NYSE$CVX
Chevron · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Chevron's financial performance was strong with increased cash returned to shareholders.
Chevron reported strong financial results for Q1 2023, with earnings of $6.6 billion and adjusted earnings of $6.7 billion. The company's return on capital employed has been greater than 12 percent for seven consecutive quarters, and the company returned $6.6 billion to shareholders, an increase of 65 percent from last year.
- Reported earnings of $6.6 billion; adjusted earnings of $6.7 billion.
- Cash flow from operations of $7.2 billion; free cash flow of $4.2 billion.
- Shareholder distributions of $6.6 billion, up 65 percent from first quarter 2022.
- First quarter 2023 earnings increased compared to first quarter 2022 primarily due to higher margins on refined product sales, partially offset by lower upstream realizations.
Headline financials
Revenue & EPS history
Chevron · Revenue · Quarterly
$50.8B
Revenue by segment
Chevron · $6.96B total across 2 segments · Q1 2023
- Upstream$5.16B—74.1%
- Downstream$1.8B—25.9%
Forward guidance
Chevron intends to leverage its capital discipline, advantaged assets and financial strength to deliver lower carbon energy to its customers and superior cash distributions to its shareholders.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+0.0%
Avg return
Earnings day
-0.1%
Avg return
5 days after
+0.7%
Avg return
30 days after
51%
38 / 74 earnings
Positive
+7.0%
Q3 2018
Best reaction
-10.3%
Q4 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.4% | -4.2% | -5.6% | |
| Q4 2025 | +3.4% | +5.9% | +9.1% | |
| Q3 2025 | +0.7% | -0.6% | -1.6% | |
| Q2 2025 | +0.2% | +1.1% | +0.6% | |
| Q1 2025 | +1.5% | -0.3% | +0.3% | |
| Q4 2024 | -4.6% | -2.1% | +1.5% | |
| Q3 2024 | +3.5% | +6.0% | +8.8% | |
| Q2 2024 | -5.2% | -6.7% | -3.1% | |
| Q1 2024 | +0.6% | -3.4% | -4.6% | |
| Q4 2023 | +3.0% | +2.9% | +3.3% | |
| Q3 2023 | -5.6% | -7.0% | -6.4% | |
| Q2 2023 | +2.5% | +0.0% | -0.3% | |
| Q1 2023 | +0.2% | -6.1% | -7.7% | |
| Q4 2022 | -7.2% | -8.7% | -13.5% | |
| Q3 2022 | +1.7% | +0.3% | +3.3% | |
| Q2 2022 | +6.7% | +3.3% | +8.7% | |
| Q1 2022 | -1.3% | +3.6% | +10.2% | |
| Q4 2021 | -3.0% | +0.0% | +3.7% | |
| Q3 2021 | +1.2% | -0.1% | +1.2% | |
| Q2 2021 | -0.9% | -2.2% | -3.8% | |
| Q1 2021 | -1.3% | +1.9% | -2.9% | |
| Q4 2020 | -2.9% | -0.1% | +12.3% | |
| Q3 2020 | +4.9% | +4.3% | +32.7% | |
| Q2 2020 | -1.7% | +1.1% | -0.7% | |
| Q1 2020 | -0.6% | -2.1% | -0.3% | |
| Q4 2019 | -4.6% | -1.0% | -16.2% | |
| Q3 2019 | +4.7% | +3.2% | +0.9% | |
| Q2 2019 | -1.7% | -1.4% | -2.5% | |
| Q1 2019 | -0.2% | -0.1% | +0.7% | |
| Q4 2018 | +4.4% | +3.7% | +6.4% | |
| Q3 2018 | +7.0% | +8.7% | +7.0% | |
| Q2 2018 | +3.1% | +1.2% | -4.0% | |
| Q1 2018 | +0.7% | +1.0% | -1.6% | |
| Q4 2017 | -10.3% | -8.2% | -11.1% | |
| Q3 2017 | -3.4% | -2.1% | -1.6% | |
| Q2 2017 | +2.9% | +4.1% | +2.0% | |
| Q1 2017 | +0.4% | +1.2% | -0.7% | |
| Q4 2016 | -4.1% | -4.8% | -5.5% | |
| Q3 2016 | +4.8% | +5.5% | +11.1% | |
| Q2 2016 | -2.6% | -1.2% | -0.5% | |
| Q1 2016 | +0.9% | — | — | |
| Q4 2015 | -0.7% | — | — | |
| Q3 2015 | +5.6% | — | — | |
| Q2 2015 | -8.0% | — | — | |
| Q1 2015 | -2.5% | — | — | |
| Q4 2014 | +3.0% | — | — | |
| Q3 2014 | -0.4% | — | — | |
| Q2 2014 | -0.8% | — | — | |
| Q1 2014 | +0.3% | — | — | |
| Q4 2013 | -4.6% | — | — | |
| Q3 2013 | -1.6% | — | — | |
| Q2 2013 | -1.9% | — | — | |
| Q1 2013 | +2.4% | — | — | |
| Q4 2012 | +0.0% | — | — | |
| Q3 2012 | -2.0% | — | — | |
| Q2 2012 | +1.4% | — | — | |
| Q1 2012 | +3.1% | — | — | |
| Q4 2011 | +1.5% | — | — | |
| Q3 2011 | +1.8% | — | — | |
| Q2 2011 | -5.0% | — | — | |
| Q1 2011 | +0.3% | — | — | |
| Q4 2010 | -0.2% | — | — | |
| Q3 2010 | -0.4% | — | — | |
| Q2 2010 | -0.4% | — | — | |
| Q1 2010 | +1.8% | — | — | |
| Q4 2009 | -0.1% | — | — | |
| Q4 2007 | -0.1% | — | — | |
| Q3 2009 | +1.6% | — | — | |
| Q3 2008 | +1.6% | — | — | |
| Q2 2009 | -0.4% | — | — | |
| Q2 2008 | -0.4% | — | — | |
| Q1 2008 | +3.3% | — | — | |
| Q1 2009 | +3.3% | — | — | |
| Q4 2008 | +3.3% | — | — |
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