• Reported earnings of $6.5 billion; adjusted earnings of $5.7 billion
• Acquired PDC Energy, Inc. and majority interest in ACES Delta, LLC
• Record year-to-date cash returned to shareholders of $20.0 billion
• Announced agreement to acquire Hess Corporation

Chevron Corporation reported earnings of $6.5 billion ($3.48 per share - diluted) for third quarter 2023, compared with $11.2 billion ($5.78 per share - diluted) in third quarter 2022. Included in the current quarter were a one-time tax benefit of $560 million in Nigeria and pension settlement costs of $40 million. Foreign currency effects increased earnings by $285 million. Adjusted earnings of $5.7 billion ($3.05 per share - diluted) in third quarter 2023 compared to adjusted earnings of $10.8 billion ($5.56 per share - diluted) in third quarter 2022. See Attachment 4 for a reconciliation of adjusted earnings.

“We delivered another quarter of solid financial results and strong cash returns to shareholders,” said Mike Wirth, Chevron’s chairman and chief executive officer. "Earnings have exceeded $5 billion, and ROCE has been greater than 12 percent for nine consecutive quarters. Cash returned to shareholders totaled $20 billion year-to-date, 27 percent higher than last year’s record total for the same period."

“The acquisition of PDC Energy strengthened our position in important U.S. production basins,” Wirth continued. The DJ Basin now ranks among Chevron’s top-five producing assets. “We also acquired a majority stake in ACES Delta, LLC, the United States’ largest green hydrogen production and storage hub,” Wirth commented.

“Chevron is delivering strong financial results while also investing to profitably grow our traditional and new energy businesses to drive superior value for shareholders,” Wirth concluded.

Financial Highlights

• Third quarter 2023 earnings decreased compared to third quarter 2022 primarily due to lower upstream realizations and lower margins on refined product sales.
• Sales and other operating revenues in third quarter 2023 were $51.9 billion, down from $63.5 billion in the year-ago period primarily due to lower commodity prices.
• Worldwide net oil-equivalent production was up 4 percent from the year-ago quarter primarily due to the acquisition of PDC Energy, Inc.
• Capex in the third quarter of 2023 was up over 50 percent from the year-ago period. This includes approximately $400 million of inorganic spend largely due to the acquisition of a majority stake in ACES Delta, LLC, but excludes the acquisition of PDC Energy, Inc.
• Quarterly shareholder distributions were $6.2 billion during the quarter, including dividends of $2.9 billion and share repurchases of $3.4 billion. Share repurchases were lower than the prior quarter due to restrictions related to the acquisition of PDC Energy, Inc.
• The company’s Board of Directors declared a quarterly dividend of one dollar and fifty-one cents ($1.51) per share, payable December 11, 2023, to all holders of common stock as shown on the transfer records of the corporation at the close of business on November 17, 2023.

Business Highlights

• Completed the acquisition of PDC Energy, Inc., enhancing the company’s strong presence in the DJ and Permian Basins in the United States.
• Completed the acquisition of a majority stake in ACES Delta, LLC, which is developing a lower carbon intensity hydrogen production and storage hub in Utah.
• Converted the diesel hydrotreater at the El Segundo, California refinery to process either 100 percent renewable or traditional feedstocks.
• Started operations on a solar power project with a joint venture partner in New Mexico to provide lower carbon energy for the Permian Basin.
• Announced a definitive agreement to acquire Hess Corporation, which is expected to strengthen Chevron’s long-term performance by adding world-class assets and people.

U.S. Upstream

• U.S. upstream earnings were lower than a year ago, primarily on lower realizations partially offset by earnings associated with PDC Energy, Inc.
• U.S. net oil-equivalent production was up 20 percent from third quarter 2022 and set a new quarterly record, primarily due to the acquisition of PDC Energy, Inc., which added 179,000 oil-equivalent barrels per day during the quarter, and net production increases in the Permian Basin.

International Upstream

• International upstream earnings were lower than a year ago primarily due to lower realizations and lower sales volumes, partially offset by a favorable one-time tax benefit of $560 million in Nigeria and foreign currency effects.
• Net oil-equivalent production was down 112,000 barrels per day from a year earlier primarily due to higher impacts from turnarounds, shutdowns and normal field declines.

KeyFacts Energy: Chevron US country profile