Fourth quarter 2024 earnings call January 31, 2025 © 2025 Chevron 3GP at TCO Cautionary statement and additional information CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation contains forward-looking images and statements relating to Chevron's operations and strategy that are based on management's current expectations, estimates, and projections about the petroleum, chemicals, an ...

Energy giant Chevron used the phrase "Gulf of America" repeatedly in its earnings release Friday, adhering to a directive made by President Donald Trump on his first day back in office.Chevron previously used "Gulf of Mexico" to refer to that body of water, which stretches from Texas to Florida on the southeastern border of the U.S. Trump signed an executive order on Jan. 20 to rename the Gulf of Mexico as the Gulf of America."The Gulf will continue to play a pivotal role in shaping America's future and the ...

The shares of blue-chip energy concern Chevron Corp (NYSE:CVX) are down 1.3% in premarket trading after the company missed fourth-quarter earnings estimates. Weakness in its refining business drove the decline, with its first loss in four years. However, revenue surpassed expectations with ease.Coming into today, CVX boasts modest leads on a year-to-date and year-over-year basis, up 7.9% and 6%, respectively. The equity is on track for a monthly win, but is now poised to turn in a loss for the week. Set to ...

Key TakeawaysChevron posted fourth-quarter revenue well above analysts' estimates Friday but profit fell short.The energy giant also announced a 5% increase to its quarterly dividend to $1.71 per share.Ahead of its earnings report, Chevron said it would partner with GE Vernova to build natural-gas power stations for AI data centers across the U.S. Chevron (CVX) stock slipped in premarket trading Friday after the energy giant's fourth-quarter profit came up short of analysts' expectations. The energy giant r ...

Chevron (CVX) came out with quarterly earnings of $2.06 per share, missing the Zacks Consensus Estimate of $2.19 per share. This compares to earnings of $3.45 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.94%. A quarter ago, it was expected that this oil company would post earnings of $2.47 per share when it actually produced earnings of $2.51, delivering a surprise of 1.62%.Over the last four quarters, the company has su ...

news release FOR RELEASE AT 5:15 AM CT EXHIBIT 99.1 JANUARY 31, 2025 Chevron Reports Fourth Quarter 2024 Results Houston (January 31, 2025) – Chevron Corporation (NYSE: CVX) reported earnings of $3.2 billion ($1.84 per share - diluted) for fourth quarter 2024, compared with $2.3 billion ($1.22 per share - diluted) in fourth quarter 2023. Included in the quarter were severance charges of $715 million and impairment charges of $400 million. Foreign currency effects increased earnings by $722 million. Adjusted ...

Financial Results - Chevron Corporation is set to release its fourth-quarter financial results on January 31, 2025, before the market opens [1] - Analysts anticipate quarterly earnings of $2.11 per share, a decrease from $3.45 per share in the same period last year [1] - Projected quarterly revenue is $48.41 billion, an increase from $47.18 billion a year earlier [1] Production Update - Chevron's affiliate, Tengizchevroil LLP, has commenced oil production at the Future Growth Project in Kazakhstan's Tengiz oil field [2] - Following this announcement, Chevron shares rose by 0.4% to close at $156.32 [2] Analyst Ratings - Raymond James analyst Justin Jenkins has maintained an Outperform rating and raised the price target from $175 to $180 [4] - Truist Securities analyst Neal Dingmann has maintained a Hold rating and increased the price target from $160 to $164 [4] - Piper Sandler analyst Ryan Todd has maintained an Overweight rating but reduced the price target from $184 to $173 [4] - Wells Fargo analyst Roger Read has maintained an Overweight rating and raised the price target from $171 to $188 [4]

