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Chevron Reports Third Quarter 2024 Results

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Chevron (CVX) reported Q3 2024 earnings of $4.5 billion ($2.48 per share), down from $6.5 billion ($3.48 per share) in Q3 2023. Worldwide net oil-equivalent production increased 7% year-over-year, with U.S. and Permian Basin production setting quarterly records. The company returned a record $7.7 billion to shareholders, including $4.7 billion in share repurchases and $2.9 billion in dividends. Chevron started key projects in the U.S. Gulf of Mexico and announced a $6.5 billion sale of Canadian assets. The company is targeting $2-3 billion in structural cost reductions by 2026.

Chemical (CVX) ha riportato un utile del Q3 2024 di 4,5 miliardi di dollari (2,48 dollari per azione), in calo rispetto ai 6,5 miliardi di dollari (3,48 dollari per azione) del Q3 2023. La produzione mondiale di petrolio equivalente è aumentata del 7% rispetto all'anno precedente, con la produzione negli Stati Uniti e nel bacino del Permiano che ha raggiunto record trimestrali. L'azienda ha restituito un totale record di 7,7 miliardi di dollari agli azionisti, di cui 4,7 miliardi di dollari in riacquisti di azioni e 2,9 miliardi di dollari in dividendi. Chevron ha avviato progetti chiave nel Golfo del Messico e ha annunciato una vendita di asset canadesi del valore di 6,5 miliardi di dollari. L'azienda punta a riduzioni di costi strutturali di 2-3 miliardi di dollari entro il 2026.

Chevron (CVX) reportó ganancias del tercer trimestre de 2024 de 4.5 mil millones de dólares (2.48 dólares por acción), una disminución respecto a los 6.5 mil millones de dólares (3.48 dólares por acción) en el tercer trimestre de 2023. La producción mundial de petróleo equivalente aumentó un 7% año tras año, con la producción en EE. UU. y la Cuenca Pérmica estableciendo récords trimestrales. La compañía devolvió un récord de 7.7 mil millones de dólares a los accionistas, incluyendo 4.7 mil millones de dólares en recompra de acciones y 2.9 mil millones de dólares en dividendos. Chevron comenzó proyectos clave en el Golfo de México y anunció la venta de activos canadienses por un valor de 6.5 mil millones de dólares. La compañía está buscando reducir costos estructurales en 2-3 mil millones de dólares para 2026.

쉐브론 (CVX)는 2024년 3분기 이익으로 45억 달러 (주당 2.48 달러)를 보고했으며, 이는 2023년 3분기의 65억 달러 (주당 3.48 달러)에서 감소한 수치입니다. 전 세계 석유 등가 생산량은 전년 대비 7% 증가했으며, 미국과 펌리안 분지의 생산이 분기 기록을 세웠습니다. 이 회사는 주주에게 77억 달러를 기록적으로 반환했으며, 이는 47억 달러의 자사주 매입과 29억 달러의 배당금 포함입니다. 쉐브론은 미국 멕시코 만에서 주요 프로젝트를 시작했으며, 캐나다 자산 매각에 대해 65억 달러 규모의 거래를 발표했습니다. 이 회사는 2026년까지 구조적 비용 절감을 20-30억 달러 목표로 하고 있습니다.

Chemical (CVX) a annoncé un bénéfice pour le troisième trimestre 2024 de 4,5 milliards de dollars (2,48 dollars par action), en baisse par rapport à 6,5 milliards de dollars (3,48 dollars par action) au troisième trimestre 2023. La production mondiale d'équivalent pétrole a augmenté de 7 % par rapport à l'année précédente, avec des niveaux de production record aux États-Unis et dans le bassin permien. La société a reversé un montant record de 7,7 milliards de dollars aux actionnaires, dont 4,7 milliards de dollars pour des rachats d'actions et 2,9 milliards de dollars en dividendes. Chevron a lancé des projets clés dans le golfe du Mexique et a annoncé la vente d'actifs canadiens pour un montant de 6,5 milliards de dollars. L'entreprise vise des réductions de coûts structurels de 2 à 3 milliards de dollars d'ici 2026.

Chemical (CVX) meldete im dritten Quartal 2024 einen Gewinn von 4,5 Milliarden US-Dollar (2,48 US-Dollar pro Aktie), ein Rückgang von 6,5 Milliarden US-Dollar (3,48 US-Dollar pro Aktie) im dritten Quartal 2023. Die weltweite Nettoproduktion von Öläquivalent stieg im Jahresvergleich um 7 %, wobei die Produktion in den USA und im Permian-Becken vierteljährliche Rekorde aufstellte. Das Unternehmen gab den Aktionären einen Rekordbetrag von 7,7 Milliarden US-Dollar zurück, einschließlich 4,7 Milliarden US-Dollar für Aktienrückkäufe und 2,9 Milliarden US-Dollar an Dividenden. Chevron startete wichtige Projekte im Golf von Mexiko und kündigte den Verkauf kanadischer Vermögenswerte im Wert von 6,5 Milliarden US-Dollar an. Das Unternehmen strebt bis 2026 eine strukturelle Kostensenkung von 2-3 Milliarden US-Dollar an.

