- Reported earnings of $3.2 billion; adjusted earnings of $3.6
billion
- Returned record $27 billion cash to shareholders in 2024
- Increased 2024 worldwide and U.S. production by 7 and 19
percent to record levels
- Delivered key project start-ups and milestones in the U.S. and
Kazakhstan
- Announced a 5 percent increase in quarterly dividend to $1.71
per share
Chevron Corporation (NYSE: CVX) reported earnings of $3.2
billion ($1.84 per share - diluted) for fourth quarter 2024,
compared with $2.3 billion ($1.22 per share - diluted) in fourth
quarter 2023. Included in the quarter were severance charges of
$715 million and impairment charges of $400 million. Foreign
currency effects increased earnings by $722 million. Adjusted
earnings of $3.6 billion ($2.06 per share - diluted) in fourth
quarter 2024 compared to adjusted earnings of $6.5 billion ($3.45
per share - diluted) in fourth quarter 2023. See Attachment 4 for a
reconciliation of adjusted earnings.
Earnings & Cash Flow Summary
Unit
4Q 2024
3Q 2024
4Q 2023
2024
2023
Total Earnings / (Loss)
$ MM
$
3,239
$
4,487
$
2,259
$
17,661
$
21,369
Upstream
$ MM
$
4,304
$
4,589
$
1,586
$
18,602
$
17,438
Downstream
$ MM
$
(248
)
$
595
$
1,147
$
1,727
$
6,137
All Other
$ MM
$
(817
)
$
(697
)
$
(474
)
$
(2,668
)
$
(2,206
)
Earnings Per Share - Diluted
$/Share
$
1.84
$
2.48
$
1.22
$
9.72
$
11.36
Adjusted Earnings (1)
$ MM
$
3,632
$
4,531
$
6,453
$
18,256
$
24,693
Adjusted Earnings Per Share - Diluted
(1)
$/Share
$
2.06
$
2.51
$
3.45
$
10.05
$
13.13
Cash Flow From Operations (CFFO)
$ B
$
8.7
$
9.7
$
12.4
$
31.5
$
35.6
CFFO Excluding Working Capital (1)
$ B
$
5.3
$
8.3
$
11.4
$
30.3
$
38.8
(1) See non-GAAP reconciliation in
attachments
“In 2024, we delivered record production, returned record cash
to shareholders and started up key growth projects,” said Mike
Wirth, Chevron’s chairman and chief executive officer. Worldwide
and U.S. net oil-equivalent production increased 7 and 19 percent,
respectively, from last year.
The company started up several key projects in the Gulf of
America, including the industry-first, high-pressure Anchor
project. In Kazakhstan, Tengizchevroil completed the Wellhead
Pressure Management Project and recently started up the Future
Growth Project. Chevron also repurchased over $15 billion of its
shares in 2024, extending its track record of repurchasing shares
in 17 out of the last 21 years.
“We strengthened our portfolio and committed to reduce costs and
maintain capital discipline, positioning us for significant free
cash flow growth,” Wirth concluded.
The company recently closed asset sales in Canada, the Republic
of Congo and Alaska, progressed the acquisition of Hess
Corporation, and announced a target of $2-3 billion of structural
cost reductions by the end of 2026.
Financial and Business Highlights
Unit
4Q 2024
3Q 2024
4Q 2023
2024
2023
Return on Capital Employed (ROCE)
%
7.6
%
10.1
%
5.1
%
10.1
%
11.9
%
Capital Expenditures (Capex)
$ B
$
4.3
$
4.1
$
4.4
$
16.4
$
15.8
Affiliate Capex
$ B
$
0.6
$
0.6
$
0.9
$
2.4
$
3.5
Free Cash Flow (1)
$ B
$
4.4
$
5.6
$
8.1
$
15.0
$
19.8
Free Cash Flow ex. working capital (1)
$ B
$
1.0
$
4.2
$
7.1
$
13.8
$
23.0
Debt Ratio (end of period)
%
13.9
%
14.2
%
11.5
%
13.9
%
11.5
%
Net Debt Ratio (1) (end of period)
%
10.4
%
11.9
%
7.3
%
10.4
%
7.3
%
Net Oil-Equivalent Production
MBOED
3,350
3,364
3,392
3,338
3,120
(1) See non-GAAP reconciliation in
attachments
2024 Financial Highlights
- Reported earnings decreased compared to last year primarily due
to lower margins on refined product sales, lower realizations, and
severance charges, partially offset by the absence of charges for
decommissioning obligations for previously sold assets, higher
sales volumes and lower impairment charges.
