Chevron Corporation reported a decline in financial performance for the third quarter and the first nine months of 2024 compared to the same periods in 2023. Sales and other operating revenues for Q3 2024 were $48,926 million, down from $51,922 million in Q3 2023. Total revenues and other income also decreased to $50,669 million from $54,080 million year-over-year. Net income for Q3 2024 was $4,496 million, a significant drop from $6,555 million in Q3 2023, resulting in a net income per share of $2.49 compared to $3.48 in the prior year.

For the nine months ended September 30, 2024, net income was $14,490 million, down from $19,168 million in the same period of 2023, with net income per share decreasing from $10.18 to $7.91. Comprehensive income for Q3 2024 was $4,595 million, down from $6,669 million in Q3 2023, and for the nine months, it fell to $14,625 million from $19,369 million.

The decrease in profitability was attributed to lower upstream earnings, which fell to $4,589 million in Q3 2024 from $5,755 million in Q3 2023, and to $14,298 million for the nine months, down from $15,852 million. The decline was influenced by unfavorable tax effects, lower realizations, and increased depreciation, partially offset by higher sales volumes. Downstream earnings also suffered, with Q3 2024 earnings of $595 million compared to $1,683 million in Q3 2023, primarily due to lower margins on refined product sales.

Chevron's total assets as of September 30, 2024, were $259,232 million, slightly down from $261,632 million at the end of 2023. Cash and cash equivalents decreased significantly to $4,699 million from $8,178 million at year-end 2023. The company reported an increase in short-term debt to $5,144 million from $529 million at the end of 2023, reflecting a rise in total liabilities to $102,202 million from $99,703 million.

Strategically, Chevron announced a definitive agreement to acquire Hess Corporation in an all-stock transaction valued at approximately $53 billion, with the merger expected to close pending arbitration proceedings. The company is also targeting $10-15 billion in asset sales over the next five years and has initiated a sale of its interests in the Athabasca Oil Sands Project and Duvernay shale for $6.5 billion, expected to close in Q4 2024.

Chevron's capital expenditures for the first nine months of 2024 were $12.1 billion, an increase from the previous year, driven by higher investments in upstream activities. The company continues to focus on developing oil and gas resources while transitioning to lower carbon energy solutions, with a long-term goal of achieving net-zero emissions in its upstream operations by 2050.