Chevron Corporation reported record worldwide net oil-equivalent production of 3.3 million barrels per day in 2024, a 7% increase from 2023 and the highest in company history. The company also returned a record $27 billion to shareholders the same year. This article presents verified Chevron statistics from SEC-filed Form 8-K earnings releases, the 2024 Annual Report, MacroTrends, and Libertify covering financial performance, production, and forward guidance through 2026.
Key Chevron Statistics
Chevron recorded $202.79 billion in total revenue for full-year 2024.
Worldwide production reached 3.3 million barrels of oil-equivalent per day in 2024, a record.
Chevron returned $27 billion to shareholders in 2024, the largest annual distribution in company history.
Permian Basin production reached 921,000 barrels per day in 2024, up 18% from 2023.
Chevron raised its quarterly dividend 5% to $1.71 per share, marking 37 consecutive years of annual increases.
Chevron’s full-year 2024 net income reached $17.7 billion on total revenue of $202.79 billion. Earnings fell 17.3% from 2023 as Brent crude averaged $81 per barrel versus $83 a year earlier. Cash flow from operations totaled $31.5 billion for the year, funding both $16.4 billion in capital expenditures and the $27 billion shareholder return program.
Metric
FY2022
FY2023
FY2024
YoY Change
Total revenue
—
$200.95B
$202.79B
+0.92%
Sales and operating revenues
—
$196.9B
$193.4B
-1.8%
Net income
$35.5B
$21.4B
$17.7B
-17.3%
Diluted EPS (GAAP)
$18.28
$11.36
$9.72
-14.4%
Adjusted earnings
$36.5B
$24.7B
$18.3B
-25.9%
Cash flow from operations
—
$35.6B
$31.5B
-11.5%
Capital expenditures
—
$15.8B
$16.4B
+3.8%
Return on capital employed
—
—
10.1%
—
Source: Chevron Corporation Form 8-K (January 31, 2025), MacroTrends, and Libertify citing Chevron 2024 Annual Report
The $17.7 billion in 2024 net income still ranks among Chevron’s strongest years outside the 2021–2022 commodity spike. Chevron grew production 7% while returning a record $27 billion in the same year earnings declined 17%, a result of structural shifts in oil and gas markets.
How Much Money Does Chevron Make Per Quarter?
Chevron’s quarterly earnings declined through 2024 as commodity prices softened. Q1 2024 was the strongest at $5.50 billion in reported earnings, while Q4 came in at $3.24 billion after $715 million in severance and $400 million in impairment charges. Adjusted Q4 earnings of $3.63 billion stripped out those non-recurring items.
Quarter
Reported Earnings
Diluted EPS (GAAP)
Adjusted Earnings
CFFO
Q1 2024
$5.501B
$2.97
$5.416B
$6.8B
Q2 2024
$4.434B
$2.43
$4.677B
$6.3B
Q3 2024
$4.487B
$2.48
$4.531B
$9.7B
Q4 2024
$3.239B
$1.84
$3.632B
$8.7B
Full Year 2024
$17.661B
$9.72
$18.256B
$31.5B
Source: Chevron Corporation Form 8-K filings via SEC EDGAR (May 3, 2024; August 2, 2024; November 1, 2024; January 31, 2025)
Cash flow from operations was back-half weighted in 2024, climbing from $6.3 billion in Q2 to $9.7 billion in Q3. Combined with $7.7 billion in asset sale proceeds from Canada and the US, the $31.5 billion total CFFO funded both capital spending and the record shareholder return program. Chevron’s financial discipline through commodity cycles remained intact.
Chevron Statistics: Production and Reserves (2024)
Chevron produced 3.3 million barrels of oil-equivalent per day in 2024, a 7% increase from 2023 and an all-time company record. US production grew 19% year-over-year, also a record, driven by the Permian Basin where output reached 921,000 boe/day. Proved reserves stood at approximately 9.8 billion barrels at year-end 2024.
Permian Basin and US Operations
The Permian Basin grew roughly 18% year-over-year, putting Chevron on track to hit 1 million boe/day from the asset in 2025. Q4 2024 US production set a quarterly record, up 48,000 boe/day from a year earlier. The Pasadena, Texas refinery upgrade completed in Q4 2024.