Positive
  • Record $7.7 billion cash return to shareholders in Q3
  • 7% increase in worldwide oil-equivalent production
  • Record U.S. and Permian Basin production
  • Successful start-up of key Gulf of Mexico projects
  • Expected $2-3 billion cost reduction by 2026
Negative
  • 31% decrease in quarterly earnings from $6.5B to $4.5B year-over-year
  • Lower margins on refined product sales
  • Declining oil and gas realizations
  • Higher operating expenses in international downstream operations

Insights

Chevron's Q3 2024 results reveal a mixed performance with some concerning trends. Earnings dropped to $4.5 billion from $6.5 billion year-over-year, primarily due to lower refined product margins and reduced realizations. However, there are several positive operational highlights:

The company achieved record production in the Permian Basin, with overall production up 7%. Strategic moves include the $6.5 billion Canadian asset sale and targeted cost reductions of $2-3 billion by 2026. The record $7.7 billion cash return to shareholders demonstrates strong capital allocation discipline.

Key metrics to watch: Rising debt ratio (now 14.2% vs 11.1% last year) and declining ROCE (10.1% vs 14.5%). The successful U.S. Gulf of Mexico project startups should support future growth.

The operational achievements in Q3 are overshadowed by concerning market dynamics. While production growth is strong, realized prices have weakened significantly - U.S. natural gas realizations dropped to $0.55/MCF from $1.39/MCF year-over-year, while U.S. liquids prices fell to $54.86/BBL from $62.42/BBL.

The portfolio optimization strategy, including the Canadian asset sale and cost reduction initiatives, appears well-timed given the challenging price environment. The Gulf of Mexico expansion targeting 300,000 barrels daily by 2026 provides a clear growth pathway. However, downstream performance has deteriorated sharply, with U.S. downstream earnings falling to $146 million from $1.37 billion last year.

  • Reported earnings of $4.5 billion; cash flow from operations of $9.7 billion
  • Returned record $7.7 billion cash to shareholders
  • Started up key U.S. Gulf of Mexico projects
  • Optimizing portfolio with announced $6.5 billion sale of Canadian assets

SAN RAMON, Calif.--(BUSINESS WIRE)-- Chevron Corporation (NYSE: CVX) reported earnings of $4.5 billion ($2.48 per share - diluted) for third quarter 2024, compared with $6.5 billion ($3.48 per share - diluted) in third quarter 2023. Foreign currency effects decreased earnings by $44 million. Adjusted earnings of $4.5 billion ($2.51 per share - diluted) in third quarter 2024 compared to adjusted earnings of $5.7 billion ($3.05 per share - diluted) in third quarter 2023. See Attachment 4 for a reconciliation of adjusted earnings.

Earnings & Cash Flow Summary

 

 

 

 

 

YTD

 

Unit

 

3Q 2024

 

 

2Q 2024

 

 

3Q 2023

 

 

3Q 2024

 

 

3Q 2023

 

Total Earnings / (Loss)

$ MM

$

4,487

 

$

4,434

 

$

6,526

 

$

14,422

 

$

19,110

 

Upstream

$ MM

$

4,589

 

$

4,470

 

$

5,755

 

$

14,298

 

$

15,852

 

Downstream

$ MM

$

595

 

$

597

 

$

1,683

 

$

1,975

 

$

4,990

 

All Other

$ MM

$

(697

)

$

(633

)

$

(912

)

$

(1,851

)

$

(1,732

)

Earnings Per Share - Diluted

$/Share

$

2.48

 

$

2.43

 

$

3.48

 

$

7.88

 

$

10.14

 

Adjusted Earnings (1)

$ MM

$

4,531

 

$

4,677

 

$

5,721

 

$

14,624

 

$

18,240

 

Adjusted Earnings Per Share - Diluted (1)

$/Share

$

2.51

 

$

2.55

 

$

3.05

 

$

7.99

 

$

9.68

 

Cash Flow From Operations (CFFO)

$ B

$

9.7

 

$

6.3

 

$

9.7

 

$

22.8

 

$

23.2

 

CFFO Excluding Working Capital (1)

$ B

$

8.3

 

$

8.7

 

$

8.9

 

$

25.0

 

$

27.4

 

(1) See non-GAAP reconciliation in attachments

“We delivered strong financial and operational results, started up key projects in the U.S. Gulf of Mexico and returned record cash to shareholders this quarter,” said Mike Wirth, Chevron’s chairman and chief executive officer. Worldwide net oil-equivalent production increased 7 percent from last year as U.S. and Permian Basin production set another quarterly record. Chevron started up key projects in Anchor, Jack/St. Malo and Tahiti fields this quarter. These projects, combined with additional project start-ups through 2025, are expected to grow U.S. Gulf of Mexico production to 300,000 barrels of net oil-equivalent per day by 2026.

