We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
-0.33 | -0.21% | 160.40 | 160.66 | 157.04 | 160.58 | 11,780,661 | 01:00:00 |
|
Delaware
|
|
94-0890210
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification Number)
|
6001 Bollinger Canyon Road,
San Ramon, California
|
|
94583-2324
(Zip Code)
|
(Address of principal executive offices)
|
|
Large accelerated filer
þ
|
|
Accelerated filer
o
|
|
Non-accelerated filer
o
|
|
Smaller reporting company
o
|
(Do not check if a smaller reporting company)
|
Class
|
|
Outstanding as of September 30, 2016
|
Common stock, $.75 par value
|
|
1,887,769,320
|
|
|
|
Page No.
|
|
||
PART I
FINANCIAL INFORMATION
|
||
Item 1.
|
|
|
|
Consolidated Statement of Income for the Three and Nine Months Ended September 30, 2016, and 2015
|
|
|
Consolidated Statement of Comprehensive Income for the Three and Nine Months Ended September 30, 2016, and 2015
|
|
|
Consolidated Balance Sheet at September 30, 2016, and December 31, 2015
|
|
|
Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2016, and 2015
|
|
|
7-23
|
|
Item 2.
|
24-35
|
|
Item 3.
|
||
Item 4.
|
||
PART II
OTHER INFORMATION
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 4.
|
||
Item 5.
|
Other Information
|
|
Item 6.
|
||
38
|
||
Exhibits:
|
Computation of Ratio of Earnings to Fixed Charges
|
40
|
Rule 13a-14(a)/15d-14(a) Certifications
|
41-42
|
|
Rule 13a-14(b)/15d-14(b) Certifications
|
43-44
|
Item 1.
|
Consolidated Financial Statements
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Millions of dollars, except per-share amounts)
|
||||||||||||||
Revenues and Other Income
|
|
|
|
|
|
||||||||||
Sales and other operating revenues*
|
$
|
29,159
|
|
|
$
|
32,767
|
|
|
$
|
80,073
|
|
|
$
|
101,911
|
|
Income from equity affiliates
|
555
|
|
|
1,195
|
|
|
1,883
|
|
|
3,765
|
|
||||
Other income
|
426
|
|
|
353
|
|
|
1,019
|
|
|
3,554
|
|
||||
Total Revenues and Other Income
|
30,140
|
|
|
34,315
|
|
|
82,975
|
|
|
109,230
|
|
||||
Costs and Other Deductions
|
|
|
|
|
|
|
|
||||||||
Purchased crude oil and products
|
15,842
|
|
|
17,447
|
|
|
42,345
|
|
|
55,181
|
|
||||
Operating expenses
|
4,666
|
|
|
5,592
|
|
|
15,124
|
|
|
17,064
|
|
||||
Selling, general and administrative expenses
|
1,109
|
|
|
1,026
|
|
|
3,140
|
|
|
3,140
|
|
||||
Exploration expenses
|
258
|
|
|
315
|
|
|
842
|
|
|
1,982
|
|
||||
Depreciation, depletion and amortization
|
4,130
|
|
|
4,268
|
|
|
15,254
|
|
|
15,637
|
|
||||
Taxes other than on income*
|
2,962
|
|
|
2,883
|
|
|
8,799
|
|
|
9,174
|
|
||||
Interest and debt expense
|
64
|
|
|
—
|
|
|
143
|
|
|
—
|
|
||||
Total Costs and Other Deductions
|
29,031
|
|
|
31,531
|
|
|
85,647
|
|
|
102,178
|
|
||||
Income (Loss) Before Income Tax Expense
|
1,109
|
|
|
2,784
|
|
|
(2,672
|
)
|
|
7,052
|
|
||||
Income Tax Expense (Benefit)
|
(192
|
)
|
|
727
|
|
|
(1,803
|
)
|
|
1,787
|
|
||||
Net Income (Loss)
|
1,301
|
|
|
2,057
|
|
|
(869
|
)
|
|
5,265
|
|
||||
Less: Net income attributable to noncontrolling interests
|
18
|
|
|
20
|
|
|
43
|
|
|
90
|
|
||||
Net Income (Loss) Attributable to Chevron Corporation
|
$
|
1,283
|
|
|
$
|
2,037
|
|
|
$
|
(912
|
)
|
|
$
|
5,175
|
|
Per Share of Common Stock:
|
|
|
|
|
|
|
|
||||||||
