Chevron Corporation (CVX) reported adjusted second-quarter earnings per share of $2.55, lagging the Zacks Consensus Estimate of $2.88 and declining from the year-ago adjusted profit of $3.08. The underperformance stemmed from weaker natural gas realizations, plus a dip in refined product sales margins. This was partly offset by higher-than-expected U.S. production in the company’s key upstream segment. The unit’s domestic output of 1,572 thousand oil-equivalent barrels per day (MBOE/d) came in above the con ...

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© 2024 Chevron Anchor Second quarter 2024 earnings call August 2, 2024 Cautionary statement CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation contains forward-looking images and statements relating to Chevron's lower carbon strategy and operations that are based on management's current expectations, estimates, and projections about the petroleum, chemicals, and other energy-relat ...

Oil giant Chevron is moving its headquarters to Texas from California, the latest company to exit the Golden State. The company on Friday announced its planned corporate relocation to Houston from San Ramon, where it has long been based.CLICK HERE TO READ MORE ON FOX BUSINESS "The company expects all corporate functions to migrate to Houston over the next five years," Chevron said. "Positions in support of the company’s California operations will remain in San Ramon." Chevron said about 2,000 of its employe ...

Using an Olympics reference, Chevron Corporation NYSE: CVX failed to stick the landing when it reported second-quarter earnings before the market opened on August 2. The company delivered a mixed report, with revenue coming in slightly higher than expected but earnings coming in lighter due to lower refining margins and natural gas prices. Chevron TodayCVXChevron$152.58 -7.89 (-4.92%) 52-Week Range$139.62▼$171.70Dividend Yield4.27%P/E Ratio14.04Price Target$185.59Add to WatchlistAs is frequently the case wi ...

Key Takeaways Chevron's second-quarter revenue beat estimates but earnings missed expectations. The company said it increased global oil production 11% from the same time last year, but lower margins on its refined products squeezed its earnings. Chevron also announced plans to move the company's headquarters to Houston, Texas from San Ramon, California. Chevron (CVX) reported better second-quarter revenue than analysts expected Friday, but profits missed estimates, thanks to lower margins on the oil and ga ...

Chevron (CVX) came out with quarterly earnings of $2.55 per share, missing the Zacks Consensus Estimate of $2.88 per share. This compares to earnings of $3.08 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -11.46%. A quarter ago, it was expected that this oil company would post earnings of $2.84 per share when it actually produced earnings of $2.93, delivering a surprise of 3.17%.Over the last four quarters, the company has s ...

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NEW YORK, NEW YORK - SEPTEMBER 18: Chevron CEO Mike Wirth visits "America's Newsroom" with hosts ... [+] Bill Hemmer and Dana Perino at Fox News Channel Studios on September 18, 2023 in New York City. (Photo by Roy Rochlin/Getty Images)Getty Images U.S. oil and gas giant Chevron announced Friday it will relocate its corporate headquarters from its long-time location in San Ramon, California to Houston, Texas in the coming months.In a release, the company said chairman and CEO Mike Wirth and vice-chairman Ma ...

