Summary
Chevron Corporation reported a substantial increase in financial performance for the nine months ended September 30, 2022, compared to the same period in 2021. Net income attributable to Chevron Corporation surged to $29.112 billion ($14.95 diluted EPS) from $10.570 billion ($5.51 diluted EPS) in the prior year. This robust growth was driven primarily by significantly higher crude oil and natural gas prices, which boosted earnings across both the Upstream and Downstream segments, despite some moderation in commodity prices during the third quarter. The company's Upstream segment saw its earnings more than double year-over-year, reaching $24.798 billion, largely due to increased realizations and favorable foreign currency effects. The Downstream segment also demonstrated strong performance, with earnings rising to $6.383 billion, primarily attributed to higher margins on refined product sales and positive foreign currency impacts. The company's strategic investments in lower-carbon businesses and its ongoing commitment to shareholder returns, including significant dividend payments and share repurchases, are also key highlights for investors.
Financial Highlights
48 data points| Revenue | $63.51B |
| Cost of Revenue | $38.75B |
| Gross Profit | $24.76B |
| SG&A Expenses | $1.03B |
| Operating Expenses | $51.84B |
| Interest Expense | $128.00M |
| Net Income | $11.23B |
| EPS (Basic) | $5.81 |
| EPS (Diluted) | $5.78 |
| Shares Outstanding (Basic) | 1.93B |
| Shares Outstanding (Diluted) | 1.94B |
Key Highlights
- 1Net income attributable to Chevron Corporation for the nine months ended September 30, 2022, was $29.112 billion, a significant increase from $10.570 billion in the same period of 2021.
- 2Diluted Earnings Per Share (EPS) for the nine months reached $14.95, up from $5.51 in the prior year, reflecting strong operational and pricing performance.
- 3Upstream segment earnings more than doubled, totaling $24.798 billion for the nine months, driven by higher crude oil and natural gas realizations.
- 4Downstream segment earnings increased substantially to $6.383 billion for the nine months, benefiting from higher refined product sales margins and favorable foreign currency effects.
- 5Total revenues and other income for the nine months grew to $189.779 billion, up from $114.336 billion in the prior year, reflecting favorable commodity prices.
- 6Chevron returned significant value to shareholders through $8.3 billion in common stock dividends and $7.5 billion in share repurchases during the first nine months of 2022.
- 7The company's balance sheet shows a strong liquidity position, with cash and cash equivalents and marketable securities totaling $15.4 billion at September 30, 2022, and a reduction in total debt.