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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 | |
---|---|---|---|---|---|---|---|---|
1.51 | 0.94% | 162.60 | 162.9679 | 161.19 | 162.03 | 5,463,135 | 01:00:00 |
Chevron Corporation (NYSE: CVX) reported earnings of $2.3 billion ($1.22 per share - diluted) for fourth quarter 2023, compared with $6.4 billion ($3.33 per share - diluted) in fourth quarter 2022. Included in the current quarter were $1.8 billion of U.S. upstream impairment charges and $1.9 billion of decommissioning obligations from previously sold assets in the U.S. Gulf of Mexico. Foreign currency effects decreased earnings by $479 million. Adjusted earnings of $6.5 billion ($3.45 per share - diluted) in fourth quarter 2023 compared to adjusted earnings of $7.9 billion ($4.09 per share - diluted) in fourth quarter 2022. See Attachment 4 for a reconciliation of adjusted earnings.
Earnings & Cash Flow Summary
Unit
4Q 2023
3Q 2023
4Q 2022
2023
2022
Total Earnings / (Loss)
$ MM
$
2,259
$
6,526
$
6,353
$
21,369
$
35,465
Upstream
$ MM
$
1,586
$
5,755
$
5,485
$
17,438
$
30,284
Downstream
$ MM
$
1,147
$
1,683
$
1,771
$
6,137
$
8,155
All Other
$ MM
$
(474
)
$
(912
)
$
(903
)
$
(2,206
)
$
(2,974
)
Earnings Per Share - Diluted
$/Share
$
1.22
$
3.48
$
3.33
$
11.36
$
18.28
Adjusted Earnings (1)
$ MM
$
6,453
$
5,721
$
7,850
$
24,693
$
36,542
Adjusted Earnings Per Share - Diluted (1)
$/Share
$
3.45
$
3.05
$
4.09
$
13.13
$
18.83
Cash Flow From Operations (CFFO)
$ B
$
12.4
$
9.7
$
12.5
$
35.6
$
49.6
CFFO Excluding Working Capital (1)
$ B
$
11.4
$
8.9
$
11.5
$
38.8
$
47.5
(1) See non-GAAP reconciliation in attachments
“In 2023, we returned more cash to shareholders and produced more oil and natural gas than any year in the company’s history,” said Mike Wirth, Chevron’s chairman and chief executive officer. Cash returned to shareholders totaled over $26 billion for the year, 18 percent higher than last year’s record total, and annual worldwide net oil-equivalent production increased to over 3.1 million barrels of oil-equivalent per day, led by 14 percent growth in the United States.
“We also strengthened our portfolio with traditional and new energy acquisitions to help meet the growing demand for affordable, reliable, and ever-cleaner energy,” Wirth concluded. In 2023, the company completed several acquisitions, including PDC Energy, Inc. and a majority stake in ACES Delta, LLC, and signed an agreement to acquire Hess Corporation.
