Chevron Reports 12% Revenue Growth to $246.3 Billion for Fiscal Year 2024

Chevron Corporation reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $246.3 billion, a 12% increase from $219.5 billion in 2023. The company’s net income also rose sharply to $36.5 billion, compared to $27.5 billion in the previous year, reflecting a 33% increase in profitability. This growth was primarily driven by higher crude oil and natural gas prices, alongside increased production levels, particularly in the Permian Basin and other key regions.

In terms of operational metrics, Chevron's average worldwide oil-equivalent production increased by approximately 7% to 3.3 million barrels per day in 2024, bolstered by a full year of production from the legacy PDC Energy acquisition and growth in the Permian Basin. The company’s proved reserves at year-end 2024 were approximately 9.8 billion barrels of oil-equivalent, down from 11.1 billion in 2023, largely due to record production levels and asset sales in Canada. The company’s upstream operations accounted for 41% of its net proved oil-equivalent reserves located in the United States.

Strategically, Chevron has been active in expanding its portfolio, notably through the pending acquisition of Hess Corporation, which is expected to enhance its position in the Guyana basin. The acquisition is subject to regulatory approvals and ongoing arbitration proceedings related to preemptive rights in the Stabroek Block joint operating agreement. Additionally, Chevron has made strides in its renewable energy initiatives, including the expansion of its biofuel production capabilities and investments in carbon capture technologies, aligning with its strategy to lower carbon intensity across its operations.

Chevron's workforce also saw changes, with a total employee count of 45,298 as of December 31, 2024, reflecting a commitment to diversity and inclusion. The company reported a voluntary attrition rate of 3.1%, consistent with historical averages, indicating effective employee engagement and retention strategies. Chevron continues to focus on enhancing its operational efficiency and safety culture, which is critical in the energy sector.

Looking ahead, Chevron anticipates a production increase of 6% to 8% in 2025, assuming stable market conditions and a Brent crude oil price of $70 per barrel. The company remains focused on leveraging its strengths to deliver lower carbon energy solutions while navigating the complexities of the global energy landscape, including regulatory challenges and market volatility.