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Chevron | 8-K: Chevron Reports First Quarter 2024 Results

SEC announcement ·  Apr 26 06:18
Summary by Moomoo AI
On April 26, 2024, Chevron Corporation reported its unaudited financial results for the first quarter of 2024, announcing earnings of $5.5 billion. This performance marks a decrease from the $6.6 billion earned in the first quarter of the previous year. The company's earnings were impacted by lower margins on refined product sales and lower natural gas realizations, although this was partly offset by higher upstream sales volumes in the U.S. Chevron's worldwide production increased by 12 percent compared to the same period last year, largely due to the acquisition of PDC Energy, Inc. and strong performance in the Permian and DJ Basins. The company continued to return significant cash to shareholders, with $6 billion distributed during the quarter, maintaining its track record of over...Show More
On April 26, 2024, Chevron Corporation reported its unaudited financial results for the first quarter of 2024, announcing earnings of $5.5 billion. This performance marks a decrease from the $6.6 billion earned in the first quarter of the previous year. The company's earnings were impacted by lower margins on refined product sales and lower natural gas realizations, although this was partly offset by higher upstream sales volumes in the U.S. Chevron's worldwide production increased by 12 percent compared to the same period last year, largely due to the acquisition of PDC Energy, Inc. and strong performance in the Permian and DJ Basins. The company continued to return significant cash to shareholders, with $6 billion distributed during the quarter, maintaining its track record of over $5 billion per quarter for the eighth consecutive time. Chevron's capital expenditures in Q1 2024 were $4.1 billion, up from $3.0 billion in the previous year, reflecting increased investments in upstream assets. The company's net oil-equivalent production was 3,346 thousand barrels per day (MBOED), with U.S. production up 35 percent from the previous year, primarily due to the PDC acquisition. Chevron also made progress on major projects in Kazakhstan, the East Mediterranean, and the U.S., and continued to advance its lower carbon businesses. The Board of Directors declared a quarterly dividend of $1.63 per share, payable on June 10, 2024.

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