Summary by Moomoo AI
Chevron Corporation reported third quarter 2024 earnings of $4.5 billion ($2.48 per share), down 31% from $6.5 billion ($3.48 per share) in Q3 2023. Total revenues decreased to $48.9 billion from $51.9 billion year-over-year, primarily due to lower refined product and crude oil prices.Upstream earnings fell to $4.6 billion from $5.8 billion, mainly due to lower realizations and higher depreciation costs, partially offset by higher sales volumes. U.S. net oil-equivalent production increased 14% to 1.61 million barrels per day, setting a new quarterly record driven by Permian Basin output. Downstream earnings declined sharply to $595 million from $1.7 billion on lower refining margins.The company maintained strong operational performance with capital expenditures of $4.1 billion in Q3. Cash flow from operations was $22.8 billion for the first nine months. Chevron repurchased $4.7 billion of shares and raised its quarterly dividend to $1.63 per share. The company also announced the $6.5 billion sale of Canadian oil sands assets and cleared FTC review for its pending Hess acquisition.
