On February 2, 2024, Chevron Corporation reported its unaudited earnings for the fourth quarter of 2023, revealing a profit of $2.3 billion. This figure marks a decrease from the $6.4 billion earned in the same quarter of the previous year. The earnings included significant charges such as $1.8 billion in U.S. upstream impairment charges and $1.9 billion related to decommissioning obligations from assets previously sold in the U.S. Gulf of Mexico. Adjusted earnings, which exclude these charges, were $6.5 billion for the quarter. Chevron also highlighted a record cash return to shareholders of $26.3 billion for the year and a record annual worldwide and U.S. production. Additionally, the company announced an 8 percent increase in its quarterly dividend to $1.63 per share. The company completed several acquisitions in...Show More

On February 2, 2024, Chevron Corporation reported its unaudited earnings for the fourth quarter of 2023, revealing a profit of $2.3 billion. This figure marks a decrease from the $6.4 billion earned in the same quarter of the previous year. The earnings included significant charges such as $1.8 billion in U.S. upstream impairment charges and $1.9 billion related to decommissioning obligations from assets previously sold in the U.S. Gulf of Mexico. Adjusted earnings, which exclude these charges, were $6.5 billion for the quarter. Chevron also highlighted a record cash return to shareholders of $26.3 billion for the year and a record annual worldwide and U.S. production. Additionally, the company announced an 8 percent increase in its quarterly dividend to $1.63 per share. The company completed several acquisitions in 2023, including PDC Energy, Inc. and a majority stake in ACES Delta, LLC, and signed an agreement to acquire Hess Corporation. Despite lower upstream realizations and higher impairment charges, Chevron's worldwide and U.S. net oil-equivalent production set annual records, with significant contributions from the Permian Basin and acquisitions. The company's capital expenditures for 2023 were $15.8 billion, up 32 percent from the previous year, driven by investments in the United States. Chevron's cash flow from operations was $35.6 billion for the year, with free cash flow reaching $19.8 billion. The company reduced its debt by over $4 billion, resulting in a net debt ratio of 7.3 percent. The Board of Directors declared an 8 percent increase in the quarterly dividend, payable on March 11, 2024, to shareholders on record as of February 16, 2024.