Net Income (Loss) Attributable to Chevron Corporation
|
|
|
|
|
|
|
|
||||||||
— Basic
|
$
|
0.68
|
|
|
$
|
1.09
|
|
|
$
|
(0.49
|
)
|
|
$
|
2.77
|
|
— Diluted
|
$
|
0.68
|
|
|
$
|
1.09
|
|
|
$
|
(0.49
|
)
|
|
$
|
2.76
|
|
Dividends
|
$
|
1.07
|
|
|
$
|
1.07
|
|
|
$
|
3.21
|
|
|
$
|
3.21
|
|
Weighted Average Number of Shares Outstanding (000s)
|
|
|
|
|
|
|
|
||||||||
— Basic
|
1,873,649
|
|
|
1,868,444
|
|
|
1,871,813
|
|
|
1,867,560
|
|
||||
— Diluted
|
1,883,342
|
|
|
1,872,420
|
|
|
1,871,813
|
|
|
1,875,193
|
|
||||
____________________
|
|
|
|
|
|
|
|
||||||||
* Includes excise, value-added and similar taxes:
|
$
|
1,772
|
|
|
$
|
1,800
|
|
|
$
|
5,208
|
|
|
$
|
5,642
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Net Income (Loss)
|
$
|
1,301
|
|
|
$
|
2,057
|
|
|
$
|
(869
|
)
|
|
$
|
5,265
|
|
Currency translation adjustment
|
7
|
|
|
(16
|
)
|
|
9
|
|
|
(35
|
)
|
||||
Unrealized holding gain on securities:
|
|
|
|
|
|
|
|
||||||||
Net gain (loss) arising during period
|
21
|
|
|
(18
|
)
|
|
31
|
|
|
(24
|
)
|
||||
Defined benefit plans:
|
|
|
|
|
|
|
|
||||||||
Actuarial gain (loss):
|
|
|
|
|
|
|
|
||||||||
Amortization to net income of net actuarial and settlement losses
|
265
|
|
|
204
|
|
|
644
|
|
|
548
|
|
||||
Actuarial loss arising during period
|
(9
|
)
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
||||
Prior service cost:
|
|
|
|
|
|
|
|
||||||||
Amortization to net income of net prior service costs
|
2
|
|
|
5
|
|
|
15
|
|
|
19
|
|
||||
Defined benefit plans sponsored by equity affiliates
|
5
|
|
|
7
|
|
|
19
|
|
|
34
|
|
||||
Income tax expense on defined benefit plans
|
(102
|
)
|
|
(80
|
)
|
|
(247
|
)
|
|
(232
|
)
|
||||
Total
|
161
|
|
|
136
|
|
|
408
|
|
|
369
|
|
||||
Other Comprehensive Gain, Net of Tax
|
189
|
|
|
102
|
|
|
448
|
|
|
310
|
|
||||
Comprehensive Income (Loss)
|
1,490
|
|
|
2,159
|
|
|
(421
|
)
|
|
5,575
|
|
||||
Comprehensive income attributable to noncontrolling interests
|
(18
|
)
|
|
(20
|
)
|
|
(43
|
)
|
|
(90
|
)
|
||||
Comprehensive Income (Loss) Attributable to Chevron Corporation
|
$
|
1,472
|
|
|
$
|
2,139
|
|
|
$
|
(464
|
)
|
|
$
|
5,485
|
|
|
At
September
30
2016 |
|
At December 31
2015 |
||||
|
(Millions of dollars, except per-share amounts)
|
||||||
ASSETS
|
|
|
|||||
Cash and cash equivalents
|
$
|
7,351
|
|
|
$
|
11,022
|
|
Marketable securities
|
321
|
|
|
310
|
|
||
Accounts and notes receivable, net
|
12,522
|
|
|
12,860
|
|
||
Inventories
|
|
|
|
||||
Crude oil and petroleum products
|
3,231
|
|
|
3,535
|
|
||
Chemicals
|
440
|
|
|
490
|
|
||
Materials, supplies and other
|
2,305
|
|
|
2,309
|
|
||
Total inventories
|
5,976
|
|
|
6,334
|
|
||
Prepaid expenses and other current assets
1
|
2,703
|
|
|
3,904
|
|
||
Total Current Assets
|
28,873
|
|
|
34,430
|
|
||
Long-term receivables, net
|
2,444
|
|
|
2,412
|
|
||
Investments and advances
|
30,002
|
|
|
27,110
|
|
||
Properties, plant and equipment, at cost
|
341,066
|
|
|
340,277
|
|
||
Less: Accumulated depreciation, depletion and amortization
|
157,627
|
|
|
151,881
|
|
||
Properties, plant and equipment, net
|
183,439
|
|
|
188,396
|
|
||
Deferred charges and other assets
1, 2
|
6,631
|
|
|
6,155
|
|
||
Goodwill
|
4,581
|
|
|
4,588
|
|
||
