- Fourth quarter loss of $665 million; adjusted loss of $11
million
- Annual capital spending down 35 percent
- Increased 2020 dividend per share for 33rd consecutive
year
Chevron Corporation (NYSE: CVX) today reported a loss of $665
million ($(0.33) per share - diluted) for fourth quarter 2020,
compared with a loss of $6.6 billion ($(3.51) per share - diluted)
in fourth quarter 2019. Included in the current quarter was a
charge of $120 million associated with Noble Energy, Inc.
acquisition costs. Foreign currency effects decreased earnings by
$534 million. Adjusted loss of $11 million ($(0.01) per share -
diluted) in fourth quarter 2020 compares to adjusted earnings of
$2.8 billion ($1.49 per share - diluted) in fourth quarter
2019.
Chevron reported a full-year 2020 loss of $5.5 billion ($(2.96)
per share - diluted), compared with earnings of $2.9 billion ($1.54
per share - diluted) in 2019. Included in 2020 were net charges for
special items of $4.5 billion, compared to net charges of $8.7
billion for special items in 2019. Foreign currency effects
decreased earnings in 2020 by $645 million. Adjusted loss of $368
million ($(0.20) per share - diluted) in full-year 2020 compares to
adjusted earnings of $11.9 billion ($6.27 per share - diluted) in
full-year 2019. For a reconciliation of adjusted earnings/(loss),
see Attachment 5.
Sales and other operating revenues in fourth quarter 2020 were
$25 billion, compared to $35 billion in the year-ago period.
Earnings Summary
Three Months Ended Dec.
31
Year Ended Ended Dec.
31
Millions of dollars
2020
2019
2020
2019
Earnings by business segment
Upstream
$501
$(6,734)
$(2,433)
$2,576
Downstream
(338)
672
47
2,481
All Other
(828)
(548)
(3,157)
(2,133)
Total (1)(2)
$(665)
$(6,610)
$(5,543)
$2,924
(1) Includes foreign currency effects
$(534)
$(256)
$(645)
$(304)
(2) Net income attributable to Chevron
Corporation (See Attachment 1)
“2020 was a year like no other,” said Mike Wirth, Chevron’s
chairman of the board and chief executive officer. “We were well
positioned when the pandemic and economic crisis hit, and we exited
the year with a strong balance sheet, having completed a major
acquisition and increased our dividend payout for the 33rd
consecutive year.”
“When market conditions deteriorated, we swiftly reduced capital
spending by 35 percent from 2019 and also reduced operating costs,
demonstrating our commitment to capital and cost discipline,” Wirth
added. Excluding severance expense, 2020 operating expenses were
down $1.4 billion from the prior year. Chevron also completed an
enterprise-wide transformation program and the integration of Noble
Energy, positioning the company for the future.
“The acquisition of Noble Energy was completed in October,
adding high-quality assets, opportunities and people to Chevron,”
Wirth said. The company also generated asset sales proceeds of $2.9
billion in 2020, including the sale of its Appalachia natural gas
business in December. For 2018 through 2020, the company generated
asset sales proceeds of $7.7 billion, in the middle of its guidance
range of $5-$10 billion.
Chevron added 832 million barrels of net oil-equivalent proved
reserves in 2020. These additions, which are subject to final
reviews, are net of reductions associated with lower commodity
prices, decisions to reduce capital funding for various projects
and asset sales. The largest net additions were from the
acquisition of Noble Energy and from assets in Kazakhstan. The
largest net reductions were from assets in Australia, Venezuela,
and the Permian Basin and asset sales in Appalachia. The company
will provide additional details relating to 2020 reserve additions
in its Annual Report on Form 10-K scheduled for filing with the SEC
on February 25, 2021.
“In 2020, we increased production of renewable products and
investments in low-carbon technologies, consistent with our
commitment to succeed in a lower carbon future,” Wirth stated.
During the year, the company announced first gas production at its
CalBioGas renewable natural gas (RNG) joint venture in California,
formed a new RNG partnership with Brightmark and announced first
production of renewable base oil through its Novvi joint venture.
The company also entered agreements to invest in carbon capture and
other emerging low carbon technologies through its Future Energy
Fund.
