Total Earnings / (Loss) |
$ MM |
$ |
4,434 |
|
$ |
5,501 |
|
$ |
6,010 |
|
$ |
9,935 |
|
$ |
12,584 |
|
Upstream |
$ MM |
$ |
4,470 |
|
$ |
5,239 |
|
$ |
4,936 |
|
$ |
9,709 |
|
$ |
10,097 |
|
Downstream |
$ MM |
$ |
597 |
|
$ |
783 |
|
$ |
1,507 |
|
$ |
1,380 |
|
$ |
3,307 |
|
All Other |
$ MM |
$ |
(633 |
) |
$ |
(521 |
) |
$ |
(433 |
) |
$ |
(1,154 |
) |
$ |
(820 |
) |
Earnings Per Share - Diluted |
$/Share |
$ |
2.43 |
|
$ |
2.97 |
|
$ |
3.20 |
|
$ |
5.40 |
|
$ |
6.66 |
|
Adjusted Earnings (1) |
$ MM |
$ |
4,677 |
|
$ |
5,416 |
|
$ |
5,775 |
|
$ |
10,093 |
|
$ |
12,519 |
|
Adjusted Earnings Per Share - Diluted (1) |
$/Share |
$ |
2.55 |
|
$ |
2.93 |
|
$ |
3.08 |
|
$ |
5.48 |
|
$ |
6.63 |
|
Cash Flow From Operations (CFFO) |
$ B |
$ |
6.3 |
|
$ |
6.8 |
|
$ |
6.3 |
|
$ |
13.1 |
|
$ |
13.5 |
|
CFFO Excluding Working Capital (1) |
$ B |
$ |
8.7 |
|
$ |
8.0 |
|
$ |
9.4 |
|
$ |
16.7 |
|
$ |
18.5 |
|
(1) See non-GAAP reconciliation in attachments |
|
|
|
|
|
|||||||||||
“This quarter, we delivered strong production, enhanced our global exploration portfolio and extended our track record of consistent shareholder returns with over
Chevron’s global production rose by 11 percent this quarter compared to the year-ago period, driven by the successful integration of PDC Energy, Inc. (PDC) and strong execution in the Permian and
Financial and Business Highlights |
||||||||||||||||
|
|
|
|
|
YTD |
|||||||||||
|
Unit |
|
2Q 2024 |
|
|
1Q 2024 |
|
|
2Q 2023 |
|
|
2Q 2024 |
|
|
2Q 2023 |
|
Return on Capital Employed (ROCE) |
% |
|
9.9 |
% |
|
12.4 |
% |
|
13.4 |
% |
|
11.1 |
% |
|
14.1 |
% |
Capital Expenditures (Capex) |
$ B |
$ |
4.0 |
|
$ |
4.1 |
|
$ |
3.8 |
|
$ |
8.1 |
|
$ |
6.8 |
|
Affiliate Capex |
$ B |
$ |
0.6 |
|
$ |
0.6 |
|
$ |
1.0 |
|
$ |
1.2 |
|
$ |
1.8 |
|
Free Cash Flow (1) |
$ B |
$ |
2.3 |
|
$ |
2.7 |
|
$ |
2.5 |
|
$ |
5.1 |
|
$ |
6.7 |
|
Free Cash Flow ex. working capital (1) |
$ B |
$ |
4.8 |
|
$ |
3.9 |
|
$ |
5.7 |
|
$ |
8.6 |
|
$ |
11.7 |
|
Debt Ratio (end of period) |
% |
|
12.7 |
% |
|
12.0 |
% |
|
12.0 |
% |
|
12.7 |
% |
|
12.0 |
% |
Net Debt Ratio (1) (end of period) |
% |
|
10.7 |
% |
|
8.8 |
% |
|
7.0 |
% |
|
10.7 |
% |
|
7.0 |
% |
Net Oil-Equivalent Production |
MBOED |
|
3,292 |
|
|
3,346 |
|
|
2,959 |
|
|
3,319 |
|
|
2,968 |
|
(1) See non-GAAP reconciliation in attachments |
|
|
|
|
|
|||||||||||
Financial Highlights
- Second quarter 2024 earnings decreased compared to last year primarily due to lower margins on refined product sales, the absence of prior year favorable tax items and negative foreign currency effects.