- Worldwide and U.S. net oil-equivalent production set annual
records. Worldwide production increased 7 percent from a year ago
primarily due to nearly 18 percent growth in the Permian Basin and
a full year of legacy PDC Energy, Inc. (PDC) production.
- Year-end 2024 proved reserves were approximately 9.8 billion
barrels of net oil-equivalent, subject to final reviews. The
largest reductions were from production and the sale of oil sands
and shale and tight assets in Canada, and the largest additions
were from extensions and discoveries in the Permian and
Denver-Julesburg (DJ) Basins.
- Capex was slightly higher than 2023, primarily due to higher
upstream investments. Affiliate capex was down $1.1 billion,
primarily due to lower spend at the company’s Tengizchevroil (TCO)
affiliate in Kazakhstan.
- Cash flow from operations was lower than a year ago mainly due
to lower earnings and higher payments related to asset retirement
obligations, partially offset by favorable working capital
effects.
- Cash flow from investing improved from last year driven by $7.7
billion of proceeds from asset sales in Canada and the U.S.
- The company returned a record $27.0 billion of cash to
shareholders during the year, including share repurchases of $15.2
billion and dividends of $11.8 billion. Over the past three years,
the company has returned over $75 billion to shareholders.
- The company’s Board of Directors declared a 5 percent increase
in the quarterly dividend to one dollar and seventy-one cents
($1.71) per share, payable March 10, 2025, to all holders of common
stock as shown on the transfer records of the corporation at the
close of business on February 14, 2025.
Business Highlights and Milestones
- Started production at the industry-first 20,000 psi deepwater
Anchor project, began water injection to boost production from the
Jack/St. Malo and Tahiti fields, and started production from the
Whale semi-submersible platform in the Gulf of America.
- Started production at the Future Growth Project in January
2025, which is expected to ramp up total output to around one
million barrels of oil-equivalent per day, and completed the
Wellhead Pressure Management Project at TCO.
- Recently announced plans to jointly develop scalable power
solutions using natural gas-fired turbines with flexibility to
integrate carbon capture and storage to support growing energy
demand from U.S. data centers.
- Achieved first gas on the Sanha Lean Gas Connection project,
securing incremental natural gas supply to the Angola Liquefied
Natural Gas facility.
- Extended the Meji field offshore Nigeria with a near-field
discovery and added 20 years to the deepwater Agbami concession
through 2044.
- Upgraded the Pasadena Refinery to increase product flexibility
and expand the processing capacity of lighter crude oil by nearly
15 percent to 125,000 barrels per day.
- Increased the company’s exploration acreage position in the
Gulf of America, Angola, Brazil, Equatorial Guinea, Uruguay and
Namibia (subject to government approval).
- Completed the sale of the company’s interest in the Athabasca
Oil Sands Project and Duvernay shale assets in Canada, certain
assets in Alaska, and in 2025, the Republic of Congo.
- Progressed the company’s pending merger with Hess Corporation
by securing Hess stockholder approval and clearing Federal Trade
Commission antitrust review.
- Completed projects and operational changes designed to abate
700,000 tonnes of carbon dioxide-equivalent from the company’s
operations.
- Drilled onshore and offshore stratigraphic wells to delineate
carbon dioxide storage potential through the company’s joint
venture, Bayou Bend CCS LLC.
- Launched a $500 million Future Energy Fund III focused on
venture investments in technology-based solutions that have the
potential to enable affordable, reliable and lower carbon
energy.
