A decline in earnings didn’t stop Chevron Corporation from paying returns to their investors. A sum of $26bn was said to have been returned in the year 2023.
According to Chevron’s CEO and Chairman, 2023 was the year with the highest production of natural gas and oil by Chevron Corporation. He also added that the year also recorded an 18% rise in return to its stakeholders, compared to the previous year.
Moreover, the firm witnessed a worldwide annual net increment in oil-equivalent production of over 3.1 barrels of oil-equivalent per day. This phenomenon was said to have been led by the 14% growth in the US.
The difference in earnings between the years 2022 & 2023 was $14bn, where the earnings of both years are $35.5bn and $21.4bn respectively. Moreover, the firm’s revenue was said to also have dropped by 18.4% by the end of 2023, in comparison to the previous year.
Chevron Corporation reported $2.3 billion in earnings for the fourth quarter of 2023 as opposed to $6.4 billion in the same period in 2022. The report also revealed a $479 million drop in earnings due to foreign exchange effects.
In the fourth quarter of 2023, the company reported adjusted earnings of $6.5 billion, down from $7.9 billion in the same period the previous year. According to research, in 2023 the firm was said to have paid in cash a record sum of $26.3bn to shareholders.
The Board of Directors of the firm announced an 8 percent increase in the quarterly dividend to $1.63 per share, which will be paid to all common stockholders on March 11, 2024.