“We are also taking steps to optimize our portfolio and reduce operating costs to deliver superior long-term value to shareholders,” Wirth concluded. The company expects to close asset sales in Canada, Congo and Alaska in fourth quarter 2024, as part of its plan to divest $10-15 billion of assets by 2028. Additionally, cost reduction efforts are underway, and the company is targeting $2-3 billion of structural cost reductions from 2024 by the end of 2026.

Financial and Business Highlights

 

 

 

 

 

YTD

 

Unit

 

3Q 2024

 

 

2Q 2024

 

 

3Q 2023

 

 

3Q 2024

 

 

3Q 2023

 

Return on Capital Employed (ROCE)

%

 

10.1

%

 

9.9

%

 

14.5

%

 

10.8

%

 

14.0

%

Capital Expenditures (Capex)

$ B

$

4.1

 

$

4.0

 

$

4.7

 

$

12.1

 

$

11.5

 

Affiliate Capex

$ B

$

0.6

 

$

0.6

 

$

0.8

 

$

1.8

 

$

2.7

 

Free Cash Flow (1)

$ B

$

5.6

 

$

2.3

 

$

5.0

 

$

10.7

 

$

11.7

 

Free Cash Flow ex. working capital (1)

$ B

$

4.2

 

$

4.8

 

$

4.2

 

$

12.9

 

$

15.9

 

Debt Ratio (end of period)

%

 

14.2

%

 

12.7

%

 

11.1

%

 

14.2

%

 

11.1

%

Net Debt Ratio (1) (end of period)

%

 

11.9

%

 

10.7

%

 

8.1

%

 

11.9

%

 

8.1

%

Net Oil-Equivalent Production

MBOED

 

3,364

 

 

3,292

 

 

3,146

 

 

3,334

 

 

3,028

 

(1) See non-GAAP reconciliation in attachments

Financial Highlights

  • Third quarter 2024 earnings decreased compared to last year primarily due to lower margins on refined product sales, lower realizations and the absence of prior year favorable tax items.
  • Worldwide net oil-equivalent production was up 7 percent from a year ago primarily due to record production in the Permian Basin and the acquisition of PDC Energy, Inc. (PDC).
  • Capex in third quarter 2024 was down from last year largely due to the absence of the third quarter 2023 acquisition of a majority stake in ACES Delta, LLC.
  • Cash flow from operations was in line with the year ago period mainly as lower earnings and a one-time payment for ceased operations were offset by higher dividends from equity affiliates and favorable working capital effects.
  • The company returned a record $7.7 billion of cash to shareholders during the quarter, including share repurchases of $4.7 billion and dividends of $2.9 billion.
  • The company’s Board of Directors declared a quarterly dividend of one dollar and sixty-three cents ($1.63) per share, payable December 10, 2024, to all holders of common stock as shown on the transfer records of the corporation at the close of business on November 18, 2024.

Business Highlights and Milestones

  • Started production at the Anchor project in the U.S. Gulf of Mexico, marking successful delivery of an industry-first high-pressure deepwater technology.
  • Began water injection operations to boost production from company operated Jack/St. Malo and Tahiti fields in the U.S. Gulf of Mexico.
  • Achieved start-up of the final pressure boost compressor at the Wellhead Pressure Management Project at the company’s affiliate Tengizchevroil (TCO) in Kazakhstan.
  • Completed major turnarounds at TCO’s Complex Technology Line (KTL-1) and Gorgon’s Train 2 plants ahead of schedule.
  • Announced a $6.5 billion sale of the company’s interest in the Athabasca Oil Sands Project and Duvernay shale assets in Canada that is expected to close in fourth quarter 2024.
  • Cleared Federal Trade Commission antitrust review of the company’s pending merger with Hess Corporation, satisfying a key closing condition for the transaction.
  • Realized approximately 30 percent greater-than-projected capital expenditure and cost synergies since acquiring PDC. These assets, along with our other assets in Colorado, are among the lowest carbon intensity in the industry.
  • Successfully extended the Meji field offshore Nigeria with a near-field discovery.
  • Announced the establishment of an engineering and innovation center in India to provide technical and digital solutions for the enterprise.
  • Received an offshore Australia greenhouse gas assessment permit, covering an area of approximately 8,467 km2, to assess future CO2 storage.

