Chevron Corporation

CVX

Equity

ISIN US1667641005 / Valor 1281709

New York Stock Exchange, Inc (2024-12-26)

USD 143.98+0.10%

Chevron Corporation
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About company

Chevron Corporation is a global energy company with a history spanning over a century, known for its exploration, production, and refining of oil and gas. The company operates under several brands, including Chevron, Texaco, and Caltex, each with a significant presence in various parts of the world. Chevron is recognized for its high-quality fuel products and lubricants, catering to a wide range of consumer and industrial needs. Beyond its traditional oil and gas operations, Chevron also engages in the marketing and distribution of fuels and lubricants, offering credit and gift cards, and exploring brand licensing opportunities. While the company's efforts in sustainability and decarbonization are noted, this description focuses on its core business activities in the energy sector, emphasizing its role in providing reliable and high-quality energy products globally.

Summarized from source with an LLMView SourceSector: Energy

Earnings Overview

Chevron Corporation reported earnings of $2.3 billion for the fourth quarter of 2023, a significant decrease from the $6.4 billion reported in the same quarter of 2022. The decline was primarily due to U.S. upstream impairment charges and decommissioning obligations related to previously sold assets in the U.S. Gulf of Mexico. Adjusted earnings for the quarter were $6.5 billion, compared to $7.9 billion in the fourth quarter of 2022.

Cash Returns and Production

In 2023, Chevron Corporation returned a record $26.3 billion in cash to shareholders, marking an 18 percent increase from the previous year. The company also achieved record annual worldwide and U.S. production, with net oil-equivalent production exceeding 3.1 million barrels per day, driven by a 14 percent growth in the United States.

Dividend Increase

Chevron Corporation announced an 8 percent increase in its quarterly dividend, raising it to $1.63 per share. This increase reflects the company's commitment to returning value to its shareholders and is payable on March 11, 2024, to shareholders of record as of February 16, 2024.

Capital Expenditures and Acquisitions

Capital expenditures for Chevron Corporation in 2023 were $15.8 billion, up 32 percent from the previous year. This increase was largely due to higher investments in the United States, including significant spending on PDC Energy assets post-acquisition and the acquisition of a majority stake in ACES Delta, LLC. The company also announced a definitive agreement to acquire Hess Corporation.

Financial Challenges

Chevron Corporation faced several financial challenges in the fourth quarter of 2023, including lower upstream realizations and losses from decommissioning obligations. Additionally, the company experienced lower margins on refined product sales, contributing to the overall decline in earnings compared to the previous year.

Summarized from source with an LLMView Source

Key figures

-5.53%1Y

23.7%3Y

19.4%5Y

Performance

18.8%1Y

25.8%3Y

35.9%5Y

Volatility