Summary
Chevron Corporation's (CVX) 2023 10-K filing reveals a solid financial performance, although net income decreased compared to the record year of 2022, primarily due to lower commodity prices across its Upstream segment. The company demonstrated resilience with strong cash flow from operations, supporting significant capital expenditures, dividends, and share repurchases. The acquisition of PDC Energy significantly boosted production, particularly in the Permian Basin and DJ Basin, aligning with Chevron's strategy to grow its oil and gas business while also investing in lower-carbon solutions. Investors should note Chevron's continued commitment to returning capital to shareholders, evidenced by an increase in dividends for the 36th consecutive year and substantial share repurchases. The company's strategic focus remains on delivering higher returns, lower carbon intensity, and superior shareholder value, with ongoing efforts to optimize its portfolio, manage costs, and navigate the evolving energy landscape. The pending acquisition of Hess Corporation, if completed, is expected to further strengthen Chevron's long-term performance, particularly in the attractive Guyana offshore basin.
Financial Highlights
50 data points| Revenue | $196.91B |
| Cost of Revenue | $119.20B |
| Gross Profit | $77.72B |
| R&D Expenses | $320.00M |
| SG&A Expenses | $4.14B |
| Operating Expenses | $171.37B |
| Interest Expense | $469.00M |
| Net Income | $21.37B |
| EPS (Basic) | $11.41 |
| EPS (Diluted) | $11.36 |
| Shares Outstanding (Basic) | 1.87B |
| Shares Outstanding (Diluted) | 1.88B |
Key Highlights
- 1Net income attributable to Chevron Corporation for 2023 was $21.4 billion, a decrease from $35.5 billion in 2022, largely driven by lower commodity prices.
- 2Worldwide net oil-equivalent production in 2023 averaged 3.1 million barrels per day, a 4% increase from 2022, primarily due to the acquisition of PDC Energy and growth in the Permian Basin.
- 3Chevron's Upstream segment generated $17.4 billion in earnings, while the Downstream segment reported $6.1 billion in earnings.
- 4The company returned $26.2 billion to shareholders in 2023 through dividends ($11.3 billion) and share repurchases ($14.9 billion).
- 5Capital expenditures for 2023 totaled $15.8 billion, with an estimated $16 billion planned for 2024, focusing on Permian Basin development and lower-carbon investments.
- 6Chevron declared a quarterly dividend of $1.63 per share in March 2024, marking the 36th consecutive year of annual dividend per share increases.
- 7The company announced a definitive agreement to acquire Hess Corporation for approximately $53 billion, a transaction expected to close around mid-2024, subject to regulatory and stockholder approvals.