- Reported earnings of $2.3 billion; adjusted earnings of $6.5
billion
- Record $26.3 billion cash returned to shareholders in 2023
- Record annual worldwide and U.S. production
- Announced an 8 percent increase in quarterly dividend to
$1.63/share
Chevron Corporation (NYSE: CVX) reported earnings of $2.3
billion ($1.22 per share - diluted) for fourth quarter 2023,
compared with $6.4 billion ($3.33 per share - diluted) in fourth
quarter 2022. Included in the current quarter were $1.8 billion of
U.S. upstream impairment charges and $1.9 billion of
decommissioning obligations from previously sold assets in the U.S.
Gulf of Mexico. Foreign currency effects decreased earnings by $479
million. Adjusted earnings of $6.5 billion ($3.45 per share -
diluted) in fourth quarter 2023 compared to adjusted earnings of
$7.9 billion ($4.09 per share - diluted) in fourth quarter 2022.
See Attachment 4 for a reconciliation of adjusted earnings.
Earnings & Cash Flow Summary
Unit
4Q 2023
3Q 2023
4Q 2022
2023
2022
Total Earnings / (Loss)
$ MM
$
2,259
$
6,526
$
6,353
$
21,369
$
35,465
Upstream
$ MM
$
1,586
$
5,755
$
5,485
$
17,438
$
30,284
Downstream
$ MM
$
1,147
$
1,683
$
1,771
$
6,137
$
8,155
All Other
$ MM
$
(474
)
$
(912
)
$
(903
)
$
(2,206
)
$
(2,974
)
Earnings Per Share - Diluted
$/Share
$
1.22
$
3.48
$
3.33
$
11.36
$
18.28
Adjusted Earnings (1)
$ MM
$
6,453
$
5,721
$
7,850
$
24,693
$
36,542
Adjusted Earnings Per Share - Diluted
(1)
$/Share
$
3.45
$
3.05
$
4.09
$
13.13
$
18.83
Cash Flow From Operations (CFFO)
$ B
$
12.4
$
9.7
$
12.5
$
35.6
$
49.6
CFFO Excluding Working Capital (1)
$ B
$
11.4
$
8.9
$
11.5
$
38.8
$
47.5
(1) See non-GAAP reconciliation in
attachments
“In 2023, we returned more cash to shareholders and produced
more oil and natural gas than any year in the company’s history,”
said Mike Wirth, Chevron’s chairman and chief executive officer.
Cash returned to shareholders totaled over $26 billion for the
year, 18 percent higher than last year’s record total, and annual
worldwide net oil-equivalent production increased to over 3.1
million barrels of oil-equivalent per day, led by 14 percent growth
in the United States.
“We also strengthened our portfolio with traditional and new
energy acquisitions to help meet the growing demand for affordable,
reliable, and ever-cleaner energy,” Wirth concluded. In 2023, the
company completed several acquisitions, including PDC Energy, Inc.
and a majority stake in ACES Delta, LLC, and signed an agreement to
acquire Hess Corporation.
Financial and Business Highlights
Unit
4Q 2023
3Q 2023
4Q 2022
2023
2022
Return on Capital Employed (ROCE)
%
5.1
%
14.5
%
14.2
%
11.9
%
20.3
%
Capital Expenditures (Capex)
$ B
$
4.4
$
4.7
$
3.8
$
15.8
$
12.0
Affiliate Capex
$ B
$
0.9
$
0.8
$
1.0
$
3.5
$
3.4
Free Cash Flow (1)
$ B
$
8.1
$
5.0
$
8.7
$
19.8
$
37.6
Free Cash Flow ex. working capital (1)
$ B
$
7.1
$
4.2
$
7.7
$
23.0
$
35.5
Debt Ratio (end of period)
%
11.5
%
11.1
%
12.8
%
11.5
%
12.8
%
Net Debt Ratio (1) (end of period)
%
7.3
%
8.1
%
3.3
%
7.3
%
3.3
%
Net Oil-Equivalent Production
MBOED
3,392
3,146
3,011
3,120
2,999
(1) See non-GAAP reconciliation in
attachments
2023 Financial Highlights
- Reported earnings declined compared to last year primarily due
to lower upstream realizations, losses from decommissioning
obligations for previously sold assets in the U.S. Gulf of Mexico,
higher U.S. upstream impairment charges mainly in California and
lower margins on refined product sales.
