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    Chevron Corp (CVX)

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    Chevron Corporation is a global energy company that manages investments in subsidiaries and affiliates engaged in integrated energy and chemicals operations. The company is involved in exploring, developing, producing, and transporting crude oil and natural gas, as well as refining crude oil into petroleum products and manufacturing renewable fuels . Chevron's business activities are divided into two main segments: Upstream and Downstream, with the upstream segment being the primary contributor to its earnings .

    1. Upstream - Focuses on exploring, developing, producing, and transporting crude oil and natural gas. Includes activities related to liquefaction, transportation, and regasification associated with liquefied natural gas (LNG), and carbon capture and storage.
    2. Downstream - Involves refining crude oil into petroleum products, marketing crude oil, refined products, and lubricants. Also includes manufacturing and marketing renewable fuels, and transporting crude oil and refined products by various means, including pipeline and marine vessels.
    NamePositionStart DateShort Bio
    Michael K. WirthChairman of the Board and CEOFebruary 2018Michael K. Wirth is the Chairman of the Board and Chief Executive Officer of Chevron Corporation. He joined Chevron as a design engineer in 1982 and has held various senior management and executive positions .
    Pierre R. BreberVice President and CFOApril 2019Pierre R. Breber has been serving as the Vice President and Chief Financial Officer of Chevron Corporation since April 2019. He will be succeeded by Eimear P. Bonner on March 1, 2024 .
    Mark A. NelsonVice ChairmanFebruary 2023Mark A. Nelson is the Vice Chairman at Chevron Corporation. He has held various executive roles, including Executive Vice President of Strategy, Policy & Development .
    A. Nigel HearneExecutive Vice President, Oil, Products & GasOctober 2022A. Nigel Hearne is the Executive Vice President, Oil, Products & Gas at Chevron Corporation. He previously served as President of Chevron Eurasia Pacific Exploration & Production .
    Eimear P. BonnerVice President and CFO (effective)March 1, 2024Eimear P. Bonner has been serving as Vice President at Chevron since August 2021 and will assume the position of Vice President and Chief Financial Officer effective March 1, 2024 .
    Jeff B. GustavsonVice President, Lower Carbon EnergiesAugust 2021Jeff B. Gustavson is the Vice President of Lower Carbon Energies at Chevron Corporation. His primary area of responsibility is Lower Carbon Solutions .
    Balaji KrishnamurthyVice PresidentOctober 2022Balaji Krishnamurthy is a Vice President at Chevron Corporation. He has held various roles, including Vice President of Strategy & Sustainability .
    Rhonda J. MorrisVice President and Chief Human Resources OfficerFebruary 2019Rhonda J. Morris is the Vice President and Chief Human Resources Officer at Chevron Corporation. Her primary areas of responsibility include Human Resources, Diversity, and Inclusion .
    R. Hewitt PateVice President and General CounselAugust 2009R. Hewitt Pate is the Vice President and General Counsel at Chevron Corporation. His primary areas of responsibility include Law, Governance, and Compliance .
    1. With net debt ticking up in Q3 and considering the volatile commodity markets, how do you plan to balance continued shareholder returns with maintaining a strong balance sheet, especially if commodity prices decline over the next few years?

    2. Given the advancements in ultra-high pressure and temperature technology in the Gulf of Mexico, can you quantify the potential upside to your longer-term production and resource opportunities, and how might this impact your production targets?

    3. In light of the challenging regulatory environment in California leading to refinery closures, have you considered shutting down capacity in the state, and how do you anticipate these developments will affect your downstream profitability and operations in the region?

    4. As major capital projects conclude, such as those in Kazakhstan, do you anticipate a significant decrease in capital expenditures over the next 2-3 years, and how will this influence your growth strategy and free cash flow generation?

    5. With complex commissioning work still ahead for the TCO start-up and recognizing the risks involved, can you provide specific milestones that will indicate when the project is largely de-risked, and when investors can expect reliable production ramp-up?

