Chevron Reports Third Quarter 2024 Results
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.
- 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
- 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
The company achieved record production in the Permian Basin, with overall production up
Key metrics to watch: Rising debt ratio (now
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
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
-
Reported earnings of
; cash flow from operations of$4.5 billion $9.7 billion -
Returned record
cash to shareholders$7.7 billion -
Started up key
U.S. Gulf ofMexico projects -
Optimizing portfolio with announced
sale of Canadian assets$6.5 billion
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
“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
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 |
% |
|
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
of cash to shareholders during the quarter, including share repurchases of$7.7 billion and dividends of$4.7 billion .$2.9 billion -
The company’s Board of Directors declared a quarterly dividend of
one dollar andsixty-three cents ( ) 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.$1.63
Business Highlights and Milestones
-
Started production at the Anchor project in the
U.S. Gulf ofMexico , 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 ofMexico . -
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
sale of the company’s interest in the Athabasca Oil Sands Project and Duvernay shale assets in$6.5 billion 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 |
|||||||||||
|
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 theU.S. Gulf ofMexico 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 |
|||||||||||
|
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 thePasadena, 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
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
Attachment 1 |
|||||||||||||||
CHEVRON CORPORATION - FINANCIAL REVIEW |
|||||||||||||||
(Millions of Dollars, Except Per-Share Amounts) |
|||||||||||||||
(unaudited) |
|||||||||||||||
CONSOLIDATED STATEMENT OF INCOME |
|
|
|||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
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
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Upstream |
|
|
|
|
|
|
|
||||||||
|
$ |
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 |
|
|
|
|
|
|
|
||||||||
|
|
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,
|
|
December 31,
|
||||
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
|
|
Nine Months Ended
|
||||||||||||
|
|
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
|
|
Nine Months Ended
|
||||||||||||
CAPEX BY SEGMENT |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
Upstream |
$ |
2,349 |
|
$ |
3,020 |
|
$ |
7,126 |
|
$ |
7,234 |
||||
Downstream |
|
349 |
|
|
|
408 |
|
|
|
1,116 |
|
|
|
1,118 |
|
Other |
|
93 |
|
|
|
97 |
|
|
|
274 |
|
|
|
218 |
|
Total |
|
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
|
|
Nine Months Ended
|
|||||||||||||
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
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||||||
REPORTED EARNINGS |
Pre-
|
Income
|
After-
|
|
Pre-
|
Income
|
After-
|
|
Pre-
|
Income Tax |
After-
|
|
Pre-
|
Income
|
After-
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
$ |
1,946 |
|
|
|
|
$ |
2,074 |
|
|
|
|
$ |
6,182 |
|
|
|
|
$ |
5,495 |
|
||||||||||||||||
Int'l Upstream |
|
|
|
2,643 |
|
|
|
|
|
3,681 |
|
|
|
|
|
8,116 |
|
|
|
|
|
10,357 |
|
||||||||||||||||
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
$ |
1,946 |
|
|
|
|
$ |
2,074 |
|
|
|
|
$ |
6,182 |
|
|
|
|
$ |
5,495 |
|
||||||||||||||||
Int'l Upstream |
|
|
|
2,630 |
|
|
|
|
|
2,537 |
|
|
|
|
|
8,318 |
|
|
|
|
|
9,164 |
|
||||||||||||||||
|
|
|
|
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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241101432378/en/
Randy Stuart -- +1 713-283-8609
Source: Chevron Corporation
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