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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Chevron Corporation | NYSE:CVX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.61 | 0.37% | 165.89 | 166.98 | 163.30 | 165.31 | 9,722,943 | 00:59:10 |
6001 Bollinger Canyon Road | |||||||||||||||||||||||
Delaware | 94-0890210 | San Ramon, | California | 94583-2324 | |||||||||||||||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
(Address of principal executive offices)
(Zip Code) |
|||||||||||||||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common stock, par value $.75 per share | CVX | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | ||||||||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||||||||||||
Emerging growth company | ☐ |
ITEM | PAGE | ||||||||||
At December 31, 2020 | ||||||||||||||||||||||||||
Female | Male |
Gender data not available 1
|
Total Employees | |||||||||||||||||||||||
Number of Employees | Percentage | Number of Employees | Percentage | Number of Employees | Percentage | Number of Employees | Percentage | |||||||||||||||||||
U.S. | 6,632 | 28 | % | 16,606 | 70 | % | 491 | 2 | % | 23,729 | 50 | % | ||||||||||||||
Other Americas | 894 | 26 | % | 2,484 | 73 | % | 33 | 1 | % | 3,411 | 7 | % | ||||||||||||||
Africa | 715 | 17 | % | 3,507 | 83 | % | 6 | — | % | 4,228 | 9 | % | ||||||||||||||
Asia | 2,982 | 29 | % | 7,334 | 71 | % | 80 | 1 | % | 10,396 | 22 | % | ||||||||||||||
Australia | 1,746 | 40 | % | 2,584 | 60 | % | 6 | — | % | 4,336 | 9 | % | ||||||||||||||
Europe | 410 | 25 | % | 1,226 | 75 | % | 0 | — | % | 1,636 | 3 | % | ||||||||||||||
Total Employees 2
|
13,379 | 28 | % | 33,741 | 71 | % | 616 | 1 | % | 47,736 | 100 | % |
At December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Liquids — Millions of barrels | ||||||||||||||||||||
Consolidated Companies | 4,475 | 4,771 | 4,975 | |||||||||||||||||
Affiliated Companies | 1,672 | 1,750 | 1,815 | |||||||||||||||||
Total Liquids | 6,147 | 6,521 | 6,790 | |||||||||||||||||
Natural Gas — Billions of cubic feet | ||||||||||||||||||||
Consolidated Companies | 27,006 | 26,587 | 28,733 | |||||||||||||||||
Affiliated Companies | 2,916 | 2,870 | 2,843 | |||||||||||||||||
Total Natural Gas | 29,922 | 29,457 | 31,576 | |||||||||||||||||
Oil-Equivalent — Millions of barrels1
|
||||||||||||||||||||
Consolidated Companies | 8,976 | 9,202 | 9,764 | |||||||||||||||||
Affiliated Companies | 2,158 | 2,229 | 2,289 | |||||||||||||||||
Total Oil-Equivalent | 11,134 | 11,431 | 12,053 |
Undeveloped2
|
Developed | Developed and Undeveloped | ||||||||||||||||||||||||||||||||||||
Thousands of acres1
|
Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||
United States | 4,120 | 3,561 | 4,670 | 3,317 | 8,790 | 6,878 | ||||||||||||||||||||||||||||||||
Other Americas | 19,418 | 10,592 | 1,169 | 252 | 20,587 | 10,844 | ||||||||||||||||||||||||||||||||
Africa | 7,393 | 4,829 | 2,522 | 1,051 | 9,915 | 5,880 | ||||||||||||||||||||||||||||||||
Asia | 18,742 | 7,692 | 1,914 | 1,041 | 20,656 | 8,733 | ||||||||||||||||||||||||||||||||
Australia | 10,370 | 6,471 | 2,061 | 812 | 12,431 | 7,283 | ||||||||||||||||||||||||||||||||
Total Consolidated Companies | 60,043 | 33,145 | 12,336 | 6,473 | 72,379 | 39,618 | ||||||||||||||||||||||||||||||||
Affiliates3
|
702 | 290 | 102 | 46 | 804 | 336 | ||||||||||||||||||||||||||||||||
Total Including Affiliates | 60,745 | 33,435 | 12,438 | 6,519 | 73,183 | 39,954 | ||||||||||||||||||||||||||||||||
1 Gross acres represent the total number of acres in which Chevron has an ownership interest. Net acres represent the sum of Chevron’s ownership interest in gross acres.
|
||||||||||||||||||||||||||||||||||||||
2 The gross undeveloped acres that will expire in 2021, 2022 and 2023 if production is not established by certain required dates are 2,415, 5,404 and 3,199, respectively.
|
||||||||||||||||||||||||||||||||||||||
3 Includes gross 405 and net 141 undeveloped and gross 19 and net 5 developed acreage for interests accounted for by the non-equity method.
|
Wells Drilling* | Net Wells Completed | |||||||||||||||||||||||||||||||||||||
at 12/31/20 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Gross | Net | Prod. | Dry | Prod. | Dry | Prod. | Dry | |||||||||||||||||||||||||||||||
United States | 1 | — | 4 | 1 | 10 | 2 | 13 | 2 | ||||||||||||||||||||||||||||||
Other Americas | — | — | 2 | 2 | — | — | 1 | 1 | ||||||||||||||||||||||||||||||
Africa | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Asia | — | — | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||
Australia | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Europe | — | — | — | — | — | — | — | 1 | ||||||||||||||||||||||||||||||
Total Consolidated Companies | 1 | — | 6 | 3 | 10 | 2 | 15 | 4 | ||||||||||||||||||||||||||||||
Affiliates | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total Including Affiliates | 1 | — | 6 | 3 | 10 | 2 | 15 | 4 | ||||||||||||||||||||||||||||||
* Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells. |
Petroleum Refineries: Locations, Capacities and Inputs
|
|||||||||||||||||||||||
Capacities and inputs in thousands of barrels per day | December 31, 2020 | Refinery Inputs | |||||||||||||||||||||
Locations | Number | Operable Capacity | 2020 | 2019 | 2018 | ||||||||||||||||||
Pascagoula | Mississippi | 1 | 369 | 305 | 358 | 332 | |||||||||||||||||
El Segundo | California | 1 | 290 | 176 | 241 | 273 | |||||||||||||||||
Richmond | California | 1 | 257 | 198 | 236 | 249 | |||||||||||||||||
Pasadena1
|
Texas | 1 | 110 | 69 | 58 | — | |||||||||||||||||
Salt Lake City | Utah | 1 | 58 | 45 | 54 | 51 | |||||||||||||||||
Total Consolidated Companies — United States | 5 | 1,084 | 793 | 947 | 905 | ||||||||||||||||||
Map Ta Phut | Thailand | 1 | 175 | 143 | 134 | 160 | |||||||||||||||||
Cape Town2
|
South Africa | — | — | — | — | 49 | |||||||||||||||||
Total Consolidated Companies — International | 1 | 175 | 143 | 134 | 209 | ||||||||||||||||||
Affiliates |
Various Locations3
|
2 | 545 | 441 | 483 | 494 | |||||||||||||||||
Total Including Affiliates — International | 3 | 720 | 584 | 617 | 703 | ||||||||||||||||||
Total Including Affiliates — Worldwide | 8 | 1,804 | 1,377 | 1,564 | 1,608 |
Total Number | Average | Total Number of Shares | Approximate Dollar Values of Shares that | |||||||||||
of Shares | Price Paid | Purchased as Part of Publicly | May Yet be Purchased Under the Program | |||||||||||
Period |
Purchased 1,2
|
per Share | Announced Program |
(Billions of dollars) 2
|
||||||||||
October. 1 – October. 31, 2020 | 30,243 | $72.65 | — | $19.5 | ||||||||||
November 1 – November 30, 2020 | 9,850 | $71.15 | — | $19.5 | ||||||||||
December 1 –December 31, 2020 | 33,819 | $80.89 | — | $19.5 | ||||||||||
Total October 1 – December 31, 2020 | 73,912 | $76.22 | — |
Millions of dollars, except per-share amounts | 2020 | 2019 | 2018 | ||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | (5,543) | $ | 2,924 | $ | 14,824 | |||||||||||
Per Share Amounts: | |||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | |||||||||||||||||
– Basic | $ | (2.96) | $ | 1.55 | $ | 7.81 | |||||||||||
– Diluted | $ | (2.96) | $ | 1.54 | $ | 7.74 | |||||||||||
Dividends | $ | 5.16 | $ | 4.76 | $ | 4.48 | |||||||||||
Sales and Other Operating Revenues | $ | 94,471 | $ | 139,865 | $ | 158,902 | |||||||||||
Return on: | |||||||||||||||||
Capital Employed | (2.8) | % | 2.0 | % | 8.2 | % | |||||||||||
Stockholders’ Equity | (4.0) | % | 2.0 | % | 9.8 | % | |||||||||||
Earnings by Major Operating Area | |||||||||||||||||
Millions of dollars | 2020 | 2019 | 2018 | ||||||||||||||
Upstream | |||||||||||||||||
United States | $ | (1,608) | $ | (5,094) | $ | 3,278 | |||||||||||
International | (825) | 7,670 | 10,038 | ||||||||||||||
Total Upstream | (2,433) | 2,576 | 13,316 | ||||||||||||||
Downstream | |||||||||||||||||
United States | (571) | 1,559 | 2,103 | ||||||||||||||
International | 618 | 922 | 1,695 | ||||||||||||||
Total Downstream | 47 | 2,481 | 3,798 | ||||||||||||||
All Other | (3,157) | (2,133) | (2,290) | ||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation1,2
|
$ | (5,543) | $ | 2,924 | $ | 14,824 | |||||||||||
1 Includes foreign currency effects:
|
$ | (645) | $ | (304) | $ | 611 | |||||||||||
2 Income net of tax, also referred to as “earnings” in the discussions that follow.
|
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Earnings (Loss) | $ | (1,608) | $ | (5,094) | $ | 3,278 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Earnings (Loss)*
|
$ | (825) | $ | 7,670 | $ | 10,038 | ||||||||||||||
*Includes foreign currency effects:
|
$ | (285) | $ | (323) | $ | 545 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Earnings (Loss) | $ | (571) | $ | 1,559 | $ | 2,103 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Earnings*
|
$ | 618 | $ | 922 | $ | 1,695 | ||||||||||||||
*Includes foreign currency effects:
|
$ | (152) | $ | 17 | $ | 71 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Net charges*
|
$ | (3,157) | $ | (2,133) | $ | (2,290) | ||||||||||||||
*Includes foreign currency effects:
|
$ | (208) | $ | 2 | $ | (5) |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Sales and other operating revenues | $ | 94,471 | $ | 139,865 | $ | 158,902 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Income (loss) from equity affiliates | $ | (472) | $ | 3,968 | $ | 6,327 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Other income | $ | 693 | $ | 2,683 | $ | 1,110 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Purchased crude oil and products | $ | 50,488 | $ | 80,113 | $ | 94,578 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Operating, selling, general and administrative expenses | $ | 24,536 | $ | 25,528 | $ | 24,382 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Exploration expense | $ | 1,537 | $ | 770 | $ | 1,210 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Depreciation, depletion and amortization | $ | 19,508 | $ | 29,218 | $ | 19,419 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Taxes other than on income | $ | 4,499 | $ | 4,136 | $ | 4,867 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Interest and debt expense | $ | 697 | $ | 798 | $ | 748 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Other components of net periodic benefit costs | $ | 880 | $ | 417 | $ | 560 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Income tax expense (benefit) | $ | (1,892) | $ | 2,691 | $ | 5,715 |
Year Ended
December 31, 2020 |
Year Ended
December 31, 2019 |
||||||||||
(Millions of dollars) (unaudited) | |||||||||||
Sales and other operating revenues | $ | 49,636 | $ | 82,206 | |||||||
Sales and other operating revenues - related party | 17,044 | 24,336 | |||||||||
Total costs and other deductions | 57,575 | 87,287 | |||||||||
Total costs and other deductions - related party | 14,052 | 22,632 | |||||||||
Net income (loss) | $ | (1,610) | $ | 2,173 | |||||||
At December 31,
2020 |
At December 31,
2019 |
||||||||||
(Millions of dollars) (unaudited) | |||||||||||
Current assets | $ | 9,196 | $ | 10,180 | |||||||
Current assets - related party | 5,719 | 952 | |||||||||
Other assets | 48,993 | 50,595 | |||||||||
Current liabilities | 20,965 | 25,187 | |||||||||
Current liabilities - related party | 55,273 | 46,237 | |||||||||
Other liabilities | 34,983 | 25,622 | |||||||||
Total net equity (deficit) | $ | (47,313) | $ | (35,319) |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||
Millions of dollars | U.S. | Int’l. | Total | U.S. | Int’l. | Total | U.S. | Int’l. | Total | ||||||||||||||||||||||||||||||||
Upstream | $ | 5,130 | $ | 5,784 | $ | 10,914 | $ | 8,197 | $ | 9,627 | $ | 17,824 | $ | 7,128 | $ | 10,529 | $ | 17,657 | |||||||||||||||||||||||
Downstream | 1,021 | 1,325 | 2,346 | 1,868 | 920 | 2,788 | 1,582 | 611 | 2,193 | ||||||||||||||||||||||||||||||||
All Other | 226 | 13 | 239 | 365 | 17 | 382 | 243 | 13 | 256 | ||||||||||||||||||||||||||||||||
Total | $ | 6,377 | $ | 7,122 | $ | 13,499 | $ | 10,430 | $ | 10,564 | $ | 20,994 | $ | 8,953 | $ | 11,153 | $ | 20,106 | |||||||||||||||||||||||
Total, Excluding Equity in Affiliates | $ | 6,053 | $ | 3,464 | $ | 9,517 | $ | 10,062 | $ | 4,820 | $ | 14,882 | $ | 8,651 | $ | 5,739 | $ | 14,390 |
At December 31 | |||||||||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Current assets | $ | 26,078 | $ | 28,329 | $ | 34,021 | |||||||||||||||||||||||
Current liabilities | 22,183 | 26,530 | 27,171 | ||||||||||||||||||||||||||
Current Ratio | 1.2 | 1.1 | 1.3 |
Year ended December 31 | |||||||||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Income (Loss) Before Income Tax Expense | $ | (7,453) | $ | 5,536 | $ | 20,575 | |||||||||||||||||||||||
Plus: Interest and debt expense | 697 | 798 | 748 | ||||||||||||||||||||||||||
Plus: Before-tax amortization of capitalized interest | 205 | 240 | 280 | ||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | (18) | (79) | 36 | ||||||||||||||||||||||||||
Subtotal for calculation | (6,533) | 6,653 | 21,567 | ||||||||||||||||||||||||||
Total financing interest and debt costs | $ | 735 | $ | 817 | $ | 921 | |||||||||||||||||||||||
Interest Coverage Ratio | (8.9) | 8.1 | 23.4 |
Year ended December 31 | ||||||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 10,577 | $ | 27,314 | $ | 30,618 | ||||||||||||||||||||
Less: Capital expenditures | 8,922 | 14,116 | 13,792 | |||||||||||||||||||||||
Free Cash Flow | $ | 1,655 | $ | 13,198 | $ | 16,826 |
At December 31 | |||||||||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Short-term debt | $ | 1,548 | $ | 3,282 | $ | 5,726 | |||||||||||||||||||||||
Long-term debt | 42,767 | 23,691 | 28,733 | ||||||||||||||||||||||||||
Total debt | 44,315 | 26,973 | 34,459 | ||||||||||||||||||||||||||
Total Chevron Corporation Stockholders’ Equity | 131,688 | 144,213 | 154,554 | ||||||||||||||||||||||||||
Total debt plus total Chevron Corporation Stockholders’ Equity | $ | 176,003 | $ | 171,186 | $ | 189,013 | |||||||||||||||||||||||
Debt Ratio | 25.2 | % | 15.8 | % | 18.2 | % |
At December 31 | ||||||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Short-term debt | $ | 1,548 | $ | 3,282 | $ | 5,726 | ||||||||||||||||||||
Long-term debt | 42,767 | 23,691 | 28,733 | |||||||||||||||||||||||
Total Debt
|
44,315 | 26,973 | 34,459 | |||||||||||||||||||||||
Less: Cash and cash equivalents | 5,596 | 5,686 | 9,342 | |||||||||||||||||||||||
Less: Time deposits | — | — | 950 | |||||||||||||||||||||||
Less: Marketable securities | 31 | 63 | 53 | |||||||||||||||||||||||
Total adjusted debt | 38,688 | 21,224 | 24,114 | |||||||||||||||||||||||
Total Chevron Corporation Stockholders’ Equity
|
131,688 | 144,213 | 154,554 | |||||||||||||||||||||||
Total adjusted debt plus total Chevron Corporation Stockholders’ Equity | $ | 170,376 | $ | 165,437 | $ | 178,668 | ||||||||||||||||||||
Net Debt Ratio | 22.7 | % | 12.8 | % | 13.5 | % |
At December 31 | ||||||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Chevron Corporation Stockholders’ Equity | $ | 131,688 | $ | 144,213 | $ | 154,554 | ||||||||||||||||||||
Plus: Short-term debt | 1,548 | 3,282 | 5,726 | |||||||||||||||||||||||
Plus: Long-term debt | 42,767 | 23,691 | 28,733 | |||||||||||||||||||||||
Plus: Noncontrolling interest | 1,038 | 995 | 1,088 | |||||||||||||||||||||||
Capital Employed at December 31 | $ | 177,041 | $ | 172,181 | $ | 190,101 |
Year ended December 31 | ||||||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Net income attributable to Chevron | $ | (5,543) | $ | 2,924 | $ | 14,824 | ||||||||||||||||||||
Plus: After-tax interest and debt expense | 658 | 761 | 713 | |||||||||||||||||||||||
Plus: Noncontrolling interest | (18) | (79) | 36 | |||||||||||||||||||||||
Net income after adjustments | (4,903) | 3,606 | 15,573 | |||||||||||||||||||||||
Average capital employed | $ | 174,611 | $ | 181,141 | $ | 189,092 | ||||||||||||||||||||
Return on Average Capital Employed | (2.8) | % | 2.0 | % | 8.2 | % |
Year ended December 31 | ||||||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Net income attributable to Chevron | $ | (5,543) | $ | 2,924 | $ | 14,824 | ||||||||||||||||||||
Chevron Corporation Stockholders’ Equity at December 31 | 131,688 | 144,213 | 154,554 | |||||||||||||||||||||||
Average Chevron Corporation Stockholders’ Equity | 137,951 | 149,384 | 151,339 | |||||||||||||||||||||||
Return on Average Stockholders’ Equity | (4.0) | % | 2.0 | % | 9.8 | % |
Payments Due by Period | |||||||||||||||||||||||||||||
Millions of dollars |
Total1
|
2021 | 2022-2023 | 2024-2025 | After 2025 | ||||||||||||||||||||||||
On Balance Sheet:2
|
|||||||||||||||||||||||||||||
Short-Term Debt3, 4
|
$ | 1,362 | $ | 1,362 | $ | — | $ | — | $ | — | |||||||||||||||||||
Long-Term Debt3, 4
|
40,732 | — | 21,848 | 5,650 | 13,234 | ||||||||||||||||||||||||
Leases
|
5,119 | 1,580 | 1,394 | 702 | 1,443 | ||||||||||||||||||||||||
Interest4
|
9,357 | 866 | 1,469 | 1,105 | 5,917 | ||||||||||||||||||||||||
Off Balance Sheet: | |||||||||||||||||||||||||||||
Throughput and Take-or-Pay Agreements5
|
13,186 | 817 | 2,045 | 2,236 | 8,088 | ||||||||||||||||||||||||
Other Unconditional Purchase Obligations5
|
1,464 | 211 | 468 | 489 | 296 |
Commitment Expiration by Period | |||||||||||||||||||||||||||||
Millions of dollars | Total | 2021 | 2022-2023 | 2024-2025 | After 2025 | ||||||||||||||||||||||||
Guarantee of nonconsolidated affiliate or joint-venture obligations
|
$ | 391 | $ | 176 | $ | 77 | $ | 78 | $ | 60 |
Millions of dollars | 2020 | 2019 | 2018 | ||||||||||||||
Balance at January 1 | $ | 1,234 | $ | 1,327 | $ | 1,429 | |||||||||||
Net Additions | 179 | 200 | 197 | ||||||||||||||
