- Reported earnings of $11.2 billion; adjusted earnings of $10.8
billion
- Cash flow from operations of $15.3 billion; free cash flow of
$12.3 billion
- Shareholder distributions of $6.5 billion
Chevron Corporation (NYSE: CVX) today reported earnings of $11.2
billion ($5.78 per share - diluted) for third quarter 2022,
compared with $6.1 billion ($3.19 per share - diluted) in third
quarter 2021. Included in the current quarter were pension
settlement costs of $177 million. Foreign currency effects
increased earnings by $624 million. Adjusted earnings of $10.8
billion ($5.56 per share - diluted) in third quarter 2022 compares
to adjusted earnings of $5.7 billion ($2.96 per share - diluted) in
third quarter 2021.
Sales and other operating revenues in third quarter 2022 were
$64 billion, compared to $43 billion in the year-ago period.
Earnings Summary
Three Months Ended
September 30
Nine Months Ended
September 30
Millions of dollars
2022
2021
2022
2021
Earnings by business segment
Upstream
$
9,307
$
5,135
$
24,798
$
10,663
Downstream
2,530
1,310
6,383
2,154
All Other
(606
)
(334
)
(2,069
)
(2,247
)
Total (1)(2)
$
11,231
$
6,111
$
29,112
$
10,570
(1) Includes foreign currency effects
$
624
$
305
$
1,074
$
346
(2) Net income attributable to Chevron
Corporation (See Attachment 1)
“We delivered another quarter of strong financial performance
with return on capital employed of 25 percent,” said Mike Wirth,
Chevron’s chairman and chief executive officer. “At the same time,
we’re increasing investments and growing energy supplies, with our
Permian production reaching another quarterly record.”
During the quarter, the company paid dividends of $2.7 billion
(6 percent higher per share than third quarter 2021), increased
investments by over 50 percent from last year, paid down debt for
the sixth consecutive quarter, and repurchased $3.75 billion of
shares (more than 1 percent of shares outstanding). The company’s
third quarter Permian Basin unconventional production totaled over
700,000 barrels of oil equivalent per day, up over 12 percent from
last year’s quarter.
“We’ve also taken important steps to position both our
traditional and new energy businesses to help meet the world’s
growing demand for our products,” Wirth concluded. The company’s
recent business highlights include:
- Approved a project to increase light crude oil processing
capacity by 15 percent at the company’s Pasadena, Texas
refinery.
- Entered Namibia by acquiring an 80 percent working interest in
a Deepwater oil and gas exploration lease.
- Received permits, as part of joint ventures, to assess carbon
storage for three blocks totaling nearly 7.8 million acres in
offshore Australia.
- Broke ground on a lower carbon feedstock expansion project at
the company’s bio-refinery in Germany.
- Delivered renewable natural gas for the first time from the
Brightmark RNG Holdings LLC joint venture project in South
Dakota.
UPSTREAM
Worldwide net oil-equivalent production was 3.03 million barrels
per day in third quarter 2022. International production decreased 3
percent primarily due to the end of concessions in Thailand and
Indonesia, while U.S. production increased 4 percent compared to
the same period a year ago, mainly in the Gulf of Mexico and the
Permian Basin.
U.S. Upstream
Three Months Ended
September 30
Nine Months Ended
September 30
Millions of dollars
2022
2021
2022
2021
Earnings
$
3,398
$
1,962
$
10,004
$
4,349
U.S. upstream operations earned $3.40 billion in third quarter
2022, compared with $1.96 billion a year earlier. The improvement
was primarily due to higher realizations and higher volumes,
partially offset by the absence of third quarter 2021 asset sale
gains.
The company’s average sales price per barrel of crude oil and
natural gas liquids was $76 in third quarter 2022, up from $58 a
year earlier. The average sales price of natural gas was $7.05 per
thousand cubic feet in third quarter 2022, up from $3.25 in last
year’s third quarter.
Net oil-equivalent production of 1.18 million barrels per day in
third quarter 2022 was up 49,000 barrels per day from a year
earlier. The increase was primarily due to net production increases
in the Gulf of Mexico, due to the absence of third quarter 2021
weather impacts, and in the Permian Basin. The net liquids
component of oil-equivalent production in third quarter 2022
increased 6 percent to 891,000 barrels per day, and net natural gas
production was 1.71 billion cubic feet per day, similar to last
year’s third quarter.