-
Worldwide net oil-equivalent production was up 11 percent from a year ago primarily due to the PDC acquisition and strong performance in the Permian and DJ Basins in the
U.S. , partly offset by downtime inAustralia . - Capex in the second 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 in line with the year ago period mainly as lower earnings were partially offset by higher dividends from equity affiliates and lower working capital.
-
The company returned
$6.0 billion $3.0 billion $3.0 billion $5 billion -
The company’s Board of Directors declared a quarterly dividend of
one dollar andsixty-three cents ($1.63
Business Highlights and Milestones
- Completed turnaround on Second Generation Injection plant and progressed start-up of the Wellhead Pressure Management Project with three pressure boost facility compressors online and eight metering stations converted at the company’s affiliate Tengizchevroil.
-
Signed agreement to acquire 80 percent working interest in Petroleum Exploration License 82 in the Walvis Basin, further expanding the company’s frontier exploration acreage position offshore
Namibia . -
Added frontier exploration acreage positions in the deepwater lower Congo Basin in
Angola . -
Signed agreements to acquire two exploration blocks offshore Bioko Island in
Equatorial Guinea . -
Secured 15 exploration blocks in the South Santos and Pelotas Basins in
Brazil . -
Tested use of unmanned aircraft for detection of spills and leaks at the company’s upstream and pipeline facilities in
California pursuant to a first-of-its-kind waiver from theU.S. Federal Aviation Administration.
Segment Highlights |
||||||||||||||||
Upstream |
||||||||||||||||
|
|
|
|
|
YTD |
|||||||||||
|
Unit |
|
2Q 2024 |
|
1Q 2024 |
|
2Q 2023 |
|
2Q 2024 |
|
2Q 2023 |
|||||
Earnings / (Loss) |
$ MM |
$ |
2,161 |
$ |
2,075 |
$ |
1,640 |
$ |
4,236 |
$ |
3,421 |
|||||
Net Oil-Equivalent Production |
MBOED |
|
1,572 |
|
1,573 |
|
1,219 |
|
1,573 |
|
1,193 |
|||||
Liquids Production |
MBD |
|
1,132 |
|
1,130 |
|
916 |
|
1,131 |
|
896 |
|||||
Natural Gas Production |
MMCFD |
|
2,643 |
|
2,657 |
|
1,817 |
|
2,650 |
|
1,780 |
|||||
Liquids Realization |
$/BBL |
$ |
59.85 |
$ |
57.37 |
$ |
56.29 |
$ |
58.61 |
$ |
57.64 |
|||||
Natural Gas Realization |
$/MCF |
$ |
0.76 |
$ |
1.24 |
$ |
1.23 |
$ |
1.00 |
$ |
1.88 |
|||||
-
U.S. upstream earnings were higher than the year-ago period primarily due to higher sales volumes and realizations, partly offset by higher depreciation, depletion and amortization and higher operating expenses, mainly from higher production. -
U.S. net oil-equivalent production was up 353,000 barrels per day from a year earlier primarily due to the successful integration of PDC and record high production in the Permian Basin.