Expenditures | (274) | (293) | (299) | ||||||||||||||
Balance at December 31 | $ | 1,139 | $ | 1,234 | $ | 1,327 |
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Millions of dollars, except per-share amounts | 4th Q | 3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | |||||||||||||||||||||||||||||||||||||||
Revenues and Other Income | |||||||||||||||||||||||||||||||||||||||||||||||
Sales and other operating revenues
|
$ | 24,843 | $ | 23,997 | $ | 15,926 | $ | 29,705 | $ | 34,574 | $ | 34,779 | $ | 36,323 | $ | 34,189 | |||||||||||||||||||||||||||||||
Income from equity affiliates
|
568 | 510 | (2,515) | 965 | 538 | 1,172 | 1,196 | 1,062 | |||||||||||||||||||||||||||||||||||||||
Other income
|
(165) | (56) | 83 | 831 | 1,238 | 165 | 1,331 | (51) | |||||||||||||||||||||||||||||||||||||||
Total Revenues and Other Income | 25,246 | 24,451 | 13,494 | 31,501 | 36,350 | 36,116 | 38,850 | 35,200 | |||||||||||||||||||||||||||||||||||||||
Costs and Other Deductions | |||||||||||||||||||||||||||||||||||||||||||||||
Purchased crude oil and products
|
13,387 | 13,448 | 8,144 | 15,509 | 19,693 | 19,882 | 20,835 | 19,703 | |||||||||||||||||||||||||||||||||||||||
Operating expenses
|
4,898 | 4,604 | 5,530 | 5,291 | 5,987 | 5,325 | 5,187 | 4,886 | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses
|
1,129 | 832 | 1,569 | 683 | 1,129 | 954 | 1,076 | 984 | |||||||||||||||||||||||||||||||||||||||
Exploration expenses
|
367 | 117 | 895 | 158 | 272 | 168 | 141 | 189 | |||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization
|
4,486 | 4,017 | 6,717 | 4,288 | 16,429 | 4,361 | 4,334 | 4,094 | |||||||||||||||||||||||||||||||||||||||
Taxes other than on income
|
1,276 | 1,091 | 965 | 1,167 | 969 | 1,059 | 1,047 | 1,061 | |||||||||||||||||||||||||||||||||||||||
Interest and debt expense
|
199 | 164 | 172 | 162 | 178 | 197 | 198 | 225 | |||||||||||||||||||||||||||||||||||||||
Other components of net periodic benefit costs
|
461 | 222 | 99 | 98 | 98 | 121 | 97 | 101 | |||||||||||||||||||||||||||||||||||||||
Total Costs and Other Deductions | 26,203 | 24,495 | 24,091 | 27,356 | 44,755 | 32,067 | 32,915 | 31,243 | |||||||||||||||||||||||||||||||||||||||
Income (Loss) Before Income Tax Expense | (957) | (44) | (10,597) | 4,145 | (8,405) | 4,049 | 5,935 | 3,957 | |||||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit) | (301) | 165 | (2,320) | 564 | (1,738) | 1,469 | 1,645 | 1,315 | |||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | (656) | $ | (209) | $ | (8,277) | $ | 3,581 | $ | (6,667) | $ | 2,580 | $ | 4,290 | $ | 2,642 | |||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests
|
9 | (2) | (7) | (18) | (57) | — | (15) | (7) | |||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | (665) | $ | (207) | $ | (8,270) | $ | 3,599 | $ | (6,610) | $ | 2,580 | $ | 4,305 | $ | 2,649 | |||||||||||||||||||||||||||||||
Per Share of Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation
|
|||||||||||||||||||||||||||||||||||||||||||||||
– Basic
|
$ | (0.33) | $ | (0.12) | $ | (4.44) | $ | 1.93 | $ | (3.51) | $ | 1.38 | $ | 2.28 | $ | 1.40 | |||||||||||||||||||||||||||||||
– Diluted
|
$ | (0.33) | $ | (0.12) | $ | (4.44) | $ | 1.93 | $ | (3.51) | $ | 1.36 | $ | 2.27 | $ | 1.39 | |||||||||||||||||||||||||||||||
Dividends per share | $ | 1.29 | $ | 1.29 | $ | 1.29 | $ | 1.29 | $ | 1.19 | $ | 1.19 | $ | 1.19 | $ | 1.19 | |||||||||||||||||||||||||||||||
Report of Independent Registered Public Accounting Firm | ||||||||
To the Board of Directors and Shareholders of Chevron Corporation:
|
||||||||
Opinions on the Financial Statements and Internal Control over Financial Reporting | ||||||||
We have audited the accompanying consolidated balance sheet of Chevron Corporation and its subsidiaries (the “Company”) as of December 31, 2020 and 2019, and the related consolidated statements of income, of comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, 2020, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
|
||||||||
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
|
||||||||
Basis for Opinions
The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
As described in Management’s Report on Internal Control Over Financial Reporting, management has excluded Noble Energy, Inc. from its assessment of internal control over financial reporting as of December 31, 2020 because it was acquired by the Company in a purchase business combination during 2020. We have also excluded Noble Energy, Inc. from our audit of internal control over financial reporting. Noble Energy, Inc. is a wholly-owned subsidiary whose total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting represent eight percent and one percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2020.
|
||||||||
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely
|
detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
|
||||||||
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
|
||||||||
The Impact of Proved Crude Oil and Natural Gas Reserves on Upstream Property, Plant, and Equipment, Net
As described in Notes 1 and 16 to the consolidated financial statements, the Company’s upstream property, plant and equipment, net balance was $140.2 billion as of December 31, 2020, and depreciation, depletion and amortization expense was $18.0 billion, including impairments of $2.8 billion for the year ended December 31, 2020. The Company follows the successful efforts method of accounting for crude oil and natural gas exploration and production activities. Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using the unit-of-production method, generally by individual field, as the proved developed reserves are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. As disclosed by management, variables impacting the Company’s estimated volumes of crude oil and natural gas reserves include field performance, available technology, commodity prices, and development and production costs. Reserves are estimated by Company asset teams composed of earth scientists and engineers. As part of the internal control process related to reserves estimation, the Company maintains a Reserves Advisory Committee (RAC) (the Company’s earth scientists, engineers and RAC are collectively referred to as “management’s specialists”).
The principal considerations for our determination that performing procedures relating to the impact of proved crude oil and natural gas reserves on upstream property, plant, and equipment, net is a critical audit matter are (i) the significant judgment by management, including the use of management’s specialists, when developing the estimates of proved crude oil and natural gas reserves, which in turn led to (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence obtained related to the data, methods and assumptions used by management and its specialists in developing the estimates of crude oil and natural gas reserve volumes.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s estimates of proved crude oil and natural gas reserves. The work of management’s specialists was used in performing the procedures to evaluate the reasonableness of the proved crude oil and natural gas reserve volumes. As a basis for using this work, the specialists’ qualifications were understood and the Company’s relationship with the specialists was assessed. The procedures performed also included evaluation of the methods and assumptions used by the specialists, tests of the data used by the specialists and an evaluation of the specialists’ findings.
Acquisition of Noble Energy, Inc. - Valuation of Crude Oil and Natural Gas Properties
As described in Note 29 to the consolidated financial statements, the Company acquired Noble Energy, Inc. (“Noble”) in an acquisition accounted for as a business combination, which required assets acquired and liabilities assumed to be measured at their acquisition date fair values, including approximately $15 billion related to the fair values of acquired oil and gas properties. Management applied significant judgment in estimating the fair value of properties acquired, which involved use of a discounted cash flow approach that incorporated internally generated price assumptions and production profiles, and operating cost and development cost assumptions.
The principal considerations for our determination that performing procedures relating to the valuation of crude oil and natural gas properties from the acquisition of Noble is a critical audit matter are (i) the significant judgment by management, including the use of management’s specialists as defined in the previous Critical Audit Matter, when developing the fair value measurement of acquired crude oil and natural gas properties; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating significant assumptions used in the discounted cash flow approach related to price, production profiles and discount rates; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.
|
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of acquired crude oil and natural gas properties. These procedures also included, among others, (i) testing management’s process for developing the fair value measurement of the acquired crude oil and natural gas properties; (ii) evaluating the appropriateness of the discounted cash flow approach; (iii) testing the completeness and accuracy of underlying data used in the discounted cash flow approach; and (iv) evaluating the reasonableness of significant assumptions used by management related to price, production profiles and discount rates. Evaluating production profile assumptions involved evaluating the reasonableness of the assumptions as compared to historical results of Noble, as well as third party data. Evaluating price assumptions involved comparing the prices to third party data and underlying contracts. Professionals with specialized skill and knowledge were used to assist in the evaluation of the discounted cash flow approach and discount rates used. The work of management’s specialists was used in performing the procedures to evaluate the reasonableness of the proved crude oil and natural gas reserve volumes included in production profile assumptions as stated in the Critical Audit Matter titled “The Impact of Proved Crude Oil and Natural Gas Reserves on Upstream Property, Plant, and Equipment, Net”. As a basis for using this work, the specialists’ qualifications were understood, and the Company’s relationship with the specialists was assessed. The procedures performed also included evaluation of the methods and assumptions used by the specialists, tests of the data used by the specialists, and an evaluation of the specialists’ findings.
|
||||||||
.
|
||||||||
|
||||||||
San Francisco, California | ||||||||
February 25, 2021 | ||||||||
We have served as the Company’s auditor since 1935.
|
Year ended December 31 | ||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||
Revenues and Other Income | ||||||||||||||||||||||||||
Sales and other operating revenues | $ | 94,471 | $ | 139,865 | $ | 158,902 | ||||||||||||||||||||
Income (loss) from equity affiliates | (472) | 3,968 | 6,327 | |||||||||||||||||||||||
Other income | 693 | 2,683 | 1,110 | |||||||||||||||||||||||
Total Revenues and Other Income | 94,692 | 146,516 | 166,339 | |||||||||||||||||||||||
Costs and Other Deductions | ||||||||||||||||||||||||||
Purchased crude oil and products | 50,488 | 80,113 | 94,578 | |||||||||||||||||||||||
Operating expenses | 20,323 | 21,385 | 20,544 | |||||||||||||||||||||||
Selling, general and administrative expenses | 4,213 | 4,143 | 3,838 | |||||||||||||||||||||||
Exploration expenses | 1,537 | 770 | 1,210 | |||||||||||||||||||||||
Depreciation, depletion and amortization | 19,508 | 29,218 | 19,419 | |||||||||||||||||||||||
Taxes other than on income | 4,499 | 4,136 | 4,867 | |||||||||||||||||||||||
Interest and debt expense | 697 | 798 | 748 | |||||||||||||||||||||||
Other components of net periodic benefit costs | 880 | 417 | 560 | |||||||||||||||||||||||
Total Costs and Other Deductions | 102,145 | 140,980 | 145,764 | |||||||||||||||||||||||
Income (Loss) Before Income Tax Expense | (7,453) | 5,536 | 20,575 | |||||||||||||||||||||||
Income Tax Expense (Benefit) | (1,892) | 2,691 | 5,715 | |||||||||||||||||||||||
Net Income (Loss) | (5,561) | 2,845 | 14,860 | |||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (18) | (79) | 36 | |||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | (5,543) | $ | 2,924 | $ | 14,824 | ||||||||||||||||||||
Per Share of Common Stock | ||||||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | ||||||||||||||||||||||||||
- Basic | $ | (2.96) | $ | 1.55 | $ | 7.81 | ||||||||||||||||||||
- Diluted | $ | (2.96) | $ | 1.54 | $ | 7.74 | ||||||||||||||||||||
See accompanying Notes to the Consolidated Financial Statements. | ||||||||||||||||||||||||||
Year ended December 31 | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Net Income (Loss) | $ | (5,561) | $ | 2,845 | $ | 14,860 | |||||||||||||||||||||||
Currency translation adjustment | |||||||||||||||||||||||||||||
Unrealized net change arising during period | 35 | (18) | (19) | ||||||||||||||||||||||||||
Unrealized holding gain (loss) on securities | |||||||||||||||||||||||||||||
Net gain (loss) arising during period | (2) | 2 | (5) | ||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
Net derivatives loss on hedge transactions | — | (1) | — | ||||||||||||||||||||||||||
Income taxes on derivatives transactions | — | 3 | — | ||||||||||||||||||||||||||
Total | — | 2 | — | ||||||||||||||||||||||||||
Defined benefit plans | |||||||||||||||||||||||||||||
Actuarial gain (loss) | |||||||||||||||||||||||||||||
Amortization to net income of net actuarial loss and settlements | 1,107 | 519 | 792 | ||||||||||||||||||||||||||
Actuarial gain (loss) arising during period | (2,004) | (2,404) | 85 | ||||||||||||||||||||||||||
Prior service credits (cost) | |||||||||||||||||||||||||||||
Amortization to net income of net prior service costs and curtailments | (23) | 4 | (13) | ||||||||||||||||||||||||||
Prior service (costs) credits arising during period | — | (28) | (26) | ||||||||||||||||||||||||||
Defined benefit plans sponsored by equity affiliates - benefit (cost) | (104) | (33) | 23 | ||||||||||||||||||||||||||
Income tax benefit (cost) on defined benefit plans | 369 | 510 | (230) | ||||||||||||||||||||||||||
Total | (655) | (1,432) | 631 | ||||||||||||||||||||||||||
Other Comprehensive Gain (Loss), Net of Tax | (622) | (1,446) | 607 | ||||||||||||||||||||||||||
Comprehensive Income | (6,183) | 1,399 | 15,467 | ||||||||||||||||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | 18 | 79 | (36) | ||||||||||||||||||||||||||
Comprehensive Income (Loss) Attributable to Chevron Corporation | $ | (6,165) | $ | 1,478 | $ | 15,431 | |||||||||||||||||||||||
See accompanying Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||||||||
At December 31 | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 5,596 | $ | 5,686 | |||||||||||||
Marketable securities | 31 | 63 | |||||||||||||||
Accounts and notes receivable (less allowance: 2020 - $284; 2019 - $746)
|
11,471 | 13,325 | |||||||||||||||
Inventories: | |||||||||||||||||
Crude oil and petroleum products | 3,576 | 3,722 | |||||||||||||||
Chemicals | 457 | 492 | |||||||||||||||
Materials, supplies and other | 1,643 | 1,634 | |||||||||||||||
Total inventories | 5,676 | 5,848 | |||||||||||||||
Prepaid expenses and other current assets | 3,304 | 3,407 | |||||||||||||||
Total Current Assets | 26,078 | 28,329 | |||||||||||||||
Long-term receivables, net | 589 | 1,511 | |||||||||||||||
Investments and advances | 39,052 | 38,688 | |||||||||||||||
Properties, plant and equipment, at cost | 345,232 | 326,722 | |||||||||||||||
Less: Accumulated depreciation, depletion and amortization | 188,614 | 176,228 | |||||||||||||||
Properties, plant and equipment, net | 156,618 | 150,494 | |||||||||||||||
Deferred charges and other assets | 11,950 | 10,532 | |||||||||||||||
Goodwill | 4,402 | 4,463 | |||||||||||||||
Assets held for sale | 1,101 | 3,411 | |||||||||||||||
Total Assets | $ | 239,790 | $ | 237,428 | |||||||||||||
Liabilities and Equity | |||||||||||||||||
Short-term debt
|
$ | 1,548 | $ | 3,282 | |||||||||||||
Accounts payable | 10,950 | 14,103 | |||||||||||||||
Accrued liabilities | 7,812 | 6,589 | |||||||||||||||
Federal and other taxes on income | 921 | 1,554 | |||||||||||||||
Other taxes payable | 952 | 1,002 | |||||||||||||||
Total Current Liabilities | 22,183 | 26,530 | |||||||||||||||
Long-term debt1
|
42,767 | 23,691 | |||||||||||||||
Deferred credits and other noncurrent obligations | 20,328 | 20,445 | |||||||||||||||
Noncurrent deferred income taxes | 12,569 | 13,688 | |||||||||||||||
Noncurrent employee benefit plans | 9,217 | 7,866 | |||||||||||||||
Total Liabilities2
|
$ | 107,064 | $ | 92,220 | |||||||||||||
Preferred stock (authorized 100,000,000 shares; $1.00 par value; none issued)
|
— | — | |||||||||||||||
Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares
issued at December 31,2020 and 2019)
|
1,832 | 1,832 | |||||||||||||||
Capital in excess of par value | 16,829 | 17,265 | |||||||||||||||
Retained earnings | 160,377 | 174,945 | |||||||||||||||
Accumulated other comprehensive losses | (5,612) | (4,990) | |||||||||||||||
Deferred compensation and benefit plan trust | (240) | (240) | |||||||||||||||
Treasury stock, at cost (2020 - 517,490,263 shares; 2019 - 560,508,479 shares)
|
(41,498) | (44,599) | |||||||||||||||
Total Chevron Corporation Stockholders’ Equity | 131,688 | 144,213 | |||||||||||||||
Noncontrolling interests (2020 includes $120 redeemable noncontrolling interest)