International Upstream
Three Months Ended
September 30
Nine Months Ended
September 30
Millions of dollars
2022
2021
2022
2021
Earnings*
$
5,909
$
3,173
$
14,794
$
6,314
*Includes foreign currency effects
$
440
$
285
$
899
$
311
International upstream operations earned $5.91 billion in third
quarter 2022, compared with $3.17 billion a year ago. The increase
in earnings was primarily due to higher realizations, partially
offset by lower sales volumes. Foreign currency effects had a
favorable impact on earnings of $155 million compared to last
year’s third quarter.
The average sales price for crude oil and natural gas liquids in
third quarter 2022 was $89 per barrel, up from $68 a year earlier.
The average sales price of natural gas was $10.36 per thousand
cubic feet in the third quarter, up from $6.28 in last year’s third
quarter.
Net oil-equivalent production of 1.85 million barrels per day in
third quarter 2022 was down 56,000 barrels per day from third
quarter 2021. The decrease was primarily due to the absence of
production following expiration of the Erawan concession in
Thailand and Rokan concession in Indonesia, partially offset by the
absence of third quarter 2021 planned turnaround impacts at
Tengizchevroil. The net liquids component of oil-equivalent
production decreased 11 percent to 816,000 barrels per day in third
quarter 2022, while net natural gas production increased 4 percent
to 6.21 billion cubic feet per day compared to last year’s third
quarter.
DOWNSTREAM
U.S. Downstream
Three Months Ended
September 30
Nine Months Ended
September 30
Millions of dollars
2022
2021
2022
2021
Earnings
$
1,288
$
1,083
$
4,214
$
1,729
U.S. downstream operations reported earnings of $1.29 billion in
third quarter 2022, compared with earnings of $1.08 billion a year
earlier. The increase was mainly due to higher margins on refined
product sales, partially offset by lower earnings from the 50
percent-owned Chevron Phillips Chemical Company and higher
operating expenses that were largely associated with planned
turnarounds.
Refinery crude oil input in third quarter 2022 decreased 13
percent to 779,000 barrels per day from the year-ago period,
primarily due to planned turnarounds.
Refined product sales of 1.25 million barrels per day were up 5
percent from the year-ago period, mainly due to higher renewable
fuel sales following the Renewable Energy Group, Inc. acquisition
and higher jet fuel demand as restrictions from the pandemic
continue to ease.
International Downstream
Three Months Ended
September 30
Nine Months Ended
September 30
Millions of dollars
2022
2021
2022
2021
Earnings*
$
1,242
$
227
$
2,169
$
425
*Includes foreign currency effects
$
179
$
123
$
347
$
183
International downstream operations reported earnings of $1.24
billion in third quarter 2022, compared with $227 million a year
earlier. The increase was mainly due to higher margins on refined
product sales and a $56 million favorable swing in foreign currency
impacts compared to last year’s third quarter.
Refinery crude oil input of 651,000 barrels per day in third
quarter 2022 increased 11 percent from the year-ago period as
refinery runs increased due to higher demand.
Refined product sales of 1.44 million barrels per day in third
quarter 2022 increased 4 percent from the year-ago period, mainly
due to higher demand for jet fuel as restrictions from the pandemic
continue to ease.
ALL OTHER
Three Months Ended
September 30
Nine Months Ended
September 30
Millions of dollars
2022
2021
2022
2021
Net Charges*
$
(606
)
$
(334
)
$
(2,069
)
$
(2,247
)
*Includes foreign currency effects
$
5
$
(103
)
$
(172
)
$
(148
)
All Other consists of worldwide cash management and debt
financing activities, corporate administrative functions, insurance
operations, real estate activities and technology companies.
Net charges in third quarter 2022 were $606 million, compared to
$334 million a year earlier. The increase in net charges between
periods was mainly due to the absence of third quarter 2021
favorable tax items and higher current quarter pension settlement
expenses, partially offset by higher interest income from higher
cash balances and lower debt interest expenses. Foreign currency
effects decreased net charges by $108 million between periods.
