The earnings call highlighted significant achievements such as record shareholder returns, strong production growth, and successful asset sales, indicating a positive outlook. However, challenges such as lower upstream earnings and refining margins, along with concerns about project start-ups and production impacts from divestments, presented a balanced view of the company's performance.

Company Guidance

During Chevron's Q3 2024 earnings call, the company provided robust guidance backed by several key metrics. Chevron achieved a 7% increase in worldwide production from the previous year, setting a record for the third quarter. The company highlighted strong operational performance in the Permian Basin and major turnarounds at TCO and Gorgon, which were completed ahead of schedule. It also announced successful integration with PDC Energy, surpassing its synergy target by over 30% and generating more than $1 billion in incremental free cash flow. Chevron maintained a strong balance sheet with a net debt ratio under 12% and executed a record $4.7 billion in share repurchases. Looking ahead, Chevron anticipates upstream production growth at the top end of its 4% to 7% guidance range for the year and expects structural cost reductions of $2 billion to $3 billion by 2026, largely driven by portfolio optimization and technological advancements.

Record Cash Returned to Shareholders

Chevron returned a record $4.7 billion to shareholders through share repurchases, reaching the top end of their quarterly guidance range.

Strong Production Growth

Worldwide production increased by 7% year-over-year, setting a third quarter record, with strong performance noted in the Permian and new projects in the Gulf of Mexico.

Exceeding Synergy Targets

Chevron exceeded the $500 million synergy target from the PDC Energy acquisition by more than 30%, delivering over $1 billion in incremental free cash flow.

CO2 Storage Expansion

Expanded CO2 storage portfolio with over 2 million acres added offshore Western Australia.

Asset Sales and Optimization

Announced asset sales in Canada, Alaska, and Congo expected to contribute approximately $8 billion in pre-tax proceeds.

Permian Basin Performance

New well performance in the Delaware Basin exceeded expectations, with strong production and operational efficiency gains.

Low Carbon Intensity in Colorado

Operations in Colorado ranked among the lowest carbon intensity assets due to tankless production facilities and grid-powered rigs.

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Chevron (CVX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CVX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 31, 2025	2024 (Q4)	2.34 / -	3.45	―	―	―
Nov 01, 2024	2024 (Q3)	2.42 / 2.51	3.05	-17.70% (-0.54)
Aug 02, 2024	2024 (Q2)	2.93 / 2.55	3.08	-17.21% (-0.53)
Apr 26, 2024	2024 (Q1)	2.92 / 2.93	3.55	-17.46% (-0.62)
Feb 02, 2024	2023 (Q4)	3.19 / 3.45	4.09	-15.65% (-0.64)
Oct 27, 2023	2023 (Q3)	3.70 / 3.05	5.56	-45.14% (-2.51)
Jul 28, 2023	2023 (Q2)	2.92 / 3.08	5.82	-47.08% (-2.74)
Apr 28, 2023	2023 (Q1)	3.40 / 3.55	3.36	5.65% (+0.19)
Jan 27, 2023	2022 (Q4)	4.33 / 4.09	2.56	59.77% (+1.53)
Oct 28, 2022	2022 (Q3)	4.89 / 5.56	2.96	87.84% (+2.60)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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CVX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 01, 2024	$147.32	$151.52	+2.85%
Aug 02, 2024	$149.41	$145.42	-2.67%
Apr 26, 2024	$160.18	$160.77	+0.37%
Feb 02, 2024	$141.78	$145.95	+2.94%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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