AI English summary of an SEC filing — figures as filed
Chevron CVXChevron Corporation said net income attributable to the company was $5.5 billion ($2.97 per diluted share) for Q1 2024, compared with $6.6 billion ($3.46 per share) for Q1 2023. Upstream earnings were $5.2 billion, and Downstream earnings were $783 million.
Key points
AI summaryChevron Corporation said net income attributable to the company was $5.5 billion ($2.97 per diluted share) for Q1 2024, compared with $6.6 billion ($3.46 per share) for Q1 2023. Upstream earnings were $5.2 billion, and Downstream earnings were $783 million.
The company said Downstream earnings for Q1 2024 were $783 million, down from $1.8 billion in the same period of 2023. The company cited lower margins on refined product sales as the factor behind the decline.
The company said its worldwide net oil-equivalent production for Q1 2024 averaged 3.35 million barrels per day, up 12% from Q1 2023. It cited the acquisition of PDC Energy, Inc. and production growth in the Permian and DJ Basins as the main factors. The Brent price averaged $83 per barrel.
The company said cash provided by operating activities for Q1 2024 was $6.8 billion, and capital expenditures were $4.1 billion. In the same quarter, it repurchased 19.7 million shares for $3.0 billion. The company said it expects Q2 2024 repurchases to total $2.5 to 3.0 billion.
Key figures
Quarter ended March 31, 2024
- Revenue
- $46.6B
- Net income
- $5.5B
- EPS
- $2.97
- Operating cash flow
- $6.8B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis 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.
Q1 2024 Net Income and Segment Results
Chevron Corporation said net income attributable to the company was $5.5 billion ($2.97 per diluted share) for Q1 2024, compared with $6.6 billion ($3.46 per share) for Q1 2023. Upstream earnings were $5.2 billion, and Downstream earnings were $783 million.
Source · Based on the MD&A text of the filing
Downstream Earnings Decline and Company Explanation
The company said Downstream earnings for Q1 2024 were $783 million, down from $1.8 billion in the same period of 2023. The company cited lower margins on refined product sales as the factor behind the decline.
Source · Based on the MD&A text of the filing
Q1 2024 Production and Brent Average Price
The company said its worldwide net oil-equivalent production for Q1 2024 averaged 3.35 million barrels per day, up 12% from Q1 2023. It cited the acquisition of PDC Energy, Inc. and production growth in the Permian and DJ Basins as the main factors. The Brent price averaged $83 per barrel.
Source · Based on the MD&A text of the filing
Q1 2024 Cash Flow and Share Repurchases
The company said cash provided by operating activities for Q1 2024 was $6.8 billion, and capital expenditures were $4.1 billion. In the same quarter, it repurchased 19.7 million shares for $3.0 billion. The company said it expects Q2 2024 repurchases to total $2.5 to 3.0 billion.
Source · Based on the MD&A text of the filing
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
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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