CASH FLOW FROM OPERATIONS
Cash flow from operations in the first nine months of 2022 was
$37.1 billion, compared with $19.7 billion in the first nine months
of 2021. Excluding working capital effects, cash flow from
operations in the first nine months of 2022 was $35.9 billion,
compared with $21.2 billion in the first nine months of 2021.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures for the company’s
consolidated entities (C&E) in the first nine months of 2022
were $8.2 billion, compared with $5.8 billion in the first nine
months of 2021. Additionally, the company’s share of equity
affiliate capital and exploratory expenditures (Affiliate C&E)
was $2.4 billion in the first nine months of 2022 and $2.3 billion
in the first nine months of 2021 and did not require cash outlays
by the company. C&E for 2022 includes $0.8 billion of inorganic
spend largely associated with the formation of the Bunge joint
venture. The acquisition of Renewable Energy Group, Inc. is not
included in the company’s C&E.
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
We are focused on lowering the carbon intensity in our operations
and growing lower carbon businesses along with our traditional
business lines. More information about Chevron is available at
www.chevron.com.
NOTICE
Chevron’s discussion of third quarter 2022 earnings with
security analysts will take place on Friday, October 28, 2022, at
8:00 a.m. PT. A webcast of the meeting will be available in a
listen-only mode to individual investors, media, and other
interested parties on Chevron’s website at www.chevron.com under the “Investors” section.
Prepared remarks for today’s call, additional financial and
operating information and other complementary materials will be
available prior to the call at approximately 3:30 a.m. PT and
located under “Events and Presentations” in the “Investors” section
on the Chevron website.
As used in this news release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we,” “us” and “its”
may refer to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs.
Please visit Chevron’s website and Investor Relations page at
www.chevron.com and www.chevron.com/investors, LinkedIn:
www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook:
www.facebook.com/chevron, and Instagram: www.instagram.com/chevron,
where Chevron often discloses important information about the
company, its business, and its results of operations.
Non-GAAP Financial Measures - This news release includes
adjusted earnings/(loss), which reflect earnings or losses
excluding significant non-operational items including impairment
charges, write-offs, severance costs, gains on asset sales, unusual
tax items, effects of pension settlements and curtailments, foreign
currency effects and other special items. We believe it is useful
for investors to consider this measure in comparing the underlying
performance of our business across periods. The presentation of
this additional information is not meant to be considered in
isolation or as a substitute for net income (loss) as prepared in
accordance with U.S. GAAP. A reconciliation to net income (loss)
attributable to Chevron Corporation is shown in Attachment 6.
This news release also includes cash flow from operations
excluding working capital, free cash flow and free cash flow
excluding working capital. Cash flow from operations excluding
working capital is defined as net cash provided by operating
activities less net changes in operating working capital, and
represents cash generated by operating activities excluding the
timing impacts of working capital. Free cash flow is defined as net
cash provided by operating activities less cash capital
expenditures and generally represents the cash available to
creditors and investors after investing in the business. Free cash
flow excluding working capital is defined as net cash provided by
operating activities excluding working capital less cash capital
expenditures and generally represents the cash available to
creditors and investors after investing in the business excluding
the timing impacts of working capital. The company believes these
measures are useful to monitor the financial health of the company
and its performance over time. A reconciliation of cash flow from
operations excluding working capital, free cash flow and free cash
flow excluding working capital are shown in Attachment 3.
This news release also includes net debt ratio. Net debt ratio
is defined as total debt less cash and cash equivalents and
marketable securities as a percentage of total debt less cash and
cash equivalents and marketable securities, plus Chevron
Corporation stockholders’ equity, which indicates the company’s
leverage, net of its cash balances. The company believes this
measure is useful to monitor the strength of the company’s balance
sheet. A reconciliation of net debt ratio is shown in Attachment
2.
Key Performance Indicators - Capital and exploratory
expenditures (“C&E”) is a key performance indicator that
provides the Company’s investment level in its consolidated
companies. This metric includes additions to fixed asset and
investment accounts along with exploration expense for its
consolidated companies. Management uses this metric along with
Affiliate C&E (as defined below) to manage allocation of
capital across the company’s entire portfolio, funding requirements
and ultimately shareholder distributions. The calculation of
C&E is shown in Attachment 4.
Equity affiliate capital and exploratory expenditures
(“Affiliate C&E”) is also a key performance indicator that
provides the Company’s share of investments in its significant
equity affiliate companies. This metric includes additions to fixed
asset and investment accounts along with exploration expense in the
equity affiliate companies’ financial statements. Management uses
this metric to assess possible funding needs and/or shareholder
distribution capacity of the company’s equity affiliate companies.
Together with C&E, management also uses Affiliate C&E to
manage allocation of capital across the company’s entire portfolio,
funding requirements and ultimately shareholder distributions.
