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 day by year-end.
The company is set to integrate PDC Energy and is focusing on the Hess transaction.
Chevron is working on lowering its carbon footprint, with significant projects in hydrogen and carbon capture.
The company expects to hit a production rate of one million barrels of oil equivalent per day by 2025.
Chevron met its production guidance for the Permian operations and achieved record quarterly production.
Chevron plans to accelerate its investment in cloud infrastructure.
The company is proactively exploring improvements and learning opportunities across basins.
Despite pressure in gas markets and petrochemicals sector, Chevron had a stronger Q4 performance than expected.
The integration of PDC Energy is expected to bring stability to Chevron’s operations.
The company plans to see growth in the DJ Basin along with continued organic growth in the Permian.