Chevron Corporation (CVX) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 28, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning. My name is Katie, and I will be your conference facilitator today. Welcome to Chevron's First Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers' remarks, there will be question-and-answer session and instructions will be given at that time.As a reminder, this conference call is being recorded.

I will now turn the conference call over to General Manager of Investor Relations of Chevron Corporation, Mr. Jake Spiering, please go ahead.

Jake Spiering - General Manager, IR

Thank you, Katie. Welcome to Chevron's first quarter 2023 earnings conference call and webcast. I’m Jake Spiering, General Manager of Investor Relations. Our Chairman and CEO, Mike Wirth, and CFO, Pierre Breber, are on the call with me. We will refer to the slides and prepared remarks that are available on Chevron’s website

Before we begin, please be reminded that this presentation contains estimates, projections, and other forward-looking statements. Please review the cautionary statement on Slide 2.

Now, I will turn it over to Mike.

Mike Wirth - Chairman and CEO

Chevron delivered strong financial results again last quarter, the seventh consecutive quarter with return on capital employed greater than 12%. This enabled another record for cash returned to shareholders while maintaining a very strong balance sheet.

Since our investor day two months ago, we’ve remained focused on executing our plans. Achieving important milestones on our major project in Kazakhstan, continuing to build activity levels in the Permian, positioning Bayou Bend to be one of the largest carbon storage projects in the United States, and safely and reliably delivering oil, products and natural gas that help power the global economy.

Next week, we’ll publish our Corporate Sustainability Report. I encourage you to review it on our website as we provide updates on the ESG topics that matter to our business and our stakeholders.

In closing, while commodity markets remain uncertain, our approach is unchanged: capital and cost discipline applied to advantaged assets in both traditional and new energy businesses and steady returns of cash to shareholders. You can see that consistency in our actions and our results.

Now to Pierre to discuss the quarter.

Pierre Breber - CFO

Thanks, Mike. We reported first quarter earnings of $6.6 billion, or $3.46 per share. Adjusted earnings were $6.7 billion, or $3.55 per share. We had one special item this quarter related to changes in the energy profits tax in the United Kingdom. The appendix of this presentation contains a reconciliation of non-GAAP measures.