The international oil major Chevron Corporation, which industry insiders expect to soon start exploration drilling in the Orange basin off the Namibian coast, reported earnings of US$4.5 billion for third quarter 2024, compared to US$6.5 billion in third quarter 2023. Foreign currency effects decreased earnings by US$44 million. 

Adjusted earnings of US$4.5 billion were reported in the third quarter 2024, compared to adjusted earnings of US$5.7 billion in third quarter 2023. 

“We delivered strong financial and operational results, started up key projects in the US Gulf of Mexico, and returned record cash to shareholders this quarter,” said Mike Wirth, Chevron’s chairman and chief executive officer. 

Chevron’s worldwide net oil-equivalent production increased 7% from last year as US and Permian Basin production set another quarterly record. The major started up key projects in Anchor, Jack/St. Malo and Tahiti fields this quarter. These projects, combined with additional project start-ups through 2025, are expected to grow US Gulf of Mexico production to 300 000 barrels of net oil-equivalent per day by 2026. 

“We are also taking steps to optimise our portfolio and reduce operating costs to deliver superior, long-term value to shareholders,” Wirth said. 

Meanwhile, Chevron expects to close asset sales in Canada, Congo and Alaska in the fourth quarter 2024, as part of its plan to divest US$10-15 billion of assets by 2028. Additionally, cost-reduction efforts are underway, and the company is targeting US$2 to US$3 billion of structural cost reductions from 2024 by the end of 2026. 

Chevron, as one of the world’s leading integrated energy companies, believes affordable, reliable and ever-cleaner energy is essential to enabling human progress. The international company produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies to enhance business industry. 

“We aim to grow our oil and gas business, lower the carbon intensity of our operations, and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies,” the corporation stated.