Affiliate C&E is in Attachment 4.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations and energy transition plans that are based
on management’s current expectations, estimates and projections
about the petroleum, chemicals and other energy-related industries.
Words or phrases such as “anticipates,” “expects,” “intends,”
“plans,” “targets,” “advances,” “commits,” “drives,” “aims,”
“forecasts,” “projects,” “believes,” “approaches,” “seeks,”
“schedules,” “estimates,” “positions,” “pursues,” “may,” “can,”
“could,” “should,” “will,” “budgets,” “outlook,” “trends,”
“guidance,” “focus,” “on track,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised,” “potential,” “ambitions,”
“aspires” and similar expressions are intended to identify such
forward-looking statements. These statements are not guarantees of
future performance and are subject to certain risks, uncertainties
and other factors, many of which are beyond the company’s control
and are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. The reader should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this news release. Unless legally required,
Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
public health crises, such as pandemics (including coronavirus
(COVID-19)) and epidemics, and any related government policies and
actions; disruptions in the company’s global supply chain,
including supply chain constraints and escalation of the cost of
goods and services; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic, market and
political conditions, including the military conflict between
Russia and Ukraine and the global response to such conflict;
changing refining, marketing and chemicals margins; actions of
competitors or regulators; timing of exploration expenses; timing
of crude oil liftings; the competitiveness of alternate-energy
sources or product substitutes; development of large carbon capture
and offset markets; the results of operations and financial
condition of the company’s suppliers, vendors, partners and equity
affiliates, particularly during the COVID-19 pandemic; the
inability or failure of the company’s joint-venture partners to
fund their share of operations and development activities; the
potential failure to achieve expected net production from existing
and future crude oil and natural gas development projects;
potential delays in the development, construction or start-up of
planned projects; the potential disruption or interruption of the
company’s operations due to war, accidents, political events, civil
unrest, severe weather, cyber threats, terrorist acts, or other
natural or human causes beyond the company’s control; the potential
liability for remedial actions or assessments under existing or
future environmental regulations and litigation; significant
operational, investment or product changes undertaken or required
by existing or future environmental statutes and regulations,
including international agreements and national or regional
legislation and regulatory measures to limit or reduce greenhouse
gas emissions; the potential liability resulting from pending or
future litigation; the company’s future acquisitions or
dispositions of assets or shares or the delay or failure of such
transactions to close based on required closing conditions; the
potential for gains and losses from asset dispositions or
impairments; government mandated sales, divestitures,
recapitalizations, taxes and tax audits, tariffs, sanctions,
changes in fiscal terms or restrictions on scope of company
operations; foreign currency movements compared with the U.S.
dollar; higher inflation and related impacts; material reductions
in corporate liquidity and access to debt markets; the receipt of
required Board authorizations to implement capital allocation
strategies, including future stock repurchase programs and dividend
payments; the effects of changed accounting rules under generally
accepted accounting principles promulgated by rule-setting bodies;
the company’s ability to identify and mitigate the risks and
hazards inherent in operating in the global energy industry; and
the factors set forth under the heading “Risk Factors” on pages 20
through 25 of the company's 2021 Annual Report on Form 10-K and in
subsequent filings with the U.S. Securities and Exchange
Commission. Other unpredictable or unknown factors not discussed in
this news release could also have material adverse effects on
forward-looking statements.
Attachment 1
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars, Except
Per-Share Amounts)
(unaudited)
CONSOLIDATED
STATEMENT OF INCOME
Three Months Ended
September 30
Nine Months Ended
September 30
REVENUES AND OTHER INCOME
2022
2021
2022
2021
Sales and other operating revenues
$
63,508
$
42,552
$
181,194
$
109,745
Income (loss) from equity affiliates
2,410
1,647
6,962
4,000
Other income (loss)
726
511
1,623
591
Total Revenues and Other Income
66,644
44,710
189,779
114,336
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
38,090
23,834
110,742
62,031
Operating expenses *
7,593
6,110
21,430
18,564
Exploration expenses
116
158
521
357
Depreciation, depletion and
amortization
4,201
4,304
11,555
13,112
Taxes other than on income
1,707
2,075
5,272
5,061
Interest and debt expense
128
174
393
557
Total Costs and Other
Deductions
51,835
36,655
149,913
99,682
Income (Loss) Before Income Tax
Expense
14,809
8,055
39,866
14,654
Income tax expense (benefit)
3,571
1,940
10,636
4,047
Net Income (Loss)
11,238
6,115
29,230
10,607
Less: Net income (loss) attributable to
noncontrolling interests
7
4
118
37
NET INCOME (LOSS) ATTRIBUTABLE
TO
CHEVRON CORPORATION
$
11,231
$
6,111
$
29,112
$
10,570
PER SHARE OF
COMMON STOCK
Net Income (Loss) Attributable to
Chevron Corporation
- Basic
$
5.81
$
3.19
$
15.02
$
5.52
- Diluted
$
5.78
$
3.19
$
14.95
$
5.51
Weighted Average Number of Shares
Outstanding (000's)
- Basic
1,932,238
1,918,006
1,938,524
1,916,174
- Diluted
1,940,002
1,921,095
1,947,201
1,919,666
Note: Shares outstanding (excluding 14
million associated with Chevron’s Benefit Plan Trust) were 1,919
million and 1,916 million at September 30, 2022 and December 31,
2021, respectively.
