chevron reports fourth quarter 2023 results

• Reported earnings of $2.3 billion; adjusted earnings of $6.5 billion
• Record $26.3 billion cash returned to shareholders in 2023
• Record annual worldwide and U.S. production
• Announced an 8 percent increase in quarterly dividend to $1.63/share

San Ramon, Calif., February 2, 2024 – Chevron Corporation (NYSE: CVX) reported earnings of $2.3 billion ($1.22 per share - diluted) for fourth quarter 2023, compared with $6.4 billion ($3.33 per share - diluted) in fourth quarter 2022. Included in the current quarter were $1.8billion of U.S. upstream impairment charges and $1.9 billion of decommissioning obligations from previously sold assets in the U.S. Gulf of Mexico. Foreign currency effects decreased earnings by $479 million. Adjusted earnings of $6.5 billion ($3.45 per share - diluted) in fourth quarter 2023 compared to adjusted earnings of $7.9 billion ($4.09 per share - diluted) in fourth quarter 2022. See Attachment 4 for a reconciliation of adjusted earnings.

Read the full press release with tables.