- Worldwide and U.S. net oil-equivalent production set annual
records. Worldwide production was up 4 percent from a year ago
primarily due to the acquisition of PDC Energy, Inc. (PDC) and
growth in the Permian Basin, which was up 10 percent over
2022.
- Added approximately 980 million barrels of net oil-equivalent
proved reserves in 2023, which are subject to final reviews, that
equate to 86 percent of net oil equivalent production for the year.
The largest net additions were from acquisitions in the United
States, and extensions and discoveries in the Permian Basin. The
largest net reductions were from revisions in the Permian Basin,
east Texas and California.
- Capex in 2023 was up 32 percent from last year primarily due to
higher investments in the United States, including about $450
million invested in PDC assets post-acquisition and approximately
$650 million of inorganic spend, mainly due to the acquisition of a
majority stake in ACES Delta, LLC. Capex excludes the acquisition
cost of PDC.
- Cash flow from operations was lower than a year ago mainly due
to lower commodity prices and lower margins on refined product
sales. Over the past three years, the company has generated over
$110 billion in cash flow from operations and nearly $80 billion of
free cash flow.
- Eliminated over $4 billion of debt, including all debt assumed
in the PDC acquisition, resulting in a net debt ratio of 7.3
percent.
- The company returned a record $26.3 billion of cash to
shareholders during 2023, including dividends of $11.3 billion (3
percent higher than 2022) and share repurchases of $14.9 billion
(32 percent higher than last year).
- The company’s Board of Directors declared an 8 percent increase
in the quarterly dividend to one dollar and sixty-three cents
($1.63) per share, payable March 11, 2024, to all holders of common
stock as shown on the transfer records of the corporation at the
close of business on February 16, 2024.
2023 Business Highlights
- Completed the acquisition of PDC, enhancing the company’s
strong presence in the DJ and Permian Basins in the United
States.
- Completed the acquisition of a majority stake in ACES Delta,
LLC, which is developing a green hydrogen production and storage
hub in Utah.
- Achieved first oil at the Mad Dog 2 project in the Gulf of
Mexico.
- Achieved first natural gas production from the Gorgon Stage 2
development in Australia.
- Achieved mechanical completion on the Future Growth Project at
the company’s 50 percent-owned affiliate, Tengizchevroil.
- Converted the diesel hydrotreater at the El Segundo, California
refinery to process either 100 percent renewable or traditional
feedstocks.
- Reached final investment decision to construct a third
gathering pipeline that is expected to increase natural gas
production capacity at the Leviathan reservoir, offshore
Israel.
- Expanded the Bayou Bend carbon capture and sequestration hub on
the U.S. Gulf Coast through an acquisition of nearly 100,000
acres.
- Received approvals to extend Block 0 concession in Angola
through 2050.
- Received approval to extend licenses with PetroBoscan, S.A. and
PetroIndependiente, S.A. in Venezuela through 2041.
- Acquired 73 exploration blocks in the Gulf of Mexico (GOM)
lease sale 259 and submitted winning bids on 28 blocks in GOM lease
sale 261, subject to final government approval.
- Announced a definitive agreement to acquire Hess Corporation,
which is expected to strengthen Chevron’s long-term performance by
adding world-class assets and people.
Segment Highlights
Upstream
U.S. Upstream
Unit
4Q 2023
3Q 2023
4Q 2022
2023
2022
Earnings / (Loss)
$ MM
$
(1,347
)
$
2,074
$
2,618
$
4,148
$
12,621
Net Oil-Equivalent Production
MBOED
1,598
1,407
1,192
1,349
1,181
Liquids Production
MBD
1,164
1,028
895
997
888
Natural Gas Production
MMCFD
2,604
2,275
1,789
2,112
1,758
Liquids Realization
$/BBL
$
58.69
$
62.42
$
66.00
$
59.19
$
76.71
Natural Gas Realization
$/MCF
$
1.62
$
1.39
$
4.94
$
1.67
$
5.55
- U.S. upstream reported a loss in the fourth quarter 2023. The
results were lower than the year-ago period primarily due to
charges associated with decommissioning obligations for previously
sold assets in the U.S. Gulf of Mexico, higher impairment charges
mainly from assets in California, and lower realizations. These
items were partially offset by higher sales volumes, including from
production post-closing of the PDC acquisition.
