The following is a summary of the Chevron Corporation (CVX) Q1 2024 Earnings Call Transcript:
Financial Performance:
Chevron reported Q1 earnings of $5.5 billion or $2.97 per share, with adjusted earnings being $5.4 billion or $2.93 per share.
Cash flow from operations was impacted by upstream ARO settlement payments and expansion of the retail marketing network.
Although affected by lower realization and lifting, the company achieved financial priorities including an 8% increase in dividends shares.
Maintaining stability, Chevron delivered $5 billion+ adjusted earnings and over 12% adjusted ROCE for nine consecutive quarters.
In Q1 2024, Chevron returned $6 billion to shareholders, marking the eighth consecutive quarter of returns over $5 billion.
Business Progress:
Chevron recorded its highest Q1 production ever, a rise of over 12% from the previous year due to the PDC Energy acquisition and growth in the Permian Basin.
A major step forward came with final investment decisions to expand its renewable fuels and hydrogen businesses.
The planned merger with Hess is advancing promptly, while production at TCO is being ramped up via WPMP with major equipment set for Q3 operation.
Shareholder voting triggered a resolution to resume buybacks at a rate of $17.5 billion annually.
Chevron maintains a disciplined investment strategy and plans to spend $16 billion long-term on capital. For this year, the range is set between $15.5 billion and $16.5 billion.
The company also remains committed to investing $10 billion in new energy businesses between 2022 and 2028, primarily focusing on carbon capture, renewable fuels, and hydrogen.
More details: Chevron IR
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