Direct Answer
Chevron Corporation (NYSE: CVX) reported net income attributable to Chevron of $17.661 billion in fiscal year 2024 (the fiscal year ending December 31, 2024), or $9.47 per diluted share. Total revenues and other income were approximately $193.7 billion, down from approximately $200.9 billion in FY2023 as lower oil and natural gas prices reduced upstream realizations. Chevron's Permian Basin production reached a record approximately 910,000 barrels of oil equivalent per day (BOE/d), up roughly 18% year over year. Chevron has raised its dividend for 37 consecutive years, qualifying it as a Dividend Aristocrat.
Revenue and segment earnings overview (FY2023 and FY2024)
| Metric | FY2023 | FY2024 |
|---|---|---|
| Total revenues and other income | ~$200.9B | ~$193.7B |
| U.S. upstream net income | n/a | ~$8.5B |
| International upstream net income | n/a | ~$9.8B |
| U.S. downstream net income | n/a | ~$1.3B |
| International downstream net income | n/a | ~$0.5B |
| Net income attributable to Chevron | ~$21.4B | $17.661B |
Chevron's business divides into two primary operating segments: upstream (exploration and production of crude oil, natural gas, and natural gas liquids) and downstream (refining crude oil into petroleum products and marketing those products). In FY2024, upstream earnings dominated, with U.S. upstream contributing approximately $8.5 billion and international upstream approximately $9.8 billion. Downstream earnings were smaller: approximately $1.3 billion in the U.S. and approximately $0.5 billion internationally, with refinery utilization running at approximately 90%.
The decline in total revenues from FY2023 to FY2024 reflects lower realized commodity prices, particularly for crude oil and natural gas, rather than any reduction in production volumes. In fact, Chevron's total production grew to approximately 3.13 million BOE/d in FY2024, a company record. Lower oil prices compress per-barrel realizations, which flow directly through to upstream net income.
Key financial metrics (FY2024)
| Metric | FY2024 |
|---|---|
| Net income attributable to Chevron | $17.661B |
| Diluted EPS | $9.47 |
| Adjusted earnings (ex-items) | ~$14.7B |
| Return on capital employed (ROCE) | ~11.0% |
| Free cash flow | ~$15.1B |
| Capital and exploratory expenditures (capex) | ~$15.6B |
| Annualized dividend per share | $6.84 ($1.71/quarter) |
| Share repurchases | ~$11.3B |
| Consecutive years of dividend increases | 37 |
Chevron's reported net income of $17.661 billion includes certain items that management adjusts for when assessing underlying performance. Adjusted earnings, excluding special items such as asset write-downs, pension settlement charges, and tax-related items, were approximately $14.7 billion in FY2024. Both measures provide useful context: reported GAAP earnings capture all economic events, while adjusted earnings reflect the ongoing operational cash generation capacity of the business.
Return on capital employed of approximately 11.0% in FY2024 reflects a year in which commodity prices were lower than the prior year. Chevron targets a ROCE above its cost of capital over the cycle. Free cash flow of approximately $15.1 billion supported $11.3 billion in share repurchases, the $6.84 annualized dividend, and balance-sheet management, demonstrating Chevron's capacity to return capital even at oil prices meaningfully below the FY2022 highs.
Production overview (FY2024)
| Region / Asset | FY2024 production | Notes |
|---|---|---|
| Total Chevron production | ~3.13 million BOE/d | Company record |
| Permian Basin (U.S.) | ~910,000 BOE/d | Record; up ~18% YoY |
| Kazakhstan (Tengizchevroil) | Ongoing production | FGP-WPMP expansion in progress |
The Permian Basin in West Texas and southeast New Mexico is Chevron's highest-growth U.S. operated asset. Production of approximately 910,000 BOE/d in FY2024 was the highest in Chevron's history for that basin and represented an increase of roughly 18% from FY2023. Chevron operates the Permian predominantly through its subsidiary Chevron U.S.A. Inc. and holds significant non-operated working interests as well. The Permian's favorable cost structure and extensive acreage position make it a cornerstone of Chevron's medium-term production growth outlook.
Kazakhstan's Tengizchevroil joint venture, in which Chevron holds a 50% interest, is another major long-term asset. The Future Growth Project-Wellhead Pressure Management Project (FGP-WPMP) is a large-scale expansion at the Tengiz field designed to significantly increase production capacity. As of FY2024, the project was still progressing, with startup expected in phases. The size and complexity of FGP-WPMP have required multi-year construction and have been a factor in Chevron's elevated capital spending.
Total production of approximately 3.13 million BOE/d in FY2024 reflects growth across both oil and gas assets. Higher production volumes partially offset the impact of lower realized prices on total upstream net income relative to FY2023.
Frequently Asked Questions
What was Chevron's net income in fiscal year 2024?
Chevron Corporation reported net income attributable to Chevron of $17.661 billion in fiscal year 2024 (the fiscal year ending December 31, 2024), or $9.47 per diluted share. This compares with net income of approximately $21.4 billion in FY2023, reflecting lower realized oil and gas prices in 2024.
How does Chevron split its earnings between upstream and downstream?
In FY2024, Chevron's U.S. upstream (exploration and production) segment earned approximately $8.5 billion and international upstream earned approximately $9.8 billion. The downstream (refining and marketing) segment contributed approximately $1.3 billion from U.S. operations and approximately $0.5 billion from international operations. Upstream earnings dominate Chevron's income and are highly sensitive to global oil and natural gas prices.
What is Chevron's Permian Basin production record?
Chevron's Permian Basin production reached approximately 910,000 barrels of oil equivalent per day (BOE/d) in FY2024, an increase of approximately 18% year over year and the highest production level in Chevron's history for that basin. The Permian Basin in West Texas and southeast New Mexico is Chevron's most significant U.S. operated asset and a primary driver of its long-term production growth strategy.
Does Chevron have a history of dividend increases?
Yes. Chevron is a Dividend Aristocrat, having increased its dividend for 37 consecutive years as of 2024. The quarterly dividend was $1.71 per share in 2024, equating to an annualized rate of $6.84 per share. Chevron also repurchased approximately $11.3 billion in shares during FY2024, returning substantial capital to shareholders beyond the dividend.