Chevron Corporation (Chevron) reported a decrease in net income for the third quarter of 2024, with earnings of $4.5 billion, down from $6.5 billion in the same period of 2023. Diluted earnings per share for the quarter were $2.48, compared to $3.48 in the previous year. The company's net income for the first nine months of 2024 was $14.4 billion, a decline from $19.1 billion year-on-year, with diluted earnings per share at $7.88, down from $10.14. Upstream earnings for the third quarter decreased to $4.6 billion from $5.8 billion in 2023, attributed to unfavorable foreign currency effects, tax impacts, and lower realizations, despite higher sales volumes. Downstream earnings also fell to $595 million from $1.7 billion, primarily due to lower margins on refined product sales. Chevron's global operations span multiple countries, with...Show More

Chevron Corporation (Chevron) reported a decrease in net income for the third quarter of 2024, with earnings of $4.5 billion, down from $6.5 billion in the same period of 2023. Diluted earnings per share for the quarter were $2.48, compared to $3.48 in the previous year. The company's net income for the first nine months of 2024 was $14.4 billion, a decline from $19.1 billion year-on-year, with diluted earnings per share at $7.88, down from $10.14. Upstream earnings for the third quarter decreased to $4.6 billion from $5.8 billion in 2023, attributed to unfavorable foreign currency effects, tax impacts, and lower realizations, despite higher sales volumes. Downstream earnings also fell to $595 million from $1.7 billion, primarily due to lower margins on refined product sales. Chevron's global operations span multiple countries, with the company focusing on delivering higher returns, lower carbon, and superior shareholder value. The company's earnings are largely dependent on the profitability of its upstream segment, influenced by global crude oil prices. Chevron continues to support the Paris Agreement and is taking actions to lower the carbon intensity of its operations. The company plans to grow its oil and gas business, reduce carbon intensity, and expand into lower carbon businesses, targeting sectors where emissions are harder to abate. Chevron's future plans include investments in renewable fuels, carbon capture, hydrogen, and other emerging technologies, with a focus on flexibility to adapt to policy, technology, and consumer preference changes. The company is also targeting $10-15 billion in asset sales by 2028.