Assets held for sale
|
3,893
|
|
|
1,449
|
|
||
Total Assets
|
$
|
259,863
|
|
|
$
|
264,540
|
|
LIABILITIES AND EQUITY
|
|
|
|||||
Short-term debt
2
|
$
|
6,057
|
|
|
$
|
4,927
|
|
Accounts payable
|
12,205
|
|
|
13,516
|
|
||
Accrued liabilities
|
4,441
|
|
|
4,833
|
|
||
Federal and other taxes on income
1
|
1,000
|
|
|
1,073
|
|
||
Other taxes payable
|
1,041
|
|
|
1,118
|
|
||
Total Current Liabilities
|
24,744
|
|
|
25,467
|
|
||
Long-term debt
2
|
39,462
|
|
|
33,542
|
|
||
Capital lease obligations
|
66
|
|
|
80
|
|
||
Deferred credits and other noncurrent obligations
|
22,288
|
|
|
23,465
|
|
||
Noncurrent deferred income taxes
1
|
17,817
|
|
|
20,165
|
|
||
Noncurrent employee benefit plans
|
7,534
|
|
|
7,935
|
|
||
Total Liabilities
|
111,911
|
|
|
110,654
|
|
||
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 September 30, 2016, and December 31, 2015) |
1,832
|
|
|
1,832
|
|
||
Capital in excess of par value
|
16,512
|
|
|
16,330
|
|
||
Retained earnings
|
174,657
|
|
|
181,578
|
|
||
Accumulated other comprehensive loss
|
(3,843
|
)
|
|
(4,291
|
)
|
||
Deferred compensation and benefit plan trust
|
(240
|
)
|
|
(240
|
)
|
||
Treasury stock, at cost (554,907,260 and 559,862,580 shares at September 30, 2016, and December 31, 2015, respectively)
|
(42,118
|
)
|
|
(42,493
|
)
|
||
Total Chevron Corporation Stockholders’ Equity
|
146,800
|
|
|
152,716
|
|
||
Noncontrolling interests
|
1,152
|
|
|
1,170
|
|
||
Total Equity
|
147,952
|
|
|
153,886
|
|
||
Total Liabilities and Equity
|
$
|
259,863
|
|
|
$
|
264,540
|
|
____________________
|
|
|
|
||||
1
2015 adjusted to conform to ASU 2015-17. Refer to Note 10, "Income Taxes" beginning on page 14.
|
|||||||
2
2015 adjusted to conform to ASU 2015-03. Refer to Note 5, "New Accounting Standards" on page 10.
|
|
Nine Months Ended
September 30 |
||||||
|
2016
|
|
2015
|
||||
|
(Millions of dollars)
|
||||||
Operating Activities
|
|
|
|
||||
Net Income (Loss)
|
$
|
(869
|
)
|
|
$
|
5,265
|
|
Adjustments
|
|
|
|
||||
Depreciation, depletion and amortization
|
15,254
|
|
|
15,637
|
|
||
Dry hole expense
|
472
|
|
|
1,265
|
|
||
Distributions less than income from equity affiliates
|
(708
|
)
|
|
(576
|
)
|
||
Net before-tax gains on asset retirements and sales
|
(872
|
)
|
|
(3,104
|
)
|
||
Net foreign currency effects
|
321
|
|
|
(34
|
)
|
||
Deferred income tax provision
|
(3,139
|
)
|
|
(478
|
)
|
||
Net increase in operating working capital
|
(1,266
|
)
|
|
(2,321
|
)
|
||
Increase in long-term receivables
|
(81
|
)
|
|
(92
|
)
|
||
Net decrease in other deferred charges
|
30
|
|
|
92
|
|
||
Cash contributions to employee pension plans
|
(697
|
)
|
|
(719
|
)
|
||
Other
|
538
|
|
|
(36
|
)
|
||
Net Cash Provided by Operating Activities
|
8,983
|
|
|
14,899
|
|
||
Investing Activities
|
|
|
|
||||
Capital expenditures
|
(14,100
|
)
|
|
(22,055
|
)
|
||
Proceeds and deposits related to asset sales
|
2,209
|
|
|
5,408
|
|
||
Net maturities of time deposits
|
—
|
|
|
8
|
|
||
Net sales of marketable securities
|
2
|
|
|
122
|
|
||
Net borrowing of loans by equity affiliates
|
(2,195
|
)
|
|
(147
|
)
|
||
Net sales of other short-term investments
|
155
|
|
|
64
|
|
||
Net Cash Used for Investing Activities
|
(13,929
|
