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Chevron | 8-K: Chevron Reports Third Quarter 2024 Results

SEC ·  Nov 1 06:22

Summary by Moomoo AI

On November 1, 2024, Chevron Corporation reported unaudited third-quarter earnings for 2024, amounting to $4.5 billion, a decrease from the $6.5 billion reported in the same quarter of the previous year. The earnings were impacted by lower margins on refined product sales, lower realizations, and the absence of favorable tax items from the prior year. Despite the decline, Chevron achieved a 7% increase in net oil-equivalent production, driven by record production in the Permian Basin and the acquisition of PDC Energy, Inc. The company also returned a record $7.7 billion to shareholders through share repurchases and dividends. Chevron announced the sale of its Canadian assets for $6.5 billion, which is expected to close in the fourth quarter of 2024. This sale is part of a broader divestment...Show More
On November 1, 2024, Chevron Corporation reported unaudited third-quarter earnings for 2024, amounting to $4.5 billion, a decrease from the $6.5 billion reported in the same quarter of the previous year. The earnings were impacted by lower margins on refined product sales, lower realizations, and the absence of favorable tax items from the prior year. Despite the decline, Chevron achieved a 7% increase in net oil-equivalent production, driven by record production in the Permian Basin and the acquisition of PDC Energy, Inc. The company also returned a record $7.7 billion to shareholders through share repurchases and dividends. Chevron announced the sale of its Canadian assets for $6.5 billion, which is expected to close in the fourth quarter of 2024. This sale is part of a broader divestment plan aiming to offload $10-15 billion in assets by 2028. Additionally, Chevron is targeting $2-3 billion in structural cost reductions by the end of 2026. The company's capital expenditures for the third quarter were lower than the previous year, primarily due to the absence of the acquisition of a majority stake in ACES Delta, LLC. Cash flow from operations remained consistent with the previous year, balancing lower earnings against higher dividends from equity affiliates and favorable working capital effects.

This announcement is a separate document:

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