Chevron Q1 2023 earnings $6.6B, EPS $3.46; adjusted EPS $3.55

CHEVRON CORP

2023-Q1 EPS reported $3.46 revenue$50,793,000,000

Revenue $48.8B vs $52.3B a year ago; earnings up 5% YoY from $6.3B.
Cash flow from operations $7.2B; free cash flow $4.2B; capex $3.0B (+55% YoY).
Shareholder returns $6.6B including $3.75B buybacks; dividend raised 6% to $1.51/share.
Upstream earnings $5.16B (-26% YoY) on lower realizations; production -3% to 2,979 MBOED.
Downstream earnings $1.8B (vs $0.33B YoY) on higher refining margins; Mad Dog 2 achieved first oil.

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