Eimear P. Bonner
Vice President and Chief Financial Officer at Chevron
Thanks, Mike. We reported third quarter earnings of $4.5 billion, or $2.48 per share. Adjusted earnings were $4.5 billion, or $2.51 per share. Organic capex was $4 billion for the quarter, in line with our budget. Our balance sheet remains one of the strongest in the industry, ending the quarter with a net debt ratio under 12%.
Cash flow in the third quarter was the highest for the year despite lower oil prices. Working capital decreased by $1.4 billion on lower inventory levels. Share repurchases were a record $4.7 billion, at the top end of our quarterly guidance range. Our financial priorities are unchanged, and we plan to use our strong balance sheet to reward shareholders consistently through commodity cycles.
Compared with last quarter, adjusted earnings were down about $150 million. Adjusted upstream earnings were down mainly due to lower liquids realizations and high DD&A at TCO, and partly offset by higher liftings. Adjusted downstream earnings increased primarily due to favorable timing effects and higher US volumes. This was partially offset by lower US refining margins.
Adjusted third quarter earnings were down $1.2 billion versus the same quarter last year. Adjusted upstream earnings were flat, lower liquids realizations and higher DD&A were mostly offset by higher liftings and timing effects. Adjusted downstream earnings decreased mainly due to lower refining margins. All Other was down primarily due to interest expense.
Third quarter oil equivalent production was up around 70,000 barrels per day from last quarter. Strong performance in the Permian, primarily in our company-operated New Mexico assets, was the main driver. We expect full-year average production growth to finish at the top end of our guidance range of 4% to 7%.
Costs always matter in a commodity business. We have a track record of managing unit costs well below inflation while successfully integrating several acquisitions. Higher returns require competitive costs and safe and reliable operations. Executing turnarounds on-budget and on-schedule is a key performance driver, and we've delivered outstanding performance in 2024. Our teams have collaborated across upstream and downstream to standardize the approach to these complex maintenance events, increasing the days our facilities are online and lowering unit costs.
While we anticipate significant volume growth in the years ahead, we also expect to deliver $2 billion to $3 billion in structural cost reductions by the end of 2026. These cost savings will largely come from optimizing the portfolio, leveraging technology to enhance productivity, and changing how and where work is performed, including the expanded use of global capability centers.
Now, looking ahead. In the fourth quarter, upstream will have downtime which is expected to be split between US and international operations. Impacts to production from divestments are expected to be around 45,000 barrels of oil equivalent per day for the quarter. Downstream will have higher planned maintenance, primarily at El Segundo and Pascagoula. We will also have a shutdown at the Pasadena refinery enabling the Light Tight Oil expansion to come online.
We anticipate affiliate dividends to be around $1 billion this quarter. Share repurchases are expected to be between $4 billion and $4.75 billion in the fourth quarter, unchanged from prior guidance. Proceeds from asset sales are expected to be about $8 billion before taxes in the quarter.
Back to you, Jake.