BAKU, Azerbaijan, November 6. Chevron Corporation's capital expenditures (capex) for the third quarter of 2023 surged by 56 percent, compared to the corresponding period in the previous year, Trend reports.
Thus, according to the company's latest financial results, 3Q2023 capex totaled $4.7 billion, while in the reporting period of 2022 this figure stood at $3 billion.
Chevron's 3Q2023 capex also grew by 23.6 percent, compared to the preceding quarter ($3.8 billion in 2Q2023).
This increase incorporates an estimated expenditure of around $400 million for inorganic activities, primarily driven by the acquisition of a majority stake in ACES Delta, LLC. The company added that the acquisition of PDC Energy, Inc. is not factored into this calculation.
Meanwhile, Chevron's yeart-to-date capex in the reporting period of 2023 totaled $11.5 billion, showing a significant growth year-on-year - up by 42 percent, compared to $8.1 billion in 3Q2022.
Chevron Corporation's third-quarter 2023 earnings amounted to $6.5 billion, equivalent to $3.48 per share (diluted). 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).