|
|
|
|
|
YTD |
|||||||||||
International Upstream |
Unit |
|
2Q 2024 |
|
|
1Q 2024 |
|
2Q 2023 |
|
2Q 2024 |
|
|
2Q 2023 |
|
||
Earnings / (Loss) (1) |
$ MM |
$ |
2,309 |
|
$ |
3,164 |
$ |
3,296 |
$ |
5,473 |
|
$ |
6,676 |
|
||
Net Oil-Equivalent Production |
MBOED |
|
1,720 |
|
|
1,773 |
|
1,740 |
|
1,746 |
|
|
1,775 |
|
||
Liquids Production |
MBD |
|
823 |
|
|
838 |
|
827 |
|
831 |
|
|
838 |
|
||
Natural Gas Production |
MMCFD |
|
5,378 |
|
|
5,610 |
|
5,478 |
|
5,494 |
|
|
5,624 |
|
||
Liquids Realization |
$/BBL |
$ |
74.92 |
|
$ |
72.52 |
$ |
68.06 |
$ |
73.73 |
|
$ |
68.48 |
|
||
Natural Gas Realization |
$/MCF |
$ |
6.86 |
|
$ |
7.25 |
$ |
7.50 |
$ |
7.06 |
|
$ |
8.25 |
|
||
(1) Includes foreign currency effects |
$ MM |
$ |
(237 |
) |
$ |
22 |
$ |
10 |
$ |
(215 |
) |
$ |
(46 |
) |
||
- International upstream earnings were lower than a year ago primarily due to the absence of prior year favorable tax effects, lower sales volumes, unfavorable foreign currency effects and lower natural gas realizations, partly offset by higher liquids realizations.
-
Net oil-equivalent production during the quarter was down 20,000 barrels per day from a year earlier primarily due to downtime in
Australia and exit fromMyanmar , partly offset by higher production inCanada , mainly due to the absence of wildfire related shutdowns.
Downstream |
||||||||||||||||
|
|
|
|
|
YTD |
|||||||||||
|
Unit |
|
2Q 2024 |
|
1Q 2024 |
|
2Q 2023 |
|
2Q 2024 |
|
2Q 2023 |
|||||
Earnings / (Loss) |
$ MM |
$ |
280 |
$ |
453 |
$ |
1,081 |
$ |
733 |
$ |
2,058 |
|||||
Refinery Crude Unit Inputs |
MBD |
|
900 |
|
878 |
|
985 |
|
889 |
|
958 |
|||||
Refined Product Sales |
MBD |
|
1,327 |
|
1,248 |
|
1,295 |
|
1,288 |
|
1,274 |
|||||
-
U.S. downstream earnings were lower compared to last year primarily due to lower margins on refined product sales and higher operating expenses. -
Refinery crude unit inputs, including crude oil and other inputs, decreased 9 percent from the year-ago period primarily due to downtime at the
El Segundo, California refinery. - Refined product sales increased 2 percent compared to the year-ago period.
|
|
|
|
|
YTD |
|||||||||||
International Downstream |
Unit |
|
2Q 2024 |
|
|
1Q 2024 |
|
2Q 2023 |
|
2Q 2024 |
|
2Q 2023 |
||||
Earnings / (Loss) (1) |
$ MM |
$ |
317 |
|
$ |
330 |
$ |
426 |
$ |
647 |
$ |
1,249 |
||||
Refinery Crude Unit Inputs |
MBD |
|
650 |
|
|
651 |
|
634 |
|
651 |
|
637 |
||||
Refined Product Sales |
MBD |
|
1,485 |
|
|
1,430 |
|
1,453 |
|
1,457 |
|
1,456 |
||||
(1) Includes foreign currency effects |
$ MM |
$ |
(1 |
) |
$ |
56 |
$ |
4 |
$ |
55 |
$ |
22 |
||||
- 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 3 percent from the year-ago period primarily due to lower turnaround activity at the GS Caltex affiliate in
South Korea . - Refined product sales increased 2 percent from the year-ago period.
All Other |
||||||||||||||||
|
|
|
|
|
YTD |
|||||||||||
All Other |
Unit |
|
2Q 2024 |
|
|
1Q 2024 |
|
|
2Q 2023 |
|
|
2Q 2024 |
|
|
2Q 2023 |
|
Net charges (1) |
$ MM |
$ |
(633 |
) |
$ |
(521 |
) |
$ |
(433 |
) |
$ |
(1,154 |
) |
$ |
(820 |
) |
(1) Includes foreign currency effects |
$ MM |
$ |
(5 |
) |
$ |
7 |
|
$ |
(4 |
) |
$ |
2 |
|
$ |
(6 |
) |
- 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 unfavorable tax items and lower interest income.