)
|
|
(16,600
|
)
|
||
Financing Activities
|
|
|
|
||||
Net borrowings of short-term obligations
|
869
|
|
|
2,049
|
|
||
Proceeds from issuance of long-term debt
|
6,924
|
|
|
5,989
|
|
||
Repayments of long-term debt and other financing obligations
|
(812
|
)
|
|
(22
|
)
|
||
Cash dividends — common stock
|
(6,007
|
)
|
|
(5,993
|
)
|
||
Distributions to noncontrolling interests
|
(57
|
)
|
|
(122
|
)
|
||
Net sales of treasury shares
|
359
|
|
|
158
|
|
||
Net Cash Provided by Financing Activities
|
1,276
|
|
|
2,059
|
|
||
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
(1
|
)
|
|
(210
|
)
|
||
Net Change in Cash and Cash Equivalents
|
(3,671
|
)
|
|
148
|
|
||
Cash and Cash Equivalents at January 1
|
11,022
|
|
|
12,785
|
|
||
Cash and Cash Equivalents at September 30
|
$
|
7,351
|
|
|
$
|
12,933
|
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
|
|
Currency Translation Adjustment
|
|
Unrealized Holding Gains (Losses) on Securities
|
|
Derivatives
|
|
Defined Benefit Plans
|
|
Total
|
||||||||||
|
|
|
||||||||||||||||||
Balance at January 1
|
|
$
|
(140
|
)
|
|
$
|
(29
|
)
|
|
$
|
(2
|
)
|
|
$
|
(4,120
|
)
|
|
$
|
(4,291
|
)
|
Components of Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
||||||||||||
Before Reclassifications
|
|
9
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|||||
Reclassifications
(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
408
|
|
|
408
|
|
|||||
Net Other Comprehensive Income (Loss)
|
|
9
|
|
|
31
|
|
|
—
|
|
|
408
|
|
|
448
|
|
|||||
Balance at September 30
|
|
$
|
(131
|
)
|
|
$
|
2
|
|
|
$
|
(2
|
)
|
|
$
|
(3,712
|
)
|
|
$
|
(3,843
|
)
|
|
2016
|
|
2015
|
||||||||||||||||||||
|
Chevron
Corporation
Stockholders’ Equity
|
|
Non-controlling
Interest
|
|
Total
Equity
|
|
Chevron
Corporation
Stockholders’ Equity
|
|
Non-controlling
Interest
|
|
Total
Equity
|
||||||||||||
|
(Millions of dollars)
|
||||||||||||||||||||||
Balance at January 1
|
$
|
152,716
|
|
|
$
|
1,170
|
|
|
$
|
153,886
|
|
|
$
|
155,028
|
|
|
$
|
1,163
|
|
|
$
|
156,191
|
|
Net income (loss)
|
(912
|
)
|
|
43
|
|
|
(869
|
)
|
|
5,175
|
|
|
90
|
|
|
5,265
|
|
||||||
Dividends
|
(6,009
|
)
|
|
—
|
|
|
(6,009
|
)
|
|
(5,995
|
)
|
|
—
|
|
|
(5,995
|
)
|
||||||
Distributions to noncontrolling interests
|
—
|
|
|
(57
|
)
|
|
(57
|
)
|
|
—
|
|
|
(122
|
)
|
|
(122
|
)
|
||||||
Treasury shares, net
|
375
|
|
|
—
|
|
|
375
|
|
|
181
|
|
|
—
|
|
|
181
|
|
||||||
Other changes, net*
|
630
|
|
|
(4
|
)
|
|
626
|
|
|
523
|
|
|
(105
|
)
|
|
418
|
|
||||||
Balance at September 30
|
$
|
146,800
|
|
|
$
|
1,152
|
|
|
$
|
147,952
|
|
|
$
|
154,912
|
|
|
$
|
1,026
|
|
|
$
|
155,938
|
|
|
Nine Months Ended
September 30 |
||||||
|
2016
|
|
2015
|
||||
|
(Millions of dollars)
|
||||||
(Increase) decrease in accounts and notes receivable
|
$
|
(455
|
)
|
|
$
|
2,337
|
|
Decrease (increase) in inventories
|
232
|
|
|
(445
|
)
|
||
Decrease in prepaid expenses and other current assets
|
844
|
|
|
167
|
|
||
Decrease in accounts payable and accrued liabilities
|
(1,783
|
)
|
|
(3,769
|
)
|
||
Decrease in income and other taxes payable
|
(104
|
)
|
|
(611
|
)
|
||
Net increase in operating working capital
|
$
|
(1,266
|
)
|
|
$
|
(2,321
|
)
|
|
Nine Months Ended
