Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A Expenses [USD, Millions]

R&D Expenses [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

f9ffee816ec33d37dba750b3f219076274314941fe0657c8dad31f7bec9c7409

7c5ac4752b933f97c985fac934d442438c9a6b300016568a070540213f78199b

Upstream

- United States

- International

Downstream

All Other

Total Revenue

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United States

- Upstream

- Downstream

- All Other

International

Intersegment Elimination US

Intersegment Elimination Int

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7a489d55d79bf7b6128709baa01f39e974c915c1507dca6fc6815df6db9450dd

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

33b0d8b30aca8d5a2ef594e84c971f5424f8689a4a5dcb34d79b8f17c1c2747d

Sales and other operating revenues (USD, millions)

Income (loss) from equity affiliates (USD, millions)

Other income (loss) (USD, millions)

Total Revenues and Other Income (USD, millions)

Purchased crude oil and products (USD, millions)

Operating expenses (USD, millions)

Selling, general and administrative expenses (USD, millions)

Exploration expenses (USD, millions)

Depreciation, depletion and amortization (USD, millions)

Taxes other than on income (USD, millions)

Interest and debt expense (USD, millions)

Other components of net periodic benefit costs (USD, millions)

Total Costs and Other Deductions (USD, millions)

Income (Loss) Before Income Tax Expense (USD, millions)

Income Tax Expense (Benefit) (USD, millions)

Net Income (Loss) (USD, millions)

Less: Net income (loss) attributable to noncontrolling interests (USD, millions)

Net Income (Loss) Attributable to Chevron Corporation (USD, millions)

b00c664c7d076996309df8ec5f4379a23fa93cfc947084474320c3422e77fe87

Cash and cash equivalents (USD, millions)

Marketable securities (USD, millions)

Accounts and notes receivable (USD, millions)

Crude oil and products inventories (USD, millions)

Chemicals inventories (USD, millions)

Materials, supplies and other inventories (USD, millions)

Total inventories (USD, millions)

Prepaid expenses and other current assets (USD, millions)

Total Current Assets (USD, millions)

Long-term receivables (USD, millions)

Investments and advances (USD, millions)

Properties, plant and equipment, at cost (USD, millions)

Less: Accumulated depreciation, depletion and amortization (USD, millions)

Properties, plant and equipment, net (USD, millions)

Deferred charges and other assets (USD, millions)

Goodwill (USD, millions)

Assets held for sale (USD, millions)

Total Assets (USD, millions)

Short-term debt (USD, millions)

Accounts payable (USD, millions)

Accrued liabilities (USD, millions)

Federal and other taxes on income (USD, millions)

Other taxes payable (USD, millions)

Total Current Liabilities (USD, millions)

Long-term debt (USD, millions)

Deferred credits and other noncurrent obligations (USD, millions)

Noncurrent deferred income taxes (USD, millions)

Noncurrent employee benefit plans (USD, millions)

Total Liabilities (USD, millions)

Common stock (USD, millions)

Capital in excess of par value (USD, millions)

Retained earnings (USD, millions)

Accumulated other comprehensive losses (USD, millions)

Deferred compensation and benefit plan trust (USD, millions)

Treasury stock, at cost (USD, millions)

Total Chevron Corporation Stockholders’ Equity (USD, millions)

Noncontrolling interests (USD, millions)

Total Equity (USD, millions)

Total Liabilities and Equity (USD, millions)

f54e30ef4963ca7e75caed020b9a591bb99d767d4b8b4fcc5aa67bb7158ab424

Chevron’s **cash and cash equivalents** dropped sharply in Q3 2023 because the company experienced **lower operating cash flows**, with cash provided by operations declining from **$37.1 billion** to **$23.2 billion**, alongside **higher capital expenditures** increasing from **$8.1 billion** to **$11.5 billion** as it ramped up investments (including its acquisition of PDC Energy). Additionally, significant **shareholder returns** of **$20 billion** through dividends and share repurchases, along with **debt repayments** and reduced proceeds from asset sales and returns on investments, further contributed to the reduction in cash. This combination of factors led to a decrease from **$17,678 million at December 31, 2022** to **$5,797 million at September 30, 2023**.  **[0000093410-23-000088_cvx-20230930.htm:44]** **[0000093410-23-000085_a09302023ex9918-k.htm:0]** 

Why did Cash and cash equivalents drop so sharply in Q3 2023?

