Chevron Earnings: Results Largely as Expected; Hess Resolution Likely at End-2024

Chevron's first-quarter reported adjusted earnings of $5.4 billion compared with $6.7 billion the year before, meeting market expectations. The earnings decline was largely attributable to weaker refining margins, which weighed on downstream results. Production increased to 3,346 thousand barrels of oil equivalent per day from 2,979 mboe/d the year before due largely to the acquisition of PDC Energy and continued growth in the Permian, which offset weaker natural gas realizations to increase upstream earnings year over year.