From CNBC: 2024-04-26 06:17:32

Chevron reported a 16% decrease in net income, to $5.5 billion or $2.97 per share, driven by lower profits in refineries and international gas. The company beat analysts’ expectations with earnings of $2.93 per share. Natural gas prices fell 35%, impacting profits, despite the rise in oil and gasoline futures.

In the U.S., Chevron’s refining business saw a significant drop in earnings by over 50% to $453 million. The international refining segment fared worse, with profits falling nearly 60% to $330 million. U.S. oil and gas earnings rose 16% to about $2 billion due to increased sales volume.

Production gains were noted in the Permian and Denver-Julesburg basins, contributing to the rise in daily U.S. oil and gas output to 1.57 million barrels. However, international oil and gas earnings fell 6% to $3.2 billion, with total worldwide production reaching 3.35 million bpd, the highest first-quarter output for Chevron.

Chevron increased capital expenditures by 37% to $4.1 billion, allocated to oil and gas production and assets acquired from PDC Energy. Despite paying out $3 billion in dividends and repurchasing $3 billion of its shares, the company’s return on capital of 12.4% was lower than the previous year’s 14.6%.



Read more at CNBC:: Chevron (CVX) Q1 earnings report 2024