Group 1: Chevron's Initiative - Chevron Corporation (CVX) has partnered with Engine No. 1 and GE Vernova to develop natural gas power plants to meet the energy demands of AI-driven data centers, aiming for a multi-gigawatt-scale power plant co-located with the data center [1] - The partnership plans to leverage seven GE Vernova 7HA natural gas turbines to generate approximately 4 gigawatts of electricity, enough to power 3-3.5 million U.S. homes by the end of 2027 [6] - The initiative is part of a broader strategy to secure AI leadership and restore America as an industrial superpower by addressing energy challenges associated with AI advancements [5] Group 2: AI Competition and Infrastructure Investment - The competition in artificial intelligence between the United States and China is intensifying, highlighted by the launch of DeepSeek's AI chatbot, which aims to rival OpenAI's ChatGPT [2] - President Donald Trump approved an executive order to advance America's AI initiative, including the formation of a joint venture called Stargate, which will invest about $500 billion in AI infrastructure [3][4] - Stargate is expected to start with an initial investment of $100 billion and has the potential to increase to five times that amount, focusing on building new data centers in Texas [4] Group 3: Market Position and Alternatives - Chevron is one of the largest publicly traded oil and gas companies globally, with a Zacks Rank of 3 (Hold) [7] - Investors in the energy sector may consider better-ranked stocks such as ARC Resources Ltd. (AETUF), Equinor ASA (EQNR), and Gulfport Energy Corporation (GPOR), with AETUF and EQNR holding a Zacks Rank of 1 (Strong Buy) [8] - ARC Resources has an expected EPS growth rate of 50.78% for the next year, while Equinor's expected EPS growth rate for the next five years is 5.30% [9][10]

Core Viewpoint - Berkshire Hathaway's investment in Chevron highlights the company's strong dividend-paying capabilities and growth potential, making it an attractive option for income-focused investors [1][10]. Group 1: Investment and Dividend Performance - As of Q3 2024, Berkshire Hathaway owns 118,610,534 shares of Chevron, generating approximately $773.3 million in annual dividend income, with a dividend of $6.52 per share [2]. - Chevron has a history of increasing its dividend for 37 consecutive years, indicating a strong commitment to returning value to shareholders [2]. Group 2: Stock Performance and Market Position - Chevron's stock price was $156.21, reflecting a 0.65% drop in 24 hours but an almost 4% increase over the past year, suggesting modest gains despite market volatility [3]. - Wall Street analysts predict a potential 12.39% gain for Chevron's stock over the next year, with an average price target of $175.56 [8]. Group 3: Financial Strength and Growth Catalysts - In the first three quarters of 2024, Chevron reported $22.8 billion in operating cash flow, enabling $10.5 billion in share buybacks, which supports steady dividend payments [4]. - Chevron is expected to face a quarterly earnings drop of 36.5% year-over-year, with revenues projected at $46.96 billion, down 0.5% YoY [5]. - The company aims to enhance production through expansion in high-return assets, potentially leading to over 3% annual production growth and more than 10% free cash flow through 2027 [6]. Group 4: Strategic Acquisitions - Chevron's $53 billion acquisition of Hess, approved in January 2025, is expected to enhance its global portfolio and provide a competitive edge in the market [6][7].

Core Insights - Chevron and Engine No. 1 are collaborating to create a new company focused on scalable power solutions for U.S. data centers using domestic natural gas [1][6] - The partnership aims to establish the first multi-gigawatt-scale co-located power plant and data center, which will provide power equivalent to over 3 million homes [2][1] - The project will initially bypass the existing transmission grid to mitigate electricity cost risks and will integrate carbon capture and renewable energy resources [4][6] Company Developments - Chevron's CEO emphasized the alignment of the project with President Trump's energy policies, aiming to create jobs and enhance national security [4] - Engine No. 1's founder highlighted the importance of energy in maintaining America's AI leadership and restoring its industrial power [6] - The initiative is set to be operational by the end of 2027, with potential for future expansion [6] Industry Impact - The endeavor addresses the growing demand for affordable and reliable energy for U.S. data centers, crucial for the development of AI technologies [7] - The collaboration signifies a strategic move towards utilizing abundant domestic natural gas to support energy needs in the tech sector [6][1]