Financial and Business Highlights
Unit
4Q 2023
3Q 2023
4Q 2022
2023
2022
Return on Capital Employed (ROCE)
%
5.1
%
14.5
%
14.2
%
11.9
%
20.3
%
Capital Expenditures (Capex)
$ B
$
4.4
$
4.7
$
3.8
$
15.8
$
12.0
Affiliate Capex
$ B
$
0.9
$
0.8
$
1.0
$
3.5
$
3.4
Free Cash Flow (1)
$ B
$
8.1
$
5.0
$
8.7
$
19.8
$
37.6
Free Cash Flow ex. working capital (1)
$ B
$
7.1
$
4.2
$
7.7
$
23.0
$
35.5
Debt Ratio (end of period)
%
11.5
%
11.1
%
12.8
%
11.5
%
12.8
%
Net Debt Ratio (1) (end of period)
%
7.3
%
8.1
%
3.3
%
7.3
%
3.3
%
Net Oil-Equivalent Production
MBOED
3,392
3,146
3,011
3,120
2,999
(1) See non-GAAP reconciliation in attachments
2023 Financial Highlights
2023 Business Highlights
Segment Highlights
Upstream
U.S. Upstream
Unit
4Q 2023
3Q 2023
4Q 2022
2023
2022
Earnings / (Loss)
$ MM
$
(1,347
)
$
2,074
$
2,618
$
4,148
$
12,621
Net Oil-Equivalent Production
MBOED
1,598
1,407
1,192
1,349
1,181
Liquids Production
MBD
1,164
1,028
895
997
888
Natural Gas Production
MMCFD
2,604
2,275
1,789
2,112
1,758
Liquids Realization
$/BBL
$
58.69
$
62.42
$
66.00
$
59.19
$
76.71
Natural Gas Realization
$/MCF
$
1.62
$
1.39
$
4.94
$
1.67
$
5.55
International Upstream
Unit
4Q 2023
3Q 2023
4Q 2022
2023
2022
Earnings / (Loss) (1)
$ MM
$
2,933
$
3,681
$
2,867
$
13,290
$
17,663
Net Oil-Equivalent Production
MBOED
1,794
1,739
1,819
1,771
1,818
Liquids Production
MBD
851
803
852
833
831
Natural Gas Production
MMCFD
5,661
5,616
5,799
5,632
5,919
Liquids Realization
$/BBL
$
74.54
$
75.64
$
77.67
$
71.70
$
90.71
Natural Gas Realization
$/MCF
$
7.31
$
6.96
$
10.35
$
7.69
$
9.75
(1) Includes foreign currency effects
$ MM
$
(162
)
$
584
$
(83
)
$
376
$
816
U.S. Downstream
Unit
4Q 2023
3Q 2023
4Q 2022
2023
2022
Earnings / (Loss)
$ MM
$
470
$
1,376
$
1,180
$
3,904
$
5,394
Refinery Crude Oil Inputs
MBD
923
961
888
934
866
Refined Product Sales
MBD
1,298
1,303
1,236
1,287
1,228
International Downstream
Unit
4Q 2023
3Q 2023
4Q 2022
2023
2022
Earnings / (Loss) (1)
$ MM
$
677
$
307
$
591
$
2,233
$
2,761
Refinery Crude Oil Inputs
MBD
629
625
653
626
639
Refined Product Sales
MBD
1,437
1,431
1,441
1,445
1,386
(1) Includes foreign currency effects
$ MM
$
(58
)
$
24
$
(112
)
$
(12
)
$
235
All Other
All Other
Unit
4Q 2023
3Q 2023
4Q 2022
2023
2022
Net charges (1)
$ MM
$
(474
)
$
(912
)
$
(903
)
$
(2,206
)
$
(2,974
)
(1) Includes foreign currency effects
$ MM
$
(259
)
$
(323
)
$
(210
)
$
(588
)
$
(382
)
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow new lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets and other emerging technologies. More information about Chevron is available at www.chevron.com.
NOTICE
Chevron’s discussion of fourth quarter 2023 earnings with security analysts will take place on Friday, February 2, 2024, at 8:00 a.m. PT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 3:30 a.m. PT and located under “Events and Presentations” in the “Investors” section on the Chevron website.
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.
Non-GAAP Financial Measures - This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on asset sales, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. We believe it is useful for investors to consider this measure in comparing the underlying performance of our business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 4.
This news release also includes cash flow from operations excluding working capital, free cash flow and free cash flow excluding working capital. Cash flow from operations excluding working capital is defined as net cash provided by operating activities less net changes in operating working capital, and represents cash generated by operating activities excluding the timing impacts of working capital. Free cash flow is defined as net cash provided by operating activities less capital expenditures and generally represents the cash available to creditors and investors after investing in the business. Free cash flow excluding working capital is defined as net cash provided by operating activities excluding working capital less capital expenditures and generally represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. Reconciliations of cash flow from operations excluding working capital, free cash flow and free cash flow excluding working capital are shown in Attachment 3.
