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FOR RELEASE AT 3:30 AM PT APRIL 30 , 2021 ● ● Earnings of $ 1.4 billion ; adjusted earnings of $ 1.7 billion Capital spending down 43 percent from prior year Cash flow from operations of $ 4.2 billion Free cash flow excluding working capital of $ 3.4 billion Chevron Chevron Announces First Quarter 2021 Results San Ramon , Calif . , April 30 , 2021 - Chevron Corporation ( NYSE : CVX ) today reported earnings of $ 1.4 billion ( $ 0.72 per share - diluted ) for first quarter 2021 , compared with $ 3.6 billion ( $ 1.93 per share - diluted ) in first quarter 2020. Included in the current quarter were pension settlement costs and legal reserves totaling $ 351 million . Foreign currency effects decreased earnings by $ 2 million . Adjusted earnings of $ 1.7 billion ( $ 0.90 per share - diluted ) in first quarter 2021 compares to adjusted earnings of $ 2.5 billion ( $ 1.31 per share - diluted ) in first quarter 2020. For a reconciliation of adjusted earnings / ( loss ) , see Attachment 5 . Millions of dollars Earnings by business segment human energy news release Sales and other operating revenues in first quarter 2021 were $ 31 billion , compared to $ 30 billion in the year - ago period . Upstream Downstream All Other Total ( 1 ) ( 2 ) Earnings Summary ( 1 ) Includes foreign currency effects ( 2 ) Net income attributable to Chevron Corporation ( See Attachment 1 ) Three Months Ended March 31 2021 2020 $ 2,350 5 ( 978 ) $ 1,377 $ ( 2 ) -MORE $ 2,920 1,103 ( 424 ) $ 3,599 $ 514 " Earnings strengthened primarily due to higher oil prices as the economy recovers , " said Mike Wirth , Chevron's chairman and chief executive officer . " Results were down from a year ago due in part to ongoing downstream margin and volume effects resulting from the pandemic and the impacts of winter storm Uri . " " We maintained capital discipline with capital spending down 43 percent from last year , " Wirth added . " We realized cost efficiencies from last year's restructuring and the integration of Noble Energy . " As a result , free cash flow excluding working capital was $ 3.4 billion in the first quarter 2021 , and the Board approved a 4 percent dividend increase that was announced earlier this week .