September 30 |
||||||
|
2016
|
|
2015
|
||||
|
(Millions of dollars)
|
||||||
Interest on debt (net of capitalized interest)
|
$
|
28
|
|
|
$
|
—
|
|
Income taxes
|
1,492
|
|
|
4,081
|
|
|
Nine Months Ended
September 30 |
||||||
|
2016
|
|
2015
|
||||
|
(Millions of dollars)
|
||||||
Maturities of time deposits
|
—
|
|
|
8
|
|
||
Net maturities of time deposits
|
$
|
—
|
|
|
$
|
8
|
|
|
Nine Months Ended
September 30 |
||||||
|
2016
|
|
2015
|
||||
|
(Millions of dollars)
|
||||||
Marketable securities purchased
|
$
|
(9
|
)
|
|
$
|
(6
|
)
|
Marketable securities sold
|
11
|
|
|
128
|
|
||
Net sales of marketable securities
|
$
|
2
|
|
|
$
|
122
|
|
|
Nine Months Ended
September 30 |
||||||
|
2016
|
|
2015
|
||||
|
(Millions of dollars)
|
||||||
Borrowing of loans by equity affiliates
|
$
|
(2,271
|
)
|
|
$
|
(149
|
)
|
Repayment of loans by equity affiliates
|
76
|
|
|
2
|
|
||
Net borrowing of loans by equity affiliates
|
$
|
(2,195
|
)
|
|
$
|
(147
|
)
|
|
Nine Months Ended
September 30 |
||||||
|
2016
|
|
2015
|
||||
|
(Millions of dollars)
|
||||||
Purchases of other short-term investments
|
$
|
—
|
|
|
$
|
(55
|
)
|
Sales of other short-term investments
|
155
|
|
|
119
|
|
||
Net sales of other short-term investments
|
$
|
155
|
|
|
$
|
64
|
|
|
Nine Months Ended
September 30 |
||||||
|
2016
|
|
2015
|
||||
|
(Millions of dollars)
|
||||||
Repayments of short-term obligations
|
$
|
(8,415
|
)
|
|
$
|
(10,443
|
)
|
Proceeds from issuances of short-term obligations
|
11,695
|
|
|
11,042
|
|
||
Net borrowings of short-term obligations with three months or less maturity
|
(2,411
|
)
|
|
1,450
|
|
||
Net borrowings of short-term obligations
|
$
|
869
|
|
|
$
|
2,049
|
|
|
Nine Months Ended
September 30 |
||||||
|
2016
|
|
2015
|
||||
|
(Millions of dollars)
|
||||||
Additions to properties, plant and equipment
|
$
|
13,757
|
|
|
$
|
21,273
|
|
Additions to investments
|
38
|
|
|
382
|
|
||
Current year dry hole expenditures
|
305
|
|
|
400
|
|
||
Capital expenditures
|
14,100
|
|
|
22,055
|
|
||
Expensed exploration expenditures
|
370
|
|
|
717
|
|
||
Assets acquired through capital lease obligations
|
4
|
|
|
44
|
|
||
Capital and exploratory expenditures, excluding equity affiliates
|
14,474
|
|
|
22,816
|
|
||
Company’s share of expenditures by equity affiliates
|
2,693
|
|
|
2,456
|
|
||
Capital and exploratory expenditures, including equity affiliates
|
$
|
17,167
|
|
|
$
|
25,272
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
Segment Earnings
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Upstream
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
(212
|
)
|
|
$
|
(603
|
)
|
|
$
|
(2,175
|
)
|
|
$
|
(2,101
|
)
|
International
|
666
|
|
|
662
|
|
|
(1,292
|
)
|
|
1,501
|
|
||||
Total Upstream
|
454
|
|
|
59
|
|
|
(3,467
|
)
|
|
(600
|
)
|
||||
Downstream
|
|
|
|
|
|
|
|
||||||||
United States
|
523
|
|
|
1,249
|
|
|
1,307
|
|
|
2,686
|
|
||||
International
|
542
|
|
|
962
|
|
|
1,771
|
|
|
3,904
|
|
||||
Total Downstream
|
1,065
|
|
|
2,211
|
|
|
3,078
|
|
|
6,590
|
|
||||
Total Segment Earnings
|
1,519
|
|
|
2,270
|
|
|
(389
|
)
|
|
5,990
|
|
||||
All Other
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(53
|
)
|
|
—
|
|
|
(120
|
)
|
|
—
|
