Chevron(US:CVX)2025-01-31 11:16Financial Performance - Chevron reported earnings of $3.2 billion ($1.84 per share - diluted) for Q4 2024, an increase from $2.3 billion ($1.22 per share - diluted) in Q4 2023[3] - Adjusted earnings for Q4 2024 were $3.6 billion ($2.06 per share - diluted), down from $6.5 billion ($3.45 per share - diluted) in Q4 2023[3] - Net income attributable to Chevron Corporation for Q4 2024 was $3,239 million, compared to $2,259 million in Q4 2023, reflecting a year-over-year increase of 43.4%[42] - Total adjusted earnings for the year ended December 31, 2024, were $18,256 million, down from $24,693 million in 2023, reflecting a decrease of 26%[50] - Adjusted earnings per share for the year ended December 31, 2024, were $10.05, down from $13.13 in 2023, reflecting a decrease of 23%[50] Production and Operations - Worldwide net oil-equivalent production increased by 7% year-over-year, with U.S. production rising by 19%[6] - Chevron's year-end 2024 proved reserves were approximately 9.8 billion barrels of net oil-equivalent[12] - Total upstream earnings for Q4 2024 were $4.304 billion, significantly up from $1.586 billion in Q4 2023, indicating a strong recovery in the upstream segment[43] - U.S. Upstream adjusted earnings for Q4 2024 were $1,603 million, a decrease of 32% from $2,368 million in Q4 2023[50] - International Upstream adjusted earnings for Q4 2024 were $2,531 million, down from $3,095 million in Q4 2023, indicating a decline of 18%[50] Shareholder Returns - Chevron returned a record $27 billion to shareholders in 2024, including $15.2 billion in share repurchases and $11.8 billion in dividends[6] - The company achieved a 5% increase in quarterly dividend to $1.71 per share, payable on March 10, 2025[6] Financial Health and Debt - The company's total debt increased to $24.541 billion in 2024 from $20.836 billion in 2023, resulting in a debt ratio of 13.9%, up from 11.5%[47] - The net debt ratio, which indicates the company's leverage, is a key metric for monitoring financial health, although specific figures were not provided in the documents[36] - Chevron's total assets decreased to $256.938 billion in 2024 from $261.632 billion in 2023, reflecting a reduction in overall asset base[47] - The company's total stockholders' equity decreased to $152.318 billion in 2024 from $160.957 billion in 2023, reflecting a decline in shareholder value[47] Cash Flow and Expenditures - Free cash flow for Q4 2024 was $4.4 billion, down from $8.1 billion in Q4 2023[8] - Capital expenditures (Capex) for 2024 were $16.4 billion, slightly higher than $15.8 billion in 2023[8] - The company reported a net cash provided by operating activities of $31.5 billion for the year ended December 31, 2024, down from $35.6 billion in 2023[48] Operating Expenses and Charges - The company's operating expenses in Q4 2024 were $9,257 million, up from $7,523 million in Q4 2023, indicating a 23.1% increase[42] - The net charges for Chevron in Q4 2024 were $(817) million, compared to $(474) million in Q4 2023, representing a significant increase in charges[26] - Chevron experienced a decrease in income from equity affiliates, reporting $688 million in Q4 2024, down from $990 million in Q4 2023[42] - Chevron's interest and debt expense increased to $199 million in Q4 2024 from $120 million in Q4 2023, reflecting a rise of 65.8%[42] Future Outlook and Strategy - The company plans to achieve $2-3 billion in structural cost reductions by the end of 2026[7] - Chevron aims to grow its lower carbon businesses, including renewable fuels and carbon capture technologies, as part of its long-term strategy[28] - The company plans to discuss its Q4 2024 earnings on January 31, 2025, providing further insights into its financial performance and future outlook[31] Special Items and Currency Effects - Total special items for the year ended December 31, 2024, amounted to $(4,885) million, compared to $(3,100) million in 2023, indicating an increase in special items[50] - Total foreign currency effects for Q4 2024 were $722 million, compared to $(479) million in Q4 2023, showing a significant positive shift[50]