Chevron reported earnings of $3.2 billion for the fourth quarter of 2024, an increase from $2.3 billion in the same period last year. Adjusted earnings, excluding special items, were $3.6 billion, down from $6.5 billion in Q4 2023. The company returned a record $27 billion to shareholders in 2024 through dividends and share buybacks. Production reached record levels, with a 7 percent increase worldwide and a 19 percent increase in the U.S., driven by growth in the Permian Basin and the acquisition of PDC Energy.

Key project milestones included the start-up of the high-pressure Anchor project in the Gulf of Mexico, the completion of the Wellhead Pressure Management Project in Kazakhstan, and the start of production at the Future Growth Project. Chevron also announced a 5 percent increase in its quarterly dividend to $1.71 per share.

Earnings for the full year were $17.7 billion, compared to $21.4 billion in 2023, with the decline attributed to lower refining margins, reduced oil and gas realizations, and severance costs. The company closed asset sales in Canada, the Republic of Congo, and Alaska, and made progress on the Hess Corporation acquisition. Free cash flow declined to $15 billion from $19.8 billion in the prior year, while cash flow from operations dropped to $31.5 billion from $35.6 billion.

U.S. upstream earnings increased due to the absence of prior-year decommissioning obligations and impairment charges, though this was partially offset by lower oil prices and severance costs. International upstream earnings declined due to lower oil prices, higher operating expenses, and impairments, despite favorable foreign currency effects. The downstream segment reported losses in the U.S. due to lower refining margins and severance charges, while international downstream earnings also declined due to lower margins and impairments.

Chevron continues to focus on cost reductions and capital discipline, targeting $2-3 billion in structural cost savings by 2026. It also expanded its exploration footprint in the Gulf of Mexico, Angola, Brazil, and Namibia and launched a $500 million Future Energy Fund to invest in lower-carbon technologies. The company remains committed to shareholder returns while strengthening its portfolio for future growth.