Segment Highlights

Upstream

 

 

 

 

 

YTD

U.S. Upstream

Unit

 

3Q 2024

 

 

2Q 2024

 

 

3Q 2023

 

 

3Q 2024

 

 

3Q 2023

 

Earnings / (Loss)

$ MM

$

1,946

$

2,161

$

2,074

$

6,182

$

5,495

Net Oil-Equivalent Production

MBOED

 

1,605

 

 

1,572

 

 

1,407

 

 

1,584

 

 

1,265

 

Liquids Production

MBD

 

1,156

 

 

1,132

 

 

1,028

 

 

1,139

 

 

941

 

Natural Gas Production

MMCFD

 

2,694

 

 

2,643

 

 

2,275

 

 

2,665

 

 

1,947

 

Liquids Realization

$/BBL

$

54.86

 

$

59.85

 

$

62.42

 

$

57.33

 

$

59.40

 

Natural Gas Realization

$/MCF

$

0.55

 

$

0.76

 

$

1.39

 

$

0.85

 

$

1.69

 

  • U.S. upstream earnings were slightly lower than the year-ago period as lower realizations and higher depreciation, depletion and amortization, mainly from higher production, were nearly offset by higher sales volumes and lower operating expenses.
  • U.S. net oil-equivalent production was up 198,000 barrels per day from a year earlier and set a new quarterly record, primarily due to record high production in the Permian Basin and the acquisition of PDC, partly offset by hurricane impacts in the U.S. Gulf of Mexico that reduced production by 17,000 barrels per day.

 

 

 

 

 

YTD

International Upstream

Unit

 

3Q 2024

 

 

2Q 2024

 

 

3Q 2023

 

 

3Q 2024

 

 

3Q 2023

 

Earnings / (Loss) (1)

$ MM

$

2,643

$

2,309

 

$

3,681

$

8,116

 

$

10,357

Net Oil-Equivalent Production

MBOED

 

1,759

 

 

1,720

 

 

1,739

 

 

1,750

 

 

1,763

 

Liquids Production

MBD

 

834

 

 

823

 

 

803

 

 

832

 

 

826

 

Natural Gas Production

MMCFD

 

5,550

 

 

5,378

 

 

5,616

 

 

5,513

 

 

5,621

 

Liquids Realization

$/BBL

$

70.59

 

$

74.92

 

$

75.64

 

$

72.70

 

$

70.78

 

Natural Gas Realization

$/MCF

$

7.46

 

$

6.86

 

$

6.96

 

$

7.20

 

$

7.81

 

(1) Includes foreign currency effects

$ MM

$

13

 

$

(237

)

$

584

 

$

(202

)

$

538

 

  • International upstream earnings were lower than a year ago primarily due to the absence of prior year favorable tax effects and absence of prior year favorable foreign currency effects.
  • Net oil-equivalent production during the quarter was up 20,000 barrels per day from a year earlier primarily due to entitlement effects.

Downstream

 

 

 

 

 

YTD

U.S. Downstream

Unit

 

3Q 2024

 

 

2Q 2024

 

 

3Q 2023

 

 

3Q 2024

 

 

3Q 2023

 

Earnings / (Loss)

$ MM

$

146

$

280

$

1,376

$

879

$

3,434

Refinery Crude Unit Inputs

MBD

 

995

 

 

900

 

 

980

 

 

925

 

 

965

 

Refined Product Sales

MBD

 

1,312

 

 

1,327

 

 

1,303

 

 

1,296

 

 

1,283

 

  • U.S. downstream earnings were lower compared to last year primarily due to lower margins on refined product sales, partly offset by higher earnings from the 50 percent-owned affiliate, CPChem.
  • Refinery crude unit inputs, including crude oil and other inputs, increased 2 percent from the year-ago period primarily due to the absence of planned turnaround at the Richmond, California refinery, partly offset by hurricane impacts at the Pasadena, Texas refinery.
  • Refined product sales increased 1 percent compared to the year-ago period primarily due to higher demand for gasoline.

