Chevron Corporation reported a net income of $5.5 billion for the first quarter of 2024, a decrease from $6.6 billion in the same period of 2023. Earnings per share were $2.97, diluted, compared to $3.46 in the first quarter of 2023. Upstream earnings were $5.2 billion, slightly higher than the previous year, driven by higher sales volumes in the U.S., offset by lower natural gas realizations. Downstream earnings fell to $783 million from $1.8 billion, due to lower refined product sales margins. Chevron's non-trade receivable balance stood at $4.1 billion, including receivables from government joint venture partners. The company's trade receivables were $18.0 billion, dispersed across a broad customer base, reflecting diversified revenue sources. Chevron announced an agreement to acquire Hess Corporation in an all-stock transaction valued...Show More

Chevron Corporation reported a net income of $5.5 billion for the first quarter of 2024, a decrease from $6.6 billion in the same period of 2023. Earnings per share were $2.97, diluted, compared to $3.46 in the first quarter of 2023. Upstream earnings were $5.2 billion, slightly higher than the previous year, driven by higher sales volumes in the U.S., offset by lower natural gas realizations. Downstream earnings fell to $783 million from $1.8 billion, due to lower refined product sales margins. Chevron's non-trade receivable balance stood at $4.1 billion, including receivables from government joint venture partners. The company's trade receivables were $18.0 billion, dispersed across a broad customer base, reflecting diversified revenue sources. Chevron announced an agreement to acquire Hess Corporation in an all-stock transaction valued at approximately $53 billion, with the merger expected to complete by mid-2024, subject to approvals. The company's business environment and outlook indicate a commitment to delivering higher returns, lower carbon, and superior shareholder value. Chevron plans to grow its oil and gas business, reduce carbon intensity, and expand into lower carbon businesses, targeting sectors where emissions are harder to abate. The company's capital expenditures for the first quarter of 2024 were $4.1 billion, up from $3.0 billion in the same period of 2023, reflecting increased investments in upstream operations.