|
1,038 | 995 | |||||||||||||||
Total Equity | 132,726 | 145,208 | |||||||||||||||
Total Liabilities and Equity | $ | 239,790 | $ | 237,428 | |||||||||||||
1 Includes finance lease liabilities of $447 and $282 at December 31, 2020 and 2019, respectively.
|
|||||||||||||||||
See accompanying Notes to the Consolidated Financial Statements. | |||||||||||||||||
Year ended December 31 | |||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||
Net Income (Loss) | $ | (5,561) | $ | 2,845 | $ | 14,860 | |||||||||||||||||
Adjustments | |||||||||||||||||||||||
Depreciation, depletion and amortization | 19,508 | 29,218 | 19,419 | ||||||||||||||||||||
Dry hole expense | 1,036 | 172 | 687 | ||||||||||||||||||||
Distributions more (less) than income from equity affiliates | 2,015 | (2,073) | (3,580) | ||||||||||||||||||||
Net before-tax gains on asset retirements and sales | (760) | (1,367) | (619) | ||||||||||||||||||||
Net foreign currency effects | 619 | 272 | 123 | ||||||||||||||||||||
Deferred income tax provision | (3,604) | (1,966) | 1,050 | ||||||||||||||||||||
Net decrease (increase) in operating working capital | (1,652) | 1,494 | (718) | ||||||||||||||||||||
Decrease (increase) in long-term receivables | 296 | 502 | 418 | ||||||||||||||||||||
Net decrease (increase) in other deferred charges | (248) | (69) | — | ||||||||||||||||||||
Cash contributions to employee pension plans | (1,213) | (1,362) | (1,035) | ||||||||||||||||||||
Other | 141 | (352) | 13 | ||||||||||||||||||||
Net Cash Provided by Operating Activities | 10,577 | 27,314 | 30,618 | ||||||||||||||||||||
Investing Activities | |||||||||||||||||||||||
Cash acquired from Noble Energy, Inc. | 373 | — | — | ||||||||||||||||||||
Capital expenditures | (8,922) | (14,116) | (13,792) | ||||||||||||||||||||
Proceeds and deposits related to asset sales and returns of investment | 2,968 | 2,951 | 2,392 | ||||||||||||||||||||
Net maturities of (investments in) time deposits | — | 950 | (950) | ||||||||||||||||||||
Net sales (purchases) of marketable securities | 35 | 2 | (51) | ||||||||||||||||||||
Net repayment (borrowing) of loans by equity affiliates | (1,419) | (1,245) | 111 | ||||||||||||||||||||
Net Cash Used for Investing Activities | (6,965) | (11,458) | (12,290) | ||||||||||||||||||||
Financing Activities | |||||||||||||||||||||||
Net borrowings (repayments) of short-term obligations | 651 | (2,821) | 2,021 | ||||||||||||||||||||
Proceeds from issuances of long-term debt | 12,308 | — | 218 | ||||||||||||||||||||
Repayments of long-term debt and other financing obligations | (5,489) | (5,025) | (6,741) | ||||||||||||||||||||
Cash dividends - common stock | (9,651) | (8,959) | (8,502) | ||||||||||||||||||||
Distributions to noncontrolling interests | (24) | (18) | (91) | ||||||||||||||||||||
Net sales (purchases) of treasury shares | (1,531) | (2,935) | (604) | ||||||||||||||||||||
Net Cash Provided by (Used for) Financing Activities | (3,736) | (19,758) | (13,699) | ||||||||||||||||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
|
(50) | 332 | (91) | ||||||||||||||||||||
Net Change in Cash, Cash Equivalents and Restricted Cash | (174) | (3,570) | 4,538 | ||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at January 1 | 6,911 | 10,481 | 5,943 | ||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at December 31 | $ | 6,737 | $ | 6,911 | $ | 10,481 | |||||||||||||||||
See accompanying Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||
Acc. Other | Treasury | Chevron Corp. | |||||||||||||||||||||||||||
Common | Retained | Comprehensive | Stock | Stockholders’ | Noncontrolling | Total | |||||||||||||||||||||||
Stock1
|
Earnings | Income (Loss) |
(at cost)
|
Equity | Interests | Equity | |||||||||||||||||||||||
Balance at December 31, 2017 | $ | 18,440 | $ | 174,106 | $ | (3,589) | $ | (40,833) | $ | 148,124 | $ | 1,195 | $ | 149,319 | |||||||||||||||
Treasury stock transactions | 264 | — | — | — | 264 | — | 264 | ||||||||||||||||||||||
Net income (loss) | — | 14,824 | — | — | 14,824 | 36 | 14,860 | ||||||||||||||||||||||
Cash dividends | — | (8,502) | — | — | (8,502) | (91) | (8,593) | ||||||||||||||||||||||
Stock dividends | — | (3) | — | — | (3) | — | (3) | ||||||||||||||||||||||
Other comprehensive income | — | — | 607 | — | 607 | — | 607 | ||||||||||||||||||||||
Purchases of treasury shares | — | — | — | (1,751) | (1,751) | — | (1,751) | ||||||||||||||||||||||
Issuances of treasury shares | — | — | — | 991 | 991 | — | 991 | ||||||||||||||||||||||
Other changes, net | — | 562 | (562) | — | — | (52) | (52) | ||||||||||||||||||||||
Balance at December 31, 2018 | $ | 18,704 | $ | 180,987 | $ | (3,544) | $ | (41,593) | $ | 154,554 | $ | 1,088 | $ | 155,642 | |||||||||||||||
Treasury stock transactions | 153 | — | — | — | 153 | — | 153 | ||||||||||||||||||||||
Net income (loss) | — | 2,924 | — | — | 2,924 | (79) | 2,845 | ||||||||||||||||||||||
Cash dividends | — | (8,959) | — | — | (8,959) | (18) | (8,977) | ||||||||||||||||||||||
Stock dividends | — | (3) | — | — | (3) | — | (3) | ||||||||||||||||||||||
Other comprehensive income | — | — | (1,446) | — | (1,446) | — | (1,446) | ||||||||||||||||||||||
Purchases of treasury shares | — | — | — | (4,039) | (4,039) | — | (4,039) | ||||||||||||||||||||||
Issuances of treasury shares | — | — | — | 1,033 | 1,033 | — | 1,033 | ||||||||||||||||||||||
Other changes, net | — | (4) | — | — | (4) | 4 | — | ||||||||||||||||||||||
Balance at December 31, 2019 | $ | 18,857 | $ | 174,945 | $ | (4,990) | $ | (44,599) | $ | 144,213 | $ | 995 | $ | 145,208 | |||||||||||||||
Treasury stock transactions | 84 | — | — | — | 84 | — | 84 | ||||||||||||||||||||||
Noble Acquisition3
|
(520) | — | — | 4,629 | 4,109 | 779 | 4,888 | ||||||||||||||||||||||
Net income (loss) | — | (5,543) | — | — | (5,543) | (18) | (5,561) | ||||||||||||||||||||||
Cash dividends | — | (9,651) | — | — | (9,651) | (24) | (9,675) | ||||||||||||||||||||||
Stock dividends | — | (5) | — | — | (5) | — | (5) | ||||||||||||||||||||||
Other comprehensive income | — | — | (622) | — | (622) | — | (622) | ||||||||||||||||||||||
Purchases of treasury shares | — | — | — | (1,757) | (1,757) | — | (1,757) | ||||||||||||||||||||||
Issuances of treasury shares | — | — | — | 229 | 229 | — | 229 | ||||||||||||||||||||||
Other changes, net | — | 631 | — | — | 631 | (694) | (63) | ||||||||||||||||||||||
Balance at December 31, 2020 | $ | 18,421 | $ | 160,377 | $ | (5,612) | $ | (41,498) | $ | 131,688 | $ | 1,038 | $ | 132,726 | |||||||||||||||
Common Stock Share Activity | |||||||||||||||||||||||||||||
Issued2
|
Treasury | Outstanding | |||||||||||||||||||||||||||
Balance at December 31, 2017 | 2,442,676,580 | (537,974,695) | 1,904,701,885 | ||||||||||||||||||||||||||
Purchases | — | (14,912,039) | (14,912,039) | ||||||||||||||||||||||||||
Issuances | — | 13,047,844 | 13,047,844 | ||||||||||||||||||||||||||
Balance at December 31, 2018 | 2,442,676,580 | (539,838,890) | 1,902,837,690 | ||||||||||||||||||||||||||
Purchases | — | (33,955,300) | (33,955,300) | ||||||||||||||||||||||||||
Issuances | — | 13,285,711 | 13,285,711 | ||||||||||||||||||||||||||
Balance at December 31, 2019 | 2,442,676,580 | (560,508,479) | 1,882,168,101 | ||||||||||||||||||||||||||
Purchases | — | (17,577,457) | (17,577,457) | ||||||||||||||||||||||||||
Issuances | — | 60,595,673 | 60,595,673 | ||||||||||||||||||||||||||
Balance at December 31, 2020 | 2,442,676,580 | (517,490,263) | 1,925,186,317 | ||||||||||||||||||||||||||
1 Beginning and ending balances for all periods include capital in excess of par, common stock issued at par for $1,832, and $(240) associated with Chevron’s Benefit Plan Trust. Changes reflect capital in excess of par.
|
|||||||||||||||||||||||||||||
2 Beginning and ending total issued share balances include 14,168,000 shares associated with Chevron’s Benefit Plan Trust.
|
|||||||||||||||||||||||||||||
3 Includes $120 redeemable noncontrolling interest.
|
|||||||||||||||||||||||||||||
See accompanying Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||||||||
Currency Translation Adjustments | Unrealized Holding Gains (Losses) on Securities | Derivatives | Defined Benefit Plans | Total | |||||||||||||||||||||||||
Balance at December 31, 2017 | $ | (105) | $ | (5) | $ | (2) | $ | (3,477) | $ | (3,589) | |||||||||||||||||||
Components of Other Comprehensive Income (Loss)1:
|
|||||||||||||||||||||||||||||
Before Reclassifications
|
(19) | (5) | — | 28 | 4 | ||||||||||||||||||||||||
Reclassifications2
|
— | — | — | 603 | 603 | ||||||||||||||||||||||||
Net Other Comprehensive Income (Loss)
|
(19) | (5) | — | 631 | 607 | ||||||||||||||||||||||||
Stranded Tax Reclassification to Retained Earnings3
|
— | — | — | (562) | (562) | ||||||||||||||||||||||||
Balance at December 31, 2018 | $ | (124) | $ | (10) | $ | (2) | $ | (3,408) | $ | (3,544) | |||||||||||||||||||
Components of Other Comprehensive Income (Loss)1:
|
|||||||||||||||||||||||||||||
Before Reclassifications
|
(18) | 2 | (1) | (1,838) | (1,855) | ||||||||||||||||||||||||
Reclassifications2
|
— | — | 3 | 406 | 409 | ||||||||||||||||||||||||
Net Other Comprehensive Income (Loss)
|
(18) | 2 | 2 | (1,432) | (1,446) | ||||||||||||||||||||||||
Balance at December 31, 2019 | $ | (142) | $ | (8) | $ | — | $ | (4,840) | $ | (4,990) | |||||||||||||||||||
Components of Other Comprehensive Income (Loss)1:
|
|||||||||||||||||||||||||||||
Before Reclassifications
|
35 | (2) | — | (1,487) | (1,454) | ||||||||||||||||||||||||
Reclassifications2
|
— | — | — | 832 | 832 | ||||||||||||||||||||||||
Net Other Comprehensive Income (Loss) | 35 | (2) | — | (655) | (622) | ||||||||||||||||||||||||
Balance at December 31, 2020 | $ | (107) | $ | (10) | $ | — | $ | (5,495) | $ | (5,612) |
Year ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Distributions more (less) than income from equity affiliates includes the following: | ||||||||||||||||||||
Distributions from equity affiliates | $ | 1,543 | $ | 1,895 | $ | 2,747 | ||||||||||||||
(Income) loss from equity affiliates | 472 | (3,968) | (6,327) | |||||||||||||||||
Distributions more (less) than income from equity affiliates | $ | 2,015 | $ | (2,073) | $ | (3,580) | ||||||||||||||
Net decrease (increase) in operating working capital was composed of the following:
|
||||||||||||||||||||
Decrease (increase) in accounts and notes receivable | $ | 2,423 | $ | 1,852 | $ | 437 | ||||||||||||||
Decrease (increase) in inventories | 284 | 7 | (424) | |||||||||||||||||
Decrease (increase) in prepaid expenses and other current assets | (87) | (323) | (149) | |||||||||||||||||
Increase (decrease) in accounts payable and accrued liabilities | (3,576) | (109) | (494) | |||||||||||||||||
Increase (decrease) in income and other taxes payable | (696) | 67 | (88) | |||||||||||||||||
Net decrease (increase) in operating working capital | $ | (1,652) | $ | 1,494 | $ | (718) | ||||||||||||||
Net cash provided by operating activities includes the following cash payments:
|
||||||||||||||||||||
Interest on debt (net of capitalized interest) | $ | 720 | $ | 810 | $ | 736 | ||||||||||||||
Income taxes | 2,987 | 4,817 | 4,748 | |||||||||||||||||
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: | ||||||||||||||||||||
Proceeds and deposits related to asset sales | $ | 2,891 | $ | 2,809 | $ | 2,000 | ||||||||||||||
Returns of investment from equity affiliates | 77 | 142 | 392 | |||||||||||||||||
Proceeds and deposits related to asset sales and returns of investment | $ | 2,968 | $ | 2,951 | $ | 2,392 | ||||||||||||||
Net maturities (investments) of time deposits consisted of the following gross amounts:
|
||||||||||||||||||||
Investments in time deposits | $ | — | $ | — | $ | (950) | ||||||||||||||
Maturities of time deposits | — | 950 | — | |||||||||||||||||
Net maturities of (investments in) time deposits | $ | — | $ | 950 | $ | (950) | ||||||||||||||
Net sales (purchases) of marketable securities consisted of the following gross amounts:
|
||||||||||||||||||||
Marketable securities purchased | $ | — | $ | (1) | $ | (51) | ||||||||||||||
Marketable securities sold | 35 | 3 | — | |||||||||||||||||
Net sales (purchases) of marketable securities | $ | 35 | $ | 2 | $ | (51) | ||||||||||||||
Net repayment (borrowing) of loans by equity affiliates:
|
||||||||||||||||||||
Borrowing of loans by equity affiliates | $ | (3,925) | $ | (1,350) | $ | — | ||||||||||||||
Repayment of loans by equity affiliates | 2,506 | 105 | 111 | |||||||||||||||||
Net repayment (borrowing) of loans by equity affiliates | $ | (1,419) | $ | (1,245) | $ | 111 | ||||||||||||||
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: | ||||||||||||||||||||
Proceeds from issuances of short-term obligations | $ | 10,846 | $ | 2,586 | $ | 2,486 | ||||||||||||||
Repayments of short-term obligations | (9,771) | (1,430) | (4,136) | |||||||||||||||||
Net borrowings (repayments) of short-term obligations with three months or less maturity | (424) | (3,977) | 3,671 | |||||||||||||||||
Net borrowings (repayments) of short-term obligations | $ | 651 | $ | (2,821) | $ | 2,021 | ||||||||||||||
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
|
||||||||||||||||||||
Shares issued for share-based compensation plans | $ | 226 | $ | 1,104 | $ | 1,147 | ||||||||||||||
Shares purchased under share repurchase and deferred compensation plans | (1,757) | (4,039) | (1,751) | |||||||||||||||||
Net sales (purchases) of treasury shares | $ | (1,531) | $ | (2,935) | $ | (604) | ||||||||||||||
Year ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Additions to properties, plant and equipment *
|
$ | 8,492 | $ | 13,839 | $ | 13,384 | ||||||||||||||
Additions to investments | 136 | 140 | 65 | |||||||||||||||||
Current-year dry hole expenditures | 327 | 124 | 344 | |||||||||||||||||
Payments for other assets and liabilities, net
|
(33) | 13 | (1) | |||||||||||||||||
Capital expenditures | 8,922 | 14,116 | 13,792 | |||||||||||||||||
Expensed exploration expenditures | 500 | 598 | 523 | |||||||||||||||||
Assets acquired through finance leases and other obligations | 53 | 181 | 75 | |||||||||||||||||
Payments for other assets and liabilities, net
|
42 | (13) | — | |||||||||||||||||
Capital and exploratory expenditures, excluding equity affiliates
|
9,517 | 14,882 | 14,390 | |||||||||||||||||
Company’s share of expenditures by equity affiliates
|
3,982 | 6,112 | 5,716 | |||||||||||||||||
Capital and exploratory expenditures, including equity affiliates
|
$ | 13,499 | $ | 20,994 | $ | 20,106 |
Year ended December 31 | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 5,596 | $ | 5,686 | $ | 9,342 | |||||||||||||||||||||||
Restricted cash included in “Prepaid expenses and other current assets”
|
365 | 452 | 341 | ||||||||||||||||||||||||||
Restricted cash included in “Deferred charges and other assets”
|
776 | 773 | 798 | ||||||||||||||||||||||||||
Total cash, cash equivalents and restricted cash
|
$ | 6,737 | $ | 6,911 | $ | 10,481 |
Year-ended December 31 | |||||||||||
2020 | 2019 | ||||||||||
Operating lease costs1, 2
|
$ | 2,551 | $ | 2,621 | |||||||
Finance lease costs | 45 | 66 | |||||||||
Total lease costs
|
$ | 2,596 | $ | 2,687 |
Year-ended December 31 | |||||||||||
2020 | 2019 | ||||||||||
