Chevron’s net oil-equivalent production in the first quarter (Q1) reached 3.34 million barrels per day (mboe/d). Credit: Sundry Photography/Shutterstock.

Chevron has reported net income of $5.50bn for Q1 2024, a decline of 16.3% compared with $6.57bn in the same quarter a year ago.  

The decline was attributed to lower margins on refined product sales and lower natural gas realisations, despite higher upstream sales volumes in the US. 

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For the quarter ended 31 March 2024, total revenues and other income declined to $48.71bn from $50.79bn in the corresponding quarter of 2023.  

Chevron’s net oil-equivalent production in Q1 reached 3.34mboe/d, an increase of 12.3% from the previous year.  

This growth was primarily attributed to the acquisition of PDC, robust performance in the Permian and DJ Basins in the US, and operations at the Tengizchevroil affiliate in Kazakhstan, partially offset by planned downtime in Nigeria. 

Capital expenditure for Q1 2024 was $4.1bn, up from $3bn in the same period of last year.  

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Cash flow from operations stood at $6.8bn, a slight decrease from the $7.2bn reported in Q1 2023.  

In terms of shareholder returns, Chevron distributed $6bn during the quarter, including $3bn in dividends and nearly $3bn in share repurchases.  

Furthermore, the company’s board of directors declared a quarterly dividend of $1.63 per share, payable on 10 June 2024, to all common stockholders. 

Chevron chairman and CEO Mike Wirth said: “We had another quarter of strong operational and financial performance and delivered superior cash returns to shareholders. US production was up 35% from a year ago, and we continued to meet major project milestones.”