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• Fourth Quarter Earnings: $3.2 billion, or $1.84 per share.

• Adjusted Earnings: $3.6 billion, or $2.06 per share.

• Special Items: $1.1 billion related to restructuring and impairment charges.

• Foreign Currency Gains: $720 million.

• Full Year Organic CapEx: $16 billion.

• Adjusted ROCE: 10.5% for the year.

• Production Growth: 7% increase in 2024.

• Cash Returned to Shareholders: $27 billion through dividends and buybacks in 2024.

• Net-Debt Ratio: 10% at year-end.

• Dividend Increase: 5% increase, marking the 30th consecutive year of annual increases.

• Share Repurchases: $30 billion over the past 2 years, reducing share count by 10%.

• Permian Production Growth: Nearly 18% increase from last year.

• Asset Sales Proceeds: Nearly $8 billion in 2024.

• Free Cash Flow Growth Target: $10 billion additional annual free cash flow by 2026.

• Structural Cost Reduction Target: $2 billion to $3 billion by the end of 2026.

Release Date: January 31, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Chevron Corp (NYSE:CVX) achieved record production in 2024, with significant growth in the Permian Basin, increasing production by nearly 18% from the previous year.

• The company returned a record $27 billion to shareholders through dividends and buybacks, reducing its outstanding share count by 10% over the past two years.

• Chevron Corp (NYSE:CVX) is advancing its new energies business, selling over 20 million barrels of bio-based diesel and completing projects to abate over 700,000 tons of CO2 emissions annually.

• The company maintained a strong balance sheet with a net-debt ratio of 10% and achieved double-digit returns with an adjusted ROCE of 10.5% for the year.

• Chevron Corp (NYSE:CVX) announced a 5% increase in its dividend, marking the 30th consecutive year of annual dividend increases, demonstrating its commitment to rewarding shareholders.

Negative Points

• Chevron Corp (NYSE:CVX) reported fourth-quarter earnings that were impacted by special items totaling $1.1 billion related to restructuring and impairment charges.

• Adjusted upstream earnings were lower due to revisions to asset retirement obligations and timing effects, including year-end inventory valuation.

• The company's downstream earnings were affected by softer refining and chemicals margins, as well as timing effects.

• Cash flow, excluding working capital, was impacted by non-recurring and accounting items, including a $1.5 billion tax charge related to a Canadian asset sale.

• Chevron Corp (NYSE:CVX) faces challenges in maintaining production growth rates, with expectations of moderating growth in the Permian Basin and other areas in the coming years.