BAKU, Azerbaijan, November 6. Chevron Corporation's third-quarter 2023 earnings amounted to $6.5 billion, equivalent to $3.48 per share (diluted), Trend reports.
According to the company's latest financial report, this is a decline of 42 percent from the previous year's third quarter earnings of $11.2 billion, which amounted to $5.78 per share (diluted).
At the same time, Chevron's earnings in the reporting period of 2023 increased slightly by 8.1 percent, compared to the second quarter of the current year ($6.01 billion).
Thus, the company's year-to-date earnings in 3Q2023 totaled $19.1 billion, which is a decrease of 34.3 percent year-on-year ($29.1 billion in 3Q2022).
Notably, the current quarter's results include a one-time tax benefit of $560 million originating from Nigeria, as well as pension settlement costs of $40 million.
Additionally, foreign currency effects contributed $285 million to increased earnings.
On an adjusted basis, the company reported earnings of $5.7 billion, corresponding to $3.05 per share (diluted) for the third quarter of 2023, marking a decrease from adjusted earnings of $10.8 billion, or $5.56 per share (diluted), during the third quarter of 2022.
"We delivered another quarter of solid financial results and strong cash returns to shareholders. Earnings have exceeded $5 billion, and ROCE has been greater than 12 percent for nine consecutive quarters. Cash returned to shareholders totaled $20 billion year-to-date, 27 percent higher than last year’s record total for the same period," said Mike Wirth, Chevron’s chairman and chief executive officer.