At year-end, balances of cash, cash equivalents, and marketable
securities totaled $5.6 billion, a decrease of $0.1 billion from
the end of 2019. Total debt at December 31, 2020 was $44.3 billion,
an increase of $17.3 billion from a year earlier, including $9.4
billion from Noble Energy.
UPSTREAM
Worldwide net oil-equivalent production was 3.28 million barrels
per day in fourth quarter 2020, an increase of 6 percent from a
year ago. The increase was largely due to the Noble Energy
acquisition, partially offset by production curtailments. Worldwide
net oil-equivalent production for the full-year 2020 was 3.08
million barrels per day, an increase of 1 percent from the prior
year.
U.S. Upstream
Three Months Ended Dec.
31
Year Ended Ended Dec.
31
Millions of dollars
2020
2019
2020
2019
Earnings
$101
$(7,465)
$(1,608)
$(5,094)
U.S. upstream operations earned $101 million in fourth quarter
2020, compared with a loss of $7.47 billion a year earlier. The
increase was primarily due to the absence of fourth quarter 2019
impairments of $8.2 billion, partially offset by lower crude oil
realizations.
The company’s average sales price per barrel of crude oil and
natural gas liquids was $33 in fourth quarter 2020, down from $47 a
year earlier. The average sales price of natural gas was $1.49 per
thousand cubic feet in fourth quarter 2020, up from $1.10 in last
year’s fourth quarter.
Net oil-equivalent production of 1.20 million barrels per day in
fourth quarter 2020 was up 197,000 barrels per day from a year
earlier. The increase was due to 231,000 barrels per day of
production from the Noble Energy acquisition. Additional production
increases from shale and tight properties in the Permian Basin were
more than offset by normal field declines, weather effects in the
Gulf of Mexico and a 25,000 barrels per day decrease related to the
Appalachian asset sale. The net liquids component of oil-equivalent
production in fourth quarter 2020 increased 14 percent to 880,000
barrels per day, while net natural gas production increased 39
percent to 1.89 billion cubic feet per day, compared to last year’s
fourth quarter.
International Upstream
Three Months Ended Dec.
31
Year Ended Ended Dec.
31
Millions of dollars
2020
2019
2020
2019
Earnings*
$400
$731
$(825)
$7,670
*Includes foreign currency effects
$(384)
$(226)
$(285)
$(323)
International upstream operations earned $400 million in fourth
quarter 2020, compared with $731 million a year ago. The decrease
in earnings was primarily due to the absence of a 2019 gain of $1.2
billion on the sale of the U.K. Central North Sea assets, lower
crude oil and natural gas realizations and lower crude oil sales
volumes. Partially offsetting the decrease was the absence of
fourth quarter 2019 write-offs and impairment charges of $2.2
billion along with lower operating expenses. Foreign currency
effects had an unfavorable impact on earnings of $158 million
between periods.
The average sales price for crude oil and natural gas liquids in
fourth quarter 2020 was $40 per barrel, down from $57 a year
earlier. The average sales price of natural gas was $4.23 per
thousand cubic feet in the fourth quarter, compared with $5.71 in
last year’s fourth quarter.
Net oil-equivalent production of 2.08 million barrels per day in
fourth quarter 2020 was flat relative to fourth quarter 2019.
Higher production due to 124,000 barrels per day of production from
the Noble Energy acquisition and favorable entitlement effects were
offset by production curtailments associated with OPEC+
restrictions and market conditions, asset sale-related decreases of
82,000 barrels per day and normal field declines. The net liquids
component of oil-equivalent production decreased 2 percent to 1.10
million barrels per day in fourth quarter 2020, while net natural
gas production of 5.90 billion cubic feet per day increased 3
percent, compared to last year's fourth quarter.
DOWNSTREAM
U.S. Downstream
Three Months Ended Dec.
31
Year Ended Ended Dec.
31
Millions of dollars
2020
2019
2020
2019
Earnings
$(174)
$488
$(571)
$1,559
U.S. downstream operations reported a loss of $174 million in
fourth quarter 2020, compared with earnings of $488 million a year
earlier. The decrease was mainly due to lower margins on refined
product sales and lower sales volumes, partially offset by lower
operating expenses and higher earnings from 50 percent-owned
Chevron Phillips Chemical Company LLC.
