Chevron updates shareholders, says financial priorities ‘unchanged’

Chevron provided an overview of the company’s business performance and plans at its 2024 Annual Meeting of Stockholders. “Chevron continues to deliver strong operational performance, maintain cost and capital discipline and consistently return cash to shareholders,” said Michael Wirth, Chevron’s chairman and CEO. “We’ve strengthened our portfolio to grow both traditional and new energy supplies by advancing major capital projects and completing strategic acquisitions.” Chevron delivered the highest production in company history with annual production of 3.1 million barrels of oil-equivalent per day in 2023, underscoring the company’s track record of strong leadership and worldwide demand for affordable and reliable energy. This year’s first quarter performance marked the company’s ninth consecutive quarter with adjusted earnings over $5 billion and adjusted ROCE above 12%. In the Gulf of Mexico, Chevron reached first oil at the Mad Dog 2 project and completed installation of the floating production unit for the Anchor field, an important milestone toward achieving first production this year. In downstream, Chevron continues to evolve its refining system to produce lower carbon intensity fuels and products, by converting the diesel hydroheater at its El Segundo refinery to process either 100 percent renewable or traditional feedstocks. The completed acquisition of PDC Energy, Inc. boosts Chevron’s U.S. presence in the DJ and Permian Basins by a total of 300,000 net acres, while the completed acquisition of a majority stake in ACES Delta, LLC accelerates the development of a green hydrogen production and storage hub in Utah. “Our financial priorities remain unchanged – grow the dividend, invest capital efficiently, maintain a strong balance sheet and return excess cash to stockholders,” Wirth said. “It’s also important to recognize that we’ve maintained our financial strength with a single-digit net debt ratio and continue to achieve our objective of safely delivering higher returns, lower carbon and superior shareholder value in any business environment.”