 

 

 

 

 

YTD

International Downstream

Unit

 

3Q 2024

 

 

2Q 2024

 

 

3Q 2023

 

 

3Q 2024

 

 

3Q 2023

 

Earnings / (Loss) (1)

$ MM

$

449

 

$

317

 

$

307

$

1,096

$

1,556

Refinery Crude Unit Inputs

MBD

 

628

 

 

650

 

 

637

 

 

643

 

 

637

 

Refined Product Sales

MBD

 

1,507

 

 

1,485

 

 

1,431

 

 

1,473

 

 

1,448

 

(1) Includes foreign currency effects

$ MM

$

(55

)

$

(1

)

$

24

 

$

 

$

46

 

  • International downstream earnings were higher compared to a year ago primarily due to higher margins on refined product sales, partly offset by higher operating expenses and unfavorable foreign currency effects.
  • Refinery crude unit inputs, including crude oil and other inputs, decreased 1 percent from the year-ago period primarily due to higher planned turnarounds.
  • Refined product sales increased 5 percent from the year-ago period primarily due to higher demand for gasoline and jet fuel.

All Other

 

 

 

 

 

YTD

All Other

Unit

 

3Q 2024

 

 

2Q 2024

 

 

3Q 2023

 

 

3Q 2024

 

 

3Q 2023

 

Net charges (1)

$ MM

$

(697

)

$

(633

)

$

(912

)

$

(1,851

)

$

(1,732

)

(1) Includes foreign currency effects

$ MM

$

(2

)

$

(5

)

$

(323

)

$

 

$

(329

)

  • All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.
  • Net charges decreased compared to a year ago primarily due to the absence of prior year unfavorable foreign currency effects, partly offset by higher interest expense 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 third quarter 2024 earnings with security analysts will take place on Friday, November 1, 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. Structural cost reductions describe decreases in operating expenses from operational efficiencies, divestments, and other cost saving measures that are expected to be sustainable compared with 2024 levels.

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 U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 4.

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, time deposits and marketable securities as a percentage of total debt less cash and cash equivalents, time deposits 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 Russia and Ukraine, the conflict in Israel and the global response to these hostilities; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the risk that regulatory approvals and clearances with respect to the Hess Corporation (Hess) transaction are not obtained or are obtained subject to conditions that are not anticipated by the company and Hess; potential delays in consummating the Hess transaction, including as a result of the ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement; risks that such ongoing arbitration is not satisfactorily resolved and the potential transaction fails to be consummated; uncertainties as to whether the potential transaction, if consummated, will achieve its anticipated economic benefits, including as a result of risks associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the potential transaction that are not waived or otherwise satisfactorily resolved; the company’s ability to integrate Hess’ operations in a successful manner and in the expected time period; the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 26 of the company’s 2023 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Attachment 1

CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars, Except Per-Share Amounts)

(unaudited)

 

CONSOLIDATED STATEMENT OF INCOME

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

REVENUES AND OTHER INCOME

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Sales and other operating revenues

$

48,926

 

$

51,922

 

$

145,080

 

$

147,980

Income (loss) from equity affiliates

 

1,261

 

 

 

1,313

 

 

 

3,908

 

 

 

4,141

 

Other income (loss)

 

482

 

 

 

845

 

 

 

1,578

 

 

 

1,648

 

Total Revenues and Other Income

 

50,669

 

 

 

54,080

 

 

 

150,566

 

 

 

153,769

 

COSTS AND OTHER DEDUCTIONS

 

 

 

 

 

 

 

Purchased crude oil and products

 

30,450

 

 

 

32,328

 

 

 

89,058

 

 

 

90,719

 

Operating expenses (1)

 

7,935

 

 

 

7,553

 

 

 

23,236

 

 

 

21,717

 

Exploration expenses

 

154

 

 

 

301

 

 

 

546

 

 

 

660

 

Depreciation, depletion and amortization

 

4,214

 

 

 

4,025

 

 

 

12,309

 

 

 

11,072

 

Taxes other than on income

 

1,263

 

 

 

1,021

 

 

 

3,575

 

 

 

3,158

 

Interest and debt expense

 

164

 

 

 

114

 

 

 

395

 

 

 

349

 

Total Costs and Other Deductions

 

44,180

 

 

 

45,342

 

 

 

129,119

 

 

 

127,675

 

Income (Loss) Before Income Tax Expense

 

6,489

 

 

 

8,738

 

 

 

21,447

 

 

 

26,094

 

Income tax expense (benefit)

 

1,993

 

 

 

2,183

 

 

 

6,957

 

 

 

6,926

 

Net Income (Loss)

 

4,496

 

 

 

6,555

 

 

 

14,490

 

 

 

19,168

 

Less: Net income (loss) attributable to noncontrolling interests

 

9

 

 

 

29

 

 

 

68

 

 

 

58

 

NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION

$

4,487

 

 

$

6,526

 

 

$

14,422

 

 

$

19,110

 

 

 

 

 

 

 

 

 

(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

$

2.49

 

 

$

3.48

 