[Q2 2024 Earnings Overview](index=1&type=section&id=Chevron%20Reports%20Second%20Quarter%202024%20Results) [Financial and Operational Summary](index=1&type=section&id=Financial%20and%20Operational%20Summary) The company reported Q2 2024 earnings of $4.4 billion, with record Permian production driving an 11% increase in worldwide output Q2 2024 Key Financial Metrics | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Reported Earnings | $4.4B | $6.0B | -26.7% | | Adjusted Earnings | $4.7B | $5.8B | -19.0% | | Reported EPS (Diluted) | $2.43 | $3.20 | -24.1% | | Adjusted EPS (Diluted) | $2.55 | $3.08 | -17.2% | | Cash Returned to Shareholders | $6.0B | N/A | N/A | - Worldwide net oil-equivalent production increased by **11%** year-over-year to **3,292 MBOED**, driven by the successful integration of PDC Energy and strong performance in the Permian and DJ Basins[3](index=3&type=chunk)[4](index=4&type=chunk) - The company returned **$6.0 billion** in cash to shareholders during the quarter, comprising $3.0 billion in dividends and $3.0 billion in share repurchases, marking over **$50 billion** returned in the last two years[1](index=1&type=chunk)[5](index=5&type=chunk) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) Lower refined product margins and the absence of prior-year tax benefits drove a year-over-year earnings decline - Key drivers for the earnings decline compared to Q2 2023 were lower refined product margins, the absence of prior year favorable tax items, and negative foreign currency effects[5](index=5&type=chunk) - Capital expenditure (Capex) increased in Q2 2024 compared to the prior year, mainly due to higher upstream investments, including spending on legacy PDC assets[5](index=5&type=chunk) - The company declared a quarterly dividend of **$1.63 per share**, payable on September 10, 2024[5](index=5&type=chunk) [Business Highlights and Milestones](index=2&type=section&id=Business%20Highlights%20and%20Milestones) The company expanded its global exploration portfolio and advanced key operational projects at its Tengizchevroil affiliate - Expanded global exploration acreage with new agreements in several key offshore basins including Namibia, Angola, Equatorial Guinea, and Brazil[6](index=6&type=chunk) - Progressed the Wellhead Pressure Management Project at the Tengizchevroil affiliate, bringing three pressure boost facility compressors online[6](index=6&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Highlights) [Upstream](index=3&type=section&id=Upstream) Upstream earnings declined as strong U.S. performance was more than offset by lower international results [U.S. Upstream](index=3&type=section&id=U.S.%20Upstream) U.S. upstream earnings rose significantly, driven by a 29% production increase from the PDC acquisition and record Permian output U.S. Upstream Performance (Q2 2024 vs. Q2 2023) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Earnings | $2,161 MM | $1,640 MM | +31.8% | | Net Oil-Equivalent Production | 1,572 MBOED | 1,219 MBOED | +29.0% | | Liquids Realization (/BBL) | $59.85 | $56.29 | +6.3% | | Natural Gas Realization (/MCF) | $0.76 | $1.23 | -38.2% | - The increase in U.S. net oil-equivalent production by **353,000 barrels per day** from the previous year was mainly attributed to the successful integration of PDC and record-high production in the Permian Basin[8](index=8&type=chunk) [International Upstream](index=3&type=section&id=International%20Upstream) International upstream earnings decreased due to the absence of prior-year tax benefits and lower sales volumes International Upstream Performance (Q2 2024 vs. Q2 2023) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Earnings | $2,309 MM | $3,296 MM | -30.0% | | Net Oil-Equivalent Production | 1,720 MBOED | 1,740 MBOED | -1.1% | | Liquids Realization (/BBL) | $74.92 | $68.06 | +10.1% | | Natural Gas Realization (/MCF) | $6.86 | $7.50 | -8.5% | - Net oil-equivalent production decreased by **20,000 barrels per day** year-over-year, mainly due to downtime in Australia and the company's exit from Myanmar[10](index=10&type=chunk) [Downstream](index=4&type=section&id=Downstream) Downstream earnings fell sharply across both U.S. and international segments, primarily due to reduced refined product margins [U.S. Downstream](index=4&type=section&id=U.S.%20Downstream) U.S. downstream earnings dropped significantly due to lower margins, higher operating expenses, and reduced refinery inputs U.S. Downstream Performance (Q2 2024 vs. Q2 2023) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Earnings | $280 MM | $1,081 MM | -74.1% | | Refinery Crude Unit Inputs | 900 MBD | 985 MBD | -8.6% | | Refined Product Sales | 1,327 MBD | 1,295 MBD | +2.5% | [International Downstream](index=4&type=section&id=International%20Downstream) International downstream earnings decreased due to lower refined product margins, though refinery inputs saw a slight increase International Downstream Performance (Q2 2024 vs. Q2 2023) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Earnings | $317 MM | $426 MM | -25.6% | | Refinery Crude Unit Inputs | 650 MBD | 634 MBD | +2.5% | | Refined Product Sales | 1,485 MBD | 1,453 MBD | +2.2% | [All Other](index=4&type=section&id=All%20Other) The 'All Other' segment reported a higher net charge compared to the prior year, driven by unfavorable tax items - The 'All Other' segment consists of worldwide cash management, debt financing, corporate administrative functions, insurance operations, real estate, and technology companies[14](index=14&type=chunk) All Other Net Charges (Q2 2024 vs. Q2 2023) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Net Charges | $(633) MM | $(433) MM | +46.2% | [Financial Statements and Reconciliations](index=7&type=section&id=Financial%20Statements%20and%20Reconciliations) [Consolidated Statement of Income](index=7&type=section&id=Consolidated%20Statement%20of%20Income) Higher total revenues were offset by increased costs, resulting in a year-over-year decline in net income Q2 2024 Income Statement Highlights (in Millions) | Line Item | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Total Revenues and Other Income | $51,181 | $48,896 | | Total Costs and Other Deductions | $44,145 | $41,059 | | Income Before Income Tax | $7,036 | $7,837 | | Net Income Attributable to Chevron | $4,434 | $6,010 | [Selected Balance Sheet Data](index=8&type=section&id=Selected%20Balance%20Sheet%20Data) Total assets remained stable while total debt increased, leading to higher debt and net debt ratios as of June 30, 2024 Balance Sheet and Ratio Comparison | Metric | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Assets | $260,644 MM | $261,632 MM | | Total Debt | $23,184 MM | $20,836 MM | | Debt Ratio | 12.7% | 11.5% | | Net Debt Ratio | 10.7% | 7.3% | [Summarized Statement of Cash Flows](index=9&type=section&id=Summarized%20Statement%20of%20Cash%20Flows) Operating cash flow remained flat year-over-year, with free cash flow of $2.3 billion after capital expenditures Q2 2024 Cash Flow Highlights (in Billions) | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $6.3 | $6.3 | | Capital Expenditures | $(4.0) | $(3.8) | | Free Cash Flow | $2.3 | $2.5 | | Net Cash Used for Financing Activities | $(4.6) | $(8.7) | [Reconciliation of Non-GAAP Measures](index=10&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) Adjusted earnings for Q2 2024 were $4.7 billion after excluding a $243 million negative impact from foreign currency effects Q2 2024 Earnings Reconciliation (in Millions) | Item | Amount | | :--- | :--- | | Reported Net Income | $4,434 | | Special Items | $0 | | Foreign Currency Effects | $243 | | **Adjusted Earnings** | **$4,677** | [Supplementary Information](index=5&type=section&id=Supplementary%20Information) [Notice and Forward-Looking Statements](index=5&type=section&id=Notice%20and%20Forward-Looking%20Statements) This section provides earnings call details and cautions that forward-looking statements are subject to significant risks and uncertainties - An analyst call to discuss Q2 2024 earnings is scheduled for Friday, August 2, 2024, at 8:00 a.m. PT, with a webcast available on the company's investor relations website[17](index=17&type=chunk) - The report contains forward-looking statements that are not guarantees of future performance and are subject to risks, including changing oil and gas prices, geopolitical conflicts, and potential delays or failure to consummate the Hess Corporation transaction[22](index=22&type=chunk) - The company provides definitions for non-GAAP financial measures used in the report, such as adjusted earnings, free cash flow, and net debt ratio, and directs investors to reconciliations in the attachments[18](index=18&type=chunk)