Operating cash flows from operating leases | $ | 1,744 | $ | 1,574 | |||||||
Investing cash flows from operating leases | 762 | 1,047 | |||||||||
Operating cash flows from finance leases | 14 | 13 | |||||||||
Financing cash flows from finance leases | 34 | 24 |
At December 31, 2020 | ||||||||||||||
Operating Leases |
Finance
Leases |
|||||||||||||
Year | 2021 | $ | 1,376 | $ | 204 | |||||||||
2022 | 779 | 60 | ||||||||||||
2023 | 497 | 58 | ||||||||||||
2024 | 338 | 56 | ||||||||||||
2025 | 255 | 53 | ||||||||||||
Thereafter | 1,112 | 331 | ||||||||||||
Total | $ | 4,357 | $ | 762 | ||||||||||
Less: Amounts representing interest | 451 | 129 | ||||||||||||
Total lease liabilities
|
$ | 3,906 | $ | 633 |
Year ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Sales and other operating revenues
|
$ | 67,950 | $ | 109,314 | $ | 125,076 | ||||||||||||||
Total costs and other deductions
|
72,575 | 116,365 | 121,351 | |||||||||||||||||
Net income (loss) attributable to CUSA
|
(2,676) | (5,061) | 4,334 |
At December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Current assets | $ | 10,555 | $ | 13,059 | ||||||||||
Other assets | 48,054 | 50,796 | ||||||||||||
Current liabilities | 12,403 | 18,291 | ||||||||||||
Other liabilities | 14,102 | 12,565 | ||||||||||||
Total CUSA net equity | $ | 32,104 | $ | 32,999 | ||||||||||
Memo: Total debt | $ | 7,133 | $ | 3,222 |
At December 31, 2020 | At December 31, 2019 | |||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Marketable securities | $ | 31 | $ | 31 | $ | — | $ | — | $ | 63 | $ | 63 | $ | — | $ | — | ||||||||||
Derivatives | 74 | 37 | 37 | — | 11 | 1 | 10 | — | ||||||||||||||||||
Total assets at fair value | $ | 105 | $ | 68 | $ | 37 | $ | — | $ | 74 | $ | 64 | $ | 10 | $ | — | ||||||||||
Derivatives | 173 | 58 | 115 | — | 74 | 26 | 48 | — | ||||||||||||||||||
Total liabilities at fair value | $ | 173 | $ | 58 | $ | 115 | $ | — | $ | 74 | $ | 26 | $ | 48 | $ | — |
At December 31 | At December 31 | |||||||||||||||||||||||||||||||
Before-Tax Loss | Before-Tax Loss | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Year 2020 | Total | Level 1 | Level 2 | Level 3 | Year 2019 | |||||||||||||||||||||||
Properties, plant and equipment, net (held and used) | $ | 2,443 | $ | — | $ | 20 | $ | 2,423 | $ | 2,599 | $ | 2,177 | $ | — | $ | — | $ | 2,177 | $ | 2,095 | ||||||||||||
Properties, plant and equipment, net (held for sale) | 1,418 | — | 1,418 | — | 193 | 1,412 | — | 1,412 | — | 8,702 | ||||||||||||||||||||||
Investments and advances | 28 | — | — | 28 | 2,555 | 52 | — | 30 | 22 | 594 | ||||||||||||||||||||||
Total nonrecurring assets at fair value | $ | 3,889 | $ | — | $ | 1,438 | $ | 2,451 | $ | 5,347 | $ | 3,641 | $ | — | $ | 1,442 | $ | 2,199 | $ | 11,391 |
At December 31 | |||||||||||||||||
Type of Contract | Balance Sheet Classification | 2020 | 2019 | ||||||||||||||
Commodity |
Accounts and notes receivable, net
|
$ | 73 | $ | 11 | ||||||||||||
Commodity |
Long-term receivables, net
|
1 | — | ||||||||||||||
Total assets at fair value | $ | 74 | $ | 11 | |||||||||||||
Commodity | Accounts payable | $ | 172 | $ | 74 | ||||||||||||
Commodity |
Deferred credits and other noncurrent obligations
|
1 | — | ||||||||||||||
Total liabilities at fair value | $ | 173 | $ | 74 |
Gain/(Loss) | |||||||||||||||||||||||
Type of Derivative | Statement of | Year ended December 31 | |||||||||||||||||||||
Contract | Income Classification | 2020 | 2019 | 2018 | |||||||||||||||||||
Commodity |
Sales and other operating revenues
|
$ | 69 | $ | (291) | $ | 135 | ||||||||||||||||
Commodity |
Purchased crude oil and products
|
(36) | (17) | (33) | |||||||||||||||||||
Commodity | Other income | 7 | (2) | 3 | |||||||||||||||||||
$ | 40 | $ | (310) | $ | 105 |
Gross Amounts Recognized | Gross Amounts Offset | Net Amounts Presented | Gross Amounts Not Offset | Net Amounts | ||||||||||||||||||||||||||||
At December 31, 2020 | ||||||||||||||||||||||||||||||||
Derivative Assets | $ | 818 | $ | 744 | $ | 74 | $ | — | $ | 74 | ||||||||||||||||||||||
Derivative Liabilities | $ | 917 | $ | 744 | $ | 173 | $ | — | $ | 173 | ||||||||||||||||||||||
At December 31, 2019 | ||||||||||||||||||||||||||||||||
Derivative Assets | $ | 656 | $ | 645 | $ | 11 | $ | — | $ | 11 | ||||||||||||||||||||||
Derivative Liabilities | $ | 719 | $ | 645 | $ | 74 | $ | — | $ | 74 | ||||||||||||||||||||||
Year ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Upstream | ||||||||||||||||||||
United States | $ | (1,608) | $ | (5,094) | $ | 3,278 | ||||||||||||||
International | (825) | 7,670 | 10,038 | |||||||||||||||||
Total Upstream | (2,433) | 2,576 | 13,316 | |||||||||||||||||
Downstream | ||||||||||||||||||||
United States | (571) | 1,559 | 2,103 | |||||||||||||||||
International | 618 | 922 | 1,695 | |||||||||||||||||
Total Downstream | 47 | 2,481 | 3,798 | |||||||||||||||||
Total Segment Earnings | (2,386) | 5,057 | 17,114 | |||||||||||||||||
All Other | ||||||||||||||||||||
Interest expense | (658) | (761) | (713) | |||||||||||||||||
Interest income | 52 | 181 | 137 | |||||||||||||||||
Other | (2,551) | (1,553) | (1,714) | |||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation
|
$ | (5,543) | $ | 2,924 | $ | 14,824 |
At December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Upstream | ||||||||||||||
United States | $ | 42,431 | $ | 35,926 | ||||||||||
International | 144,476 | 145,648 | ||||||||||||
Goodwill | 4,402 | 4,463 | ||||||||||||
Total Upstream | 191,309 | 186,037 | ||||||||||||
Downstream | ||||||||||||||
United States | 23,490 | 25,197 | ||||||||||||
International | 16,096 | 16,955 | ||||||||||||
Total Downstream | 39,586 | 42,152 | ||||||||||||
Total Segment Assets | 230,895 | 228,189 | ||||||||||||
All Other | ||||||||||||||
United States | 4,017 | 3,475 | ||||||||||||
International | 4,878 | 5,764 | ||||||||||||
Total All Other | 8,895 | 9,239 | ||||||||||||
Total Assets – United States | 69,938 | 64,598 | ||||||||||||
Total Assets – International | 165,450 | 168,367 | ||||||||||||
Goodwill | 4,402 | 4,463 | ||||||||||||
Total Assets | $ | 239,790 | $ | 237,428 |
Year ended December 311
|
||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Upstream | ||||||||||||||||||||
United States
|
$ | 14,577 | $ | 23,358 | $ | 22,891 | ||||||||||||||
International
|
26,804 | 35,628 | 37,822 | |||||||||||||||||
Subtotal
|
41,381 | 58,986 | 60,713 | |||||||||||||||||
Intersegment Elimination — United States
|
(8,068) | (14,944) | (13,965) | |||||||||||||||||
Intersegment Elimination — International
|
(7,002) | (12,335) | (13,679) | |||||||||||||||||
Total Upstream | 26,311 | 31,707 | 33,069 | |||||||||||||||||
Downstream | ||||||||||||||||||||
United States
|
32,589 | 55,271 | 59,376 | |||||||||||||||||
International
|
38,936 | 57,654 | 70,095 | |||||||||||||||||
Subtotal
|
71,525 | 112,925 | 129,471 | |||||||||||||||||
Intersegment Elimination — United States
|
(2,150) | (3,924) | (2,742) | |||||||||||||||||
Intersegment Elimination — International
|
(1,292) | (1,089) | (1,132) | |||||||||||||||||
Total Downstream | 68,083 | 107,912 | 125,597 | |||||||||||||||||
All Other | ||||||||||||||||||||
United States
|
744 | 1,064 | 1,022 | |||||||||||||||||
International
|
15 | 20 | 22 | |||||||||||||||||
Subtotal
|
759 | 1,084 | 1,044 | |||||||||||||||||
Intersegment Elimination — United States
|
(667) | (818) | (786) | |||||||||||||||||
Intersegment Elimination — International
|
(15) | (20) | (22) | |||||||||||||||||
Total All Other | 77 | 246 | 236 | |||||||||||||||||
Sales and Other Operating Revenues | ||||||||||||||||||||
United States
|
47,910 | 79,693 | 83,289 | |||||||||||||||||
International
|
65,755 | 93,302 | 107,939 | |||||||||||||||||
Subtotal
|
113,665 | 172,995 | 191,228 | |||||||||||||||||
Intersegment Elimination — United States
|
(10,885) | (19,686) | (17,493) | |||||||||||||||||
Intersegment Elimination — International
|
(8,309) | (13,444) | (14,833) | |||||||||||||||||
Total Sales and Other Operating Revenues
|
$ | 94,471 | $ | 139,865 | $ | 158,902 |
Year ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Upstream | ||||||||||||||||||||
United States | $ | (570) | $ | (1,550) | $ | 811 | ||||||||||||||
International | (415) | 3,492 | 4,687 | |||||||||||||||||
Total Upstream | (985) | 1,942 | 5,498 | |||||||||||||||||
Downstream | ||||||||||||||||||||
United States | (192) | 392 | 534 | |||||||||||||||||
International | 253 | 170 | 328 | |||||||||||||||||
Total Downstream | 61 | 562 | 862 | |||||||||||||||||
All Other | (968) | 187 | (645) | |||||||||||||||||
Total Income Tax Expense (Benefit) | $ | (1,892) | $ | 2,691 | $ | 5,715 |
Investments and Advances | Equity in Earnings | ||||||||||||||||||||||||||||
At December 31 | Year ended December 31 | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Upstream | |||||||||||||||||||||||||||||
Tengizchevroil | $ | 22,685 | $ | 20,214 | $ | 1,238 | $ | 3,067 | $ | 3,614 | |||||||||||||||||||
Petropiar | — | 1,396 | (1,396) | 80 | 317 | ||||||||||||||||||||||||
Petroboscan | — | 1,139 | (1,112) | (11) | 357 | ||||||||||||||||||||||||
Caspian Pipeline Consortium | 835 | 883 | 159 | 155 | 170 | ||||||||||||||||||||||||
Angola LNG Limited | 2,258 | 2,423 | (166) | (26) | 172 | ||||||||||||||||||||||||
Noble Midstream equity affiliates | 895 | — | (9) | — | — | ||||||||||||||||||||||||
Other | 980 | 881 | 146 | (478) | 19 | ||||||||||||||||||||||||
Total Upstream | 27,653 | 26,936 | (1,140) | 2,787 | 4,649 | ||||||||||||||||||||||||
Downstream | |||||||||||||||||||||||||||||
Chevron Phillips Chemical Company LLC | 6,181 | 6,241 | 630 | 880 | 1,034 | ||||||||||||||||||||||||
GS Caltex Corporation | 3,547 | 3,796 | (185) | 13 | 373 | ||||||||||||||||||||||||
Other | 1,389 | 1,443 | 223 | 288 | 273 | ||||||||||||||||||||||||
Total Downstream | 11,117 | 11,480 | 668 | 1,181 | 1,680 | ||||||||||||||||||||||||
All Other | |||||||||||||||||||||||||||||
Other | (14) | (14) | — | — | (2) | ||||||||||||||||||||||||
Total equity method | $ | 38,756 | $ | 38,402 | $ | (472) | $ | 3,968 | $ | 6,327 | |||||||||||||||||||
Other non-equity method investments | 296 | 286 | |||||||||||||||||||||||||||
Total investments and advances | $ | 39,052 | $ | 38,688 | |||||||||||||||||||||||||
Total United States | $ | 7,978 | $ | 7,203 | $ | 709 | $ | 641 | $ | 1,033 | |||||||||||||||||||
Total International | $ | 31,074 | $ | 31,485 | $ | (1,181) | $ | 3,327 | $ | 5,294 |
Affiliates | Chevron Share | |||||||||||||||||||||||||||||||||||||
Year ended December 31 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 49,093 | $ | 66,473 | $ | 84,469 | $ | 21,641 | $ | 32,628 | $ | 40,679 | ||||||||||||||||||||||||||
Income before income tax expense | 5,682 | 13,197 | 16,693 | 2,550 | 5,954 | 6,755 | ||||||||||||||||||||||||||||||||
Net income attributable to affiliates | 4,704 | 9,809 | 13,321 | 2,034 | 4,366 | 6,384 | ||||||||||||||||||||||||||||||||
At December 31 | ||||||||||||||||||||||||||||||||||||||
Current assets | $ | 17,087 | $ | 30,791 | $ | 32,657 | $ | 7,328 | $ | 12,998 | $ | 12,813 | ||||||||||||||||||||||||||
Noncurrent assets | 97,468 | 97,177 | 87,614 | 43,247 | 41,531 | 36,369 | ||||||||||||||||||||||||||||||||
Current liabilities | 12,164 | 26,032 | 26,006 | 5,052 | 10,610 | 9,843 | ||||||||||||||||||||||||||||||||
Noncurrent liabilities | 25,586 | 21,593 | 20,000 | 5,884 | 5,068 | 4,446 | ||||||||||||||||||||||||||||||||
Total affiliates’ net equity | $ | 76,805 | $ | 80,343 | $ | 74,265 | $ | 39,639 | $ | 38,851 | $ | 34,893 |
Income Taxes
|
Year ended December 31 | |||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Income tax expense (benefit) | ||||||||||||||||||||
U.S. federal | ||||||||||||||||||||
Current | $ | (182) | $ | (73) | $ | (181) | ||||||||||||||
Deferred | (1,315) | (1,074) | 738 | |||||||||||||||||
State and local | ||||||||||||||||||||
Current | 65 | 153 | 183 | |||||||||||||||||
Deferred | (152) | (172) | (16) | |||||||||||||||||
Total United States | (1,584) | (1,166) | 724 | |||||||||||||||||
International | ||||||||||||||||||||
Current | 1,833 | 4,577 | 4,662 | |||||||||||||||||
Deferred | (2,141) | (720) | 329 | |||||||||||||||||
Total International | (308) | 3,857 | 4,991 | |||||||||||||||||
Total income tax expense (benefit) | $ | (1,892) | $ | 2,691 | $ | 5,715 |
2020 | 2019 | 2018 | ||||||||||||||||||
Income (loss) before income taxes | ||||||||||||||||||||
United States | $ | (5,700) | $ | (5,483) | $ | 4,730 | ||||||||||||||
International | (1,753) | 11,019 | 15,845 | |||||||||||||||||
Total income (loss) before income taxes | (7,453) | 5,536 | 20,575 | |||||||||||||||||
Theoretical tax (at U.S. statutory rate of 21% ) | (1,565) | 1,163 | 4,321 | |||||||||||||||||
Effect of U.S. tax reform | — | 3 | (26) | |||||||||||||||||
Equity affiliate accounting effect | 211 | (687) | (1,526) | |||||||||||||||||
Effect of income taxes from international operations*
|
(39) | 2,196 | 3,132 | |||||||||||||||||
State and local taxes on income, net of U.S. federal income tax benefit
|
(65) | (18) | 162 | |||||||||||||||||
Prior year tax adjustments, claims and settlements | (236) | 192 | (51) | |||||||||||||||||
Tax credits | (33) | (18) | (163) | |||||||||||||||||
Other U.S.*
|
(165) | (140) | (134) | |||||||||||||||||
Total income tax expense (benefit) | $ | (1,892) | $ | 2,691 | $ | 5,715 | ||||||||||||||
Effective income tax rate | 25.4 | % | 48.6 | % | 27.8 | % |
At December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Deferred tax liabilities | ||||||||||||||
Properties, plant and equipment | $ | 16,603 | $ | 17,251 | ||||||||||
Investments and other | 5,617 | 5,372 | ||||||||||||
Total deferred tax liabilities | 22,220 | 22,623 | ||||||||||||
Deferred tax assets | ||||||||||||||
Foreign tax credits | (10,585) | (9,840) | ||||||||||||
Asset retirement obligations/environmental reserves | (4,721) | (4,329) | ||||||||||||
Employee benefits | (3,856) | (3,454) | ||||||||||||
Deferred credits | (1,056) | (1,083) | ||||||||||||
Tax loss carryforwards | (6,701) | (5,262) | ||||||||||||
Other accrued liabilities | (228) | (441) | ||||||||||||
Inventory | (633) | (662) | ||||||||||||
Operating leases | (1,234) | (1,211) | ||||||||||||
Miscellaneous | (3,685) | (2,796) | ||||||||||||
Total deferred tax assets | (32,699) | (29,078) | ||||||||||||
Deferred tax assets valuation allowance | 17,762 | 15,965 | ||||||||||||
Total deferred taxes, net | $ | 7,283 | $ | 9,510 |
At December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Deferred charges and other assets | $ | (5,286) | $ | (4,178) | ||||||||||
Noncurrent deferred income taxes | 12,569 | 13,688 | ||||||||||||
Total deferred income taxes, net | $ | 7,283 | $ | 9,510 |
2020 | 2019 | 2018 | ||||||||||||||||||
Balance at January 1 | $ | 4,987 | $ | 5,070 | $ | 4,828 | ||||||||||||||
Foreign currency effects | 2 | 1 | (6) | |||||||||||||||||
Additions based on tax positions taken in current year | 253 | 94 | 239 | |||||||||||||||||
Additions for tax positions taken in prior years
|
437 | 313 | 153 | |||||||||||||||||
Reductions for tax positions taken in prior years
|
(216) | (194) | (131) | |||||||||||||||||
Settlements with taxing authorities in current year
|
(429) | (78) | (13) | |||||||||||||||||
