Net Income (Loss) [Millions of dollars]

Depreciation, depletion and amortization [Millions of dollars]

Distributions more (less) than income from equity affiliates [Millions of dollars]

Net before-tax losses (gains) on asset retirements and sales [Millions of dollars]

Net foreign currency effects [Millions of dollars]

Deferred income tax provision [Millions of dollars]

Net decrease (increase) in operating working capital [Millions of dollars]

Other (Operating Activities) [Millions of dollars]

Net Cash Provided by Operating Activities [Millions of dollars]

Acquisition of businesses, net of cash received [Millions of dollars]

Capital expenditures [Millions of dollars]

Proceeds and deposits related to asset sales and returns of investment [Millions of dollars]

Net Cash Used for Investing Activities [Millions of dollars]

Cash dividends - common stock [Millions of dollars]

Net contributions from (distributions to) noncontrolling interests [Millions of dollars]

Net sales (purchases) of treasury shares [Millions of dollars]

Net Cash Provided by (Used for) Financing Activities [Millions of dollars]

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash [Millions of dollars]

Net Change in Cash, Cash Equivalents and Restricted Cash [Millions of dollars]

f75f246674a71230d4a30897c23db5e8a1b7ca5d0000ef0f71fcd5e4efdcf374

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?

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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?

e99077bde9a437102d026e60a7754899d99b6be387f4d68e4cd83383fee82108

Cash and cash equivalents (USD, millions)

Total Assets (USD, millions)

Total Chevron Corporation Stockholders’ Equity (USD, millions)

Noncontrolling interests (USD, millions)

7489ecf3f38f6d5daa83228d0a3baf6c478f7b3d300e7d6eaa5a690d76e6df14

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)

Exploration expenses (USD, millions)

Depreciation, depletion and amortization (USD, millions)

Taxes other than on income (USD, millions)

Interest and debt expense (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)

f04e93fc998a809c324b76869e68e548e746334f277865209d8c44dd095baf79

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

7c5ac4752b933f97c985fac934d442438c9a6b300016568a070540213f78199b

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

7a489d55d79bf7b6128709baa01f39e974c915c1507dca6fc6815df6db9450dd

United States

- Upstream

- Downstream

- All Other

International

Intersegment Elimination US

Intersegment Elimination Int

Total Revenue

f07a94db5419d5c31eeb2d2117cd15879a375d43f086974ccdd2991457bbf325

Upstream

- United States

- International

Downstream

All Other

3ca1db99ad2810c401c837fe45598f13d57e2df72c920cbb41d93d26ce90a70c

CHEVRON (CVX)

Financials