Chevron Corporation (NYSE: CVX) has reported fourth quarter 2024 results, with reported earnings of $3.2 billion, or $1.84 per share * diluted, compared to $2.3 billion, or $1.22 per share * diluted, in the fourth quarter of 2023. Adjusted earnings for the fourth quarter of 2024 were $3.6 billion, or $2.06 per share * diluted, compared to adjusted earnings of $6.5 billion, or $3.45 per share * diluted, in the fourth quarter of 2023. Worldwide and U.S. net oil-equivalent production increased by 7 and 19 percent, respectively, from last year.
The company returned a record $27.0 billion of cash to shareholders during 2024, including $15.2 billion in share repurchases and dividends of $11.8 billion. The board of directors declared a 5 percent increase in the quarterly dividend to $1.71 per share, payable on March 10, 2025.
Chevron achieved several milestones and key project start-ups, including the industry-first, high-pressure anchor project in the Gulf of America and the completion of the wellhead pressure management project at Tengizchevroil (TCO) in Kazakhstan. The company also announced plans to jointly develop scalable power solutions using natural gas-fired turbines with flexibility to integrate carbon capture and storage to support growing energy demand from U.S. data centers.
In terms of financial and business highlights, return on capital employed (ROCE) was at 7.6% for the fourth quarter of 2024, and capital expenditures (capex) were $4.3 billion. The company's debt ratio at the end of the period was 13.9%, while net debt ratio was 10.4%.
The company's segment highlights for the fourth quarter of 2024 include the following: U.S. upstream earnings were higher than the year-ago period, with net oil-equivalent production setting a new quarterly record. International upstream earnings were lower than a year ago due to lower realizations, higher operating expense, and lower liftings. U.S. downstream reported a loss in the fourth quarter of 2024, primarily due to lower margins on refined product sales and higher operating expenses. International downstream earnings were lower compared to a year ago due to lower margins on refined product sales and impairments.
Following these announcements, the company's shares moved -4.3%, and are now trading at a price of $149.61. Check out the company's full 8-K submission here.