EARNINGS BY MAJOR OPERATING
AREA
Three Months Ended
September 30
Nine Months Ended
September 30
2022
2021
2022
2021
Upstream
United States
$
3,398
$
1,962
$
10,004
$
4,349
International
5,909
3,173
14,794
6,314
Total Upstream
9,307
5,135
24,798
10,663
Downstream
United States
1,288
1,083
4,214
1,729
International
1,242
227
2,169
425
Total Downstream
2,530
1,310
6,383
2,154
All Other
(606
)
(334
)
(2,069
)
(2,247
)
NET INCOME (LOSS) ATTRIBUTABLE
TO
CHEVRON CORPORATION
$
11,231
$
6,111
$
29,112
$
10,570
* Includes operating expense, selling,
general and administrative expense, and other components of net
periodic benefit costs
Attachment 2
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
SELECTED BALANCE
SHEET ACCOUNT DATA (Preliminary)
Sept 30, 2022
Dec 31, 2021
Cash and cash equivalents
$
15,164
$
5,640
Marketable securities
$
267
$
35
Total assets
$
259,735
$
239,535
Total debt
$
23,641
$
31,369
Total Chevron Corporation stockholders'
equity
$
158,680
$
139,067
Noncontrolling interests
$
947
$
873
SELECTED
FINANCIAL RATIOS
Total debt plus total stockholders’
equity
$
182,321
$
170,436
Debt ratio (Total debt / Total debt
plus stockholders’ equity)
13.0
%
18.4
%
Adjusted debt (Total debt less cash and
cash equivalents and marketable securities)
$
8,210
$
25,694
Adjusted debt plus total stockholders’
equity
$
166,890
$
164,761
Net debt ratio (Adjusted debt /
Adjusted debt plus total stockholders’ equity)
4.9
%
15.6
%
RETURN ON CAPITAL EMPLOYED
Three Months Ended Sept
30
Nine Months Ended Sept
30
2022
2021
2022
2021
Total reported earnings
$
11,231
$
6,111
$
29,112
$
10,570
Non-controlling interest
7
4
118
37
Interest expense (A/T)
117
160
363
517
ROCE earnings
11,355
6,275
29,593
11,124
Annualized ROCE earnings
45,420
25,100
39,457
14,832
Average capital employed*
182,033
175,499
177,289
175,555
ROCE
25.0
%
14.3
%
22.3
%
8.4
%
*Capital employed is the sum of Chevron
Corporation stockholders equity, total debt and noncontrolling
interest. Average capital employed is computed by averaging the sum
of capital employed at the beginning and the end of the period.
Attachment 3
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Billions of Dollars)
(unaudited)
SUMMARIZED
STATEMENT OF CASH FLOWS (Preliminary)(1)
Three Months Ended
Sept. 30
Nine Months Ended Sept.