Segment Highlights
Upstream
U.S. Upstream
Unit
4Q 2024
3Q 2024
4Q 2023
2024
2023
Earnings / (Loss)
$ MM
$
1,420
$
1,946
$
(1,347
)
$
7,602
$
4,148
Net Oil-Equivalent Production
MBOED
1,646
1,605
1,598
1,599
1,349
Liquids Production
MBD
1,189
1,156
1,164
1,152
997
Natural Gas Production
MMCFD
2,743
2,694
2,604
2,684
2,112
Liquids Realization
$/BBL
$
53.12
$
54.86
$
58.69
$
56.24
$
59.19
Natural Gas Realization
$/MCF
$
1.62
$
0.55
$
1.62
$
1.04
$
1.67
- U.S. upstream earnings were higher than the year-ago period
primarily due to the absence of charges from decommissioning
obligations for previously sold assets in the Gulf of America and
impairment charges mainly from assets in California, partly offset
by lower realizations and severance charges.
- U.S. net oil-equivalent production was up 48,000 barrels per
day from a year earlier and set a new quarterly record, primarily
due to higher production in the Permian Basin, partly offset by
hurricane related impacts in the Gulf of America.
International Upstream
Unit
4Q 2024
3Q 2024
4Q 2023
2024
2023
Earnings / (Loss) (1)
$ MM
$
2,884
$
2,643
$
2,933
$
11,000
$
13,290
Net Oil-Equivalent Production
MBOED
1,704
1,759
1,794
1,739
1,771
Liquids Production
MBD
797
834
851
823
833
Natural Gas Production
MMCFD
5,437
5,550
5,661
5,494
5,632
Liquids Realization
$/BBL
$
67.33
$
70.59
$
74.54
$
71.38
$
71.70
Natural Gas Realization
$/MCF
$
7.67
$
7.46
$
7.31
$
7.32
$
7.69
(1) Includes foreign currency effects
$ MM
$
597
$
13
$
(162
)
$
395
$
376
- International upstream earnings were lower than a year ago
primarily due to lower realizations, higher operating expense in
part due to severance charges, impairments and lower liftings,
partly offset by favorable foreign currency effects, largely in
Australia.
- Net oil-equivalent production during the quarter was down
90,000 barrels per day from a year earlier primarily due to
downtime at TCO, Canada asset sale and withdrawal from
Myanmar.
Downstream
U.S. Downstream
Unit
4Q 2024
3Q 2024
4Q 2023
2024
2023
Earnings / (Loss)
$ MM
$
(348
)
$
146
$
470
$
531
$
3,904
Refinery Crude Unit Inputs
MBD
893
995
950
917
962
Refined Product Sales
MBD
1,257
1,312
1,298
1,286
1,287
- U.S. downstream reported a loss in fourth quarter 2024. The
results were lower than the year-ago period primarily due to lower
margins on refined product sales, higher operating expenses, in
part due to severance charges, and impairments.
- Refinery crude unit inputs, including crude oil and other
inputs, decreased 6 percent from the year-ago period primarily
related to the upgrade of the Pasadena, Texas refinery that was
completed during fourth quarter 2024.
- Refined product sales decreased 3 percent compared to the
year-ago period primarily due to lower demand for jet fuel, partly
offset by higher demand for gasoline.
International Downstream
Unit
4Q 2024
3Q 2024
4Q 2023
2024
2023
Earnings / (Loss) (1)
$ MM
$
100
$
449
$
677
$
1,196
$
2,233
Refinery Crude Unit Inputs
MBD
651
628
634
646
636
Refined Product Sales
MBD
1,557
1,507
1,437
1,495
1,445
(1) Includes foreign currency effects
$ MM
$
126
$
(55
)
$
(58
)
$
126
$
(12
)
- International downstream earnings were lower compared to a year
ago primarily due to lower margins on refined product sales and
impairments, partly offset by favorable foreign currency
effects.
- Refinery crude unit inputs, including crude oil and other
inputs, increased 3 percent from the year-ago period primarily due
to the absence of a turnaround in Singapore.
- Refined product sales increased 8 percent from the year-ago
period primarily due to increased trading volumes.
All Other
All Other
Unit
4Q 2024
3Q 2024
4Q 2023
2024
2023
Net charges (1)
$ MM
$
(817
)
$
(697
)
$
(474
)
$
(2,668
)
$
(2,206
)
(1) Includes foreign currency effects
$ MM
$
(1
)
$
(2
)
$
(259
)
$
(1
)
$
(588
)
- All Other consists of worldwide cash management and debt
financing activities, corporate administrative functions, insurance
operations, real estate activities and technology companies.