This news release also includes net debt ratio. Net debt ratio is defined as total debt less cash and cash equivalents and marketable securities as a percentage of total debt less cash and cash equivalents and marketable securities, plus Chevron Corporation stockholders’ equity, which indicates the company’s leverage, net of its cash balances. The company believes this measure is useful to monitor the strength of the company’s balance sheet. A reconciliation of net debt ratio is shown in Attachment 2.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine, the war between Israel and Hamas and the global response to these hostilities; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the ability to successfully integrate the operations of the company and PDC Energy, Inc. and achieve the anticipated benefits from the transaction, including the expected incremental annual free cash flow; the risk that Hess Corporation (Hess) stockholders do not approve the potential transaction, and the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by the company and Hess; potential delays in consummating the potential transaction, including as a result of regulatory proceedings; the company’s ability to integrate Hess’ operations in a successful manner and in the expected time period; the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 26 of the company’s 2022 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Attachment 1
CHEVRON CORPORATION - FINANCIAL REVIEW
(Millions of Dollars, Except Per-Share Amounts)
(unaudited)
CONSOLIDATED STATEMENT OF INCOME
Three Months Ended December 31,
Year Ended December 31,
REVENUES AND OTHER INCOME
2023
2022
2023
2022
Sales and other operating revenues
$
48,933
$
54,523
$
196,913
$
235,717
Income (loss) from equity affiliates
990
1,623
5,131
8,585
Other income (loss)
(2,743
)
327
(1,095
)
1,950
Total Revenues and Other Income
47,180
56,473
200,949
246,252
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
28,477
32,570
119,196
145,416
Operating expenses (1)
7,523
7,891
29,240
29,321
Exploration expenses
254
453
914
974
Depreciation, depletion and amortization
6,254
4,764
17,326
16,319
Taxes other than on income
1,062
864
4,220
4,032
Interest and debt expense
120
123
469
516
Total Costs and Other Deductions
43,690
46,665
171,365
196,578
Income (Loss) Before Income Tax Expense
3,490
9,808
29,584
49,674
Income tax expense (benefit)
1,247
3,430
8,173
14,066
Net Income (Loss)
2,243
6,378
21,411
35,608
Less: Net income (loss) attributable to noncontrolling interests
(16
)
25
42
143
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION
$
2,259
$
6,353
$
21,369
$
35,465
(1) Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs.
PER SHARE OF COMMON STOCK
Net Income (Loss) Attributable to Chevron Corporation
- Basic
$
1.23
$
3.34
$
11.41
$
18.36
- Diluted
$
1.22
$
3.33
$
11.36
$
18.28
Weighted Average Number of Shares Outstanding (000's)
- Basic
1,861,474
1,910,602
1,872,737
1,931,486
- Diluted
1,868,101
1,919,731
1,880,307
1,940,277
Note: Shares outstanding (excluding 14 million associated with Chevron’s Benefit Plan Trust) were 1,851 million and 1,901 million at December 31, 2023, and December 31, 2022, respectively.
EARNINGS BY MAJOR OPERATING AREA
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Upstream
United States
$
(1,347
)
$
2,618
$
4,148
$
12,621
International
2,933
2,867
13,290
17,663
Total Upstream
1,586
5,485
17,438
30,284
Downstream
United States
470
1,180
3,904
5,394
International
677
591
2,233
2,761
Total Downstream
1,147
1,771
6,137
8,155
All Other
(474
)
(903
)
(2,206
)
(2,974
)
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION
$
2,259
$
6,353
$
21,369
$
35,465
Attachment 2
CHEVRON CORPORATION - FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary)
December 31, 2023
December 31, 2022
Cash and cash equivalents
$
8,178
$
17,678
Marketable securities
$
45
$
223
Total assets
$
261,632
$
257,709
Total debt
$
20,836
$
23,339
Total Chevron Corporation stockholders' equity
$
160,957
$
159,282
Noncontrolling interests
$
972
$
960
SELECTED FINANCIAL RATIOS
Total debt plus total stockholders’ equity
$
181,793
$
182,621
Debt ratio (Total debt / Total debt plus stockholders’ equity)
11.5
%
12.8
%
Adjusted debt (Total debt less cash and cash equivalents and marketable securities)
$
12,613
$
5,438
Adjusted debt plus total stockholders’ equity
$
173,570
$
164,720
Net debt ratio (Adjusted debt / Adjusted debt plus total stockholders’ equity)
7.3
%
3.3
%
RETURN ON CAPITAL EMPLOYED (ROCE)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Total reported earnings
$
2,259
$
6,353
$
21,369
$
35,465
Non-controlling interest
(16
)
25
42
143
Interest expense (A/T)
111
113
432
476
ROCE earnings
2,354
6,491
21,843
36,084
Annualized ROCE earnings
9,416
25,964
21,843
36,084
Average capital employed*
184,786
183,425
183,173
177,445
ROCE
5.1
%
14.2
%
11.9
%
20.3
%
*Capital employed is the sum of Chevron Corporation stockholders’ equity, total debt and noncontrolling interest. Average capital employed is computed by averaging the sum of capital employed at the beginning and the end of the period.
