Summary by Moomoo AI
Chevron Corporation reported a net income of $5.5 billion for the first quarter of 2024, a decrease from $6.6 billion in the same period of 2023. Earnings per share were $2.97, diluted, compared to $3.46 in the first quarter of 2023. Upstream earnings were $5.2 billion, slightly higher than the previous year, driven by higher sales volumes in the U.S., offset by lower natural gas realizations. Downstream earnings fell to $783 million from $1.8 billion, due to lower refined product sales margins. Chevron's non-trade receivable balance stood at $4.1 billion, including receivables from government joint venture partners. The company's trade receivables were $18.0 billion, dispersed across a broad customer base, reflecting diversified revenue sources. Chevron announced an agreement to acquire Hess Corporation in an all-stock transaction valued...Show More