$CVX | Chevron Q1'24 Earnings Highlights:
🔹 Adj EPS: $2.93 (Est. $2.90) 🟢
🔹 Revenue: $48.72B (Est. $50.71B) 🔴
FY24 Guidance:
🔸 Forecasts for SG&A Expense Ratio: 8.4%-9%
🔸 Continued strategic focus on enhancing production capacity, particularly in the U.S. and Kazakhstan
🔸 Significant investments in renewable energy and technology ventures
Outlook:
🔸 Production is trending better than our previous guidance
🔸 After Hess shareholder vote they intend to resume buybacks at the $17.5B annual rate
Production and Operations:
🔸 Worldwide Production: 3.35M BOE/day; UP 12% Y/Y
🔸 U.S. Net Oil-Equivalent Production: UP 35% Y/Y
🔸 Upstream Earnings: $5.24B
🔸 U.S. Upstream Earnings: $2.08B
🔸 International Upstream Earnings: $3.16B
Other Metrics:
🔹 Downstream Earnings: $783M
🔹 Capital and Shareholder Returns:
🔹 Capital Spending: $4.1B
🔹 Free Cash Flow: $2.7B
🔹 Net Income: $5.5B
🔹 Cash Flow from Operations: $6.8B
Shareholder return:
🔹 Returned $6B to Shareholders
🔸 Dividends: $3B
🔸 Stock Buybacks: Nearly $3B
CEO Commentary:
🔸 Mike Wirth: "We had another quarter of strong operational and financial performance and delivered superior cash returns to shareholders. Our focus remains on safe, reliable operations and disciplined capital allocation to enhance shareholder value."
🔹 Adj EPS: $2.93 (Est. $2.90) 🟢
🔹 Revenue: $48.72B (Est. $50.71B) 🔴
FY24 Guidance:
🔸 Forecasts for SG&A Expense Ratio: 8.4%-9%
🔸 Continued strategic focus on enhancing production capacity, particularly in the U.S. and Kazakhstan
🔸 Significant investments in renewable energy and technology ventures
Outlook:
🔸 Production is trending better than our previous guidance
🔸 After Hess shareholder vote they intend to resume buybacks at the $17.5B annual rate
Production and Operations:
🔸 Worldwide Production: 3.35M BOE/day; UP 12% Y/Y
🔸 U.S. Net Oil-Equivalent Production: UP 35% Y/Y
🔸 Upstream Earnings: $5.24B
🔸 U.S. Upstream Earnings: $2.08B
🔸 International Upstream Earnings: $3.16B
Other Metrics:
🔹 Downstream Earnings: $783M
🔹 Capital and Shareholder Returns:
🔹 Capital Spending: $4.1B
🔹 Free Cash Flow: $2.7B
🔹 Net Income: $5.5B
🔹 Cash Flow from Operations: $6.8B
Shareholder return:
🔹 Returned $6B to Shareholders
🔸 Dividends: $3B
🔸 Stock Buybacks: Nearly $3B
CEO Commentary:
🔸 Mike Wirth: "We had another quarter of strong operational and financial performance and delivered superior cash returns to shareholders. Our focus remains on safe, reliable operations and disciplined capital allocation to enhance shareholder value."