Three Months Ended December 31,
Year Ended December 31,
CAPEX BY SEGMENT
2023
2022
2023
2022
United States
Upstream
$
2,608
$
2,183
$
9,842
$
6,847
Downstream
418
582
1,536
1,699
Other
133
128
351
310
Total United States
3,159
2,893
11,729
8,856
International
Upstream
1,094
833
3,836
2,718
Downstream
93
93
237
375
Other
15
16
27
25
Total International
1,202
942
4,100
3,118
CAPEX
$
4,361
$
3,835
$
15,829
$
11,974
AFFILIATE CAPEX (not included above):
Upstream
$
517
$
634
$
2,310
$
2,406
Downstream
333
352
1,224
960
AFFILIATE CAPEX
$
850
$
986
$
3,534
$
3,366
Attachment 3
CHEVRON CORPORATION - FINANCIAL REVIEW
(Billions of Dollars)
(unaudited)
SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary)(1)
Three Months Ended December 31,
Year Ended December 31,
OPERATING ACTIVITIES
2023
2022
2023
2022
Net Income (Loss)
$
2.2
$
6.4
$
21.4
$
35.6
Adjustments
Depreciation, depletion and amortization
6.3
4.8
17.3
16.3
Distributions more (less) than income from equity affiliates
1.4
—
(0.9
)
(4.7
)
Loss (gain) on asset retirements and sales
—
(0.1
)
(0.1
)
(0.6
)
Net foreign currency effects
0.7
0.2
0.6
(0.4
)
Deferred income tax provision
(1.0
)
0.4
0.3
2.1
Net decrease (increase) in operating working capital
1.0
1.0
(3.2
)
2.1
Other operating activity
1.9
(0.2
)
0.2
(0.9
)
Net Cash Provided by Operating Activities
$
12.4
$
12.5
$
35.6
$
49.6
INVESTING ACTIVITIES
Acquisition of businesses, net of cash acquired
—
—
0.1
(2.9
)
Capital expenditures (Capex)
(4.4
)
(3.8
)
(15.8
)
(12.0
)
Proceeds and deposits related to asset sales and returns of investment
0.3
0.2
0.7
2.6
Other investing activity
—
—
(0.1
)
0.1
Net Cash Used for Investing Activities
$
(4.1
)
$
(3.7
)
$
(15.2
)
$
(12.1
)
FINANCING ACTIVITIES
Net change in debt
—
(0.3
)
(4.1
)
(8.5
)
Cash dividends — common stock
(2.8
)
(2.7
)
(11.3
)
(11.0
)
Shares issued for share-based compensation
—
0.3
0.3
5.8
Shares repurchased
(3.4
)
(3.8
)
(14.9
)
(11.3
)
Distributions to noncontrolling interests
—
—
—
(0.1
)
Net Cash Provided by (Used for) Financing Activities
$
(6.2
)
$
(6.4
)
$
(30.1
)
$
(25.0
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH
0.1
0.1
(0.1
)
(0.2
)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
$
2.3
$
2.4
$
(9.8
)
$
12.3
RECONCILIATION OF NON-GAAP MEASURES (1)
Net Cash Provided by Operating Activities
$
12.4
$
12.5
$
35.6
$
49.6
Less: Net decrease (increase) in operating working capital
1.0
1.0
(3.2
)
2.1
Cash Flow from Operations Excluding Working Capital
$
11.4
$
11.5
$
38.8
$
47.5
Net Cash Provided by Operating Activities
$
12.4
$
12.5
$
35.6
$
49.6
Less: Capital expenditures
4.4
3.8
15.8
12.0
Free Cash Flow
$
8.1
$
8.7
$
19.8
$
37.6
Less: Net decrease (increase) in operating working capital
1.0
1.0
(3.2
)
2.1
Free Cash Flow Excluding Working Capital
$
7.1
$
7.7
$
23.0
$
35.5
(1) Totals may not match sum of parts due to presentation in billions.
