🛢️ $Chevron (CVX.US)$ Chevron's Q3 2023 Earnings Report: $6...

🛢️ $Chevron(CVX.US)$ Chevron's Q3 2023 Earnings Report: $6.5B in earnings and $3.48 EPS, but a year-over-year dip. Major acquisitions and $20B returned to shareholders! 📈 $Exxon Mobil(XOM.US)$  $ConocoPhillips(COP.US)$ $BP PLC(BP.US)$ $Equinor(EQNR.US)$ $Shell PLC(SHEL.US)$ $TotalEnergies(TTE.US)$ $Petroleo Brasileiro SA Petrobras(PBR.US)$ $Schlumberger(SLB.US)$ $EOG Resources(EOG.US)$ $Hess Corp(HES.US)$
Financial Performance:
✅ Total Earnings: $6.526 billion, down from $11.231 billion YoY, a notable decrease largely due to lower upstream realizations and margins on refined product sales.
✅ Earnings Per Share - Diluted: $3.48, a decrease from $5.78 in Q3 2022.
✅ Adjusted Earnings: $5.721 billion, compared to $10.784 billion in Q3 2022.
✅ Adjusted Earnings Per Share - Diluted: $3.05, compared to $5.56 in Q3 2022.
✅ Cash Flow From Operations (CFFO): $9.7 billion, down from $15.3 billion YoY.
Business Segments:
✅ Upstream: Earnings of $5.755 billion, down from $9.307 billion in Q3 2022.
✅ Downstream: Earnings of $1.683 billion, down from $2.530 billion in Q3 2022.
✅ All Other: Net charges of $912 million, up from $606 million in Q3 2022.
Acquisitions and Investments:
✅ Acquired PDC Energy, Inc. and a majority stake in ACES Delta, LLC.
✅ Announced an agreement to acquire Hess Corporation.
Shareholder Value:
✅ Dividends: $0.95 per share for Q4 2023, continuing a 41-year streak of increased annual dividends.
✅ Share Repurchases: $3.4 billion, though lower than the prior quarter due to acquisition-related restrictions.
✅ Cash Returned to Shareholders: Record $20 billion year-to-date, 27% higher than last year’s record for the same period.
CEO Statement
"We delivered another quarter of solid financial results and strong cash returns to shareholders. Earnings have exceeded $5 billion, and ROCE has been greater than 12 percent for nine consecutive quarters. The acquisition of PDC Energy strengthened our position in important U.S. production basins. We are also investing to profitably grow our traditional and new energy businesses to drive superior value for shareholders." - Mike Wirth, Chairman and CEO, Chevron Corporation.