CHEVRON CORP Quarterly Report for Q3 Ended Sep 30, 2023

Summary

Chevron Corporation reported a net income of $6.53 billion for the third quarter of 2023, a decrease from $11.23 billion in the same period of 2022. Diluted earnings per share were $3.48 compared to $5.78 in the prior year quarter. The decline in profitability was primarily driven by lower upstream realizations and reduced downstream margins. For the first nine months of 2023, net income was $19.11 billion, down from $29.11 billion in the comparable 2022 period, with earnings per share of $10.14 versus $14.95. The company's upstream segment saw a significant earnings drop due to lower crude oil and natural gas prices, despite increased production in the U.S. driven by the PDC Energy acquisition. Downstream segment earnings also declined, mainly attributed to lower refined product margins. Chevron continues to manage its capital expenditures, investing $11.5 billion in the first nine months of 2023, and returned approximately $8.5 billion to shareholders through dividends during the same period, alongside significant share repurchases. The company also announced its definitive agreement to acquire Hess Corporation, which is subject to customary closing conditions.

Key Highlights

• 1Net income for Q3 2023 was $6.53 billion, down from $11.23 billion in Q3 2022.
• 2Diluted EPS for Q3 2023 was $3.48, down from $5.78 in Q3 2022.
• 3Upstream segment earnings decreased significantly year-over-year due to lower commodity prices.
• 4Downstream segment earnings also declined, primarily due to lower refined product margins.
• 5Capital expenditures for the first nine months of 2023 were $11.5 billion, an increase from $8.1 billion in the prior year period.
• 6Chevron declared a quarterly dividend of $1.51 per share, an increase from $1.42 per share in the prior year quarter.
• 7The company announced a definitive agreement to acquire Hess Corporation.

Frequently Asked Questions