Refinery crude oil input in fourth quarter 2020 decreased 17
percent to 806,000 barrels per day from the year-ago period, as the
company cut refinery runs in response to the weak refining margin
environment.
Refined product sales of 1.02 million barrels per day were also
down 17 percent from fourth quarter 2019, mainly due to lower jet
fuel, diesel and gasoline demand associated with the COVID-19
pandemic.
International Downstream
Three Months Ended Dec.
31
Year Ended Ended Dec.
31
Millions of dollars
2020
2019
2020
2019
Earnings*
$(164)
$184
$618
$922
*Includes foreign currency effects
$(140)
$(32)
$(152)
$17
International downstream operations reported a loss of $164
million in fourth quarter 2020, compared with earnings of $184
million a year earlier. The decrease in earnings was largely due to
lower margins on refined product sales, partially offset by lower
operating expenses. Foreign currency effects had an unfavorable
impact on earnings of $108 million between periods.
Refinery crude oil input of 541,000 barrels per day in fourth
quarter 2020 decreased 6 percent from the year-ago period,
primarily due to the economic slowdowns in response to the COVID-19
pandemic, partially offset by the absence of the fourth quarter
2019 major planned turnaround at the Star Petroleum Refining
Company in Thailand.
Refined product sales of 1.23 million barrels per day in fourth
quarter 2020 were down 4 percent from the year-ago period, mainly
due to lower jet fuel demand associated with the COVID-19 pandemic,
partially offset by higher diesel sales resulting from the second
quarter 2020 acquisition of Puma Energy (Australia) Holdings Pty
Ltd.
ALL OTHER
Three Months Ended Dec.
31
Year Ended Ended Dec.
31
Millions of dollars
2020
2019
2020
2019
Net Charges*
$(828)
$(548)
$(3,157)
$(2,133)
*Includes foreign currency effects
$(10)
$2
$(208)
$2
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 2020 were $828 million, compared
to $548 million a year earlier. The increase in net charges between
periods was mainly due to higher pension expenses and Noble Energy
acquisition costs, partially offset by favorable tax items. Foreign
currency effects increased net charges by $12 million between
periods.
CASH FLOW FROM OPERATIONS
Cash flow from operations in 2020 was $10.6 billion, compared
with $27.3 billion in 2019. Excluding working capital effects, cash
flow from operations in 2020 was $12.2 billion, compared with $25.8
billion in 2019.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures in 2020 were $13.5 billion,
compared with $21.0 billion in 2019. The amounts included $4.0
billion in 2020 and $6.1 billion in 2019 for the company’s share of
expenditures by affiliates, which did not require cash outlays by
the company. Expenditures for upstream represented 81 percent of
the company-wide total in 2020. Included in 2020 were inorganic
capital expenditures of $350 million primarily associated with the
downstream acquisition of Puma Energy (Australia) Holdings Pty Ltd.
The acquisition of Noble Energy is not included in the company’s
capital and exploratory expenditures.
NOTICE
Chevron’s discussion of fourth quarter 2020 earnings with
security analysts will take place on Friday, January 29, 2021, at
8:00 a.m. PDT. 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.
Additional financial and operating information and other
complementary materials will be available 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.
This press release includes adjusted earnings/(loss), which
reflect earnings or losses excluding significant non-operational
items including impairment charges, write-offs, severance costs,
Noble Energy acquisition costs, gains on asset sales, unusual tax
items, the Anadarko merger termination fee, foreign currency
effects and other special items. We believe it is useful for
investors to consider these figures 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 5.