 

$

7.91

 

 

$

10.18

 

- Diluted

$

2.48

 

 

$

3.48

 

 

$

7.88

 

 

$

10.14

 

Weighted Average Number of Shares Outstanding (000's)

 

 

 

 

- Basic

 

1,800,336

 

 

 

1,870,963

 

 

 

1,822,770

 

 

 

1,876,532

 

- Diluted

 

1,807,030

 

 

 

1,877,104

 

 

 

1,829,776

 

 

 

1,884,407

 

 

 

 

 

 

 

 

 

Note: Shares outstanding (excluding 14 million associated with Chevron’s Benefit Plan Trust) were 1,783 million and 1,851 million at September 30, 2024, and December 31, 2023, respectively.

EARNINGS BY MAJOR OPERATING AREA

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Upstream

 

 

 

 

 

 

 

United States

$

1,946

 

 

$

2,074

 

 

$

6,182

 

 

$

5,495

 

International

 

2,643

 

 

 

3,681

 

 

 

8,116

 

 

 

10,357

 

Total Upstream

 

4,589

 

 

 

5,755

 

 

 

14,298

 

 

 

15,852

 

Downstream

 

 

 

 

 

 

 

United States

 

146

 

 

 

1,376

 

 

 

879

 

 

 

3,434

 

International

 

449

 

 

 

307

 

 

 

1,096

 

 

 

1,556

 

Total Downstream

 

595

 

 

 

1,683

 

 

 

1,975

 

 

 

4,990

 

All Other

 

(697

)

 

 

(912

)

 

 

(1,851

)

 

 

(1,732

)

NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION

$

4,487

 

 

$

6,526

 

 

$

14,422

 

 

$

19,110

 

Attachment 2

CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars)

(unaudited)

 

SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary)

 

September 30,
2024

 

December 31,
2023

Cash and cash equivalents

 

$

4,699

 

 

$

8,178

 

Time Deposits

 

$

4

 

 

$

 

Marketable securities

 

$

 

 

$

45

 

Total assets

 

$

259,232

 

 

$

261,632

 

Total debt

 

$

25,841

 

 

$

20,836

 

Total Chevron Corporation stockholders’ equity

 

$

156,202

 

 

$

160,957

 

Noncontrolling interests

 

$

828

 

 

$

972

 

 

 

 

 

 

SELECTED FINANCIAL RATIOS

 

 

 

 

Total debt plus total stockholders’ equity

 

$

182,043

 

 

$

181,793

 

Debt ratio (Total debt / Total debt plus stockholders’ equity)

 

 

14.2

%

 

 

11.5

%

 

 

 

 

 

Adjusted debt (Total debt less cash and cash equivalents, time deposits and marketable securities)

 

$

21,138

 

 

$

12,613

 

Adjusted debt plus total stockholders’ equity

 

$

177,340

 

 

$

173,570

 

Net debt ratio (Adjusted debt / Adjusted debt plus total stockholders’ equity)

 

 

11.9

%

 

 

7.3

%

RETURN ON CAPITAL EMPLOYED (ROCE)

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Total reported earnings

$

4,487

 

 

$

6,526

 

 

$

14,422

 

 

$

19,110

 

Noncontrolling interest

 

9

 

 

 

29

 

 

 

68

 

 

 

58

 

Interest expense (A/T)

 

146

 

 

 

104

 

 

 

358

 

 

 

321

 

ROCE earnings

 

4,642

 

 

 

6,659

 

 

 

14,848

 

 

 

19,489

 

Annualized ROCE earnings

 

18,568

 

 

 

26,636

 

 

 

19,797

 

 

 

25,985

 

Average capital employed (1)

 

183,159

 

 

 

183,810

 

 

 

182,818

 

 

 

185,194

 

ROCE

 

10.1

%

 

 

14.5

%

 

 

10.8

%

 

 

14.0

%

(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
September 30,

 

Nine Months Ended
September 30,

CAPEX BY SEGMENT

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

United States

 

 

 

 

 

 

 

Upstream

$

2,349

 

$

3,020

 

$

7,126

 

$

7,234

Downstream

 

349

 

 

 

408

 

 

 

1,116

 

 

 

1,118

 

Other

 

93

 

 

 

97

 

 

 

274

 

 

 

218

 

Total United States

 

2,791

 

 

 

3,525

 

 

 

8,516

 

 

 

8,570

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

Upstream

 

1,212

 

 

 

1,080

 

 

 

3,462

 

 

 

2,742

 

Downstream

 

47

 

 

 

66

 

 

 

124

 

 

 

144

 

Other

 

5

 

 

 

2

 

 

 

8

 

 

 

12

 

