- 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
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241101432378/en/
Randy Stuart -- +1 713-283-8609
Chevron (NYSE:CVX)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Chevron (NYSE:CVX)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024