Chevron’s total assets increased in Q3 2023 primarily due to the **acquisition of PDC Energy, Inc.**, which added significant assets particularly in U.S. production basins.  **[0000093410-23-000085_a09302023ex9918-k.htm:0]** **[0000093410-23-000085_a09302023ex9918-k.htm:1]**  Additionally, **higher investments in properties, plant and equipment**—with the net value rising from **$143,591 million** to **$153,972 million**—and a **rise in inventories** (from **$8,247 million** to **$9,428 million**) contributed to the growth, even though these gains were partly offset by a **decline in cash and cash equivalents** (from **$17,678 million** to **$5,797 million**).  **[0000093410-23-000088_cvx-20230930.htm:8]** **[0000093410-23-000085_a09302023ex9918-k.htm:9]** 

What drove the increase in Total Assets in Q3 2023?

Chevron's **steep decline in short-term debt** in Q3 2023 is primarily attributed to two factors. First, **debt repayments related to the PDC acquisition** played a significant role, as Chevron assumed **$1.5 billion of debt** and repaid balances under the revolving credit facility and the 2024 notes during the quarter. Second, there was a **reclassification of debt**, where **$3.9 billion** of obligations due within one year were reclassified to long-term debt, reflecting the company's intent and ability to refinance these obligations on a long-term basis.  **[0000093410-23-000088_cvx-20230930.htm:44]** 

What factors contributed to the steep decline in Short-term debt in Q3 2023?

The documents indicate that marketable securities increased from **$223 million at December 31, 2022** to **$318 million at June 30, 2023**. However, they do not provide specific reasons for this spike. Generally, such changes may result from adjustments in the company's investment portfolio, shifts in cash management strategies, or reallocation of funds between cash equivalents and short-term investments.  **[0000093410-23-000079_cvx-20230630.htm:8]** **[0000093410-23-000076_a06302023ex9918-k.htm:8]** 

How do we explain the enormous spike in Marketable securities in Q2 2023?

The documents confirm that Chevron’s Chemicals inventories increased from **$515 million** at the end of Q4 2022 to **$553 million** in Q1 2023.  **[0000093410-23-000066_cvx-20230331.htm:5]**  However, **the reasons behind this dramatic surge are not specified in the available documents**.  **[0000093410-23-000066_cvx-20230331.htm:5]** 

What caused the dramatic surge in Chemicals inventories in Q1 2023?

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Chevron's **net income** in Q4 2023 was significantly reduced due to several factors. **Impairment charges of $1.8 billion** in U.S. upstream and **decommissioning obligations of $1.9 billion** related to previously sold assets in the U.S. Gulf of Mexico had a major impact. Additionally, **lower realizations** in both the U.S. and international upstream segments—such as a drop in U.S. natural gas realizations from **$4.94/MCF** in Q4 2022 to **$1.62/MCF** in Q4 2023—further depressed earnings. There were also adverse **foreign currency effects**, which reduced earnings by **$479 million**, alongside **reduced downstream margins** and **higher operating costs** linked to acquisitions like the integration of PDC Energy.  **[0000093410-24-000006_a12312023ex9918-k.htm:0]** **[0000093410-24-000006_a12312023ex9918-k.htm:2]** 

Why was Net Income so low in Q4 2023?

Chevron's **Sales and other operating revenues** declined in FY 2023 primarily due to **lower commodity prices**, notably the decrease in **crude oil and natural gas prices**, which was the main driver of the revenue drop. This impact was **partially offset by higher refined product sales volumes**, although it did not fully compensate for the decline in overall sales.  **[0000093410-24-000013_cvx-20231231.htm:85]** **[0001193125-24-046223_d576159ds4.htm:400]** **[0001193125-24-080599_d576159ds4a.htm:410]** 

What caused the decline in Sales in FY 2023?

In **Q4 2023**, the large loss in Other income was primarily driven by **charges related to abandonment and decommissioning obligations** for previously sold oil and gas production assets in the U.S. Gulf of Mexico, **unfavorable foreign currency effects** that reduced earnings by **$479 million**, and **lower gains on asset sales** compared to the previous year.  **[0000093410-24-000013_cvx-20231231.htm:106]** **[0000093410-24-000006_a12312023ex9918-k.htm:0]** 

What factors contributed to the large loss in Other income in Q4 2023?

The **interest and debt expense** for Chevron spiked in **Q3 2024** due to a **higher debt balance** compared to the previous year’s Q3, which led to the increase from **$114 million** in Q3 2023 to **$164 million** in Q3 2024.  **[0000093410-24-000059_cvx-20240930.htm:49]** 

Why did Interest and debt expense spike in Q3 2024?

fa8ac7bdf4c5230ea60e37843ea042ca1a37bc7e7888ab9055a9f92f9c1e61d5

Chevron Corp (CVX)

Financials