Chevron Corporation
Chevron Reports $2.3 Billion Q4 2023 Earnings and Announces Dividend Increase
Summary
Chevron Corporation reported unaudited fourth quarter 2023 earnings of $2.3 billion, significantly lower than the $6.4 billion reported in Q4 2022. The decrease was primarily due to lower upstream realizations, losses from decommissioning obligations, higher upstream impairment charges, and lower margins on refined product sales. Adjusted earnings for the quarter were $6.5 billion. The company also announced an 8% increase in the quarterly dividend to $1.63 per share, payable on March 11, 2024. Additionally, Chevron highlighted record cash returned to shareholders in 2023, totaling $26.3 billion, and record annual worldwide and U.S. production.
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About Chevron Corporation
Chevron Corporation is an integrated energy company operating globally in the exploration, production, and transportation of crude oil and natural gas. Its primary function is to harness energy resources, converting them into products essential for modern life. Chevron covers upstream operations such as oil exploration and drilling, and downstream processes including refining, distribution, and marketing of refined petroleum products. Additionally, Chevron invests in renewable energy projects, aiming to create a balanced energy portfolio. As one of the major players in the oil and gas industry, Chevron significantly impacts sectors including manufacturing, transportation, and energy production. Headquartered in San Ramon, California, this multinational corporation plays a pivotal role in meeting global energy demands and contributes to shaping future energy policies.
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