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 second quarter 2024 earnings with security analysts will take place on Friday, August 2, 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, X: @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 |
||||||||||||
(Millions of Dollars, Except Per-Share Amounts) |
||||||||||||
(unaudited) |
||||||||||||
CONSOLIDATED STATEMENT OF INCOME |
|
|
||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
REVENUES AND OTHER INCOME |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
Sales and other operating revenues |
$ |
49,574 |
|
$ |
47,216 |
|
|
$ |
96,154 |
|
$ |
96,058 |
Income (loss) from equity affiliates |
|
1,206 |
|
|
1,240 |
|
|
|
2,647 |
|
|
2,828 |
Other income (loss) |
|
401 |
|
|
440 |
|
|
|
1,096 |
|
|
803 |
Total Revenues and Other Income |
|
51,181 |
|
|
48,896 |
|
|
|
99,897 |
|
|
99,689 |
COSTS AND OTHER DEDUCTIONS |
|
|
|
|
|
|
|
|||||
Purchased crude oil and products |
|
30,867 |
|
|
28,984 |
|
|
|
58,608 |
|
|
58,391 |
Operating expenses (1) |
|
7,710 |
|
|
7,224 |
|
|
|
15,301 |
|
|
14,164 |
Exploration expenses |
|
263 |
|
|
169 |
|
|
|
392 |
|
|
359 |
Depreciation, depletion and amortization |
|
4,004 |
|
|
3,521 |
|
|
|
8,095 |
|
|
7,047 |
Taxes other than on income |
|
1,188 |
|
|
1,041 |
|
|
|
2,312 |
|
|
2,137 |
Interest and debt expense |
|
113 |
|
|
120 |
|
|
|
231 |
|
|
235 |
Total Costs and Other Deductions |
|
44,145 |
|
|
41,059 |
|
|
|
84,939 |
|
|
82,333 |
Income (Loss) Before Income Tax Expense |
|
7,036 |
|
|
7,837 |
|
|
|
14,958 |
|
|
17,356 |
Income tax expense (benefit) |
|
2,593 |
|
|
1,829 |
|
|
|
4,964 |
|
|
4,743 |
Net Income (Loss) |
|
4,443 |
|
|
6,008 |
|
|
|
9,994 |
|
|
12,613 |
Less: Net income (loss) attributable to noncontrolling interests |
|
9 |
|
|
(2 |
) |
|
|
59 |
|
|
29 |
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION |
$ |
4,434 |
|
$ |
6,010 |
|
|
$ |
9,935 |
|
$ |
12,584 |
|
|
|
|
|
|
|
|
|||||
(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 |
$ |
2.43 |
|
$ |
3.22 |
|
|
$ |
5.42 |
|
$ |
6.70 |
- Diluted |
$ |
2.43 |
|
$ |
3.20 |
|
|
$ |
5.40 |
|
$ |
6.66 |
Weighted Average Number of Shares Outstanding (000's) |
|
|
|
|
||||||||
- Basic |
|
1,825,842 |
|
|
1,867,165 |
|
|
|
1,834,110 |
|
|
1,879,363 |
- Diluted |
|
1,833,431 |
|
|
1,875,508 |
|
|
|
1,841,274 |
|
|
1,888,077 |
|
|
|
|
|
|
|
|
|||||
Note: Shares outstanding (excluding 14 million associated with Chevron’s Benefit Plan Trust) were 1,815 million and 1,851 million at June 30, 2024, and December 31, 2023, respectively. |
||||||||||||
EARNINGS BY MAJOR OPERATING AREA |
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Upstream |
