Summary
Chevron Corporation reported a decrease in net income attributable to Chevron for the second quarter and the first six months of 2024 compared to the same periods in 2023. For the three months ended June 30, 2024, net income was $4.4 billion ($2.43 per share diluted), down from $6.0 billion ($3.20 per share diluted) in Q2 2023. For the six months ended June 30, 2024, net income was $9.9 billion ($5.40 per share diluted), down from $12.6 billion ($6.66 per share diluted) in the comparable 2023 period. This decline is primarily attributed to lower downstream margins and higher operating expenses, as well as increased depreciation, depletion, and amortization, partially offset by higher upstream realizations and sales volumes. Despite the year-over-year decline in profitability, Chevron continues to execute its capital allocation strategy. The company paid $6.0 billion in dividends to common stockholders during the first six months of 2024 and repurchased $3.0 billion of its stock in the second quarter, with expectations for further repurchases in the third quarter. The company's balance sheet remains solid, with a Net Debt Ratio of 10.7% as of June 30, 2024, indicating a strong financial position to manage its operations and shareholder returns.
Financial Highlights
47 data points| Revenue | $49.57B |
| Cost of Revenue | $30.87B |
| Gross Profit | $18.71B |
| SG&A Expenses | $1.05B |
| Operating Expenses | $44.15B |
| Interest Expense | $113.00M |
| Net Income | $4.43B |
| EPS (Basic) | $2.43 |
| EPS (Diluted) | $2.43 |
| Shares Outstanding (Basic) | 1.83B |
| Shares Outstanding (Diluted) | 1.83B |
Key Highlights
- 1Net income attributable to Chevron decreased to $4.4 billion in Q2 2024 and $9.9 billion in the first six months of 2024, compared to $6.0 billion and $12.6 billion, respectively, in the prior year periods.
- 2Diluted EPS stood at $2.43 for Q2 2024, down from $3.20 in Q2 2023, and $5.40 for the first six months of 2024, down from $6.66 in the comparable 2023 period.
- 3Upstream segment earnings saw a decrease to $4.5 billion in Q2 2024 and $9.7 billion in the first six months of 2024, primarily due to higher depreciation, depletion, amortization, and operating expenses, partially offset by increased realizations and sales volumes.
- 4Downstream segment earnings significantly declined to $597 million in Q2 2024 and $1.4 billion in the first six months of 2024, largely driven by lower refined product margins and higher operating expenses.
- 5Chevron returned $6.0 billion to shareholders through dividends and repurchased $3.0 billion of its stock in Q2 2024.
- 6Capital expenditures increased to $8.1 billion in the first six months of 2024, up from $6.8 billion in the prior year, reflecting higher investments in upstream assets, including post-acquisition spend on PDC assets.
- 7The company maintains a strong liquidity position with $4.0 billion in cash, cash equivalents, and marketable securities as of June 30, 2024.