Chevron’s shares ticked up modestly by 2.4%, reflecting a generally steady execution quarter with no significant surprises in guidance or margins, but also no clear catalysts to push the stock higher.
- Reported earnings of $12.1 billion ($6.11 per share), with adjusted earnings at $12 billion ($6.06 per share).
- Cash flow from operations (excluding working capital) was nearly $20 billion, with adjusted free cash flow of $15.4 billion.
- Production grew by over 200,000 barrels of oil equivalent per day, reaching the second highest quarterly output ever, with record U.S. upstream and refinery throughput.
- Structural cost reduction targets of $3 billion annually were achieved six months ahead of schedule, mostly through efficiency gains offsetting inflation.
- Year-end CapEx guidance lowered to the low end of the $18-19 billion range; net debt further reduced by more than $8 billion, strengthening the balance sheet.
Community Discussion