- Reported earnings of $6.0 billion; adjusted earnings of $5.8 billion
- Record Permian Basin production, 11 percent higher than the year-ago period
- Record shareholder distributions of $7.2 billion
- PDC Energy, Inc. acquisition expected to close in August 2023
SAN RAMON, Calif.–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) today provided second quarter 2023 performance highlights.
Performance Summary
YTD | ||||||||||||||||||||||
Unit | 2Q 2023 | 1Q 2023 | 2Q 2022 | 2Q 2023 | 2Q 2022 | |||||||||||||||||
Total Earnings / (Loss) | $ MM | $ | 6,010 | $ | 6,574 | $ | 11,622 | $ | 12,584 | $ | 17,881 | |||||||||||
Upstream | $ MM | $ | 4,936 | $ | 5,161 | $ | 8,558 | $ | 10,097 | $ | 15,492 | |||||||||||
Downstream | $ MM | $ | 1,507 | $ | 1,800 | $ | 3,523 | $ | 3,307 | $ | 3,854 | |||||||||||
All Other | $ MM | $ | (433) | $ | (387) | $ | (459) | $ | (820) | $ | (1,465) | |||||||||||
Earnings Per Share – Diluted | $/Share | $ | 3.20 | $ | 3.46 | $ | 5.95 | $ | 6.66 | $ | 9.17 | |||||||||||
Adjusted Earnings (1) | $ MM | $ | 5,775 | $ | 6,744 | $ | 11,365 | $ | 12,519 | $ | 17,908 | |||||||||||
Adjusted Earnings Per Share – Diluted (1) | $/Share | $ | 3.08 | $ | 3.55 | $ | 5.82 | $ | 6.63 | $ | 9.18 | |||||||||||
Cash Flow From Operations (CFFO) | $ B | $ | 6.3 | $ | 7.2 | $ | 13.8 | $ | 13.5 | $ | 21.8 | |||||||||||
CFFO Excluding Working Capital (1) | $ B | $ | 9.4 | $ | 9.0 | $ | 13.3 | $ | 18.5 | $ | 22.2 | |||||||||||
Return on Capital Employed (ROCE) | % | 13.4 | % | 14.6 | % | 26.5 | % | 14.1 | % | 20.7 | % | |||||||||||
Capital Expenditures (Capex) | $ B | $ | 3.8 | $ | 3.0 | $ | 3.2 | $ | 6.8 | $ | 5.1 | |||||||||||
Affiliate Capex | $ B | $ | 1.0 | $ | 0.9 | $ | 0.8 | $ | 1.8 | $ | 1.5 | |||||||||||
Debt Ratio (end of period) | % | 12.0 | % | 12.7 | % | 14.6 | % | 12.0 | % | 14.6 | % | |||||||||||
Net Oil-Equivalent Production | MBOED | 2,959 | 2,979 | 2,896 | 2,968 | 2,978 | ||||||||||||||||
US Net Oil-Equivalent Production | MBOED | 1,219 | 1,167 | 1,172 | 1,193 | 1,178 | ||||||||||||||||
Int’l Net Oil-Equivalent Production | MBOED | 1,740 | 1,812 | 1,724 | 1,775 | 1,800 | ||||||||||||||||
(1) See Attachment 1 for non-GAAP reconciliations |
Performance Highlights
- Permian Basin production of 772,000 barrels of oil equivalent per day set a new quarterly record. Early 2023 Permian well performance in company-operated assets is on track with our full year guidance. The company’s deep resource inventory and advantaged royalty position is expected to deliver strong cash flow through 2040.
- The major projects at the company’s 50 percent owned affiliate, TengizChevroil LLP, are 98 percent complete, with approximately 66 percent progress on pre-startup commissioning activities. Cost and schedule guidance is unchanged.
- Quarterly shareholder distributions were a record $7.2 billion, including dividends of $2.8 billion and share repurchases of $4.4 billion (over 27 million shares repurchased during the quarter and nearly 50 million shares year-to-date).
- The company expects to close the acquisition of PDC Energy, Inc. in August 2023.
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our traditional oil and gas business, lower the carbon intensity of our operations and grow new lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets and other emerging technologies. More information about Chevron is available at www.chevron.com.
NOTICE
The performance highlights presented herein do not represent a comprehensive statement of the Company’s financial results for second quarter 2023. Chevron will issue its comprehensive second quarter earnings press release on Friday, July 28, 2023 at 3:15 a.m. PT. Chevron’s previously announced discussion of second quarter 2023 earnings with security analysts will take place on Friday, July 28, 2023, at 8:00 a.m. PT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for this call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 3:30 a.m. PT and located under “Events and Presentations” in the “Investors” section on the Chevron website.
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.