- Net charges increased compared to a year ago primarily due to
higher employee benefit costs, severance charges and higher
interest expense, partly offset by the absence of prior year
unfavorable foreign currency effects.
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to enabling human progress. Chevron produces crude oil
and natural gas; manufactures transportation fuels, lubricants,
petrochemicals and additives; and develops technologies that
enhance our business and the industry. We aim to grow our oil and
gas business, lower the carbon intensity of our operations and grow
lower carbon businesses in renewable fuels, carbon capture and
offsets, hydrogen and other emerging technologies. More information
about Chevron is available at www.chevron.com.
NOTICE
Chevron’s discussion of fourth quarter 2024 earnings with
security analysts will take place on Friday, January 31, 2025, at
10:00 a.m. CT. A webcast of the meeting will be available in a
listen-only mode to individual investors, media, and other
interested parties on Chevron’s website at www.chevron.com under
the “Investors” section. Prepared remarks for today’s call,
additional financial and operating information and other
complementary materials will be available prior to the call at
approximately 5:30 a.m. CT and located under “Events and
Presentations” in the “Investors” section on the Chevron website.
Chevron also publishes a “Sensitivities and Forward Guidance”
document with consolidated guidance and sensitivities that is
updated quarterly and posted to the Chevron website the month prior
to earnings calls.
As used in this news release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we,” “us” and “its”
may refer to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs. Structural cost reductions describe
decreases in operating expenses from operational efficiencies,
divestments, and other cost saving measures that are expected to be
sustainable compared with 2024 levels.
Please visit Chevron’s website and Investor Relations page at
www.chevron.com and www.chevron.com/investors, LinkedIn:
www.linkedin.com/company/chevron, X: @Chevron, Facebook:
www.facebook.com/chevron, and Instagram: www.instagram.com/chevron,
where Chevron often discloses important information about the
company, its business, and its results of operations.
Non-GAAP Financial Measures - This news release includes
adjusted earnings/(loss), which reflect earnings or losses
excluding significant non-operational items including impairment
charges, write-offs, decommissioning obligations from previously
sold assets, severance costs, gains on asset sales, unusual tax
items, effects of pension settlements and curtailments, foreign
currency effects and other special items. We believe it is useful
for investors to consider this measure in comparing the underlying
performance of our business across periods. The presentation of
this additional information is not meant to be considered in
isolation or as a substitute for net income (loss) as prepared in
accordance with U.S. GAAP. A reconciliation to net income (loss)
attributable to Chevron Corporation is shown in Attachment 4.
This news release also includes cash flow from operations
excluding working capital, free cash flow and free cash flow
excluding working capital. Cash flow from operations excluding
working capital is defined as net cash provided by operating
activities less net changes in operating working capital, and
represents cash generated by operating activities excluding the
timing impacts of working capital. Free cash flow is defined as net
cash provided by operating activities less capital expenditures and
generally represents the cash available to creditors and investors
after investing in the business. Free cash flow excluding working
capital is defined as net cash provided by operating activities
excluding working capital less capital expenditures and generally
represents the cash available to creditors and investors after
investing in the business excluding the timing impacts of working
capital. The company believes these measures are useful to monitor
the financial health of the company and its performance over time.
Reconciliations of cash flow from operations excluding working
capital, free cash flow and free cash flow excluding working
capital are shown in Attachment 3.
