On October 27, 2023, Chevron Corp (CVX, Financial) released its third quarter 2023 earnings report. The company reported earnings of $6.5 billion ($3.48 per share - diluted) for the third quarter, compared with $11.2 billion ($5.78 per share - diluted) in the third quarter of 2022. Adjusted earnings were $5.7 billion ($3.05 per share - diluted) in the third quarter of 2023 compared to $10.8 billion ($5.56 per share - diluted) in the third quarter of 2022.
Financial Performance
Chevron's total earnings for the third quarter of 2023 were $6.5 billion, a decrease from the $11.2 billion reported in the same period in 2022. The company's upstream earnings were $5.7 billion, while downstream earnings were $1.6 billion. Earnings per share - diluted were $3.48, and adjusted earnings per share - diluted were $3.05. Cash flow from operations (CFFO) was $9.7 billion.
Acquisitions and Investments
Chevron made significant acquisitions during the quarter, including PDC Energy, Inc. and a majority stake in ACES Delta, LLC. The acquisition of PDC Energy strengthened Chevron's position in important U.S. production basins, and the acquisition of a majority stake in ACES Delta, LLC, the United States’ largest green hydrogen production and storage hub, is a strategic move towards new energy businesses.
Shareholder Returns
Chevron returned a record $20 billion to shareholders year-to-date, 27 percent higher than the previous year's record for the same period. The company's Board of Directors declared a quarterly dividend of $1.51 per share, payable on December 11, 2023.
Future Outlook
Chevron continues to focus on delivering strong financial results while also investing to profitably grow its traditional and new energy businesses. The company's recent acquisitions and investments are expected to drive superior value for shareholders.
Conclusion
Despite the decrease in earnings compared to the same period in 2022, Chevron Corp (CVX, Financial) continues to deliver solid financial results and strong cash returns to shareholders. The company's strategic acquisitions and investments position it well for future growth and profitability.
Explore the complete 8-K earnings release (here) from Chevron Corp for further details.
