Worldwide net oil-equivalent production increased 12% YoY to 3.35 million barrels per day, primarily due to the acquisition of PDC Energy, Inc. and production growth in the Permian and Denver-Julesburg Basins.

In April 2024, Tengizchevroil LLP (TCO) achieved start-up of the Wellhead Pressure Management Project (WPMP) with the first inlet separator and pressure boost compressor placed in service and first metering station conversion to low pressure completed.

Chevron's agreement to acquire Hess Corporation is subject to various conditions, including regulatory approvals and the resolution of an arbitration relating to the right of first refusal in an operating agreement.

Downstream earnings decreased to $783 million from $1.8 billion in the prior year, mainly due to lower margins on refined product sales, indicating potential challenges in managing profitability in this segment.

The company is actively managing its contracting, procurement, and supply chain activities to effectively manage costs and facilitate supply chain resiliency and continuity in support of the company's operational goals.

Chevron continues to take actions to help lower the carbon intensity of its operations while continuing to meet the demand for energy. Chevron integrates climate change-related issues into its strategy and planning, capital investment reviews, and risk management tools and processes.

Chevron entities are or were among the codefendants in 30 separate lawsuits filed by various U.S. cities and counties, four U.S. states, the District of Columbia, two Native American tribes, and a trade group in both federal and state courts. The lawsuits have asserted various causes of action, including public nuisance, private nuisance, failure to warn, fraud, conspiracy to commit fraud, design defect, product defect, trespass, negligence, impairment of public trust, equitable relief for pollution, impairment and destruction of natural resources, unjust enrichment, violations of consumer protection statutes, violations of unfair competition statutes, violations of a federal antitrust statute, and violations of federal and state RICO statutes, based upon, among other things, the company's production of oil and gas products and alleged misrepresentations or omissions relating to climate change risks associated with those products.

Chevron entities are defendants in 39 of these cases. The lawsuits allege that the defendants' historical operations were conducted without necessary permits or failed to comply with permits obtained and seek damages and other relief, including the costs of restoring coastal wetlands allegedly impacted by oil field operations.

Chevron has interests in Venezuelan assets operated by independent affiliates. Governments have imposed and may impose additional sanctions and other trade laws, restrictions and regulations that could lead to disruption in our ability to produce, transport and/or export crude in the region around Russia. Chevron holds a 39.7 percent interest in the Leviathan field and a 25 percent interest in the Tamar gas field in Israel. Despite the ongoing conflict between Israel and various regional adversaries, the company continues to maintain safe and reliable operations while meeting its contractual commitments; however, the future impacts on the company's results of operations and financial condition remain uncertain.

Upstream earnings in first quarter 2024 were $5.2 billion, slightly higher than the corresponding 2023 period mainly due to higher sales volumes in the U.S., partly offset by lower natural gas realizations.

Refinery crude unit inputs, including crude oil and other inputs, was down 53,000 barrels per day, or 6 percent, primarily due to a planned shutdown at the Pascagoula, Mississippi refinery.

The company's objective is to safely deliver higher returns, lower carbon and superior shareholder value in any business environment.

Operating, selling, general and administrative expenses in the first quarter increased mainly due to higher employee benefit expenses and higher transportation costs.

The company is actively managing its contracting, procurement, and supply chain activities to effectively manage costs and facilitate supply chain resiliency and continuity in support of the company's operational goals.

The company utilizes contracts with various pricing mechanisms, which may result in a lag before the company's costs reflect changes in market trends.

Announced investment in a company that provides post-combustion point-source carbon capture technology.

Launched a $500 million Future Energy Fund III focused on venture investments in technology-based solutions that have the potential to enable affordable, reliable and lower carbon energy.

Drilled onshore and offshore stratigraphic wells to delineate carbon dioxide storage potential through the company's joint venture Bayou Bend CCS LLC.

The company repurchased $3.0 billion of shares in Q1 2024 and expects to repurchase between $2.5-3.0 billion in Q2 2024. However, share repurchases will be restricted pursuant to SEC regulations in connection with the pending transaction with Hess Corporation (Hess).

Capital expenditures totaled $4.1 billion, up from $3.0 billion in the first quarter of 2023, largely due to higher investments in upstream, including post-acquisition spend on legacy PDC assets.

The company has outstanding bonds issued by Chevron Corporation, CUSA, Texaco Capital Inc. and Noble Energy, Inc. Most of these securities are the obligations of, or guaranteed by, Chevron Corporation and are rated AA- by Standard and Poor's Corporation (S&P) and Aa2 by Moody's Investors Service (Moody's). The company's U.S. commercial paper is rated A-1+ by S&P and P-1 by Moody's. All of these ratings denote high-quality, investment-grade securities.

Chevron continues to take actions to help lower the carbon intensity of its operations while continuing to meet the demand for energy. Chevron integrates climate change-related issues into its strategy and planning, capital investment reviews, and risk management tools and processes.

Announced the company's first solar-to-hydrogen production project that is expected to utilize solar power, land and non-potable water from its existing assets in California.

Company integrates climate change-related issues into its strategy and planning, capital investment reviews, and risk management tools and processes.

Crude prices increased during the quarter as voluntary OPEC+ production cuts first announced in 2023 were extended through the second quarter of 2024.

In the U.S., prices at Henry Hub averaged $2.50 per thousand cubic feet (MCF) for the first three months of 2024, compared with $2.79 during the first three months of 2023. High levels of inventory have resulted in lower prices at Henry Hub this year.

Company closely monitors developments in the countries in which it operates and holds investments and seeks to manage risks in operating its facilities and businesses.