Chevron Corporation (CVX) Q1 2024 Earnings Report

In Q1 2024, Chevron Corporation reported earnings of $5.5 billion or $2.97 per share, demonstrating continued operational resilience despite softer market conditions. The company maintained a robust cash return to shareholders, having returned $6 billion in cash—a record of eight consecutive quarters exceeding $5 billion in returns. Notably, Chevron’s production surged by over 10% compared to the same quarter last year, attributing much of this growth to the recently acquired PDC Energy assets and organic developments in the Permian Basin. Despite this optimistic operating performance, adjusted earnings fell by $1.3 billion year-over-year due to unfavorable price realizations and decreased refining margins.