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Chevron Corporation (CVX) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
Chevron reported a net income attributable to the corporation of $4.5 billion for the third quarter of 2024, compared to $6.5 billion in the same quarter of 2023. The decrease was attributed to lower upstream and downstream earnings.
U.S. upstream earnings decreased primarily due to lower realizations and higher depreciation, depletion, and amortization, partially offset by higher sales volumes. Net oil-equivalent production increased by 14% due to record production in the Permian Basin and the acquisition of PDC Energy, Inc.
International upstream earnings decreased due to the absence of a prior year one-time favorable tax benefit in Nigeria and unfavorable foreign currency effects. Net oil-equivalent production increased by 1% due to entitlement effects.
U.S. downstream earnings decreased due to lower margins on refined product sales. Refinery crude unit inputs were up by 2% due to the absence of planned turnarounds.
International downstream earnings increased due to higher margins on refined product sales, despite higher operating expenses. Refinery crude unit inputs decreased by 1% due to higher planned turnarounds.
Chevron's capital expenditures totaled $12.1 billion in the first nine months of 2024, up from $11.5 billion in the same period of 2023, largely due to higher investments in upstream operations.
The company announced a $6.5 billion sale of its interest in the Athabasca Oil Sands Project and Duvernay shale assets, expected to close in the fourth quarter of 2024.
Chevron's acquisition of Hess Corporation (HES) is subject to regulatory approvals and ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement.
Chevron continues to focus on its lower carbon strategy, targeting sectors where emissions are harder to abate while leveraging its capabilities and partnerships.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Chevron Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.