- U.S. net oil-equivalent production was up 34 percent from
fourth quarter 2022 and set a new quarterly record, primarily due
to the acquisition of PDC, which added 266,000 oil-equivalent
barrels per day during the quarter, and higher production in the
Permian Basin.
International Upstream
Unit
4Q 2023
3Q 2023
4Q 2022
2023
2022
Earnings / (Loss) (1)
$ MM
$
2,933
$
3,681
$
2,867
$
13,290
$
17,663
Net Oil-Equivalent Production
MBOED
1,794
1,739
1,819
1,771
1,818
Liquids Production
MBD
851
803
852
833
831
Natural Gas Production
MMCFD
5,661
5,616
5,799
5,632
5,919
Liquids Realization
$/BBL
$
74.54
$
75.64
$
77.67
$
71.70
$
90.71
Natural Gas Realization
$/MCF
$
7.31
$
6.96
$
10.35
$
7.69
$
9.75
(1) Includes foreign currency effects
$ MM
$
(162
)
$
584
$
(83
)
$
376
$
816
- International upstream earnings in the fourth quarter 2023 were
higher than a year ago primarily due to the absence of fourth
quarter 2022 write-off and impairment charges, and lower operating
expenses, partially offset by lower realizations.
- Net oil-equivalent production during the quarter was down
25,000 barrels per day from a year earlier primarily due to normal
field declines.
Downstream
U.S. Downstream
Unit
4Q 2023
3Q 2023
4Q 2022
2023
2022
Earnings / (Loss)
$ MM
$
470
$
1,376
$
1,180
$
3,904
$
5,394
Refinery Crude Oil Inputs
MBD
923
961
888
934
866
Refined Product Sales
MBD
1,298
1,303
1,236
1,287
1,228
- U.S. downstream earnings in fourth quarter 2023 were lower
compared to last year primarily due to lower margins on refined
product sales.
- Refinery crude oil inputs during the quarter increased 4
percent from the year-ago period as the company processed more
crude oil in place of other feedstocks.
- Refined product sales in fourth quarter 2023 were up 5 percent
from the year-ago period, primarily due to higher demand for jet
fuel.
International Downstream
Unit
4Q 2023
3Q 2023
4Q 2022
2023
2022
Earnings / (Loss) (1)
$ MM
$
677
$
307
$
591
$
2,233
$
2,761
Refinery Crude Oil Inputs
MBD
629
625
653
626
639
Refined Product Sales
MBD
1,437
1,431
1,441
1,445
1,386
(1) Includes foreign currency effects
$ MM
$
(58
)
$
24
$
(112
)
$
(12
)
$
235
- International downstream earnings during the quarter were
higher compared to a year ago primarily due to lower unfavorable
foreign currency effects.
- Refinery crude oil inputs in fourth quarter 2023 decreased 4
percent from the year-ago period as refinery runs decreased due to
planned shutdowns.
- Refined product sales during the quarter were flat compared to
fourth quarter last year.
All Other
All Other
Unit
4Q 2023
3Q 2023
4Q 2022
2023
2022
Net charges (1)
$ MM
$
(474
)
$
(912
)
$
(903
)
$
(2,206
)
$
(2,974
)
(1) Includes foreign currency effects
$ MM
$
(259
)
$
(323
)
$
(210
)
$
(588
)
$
(382
)
- 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 fourth quarter 2023 decreased compared to a year
ago primarily due to lower employee benefit costs and favorable tax
items.
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to enabling human progress. 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 aim to grow our oil and
gas business, lower the carbon intensity of our operations and grow
new lower carbon businesses in renewable fuels, hydrogen, carbon
capture, offsets and other emerging technologies. More information
about Chevron is available at www.chevron.com.