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 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,”
“forecasts,” “projects,” “believes,” “seeks,” “schedules,”
“estimates,” “positions,” “pursues,” “may,” “could,” “should,”
“will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on
schedule,” “on track,” “is slated,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised,” “potential” 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 our
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; public health crises, such as pandemics
(including coronavirus (COVID-19)) and epidemics, and any related
government policies and actions; changing economic, regulatory and
political environments in the various countries in which the
company operates; general domestic and international economic and
political conditions; changing refining, marketing and chemicals
margins; the company’s ability to realize anticipated cost savings,
expenditure reductions and efficiencies associated with enterprise
transformation initiatives; actions of competitors or regulators;
timing of exploration expenses; timing of crude oil liftings; the
competitiveness of alternate-energy sources or product substitutes;
technological developments; the results of operations and financial
condition of the company’s suppliers, vendors, partners and equity
affiliates, particularly during extended periods of low prices for
crude oil and natural gas 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 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 ability to achieve the anticipated
benefits from the acquisition of Noble Energy; 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, industry-specific taxes, tariffs,
sanctions, changes in fiscal terms or restrictions on scope of
company operations; foreign currency movements compared with the
U.S. dollar; material reductions in corporate liquidity and access
to debt markets; the receipt of required Board authorizations to
pay future dividends; 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 18 through 21 of the company's 2019 Annual Report
on Form 10-K, as updated by Part II, Item 1A, "Risk Factors" in the
company's subsequently filed Quarterly Reports on Form 10-Q, and in
other 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.
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 1
(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
2020
2019
2020
2019
Sales and other operating revenues
$
24,843
$
34,574
$
94,471
$
139,865
Income (loss) from equity affiliates
568
538
(472
)
3,968
Other income (loss)
(165
)
1,238
693
2,683
Total Revenues and Other Income
25,246
36,350
94,692
146,516
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
13,387
19,693
50,488
80,113
Operating expenses *
6,488
7,214
25,416
25,945
Exploration expenses
367
272
1,537
770
Depreciation, depletion and
amortization
4,486
16,429
19,508
29,218
Taxes other than on income
1,276
969
4,499
4,136
Interest and debt expense
199
178
697
798
Total Costs and Other
Deductions
26,203
44,755
102,145
140,980
Income (Loss) Before Income Tax
Expense
(957
)
(8,405
)
(7,453
)
5,536
Income tax expense (benefit)
(301
)
(1,738
)
(1,892
)
2,691
Net Income (Loss)
(656
)
(6,667
)
(5,561
)
2,845
Less: Net income (loss) attributable to
noncontrolling interests
9
(57
)
(18
)
(79
)
NET INCOME (LOSS) ATTRIBUTABLE TO
CHEVRON CORPORATION
$
(665
)
$
(6,610
)
$
(5,543
)
$
2,924
* 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
$
(0.33
)
$
(3.51
)
$
(2.96
)
$
1.55
- Diluted
$
(0.33
)
$
(3.51
)
$
(2.96
)
$
1.54
Weighted Average Number of Shares
Outstanding (000's)
- Basic
1,910,724
1,872,317
1,870,027
1,882,499
- Diluted
1,910,724
1,872,317
1,870,027
1,895,126
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 2
(Millions of Dollars)
(unaudited)
EARNINGS BY MAJOR
OPERATING AREA
Three Months Ended
December 31
Year Ended December
31
2020
2019
2020
2019
Upstream
United States
$
101
$
(7,465
)
$
(1,608
)
$
(5,094
)
International
400
731
(825
)
7,670
Total Upstream
501
(6,734
)
(2,433
)
2,576
Downstream
United States
(174
)
488
(571
)
1,559
International
(164
)
184
618
922
Total Downstream
(338
)
672
47
2,481
All Other (1)
(828
)
(548
)
(3,157
)
(2,133
)
Total (2)
$
(665
)
$
(6,610
)
$
(5,543
)
$
2,924
SELECTED BALANCE
SHEET ACCOUNT DATA (Preliminary)
Dec 31, 2020
Dec 31, 2019
Cash and Cash Equivalents
$
5,596
$
5,686
Marketable Securities
$
31
$
63
Total Assets
$
239,790
$
237,428
Total Debt
$
44,315
$
26,973
Total Chevron Corporation Stockholders'
Equity
$
131,688
$
144,213
Three Months Ended
December 31
Year Ended December
31
CAPITAL AND EXPLORATORY
EXPENDITURES(3)
2020
2019
2020
2019
United States
Upstream
$
1,198
$
2,268
$
5,130
$
8,197
Downstream
271
487
1,021
1,868
Other
43
132
226
365
Total United States
1,512
2,887
6,377
10,430
International
Upstream
1,285
2,754
5,784
9,627
Downstream
376
370
1,325
920
Other
4
5
13
17
Total International
1,665
3,129
7,122
10,564
Worldwide
$
3,177
$
6,016
$
13,499
$
20,994
(1) Includes worldwide cash management and
debt financing activities, corporate administrative functions,
insurance operations, real estate activities, and technology
companies.