Reductions as a result of a lapse of the applicable statute of limitations
|
(16) | (219) | — | |||||||||||||||||
Balance at December 31 | $ | 5,018 | $ | 4,987 | $ | 5,070 |
Taxes Other Than on Income | ||||||||||||||||||||
Year ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
United States | ||||||||||||||||||||
Excise and similar taxes on products and merchandise | $ | 4,566 | $ | 4,990 | $ | 4,830 | ||||||||||||||
Consumer excise taxes collected on behalf of third parties | (4,566) | (4,990) | (4,830) | |||||||||||||||||
Import duties and other levies | 7 | 2 | 15 | |||||||||||||||||
Property and other miscellaneous taxes
|
2,248 | 1,785 | 1,577 | |||||||||||||||||
Payroll taxes | 235 | 254 | 246 | |||||||||||||||||
Taxes on production | 317 | 355 | 325 | |||||||||||||||||
Total United States | 2,807 | 2,396 | 2,163 | |||||||||||||||||
International | ||||||||||||||||||||
Excise and similar taxes on products and merchandise | 2,367 | 2,801 | 3,031 | |||||||||||||||||
Consumer excise taxes collected on behalf of third parties | (2,367) | (2,801) | (3,031) | |||||||||||||||||
Import duties and other levies | 39 | 35 | 37 | |||||||||||||||||
Property and other miscellaneous taxes
|
1,461 | 1,435 | 2,370 | |||||||||||||||||
Payroll taxes | 117 | 125 | 132 | |||||||||||||||||
Taxes on production | 75 | 145 | 165 | |||||||||||||||||
Total International | 1,692 | 1,740 | 2,704 | |||||||||||||||||
Total taxes other than on income | $ | 4,499 | $ | 4,136 | $ | 4,867 | ||||||||||||||
|
At December 31 | Year ended December 31 | ||||||||||||||||||||||||||||||||||||||||||||||
Gross Investment at Cost | Net Investment |
Additions at Cost2
|
Depreciation Expense3
|
||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
Upstream | |||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 96,555 | $ | 82,117 | $ | 88,155 | $ | 38,175 | $ | 31,082 | $ | 39,526 | $ | 13,067 | $ | 7,751 | $ | 6,434 | $ | 6,841 | $ | 15,222 | $ | 5,328 | |||||||||||||||||||||||
International | 209,846 | 206,292 | 215,329 | 102,010 | 102,639 | 113,603 | 11,069 | 3,664 | 4,865 | 11,121 | 12,618 | 12,726 | |||||||||||||||||||||||||||||||||||
Total Upstream | 306,401 | 288,409 | 303,484 | 140,185 | 133,721 | 153,129 | 24,136 | 11,415 | 11,299 | 17,962 | 27,840 | 18,054 | |||||||||||||||||||||||||||||||||||
Downstream | |||||||||||||||||||||||||||||||||||||||||||||||
United States | 26,499 | 25,968 | 24,685 | 11,101 | 11,398 | 10,838 | 638 | 1,452 | 1,259 | 851 | 869 | 751 | |||||||||||||||||||||||||||||||||||
International | 7,993 | 7,480 | 7,237 | 3,395 | 3,114 | 3,023 | 573 | 355 | 278 | 283 | 256 | 282 | |||||||||||||||||||||||||||||||||||
Total Downstream | 34,492 | 33,448 | 31,922 | 14,496 | 14,512 | 13,861 | 1,211 | 1,807 | 1,537 | 1,134 | 1,125 | 1,033 | |||||||||||||||||||||||||||||||||||
All Other | |||||||||||||||||||||||||||||||||||||||||||||||
United States | 4,195 | 4,719 | 4,667 | 1,916 | 2,236 | 2,186 | 194 | 324 | 224 | 403 | 243 | 320 | |||||||||||||||||||||||||||||||||||
International | 144 | 146 | 171 | 21 | 25 | 31 | 5 | 9 | 6 | 9 | 10 | 12 | |||||||||||||||||||||||||||||||||||
Total All Other | 4,339 | 4,865 | 4,838 | 1,937 | 2,261 | 2,217 | 199 | 333 | 230 | 412 | 253 | 332 | |||||||||||||||||||||||||||||||||||
Total United States | 127,249 | 112,804 | 117,507 | 51,192 | 44,716 | 52,550 | 13,899 | 9,527 | 7,917 | 8,095 | 16,334 | 6,399 | |||||||||||||||||||||||||||||||||||
Total International | 217,983 | 213,918 | 222,737 | 105,426 | 105,778 | 116,657 | 11,647 | 4,028 | 5,149 | 11,413 | 12,884 | 13,020 | |||||||||||||||||||||||||||||||||||
Total | $ | 345,232 | $ | 326,722 | $ | 340,244 | $ | 156,618 | $ | 150,494 | $ | 169,207 | $ | 25,546 | $ | 13,555 | $ | 13,066 | $ | 19,508 | $ | 29,218 | $ | 19,419 |
At December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Commercial paper1
|
$ | 5,612 | $ | 4,654 | ||||||||||
Notes payable to banks and others with originating terms of one year or less
|
15 | 228 | ||||||||||||
Current maturities of long-term debt | 2,600 | 5,054 | ||||||||||||
Current maturities of long-term finance leases
|
186 | 18 | ||||||||||||
Redeemable long-term obligations | ||||||||||||||
Long-term debt | 2,960 | 3,078 | ||||||||||||
Subtotal
|
11,373 | 13,032 | ||||||||||||
Reclassified to long-term debt | (9,825) | (9,750) | ||||||||||||
Total short-term debt | $ | 1,548 | $ | 3,282 | ||||||||||
1 Weighted-average interest rates at December 31, 2020 and 2019, were 0.15% and 1.69%, respectively.
|
||||||||||||||
At December 31 | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Weighted Average Interest Rate (%)1
|
Range of Interest Rates (%)2
|
Principal | Principal | |||||||||||||||||||||||
Notes due 2021 | 2.100 | $ | 1,350 | $ | 1,350 | |||||||||||||||||||||
Floating rate notes due 2021 | 0.913 |
0.751 - 1.171
|
650 | 650 | ||||||||||||||||||||||
Debentures due 2021 | 8.875 | 40 | 40 | |||||||||||||||||||||||
Notes due 2022 | 2.179 |
0.333 - 2.498
|
3,800 | 3,400 | ||||||||||||||||||||||
Floating rate notes due 2022 | 0.594 |
0.324 - 0.762
|
1,000 | 650 | ||||||||||||||||||||||
Notes due 2023 | 2.377 |
0.426 - 7.250
|
4,800 | 3,000 | ||||||||||||||||||||||
Floating rate notes due 2023 | 0.676 |
0.414 - 1.114
|
800 | — | ||||||||||||||||||||||
Notes due 2024 | 3.291 |
2.895 - 3.900
|
1,650 | 1,000 | ||||||||||||||||||||||
Notes due 2025 | 1.724 |
0.687 - 3.326
|
4,000 | 750 | ||||||||||||||||||||||
Notes due 2026 | 2.954 | 2,250 | 2,250 | |||||||||||||||||||||||
Notes due 2027 | 2.379 |
1.018 - 8.000
|
2,000 | — | ||||||||||||||||||||||
Notes due 2028 | 3.850 | 600 | — | |||||||||||||||||||||||
Notes due 2029 | 3.250 | 500 | — | |||||||||||||||||||||||
Notes due 2030 | 2.236 | 1,500 | — | |||||||||||||||||||||||
Debentures due 2031 | 8.625 | 108 | 108 | |||||||||||||||||||||||
Debentures due 2032 | 8.414 |
8.000 - 8.625
|
222 | 222 | ||||||||||||||||||||||
Notes due 2040 | 2.978 | 500 | — | |||||||||||||||||||||||
Notes due 2041 | 6.000 | 850 | — | |||||||||||||||||||||||
Notes due 2043 | 5.250 | 1,000 | — | |||||||||||||||||||||||
Notes due 2044 | 5.050 | 850 | — | |||||||||||||||||||||||
Notes due 2047 | 4.950 | 500 | — | |||||||||||||||||||||||
Notes due 2049 | 4.200 | 500 | — | |||||||||||||||||||||||
Notes due 2050 | 2.763 |
2.343 - 3.078
|
1,750 | — | ||||||||||||||||||||||
Debentures due 2097 | 7.250 | 84 | — | |||||||||||||||||||||||
Bank loans due 2021 - 2023 | 1.530 |
1.240 - 2.004
|
1,948 | — | ||||||||||||||||||||||
3.400% loan3
|
3.400 | 218 | 218 | |||||||||||||||||||||||
Medium-term notes, maturing from 2021 to 2038 | 6.131 |
0.000 - 8.875
|
37 | 38 | ||||||||||||||||||||||
Notes due 2020 | — | 5,054 | ||||||||||||||||||||||||
Total including debt due within one year | 33,507 | 18,730 | ||||||||||||||||||||||||
Debt due within one year | (2,600) | (5,054) | ||||||||||||||||||||||||
Fair market valuation adjustment of Noble long-term debt | 1,690 | — | ||||||||||||||||||||||||
Reclassified from short-term debt | 9,825 | 9,750 | ||||||||||||||||||||||||
Unamortized discounts and debt issuance costs | (102) | (17) | ||||||||||||||||||||||||
Finance lease liabilities4
|
447 | 282 | ||||||||||||||||||||||||
Total long-term debt | $ | 42,767 | $ | 23,691 | ||||||||||||||||||||||
1 Weighted-average interest rate at December 31, 2020
|
||||||||||||||||||||||||||
2 Range of interest rates at December 31, 2020.
|
||||||||||||||||||||||||||
3 Maturity date is conditional upon the occurrence of certain events. 2022 is the earliest period in which the loan may become payable
|
||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||
Beginning balance at January 1 | $ | 3,041 | $ | 3,563 | $ | 3,702 | |||||
Additions to capitalized exploratory well costs pending the determination of proved reserves
|
28 | 244 | 207 | ||||||||
Reclassifications to wells, facilities and equipment based on the determination of proved reserves
|
(102) | (500) | (13) | ||||||||
Capitalized exploratory well costs charged to expense
|
(667) | (125) | (333) | ||||||||
Other*
|
212 | (141) | — | ||||||||
Ending balance at December 31 | $ | 2,512 | $ | 3,041 | $ | 3,563 |
At December 31 | |||||||||||
2020 | 2019 | 2018 | |||||||||
Exploratory well costs capitalized for a period of one year or less
|
$ | 26 | $ | 214 | $ | 202 | |||||
Exploratory well costs capitalized for a period greater than one year
|
2,486 | 2,827 | 3,361 | ||||||||
Balance at December 31 | $ | 2,512 | $ | 3,041 | $ | 3,563 | |||||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year*
|
17 | 22 | 30 |
Aging based on drilling completion date of individual wells: | Amount | Number of wells | ||||||||||||
2000-2009 | $ | 342 | 17 | |||||||||||
2010-2014 | 1,457 | 54 | ||||||||||||
2015-2019 | 687 | 18 | ||||||||||||
Total | $ | 2,486 | 89 | |||||||||||
Aging based on drilling completion date of last suspended well in project: | Amount | Number of projects | ||||||||||||
2003-2012 | $ | 371 | 4 | |||||||||||
2013-2016 | 1,627 | 8 | ||||||||||||
2017-2020 | 488 | 5 | ||||||||||||
Total | $ | 2,486 | 17 |
Year ended December 31 | |||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Expected term in years1
|
6.6 | 6.6 | 6.5 | ||||||||||||||||||||
Volatility2
|
20.8 | % | 20.5 | % | 21.2 | % | |||||||||||||||||
Risk-free interest rate based on zero coupon U.S. treasury note
|
1.5 | % | 2.6 | % | 2.6 | % | |||||||||||||||||
Dividend yield | 4.0 | % | 3.8 | % | 3.8 | % | |||||||||||||||||
Weighted-average fair value per option granted | $ | 13.00 | $ | 15.82 | $ | 18.18 |
Pension Benefits | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Other Benefits | |||||||||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 14,465 | $ | 5,680 | $ | 11,726 | $ | 4,820 | $ | 2,520 | $ | 2,430 | |||||||||||||||||||||||||||||
Service cost | 497 | 130 | 406 | 139 | 38 | 36 | |||||||||||||||||||||||||||||||||||
Interest cost | 353 | 175 | 397 | 199 | 71 | 96 | |||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | 3 | — | 4 | 59 | 72 | |||||||||||||||||||||||||||||||||||
Plan amendments | — | — | — | 29 | — | — | |||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | 1,782 | 550 | 2,922 | 673 | 191 | 125 | |||||||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | 158 | — | 121 | (1) | 2 | |||||||||||||||||||||||||||||||||||
Benefits paid | (2,045) | (368) | (1,035) | (302) | (214) | (240) | |||||||||||||||||||||||||||||||||||
Divestitures/Acquisitions | 22 | — | 49 | — | — | (1) | |||||||||||||||||||||||||||||||||||
Curtailment | 92 | (21) | — | (3) | (14) | — | |||||||||||||||||||||||||||||||||||
Benefit obligation at December 31 | 15,166 | 6,307 | 14,465 | 5,680 | 2,650 | 2,520 | |||||||||||||||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | 10,177 | 4,791 | 8,532 | 4,142 | — | — | |||||||||||||||||||||||||||||||||||
Actual return on plan assets | 848 | 500 | 1,548 | 566 | — | — | |||||||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | 174 | — | 115 | — | — | |||||||||||||||||||||||||||||||||||
Employer contributions | 950 | 263 | 1,096 | 266 | 155 | 168 | |||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | 3 | — | 4 | 59 | 72 | |||||||||||||||||||||||||||||||||||
Benefits paid | (2,045) | (368) | (1,035) | (302) | (214) | (240) | |||||||||||||||||||||||||||||||||||
Divestitures/Acquisitions | — | — | 36 | — | — | — | |||||||||||||||||||||||||||||||||||
Fair value of plan assets at December 31 | 9,930 | 5,363 | 10,177 | 4,791 | — | — | |||||||||||||||||||||||||||||||||||
Funded status at December 31 | $ | (5,236) | $ | (944) | $ | (4,288) | $ | (889) | $ | (2,650) | $ | (2,520) |
Pension Benefits | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Other Benefits | |||||||||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Deferred charges and other assets | $ | 24 | $ | 547 | $ | 23 | $ | 413 | $ | — | $ | — | |||||||||||||||||||||||||||||
Accrued liabilities | (258) | (76) | (239) | (71) | (153) | (174) | |||||||||||||||||||||||||||||||||||
Noncurrent employee benefit plans | (5,002) | (1,415) | (4,072) | (1,231) | (2,497) | (2,346) | |||||||||||||||||||||||||||||||||||
Net amount recognized at December 31 | $ | (5,236) | $ | (944) | $ | (4,288) | $ | (889) | $ | (2,650) | $ | (2,520) |
Pension Benefits | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Other Benefits | |||||||||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 5,714 | $ | 1,401 | $ | 5,135 | $ | 1,269 | $ | 260 | $ | 74 | |||||||||||||||||||||||||||||
Prior service (credit) costs | 3 | 86 | 5 | 102 | (186) | (228) | |||||||||||||||||||||||||||||||||||
Total recognized at December 31 | $ | 5,717 | $ | 1,487 | $ | 5,140 | $ | 1,371 | $ | 74 | $ | (154) |
Pension Benefits | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||||||||||
Projected benefit obligations | $ | 15,103 | $ | 2,084 | $ | 14,401 | $ | 1,554 | ||||||||||||||||||
Accumulated benefit obligations | 13,545 | 1,622 | 12,718 | 1,268 | ||||||||||||||||||||||
Fair value of plan assets | 9,842 | 600 | 10,091 | 278 |
Pension Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | Other Benefits | ||||||||||||||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | U.S. | Int’l. | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 497 | $ | 130 | $ | 406 | $ | 139 | $ | 480 | $ | 141 | $ | 38 | $ | 36 | $ | 42 | |||||||||||||||||||||||||||||
Interest cost | 353 | 175 | 397 | 199 | 370 | 206 | 71 | 96 | 94 | ||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (650) | (209) | (565) | (231) | (636) | (253) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Amortization of prior service costs (credits) | 2 | 10 | 2 | 11 | 2 | 10 | (28) | (28) | (28) | ||||||||||||||||||||||||||||||||||||||
Recognized actuarial losses | 385 | 45 | 239 | 21 | 304 | 29 | 3 | (3) | 15 | ||||||||||||||||||||||||||||||||||||||
Settlement losses | 620 | 37 | 259 | 3 | 411 | 33 | — | — | — | ||||||||||||||||||||||||||||||||||||||
Curtailment losses (gains) | 92 | 2 | — | 16 | — | 3 | (27) | — | — | ||||||||||||||||||||||||||||||||||||||
Total net periodic benefit cost | 1,299 | 190 | 738 | 158 | 931 | 169 | 57 | 101 | 123 | ||||||||||||||||||||||||||||||||||||||
Changes Recognized in Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial (gain) loss during period | 1,584 | 230 | 1,939 | 338 | 151 | 12 | 190 | 128 | (248) | ||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | (1,005) | (98) | (498) | (24) | (715) | (62) | (4) | 3 | (15) | ||||||||||||||||||||||||||||||||||||||
Prior service (credits) costs during period | — | — | — | 29 | — | 23 | — | (1) | 3 | ||||||||||||||||||||||||||||||||||||||
Amortization of prior service (costs) credits | (2) | (17) | (2) | (30) | (2) | (13) | 42 | 28 | 28 | ||||||||||||||||||||||||||||||||||||||
Total changes recognized in other
comprehensive income |
577 | 115 | 1,439 | 313 | (566) | (40) | 228 | 158 | (232) | ||||||||||||||||||||||||||||||||||||||
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income
|
$ | 1,876 | $ | 305 | $ | 2,177 | $ | 471 | $ | 365 | $ | 129 | $ | 285 | $ | 259 | $ | (109) |
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | Other Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | U.S. | Int’l. | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||
