Chevron's Rollercoaster Year: Earnings Fall, Stock Rises, Shareholders Reap Record Windfall

Chevron's fourth-quarter profits fell due to impairment charges, but the company still managed to return a record $23.6 billion to shareholders in 2023 through dividends and share buybacks. Despite a 40% profit decline, Chevron raised its quarterly dividend by 8% to $1.63. The company's stock rose about 1% in early trading. Chevron's net income fell 65% to $2.3 billion, with U.S. oil and gas assets recording a loss of $1.35 billion. The company reported an adjusted profit of $3.45 per share, beating Wall Street's estimate.