(2) Net Income (Loss) Attributable to
Chevron Corporation (See Attachment 1).
(3) Includes interest in affiliates:
United States
$
73
$
112
$
324
$
368
International
846
1,422
3,658
5,744
Total
$
919
$
1,534
$
3,982
$
6,112
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 3
(Billions of Dollars)
(unaudited)
SUMMARIZED
STATEMENT OF CASH FLOWS (Preliminary)1
Year Ended December
31
OPERATING ACTIVITIES
2020
2019
Net Income (Loss)
$
(5.6
)
$
2.8
Adjustments
Depreciation, depletion and
amortization
19.5
29.2
Distributions more (less) than income from
equity affiliates
2.0
(2.1
)
Loss (gain) on asset retirements and
sales
(0.8
)
(1.4
)
Net foreign currency effects
0.6
0.3
Deferred income tax provision
(3.6
)
(2.0
)
Net decrease (increase) in operating
working capital
(1.7
)
1.5
Other operating activity
—
(1.1
)
Net Cash Provided by Operating
Activities
$
10.6
$
27.3
INVESTING ACTIVITIES
Capital expenditures
(8.9
)
(14.1
)
Proceeds and deposits related to asset
sales and returns of investment
3.0
3.0
Net maturities of (investments in) time
deposits
—
1.0
Other investing activity(2)
(1.0
)
(1.2
)
Net Cash Used for Investing
Activities
$
(7.0
)
$
(11.5
)
FINANCING ACTIVITIES
Net change in debt
7.5
(7.8
)
Cash dividends — common stock
(9.7
)
(9.0
)
Net sales (purchases) of treasury
shares
(1.5
)
(2.9
)
Distributions to noncontrolling
interests
—
—
Net Cash Used for Financing
Activities
$
(3.7
)
$
(19.8
)
EFFECT OF EXCHANGE RATE CHANGES ON
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
(0.1
)
0.3
NET CHANGE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
$
(0.2
)
$
(3.6
)
(1) Totals may not match sum of parts due
to presentation in billions.
(2) Primarily borrowings of loans by
equity affiliates.
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 4
(unaudited)
OPERATING
STATISTICS (1)
Three Months Ended
December 31
Year Ended December
31
NET LIQUIDS PRODUCTION (MB/D):
(2)
2020
2019
2020
2019
United States
880
771
790
724
International
1,098
1,122
1,078
1,141
Worldwide
1,978
1,893
1,868
1,865
NET NATURAL GAS PRODUCTION (MMCF/D):
(3)
United States
1,892
1,363
1,607
1,225
International
5,904
5,747
5,683
5,932
Worldwide
7,796
7,110
7,290
7,157
TOTAL NET OIL-EQUIVALENT PRODUCTION
(MB/D): (4)
United States
1,195
998
1,058
929
International
2,082
2,080
2,025
2,129
Worldwide
3,277
3,078
3,083
3,058
SALES OF NATURAL GAS (MMCF/D):
United States
3,581
4,121
3,894
4,016
International
5,369
5,713
5,634
5,869
Worldwide
8,950
9,834
9,528
9,885
SALES OF NATURAL GAS LIQUIDS
(MB/D):
United States
249
284
233
231
International
104
92
120
106
Worldwide
353
376
353
337
SALES OF REFINED PRODUCTS
(MB/D):
United States
1,019
1,234
1,003
1,250
International (5)
1,228
1,278
1,221
1,327
Worldwide
2,247
2,512
2,224
2,577
REFINERY INPUT (MB/D):
United States
806
975
793
947
International
541
576
584
617
Worldwide
1,347
1,551
1,377
1,564
(1) Includes interest in affiliates.
