Summary
Chevron Corporation's third quarter and nine-month 2014 financial results indicate a mixed performance driven by upstream and downstream segment dynamics. Net income attributable to Chevron Corporation for the third quarter of 2014 was $5.6 billion, an increase from $5.0 billion in the same period of 2013. However, for the nine months ended September 30, 2014, net income decreased to $15.8 billion from $16.5 billion in the prior year. This contrast highlights the quarter-over-quarter improvement while signaling a year-to-date decline, primarily influenced by commodity prices and operational costs. The Upstream segment experienced a year-over-year decline in earnings for both the quarter and the nine-month period, attributed to lower crude oil realizations and higher depreciation expenses. Conversely, the Downstream segment showed significant improvement, with third-quarter earnings rising substantially due to stronger refining margins and gains from asset sales. The company maintained a robust operational focus, with significant capital expenditures primarily directed towards upstream projects. Cash flow from operations remained strong, providing ample resources for dividends and share repurchases, though total debt saw an increase.
Financial Highlights
44 data points| Revenue | $54.68B |
| SG&A Expenses | $1.12B |
| Operating Expenses | $45.82B |
| Net Income | $5.59B |
| EPS (Basic) | $2.97 |
| EPS (Diluted) | $2.95 |
| Shares Outstanding (Basic) | 1.88B |
| Shares Outstanding (Diluted) | 1.90B |
Key Highlights
- 1Third-quarter net income increased year-over-year to $5.6 billion ($2.95 per diluted share) from $5.0 billion ($2.57 per diluted share) in Q3 2013, driven by strong downstream performance.
- 2Nine-month net income decreased year-over-year to $15.8 billion ($8.29 per diluted share) from $16.5 billion ($8.52 per diluted share) in the first nine months of 2013.
- 3Upstream segment earnings declined in both the quarter ($4.6 billion vs. $5.1 billion) and nine-month period ($14.2 billion vs. $16.0 billion) due to lower crude oil realizations and higher expenses.
- 4Downstream segment earnings surged in the third quarter to $1.4 billion from $0.4 billion in Q3 2013 and for the nine-month period to $2.8 billion from $1.8 billion, benefiting from higher refining margins and asset sale gains.
- 5Capital expenditures remained substantial, with $29.0 billion in the first nine months of 2014, primarily focused on Upstream projects.
- 6The company continued its return of capital to shareholders through dividends ($5.9 billion in the first nine months of 2014) and share repurchases ($1.25 billion in Q3 2014).
- 7Total debt and capital lease obligations increased to $25.7 billion at September 30, 2014, from $20.4 billion at year-end 2013, though the debt ratio remained manageable.