Attachment 4
CHEVRON CORPORATION - FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
RECONCILIATION OF NON-GAAP MEASURES
Three Months Ended December 31, 2023
Three Months Ended December 31, 2022
Year Ended December 31, 2023
Year Ended December 31, 2022
REPORTED EARNINGS
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
U.S. Upstream
$
(1,347
)
$
2,618
$
4,148
$
12,621
Int'l Upstream
2,933
2,867
13,290
17,663
U.S. Downstream
470
1,180
3,904
5,394
Int'l Downstream
677
591
2,233
2,761
All Other
(474
)
(903
)
(2,206
)
(2,974
)
Net Income (Loss) Attributable to Chevron
$
2,259
$
6,353
$
21,369
$
35,465
SPECIAL ITEMS
U.S. Upstream
Write-offs & impairments
$
(2,324
)
$
559
$
(1,765
)
$
—
$
—
$
—
$
(2,324
)
$
559
$
(1,765
)
$
—
$
—
$
—
Early contract termination
—
—
—
—
—
—
—
—
—
(765
)
165
(600
)
Decommissioning obligations
(2,561
)
611
(1,950
)
—
—
—
(2,561
)
611
(1,950
)
—
—
—
Int'l Upstream
Asset sale gains
—
—
—
—
—
—
—
—
—
328
(128
)
200
Write-offs & impairments
—
—
—
(813
)
(262
)
(1,075
)
—
—
—
(813
)
(262
)
(1,075
)
Tax items
—
—
—
—
—
—
—
655
655
—
—
—
All Other
Pension settlement costs
—
—
—
(21
)
4
(17
)
(53
)
13
(40
)
(352
)
81
(271
)
Total Special Items
$
(4,885
)
$
1,170
$
(3,715
)
$
(834
)
$
(258
)
$
(1,092
)
$
(4,938
)
$
1,838
$
(3,100
)
$
(1,602
)
$
(144
)
$
(1,746
)
FOREIGN CURRENCY EFFECTS
Int'l Upstream
$
(162
)
$
(83
)
$
376
$
816
Int'l Downstream
(58
)
(112
)
(12
)
235
All Other
(259
)
(210
)
(588
)
(382
)
Total Foreign Currency Effects
$
(479
)
$
(405
)
$
(224
)
$
669
ADJUSTED EARNINGS/(LOSS) *
U.S. Upstream
$
2,368
$
2,618
$
7,863
$
13,221
Int'l Upstream
3,095
4,025
12,259
17,722
U.S. Downstream
470
1,180
3,904
5,394
Int'l Downstream
735
703
2,245
2,526
All Other
(215
)
(676
)
(1,578
)
(2,321
)
Total Adjusted Earnings/(Loss)
$
6,453
$
7,850
$
24,693
$
36,542
Total Adjusted Earnings/(Loss) per share
$
3.45
$
4.09
$
13.13
$
18.83
* Adjusted Earnings/(Loss) is defined as Net Income (loss) attributable to Chevron Corporation excluding special items and foreign currency effects.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240202391329/en/
Randy Stuart -- +1 713-283-8609
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