Chevron (CVX) Q4 2024 earnings summary

Executive summary

• Achieved record global and U.S. production in 2024, up 7% year-over-year, with Permian output up nearly 18% and major project start-ups in the Gulf of America and TCO; successful integration of PDC Energy.

• Returned a record $27 billion to shareholders via dividends and buybacks, including repurchasing 5% of shares and paying $11.8 billion in dividends.

• Advanced new energies business, selling over 20 million barrels of bio-based diesel and completing projects to abate 700,000 tons of CO2 annually.

• Announced a 5% increase in quarterly dividend to $1.71/share, payable March 10, 2025.

• Progressed key projects in the U.S. Gulf of America, Kazakhstan, and advanced the Hess Corporation acquisition.

Financial highlights

• Q4 2024 earnings were $3.2 billion ($1.84/share); adjusted earnings $3.6 billion ($2.06/share); full-year adjusted earnings $18.3 billion ($10.05/share).

• Cash flow from operations was $31.5 billion for 2024, with free cash flow of $15 billion.

• Full-year organic CapEx matched $16 billion budget; total CapEx was $16.4 billion, with affiliate CapEx down $1.1 billion year-over-year.

• Net debt ratio ended at 10.4% for 2024.

• ROCE was 10.1%, adjusted ROCE 10.5%.

Outlook and guidance

• Targeting industry-leading free cash flow growth in 2025–2026, with $10 billion annual free cash flow increase by 2026.

• Production expected to grow at a 6% CAGR through 2026, driven by TCO, Permian, and Gulf of America, with 2025 growth weighted to H2.

• Organic CapEx to remain within $14–$16 billion; affiliate CapEx to trend down as major projects come online.

• Targeting $2–$3 billion in structural cost reductions by end of 2026.

• Dividend per share to increase 5% to $1.71 in 2025.