|
|
|
|
|
|
|
||||||||
|
$ |
2,161 |
|
|
$ |
1,640 |
|
|
$ |
4,236 |
|
|
$ |
3,421 |
|
International |
|
2,309 |
|
|
|
3,296 |
|
|
|
5,473 |
|
|
|
6,676 |
|
Total Upstream |
|
4,470 |
|
|
|
4,936 |
|
|
|
9,709 |
|
|
|
10,097 |
|
Downstream |
|
|
|
|
|
|
|
||||||||
|
|
280 |
|
|
|
1,081 |
|
|
|
733 |
|
|
|
2,058 |
|
International |
|
317 |
|
|
|
426 |
|
|
|
647 |
|
|
|
1,249 |
|
Total Downstream |
|
597 |
|
|
|
1,507 |
|
|
|
1,380 |
|
|
|
3,307 |
|
All Other |
|
(633 |
) |
|
|
(433 |
) |
|
|
(1,154 |
) |
|
|
(820 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION |
$ |
4,434 |
|
|
$ |
6,010 |
|
|
$ |
9,935 |
|
|
$ |
12,584 |
|
Attachment 2 |
|||||||||||
CHEVRON CORPORATION - FINANCIAL REVIEW |
|||||||||||
(Millions of Dollars) |
|||||||||||
(unaudited) |
|||||||||||
SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary) |
|
June 30,
|
|
December 31,
|
|||||||
Cash and cash equivalents |
|
|
|
|
$ |
4,008 |
|
|
$ |
8,178 |
|
Marketable securities |
|
|
|
|
$ |
— |
|
|
$ |
45 |
|
Total assets |
|
|
|
|
$ |
260,644 |
|
|
$ |
261,632 |
|
Total debt |
|
|
|
|
$ |
23,184 |
|
|
$ |
20,836 |
|
Total Chevron Corporation stockholders’ equity |
|
|
|
|
$ |
159,233 |
|
|
$ |
160,957 |
|
Noncontrolling interests |
|
|
|
|
$ |
1,030 |
|
|
$ |
972 |
|
|
|
|
|
|
|
|
|
||||
SELECTED FINANCIAL RATIOS |
|
|
|
|
|||||||
Total debt plus total stockholders’ equity |
|
$ |
182,417 |
|
|
$ |
181,793 |
|
|||
Debt ratio (Total debt / Total debt plus stockholders’ equity) |
|
|
|
|
|
12.7 |
% |
|
|
11.5 |
% |
|
|
|
|
|
|
|
|
||||
Adjusted debt (Total debt less cash and cash equivalents and marketable securities) |
|
$ |
19,176 |
|
|
$ |
12,613 |
|
|||
Adjusted debt plus total stockholders’ equity |
|
$ |
178,409 |
|
|
$ |
173,570 |
|
|||
Net debt ratio (Adjusted debt / Adjusted debt plus total stockholders’ equity) |
|
|
10.7 |
% |
|
|
7.3 |
% |
|||
RETURN ON CAPITAL EMPLOYED (ROCE) |
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Total reported earnings |
$ |
4,434 |
|
|
$ |
6,010 |
|
|
$ |
9,935 |
|
|
$ |
12,584 |
|
Noncontrolling interest |
|
9 |
|
|
|
(2 |
) |
|
|
59 |
|
|
|
29 |
|
Interest expense (A/T) |
|
103 |
|
|
|
111 |
|
|
|
212 |
|
|
|
217 |
|
ROCE earnings |
|
4,546 |
|
|
|
6,119 |
|
|
|
10,206 |
|
|
|
12,830 |
|
Annualized ROCE earnings |
|
18,184 |
|
|
|
24,476 |
|
|
|
20,412 |
|
|
|
25,660 |
|
Average capital employed (1) |
|
183,469 |
|
|
|
182,226 |
|
|
|
183,106 |
|
|
|
182,197 |
|
ROCE |
|
9.9 |
% |
|
|
13.4 |
% |
|
|
11.1 |
% |
|
|
14.1 |
% |
(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
|
|
Six Months Ended
|
||||||||