|
||||
Interest income
|
15
|
|
|
16
|
|
|
47
|
|
|
49
|
|
||||
Other
|
(198
|
)
|
|
(249
|
)
|
|
(450
|
)
|
|
(864
|
)
|
||||
Net Income (Loss) Attributable to Chevron Corporation
|
$
|
1,283
|
|
|
$
|
2,037
|
|
|
$
|
(912
|
)
|
|
$
|
5,175
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
Sales and Other Operating Revenues
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Upstream
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
2,847
|
|
|
$
|
3,207
|
|
|
$
|
7,386
|
|
|
$
|
10,089
|
|
International
|
5,927
|
|
|
6,540
|
|
|
16,325
|
|
|
21,163
|
|
||||
Subtotal
|
8,774
|
|
|
9,747
|
|
|
23,711
|
|
|
31,252
|
|
||||
Intersegment Elimination — United States
|
(1,979
|
)
|
|
(2,165
|
)
|
|
(5,120
|
)
|
|
(6,829
|
)
|
||||
Intersegment Elimination — International
|
(2,742
|
)
|
|
(2,774
|
)
|
|
(6,949
|
)
|
|
(9,047
|
)
|
||||
Total Upstream
|
4,053
|
|
|
4,808
|
|
|
11,642
|
|
|
15,376
|
|
||||
Downstream
|
|
|
|
|
|
|
|
||||||||
United States
|
11,958
|
|
|
13,795
|
|
|
32,841
|
|
|
41,336
|
|
||||
International
|
13,415
|
|
|
14,484
|
|
|
36,262
|
|
|
46,326
|
|
||||
Subtotal
|
25,373
|
|
|
28,279
|
|
|
69,103
|
|
|
87,662
|
|
||||
Intersegment Elimination — United States
|
(4
|
)
|
|
(6
|
)
|
|
(12
|
)
|
|
(20
|
)
|
||||
Intersegment Elimination — International
|
(303
|
)
|
|
(360
|
)
|
|
(762
|
)
|
|
(1,222
|
)
|
||||
Total Downstream
|
25,066
|
|
|
27,913
|
|
|
68,329
|
|
|
86,420
|
|
||||
All Other
|
|
|
|
|
|
|
|
||||||||
United States
|
280
|
|
|
413
|
|
|
825
|
|
|
1,176
|
|
||||
International
|
10
|
|
|
13
|
|
|
29
|
|
|
30
|
|
||||
Subtotal
|
290
|
|
|
426
|
|
|
854
|
|
|
1,206
|
|
||||
Intersegment Elimination — United States
|
(240
|
)
|
|
(368
|
)
|
|
(724
|
)
|
|
(1,065
|
)
|
||||
Intersegment Elimination — International
|
(10
|
)
|
|
(12
|
)
|
|
(28
|
)
|
|
(26
|
)
|
||||
Total All Other
|
40
|
|
|
46
|
|
|
102
|
|
|
115
|
|
||||
Sales and Other Operating Revenues
|
|
|
|
|
|
|
|
||||||||
United States
|
15,085
|
|
|
17,415
|
|
|
41,052
|
|
|
52,601
|
|
||||
International
|
19,352
|
|
|
21,037
|
|
|
52,616
|
|
|
67,519
|
|
||||
Subtotal
|
34,437
|
|
|
38,452
|
|
|
93,668
|
|
|
120,120
|
|
||||
Intersegment Elimination — United States
|
(2,223
|
)
|
|
(2,539
|
)
|
|
(5,856
|
)
|
|
(7,914
|
)
|
||||
Intersegment Elimination — International
|
(3,055
|
)
|
|
(3,146
|
)
|
|
(7,739
|
)
|
|
(10,295
|
)
|
||||
Total Sales and Other Operating Revenues
|
$
|
29,159
|
|
|
$
|
32,767
|
|
|
$
|
80,073
|
|
|
$
|
101,911
|
|
|
Nine Months Ended
September 30 |
||||||
|
2016
|
|
2015
|
||||
|
(Millions of dollars)
|
||||||
Sales and other operating revenues
|
$
|
60,882
|
|
|
$
|
77,434
|
|
Costs and other deductions
|
63,596
|
|
|
78,116
|
|
||
Net income (loss) attributable to CUSA
|
(917
|
)
|
|
424
|
|
|
At
September
30
2016 |
|
At December 31
2015* |
||||
|
(Millions of dollars)
|
||||||
Current assets
|
$
|
9,872
|
|
|
$
|
9,097
|
|
Other assets
|
56,004
|
|
|
59,170
|
|
||
Current liabilities
|
13,268
|
|
|
13,664
|
|
||
Other liabilities
|
21,992
|
|
|
28,465
|
|
||
Total CUSA net equity
|
$
|
30,616
|
|
|
$
|
26,138
|
|
Memo: Total debt
|
$
|
9,457
|
|
|
$
|
14,462
|
|
____________________
|
|
|
|
||||
*2015 adjusted to conform to ASU 2015-17.
