chevron announces first quarter 2023 results

• Reported earnings of $6.6 billion; adjusted earnings of $6.7 billion
• Cash flow from operations of $7.2 billion; free cash flow of $4.2 billion
• Shareholder distributions of $6.6 billion, up 65 percent from first quarter 2022

San Ramon, Calif., April 28, 2023 – Chevron Corporation (NYSE: CVX) today reported earnings of $6.6 billion ($3.46 per share - diluted) for first quarter 2023, compared with $6.3 billion ($3.22 per share - diluted) in first quarter 2022. Included in the current quarter was a $130 million tax charge related to changes in the energy profits levy in the United Kingdom. Foreign currency effects decreased earnings by $40 million. Adjusted earnings of $6.7 billion ($3.55 per share - diluted) in first quarter 2023 compared to adjusted earnings of $6.5 billion ($3.36 per share - diluted) in first quarter 2022.

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