Assumptions used to determine benefit obligations:
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 2.4 | % | 2.4 | % | 3.1 | % | 3.2 | % | 4.2 | % | 4.4 | % | 2.6 | % | 3.2 | % | 4.4 | % | ||||||||||||||||||||||||||||||||
Rate of compensation increase | 4.5 | % | 4.0 | % | 4.5 | % | 4.0 | % | 4.5 | % | 4.0 | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Assumptions used to determine net periodic benefit cost:
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate for service cost | 3.3 | % | 3.2 | % | 4.4 | % | 4.4 | % | 3.7 | % | 3.9 | % | 3.5 | % | 4.6 | % | 3.9 | % | ||||||||||||||||||||||||||||||||
Discount rate for interest cost | 2.6 | % | 3.2 | % | 3.7 | % | 4.4 | % | 3.0 | % | 3.9 | % | 3.0 | % | 4.2 | % | 3.5 | % | ||||||||||||||||||||||||||||||||
Expected return on plan assets | 6.5 | % | 4.5 | % | 6.8 | % | 5.6 | % | 6.8 | % | 5.5 | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Rate of compensation increase | 4.5 | % | 4.0 | % | 4.5 | % | 4.0 | % | 4.5 | % | 4.0 | % | N/A | N/A | N/A |
U.S. | Int’l. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | NAV | Total | Level 1 | Level 2 | Level 3 | NAV | |||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S.1
|
$ | 1,769 | $ | 1,769 | $ | — | $ | — | $ | — | $ | 471 | $ | 471 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
International | 1,958 | 1,958 | — | — | — | 422 | 421 | — | 1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2
|
1,079 | 52 | — | — | 1,027 | 184 | 6 | — | — | 178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government | 523 | — | 523 | — | — | 265 | 144 | 121 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | 1,444 | — | 1,444 | — | — | 493 | — | 490 | 3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans | 120 | — | 113 | 7 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage/Asset Backed | 1 | — | 1 | — | — | 4 | — | 4 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2
|
963 | — | — | — | 963 | 2,230 | 5 | — | — | 2,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed Funds3
|
— | — | — | — | — | 84 | 7 | 77 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate4
|
1,089 | — | — | — | 1,089 | 277 | — | — | 55 | 222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Alternative Investments | 924 | — | — | — | 924 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 235 | 228 | 7 | — | — | 338 | 334 | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other5
|
72 | (5) | 29 | 44 | 4 | 23 | — | 21 | 2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total at December 31, 2019 | $ | 10,177 | $ | 4,002 | $ | 2,117 | $ | 51 | $ | 4,007 | $ | 4,791 | $ | 1,388 | $ | 715 | $ | 61 | $ | 2,627 | ||||||||||||||||||||||||||||||||||||||||||
At December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S.1
|
$ | 2,286 | $ | 2,286 | $ | — | $ | — | $ | — | $ | 443 | $ | 443 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
International | 2,211 | 2,210 | — | 1 | — | 373 | 373 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2
|
1,107 | 48 | — | — | 1,059 | 192 | 7 | — | — | 185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government | 231 | — | 231 | — | — | 240 | 125 | 115 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | 778 | — | 778 | — | — | 578 | 10 | 568 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans | 129 | — | 127 | 2 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage/Asset Backed | 1 | — | 1 | — | — | 4 | — | 4 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2
|
1,901 | 13 | — | — | 1,888 | 2,520 | 4 | — | — | 2,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed Funds3
|
— | — | — | — | — | 127 | 38 | 89 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate4
|
1,018 | — | — | — | 1,018 | 448 | — | — | 45 | 403 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Alternative Investments | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 221 | 209 | 12 | — | — | 417 | 408 | 3 | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other5
|
47 | (19) | 22 | 41 | 3 | 21 | (2) | 19 | 4 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total at December 31, 2020 | $ | 9,930 | $ | 4,747 | $ | 1,171 | $ | 44 | $ | 3,968 | $ | 5,363 | $ | 1,406 | $ | 798 | $ | 49 | $ | 3,110 |
Equity | Fixed Income | ||||||||||||||||||||||||||||||||||||||||||||||
International | Corporate | Bank Loans | Real Estate | Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Total at December 31, 2018 | $ | 1 | $ | 21 | $ | 5 | $ | 56 | $ | 46 | $ | 129 | |||||||||||||||||||||||||||||||||||
Actual Return on Plan Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Assets held at the reporting date | (1) | 1 | — | — | (1) | (1) | |||||||||||||||||||||||||||||||||||||||||
Assets sold during the period | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Purchases, Sales and Settlements | — | (19) | — | (1) | 1 | (19) | |||||||||||||||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | 1 | — | 2 | — | — | 3 | |||||||||||||||||||||||||||||||||||||||||
Total at December 31, 2019 | $ | 1 | $ | 3 | $ | 7 | $ | 55 | $ | 46 | $ | 112 | |||||||||||||||||||||||||||||||||||
Actual Return on Plan Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Assets held at the reporting date | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||
Assets sold during the period | — | — | — | (10) | — | (10) | |||||||||||||||||||||||||||||||||||||||||
Purchases, Sales and Settlements | — | (3) | (5) | — | (2) | (10) | |||||||||||||||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total at December 31, 2020 | $ | 1 | $ | — | $ | 2 | $ | 45 | $ | 45 | $ | 93 |
Pension Benefits | Other | ||||||||||||||||
U.S. | Int’l. | Benefits | |||||||||||||||
2021 | $ | 1,779 | $ | 658 | $ | 153 | |||||||||||
2022 | 919 | 220 | 162 | ||||||||||||||
2023 | 1,069 | 225 | 158 | ||||||||||||||
2024 | 1,097 | 243 | 154 | ||||||||||||||
2025 | 1,068 | 250 | 151 | ||||||||||||||
2026-2030 | 4,856 | 1,400 | 706 |
2020 | 2019 | 2018 | ||||||||||||||||||
Balance at January 1 | $ | 12,832 | $ | 14,050 | $ | 14,214 | ||||||||||||||
Liabilities assumed in the Noble acquisition | 630 | — | — | |||||||||||||||||
Liabilities incurred | 10 | 32 | 96 | |||||||||||||||||
Liabilities settled | (1,661) | (1,694) | (830) | |||||||||||||||||
Accretion expense | 560 | 628 | 654 | |||||||||||||||||
Revisions in estimated cash flows | 1,245 | (184) | (84) | |||||||||||||||||
Balance at December 31 | $ | 13,616 | $ | 12,832 | $ | 14,050 |
|
Year ended December 31 | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Sales and other operating revenues | $ | 8,407 | $ | 9,333 | $ | 11,310 | |||||||||||
Costs and other deductions | 7,221 | 7,863 | 9,812 | ||||||||||||||
Net income attributable to CPChem | 1,260 | 1,760 | 2,069 |
At December 31 | |||||||||||
2020 | 2019 | ||||||||||
Current assets | $ | 2,816 | $ | 2,554 | |||||||
Other assets | 14,210 | 14,314 | |||||||||
Current liabilities | 1,394 | 1,247 | |||||||||
Other liabilities | 3,380 | 3,174 | |||||||||
Total CPChem net equity | $ | 12,252 | $ | 12,447 |
Amounts Before Tax | |||||
Balance at January 1, 2020 | $ | 7 | |||
Accruals/Adjustments | 859 | ||||
Payments | (396) | ||||
Balance at December 31, 2020 | $ | 470 |
At October 5, 2020 | ||||||||||||||
Current assets | $ | 1,105 | ||||||||||||
Investments and long-term receivables | 1,282 | |||||||||||||
Properties (includes $14,935 for oil and gas properties)
|
16,703 | |||||||||||||
Other assets | 607 | |||||||||||||
Total assets acquired | 19,697 | |||||||||||||
Current liabilities | 1,829 | |||||||||||||
Long-term debt and finance leases | 9,231 | |||||||||||||
Deferred income taxes | 2,355 | |||||||||||||
Other liabilities | 1,394 | |||||||||||||
Total liabilities assumed | 14,809 | |||||||||||||
Noncontrolling interest and redeemable noncontrolling interest | 779 | |||||||||||||
Net assets acquired | $ | 4,109 | ||||||||||||
Year ended December 31 | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Sales and other operating revenues | $ | 96,980 | $ | 144,303 | |||||||||||||
Net income | $ | (9,890) | $ | 1,412 | |||||||||||||
Millions of dollars, except per-share amounts | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||
Statement of Income Data | ||||||||||||||||||||||||||||||||||||||
Revenues and Other Income | ||||||||||||||||||||||||||||||||||||||
Total sales and other operating revenues*
|
$ | 94,471 | $ | 139,865 | $ | 158,902 | $ | 134,674 | $ | 110,215 | ||||||||||||||||||||||||||||
Income from equity affiliates and other income | 221 | 6,651 | 7,437 | 7,048 | 4,257 | |||||||||||||||||||||||||||||||||
Total Revenues and Other Income | 94,692 | 146,516 | 166,339 | 141,722 | 114,472 | |||||||||||||||||||||||||||||||||
Total Costs and Other Deductions | 102,145 | 140,980 | 145,764 | 132,501 | 116,632 | |||||||||||||||||||||||||||||||||
Income (Loss) Before Income Tax Expense | (7,453) | 5,536 | 20,575 | 9,221 | (2,160) | |||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit) | (1,892) | 2,691 | 5,715 | (48) | (1,729) | |||||||||||||||||||||||||||||||||
Net Income (Loss) | (5,561) | 2,845 | 14,860 | 9,269 | (431) | |||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (18) | (79) | 36 | 74 | 66 | |||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | (5,543) | $ | 2,924 | $ | 14,824 | $ | 9,195 | $ | (497) | ||||||||||||||||||||||||||||
Per Share of Common Stock | ||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron | ||||||||||||||||||||||||||||||||||||||
– Basic | $ | (2.96) | $ | 1.55 | $ | 7.81 | $ | 4.88 | $ | (0.27) | ||||||||||||||||||||||||||||
– Diluted | $ | (2.96) | $ | 1.54 | $ | 7.74 | $ | 4.85 | $ | (0.27) | ||||||||||||||||||||||||||||
Cash Dividends Per Share | $ | 5.16 | $ | 4.76 | $ | 4.48 | $ | 4.32 | $ | 4.29 | ||||||||||||||||||||||||||||
Balance Sheet Data (at December 31) | ||||||||||||||||||||||||||||||||||||||
Current assets | $ | 26,078 | $ | 28,329 | $ | 34,021 | $ | 28,560 | $ | 29,619 | ||||||||||||||||||||||||||||
Noncurrent assets | 213,712 | 209,099 | 219,842 | 225,246 | 230,459 | |||||||||||||||||||||||||||||||||
Total Assets | 239,790 | 237,428 | 253,863 | 253,806 | 260,078 | |||||||||||||||||||||||||||||||||
Short-term debt | 1,548 | 3,282 | 5,726 | 5,192 | 10,840 | |||||||||||||||||||||||||||||||||
Other current liabilities | 20,635 | 23,248 | 21,445 | 22,545 | 20,945 | |||||||||||||||||||||||||||||||||
Long-term debt | 42,767 | 23,691 | 28,733 | 33,571 | 35,286 | |||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 42,114 | 41,999 | 42,317 | 43,179 | 46,285 | |||||||||||||||||||||||||||||||||
Total Liabilities | 107,064 | 92,220 | 98,221 | 104,487 | 113,356 | |||||||||||||||||||||||||||||||||
Total Chevron Corporation Stockholders’ Equity | $ | 131,688 | $ | 144,213 | $ | 154,554 | $ | 148,124 | $ | 145,556 | ||||||||||||||||||||||||||||
Noncontrolling interests | 1,038 | 995 | 1,088 | 1,195 | 1,166 | |||||||||||||||||||||||||||||||||
Total Equity | $ | 132,726 | $ | 145,208 | $ | 155,642 | $ | 149,319 | $ | 146,722 | ||||||||||||||||||||||||||||
* Includes excise, value-added and similar taxes:
|
$ | — | $ | — | $ | — | $ | 7,189 | $ | 6,905 | ||||||||||||||||||||||||||||
Consolidated Companies | Affiliated Companies | |||||||||||||||||||||||||||||||
Other | Australia/ | |||||||||||||||||||||||||||||||
Millions of dollars | U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO | Other | |||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Exploration | ||||||||||||||||||||||||||||||||
Wells | $ | 190 | $ | 181 | $ | 1 | $ | 8 | $ | 1 | $ | — | $ | 381 | $ | — | $ | — | ||||||||||||||
Geological and geophysical | 83 | 29 | 58 | 3 | 12 | — | 185 | — | — | |||||||||||||||||||||||
Other | 125 | 77 | 42 | 22 | 39 | 2 | 307 | — | — | |||||||||||||||||||||||
Total exploration | 398 | 287 | 101 | 33 | 52 | 2 | 873 | — | — | |||||||||||||||||||||||
Property acquisitions2
|
||||||||||||||||||||||||||||||||
Proved - Noble | 3,463 | — | 438 | 7,945 | — | — | 11,846 | — | — | |||||||||||||||||||||||
Proved - Other | 23 | — | 2 | 56 | — | — | 81 | — | — | |||||||||||||||||||||||
Unproved - Noble | 2,845 | 2 | 113 | 129 | — | — | 3,089 | — | — | |||||||||||||||||||||||
Unproved - Other | 35 | — | 10 | — | — | — | 45 | — | — | |||||||||||||||||||||||
Total property acquisitions | 6,366 | 2 | 563 | 8,130 | — | — | 15,061 | — | — | |||||||||||||||||||||||
Development3
|
4,622 | 740 | 386 | 1,034 | 753 | 37 | 7,572 | 2,998 | 81 | |||||||||||||||||||||||
Total Costs Incurred4
|
$ | 11,386 | $ | 1,029 | $ | 1,050 | $ | 9,197 | $ | 805 | $ | 39 | $ | 23,506 | $ | 2,998 | $ | 81 | ||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Exploration | ||||||||||||||||||||||||||||||||
Wells | $ | 571 | $ | 44 | $ | 9 | $ | 2 | $ | 4 | $ | 4 | $ | 634 | $ | — | $ | — | ||||||||||||||
Geological and geophysical | 82 | 118 | 21 | 5 | 11 | 1 | 238 | — | — | |||||||||||||||||||||||
Other | 140 | 52 | 35 | 29 | 44 | 6 | 306 | — | 8 | |||||||||||||||||||||||
Total exploration | 793 | 214 | 65 | 36 | 59 | 11 | 1,178 | — | 8 | |||||||||||||||||||||||
Property acquisitions2
|
||||||||||||||||||||||||||||||||
Proved | 81 | 34 | — | 93 | — | — | 208 | — | — | |||||||||||||||||||||||
Unproved | 68 | 150 | — | 17 | 1 | — | 236 | — | — | |||||||||||||||||||||||
Total property acquisitions | 149 | 184 | — | 110 | 1 | — | 444 | — | — | |||||||||||||||||||||||
Development3
|
7,072 | 1,216 | 279 | 1,020 | 518 | 199 | 10,304 | 5,112 | 158 | |||||||||||||||||||||||
Total Costs Incurred4
|
$ | 8,014 | $ | 1,614 | $ | 344 | $ | 1,166 | $ | 578 | $ | 210 | $ | 11,926 | $ | 5,112 | $ | 166 | ||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||||
Exploration | ||||||||||||||||||||||||||||||||
Wells | $ | 508 | $ | 74 | $ | 25 | $ | 55 | $ | — | $ | 14 | $ | 676 | $ | — | $ | — | ||||||||||||||
Geological and geophysical | 84 | 41 | 4 | 5 | 7 | 1 | 142 | — | — | |||||||||||||||||||||||
Other | 190 | 46 | 35 | 33 | 49 | 23 | 376 | — | — | |||||||||||||||||||||||
Total exploration | 782 | 161 | 64 | 93 | 56 | 38 | 1,194 | — | — | |||||||||||||||||||||||
Property acquisitions2
|
||||||||||||||||||||||||||||||||
Proved | 160 | — | 7 | 117 | — | — | 284 | — | — | |||||||||||||||||||||||
Unproved | 52 | 494 | 2 | 27 | — | — | 575 | — | — | |||||||||||||||||||||||
Total property acquisitions | 212 | 494 | 9 | 144 | — | — | 859 | — | — | |||||||||||||||||||||||
Development3
|
6,245 | 856 | 711 | 1,095 | 845 | 278 | 10,030 | 4,963 | 200 | |||||||||||||||||||||||
Total Costs Incurred4
|
$ | 7,239 | $ | 1,511 | $ | 784 | $ | 1,332 | $ | 901 | $ | 316 | $ | 12,083 | $ | 4,963 | $ | 200 |
1 |
Includes costs incurred whether capitalized or expensed. Excludes general support equipment expenditures. Includes capitalized amounts related to asset retirement obligations. See Note 23, “Asset Retirement Obligations,” on page 94.
|
||||||||||||||||||||||
2 | Includes wells, equipment and facilities associated with proved reserves. Does not include properties acquired in nonmonetary transactions. | ||||||||||||||||||||||
3 |
Includes $897, $246 and $114 of costs incurred on major capital projects prior to assignment of proved reserves for consolidated companies in 2020, 2019, and 2018, respectively.