This news release also includes net debt ratio. Net debt ratio
is defined as total debt less cash and cash equivalents, time
deposits and marketable securities as a percentage of total debt
less cash and cash equivalents, time deposits and marketable
securities, plus Chevron Corporation stockholders’ equity, which
indicates the company’s leverage, net of its cash balances. The
company believes this measure is useful to monitor the strength of
the company’s balance sheet. A reconciliation of net debt ratio is
shown in Attachment 2.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995
This news release contains forward-looking statements relating
to Chevron’s operations and strategy that are based on management’s
current expectations, estimates, and projections about the
petroleum, chemicals, and other energy-related industries. Words or
phrases such as “anticipates,” “expects,” “intends,” “plans,”
“targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,”
“projects,” “believes,” “approaches,” “seeks,” “schedules,”
“estimates,” “positions,” “pursues,” “progress,” “may,” “can,”
“could,” “should,” “will,” “budgets,” “outlook,” “trends,”
“guidance,” “focus,” “on track,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised,” “potential,” “ambitions,”
“aspires” and similar expressions, and variations or negatives of
these words, are intended to identify such forward-looking
statements, but not all forward-looking statements include such
words. These statements are not guarantees of future performance
and are subject to numerous risks, uncertainties and other factors,
many of which are beyond the company’s control and are difficult to
predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in such
forward-looking statements. The reader should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this news release. Unless legally required, Chevron
undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
public health crises, such as pandemics and epidemics, and any
related government policies and actions; disruptions in the
company’s global supply chain, including supply chain constraints
and escalation of the cost of goods and services; changing
economic, regulatory and political environments in the various
countries in which the company operates; general domestic and
international economic, market and political conditions, including
the military conflict between Russia and Ukraine, the conflict in
the Middle East and the global response to these hostilities;
changing refining, marketing and chemicals margins; the company’s
ability to realize anticipated cost savings and efficiencies
associated with enterprise structural cost reduction initiatives;
actions of competitors or regulators; timing of exploration
expenses; timing of crude oil liftings; the competitiveness of
alternate-energy sources or product substitutes; development of
large carbon capture and offset markets; the results of operations
and financial condition of the company’s suppliers, vendors,
partners and equity affiliates; the inability or failure of the
company’s joint-venture partners to fund their share of operations
and development activities; the potential failure to achieve
expected net production from existing and future crude oil and
natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the
potential disruption or interruption of the company’s operations
due to war, accidents, political events, civil unrest, severe
weather, cyber threats, terrorist acts, or other natural or human
causes beyond the company’s control; the potential liability for
remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes undertaken or required by existing or
future environmental statutes and regulations, including
international agreements and national or regional legislation and
regulatory measures related to greenhouse gas emissions and climate
change; the potential liability resulting from pending or future
litigation; the risk that regulatory approvals and clearances
related to the Hess Corporation (Hess) transaction are not obtained
or are obtained subject to conditions that are not anticipated by
the company and Hess; potential delays in consummating the Hess
transaction, including as a result of the ongoing arbitration
proceedings regarding preemptive rights in the Stabroek Block joint
operating agreement; risks that such ongoing arbitration is not
satisfactorily resolved and the potential transaction fails to be
consummated; uncertainties as to whether the potential transaction,
if consummated, will achieve its anticipated economic benefits,
including as a result of risks associated with third party
contracts containing material consent, anti-assignment, transfer or
other provisions that may be related to the potential transaction
that are not waived or otherwise satisfactorily resolved; the
company’s ability to integrate Hess’ operations in a successful
manner and in the expected time period; the possibility that any of
the anticipated benefits and projected synergies of the potential
transaction will not be realized or will not be realized within the
expected time period; the company’s future acquisitions or
dispositions of assets or shares or the delay or failure of such
transactions to close based on required closing conditions; the
potential for gains and losses from asset dispositions or
impairments; government mandated sales, divestitures,
recapitalizations, taxes and tax audits, tariffs, sanctions,
changes in fiscal terms or restrictions on scope of company
operations; foreign currency movements compared with the U.S.
dollar; higher inflation and related impacts; material reductions
in corporate liquidity and access to debt markets; changes to the
company’s capital allocation strategies; the effects of changed
accounting rules under generally accepted accounting principles
promulgated by rule-setting bodies; the company’s ability to
identify and mitigate the risks and hazards inherent in operating
in the global energy industry; and the factors set forth under the
heading “Risk Factors” on pages 20 through 26 of the company’s 2023
Annual Report on Form 10-K and in subsequent filings with the U.S.
Securities and Exchange Commission. Other unpredictable or unknown
factors not discussed in this news release could also have material
adverse effects on forward-looking statements.
