How did CVX's earnings performance evolve in 2024?

Chevron Corporation (NYSE:CVX) demonstrated a strong revenue growth trajectory in 2024, but faced challenges in cost management and market conditions, as evidenced by its earnings performance:

1. **Revenue Growth**: Chevron's total revenue for 2024 reached $202.79 billion, reflecting a significant increase from the previous year. This growth was driven by record production levels, particularly in the Permian Basin, where production surged by nearly 18% year-over-year.
2. **Earnings Performance**: The company's net income for the year was $17.75 billion. However, adjusted earnings per share (EPS) fell slightly to $2.06, missing the forecasted $2.11. This slight miss indicated potential challenges in cost management or market conditions impacting profitability.

|code|Ticker|Name|Date|Total Revenue YoY|Total Revenue|market_code|
|---|---|---|---|---|---|---|
|CVX|CVX.N|Chevron|2024 Q1|-4.089146142184947|4.8716E10|169|
|CVX|CVX.N|Chevron|2024 Q2|4.6731839005235605|5.1181E10|169|
|CVX|CVX.N|Chevron|2024 Q3|-6.3073224852071|5.0669E10|169|
|CVX|CVX.N|Chevron|2024 Q4|10.69520983467571|5.2226E10|169|

|code|Ticker|Name|Date|Net Income YoY|Net Income|market_code|
|---|---|---|---|---|---|---|
|CVX|CVX.N|Chevron|2024 Q1|-15.957607872823617|5.551E9|169|
|CVX|CVX.N|Chevron|2024 Q2|-26.04860186418109|4.443E9|169|
|CVX|CVX.N|Chevron|2024 Q3|-31.41113653699466|4.496E9|169|
|CVX|CVX.N|Chevron|2024 Q4|45.296477931341954|3.259E9|169|

3. **Market Reaction**: Despite the revenue beat, Chevron's stock dropped 3.68% in pre-market trading following the earnings release, reflecting investor concerns over the earnings miss. This decline was a notable deviation from the company's historical alignment with earnings forecasts, suggesting underlying cost pressures or market volatility affecting the bottom line.
4. **Operational Highlights**: Chevron achieved record shareholder returns in 2024, returning a total of $27 billion to shareholders through dividends and buybacks. The company also continued to focus on technology-driven efficiency improvements and maintained a strong balance sheet with a net-debt ratio of 10%.

In conclusion, Chevron's 2024 earnings performance showcased strong revenue growth and record production levels, but was impacted by slight cost management challenges and market conditions, as reflected in the adjusted EPS miss.