Q4 2024 Chevron Corp Earnings Call Transcript
Key Points
- Chevron Corp (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 (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 (CVX) announced a 5% increase in its dividend, marking the 30th consecutive year of annual dividend increases, demonstrating its commitment to rewarding shareholders.
- Chevron Corp (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 (CVX) faces challenges in maintaining production growth rates, with expectations of moderating growth in the Permian Basin and other areas in the coming years.
Good morning. My name is Katie, and I will be your conference facilitator today. Welcome to Chevron's fourth 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 Head of Investor Relations of Chevron Corporation, Mr. Jake Spiering, please go ahead.
Thank you, Katie, and welcome to Chevron's fourth 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 to this presentation. Please review the cautionary statement and additional information presented on Slide
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