BAKU, Azerbaijan, February 3. Chevron Corporation reported fourth-quarter 2024 earnings of $3.2 billion ($1.84 per share), marking an increase from $2.3 billion ($1.22 per share) in the same period of 2023, Trend reports.
The results included severance charges of $715 million and impairment charges of $400 million, while foreign currency effects contributed an additional $722 million to earnings. Adjusted earnings for the quarter were $3.6 billion ($2.06 per share), down from $6.5 billion ($3.45 per share) in Q4 2023.
Chevron's performance in 2024 was bolstered by record production levels, with worldwide and U.S. net oil-equivalent production increasing 7% and 19%, respectively. The company also launched key projects, including the high-pressure Anchor project in the Gulf of America and the Future Growth Project in Kazakhstan’s Tengizchevroil field.
The company returned over $15 billion to shareholders in 2024 through share repurchases and completed asset sales in Canada, the Republic of Congo, and Alaska. Chevron is targeting $2-3 billion in structural cost reductions by 2026, as it continues to focus on capital discipline and positioning for significant free cash flow growth.