NOTICE
Chevron’s discussion of fourth quarter 2023 earnings with
security analysts will take place on Friday, February 2, 2024, 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, decommissioning obligations from previously
sold assets, 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 4.
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 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 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.
Reconciliations 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.
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,” “progress,”
“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 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, the war between
Israel and Hamas and the global response to these hostilities;
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; 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 related to
greenhouse gas emissions and climate change; the potential
liability resulting from pending or future litigation; the ability
to successfully integrate the operations of the company and PDC
Energy, Inc. and achieve the anticipated benefits from the
transaction, including the expected incremental annual free cash
flow; the risk that Hess Corporation (Hess) stockholders do not
approve the potential transaction, and the risk that regulatory
approvals are not obtained or are obtained subject to conditions
that are not anticipated by the company and Hess; potential delays
in consummating the potential transaction, including as a result of
regulatory proceedings; the company’s ability to integrate Hess’
operations in a successful manner and in the expected time period;
the possibility that any of the anticipated benefits and projected
synergies of the potential transaction will not be realized or will
not be realized within the expected time period; 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;
changes to the company’s capital allocation strategies; 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 26 of the
company’s 2022 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 December
31,
Year Ended December
31,
REVENUES AND OTHER INCOME
2023
2022
2023
2022
Sales and other operating revenues
$
48,933
$
54,523
$
196,913
$
235,717
Income (loss) from equity affiliates
990
1,623
5,131
8,585
Other income (loss)
(2,743
)
327
(1,095
)
1,950
Total Revenues and Other Income
47,180
56,473
200,949
246,252
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
28,477
32,570
119,196
145,416
Operating expenses (1)
7,523
7,891
29,240
29,321
Exploration expenses
254
453
914
974
Depreciation, depletion and
amortization
6,254
4,764
17,326
16,319
Taxes other than on income
1,062
864
4,220
4,032
Interest and debt expense
120
123
469
516
Total Costs and Other
Deductions
43,690
46,665
171,365
196,578
Income (Loss) Before Income Tax
Expense
3,490
9,808
29,584
49,674
Income tax expense (benefit)
1,247
3,430
8,173
14,066
Net Income (Loss)
2,243
6,378
21,411
35,608
Less: Net income (loss) attributable to
noncontrolling interests
(16
)
25
42
143
NET INCOME (LOSS) ATTRIBUTABLE TO
CHEVRON CORPORATION
$
2,259
$
6,353
$
21,369
$
35,465
(1) Includes operating expense, selling,
general and administrative expense, and other components of net
periodic benefit costs.
PER SHARE OF
COMMON STOCK
Net Income (Loss) Attributable to
Chevron Corporation
- Basic
$
1.23
$
3.34
$
11.41
$
18.36
- Diluted
$
1.22
$
3.33
$
11.36
$
18.28
Weighted Average Number of Shares
Outstanding (000's)
- Basic
1,861,474
1,910,602
1,872,737
1,931,486
- Diluted
1,868,101
1,919,731
1,880,307
1,940,277
Note: Shares outstanding (excluding 14
million associated with Chevron’s Benefit Plan Trust) were 1,851
million and 1,901 million at December 31, 2023, and December 31,
2022, respectively.
