Summary
Chevron Corporation reported a significant decrease in net income for the second quarter and first six months of 2023 compared to the prior year, primarily driven by lower commodity prices and refining margins. Net income attributable to Chevron for the second quarter of 2023 was $6.0 billion, or $3.20 per diluted share, down from $11.6 billion, or $5.95 per diluted share, in the second quarter of 2022. For the first six months of 2023, net income was $12.6 billion, or $6.66 per diluted share, compared to $17.9 billion, or $9.17 per diluted share, in the same period of 2022. The decline in profitability is largely attributable to the Upstream segment, which saw reduced realizations for crude oil and natural gas, and the Downstream segment, impacted by lower refined product margins and increased operating expenses. Despite the year-over-year decrease in earnings, the company maintained a strong balance sheet, with total debt and finance lease liabilities decreasing. Chevron also continued to return value to shareholders through dividends and share repurchases, including nearly $4.4 billion in share repurchases during the second quarter.
Financial Highlights
48 data points| Revenue | $47.22B |
| Cost of Revenue | $28.98B |
| Gross Profit | $18.23B |
| SG&A Expenses | $1.13B |
| Operating Expenses | $41.06B |
| Interest Expense | $120.00M |
| Net Income | $6.01B |
| EPS (Basic) | $3.22 |
| EPS (Diluted) | $3.20 |
| Shares Outstanding (Basic) | 1.87B |
| Shares Outstanding (Diluted) | 1.88B |
Key Highlights
- 1Net income attributable to Chevron Corporation for Q2 2023 was $6.0 billion, a decrease from $11.6 billion in Q2 2022.
- 2Diluted EPS for Q2 2023 was $3.20, down from $5.95 in Q2 2022.
- 3Total segment earnings decreased to $6.4 billion in Q2 2023 from $12.1 billion in Q2 2022, primarily due to lower Upstream and Downstream segment earnings.
- 4Upstream segment earnings declined significantly due to lower crude oil and natural gas realizations.
- 5Downstream segment earnings decreased due to lower refined product margins and higher operating expenses.
- 6The company repurchased approximately $4.4 billion of its common stock during the second quarter of 2023 under its $75 billion repurchase program.
- 7Chevron paid $2.8 billion in dividends to common stockholders in Q2 2023, with a declared dividend of $1.51 per share for Q3 2023.