|
|
|
|
|
Nine Months Ended
September 30 |
||||||
|
2016
|
|
2015
|
||||
|
(Millions of dollars)
|
||||||
Sales and other operating revenues
|
$
|
7,355
|
|
|
$
|
10,215
|
|
Costs and other deductions
|
5,172
|
|
|
5,779
|
|
||
Net income attributable to TCO
|
1,534
|
|
|
3,109
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Pension Benefits
|
|
|
|
|
|
|
|
||||||||
United States
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
123
|
|
|
$
|
135
|
|
|
$
|
370
|
|
|
$
|
404
|
|
Interest cost
|
95
|
|
|
125
|
|
|
283
|
|
|
376
|
|
||||
Expected return on plan assets
|
(181
|
)
|
|
(195
|
)
|
|
(542
|
)
|
|
(587
|
)
|
||||
Amortization of prior service credits
|
(2
|
)
|
|
(3
|
)
|
|
(6
|
)
|
|
(7
|
)
|
||||
Amortization of actuarial losses
|
84
|
|
|
89
|
|
|
251
|
|
|
267
|
|
||||
Settlement losses
|
162
|
|
|
87
|
|
|
324
|
|
|
195
|
|
||||
Total United States
|
281
|
|
|
238
|
|
|
680
|
|
|
648
|
|
||||
International
|
|
|
|
|
|
|
|
||||||||
Service cost
|
37
|
|
|
46
|
|
|
120
|
|
|
140
|
|
||||
Interest cost
|
68
|
|
|
68
|
|
|
198
|
|
|
209
|
|
||||
Expected return on plan assets
|
(61
|
)
|
|
(66
|
)
|
|
(184
|
)
|
|
(196
|
)
|
||||
Amortization of prior service costs
|
1
|
|
|
5
|
|
|
11
|
|
|
16
|
|
||||
Amortization of actuarial losses
|
14
|
|
|
19
|
|
|
37
|
|
|
60
|
|
||||
Settlement losses
|
1
|
|
|
—
|
|
|
18
|
|
|
—
|
|
||||
Total International
|
60
|
|
|
72
|
|
|
200
|
|
|
229
|
|
||||
Net Periodic Pension Benefit Costs
|
$
|
341
|
|
|
$
|
310
|
|
|
$
|
880
|
|
|
$
|
877
|
|
Other Benefits*
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
15
|
|
|
$
|
18
|
|
|
$
|
45
|
|
|
$
|
54
|
|
Interest cost
|
32
|
|
|
37
|
|
|
96
|
|
|
112
|
|
||||
Amortization of prior service costs
|
3
|
|
|
3
|
|
|
10
|
|
|
10
|
|
||||
Amortization of actuarial losses
|
5
|
|
|
9
|
|
|
15
|
|
|
26
|
|
||||
Net Periodic Other Benefit Costs
|
$
|
55
|
|
|
$
|
67
|
|
|
$
|
166
|
|
|
$
|
202
|
|
|
At
September
30, 2016
|
|
At December 31, 2015
|
||||||||||||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Marketable Securities
|
$
|
321
|
|
|
$
|
321
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
310
|
|
|
$
|
310
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivatives
|
9
|
|
|
5
|
|
|
4
|
|
|
—
|
|
|
205
|
|
|
189
|
|
|
16
|
|
|
—
|
|
||||||||
Total Assets at Fair Value
|
$
|
330
|
|
|
$
|
326
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
515
|
|
|
$
|
499
|
|
|
$
|
16
|
|
|
$
|
—
|
|
Derivatives
|
63
|
|
|
29
|
|
|
34
|
|
|
—
|
|
|
53
|
|
|
47
|
|
|
6
|
|
|
—
|
|
||||||||
Total Liabilities at Fair Value
|
$
|
63
|
|
|
$
|
29
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
53
|
|
|
$
|
47
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
At
September
30, 2016
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Before-Tax Loss
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Three Months Ended
|
|
Nine
Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||||||||
Properties, plant and equipment, net (held and used)
|
$
|
178
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
178
|
|
|
$
|
92
|
|
|
$
|
2,427
|
|
Properties, plant and equipment, net (held for sale)
|
19
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
4
|
|
|
545
|
|
||||||
Investments and advances
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
12
|
|
|
230
|
|
||||||
Total Assets at Fair Value
|
$
|
198
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
179
|
|
|
$
|
108
|
|
|
$