Attachment 1
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars, Except
Per-Share Amounts)
(unaudited)
CONSOLIDATED
STATEMENT OF INCOME
Three Months Ended
December 31,
Year Ended December
31,
REVENUES AND OTHER INCOME
2024
2023
2024
2023
Sales and other operating revenues
$
48,334
$
48,933
$
193,414
$
196,913
Income (loss) from equity affiliates
688
990
4,596
5,131
Other income (loss)
3,204
(2,743
)
4,782
(1,095
)
Total Revenues and Other Income
52,226
47,180
202,792
200,949
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
30,148
28,477
119,206
119,196
Operating expenses (1)
9,257
7,523
32,493
29,240
Exploration expenses
449
254
995
914
Depreciation, depletion and
amortization
4,973
6,254
17,282
17,326
Taxes other than on income
1,141
1,062
4,716
4,220
Interest and debt expense
199
120
594
469
Total Costs and Other
Deductions
46,167
43,690
175,286
171,365
Income (Loss) Before Income Tax
Expense
6,059
3,490
27,506
29,584
Income tax expense (benefit)
2,800
1,247
9,757
8,173
Net Income (Loss)
3,259
2,243
17,749
21,411
Less: Net income (loss) attributable to
noncontrolling interests
20
(16
)
88
42
NET INCOME (LOSS) ATTRIBUTABLE TO
CHEVRON CORPORATION
$
3,239
$
2,259
$
17,661
$
21,369
(1) Includes operating expense, selling,
general and administrative expense, and other components of net
periodic benefit costs.
PER SHARE OF
COMMON STOCK
Net Income (Loss) Attributable to
Chevron Corporation
- Basic
$
1.85
$
1.23
$
9.76
$
11.41
- Diluted
$
1.84
$
1.22
$
9.72
$
11.36
Weighted Average Number of Shares
Outstanding (000's)
- Basic
1,770,310
1,861,474
1,809,583
1,872,737
- Diluted
1,777,366
1,868,101
1,816,602
1,880,307
Note: Shares outstanding (excluding 14
million associated with Chevron’s Benefit Plan Trust) were 1,755
million and 1,851 million at December 31, 2024, and December 31,
2023, respectively.
EARNINGS BY MAJOR
OPERATING AREA
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
Upstream
United States
$
1,420
$
(1,347
)
$
7,602
$
4,148
International
2,884
2,933
11,000
13,290
Total Upstream
4,304
1,586
18,602
17,438
Downstream
United States
(348
)
470
531
3,904
International
100
677
1,196
2,233
Total Downstream
(248
)
1,147
1,727
6,137
All Other
(817
)
(474
)
(2,668
)
(2,206
)
NET INCOME (LOSS) ATTRIBUTABLE TO
CHEVRON CORPORATION
$
3,239
$
2,259
$
17,661
$
21,369
Attachment 2
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
SELECTED BALANCE
SHEET ACCOUNT DATA (Preliminary)
December 31,
2024
December 31,
2023
Cash and cash equivalents
$
6,781
$
8,178
Time Deposits
$
4
$
—
Marketable securities
$
—
$
45
Total assets
$
256,938
$
261,632
Total debt
$
24,541
$
20,836
Total Chevron Corporation stockholders’
equity
$
152,318
$
160,957
Noncontrolling interests
$
839
$
972
SELECTED
FINANCIAL RATIOS
Total debt plus total stockholders’
equity
$
176,859
$
181,793
Debt ratio (Total debt / Total debt
plus stockholders’ equity)
13.9
%
11.5
%
Adjusted debt (Total debt less cash and
cash equivalents, time deposits and marketable securities)
$
17,756
$
12,613
Adjusted debt plus total stockholders’
equity
$
170,074
$
173,570
Net debt ratio (Adjusted debt /
Adjusted debt plus total stockholders’ equity)
10.4
%
7.3
%
RETURN ON CAPITAL
EMPLOYED (ROCE)
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
Total reported earnings
$
3,239
$
2,259
$
17,661
$
21,369
Noncontrolling interest
20
(16
)
88
42
Interest expense (A/T)
181
111
539
432
ROCE earnings
3,440
2,354
18,288
21,843
Annualized ROCE earnings
13,760
9,416
18,288
21,843
Average capital employed (1)
180,285
184,786
180,232
183,173
ROCE
7.6
%
5.1
%
10.1
%
11.9
%
(1) Capital employed is the sum of Chevron
Corporation stockholders’ equity, total debt and noncontrolling
interest. Average capital employed is computed by averaging the sum
of capital employed at the beginning and the end of the period.