EARNINGS BY MAJOR
OPERATING AREA
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
Upstream
United States
$
(1,347
)
$
2,618
$
4,148
$
12,621
International
2,933
2,867
13,290
17,663
Total Upstream
1,586
5,485
17,438
30,284
Downstream
United States
470
1,180
3,904
5,394
International
677
591
2,233
2,761
Total Downstream
1,147
1,771
6,137
8,155
All Other
(474
)
(903
)
(2,206
)
(2,974
)
NET INCOME (LOSS) ATTRIBUTABLE TO
CHEVRON CORPORATION
$
2,259
$
6,353
$
21,369
$
35,465
Attachment 2
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
SELECTED BALANCE SHEET ACCOUNT DATA
(Preliminary)
December 31,
2023
December 31, 2022
Cash and cash equivalents
$
8,178
$
17,678
Marketable securities
$
45
$
223
Total assets
$
261,632
$
257,709
Total debt
$
20,836
$
23,339
Total Chevron Corporation stockholders'
equity
$
160,957
$
159,282
Noncontrolling interests
$
972
$
960
SELECTED FINANCIAL RATIOS
Total debt plus total stockholders’
equity
$
181,793
$
182,621
Debt ratio (Total debt / Total debt
plus stockholders’ equity)
11.5
%
12.8
%
Adjusted debt (Total debt less cash and
cash equivalents and marketable securities)
$
12,613
$
5,438
Adjusted debt plus total stockholders’
equity
$
173,570
$
164,720
Net debt ratio (Adjusted debt /
Adjusted debt plus total stockholders’ equity)
7.3
%
3.3
%
RETURN ON CAPITAL EMPLOYED
(ROCE)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Total reported earnings
$
2,259
$
6,353
$
21,369
$
35,465
Non-controlling interest
(16
)
25
42
143
Interest expense (A/T)
111
113
432
476
ROCE earnings
2,354
6,491
21,843
36,084
Annualized ROCE earnings
9,416
25,964
21,843
36,084
Average capital employed*
184,786
183,425
183,173
177,445
ROCE
5.1
%
14.2
%
11.9
%
20.3
%
*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.
Three Months Ended December
31,
Year Ended December
31,
CAPEX BY SEGMENT
2023
2022
2023
2022
United States
Upstream
$
2,608
$
2,183
$
9,842
$
6,847
Downstream
418
582
1,536
1,699
Other
133
128
351
310
Total United States
3,159
2,893
11,729
8,856
International
Upstream
1,094
833
3,836
2,718
Downstream
93
93
237
375
Other
15
16
27
25
Total International
1,202
942
4,100
3,118
CAPEX
$
4,361
$
3,835
$
15,829
$
11,974
AFFILIATE CAPEX (not included
above):
Upstream
$
517
$
634
$
2,310
$
2,406
Downstream
333
352
1,224
960
AFFILIATE CAPEX
$
850
$
986
$
3,534
$
3,366
Attachment 3
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Billions of Dollars)
(unaudited)
SUMMARIZED
STATEMENT OF CASH FLOWS (Preliminary)(1)
Three Months Ended December
31,
Year Ended December
31,
OPERATING ACTIVITIES
2023
2022
2023
2022
Net Income (Loss)
$
2.2
$
6.4
$
21.4
$
35.6
Adjustments
Depreciation, depletion and
amortization
6.3
4.8
17.3
16.3
Distributions more (less) than income from
equity affiliates
1.4
—
(0.9
)
(4.7
)
Loss (gain) on asset retirements and
sales
—
(0.1
)
(0.1
)
(0.6
)
Net foreign currency effects
0.7
0.2
0.6
(0.4
)
Deferred income tax provision
(1.0
)
0.4
0.3
2.1
Net decrease (increase) in operating
working capital
1.0
1.0
(3.2
)
2.1
Other operating activity
1.9
(0.2
)
0.2
(0.9
)
Net Cash Provided by Operating
Activities
$
12.4
$
12.5
$
35.6
$
49.6
INVESTING ACTIVITIES
Acquisition of businesses, net of cash
acquired
—
—
0.1
(2.9
)
Capital expenditures (Capex)
(4.4
)
(3.8
)
(15.8
)
(12.0
)
Proceeds and deposits related to asset
sales and returns of investment
0.3
0.2
0.7
2.6
Other investing activity
—
—
(0.1
)
0.1
Net Cash Used for Investing
Activities
$
(4.1
)
$
(3.7
)
$
(15.2
)
$
(12.1
)
FINANCING ACTIVITIES
Net change in debt
—
(0.3
)
(4.1
)
(8.5
)
Cash dividends — common stock
(2.8
)
(2.7
)
(11.3
)
(11.0
)
Shares issued for share-based
compensation
—
0.3
0.3
5.8
Shares repurchased
(3.4
)
(3.8
)
(14.9
)
(11.3
)
Distributions to noncontrolling
interests
—
—
—
(0.1
)
Net Cash Provided by (Used for)
Financing Activities
$
(6.2
)
$
(6.4
)
$
(30.1
)
$
(25.0
)
EFFECT OF EXCHANGE RATE CHANGES ON
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
0.1
0.1
(0.1
)
(0.2
)
NET CHANGE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
$
2.3
$
2.4
$
(9.8
)
$
12.3
RECONCILIATION OF
NON-GAAP MEASURES (1)
Net Cash Provided by Operating
Activities
$
12.4
$
12.5
$
35.6
$
49.6
Less: Net decrease (increase) in operating
working capital
1.0
1.0
(3.2
)
2.1
Cash Flow from Operations Excluding
Working Capital
$
11.4
$
11.5
$
38.8
$
47.5
Net Cash Provided by Operating
Activities
$
12.4
$
12.5
$
35.6
$
49.6
Less: Capital expenditures
4.4
3.8
15.8
12.0
Free Cash Flow
$
8.1
$
8.7
$
19.8
$
37.6
Less: Net decrease (increase) in operating
working capital
1.0
1.0
(3.2
)
2.1
Free Cash Flow Excluding Working
Capital
$
7.1
$
7.7
$
23.0
$
35.5
(1) Totals may not match sum of parts due
to presentation in billions.