Total International

 

1,264

 

 

 

1,148

 

 

 

3,594

 

 

 

2,898

 

CAPEX

$

4,055

 

 

$

4,673

 

 

$

12,110

 

 

$

11,468

 

 

 

 

 

 

 

 

 

AFFILIATE CAPEX (not included above)

 

 

 

 

 

 

 

Upstream

$

329

 

 

$

539

 

 

$

1,110

 

 

$

1,793

 

Downstream

 

236

 

 

 

300

 

 

 

704

 

 

 

891

 

AFFILIATE CAPEX

$

565

 

 

$

839

 

 

$

1,814

 

 

$

2,684

 

Attachment 3

CHEVRON CORPORATION - FINANCIAL REVIEW

(Billions of Dollars)

(unaudited)

 

SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary)(1)

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

OPERATING ACTIVITIES

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net Income (Loss)

$

4.5

 

 

$

6.6

 

 

$

14.5

 

 

$

19.2

 

Adjustments

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

4.2

 

 

 

4.0

 

 

 

12.3

 

 

 

11.1

 

Distributions more (less) than income from equity affiliates

 

0.1

 

 

 

(0.9

)

 

 

(0.5

)

 

 

(2.3

)

Loss (gain) on asset retirements and sales

 

(0.2

)

 

 

(0.1

)

 

 

(0.2

)

 

 

(0.1

)

Net foreign currency effects

 

0.2

 

 

 

(0.2

)

 

 

0.1

 

 

 

(0.1

)

Deferred income tax provision

 

0.4

 

 

 

(0.1

)

 

 

1.5

 

 

 

1.3

 

Net decrease (increase) in operating working capital

 

1.4

 

 

 

0.8

 

 

 

(2.2

)

 

 

(4.2

)

Other operating activity

 

(1.0

)

 

 

(0.3

)

 

 

(2.8

)

 

 

(1.7

)

Net Cash Provided by Operating Activities

$

9.7

 

 

$

9.7

 

 

$

22.8

 

 

$

23.2

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

Acquisition of businesses, net of cash acquired

 

 

 

 

0.1

 

 

 

 

 

 

0.1

 

Capital expenditures (Capex)

 

(4.1

)

 

 

(4.7

)

 

 

(12.1

)

 

 

(11.5

)

Proceeds and deposits related to asset sales and returns of investment

 

0.4

 

 

 

0.1

 

 

 

0.6

 

 

 

0.4

 

Other investing activity

 

 

 

 

0.1

 

 

 

(0.1

)

 

 

(0.2

)

Net Cash Used for Investing Activities

$

(3.7

)

 

$

(4.4

)

 

$

(11.6

)

 

$

(11.2

)

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

Net change in debt

 

2.6

 

 

 

(2.4

)

 

 

5.0

 

 

 

(4.1

)

Cash dividends — common stock

 

(2.9

)

 

 

(2.9

)

 

 

(8.9

)

 

 

(8.5

)

Shares issued for share-based compensation

 

 

 

 

0.1

 

 

 

0.2

 

 

 

0.2

 

Shares repurchased

 

(4.7

)

 

 

(3.4

)

 

 

(10.7

)

 

 

(11.5

)

Distributions to noncontrolling interests

 

(0.2

)

 

 

 

 

 

(0.2

)

 

 

 

Net Cash Provided by (Used for) Financing Activities

$

(5.3

)

 

$

(8.6

)

 

$

(14.7

)

 

$

(23.9

)

 

 

 

 

 

 

 

 

EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

0.1

 

 

 

 

 

 

 

 

 

(0.2

)

NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

$

0.8

 

 

$

(3.4

)

 

$

(3.5

)

 

$

(12.1

)

 

 

 

 

 

 

 

 

RECONCILIATION OF NON-GAAP MEASURES (1)

 

 

 

 

 

 

 

Net Cash Provided by Operating Activities

$

9.7

 

 

$

9.7

 

 

$

22.8

 

 

$

23.2

 

Less: Net decrease (increase) in operating working capital

 

1.4

 

 

 

0.8

 

 

 

(2.2

)

 

 

(4.2

)

Cash Flow from Operations Excluding Working Capital

$

8.3

 

 

$

8.9

 

 

$

25.0

 

 

$

27.4

 

 

 

 

 

 

 

 

 

Net Cash Provided by Operating Activities

$

9.7

 

 

$

9.7

 

 

$

22.8

 

 

$

23.2

 

Less: Capital expenditures

 

4.1

 

 

 

4.7

 

 

 

12.1

 

 

 

11.5

 

Free Cash Flow

$

5.6

 

 

$

5.0

 

 

$

10.7

 

 

