(Finance) – Chevrona major US oil company, reported useful of $5.5 billion ($2.97 per share) for the first quarter 2024, compared to $6.6 billion ($3.46 per share in Q1 2023). Foreign currency effects boosted earnings by $85 million. The adjusted earnings of $5.4 billion ($2.93 per share vs. analysts’ expectations for $2.87) in the first quarter of 2024 compared to adjusted earnings of $6.7 billion ($3.55 per share) in the first quarter 2023.
The company explains that first quarter 2024 earnings decreased compared to last year primarily due to smaller margins on sales of refined products and products lower realizations of natural gaspartially offset by higher upstream sales volumes in the United States.
“We had another quarter of excellent operational and financial performance and we have delivered superior cash returns to shareholders,” he said Mike Wirthpresident and CEO of Chevron – U.S. production increased 35% from a year ago and we continued to achieve important project milestones.”
Chevron’s return on invested capital in Q1 2024 was more than 12%, as the company increased its dividend per share by 8% over Q4 2023 and repurchased nearly $3 billion of its shares. There U.S. net oil equivalent production increased 35% from a year ago, primarily driven by the PDC Energy acquisition and sustained strong execution in the Permian and Denver-Julesburg basins