    Program DetailsProgram 1
    Approval DateJanuary 25, 2023
    End Date/DurationNo fixed expiration date
    Total additional amount$75 billion
    Remaining authorization$53.1 billion as of September 30, 2024
    DetailsThe program took effect on April 1, 2023. It aims to return capital to shareholders, improve financial metrics, and signal management's confidence in the company's future prospects.
    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1935 PresentCurrent auditor

    Recent developments and announcements about CVX.

    Financial Reporting

      Earnings Report

      ·
      5 days ago

      Chevron Corporation (CVX) Fourth Quarter 2024 Earnings Results

      Chevron Corporation has released its fourth quarter 2024 earnings results as of January 31, 2025. Below are the key highlights:

      Financial Performance

      • Reported Earnings: $3.2 billion ($1.84 per share - diluted), up from $2.3 billion ($1.22 per share - diluted) in Q4 2023.
      • Adjusted Earnings: $3.6 billion ($2.06 per share - diluted), down from $6.5 billion ($3.45 per share - diluted) in Q4 2023.
      • Total 2024 Earnings: $17.7 billion, a decrease from $21.4 billion in 2023.
      • Cash Flow from Operations (CFFO): $8.7 billion in Q4 2024, compared to $12.4 billion in Q4 2023.
      • Free Cash Flow: $4.4 billion in Q4 2024, down from $8.1 billion in Q4 2023.

      Key Trends and Insights

      • Production Growth: Worldwide net oil-equivalent production increased by 7% in 2024, with U.S. production up 19%, driven by growth in the Permian Basin.
      • Dividend Increase: Chevron announced a 5% increase in its quarterly dividend to $1.71 per share, payable on March 10, 2025.
      • Shareholder Returns: A record $27 billion was returned to shareholders in 2024, including $15.2 billion in share repurchases and $11.8 billion in dividends.
      • Capital Expenditures (Capex): Total capex for 2024 was $16.4 billion, slightly higher than $15.8 billion in 2023, with increased upstream investments.

      Operational Highlights

      • Upstream:
        • U.S. upstream earnings improved due to the absence of decommissioning and impairment charges, despite lower realizations and severance costs.
        • International upstream earnings declined due to lower realizations and higher operating expenses, partially offset by favorable foreign currency effects.
      • Downstream:
        • U.S. downstream reported a loss of $348 million in Q4 2024, primarily due to lower margins and higher operating expenses.
        • International downstream earnings were lower due to reduced margins and impairments, despite favorable foreign currency effects.

      Strategic Developments

      • Project Milestones: Key projects such as the Anchor project in the Gulf of America and the Future Growth Project in Kazakhstan were completed, contributing to production growth.
      • Asset Sales: Chevron completed the sale of assets in Canada, Alaska, and the Republic of Congo, generating $7.7 billion in proceeds.
      • Hess Corporation Merger: Progressed the acquisition of Hess Corporation, securing stockholder approval and clearing antitrust reviews.
      • Carbon Reduction: Achieved operational changes to abate 700,000 tonnes of CO2-equivalent emissions.

      Outlook

      Chevron continues to focus on cost reductions, capital discipline, and portfolio optimization to position itself for future growth. The company aims to maintain strong shareholder returns while advancing its lower-carbon initiatives.

      For further details, visit Chevron's Investor Relations page at www.chevron.com.

    Financial Actions

      Dividend Policy

      ·
      Oct 23, 2023, 12:00 AM

      Chevron Corporation (CVX) has announced a significant change in its dividend policy. The company has coordinated its quarterly dividend payments with Hess Corporation to ensure that shareholders do not receive double dividends or miss any dividends during the merger process. Specifically, Chevron has committed to declaring and recording quarterly dividends no later than five business days following the one-year anniversary of the corresponding quarter of the previous year. This coordination is part of the merger agreement between Chevron and Hess .