Three Months Ended
December 31,
Year Ended December
31,
CAPEX BY
SEGMENT
2024
2023
2024
2023
United States
Upstream
$
2,355
$
2,608
$
9,481
$
9,842
Downstream
327
418
1,443
1,536
Other
132
133
406
351
Total United States
2,814
3,159
11,330
11,729
International
Upstream
1,388
1,094
4,850
3,836
Downstream
127
93
251
237
Other
9
15
17
27
Total International
1,524
1,202
5,118
4,100
CAPEX
$
4,338
$
4,361
$
16,448
$
15,829
AFFILIATE CAPEX
(not included above)
Upstream
$
341
$
517
$
1,451
$
2,310
Downstream
294
333
998
1,224
AFFILIATE CAPEX
$
635
$
850
$
2,449
$
3,534
Attachment 3
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Billions of Dollars)
(unaudited)
SUMMARIZED
STATEMENT OF CASH FLOWS (Preliminary) (1)
Three Months Ended
December 31,
Year Ended December
31,
OPERATING ACTIVITIES
2024
2023
2024
2023
Net Income (Loss)
$
3.3
$
2.2
$
17.7
$
21.4
Adjustments
Depreciation, depletion and
amortization
5.0
6.3
17.3
17.3
Distributions more (less) than income from
equity affiliates
0.1
1.4
(0.4
)
(0.9
)
Loss (gain) on asset retirements and
sales
(1.4
)
—
(1.7
)
(0.1
)
Net foreign currency effects
(0.7
)
0.7
(0.6
)
0.6
Deferred income tax provision
(0.3
)
(1.0
)
1.2
0.3
Net decrease (increase) in operating
working capital
3.4
1.0
1.2
(3.2
)
Other operating activity
(0.6
)
1.9
(3.3
)
0.2
Net Cash Provided by Operating
Activities
$
8.7
$
12.4
$
31.5
$
35.6
INVESTING ACTIVITIES
Acquisition of businesses, net of cash
acquired
—
—
—
0.1
Capital expenditures (Capex)
(4.3
)
(4.4
)
(16.4
)
(15.8
)
Proceeds and deposits related to asset
sales and returns of investment
7.1
0.3
7.7
0.7
Other investing activity
(0.1
)
—
(0.2
)
(0.1
)
Net Cash Provided by (Used for)
Investing Activities
$
2.7
$
(4.1
)
$
(8.9
)
$
(15.2
)
FINANCING ACTIVITIES
Net change in debt
(1.4
)
—
3.6
(4.1
)
Cash dividends — common stock
(2.9
)
(2.8
)
(11.8
)
(11.3
)
Shares issued for share-based
compensation
0.1
—
0.3
0.3
Shares repurchased (2)
(4.6
)
(3.4
)
(15.4
)
(14.9
)
Distributions to noncontrolling
interests
—
—
(0.2
)
—
Net Cash Provided by (Used for)
Financing Activities
$
(8.8
)
$
(6.2
)
$
(23.5
)
$
(30.1
)
EFFECT OF EXCHANGE RATE CHANGES ON
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
(0.1
)
0.1
(0.1
)
(0.1
)
NET CHANGE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
$
2.5
$
2.3
$
(1.0
)
$
(9.8
)
RECONCILIATION OF
NON-GAAP MEASURES (1)
Net Cash Provided by Operating
Activities
$
8.7
$
12.4
$
31.5
$
35.6
Less: Net decrease (increase) in operating
working capital
3.4
1.0
1.2
(3.2
)
Cash Flow from Operations Excluding
Working Capital
$
5.3
$
11.4
$
30.3
$
38.8
Net Cash Provided by Operating
Activities
$
8.7
$
12.4
$
31.5
$
35.6
Less: Capital expenditures
4.3
4.4
16.4
15.8
Free Cash Flow
$
4.4
$
8.1
$
15.0
$
19.8
Less: Net decrease (increase) in operating
working capital
3.4
1.0
1.2
(3.2
)
Free Cash Flow Excluding Working
Capital
$
1.0
$
7.1
$
13.8
$
23.0
(1) Totals may not match sum of parts due
to presentation in billions.
