Chevron’s Q4 Profit Plummets 65% to $2.3B Amid Impairments and Decommissioning Costs

Chevron's fourth-quarter profit fell 65% year-over-year to $2.3 billion, or $1.22 per share, due to $1.8 billion in impairment charges and $1.9 billion for Gulf of Mexico decommissioning obligations. Adjusted EPS of $3.45 beat estimates, as the company returned a record $23.6 billion to shareholders in 2023 through $11.3 billion in dividends and $14.9 billion in share buybacks. Revenue of $47.18 billion missed estimates as refining profits fell 35% year-over-year to $1.15 billion on lower U.S. margins.