CAPEX BY SEGMENT |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
||||
Upstream |
$ |
2,347 |
|
$ |
2,296 |
|
$ |
4,777 |
|
$ |
4,214 |
Downstream |
|
338 |
|
|
379 |
|
|
767 |
|
|
710 |
Other |
|
109 |
|
|
90 |
|
|
181 |
|
|
121 |
Total |
|
2,794 |
|
|
2,765 |
|
|
5,725 |
|
|
5,045 |
|
|
|
|
|
|
|
|
||||
International |
|
|
|
|
|
|
|
||||
Upstream |
|
1,121 |
|
|
940 |
|
|
2,250 |
|
|
1,662 |
Downstream |
|
49 |
|
|
48 |
|
|
77 |
|
|
78 |
Other |
|
2 |
|
|
4 |
|
|
3 |
|
|
10 |
Total International |
|
1,172 |
|
|
992 |
|
|
2,330 |
|
|
1,750 |
CAPEX |
$ |
3,966 |
|
$ |
3,757 |
|
$ |
8,055 |
|
$ |
6,795 |
|
|
|
|
|
|
|
|
||||
AFFILIATE CAPEX (not included above) |
|
|
|
|
|
|
|
||||
Upstream |
$ |
382 |
|
$ |
615 |
|
$ |
781 |
|
$ |
1,254 |
Downstream |
|
244 |
|
|
361 |
|
|
468 |
|
|
591 |
AFFILIATE CAPEX |
$ |
626 |
|
$ |
976 |
|
$ |
1,249 |
|
$ |
1,845 |
Attachment 3 |
|||||||||||||||
CHEVRON CORPORATION - FINANCIAL REVIEW |
|||||||||||||||
(Billions of Dollars) |
|||||||||||||||
(unaudited) |
|||||||||||||||
SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary)(1) |
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
||||||||||||||
OPERATING ACTIVITIES |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net Income (Loss) |
$ |
4.4 |
|
|
$ |
6.0 |
|
|
$ |
10.0 |
|
|
$ |
12.6 |
|
Adjustments |
|
|
|
|
|
|
|
||||||||
Depreciation, depletion and amortization |
|
4.0 |
|
|
|
3.5 |
|
|
|
8.1 |
|
|
|
7.0 |
|
Distributions more (less) than income from equity affiliates |
|
0.1 |
|
|
|
(0.5 |
) |
|
|
(0.6 |
) |
|
|
(1.4 |
) |
Loss (gain) on asset retirements and sales |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net foreign currency effects |
|
0.1 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
0.1 |
|
Deferred income tax provision |
|
0.5 |
|
|
|
0.7 |
|
|
|
1.1 |
|
|
|
1.5 |
|
Net decrease (increase) in operating working capital |
|
(2.4 |
) |
|
|
(3.1 |
) |
|
|
(3.6 |
) |
|
|
(4.9 |
) |
Other operating activity |
|
(0.3 |
) |
|
|
(0.4 |
) |
|
|
(1.8 |
) |
|
|
(1.4 |
) |
Net Cash Provided by Operating Activities |
$ |
6.3 |
|
|
$ |
6.3 |
|
|
$ |
13.1 |
|
|
$ |
13.5 |
|
|
|
|
|
|
|
|
|
||||||||
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
||||||||
Capital expenditures (Capex) |
|
(4.0 |
) |
|
|
(3.8 |
) |
|
|
(8.1 |
) |
|
|
(6.8 |
) |
Proceeds and deposits related to asset sales and returns of investment |
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.3 |
|
Other investing activity |
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
(0.1 |
) |
|
|
(0.3 |
) |
Net Cash Used for Investing Activities |
$ |
(4.0 |
) |
|
$ |
(3.9 |
) |
|
$ |
(7.9 |
) |
|
$ |
(6.8 |
) |
|
|
|
|
|
|
|
|