30
OPERATING ACTIVITIES
2022
2022
2021
Net Income (Loss)
$
11.2
$
29.2
$
10.6
Adjustments
Depreciation, depletion and
amortization
4.2
11.6
13.1
Distributions more (less) than income from
equity affiliates
(1.6
)
(4.8
)
(2.2
)
Loss (gain) on asset retirements and
sales
—
(0.5
)
(0.4
)
Net foreign currency effects
(0.4
)
(0.7
)
—
Deferred income tax provision
0.4
1.7
0.5
Net decrease (increase) in operating
working capital
1.6
1.2
(1.5
)
Other operating activity
(0.1
)
(0.7
)
(0.4
)
Net Cash Provided by Operating
Activities
$
15.3
$
37.1
$
19.7
INVESTING ACTIVITIES
Acquisition of businesses, net of cash
acquired
—
(2.9
)
—
Capital expenditures
(3.0
)
(8.1
)
(5.5
)
Proceeds and deposits related to asset
sales and returns of investment
0.1
2.5
0.6
Other investing activity(2)
0.1
0.1
0.4
Net Cash Used for Investing
Activities
$
(2.8
)
$
(8.4
)
$
(4.5
)
FINANCING ACTIVITIES
Net change in debt
(2.5
)
(8.2
)
(6.9
)
Cash dividends — common stock
(2.7
)
(8.3
)
(7.6
)
Shares issued for share-based
compensation
0.1
5.5
0.4
Shares repurchased
(3.8
)
(7.5
)
(0.6
)
Distributions to noncontrolling
interests
(0.1
)
(0.1
)
—
Net Cash Provided by (Used for)
Financing Activities
$
(9.0
)
$
(18.5
)
$
(14.8
)
EFFECT OF EXCHANGE RATE CHANGES ON
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
(0.1
)
(0.3
)
(0.1
)
NET CHANGE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
$
3.3
$
9.9
$
0.3
RECONCILIATION OF
NON-GAAP MEASURES (1)
Net Cash Provided by Operating
Activities
$
15.3
$
37.1
$
19.7
Less: Net decrease (increase) in operating
working capital
1.6
1.2
(1.5
)
Cash Flow from Operations Excluding
Working Capital
$
13.7
$
35.9
$
21.2
Net Cash Provided by Operating
Activities
$
15.3
$
37.1
$
19.7
Less: Capital expenditures
3.0
8.1
5.5
Free Cash Flow
$
12.3
$
29.0
$
14.3
Less: Net decrease (increase) in operating
working capital
1.6
1.2
(1.5
)
Free Cash Flow Excluding Working
Capital
$
10.7
$
27.8
$
15.7
(1) Totals may not match sum of parts due
to presentation in billions.
(2) Primarily sales of marketable
securities and (borrowings) repayments of loans by equity
affiliates.
Attachment 4
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
CAPITAL AND
EXPLORATORY EXPENDITURES
Three Months Ended
September 30
Nine Months Ended
September 30
2022
2021
2022
2021
Capital Expenditures
$
2,995
$
1,907
$
8,139
$
5,450
Expensed exploration expenditures
95
122
266
302
Capital lease obligations and other
3
10
(166
)
50
Capital and Exploratory Expenditures
(C&E)
3,093
2,039
8,239
5,802
Acquisition of businesses, net of cash
received
—
—
2,862
—
C&E plus acquisitions (company
investment)
$
3,093
$
2,039
$
11,101
$
5,802
Affiliate C&E
$
846
$
731
$
2,380
$
2,258
Three Months Ended
September 30
Nine Months Ended
September 30
C&E BY
SEGMENT
2022
2021
2022
2021
United States
Upstream
$
1,855
$
1,135
$
4,728
$
3,256
Downstream
282
225
1,120
567
Other
54
53
182
136
Total United States
2,191
1,413
6,030
3,959
International
Upstream
852
583
2,087
1,717
Downstream
47
40
113
113
Other
3
3
9
13
Total International
902
626
2,209
1,843
C&E
$
3,093
$
2,039
$
8,239
$
5,802
AFFILIATE C&E
(not included above):
Upstream
$
593
$
596
$
1,772
$
1,760
Downstream
253
135
608
498
Affiliate C&E
$
846
$
731
$
2,380
$
2,258
Attachment 5
CHEVRON CORPORATION -
FINANCIAL REVIEW
(unaudited)
OPERATING
STATISTICS (1)
Three Months Ended
September 30
Nine Months Ended
September 30
NET LIQUIDS PRODUCTION (MB/D):
(2)
2022
2021
2022
2021
United States
891
842
886
834
International
816
915
824
976
Worldwide
1,707
1,757
1,710
1,810
NET NATURAL GAS PRODUCTION (MMCF/D):
(3)
United States
1,708
1,708
1,747
1,677
International
6,212
5,952
5,960
6,023
Worldwide
7,920
7,660
7,707
7,700
TOTAL NET OIL-EQUIVALENT PRODUCTION
(MB/D): (4)
United States
1,176
1,127
1,177
1,113
International
1,851
1,907
1,817
1,980
Worldwide
3,027
3,034
2,995
3,093
SALES OF NATURAL GAS (MMCF/D):
United States
4,464
4,076
4,430
3,922
International
7,990
5,450
5,812
5,212
Worldwide
12,454
9,526
10,242
9,134
SALES OF NATURAL GAS LIQUIDS
(MB/D):
United States
302
211
299
208
International
227
213
223
186
Worldwide
529
424
522
394
SALES OF REFINED PRODUCTS
(MB/D):
United States
1,248
1,188
1,226
1,133
International (5)
1,437
1,386
1,367
1,312
Worldwide
2,685
2,574
2,593
2,445
REFINERY INPUT (MB/D):
United States
779
895
858
911
International
651
584
635
567
Worldwide
1,430
1,479
1,493
1,478
(1) Includes interest in affiliates;
totals may not match sum of parts due to rounding.