(2) Three months and year ended December
31, 2024 includes $145 million of excise tax payments for 2023
shares repurchases.
Attachment 4
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
RECONCILIATION OF
NON-GAAP MEASURES
Three Months Ended
December 31, 2024
Three Months Ended
December 31, 2023
Year Ended December 31,
2024
Year Ended December 31,
2023
REPORTED
EARNINGS
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
U.S. Upstream
$
1,420
$
(1,347
)
$
7,602
$
4,148
Int'l Upstream
2,884
2,933
11,000
13,290
U.S. Downstream
(348
)
470
531
3,904
Int'l Downstream
100
677
1,196
2,233
All Other
(817
)
(474
)
(2,668
)
(2,206
)
Net Income (Loss) Attributable to
Chevron
$
3,239
$
2,259
$
17,661
$
21,369
SPECIAL
ITEMS
U.S. Upstream
Write-offs & impairments
$
—
$
—
$
—
$
(2,324
)
$
559
$
(1,765
)
$
—
$
—
$
—
$
(2,324
)
$
559
$
(1,765
)
Decommissioning obligations
—
—
—
(2,561
)
611
(1,950
)
—
—
—
(2,561
)
611
(1,950
)
Severance
(240
)
57
(183
)
—
—
—
(240
)
57
(183
)
—
—
—
Int'l Upstream
Write-offs & impairments
(164
)
39
(125
)
—
—
—
(164
)
39
(125
)
—
—
—
Tax items
—
—
—
—
—
—
—
—
—
—
655
655
Severance
(197
)
78
(119
)
—
—
—
(197
)
78
(119
)
—
—
—
U.S. Downstream
Write-offs & impairments
(118
)
28
(90
)
—
—
—
(118
)
28
(90
)
—
—
—
Severance
(247
)
59
(188
)
—
—
—
(247
)
59
(188
)
—
—
—
Int'l Downstream
Write-offs & impairments
(243
)
58
(185
)
—
—
—
(243
)
58
(185
)
—
—
—
Severance
(22
)
5
(17
)
—
—
—
(22
)
5
(17
)
—
—
—
All Other
Pension settlement costs
—
—
—
—
—
—
—
—
—
(53
)
13
(40
)
Severance
(274
)
66
(208
)
—
—
—
(274
)
66
(208
)
—
—
—
Total Special Items
$
(1,505
)
$
390
$
(1,115
)
$
(4,885
)
$
1,170
$
(3,715
)
$
(1,505
)
$
390
$
(1,115
)
$
(4,938
)
$
1,838
$
(3,100
)
FOREIGN CURRENCY
EFFECTS
Int'l Upstream
$
597
$
(162
)
$
395
$
376
Int'l Downstream
126
(58
)
126
(12
)
All Other
(1
)
(259
)
(1
)
(588
)
Total Foreign Currency Effects
$
722
$
(479
)
$
520
$
(224
)
ADJUSTED
EARNINGS/(LOSS) (1)
U.S. Upstream
$
1,603
$
2,368
$
7,785
$
7,863
Int'l Upstream
2,531
3,095
10,849
12,259
U.S. Downstream
(70
)
470
809
3,904
Int'l Downstream
176
735
1,272
2,245
All Other
(608
)
(215
)
(2,459
)
(1,578
)
Total Adjusted Earnings/(Loss)
$
3,632
$
6,453
$
18,256
$
24,693
Total Adjusted Earnings/(Loss) per
share
$
2.06
$
3.45
$
10.05
$
13.13
(1) Adjusted Earnings/(Loss) is defined as
Net Income (loss) attributable to Chevron Corporation excluding
special items and foreign currency effects.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250131236681/en/
Randy Stuart -- +1 713-283-8609
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