Q2 2024 Chevron Corp Earnings Call Transcript
Key Points
- Chevron Corp (CVX) delivered strong production growth, increasing by more than 11% from the prior year, including a new quarterly record in the Permian.
- Over the past two years, Chevron Corp (CVX) has returned over $50 billion to shareholders, approximately 18% of its market cap.
- The merger with Hess achieved a successful shareholder vote, and the FTC review process is expected to conclude in the third quarter.
- Chevron Corp (CVX) is leveraging deepwater expertise in the Gulf of Mexico with plans for high cash-margin, low carbon intensity production growth.
- Chevron Corp (CVX) reported second-quarter earnings of $4.4 billion, or $2.43 per share, with adjusted earnings of $4.7 billion, or $2.55 per share.
- Second-quarter results were impacted by downtime in Upstream operations, higher exploration expenses, and Downstream turnaround timing.
- Adjusted earnings were lower by $700 million versus the previous quarter, mainly due to lower liftings and higher exploration expenses.
- The third quarter will have heavier than usual maintenance with several turnarounds at Upstream assets, including TCO and Gorgon.
- There will be a one-time payment related to discontinued operations of around $600 million in the third quarter.
- The arbitration panel addressing the Stabroek JOA has set a hearing for next year, delaying the resolution of this matter.
Good morning, my name is Justin, and I will be your conference facilitator today. Welcome to Chevron's second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.
I will now turn the conference call over to the General Manager of Investor Relations of Chevron Corporation, Mr. Jake Spiering. Please go ahead.
Thank you, Justin, and welcome to Chevron's second-quarter 2024 earnings conference call and webcast. I'm Jake Spiering, Head of Investor Relations. Our Chairman and CEO, Mike Wirth; and CFO, Eimear Bonner are on the call with me today. We will refer to the slides and prepared remarks that are available on Chevron's website.
Before we begin, please be reminded that this presentation contains estimates, projections and other forward-looking statements. A reconciliation of non-GAAP measures can be found in the appendix of this presentation. Please review the cautionary statement on Slide 2.
Now I will turn it over to Mike.
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