|
||||||||||||||||||||||
4 | Reconciliation of consolidated and affiliated companies total cost incurred to Upstream capital and exploratory (C&E) expenditures - $ billions: | ||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Total cost incurred | $ | 26.6 | $ | 17.2 | $ | 17.2 | |||||||||||||||||
Noble acquisition | (14.9) | — | — | ||||||||||||||||||||
Non-oil and gas activities | — | 0.3 | 0.6 | (Primarily; LNG and transportation activities.) | |||||||||||||||||||
ARO reduction/(build) | (0.8) | 0.3 | (0.1) | ||||||||||||||||||||
Upstream C&E | $ | 10.9 | $ | 17.8 | $ | 17.7 |
Reference page 44 Upstream total
|
Consolidated Companies | Affiliated Companies | |||||||||||||||||||||||||||||||
Other | Australia/ | |||||||||||||||||||||||||||||||
Millions of dollars | U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO | Other | |||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Revenues from net production | ||||||||||||||||||||||||||||||||
Sales | $ | 1,665 | $ | 505 | $ | 473 | $ | 5,629 | $ | 3,010 | $ | 149 | $ | 11,431 | $ | 3,088 | $ | 288 | ||||||||||||||
Transfers | 7,711 | 1,683 | 3,378 | 1,092 | 1,830 | — | 15,694 | — | — | |||||||||||||||||||||||
Total | 9,376 | 2,188 | 3,851 | 6,721 | 4,840 | 149 | 27,125 | 3,088 | 288 | |||||||||||||||||||||||
Production expenses excluding taxes | (3,933) | (981) | (1,485) | (2,408) | (589) | (64) | (9,460) | (419) | (98) | |||||||||||||||||||||||
Taxes other than on income | (597) | (62) | (77) | (11) | (121) | (2) | (870) | (190) | (30) | |||||||||||||||||||||||
Proved producing properties: | ||||||||||||||||||||||||||||||||
Depreciation and depletion | (6,482) | (1,221) | (2,323) | (3,466) | (2,192) | (92) | (15,776) | (879) | (146) | |||||||||||||||||||||||
Accretion expense2
|
(165) | (22) | (136) | (120) | (62) | (10) | (515) | (9) | (6) | |||||||||||||||||||||||
Exploration expenses | (457) | (314) | (431) | (67) | (231) | (15) | (1,515) | — | 1 | |||||||||||||||||||||||
Unproved properties valuation | (58) | (215) | (6) | (8) | (1) | — | (288) | — | — | |||||||||||||||||||||||
Other income (expense)3
|
51 | (8) | (11) | 1,053 | (2) | (9) | 1,074 | (29) | (2,103) | |||||||||||||||||||||||
Results before income taxes | (2,265) | (635) | (618) | 1,694 | 1,642 | (43) | (225) | 1,562 | (2,094) | |||||||||||||||||||||||
Income tax (expense) benefit | 558 | (5) | 888 | (353) | (558) | 12 | 542 | (471) | 161 | |||||||||||||||||||||||
Results of Producing Operations | $ | (1,707) | $ | (640) | $ | 270 | $ | 1,341 | $ | 1,084 | $ | (31) | $ | 317 | $ | 1,091 | $ | (1,933) | ||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Revenues from net production | ||||||||||||||||||||||||||||||||
Sales | $ | 2,259 | $ | 863 | $ | 668 | $ | 7,410 | $ | 4,332 | $ | 592 | $ | 16,124 | $ | 5,603 | $ | 780 | ||||||||||||||
Transfers | 11,043 | 2,160 | 6,534 | 1,311 | 2,596 | 655 | 24,299 | — | — | |||||||||||||||||||||||
Total | 13,302 | 3,023 | 7,202 | 8,721 | 6,928 | 1,247 | 40,423 | 5,603 | 780 | |||||||||||||||||||||||
Production expenses excluding taxes | (3,567) | (1,020) | (1,460) | (2,703) | (616) | (343) | (9,709) | (475) | (247) | |||||||||||||||||||||||
Taxes other than on income | (595) | (64) | (101) | (16) | (221) | (2) | (999) | (57) | (10) | |||||||||||||||||||||||
Proved producing properties: | ||||||||||||||||||||||||||||||||
Depreciation and depletion | (11,659) | (1,380) | (2,548) | (3,165) | (2,192) | (85) | (21,029) | (870) | (211) | |||||||||||||||||||||||
Accretion expense2
|
(191) | (21) | (148) | (133) | (53) | (37) | (583) | (5) | (8) | |||||||||||||||||||||||
Exploration expenses | (293) | (211) | (73) | (93) | (60) | (10) | (740) | — | (8) | |||||||||||||||||||||||
Unproved properties valuation | (3,268) | (591) | (2) | (388) | (2) | — | (4,251) | (4) | — | |||||||||||||||||||||||
Other income (expense)3
|
(51) | (44) | (121) | 413 | 53 | 1,373 | 1,623 | 1 | (157) | |||||||||||||||||||||||
Results before income taxes | (6,322) | (308) | 2,749 | 2,636 | 3,837 | 2,143 | 4,735 | 4,193 | 139 | |||||||||||||||||||||||
Income tax (expense) benefit | 1,311 | (27) | (1,731) | (1,212) | (1,161) | (311) | (3,131) | (1,261) | (73) | |||||||||||||||||||||||
Results of Producing Operations | $ | (5,011) | $ | (335) | $ | 1,018 | $ | 1,424 | $ | 2,676 | $ | 1,832 | $ | 1,604 | $ | 2,932 | $ | 66 |
Consolidated Companies | Affiliated Companies | |||||||||||||||||||||||||||||||
Other | Australia/ | |||||||||||||||||||||||||||||||
Millions of dollars | U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO | Other | |||||||||||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||||
Revenues from net production | ||||||||||||||||||||||||||||||||
Sales | $ | 2,162 | $ | 1,008 | $ | 829 | $ | 5,880 | $ | 4,229 | $ | 619 | $ | 14,727 | $ | 5,987 | $ | 1,369 | ||||||||||||||
Transfers | 11,645 | 1,808 | 7,829 | 3,206 | 3,413 | 1,071 | 28,972 | — | — | |||||||||||||||||||||||
Total | 13,807 | 2,816 | 8,658 | 9,086 | 7,642 | 1,690 | 43,699 | 5,987 | 1,369 | |||||||||||||||||||||||
Production expenses excluding taxes | (3,203) | (1,009) | (1,564) | (2,653) | (557) | (424) | (9,410) | (447) | (295) | |||||||||||||||||||||||
Taxes other than on income | (540) | (70) | (112) | (22) | (250) | (2) | (996) | 160 | (210) | |||||||||||||||||||||||
Proved producing properties: | ||||||||||||||||||||||||||||||||
Depreciation and depletion | (4,583) | (998) | (3,368) | (3,714) | (2,103) | (411) | (15,177) | (711) | (306) | |||||||||||||||||||||||
Accretion expense2
|
(186) | (26) | (149) | (146) | (50) | (52) | (609) | (4) | (3) | |||||||||||||||||||||||
Exploration expenses | (777) | (191) | (52) | (58) | (56) | (41) | (1,175) | (3) | (6) | |||||||||||||||||||||||
Unproved properties valuation | (516) | (42) | (3) | (135) | — | — | (696) | — | — | |||||||||||||||||||||||
Other income (expense)3
|
336 | 4 | 97 | (33) | 31 | (161) | 274 | 70 | (280) | |||||||||||||||||||||||
Results before income taxes | 4,338 | 484 | 3,507 | 2,325 | 4,657 | 599 | 15,910 | 5,052 | 269 | |||||||||||||||||||||||
Income tax (expense) benefit | (886) | (400) | (2,131) | (1,088) | (1,415) | (233) | (6,153) | (1,519) | 341 | |||||||||||||||||||||||
Results of Producing Operations | $ | 3,452 | $ | 84 | $ | 1,376 | $ | 1,237 | $ | 3,242 | $ | 366 | $ | 9,757 | $ | 3,533 | $ | 610 |
Consolidated Companies | Affiliated Companies | |||||||||||||||||||||||||||||||
Other | Australia/ | |||||||||||||||||||||||||||||||
U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO | Other | ||||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Average sales prices | ||||||||||||||||||||||||||||||||
Liquids, per barrel | $ | 30.53 | $ | 35.41 | $ | 38.06 | $ | 39.77 | $ | 38.03 | $ | 34.20 | $ | 34.12 | $ | 24.25 | $ | 24.07 | ||||||||||||||
Natural gas, per thousand cubic feet | 0.96 | 2.20 | 1.61 | 4.30 | 5.42 | 1.07 | 3.68 | 0.54 | 0.61 | |||||||||||||||||||||||
Average production costs, per barrel2
|
10.01 | 14.27 | 13.19 | 11.24 | 4.02 | 13.23 | 10.07 | 3.17 | 3.91 | |||||||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Average sales prices | ||||||||||||||||||||||||||||||||
Liquids, per barrel | $ | 48.54 | $ | 54.85 | $ | 62.27 | $ | 59.53 | $ | 60.15 | $ | 61.80 | $ | 54.47 | $ | 49.14 | $ | 45.25 | ||||||||||||||
Natural gas, per thousand cubic feet | 1.07 | 2.24 | 1.84 | 4.73 | 7.54 | 4.43 | 4.86 | 0.79 | 0.99 | |||||||||||||||||||||||
Average production costs, per barrel2
|
10.48 | 15.97 | 11.90 | 12.74 | 4.08 | 14.28 | 10.62 | 3.53 | 7.93 | |||||||||||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||||
Average sales prices | ||||||||||||||||||||||||||||||||
Liquids, per barrel | $ | 58.17 | $ | 58.27 | $ | 69.75 | $ | 63.55 | $ | 68.78 | $ | 66.31 | $ | 62.45 | $ | 56.20 | $ | 56.41 | ||||||||||||||
Natural gas, per thousand cubic feet | 1.86 | 2.62 | 2.55 | 4.48 | 8.78 | 7.54 | 5.54 | 0.77 | 3.19 | |||||||||||||||||||||||
Average production costs, per barrel2
|
11.18 | 17.32 | 11.29 | 12.15 | 3.95 | 14.21 | 10.78 | 3.59 | 9.29 |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||
Liquids in Millions of Barrels | ||||||||||||||||||||||||||||||||||||||||||||
Natural Gas in Billions of Cubic Feet |
Crude Oil
Condensate |
SyntheticOil | NGL |
Natural
Gas |
Crude Oil
Condensate |
SyntheticOil | NGL |
Natural
Gas |
Crude Oil
Condensate |
SyntheticOil | NGL |
Natural
Gas |
||||||||||||||||||||||||||||||||
Proved Developed | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated Companies | ||||||||||||||||||||||||||||||||||||||||||||
U.S. | 1,157 | — | 346 | 2,503 | 1,121 | — | 258 | 2,998 | 1,061 | — | 179 | 2,396 | ||||||||||||||||||||||||||||||||
Other Americas | 168 | 597 | 6 | 222 | 174 | 540 | 5 | 397 | 156 | 545 | 3 | 393 | ||||||||||||||||||||||||||||||||
Africa | 497 | — | 68 | 1,629 | 525 | — | 67 | 1,472 | 568 | — | 60 | 1,316 | ||||||||||||||||||||||||||||||||
Asia | 358 | — | — | 7,864 | 406 | — | — | 3,382 | 470 | — | — | 4,021 | ||||||||||||||||||||||||||||||||
Australia/Oceania | 115 | — | 4 | 8,951 | 136 | — | 4 | 10,697 | 127 | — | 5 | 10,084 | ||||||||||||||||||||||||||||||||
Europe | 23 | — | — | 8 | 21 | — | — | 8 | 81 | — | 3 | 205 | ||||||||||||||||||||||||||||||||
Total Consolidated | 2,318 | 597 | 424 | 21,177 | 2,383 | 540 | 334 | 18,954 | 2,463 | 545 | 250 | 18,415 | ||||||||||||||||||||||||||||||||
Affiliated Companies | ||||||||||||||||||||||||||||||||||||||||||||
TCO | 565 | — | 53 | 1,057 | 584 | — | 59 | 1,135 | 638 | — | 62 | 1,179 | ||||||||||||||||||||||||||||||||
Other | 2 | — | 12 | 322 | 114 | — | 10 | 308 | 65 | 55 | 11 | 308 | ||||||||||||||||||||||||||||||||
Total Consolidated and Affiliated Companies | 2,885 | 597 | 489 | 22,556 | 3,081 | 540 | 403 | 20,397 | 3,166 | 600 | 323 | 19,902 | ||||||||||||||||||||||||||||||||
Proved Undeveloped | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated Companies | ||||||||||||||||||||||||||||||||||||||||||||
U.S. | 593 | — | 247 | 1,747 | 807 | — | 244 | 1,730 | 813 | — | 349 | 4,313 | ||||||||||||||||||||||||||||||||
Other Americas | 92 | — | 2 | 107 | 146 | — | 11 | 339 | 185 | — | 19 | 470 | ||||||||||||||||||||||||||||||||
Africa | 57 | — | 36 | 1,208 | 88 | — | 33 | 1,286 | 110 | — | 38 | 1,499 | ||||||||||||||||||||||||||||||||
Asia | 45 | — | — | 319 | 107 | — | — | 299 | 109 | — | — | 289 | ||||||||||||||||||||||||||||||||
Australia/Oceania | 26 | — | — | 2,434 | 30 | — | — | 3,961 | 29 | — | — | 3,647 | ||||||||||||||||||||||||||||||||
Europe | 38 | — | — | 14 | 48 | — | — | 18 | 65 | — | — | 100 | ||||||||||||||||||||||||||||||||
Total Consolidated | 851 | — | 285 | 5,829 | 1,226 | — | 288 | 7,633 | 1,311 | — | 406 | 10,318 | ||||||||||||||||||||||||||||||||
Affiliated Companies | ||||||||||||||||||||||||||||||||||||||||||||
TCO | 985 | — | 49 | 961 | 889 | — | 44 | 869 | 866 | — | 39 | 755 | ||||||||||||||||||||||||||||||||
Other | 1 | — | 5 | 576 | 45 | — | 5 | 558 | 2 | 72 | 5 | 601 | ||||||||||||||||||||||||||||||||
Total Consolidated and Affiliated Companies | 1,837 | — | 339 | 7,366 | 2,160 | — | 337 | 9,060 | 2,179 | 72 | 450 | 11,674 | ||||||||||||||||||||||||||||||||
Total Proved Reserves | 4,722 | 597 | 828 | 29,922 | 5,241 | 540 | 740 | 29,457 | 5,345 | 672 | 773 | 31,576 |
Proved Undeveloped Reserves (Millions of BOE)
|
2020 | ||||
Quantity at January 1 | 4,007 | ||||
Revisions | (699) | ||||
Improved Recovery | 1 | ||||
Extension & Discoveries | 123 | ||||
Purchases | 329 | ||||
Sales | (95) | ||||
Transfers to Proved Developed | (262) | ||||
Quantity at December 31 | 3,404 |
Consolidated Companies | Affiliated Companies |
Total
Consolidated |
||||||||||||||||||||||||||||||||||||||||||
Other | Australia/ | Synthetic | Synthetic | and Affiliated | ||||||||||||||||||||||||||||||||||||||||
Millions of barrels | U.S. |
Americas1
|
Africa | Asia | Oceania | Europe |
Oil2
|
Total | TCO | Oil |
Other3
|
Companies | ||||||||||||||||||||||||||||||||
Reserves at January 1, 2018 | 1,573 | 280 | 743 | 631 | 153 | 142 | 543 | 4,065 | 1,630 | 159 | 83 | 5,937 | ||||||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||||||||
Revisions | 121 | 59 | 61 | 37 | 17 | 19 | 21 | 335 | (28) | (23) | (7) | 277 | ||||||||||||||||||||||||||||||||
Improved recovery | 5 | — | — | 1 | — | 4 | — | 10 | — | — | — | 10 | ||||||||||||||||||||||||||||||||
Extensions and discoveries | 359 | 31 | 1 | — | — | — | — | 391 | — | — | — | 391 | ||||||||||||||||||||||||||||||||
Purchases | 31 | — | — | — | — | — | — | 31 | — | — | — | 31 | ||||||||||||||||||||||||||||||||
Sales | (26) | — | (5) | — | — | — | — | (31) | — | — | — | (31) | ||||||||||||||||||||||||||||||||
Production | (189) | (29) | (122) | (90) | (14) | (19) | (19) | (482) | (98) | (9) | (9) | (598) | ||||||||||||||||||||||||||||||||
Reserves at December 31, 20184
|
1,874 | 341 | 678 | 579 | 156 | 146 | 545 | 4,319 | 1,504 | 127 | 67 | 6,017 | ||||||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||||||||
Revisions | (153) | (25) | 42 | 19 | 25 | 6 | 14 | (72) | 75 | (126) | 105 | (18) | ||||||||||||||||||||||||||||||||
Improved recovery | 7 | — | — | — | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||
Extensions and discoveries | 394 | 39 | 1 | 1 | 1 | 2 | — | 438 | — | — | — | 438 | ||||||||||||||||||||||||||||||||
Purchases | 19 | 2 | — | — | — | — | — | 21 | — | — | — | 21 | ||||||||||||||||||||||||||||||||
Sales | — | (4) | — | — | — | (69) | — | (73) | — | — | — | (73) | ||||||||||||||||||||||||||||||||
Production | (213) | (33) | (108) | (86) | (16) | (16) | (19) | (491) | (106) | (1) | (13) | (611) | ||||||||||||||||||||||||||||||||
Reserves at December 31, 20194
|
1,928 | 320 | 613 | 513 | 166 | 69 | 540 | 4,149 | 1,473 | — | 159 | 5,781 | ||||||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||||||||
Revisions | (279) | (25) | 11 | 74 | (11) | (4) | 77 | (157) | 180 | — | (149) | (126) | ||||||||||||||||||||||||||||||||
Improved recovery | 1 | 1 | — | — | — | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||
Extensions and discoveries | 105 | 3 | 1 | — | 1 | — | — | 110 | — | — | — | 110 | ||||||||||||||||||||||||||||||||
Purchases | 227 | — | 21 | 10 | — | — | — | 258 | — | — | — | 258 | ||||||||||||||||||||||||||||||||
Sales | (11) | — | — | (99) | — | — | — | (110) | — | — | — | (110) | ||||||||||||||||||||||||||||||||
Production | (221) | (39) | (92) | (95) | (15) | (4) | (20) | (486) | (103) | — | (7) | (596) | ||||||||||||||||||||||||||||||||
Reserves at December 31, 20204
|
1,750 | 260 | 554 | 403 | 141 | 61 | 597 | 3,766 | 1,550 | — | 3 | 5,319 |
Consolidated Companies | Affiliated Companies |
Total
Consolidated |
||||||||||||||||||||||||||||||||||||
Other | Australia/ | and Affiliated | ||||||||||||||||||||||||||||||||||||
Millions of barrels | U.S. |
Americas1
|
Africa | Asia | Oceania | Europe | Total | TCO |
Other2
|
Companies | ||||||||||||||||||||||||||||
Reserves at January 1, 2018 | 343 | 17 | 96 | — | 6 | 3 | 465 | 119 | 21 | 605 | ||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||
Revisions | 34 | 1 | 7 | — | — | 1 | 43 | (11) | (3) | 29 | ||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Extensions and discoveries | 173 | 5 | — | — | — | — | 178 | — | — | 178 | ||||||||||||||||||||||||||||