The Tengizchevroil Future Growth Project, adding 260,000 barrels per day to a 1 million boe/day capacity asset, reached first oil in January 2025 after years of delays. Chevron’s global production strategy through 2026 centers on these high-margin growth assets.
Chevron Statistics: Shareholder Returns and Dividends
Chevron returned $27 billion to shareholders in 2024, the largest annual distribution in company history. That total included $15.2 billion in share repurchases and $11.8 billion in dividends paid. The company has raised its annual dividend for 37 consecutive years, placing it in the S&P 500 Dividend Aristocrats group.
On January 31, 2025, Chevron raised its quarterly dividend 5% to $1.71 per share. The same announcement accompanied Q4 2024 earnings, signaling the increase was based on operational performance rather than commodity conditions. Chevron has executed share buybacks in 17 of the past 21 years, reducing shares outstanding from 1,851 million at year-end 2023 to 1,755 million at year-end 2024, a 5.2% reduction.
Shareholder Return Metric
2024 Figure
Total shareholder returns
$27.0 billion (record)
Share repurchases
$15.2 billion
Dividends paid
$11.8 billion
Quarterly dividend (Jan 2025 raise)
$1.71 per share (+5%)
Consecutive years of dividend increases
37 years
Shares outstanding (Dec 31, 2024)
1,755 million (-5.2% YoY)
Debt ratio
13.9%
Source: Chevron Form 8-K (January 31, 2025), Chevron newsroom (January 31, 2025), and Libertify citing Chevron 2024 Annual Report
Chevron Statistics: Capital Allocation and 2026 Outlook
Chevron guided 2025 organic capex to $14–16 billion and targets an additional $10 billion in annual free cash flow by 2026 versus 2024 levels at $70 per barrel Brent. The company also targets $2–3 billion in structural cost reductions by year-end 2026. The Q4 2024 severance charge of $715 million was the most visible component of that program.
FY2025 revenue came in at $189.03 billion, down 6.79% from 2024, reflecting lower oil prices through the year. The trailing twelve months to March 2026 figure of $190.03 billion shows a modest recovery. Chevron’s lower carbon investment program commits $10 billion through 2028, targeting 700,000 tonnes of annual CO2e abatement. The company’s Permian Basin growth strategy and deepwater Anchor field at 20,000 PSI remain central to the 2026 free cash flow target.
FAQs
How much revenue did Chevron make in 2024?
Chevron reported $202.79 billion in total revenue for full-year 2024, a 0.92% increase from 2023. Sales and operating revenues alone totaled $193.4 billion. FY2025 revenue declined 6.79% to $189.03 billion as oil prices fell.
How much oil does Chevron produce per day?
Chevron produced a record 3.3 million barrels of oil-equivalent per day worldwide in 2024, up 7% from 2023. Permian Basin production reached 921,000 boe/day, with a target of 1 million boe/day in 2025.
What was Chevron’s net income in 2024?
Chevron’s full-year 2024 net income was $17.7 billion, down 17.3% from $21.4 billion in 2023. Adjusted earnings were $18.3 billion. The decline reflected lower commodity prices, with Brent averaging $81 per barrel.
How much did Chevron return to shareholders in 2024?
Chevron returned a record $27 billion to shareholders in 2024 through $15.2 billion in share repurchases and $11.8 billion in dividends. The company has raised its annual dividend for 37 consecutive years.
What is Chevron’s 2026 financial target?
Chevron targets $10 billion in additional annual free cash flow by 2026 versus 2024 at $70/bbl Brent, plus $2–3 billion in structural cost reductions by end of 2026. Worldwide production is guided to grow ~6% annually.
Distributed work has become the operating model for organizations across nearly every industry, yet much of the security infrastructure businesses still rely on was designed
Adswynk.com is an online advertising platform that helps advertisers manage campaigns and publishers monetize links from a single dashboard. Learn its features, use cases, and how the service works.
In-app purchase revenue hit $167 billion across the iOS App Store and Google Play in 2025, while app downloads reached 149 billion, highlighting continued growth in the global mobile app market.
