Chevron(CVX)2025-05-08 14:49Financial Performance - Net income attributable to Chevron Corporation for Q1 2025 was 2.00 per share — diluted), down from 2.97 per share — diluted) in Q1 2024, representing a 36.4% decrease [99]. - Upstream earnings in Q1 2025 were 5.2 billion in Q1 2024, primarily due to lower liftings and unfavorable foreign exchange effects [100]. - Downstream earnings in Q1 2025 were 783 million in Q1 2024, mainly due to lower margins on refined product sales [100]. - Sales and other operating revenues for Q1 2025 were 46.580 billion in Q1 2024, attributed to lower refined product and crude oil prices [154]. - Income from equity affiliates fell to 1.441 billion, primarily due to lower upstream-related earnings from TCO in Kazakhstan [155]. - Cash provided by operating activities in Q1 2025 was 6.8 billion in the year-ago period [171]. - Free cash flow for Q1 2025 was 2,739 million in Q1 2024 [182]. - Net income for Q1 2025 was 73,119 million [179]. Cost Management and Asset Sales - Chevron plans to achieve 10-15 billion in asset sales over the five-year period ending in 2028 to augment financial performance [115]. Shareholder Returns - The company repurchased 25.0 million shares for 75 billion share repurchase program initiated in April 2023 [179]. - The company expects share repurchases in Q2 2025 to be between 3.0 billion [179]. Production and Operations - The company's worldwide net oil-equivalent production averaged 3.35 million barrels per day, relatively flat year-over-year, with a 4% increase in U.S. production [135][144]. - Chevron's U.S. upstream earnings decreased by 1.858 billion, primarily due to higher operating expenses and lower liquids realizations [144]. - International upstream earnings fell by 1.9 billion, driven by lower liftings and unfavorable foreign currency effects [146]. - U.S. downstream earnings dropped by 103 million, mainly due to lower margins on refined product sales [148]. - International downstream earnings decreased by 222 million, impacted by lower margins and unfavorable foreign currency effects [150]. Tax and Expenses - The effective tax rate for the company can change significantly during periods of earnings volatility, influenced by the mix of earnings across different tax jurisdictions [110]. - Income tax expense decreased by 2.07 billion in Q1 2025, attributed to a decrease in total income before tax of 2.6 billion in Q1 2024 to 736 million [165]. - International income before tax decreased from 3.7 billion in Q1 2025, a decline of 7.63 billion in Q1 2025 from 187 million in Q1 2025 from 4.12 billion in Q1 2025 from 76 per barrel in Q1 2025, down from 450 million for every dollar change in Brent prices [129]. - Purchased crude oil and products increased to 27.74 billion in Q1 2024, driven by higher natural gas and crude oil prices [157]. Strategic Initiatives - Chevron entered into a definitive merger agreement with Hess Corporation in October 2023, reflecting confidence in the acquisition [116]. - Between January and March 2025, Chevron purchased 15,380,000 shares of Hess common stock, representing approximately 4.99% of Hess's outstanding shares [117]. - Chevron continues to develop oil and gas resources while aiming to lower carbon intensity and grow new businesses in renewable fuels and carbon capture technologies [107]. - The Wellhead Pressure Management Project at Tengizchevroil LLP became fully operational at year-end 2024, with oil production from the Future Growth Project ramping up by the end of Q1 2025 [122]. Financial Position - Total debt and finance lease liabilities increased to 24.5 billion at December 31, 2024 [172]. - The debt ratio increased to 16.6% as of March 31, 2025, compared to 13.9% at December 31, 2024 [182]. - Current assets increased to 16,918 million at December 31, 2024 [179]. - Current liabilities decreased to 30,563 million at December 31, 2024 [179]. - Noncontrolling interests were 839 million at December 31, 2024 [181].