$

11.7

 

Less: Net decrease (increase) in operating working capital

 

1.4

 

 

 

0.8

 

 

 

(2.2

)

 

 

(4.2

)

Free Cash Flow Excluding Working Capital

$

4.2

 

 

$

4.2

 

 

$

12.9

 

 

$

15.9

 

(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
September 30, 2024

 

Three Months Ended
September 30, 2023

 

Nine Months Ended
September 30, 2024

 

Nine Months Ended
September 30, 2023

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Upstream

 

 

$

1,946

 

 

 

 

$

2,074

 

 

 

 

$

6,182

 

 

 

 

$

5,495

 

Int'l Upstream

 

 

 

2,643

 

 

 

 

 

3,681

 

 

 

 

 

8,116

 

 

 

 

 

10,357

 

U.S. Downstream

 

 

 

146

 

 

 

 

 

1,376

 

 

 

 

 

879

 

 

 

 

 

3,434

 

Int'l Downstream

 

 

 

449

 

 

 

 

 

307

 

 

 

 

 

1,096

 

 

 

 

 

1,556

 

All Other

 

 

 

(697

)

 

 

 

 

(912

)

 

 

 

 

(1,851

)

 

 

 

 

(1,732

)

Net Income (Loss) Attributable to Chevron

 

 

$

4,487

 

 

 

 

$

6,526

 

 

 

 

$

14,422

 

 

 

 

$

19,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SPECIAL ITEMS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Int'l Upstream

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax items

$

$

$

 

 

$

 

$

560

$

560

 

 

$

$

$

 

 

$

 

$

655

$

655

 

All Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension settlement costs

 

 

 

 

 

 

 

 

(53

)

 

13

 

 

(40

)

 

 

 

 

 

 

 

 

 

(53

)

 

13

 

 

(40

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Special Items

$

 

$

 

$

 

 

$

(53

)

$

573

 

$

520

 

 

$

 

$

 

$

 

 

$

(53

)

$

668

 

$

615

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN CURRENCY EFFECTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Int'l Upstream

 

 

$

13

 

 

 

 

$

584

 

 

 

 

$

(202

)

 

 

 

$

538

 

Int'l Downstream

 

 

 

(55

)

 

 

 

 

24

 

 

 

 

 

 

 

 

 

 

46

 

All Other

 

 

 

(2

)

 

 

 

 

(323

)

 

 

 

 

 

 

 

 

 

(329

)

Total Foreign Currency Effects

 

 

$

(44

)

 

 

 

$

285

 

 

 

 

$

(202

)

 

 

 

$

255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED EARNINGS/(LOSS) (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Upstream

 

 

$

1,946

 

 

 

 

$

2,074

 

 

 

 

$

6,182

 

 

 

 

$

5,495

 

Int'l Upstream

 

 

 

2,630

 

 

 

 

 

2,537

 

 

 

 

 

8,318

 

 

 

 

 

9,164

 

U.S. Downstream

 

 

 

146

 

 

 

 

 

1,376

 

 

 

 

 

879

 

 

 

 

 

3,434

 

Int'l Downstream

 

 

 

504

 

 

 

 

 

283

 

 

 

 

 

1,096

 

 

 

 

 

1,510

 

All Other

 

 

 

(695

)

 

 

 

 

(549

)

 

 

 

 

(1,851

)

 

 

 

 

(1,363

)

Total Adjusted Earnings/(Loss)

 

 

$

4,531

 

 

 

 

$

5,721

 

 

 

 

$

14,624

 

 

 

 

$

18,240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted Earnings/(Loss) per share

 

 

$

2.51

 

 

 

 

$

3.05

 

 

 

 

$

7.99

 

 

 

 

$

9.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Adjusted Earnings/(Loss) is defined as Net Income (loss) attributable to Chevron Corporation excluding special items and foreign currency effects.

 

Randy Stuart -- +1 713-283-8609

Source: Chevron Corporation

FAQ

What was Chevron's (CVX) earnings per share in Q3 2024?

Chevron reported earnings of $2.48 per share (diluted) in Q3 2024, compared to $3.48 per share in Q3 2023.

How much cash did CVX return to shareholders in Q3 2024?

Chevron returned a record $7.7 billion to shareholders in Q3 2024, consisting of $4.7 billion in share repurchases and $2.9 billion in dividends.

What is Chevron's (CVX) quarterly dividend for Q4 2024?

Chevron declared a quarterly dividend of $1.63 per share, payable December 10, 2024.

What was CVX's production increase in Q3 2024?

Chevron's worldwide net oil-equivalent production increased 7% compared to Q3 2023, driven by record production in the Permian Basin.

Chevron Corporation

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