Attachment 4
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
RECONCILIATION OF NON-GAAP
MEASURES
Three Months Ended
December 31, 2023
Three Months Ended
December 31, 2022
Year Ended December 31,
2023
Year Ended December 31,
2022
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
$
(1,347
)
$
2,618
$
4,148
$
12,621
Int'l Upstream
2,933
2,867
13,290
17,663
U.S. Downstream
470
1,180
3,904
5,394
Int'l Downstream
677
591
2,233
2,761
All Other
(474
)
(903
)
(2,206
)
(2,974
)
Net Income (Loss) Attributable to
Chevron
$
2,259
$
6,353
$
21,369
$
35,465
SPECIAL
ITEMS
U.S. Upstream
Write-offs & impairments
$
(2,324
)
$
559
$
(1,765
)
$
—
$
—
$
—
$
(2,324
)
$
559
$
(1,765
)
$
—
$
—
$
—
Early contract termination
—
—
—
—
—
—
—
—
—
(765
)
165
(600
)
Decommissioning obligations
(2,561
)
611
(1,950
)
—
—
—
(2,561
)
611
(1,950
)
—
—
—
Int'l Upstream
Asset sale gains
—
—
—
—
—
—
—
—
—
328
(128
)
200
Write-offs & impairments
—
—
—
(813
)
(262
)
(1,075
)
—
—
—
(813
)
(262
)
(1,075
)
Tax items
—
—
—
—
—
—
—
655
655
—
—
—
All Other
Pension settlement costs
—
—
—
(21
)
4
(17
)
(53
)
13
(40
)
(352
)
81
(271
)
Total Special Items
$
(4,885
)
$
1,170
$
(3,715
)
$
(834
)
$
(258
)
$
(1,092
)
$
(4,938
)
$
1,838
$
(3,100
)
$
(1,602
)
$
(144
)
$
(1,746
)
FOREIGN CURRENCY
EFFECTS
Int'l Upstream
$
(162
)
$
(83
)
$
376
$
816
Int'l Downstream
(58
)
(112
)
(12
)
235
All Other
(259
)
(210
)
(588
)
(382
)
Total Foreign Currency Effects
$
(479
)
$
(405
)
$
(224
)
$
669
ADJUSTED EARNINGS/(LOSS) *
U.S. Upstream
$
2,368
$
2,618
$
7,863
$
13,221
Int'l Upstream
3,095
4,025
12,259
17,722
U.S. Downstream
470
1,180
3,904
5,394
Int'l Downstream
735
703
2,245
2,526
All Other
(215
)
(676
)
(1,578
)
(2,321
)
Total Adjusted Earnings/(Loss)
$
6,453
$
7,850
$
24,693
$
36,542
Total Adjusted Earnings/(Loss) per
share
$
3.45
$
4.09
$
13.13
$
18.83
* 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/20240202391329/en/
Randy Stuart -- +1 713-283-8609
Chevron (NYSE:CVX)
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