Chevron said U.S. upstream earnings fell $8.5 billion and international upstream earnings fell $4.4 billion in 2023. The company cited lower realizations of $6.2 billion and $7.2 billion as the main factors in both segments.

1. 01

   Chevron said U.S. upstream earnings fell $8.5 billion and international upstream earnings fell $4.4 billion in 2023. The company cited lower realizations of $6.2 billion and $7.2 billion as the main factors in both segments.

2. 02

   Chevron said cash provided by operating activities in 2023 was $35.6 billion, down from $49.6 billion in 2022. Capital expenditures were $15.8 billion in 2023 ($12.0 billion in 2022), and the company estimated 2024 capital expenditures at about $16 billion.

3. 03

   Chevron said it repurchased 92.8 million shares for $14.9 billion in 2023, and that $63.8 billion remained under the 2023 Program, which was authorized for $75 billion. The company said it paid $11.3 billion in dividends to common stockholders in 2023.

4. 04

   Chevron said total debt and finance lease liabilities were $20.8 billion as of December 31, 2023, down $2.5 billion from $23.3 billion at year-end 2022, and attributed the decrease mainly to the repayment of long-term notes that matured during the year. In Q3 2023, the company assumed $1.5 billion of debt in the PDC acquisition.

Key figures

Fiscal year ended December 31, 2023

Revenue

$196.9B

Net income

$21.4B

EPS

$11.36

Operating cash flow

$35.6B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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