Energy

The following is a summary of the Chevron Corporation (CVX) Q4 2023 Earnings Call Transcript: Financial Performance: Chevron reported an adjusted ROCE of 14%, returning a record $26 billion cash to shareholders in 2023. Q4 2023 production was 867,000 barrels of oil equivalent per day. The company had Q4 earnings of $2.3 billion, while adjusted earnings were $6.5 billion. Adjusted earnings were $730 million higher than the previous quarter, mainly due to higher liftings coupled with record quarterly production. Full-year adjusted earnings dropped near $12 billion from the prior year due to lower prices. The balanced sheet remained strong, with a net debt ratio comfortably in the single digits. The company successfully delivered its four financial priorities, including an 8% increase in dividends and reducing debt by over $4 billion. Business Progress: Chevron expects a 2% to 4% decrease in 1H production, but plans to reach around 900,000 barrels per […]

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target of $160, cut $2, reflects a 5.8x multiple of enterprise value to projected ’25 EBITDA, slightly below CVX’s historical forward average. We think a modest discount is merited by CVX’s exposure to California refining, which is important to CVX’s overall downstream capacity, and is also where we see headwinds looming in ’24. We cut our ’24 EPS view $1.57 to $12.55 and set ’25’s at $13.20. Q4 EPS of $3.45 vs. $4.09, beat the consensus view by $0.23. We are also taking a more pessimistic tone to our outlook for energy prices through ’25. We see WTI prices flat to down vs. the $78/b average in ’22, and see only modest improvement in natural gas pricing. CVX remains cost disciplined, and in ’23 allocated

Chevron Reports Fourth Quarter 2023 Results — Reported earnings of $2.3 billion; adjusted earnings of $6.5 billion — Record $26.3 billion cash returned to shareholders in 2023 — Record annual worldwide and U.S. production — Announced an 8 percent increase in quarterly dividend to $1.63/share SAN RAMON, Calif.–(BUSINESS WIRE)–February 02, 2024– Chevron Corporation (NYSE: CVX) reported earnings of $2.3 billion ($1.22 per share – diluted) for fourth quarter 2023, compared with $6.4 billion ($3.33 per share – diluted) in fourth quarter 2022. Included in the current quarter were $1.8 billion of U.S. upstream impairment charges and $1.9 billion of decommissioning obligations from previously sold assets in the U.S. Gulf of Mexico. Foreign currency effects decreased earnings by $479 million. Adjusted earnings of $6.5 billion ($3.45 per share – diluted) in fourth quarter 2023 compared to adjusted earnings of $7.9 billion ($4.09 per share – diluted) in fourth quarter 2022. See

from $1.51. The new payout, equal to $6.52 a year, represents an annual yield of about 4.41% based on Thursday’s closing price of $147.89, up from 4.08%. The San Ramon, Calif., company, which in October had said it was planning the increase, on Friday said the dividend is payable March 11 to shareholders or record Feb. 16.

Chevron: 4Q U.S. Net Oil-Equivalent Production Was Up 34% Vs Year-Ago and Set New Quarterly Record, Primarily Due to the Acquisition of PDC.

Chevron: U.S. Refinery Crude Oil Inputs During 4Q Increased 4% From Year-Ago Period as Company Processed More Crude Oil in Place of Other Feedstocks.

By Mary de Wet Chevron’s acquisition of PDC Energy helped boost its U.S. net production to a new high for the company in the fourth quarter. On its upstream business: “U.S. net oil-equivalent production was up 34 percent from fourth quarter 2022 and set a new quarterly record, primarily due to the acquisition of PDC, which added 266,000 oil-equivalent barrels per day during the quarter, and higher production in the Permian Basin,” Chevron said. Internationally, net oil-equivalent production fell 1.4% in the quarter, which Chevron attributed to normal field declines. “Annual worldwide net oil-equivalent production increased to over 3.1 million barrels of oil-equivalent per day, led by 14% growth in the United States,” Chairman and Chief Executive Mike Wirth said. On its downstream business: In the U.S., refinery crude oil inputs rose 4% as Chevron processed more crude oil in place of other feedstocks. “Refined product sales in fourth quarter

Chevron: Expect Production in First Half of the Year to Be Down From 4Q by About 2% to 4% Before Climbing Toward a 2024 Exit Rate Around 900,000 Barrels Per Day.