(2) Includes net production of synthetic
oil:
Canada
60
58
54
53
Venezuela Affiliate
—
—
—
3
(3) Includes natural gas consumed in
operations (MMCF/D):
United States
47
41
37
36
International
550
577
566
602
(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):
337
385
348
379
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 5
(Millions of Dollars)
(unaudited)
RECONCILIATION OF
NON-GAAP MEASURES
Three Months Ended
December 31, 2020
Three Months Ended
December 31, 2019
Year Ended December 31,
2020
Year Ended December 31,
2019
Pre- Tax
Income Tax
After Tax
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After Tax
Pre- Tax
Income Tax
After- Tax
REPORTED EARNINGS
U.S. Upstream
$
101
$
(7,465
)
$
(1,608
)
$
(5,094
)
Int'l Upstream
400
731
(825
)
7,670
U.S. Downstream
(174
)
488
(571
)
1,559
Int'l Downstream
(164
)
184
618
922
All Other
(828
)
(548
)
(3,157
)
(2,133
)
Net Income (Loss) Attributable to
Chevron
$
(665
)
$
(6,610
)
$
(5,543
)
$
2,924
SPECIAL
ITEMS
U.S. Upstream
Impairments & write-offs
$
—
$
—
$
—
$
(10,639
)
$
2,469
$
(8,170
)
$
(1,575
)
$
385
$
(1,190
)
$
(10,639
)
$
2,469
$
(8,170
)
Severance accruals
—
—
—
—
—
—
(157
)
37
(120
)
—
—
—
Noble acquisition costs
(25
)
5
(20
)
—
—
—
(25
)
5
(20
)
—
—
—
Int'l Upstream
Asset sale gains
—
—
—
1,319
(119
)
1,200
550
—
550
1,319
(119
)
1,200
Impairments & write-offs
—
—
—
(2,464
)
284
(2,180
)
(4,106
)
516
(3,590
)
(2,464
)
284
(2,180
)
Severance accruals
—
—
—
—
—
—
(374
)
84
(290
)
—
—
—
Tax Items
—
—
—
—
—
—
—
690
690
—
180
180
U.S. Downstream
Severance accruals
—
—
—
—
—
—
(109
)
29
(80
)
—
—
—
Int'l Downstream
Severance accruals
—
—
—
—
—
—
(79
)
19
(60
)
—
—
—
All Other
Mining remediation
—
—
—
—
—
—
(118
)
28
(90
)
—
—
—
Repatriation tax
—
—
—
—
—
—
—
—
—
—
(430
)
(430
)
Severance accruals
—
—
—
—
—
—
(295
)
65
(230
)
—
—
—
Anadarko merger termination fee
—
—
—
—
—
—
—
—
—
1,000
(260
)
740
Noble acquisition costs
(127
)
27
(100
)
—
—
—
(127
)
27
(100
)
—
—
—
Total Special Items
$
(152
)
$
32
$
(120
)
$
(11,784
)
$
2,634
$
(9,150
)
$
(6,415
)
$
1,885
$
(4,530
)
$
(10,784
)
$
2,124
$
(8,660
)
FOREIGN CURRENCY
EFFECTS
Int'l Upstream
$
(384
)
$
(226
)
$
(285
)
$
(323
)
Int'l Downstream
(140
)
(32
)
(152
)
17
All Other
(10
)
2
(208
)
2
Total Foreign Currency Effects
$
(534
)
$
(256
)
$
(645
)
$
(304
)
ADJUSTED
EARNINGS/(LOSS)*
U.S. Upstream
$
121
$
705
$
(278
)
$
3,076
Int'l Upstream
784
1,937
2,100
8,793
U.S. Downstream
(174
)
488
(491
)
1,559
Int'l Downstream
(24
)
216
830
905
All Other
(718
)
(550
)
(2,529
)
(2,445
)
Total Adjusted Earnings/(Loss)
$
(11
)
$
2,796
$
(368
)
$
11,888
Total Adjusted Earnings/(Loss) per
share
$
(0.01
)
$
1.49
$
(0.20
)
$
6.27
* 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/20210129005103/en/
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