||||||||
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
||||||||
Net change in debt |
|
1.3 |
|
|
|
(1.6 |
) |
|
|
2.4 |
|
|
|
(1.7 |
) |
Cash dividends — common stock |
|
(3.0 |
) |
|
|
(2.8 |
) |
|
|
(6.0 |
) |
|
|
(5.7 |
) |
Shares issued for share-based compensation |
|
0.1 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
0.2 |
|
Shares repurchased |
|
(3.0 |
) |
|
|
(4.4 |
) |
|
|
(6.0 |
) |
|
|
(8.1 |
) |
Distributions to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net Cash Provided by (Used for) Financing Activities |
$ |
(4.6 |
) |
|
$ |
(8.7 |
) |
|
$ |
(9.4 |
) |
|
$ |
(15.3 |
) |
|
|
|
|
|
|
|
|
||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
— |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
$ |
(2.2 |
) |
|
$ |
(6.5 |
) |
|
$ |
(4.3 |
) |
|
$ |
(8.7 |
) |
|
|
|
|
|
|
|
|
||||||||
RECONCILIATION OF NON-GAAP MEASURES (1) |
|
|
|
|
|
|
|
||||||||
Net Cash Provided by Operating Activities |
$ |
6.3 |
|
|
$ |
6.3 |
|
|
$ |
13.1 |
|
|
$ |
13.5 |
|
Less: Net decrease (increase) in operating working capital |
|
(2.4 |
) |
|
|
(3.1 |
) |
|
|
(3.6 |
) |
|
|
(4.9 |
) |
Cash Flow from Operations Excluding Working Capital |
$ |
8.7 |
|
|
$ |
9.4 |
|
|
$ |
16.7 |
|
|
$ |
18.5 |
|
|
|
|
|
|
|
|
|
||||||||
Net Cash Provided by Operating Activities |
$ |
6.3 |
|
|
$ |
6.3 |
|
|
$ |
13.1 |
|
|
$ |
13.5 |
|
Less: Capital expenditures |
|
4.0 |
|
|
|
3.8 |
|
|
|
8.1 |
|
|
|
6.8 |
|
Free Cash Flow |
$ |
2.3 |
|
|
$ |
2.5 |
|
|
$ |
5.1 |
|
|
$ |
6.7 |
|
Less: Net decrease (increase) in operating working capital |
|
(2.4 |
) |
|
|
(3.1 |
) |
|
|
(3.6 |
) |
|
|
(4.9 |
) |
Free Cash Flow Excluding Working Capital |
$ |
4.8 |
|
|
$ |
5.7 |
|
|
$ |
8.6 |
|
|
$ |
11.7 |
|
(1) Totals may not match sum of parts due to presentation in billions. |
|
|
|
|
|
|
|
||||||||
|
Attachment 4 |
|||||||||||||||||||||||||||||||
CHEVRON CORPORATION - FINANCIAL REVIEW |
||||||||||||||||||||||||||||||||
(Millions of Dollars) |
||||||||||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
|
|
|
|
||||||||||||||||||||||||||||
|
|
Three Months Ended
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||
|
REPORTED EARNINGS |
Pre-Tax |
Income Tax |
After-Tax |
|
Pre-Tax |
Income Tax |
After-Tax |
|
Pre-Tax |
Income Tax |
After-Tax |
|
Pre-Tax |
Income Tax |
After-Tax |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
$ |
2,161 |
|
|
|
|
$ |
1,640 |
|
|
|
|
$ |
4,236 |
|
|
|
|
$ |
3,421 |
|
|||||||||
Int'l Upstream |
|
|
|
2,309 |
|
|
|
|
|
3,296 |
|
|
|
|
|
5,473 |
|
|
|
|
|
6,676 |
|
|||||||||
|
|
|
|
280 |
|
|
|
|
|
1,081 |
|
|
|
|
|
733 |
|
|
|
|
|
2,058 |
|
|||||||||
Int'l Downstream |
