The following is a summary of the Chevron Corporation (CVX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Chevron reported Q1 earnings of $5.5 billion or $2.97 per share, with adjusted earnings being $5.4 billion or $2.93 per share.

• Cash flow from operations was impacted by upstream ARO settlement payments and expansion of the retail marketing network.

• Although affected by lower realization and lifting, the company achieved financial priorities including an 8% increase in dividends shares.

• Maintaining stability, Chevron delivered $5 billion+ adjusted earnings and over 12% adjusted ROCE for nine consecutive quarters.

• In Q1 2024, Chevron returned $6 billion to shareholders, marking the eighth consecutive quarter of returns over $5 billion.

Business Progress:

• Chevron recorded its highest Q1 production ever, a rise of over 12% from the previous year due to the PDC Energy acquisition and growth in the Permian Basin.

• A major step forward came with final investment decisions to expand its renewable fuels and hydrogen businesses.

• The planned merger with Hess is advancing promptly, while production at TCO is being ramped up via WPMP with major equipment set for Q3 operation.

• Shareholder voting triggered a resolution to resume buybacks at a rate of $17.5 billion annually.

• Chevron maintains a disciplined investment strategy and plans to spend $16 billion long-term on capital. For this year, the range is set between $15.5 billion and $16.5 billion.

• The company also remains committed to investing $10 billion in new energy businesses between 2022 and 2028, primarily focusing on carbon capture, renewable fuels, and hydrogen.

More details: Chevron IR

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