Chevron Starts Several Projects in the Gulf of America [PDF Download

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HOUSTON, TEXAS (Editors at Energy Analytics Institute, 31.Jan.2025) — Chevron Corporation reported earnings of $3.2bn in the fourth-quarter 2024 (4Q:24) compared with $2.3bn in the 4Q:23. Results in the 4Q:24 included severance charges of $715mn and impairment charges of $400mn. Chevron said foreign currency affects increased earnings by $722mn. 

Chevron reported adjusted earnings of $3.6bn in the 4Q:24 compared to adjusted earnings of $6.5bn in the 4Q:23, the company said 31 Jan. 2025 in its 4Q:24 financial press release.

“In 2024, we delivered record production, returned record cash to shareholders and started up key growth projects,” Chevron chairman and CEO Mike Wirth said in the statement. 

Worldwide and US net oil-equivalent production rose 7% and 19%, respectively, compared to 2023, Wirth said.

“The company started up several key projects in the Gulf of America, including the industry-first, high-pressure Anchor project. In Kazakhstan, Tengizchevroil completed the Wellhead Pressure Management Project and recently started up the Future Growth Project. Chevron also repurchased over $15 billion of its shares in 2024, extending its track record of repurchasing shares in 17 out of the last 21 years,” Wirth added.

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Wirth said Chevron strengthened its portfolio and committed to reduce costs and maintain capital discipline, positioning the company for significant free cash flow growth.

In 2024, Chevron recently closed asset sales in Canada, the Republic of Congo and Alaska, while progressing its proposed acquisition of Hess Corporation. The company also announced a target of $2bn-$3bn of structural cost reductions by the end of 2026.

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By Editors at Energy Analytics Institute. © 2025 Energy Analytics Institute (EAI). All Rights Reserved. 

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Energy Analytics Institute (EAI), formerly LatinPetroleum.com, is a Houston-established private organization with a satellite presence in Calgary, Mexico City and Venezuela where it operates under Editores LatinPetroleum SA. Since 1999, EAI has been a leader in energy news coverage of Latin America in particular. Coverage, run out of Latin America, now spans the world and encompasses nearly all energy and energy-related sectors.

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