|
|
|
317 |
|
|
|
|
|
426 |
|
|
|
|
|
647 |
|
|
|
|
|
1,249 |
|
|||||||||
All Other |
|
|
|
(633 |
) |
|
|
|
|
(433 |
) |
|
|
|
|
(1,154 |
) |
|
|
|
|
(820 |
) |
|||||||||
Net Income (Loss) Attributable to Chevron |
$ |
4,434 |
|
|
|
|
$ |
6,010 |
|
|
|
|
$ |
9,935 |
|
|
|
|
$ |
12,584 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
SPECIAL ITEMS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Int'l Upstream |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Tax items |
$ |
— |
$ |
— |
$ |
— |
|
|
$ |
— |
$ |
225 |
$ |
225 |
|
|
$ |
— |
$ |
— |
$ |
— |
|
|
$ |
— |
$ |
95 |
$ |
95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total Special Items |
$ |
— |
$ |
— |
$ |
— |
|
|
$ |
— |
$ |
225 |
$ |
225 |
|
|
$ |
— |
$ |
— |
$ |
— |
|
|
$ |
— |
$ |
95 |
$ |
95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
FOREIGN CURRENCY EFFECTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Int'l Upstream |
|
|
$ |
(237 |
) |
|
|
|
$ |
10 |
|
|
|
|
$ |
(215 |
) |
|
|
|
$ |
(46 |
) |
|||||||||
Int'l Downstream |
|
|
|
(1 |
) |
|
|
|
|
4 |
|
|
|
|
|
55 |
|
|
|
|
|
22 |
|
|||||||||
All Other |
|
|
|
(5 |
) |
|
|
|
|
(4 |
) |
|
|
|
|
2 |
|
|
|
|
|
(6 |
) |
|||||||||
Total Foreign Currency Effects |
|
$ |
(243 |
) |
|
|
|
$ |
10 |
|
|
|
|
$ |
(158 |
) |
|
|
|
$ |
(30 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
ADJUSTED EARNINGS/(LOSS) (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
$ |
2,161 |
|
|
|
|
$ |
1,640 |
|
|
|
|
$ |
4,236 |
|
|
|
|
$ |
3,421 |
|
|||||||||
Int'l Upstream |
|
|
|
2,546 |
|
|
|
|
|
3,061 |
|
|
|
|
|
5,688 |
|
|
|
|
|
6,627 |
|
|||||||||
|
|
|
|
280 |
|
|
|
|
|
1,081 |
|
|
|
|
|
733 |
|
|
|
|
|
2,058 |
|
|||||||||
Int'l Downstream |
|
|
|
318 |
|
|
|
|
|
422 |
|
|
|
|
|
592 |
|
|
|
|
|
1,227 |
|
|||||||||
All Other |
|
|
|
(628 |
) |
|
|
|
|
(429 |
) |
|
|
|
|
(1,156 |
) |
|
|
|
|
(814 |
) |
|||||||||
Total Adjusted Earnings/(Loss) |
$ |
4,677 |
|
|
|
|
$ |
5,775 |
|
|
|
|
$ |
10,093 |
|
|
|
|
$ |
12,519 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total Adjusted Earnings/(Loss) per share |
$ |
2.55 |
|
|
|
|
$ |
3.08 |
|
|
|
|
$ |
5.48 |
|
|
|
|
$ |
6.63 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(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/20240802410443/en/
Randy Stuart, +1 713-283-8609
Source: Chevron Corporation
FAQ
What were Chevron's earnings for Q2 2024?
How did Chevron's Q2 2024 adjusted earnings compare to Q2 2023?
How much cash did Chevron return to shareholders in Q2 2024?
What was the impact of foreign currency effects on Chevron's Q2 2024 earnings?
How did Chevron's worldwide production change in Q2 2024?