Purchases | 19 | — | — | — | — | — | 19 | — | — | 19 | ||||||||||||||||||||||||||||
Sales | (6) | — | — | — | — | — | (6) | — | — | (6) | ||||||||||||||||||||||||||||
Production | (35) | (1) | (5) | — | (1) | (1) | (43) | (7) | (2) | (52) | ||||||||||||||||||||||||||||
Reserves at December 31, 20183
|
528 | 22 | 98 | — | 5 | 3 | 656 | 101 | 16 | 773 | ||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||
Revisions | (120) | (4) | 6 | — | — | — | (118) | 10 | 2 | (106) | ||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Extensions and discoveries | 140 | — | — | — | — | — | 140 | — | — | 140 | ||||||||||||||||||||||||||||
Purchases | 5 | — | — | — | — | — | 5 | — | — | 5 | ||||||||||||||||||||||||||||
Sales | — | — | — | — | — | (2) | (2) | — | — | (2) | ||||||||||||||||||||||||||||
Production | (51) | (2) | (4) | — | (1) | (1) | (59) | (8) | (3) | (70) | ||||||||||||||||||||||||||||
Reserves at December 31, 20193
|
502 | 16 | 100 | — | 4 | — | 622 | 103 | 15 | 740 | ||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||
Revisions | (71) | (7) | (3) | — | — | — | (81) | 8 | 5 | (68) | ||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Extensions and discoveries | 60 | 1 | — | — | — | — | 61 | — | — | 61 | ||||||||||||||||||||||||||||
Purchases | 198 | — | 12 | — | — | — | 210 | — | — | 210 | ||||||||||||||||||||||||||||
Sales | (27) | — | — | — | — | (27) | — | — | (27) | |||||||||||||||||||||||||||||
Production | (69) | (2) | (5) | — | — | — | (76) | (9) | (3) | (88) | ||||||||||||||||||||||||||||
Reserves at December 31, 20203
|
593 | 8 | 104 | — | 4 | — | 709 | 102 | 17 | 828 |
Consolidated Companies | Affiliated Companies |
Total
Consolidated |
||||||||||||||||||||||||||||||||||||
Other | Australia/ | and Affiliated | ||||||||||||||||||||||||||||||||||||
Billions of cubic feet (BCF) | U.S. |
Americas1
|
Africa | Asia | Oceania | Europe | Total | TCO |
Other2
|
Companies | ||||||||||||||||||||||||||||
Reserves at January 1, 2018 | 5,180 | 795 | 2,906 | 4,773 | 13,559 | 301 | 27,514 | 2,183 | 1,039 | 30,736 | ||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||
Revisions | 258 | (3) | 25 | 347 | 1,012 | 68 | 1,707 | (108) | (38) | 1,561 | ||||||||||||||||||||||||||||
Improved recovery | 2 | 2 | — | — | 1 | — | 5 | — | — | 5 | ||||||||||||||||||||||||||||
Extensions and discoveries | 1,627 | 138 | — | 5 | — | 1 | 1,771 | — | 3 | 1,774 | ||||||||||||||||||||||||||||
Purchases | 144 | — | 1 | — | — | — | 145 | — | — | 145 | ||||||||||||||||||||||||||||
Sales | (125) | — | (5) | — | — | — | (130) | — | — | (130) | ||||||||||||||||||||||||||||
Production3
|
(377) | (69) | (112) | (815) | (841) | (65) | (2,279) | (141) | (95) | (2,515) | ||||||||||||||||||||||||||||
Reserves at December 31, 20184
|
6,709 | 863 | 2,815 | 4,310 | 13,731 | 305 | 28,733 | 1,934 | 909 | 31,576 | ||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||
Revisions | (2,565) | (107) | 46 | 165 | 1,732 | 3 | (726) | 223 | 39 | (464) | ||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Extensions and discoveries | 1,008 | 49 | — | 5 | 93 | 1 | 1,156 | — | 20 | 1,176 | ||||||||||||||||||||||||||||
Purchases | 24 | — | — | — | — | — | 24 | — | — | 24 | ||||||||||||||||||||||||||||
Sales | (1) | (2) | — | — | — | (240) | (243) | — | — | (243) | ||||||||||||||||||||||||||||
Production3
|
(447) | (67) | (103) | (799) | (898) | (43) | (2,357) | (153) | (102) | (2,612) | ||||||||||||||||||||||||||||
Reserves at December 31, 20194
|
4,728 | 736 | 2,758 | 3,681 | 14,658 | 26 | 26,587 | 2,004 | 866 | 29,457 | ||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||
Revisions | (509) | (178) | (229) | 169 | (2,455) | (2) | (3,204) | 162 | 138 | (2,904) | ||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Extensions and discoveries | 385 | 8 | 2 | — | 58 | — | 453 | — | — | 453 | ||||||||||||||||||||||||||||
Purchases | 1,548 | — | 441 | 5,350 | — | — | 7,339 | — | — | 7,339 | ||||||||||||||||||||||||||||
Sales | (1,314) | (177) | — | (264) | — | — | (1,755) | — | — | (1,755) | ||||||||||||||||||||||||||||
Production3
|
(588) | (60) | (135) | (753) | (876) | (2) | (2,414) | (148) | (106) | (2,668) | ||||||||||||||||||||||||||||
Reserves at December 31, 20204
|
4,250 | 329 | 2,837 | 8,183 | 11,385 | 22 | 27,006 | 2,018 | 898 | 29,922 |
|
Consolidated Companies | Affiliated Companies |
Total
Consolidated |
|||||||||||||||||||||||||||||||||||
Other | Australia/ | and Affiliated | ||||||||||||||||||||||||||||||||||||
Millions of dollars | U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO | Other | Companies | ||||||||||||||||||||||||||||
At December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Future cash inflows from production | $ | 74,671 | $ | 29,605 | $ | 27,521 | $ | 49,265 | $ | 53,241 | $ | 2,304 | $ | 236,607 | $ | 53,309 | $ | 1,070 | $ | 290,986 | ||||||||||||||||||
Future production costs | (30,359) | (15,410) | (15,364) | (12,784) | (11,036) | (1,336) | (86,289) | (19,525) | (426) | (106,240) | ||||||||||||||||||||||||||||
Future development costs | (10,492) | (2,366) | (3,017) | (2,274) | (3,205) | (522) | (21,876) | (7,138) | (38) | (29,052) | ||||||||||||||||||||||||||||
Future income taxes | (5,874) | (3,131) | (6,197) | (17,543) | (11,700) | (178) | (44,623) | (7,994) | (212) | (52,829) | ||||||||||||||||||||||||||||
Undiscounted future net cash flows | 27,946 | 8,698 | 2,943 | 16,664 | 27,300 | 268 | 83,819 | 18,652 | 394 | 102,865 | ||||||||||||||||||||||||||||
10 percent midyear annual discount for timing of estimated cash flows
|
(10,456) | (4,652) | (582) | (7,856) | (11,774) | (56) | (35,376) | (8,803) | (149) | (44,328) | ||||||||||||||||||||||||||||
Standardized Measure
Net Cash Flows
|
$ | 17,490 | $ | 4,046 | $ | 2,361 | $ | 8,808 | $ | 15,526 | $ | 212 | $ | 48,443 | $ | 9,849 | $ | 245 | $ | 58,537 | ||||||||||||||||||
At December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Future cash inflows from production | $ | 122,012 | $ | 45,701 | $ | 45,706 | $ | 43,386 | $ | 95,845 | $ | 4,466 | $ | 357,116 | $ | 85,179 | $ | 12,309 | $ | 454,604 | ||||||||||||||||||
Future production costs | (32,349) | (18,324) | (17,982) | (14,646) | (14,141) | (1,428) | (98,870) | (22,302) | (2,487) | (123,659) | ||||||||||||||||||||||||||||
Future development costs | (15,987) | (4,219) | (3,643) | (5,070) | (5,458) | (341) | (34,718) | (14,340) | (705) | (49,763) | ||||||||||||||||||||||||||||
Future income taxes | (15,780) | (6,491) | (17,562) | (11,147) | (22,874) | (1,078) | (74,932) | (14,561) | (3,855) | (93,348) | ||||||||||||||||||||||||||||
Undiscounted future net cash flows | 57,896 | 16,667 | 6,519 | 12,523 | 53,372 | 1,619 | 148,596 | 33,976 | 5,262 | 187,834 | ||||||||||||||||||||||||||||
10 percent midyear annual discount for timing of estimated cash flows
|
(26,422) | (9,312) | (1,629) | (3,652) | (26,536) | (650) | (68,201) | (16,990) | (2,096) | (87,287) | ||||||||||||||||||||||||||||
Standardized Measure
Net Cash Flows
|
$ | 31,474 | $ | 7,355 | $ | 4,890 | $ | 8,871 | $ | 26,836 | $ | 969 | $ | 80,395 | $ | 16,986 | $ | 3,166 | $ | 100,547 | ||||||||||||||||||
At December 31, 2018 | ||||||||||||||||||||||||||||||||||||||
Future cash inflows from production | $ | 132,512 | $ | 52,470 | $ | 56,856 | $ | 54,012 | $ | 109,116 | $ | 11,959 | $ | 416,925 | $ | 100,518 | $ | 16,928 | $ | 534,371 | ||||||||||||||||||
Future production costs | (34,679) | (20,691) | (18,850) | (17,359) | (16,296) | (6,609) | (114,484) | (24,580) | (4,665) | (143,729) | ||||||||||||||||||||||||||||
Future development costs | (17,322) | (5,106) | (4,112) | (5,494) | (7,757) | (1,393) | (41,184) | (14,069) | (1,692) | (56,945) | ||||||||||||||||||||||||||||
Future income taxes | (17,369) | (7,553) | (23,593) | (14,514) | (25,519) | (1,676) | (90,224) | (18,561) | (4,496) | (113,281) | ||||||||||||||||||||||||||||
Undiscounted future net cash flows | 63,142 | 19,120 | 10,301 | 16,645 | 59,544 | 2,281 | 171,033 | 43,308 | 6,075 | 220,416 | ||||||||||||||||||||||||||||
10 percent midyear annual discount for timing of estimated cash flows
|
(29,103) | (11,136) | (2,646) | (4,822) | (28,276) | (419) | (76,402) | (22,025) | (2,662) | (101,089) | ||||||||||||||||||||||||||||
Standardized Measure
Net Cash Flows
|
$ | 34,039 | $ | 7,984 | $ | 7,655 | $ | 11,823 | $ | 31,268 | $ | 1,862 | $ | 94,631 | $ | 21,283 | $ | 3,413 | $ | 119,327 |
Total Consolidated and | ||||||||||||||||||||||||||
Millions of dollars | Consolidated Companies | Affiliated Companies | Affiliated Companies | |||||||||||||||||||||||
Present Value at January 1, 2018 | $ | 65,847 | $ | 14,166 | $ | 80,013 | ||||||||||||||||||||
Sales and transfers of oil and gas produced net of production costs | (33,535) | (6,813) | (40,348) | |||||||||||||||||||||||
Development costs incurred | 9,723 | 5,044 | 14,767 | |||||||||||||||||||||||
Purchases of reserves | 99 | — | 99 | |||||||||||||||||||||||
Sales of reserves | (622) | — | (622) | |||||||||||||||||||||||
Extensions, discoveries and improved recovery less related costs | 5,503 | 14 | 5,517 | |||||||||||||||||||||||
Revisions of previous quantity estimates | 15,480 | (2,255) | 13,225 | |||||||||||||||||||||||
Net changes in prices, development and production costs | 39,241 | 17,251 | 56,492 | |||||||||||||||||||||||
Accretion of discount | 9,413 | 2,084 | 11,497 | |||||||||||||||||||||||
Net change in income tax | (16,518) | (4,795) | (21,313) | |||||||||||||||||||||||
Net Change for 2018 | 28,784 | 10,530 | 39,314 | |||||||||||||||||||||||
Present Value at December 31, 2018 | $ | 94,631 | $ | 24,696 | $ | 119,327 | ||||||||||||||||||||
Sales and transfers of oil and gas produced net of production costs | (29,436) | (5,823) | (35,259) | |||||||||||||||||||||||
Development costs incurred | 10,497 | 5,120 | 15,617 | |||||||||||||||||||||||
Purchases of reserves | 406 | — | 406 | |||||||||||||||||||||||
Sales of reserves | (579) | — | (579) | |||||||||||||||||||||||
Extensions, discoveries and improved recovery less related costs | 5,697 | 43 | 5,740 | |||||||||||||||||||||||
Revisions of previous quantity estimates | 621 | 2,122 | 2,743 | |||||||||||||||||||||||
Net changes in prices, development and production costs | (25,056) | (11,637) | (36,693) | |||||||||||||||||||||||
Accretion of discount | 13,538 | 3,584 | 17,122 | |||||||||||||||||||||||
Net change in income tax | 10,077 | 2,046 | 12,123 | |||||||||||||||||||||||
Net Change for 2019 | (14,235) | (4,545) | (18,780) | |||||||||||||||||||||||
Present Value at December 31, 2019 | $ | 80,396 | $ | 20,151 | $ | 100,547 | ||||||||||||||||||||
Sales and transfers of oil and gas produced net of production costs | (16,621) | (2,322) | (18,943) | |||||||||||||||||||||||
Development costs incurred | 6,301 | 2,892 | 9,193 | |||||||||||||||||||||||
Purchases of reserves | 10,295 | — | 10,295 | |||||||||||||||||||||||
Sales of reserves | (803) | — | (803) | |||||||||||||||||||||||
Extensions, discoveries and improved recovery less related costs | 2,066 | — | 2,066 | |||||||||||||||||||||||
Revisions of previous quantity estimates | (1,293) | 4,033 | 2,740 | |||||||||||||||||||||||
Net changes in prices, development and production costs | (62,788) | (22,925) | (85,713) | |||||||||||||||||||||||
Accretion of discount | 11,274 | 2,948 | 14,222 | |||||||||||||||||||||||
Net change in income tax | 19,616 | 5,317 | 24,933 | |||||||||||||||||||||||
Net Change for 2020 | (31,953) | (10,057) | (42,010) | |||||||||||||||||||||||
Present Value at December 31, 2020 | $ | 48,443 | $ | 10,094 | $ | 58,537 |
Year ended December 31 | |||||||||||||||||
Millions of Dollars | 2020 | 2019 | 2018 | ||||||||||||||
Employee Termination Benefits | |||||||||||||||||
Balance at January 1 | $ | 7 | $ | 19 | $ | 62 | |||||||||||
Additions (reductions) charged to expense | 859 | 6 | 5 | ||||||||||||||
Payments | (396) | (18) | (48) | ||||||||||||||
Balance at December 31 | $ | 470 | $ | 7 | $ | 19 | |||||||||||
Expected Credit Losses | |||||||||||||||||
Beginning allowance balance for expected credit losses | $ | 849 | $ | 980 | $ | 606 | |||||||||||
Current period provision | 573 | (128) | 379 | ||||||||||||||
Write-offs charged against the allowance, if any | (751) | (3) | (5) | ||||||||||||||
Recoveries of amounts previously written-off, if any | — | — | — | ||||||||||||||
Balance at December 31 | $ | 671 | $ | 849 | $ | 980 | |||||||||||
Deferred Income Tax Valuation Allowance1
|
|||||||||||||||||
Balance at January 1 | $ | 15,965 | $ | 15,973 | $ | 16,574 | |||||||||||
Additions to deferred income tax expense2
|
2,892 | 1,336 | 2,000 | ||||||||||||||
Reduction of deferred income tax expense | (1,095) | (1,344) | (2,601) | ||||||||||||||
Balance at December 31 | $ | 17,762 | $ | 15,965 | $ | 15,973 |
Exhibit No.
|
Description
|
||||
3.1 | |||||
3.2 | |||||
4.1 | Indenture, dated as of June 15, 1995, filed as Exhibit 4.1 to Chevron Corporation’s Amendment Number 1 to Registration Statement on Form S-3 filed June 14, 1995, and incorporated herein by reference. | ||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
4.5 | |||||
10.1+
|
|||||
10.2+
|
|||||
10.3+
|
|||||
10.4+
|
|||||
10.5+* | |||||
10.6+* | |||||
10.7+ | |||||
10.8+ | |||||
10.9+
|
|||||
10.10+
|
|||||
10.11+
|
|||||
10.12+
|
|||||
Exhibit No. | Description | ||||
10.13+ | |||||
10.14+
|
|||||
10.15+
|
|||||
10.16+
|
|||||
10.17+
|
|||||
10.18+
|
|||||
10.19+
|
|||||
10.20+ | |||||
21.1*
|
|||||
22.1 | |||||
23.1*
|
|||||
23.2*
|
|||||
23.3* | |||||
24.1*
|
|||||
31.1*
|
|||||
31.2*
|
|||||
32.1**
|
|||||
32.2**
|
|||||
99.1*
|
|||||
99.2*
|
|||||
99.3* | |||||
101.SCH*
|
iXBRL Schema Document. | ||||
101.CAL*
|
iXBRL Calculation Linkbase Document. | ||||
101.DEF*
|
iXBRL Definition Linkbase Document. | ||||
101.LAB*
|
iXBRL Label Linkbase Document. | ||||
101.PRE*
|
iXBRL Presentation Linkbase Document. | ||||
104*
|
Cover Page Interactive Data File (contained in Exhibit 101) |
Chevron Corporation
|
|||||
By: | /s/ MICHAEL K. WIRTH | ||||
Michael K. Wirth, Chairman of the Board
and Chief Executive Officer |
Principal Executive Officer | |||||
(and Director) | |||||
/s/ MICHAEL K. WIRTH
Michael K. Wirth, Chairman of the Board and Chief Executive Officer |
|||||
Principal Financial Officer | |||||
/s/ PIERRE R. BREBER
Pierre R. Breber, Vice President and Chief Financial Officer |
|||||
Principal Accounting Officer | |||||
/s/ DAVID A. INCHAUSTI
David A. Inchausti, Vice President and Controller |
|||||
*By: /s/ MARY A. FRANCIS
Mary A. Francis, Attorney-in-Fact |
Directors | ||
WANDA M. AUSTIN*
Wanda M. Austin |
||
JOHN B. FRANK*
John B. Frank |
||
ALICE P. GAST*
Alice P. Gast |
||
ENRIQUE HERNANDEZ, JR.*
Enrique Hernandez, Jr. |
||
MARILLYN A. HEWSON*
Marillyn A. Hewson
|
||
JON M. HUNTSMAN JR.*
Jon M. Huntsman Jr.
|
||
CHARLES W. MOORMAN IV*
Charles W. Moorman IV |
||
DAMBISA F. MOYO*
Dambisa F. Moyo |
||
DEBRA REED-KLAGES*
Debra Reed-Klages |
||
RONALD D. SUGAR*
Ronald D. Sugar |
||
D. JAMES UMPLEBY III*
D. James Umpleby III |
||
1 Year Chevron Chart |
1 Month Chevron Chart |
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