(2) Includes net production of synthetic
oil:
Canada
50
51
43
55
(3) Includes natural gas consumed in
operations (MMCF/D):
United States
50
47
55
46
International
518
540
521
547
(4) Oil-equivalent production is the sum
of net liquids production, net natural gas production and synthetic
production. The oil-equivalent gas conversion ratio is 6,000 cubic
feet of natural gas = 1 barrel of crude oil.
(5) Includes share of affiliate sales
(MB/D):
399
355
378
346
Attachment 6
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
RECONCILIATION OF
NON-GAAP MEASURES
Three Months Ended September
30, 2022
Three Months Ended September
30, 2021
Nine Months Ended
September 30, 2022
Nine Months Ended
September 30, 2021
REPORTED
EARNINGS
Pre-
Tax
Income Tax
After-Tax
Pre-Tax
Income Tax
After-Tax
Pre-
Tax
Income Tax
After-Tax
Pre-Tax
Income Tax
After-Tax
U.S. Upstream
$
3,398
$
1,962
$
10,004
$
4,349
Int'l Upstream
5,909
3,173
14,794
6,314
U.S. Downstream
1,288
1,083
4,214
1,729
Int'l Downstream
1,242
227
2,169
425
All Other
(606
)
(334
)
(2,069
)
(2,247
)
Net Income (Loss) Attributable to
Chevron
$
11,231
$
6,111
$
29,112
$
10,570
SPECIAL
ITEMS
U.S. Upstream
Remediation charge
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
(158
)
$
38
$
(120
)
Early contract termination
—
—
—
—
—
—
(765
)
165
(600
)
—
—
—
Asset sale gains
—
—
—
260
(60
)
200
—
—
—
260
(60
)
200
Int'l Upstream
Asset sale gains
—
—
—
—
—
—
328
(128
)
200
—
—
—
U.S. Downstream
Legal reserves
—
—
—
—
—
—
—
—
—
(140
)
30
(110
)
All Other
Pension settlement costs
(233
)
56
(177
)
(107
)
26
(81
)
(331
)
77
(254
)
(575
)
138
(437
)
Total Special Items
$
(233
)
$
56
$
(177
)
$
153
$
(34
)
$
119
$
(768
)
$
114
$
(654
)
$
(613
)
$
146
$
(467
)
FOREIGN CURRENCY
EFFECTS
Int'l Upstream
$
440
$
285
$
899
$
311
Int'l Downstream
179
123
347
183
All Other
5
(103
)
(172
)
(148
)
Total Foreign Currency Effects
$
624
$
305
$
1,074
$
346
ADJUSTED
EARNINGS/(LOSS) *
U.S. Upstream
$
3,398
$
1,762
$
10,604
$
4,269
Int'l Upstream
5,469
2,888
13,695
6,003
U.S. Downstream
1,288
1,083
4,214
1,839
Int'l Downstream
1,063
104
1,822
242
All Other
(434
)
(150
)
(1,643
)
(1,662
)
Total Adjusted Earnings/(Loss)
$
10,784
$
5,687
$
28,692
$
10,691
Total Adjusted Earnings/(Loss) per
share
$
5.56
$
2.96
$
14.74
$
5.57
* Adjusted Earnings/(Loss) is defined as
Net Income (loss) attributable to Chevron Corporation excluding
special items and foreign currency effects.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221028005060/en/
Randy Stuart -- +1 832-854-3844
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