Chevron Sees Q2 2024 Buybacks $2.5B-$3B; Sees FY Production (Incl. Asset Sales) 3,245 MBOE/d To 3,338 MBOE/d; Estimated Q2 Upstream Turnarounds And Downtime About 65 MBOE/d Mostly Driven By TCO And Several Gulf Of Mexico Assets; Sees Permian Production In H1 Expected To Be Down Less Than 2% From Q4 2023
Portfolio Pulse from Benzinga Newsdesk
Chevron announced plans for Q2 2024 buybacks between $2.5 billion and $3 billion. The company expects full-year production, including asset sales, to range from 3,245 MBOE/d to 3,338 MBOE/d. Estimated Q2 upstream turnarounds and downtime are about 65 MBOE/d, mainly due to TCO and Gulf of Mexico assets. Permian production in H1 is expected to be down less than 2% from Q4 2023.
June 24, 2024 | 3:13 pm
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Chevron plans significant buybacks and provides production guidance for 2024. The buybacks indicate strong cash flow and shareholder returns, while production guidance and expected downtime provide insights into operational performance.
The announcement of substantial buybacks suggests strong financial health and commitment to returning value to shareholders, which is likely to positively impact the stock price. Production guidance and expected downtime offer transparency into operational expectations, which can help manage investor expectations.
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