|
3,202
|
|
Type of
Contract
|
|
Balance Sheet Classification
|
|
At
September
30
2016 |
|
At December 31
2015 |
||||
Commodity
|
|
Accounts and notes receivable, net
|
|
$
|
5
|
|
|
$
|
200
|
|
Commodity
|
|
Long-term receivables, net
|
|
4
|
|
|
5
|
|
||
Total Assets at Fair Value
|
|
$
|
9
|
|
|
$
|
205
|
|
||
Commodity
|
|
Accounts payable
|
|
$
|
57
|
|
|
$
|
51
|
|
Commodity
|
|
Deferred credits and other noncurrent obligations
|
|
6
|
|
|
2
|
|
||
Total Liabilities at Fair Value
|
|
$
|
63
|
|
|
$
|
53
|
|
|
|
|
|
Gain / (Loss)
Three Months Ended September 30 |
|
Gain / (Loss)
Nine Months Ended September 30 |
||||||||||||
Type of
Contract
|
|
Statement of Income Classification
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Commodity
|
|
Sales and other operating revenues
|
|
$
|
(23
|
)
|
|
$
|
211
|
|
|
$
|
(194
|
)
|
|
$
|
59
|
|
Commodity
|
|
Purchased crude oil and products
|
|
4
|
|
|
18
|
|
|
(17
|
)
|
|
19
|
|
||||
Commodity
|
|
Other income
|
|
(3
|
)
|
|
5
|
|
|
(1
|
)
|
|
(6
|
)
|
||||
|
|
|
|
$
|
(22
|
)
|
|
$
|
234
|
|
|
$
|
(212
|
)
|
|
$
|
72
|
|
|
|
Gross Amount Recognized
|
|
Gross Amounts Offset
|
|
Net Amounts Presented
|
|
Gross Amounts Not Offset
|
|
Net Amount
|
||||||||||
At
September
30, 2016
|
|
|
|
|
|
|||||||||||||||
Derivative Assets
|
|
$
|
1,266
|
|
|
$
|
1,257
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
9
|
|
Derivative Liabilities
|
|
$
|
1,320
|
|
|
$
|
1,257
|
|
|
$
|
63
|
|
|
$
|
—
|
|
|
$
|
63
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
At December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative Assets
|
|
$
|
2,459
|
|
|
$
|
2,254
|
|
|
$
|
205
|
|
|
$
|
—
|
|
|
$
|
205
|
|
Derivative Liabilities
|
|
$
|
2,307
|
|
|
$
|
2,254
|
|
|
$
|
53
|
|
|
$
|
—
|
|
|
$
|
53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts Before Tax
|
||
|
(Millions of dollars)
|
||
Balance at January 1, 2016
|
$
|
293
|
|
Accruals/Adjustments
|
85
|
|
|
Payments
|
(299
|
)
|
|
Balance at September 30, 2016
|
$
|
79
|
|
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Upstream
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
(212
|
)
|
|
$
|
(603
|
)
|
|
$
|
(2,175
|
)
|
|
$
|
(2,101
|
)
|
International
|
666
|
|
|
662
|
|
|
(1,292
|
)
|
|
1,501
|
|
||||
Total Upstream
|
454
|
|
|
59
|
|
|
(3,467
|
)
|
|
(600
|
)
|
||||
Downstream
|
|
|
|
|
|
|
|
||||||||
United States
|
523
|
|
|
1,249
|
|
|
1,307
|
|
|
2,686
|
|
||||
International
|
542
|
|
|
962
|
|
|
1,771
|
|
|
3,904
|
|
||||
Total Downstream
|
1,065
|
|
|
2,211
|
|
|
3,078
|
|
|
6,590
|
|
||||
Total Segment Earnings
|
1,519
|
|
|
2,270
|
|
|
(389
|
)
|
|
5,990
|
|
||||
All Other
|
(236
|
)
|
|
(233
|
)
|
|
(523
|
)
|
|
(815
|
)
|
||||
Net Income (Loss) Attributable to Chevron Corporation
(1) (2)
|
$
|
1,283
|
|
|
$
|
2,037
|
|
|
$
|
(912
|
)
|
|
$
|
5,175
|
|
_____________________
|
|
|
|
|
|
|
|
||||||||
(1)
Includes foreign currency effects
|
$
|
72
|
|
|
$
|
394
|
|
|
$
|
32
|
|
|
$
|
723
|
|
(2)
Income net of tax; also referred to as “earnings” in the discussions that follow.
|
|
|
|
|
|
|
|
•
|
Australia
— Achieved start-up of Train 2 at the Gorgon Project.
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
U.S. Upstream Earnings
|
$
|
(212
|
)
|
|
$
|
(603
|
)
|
|
$
|
(2,175
|
)
|
|
$
|
(2,101
|
)
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
International Upstream Earnings*
|
$
|
666
|
|
|
$
|
662
|
|
|
$
|
(1,292
|
)
|
|
$
|
1,501
|
|
___________________
|
|
|
|
|
|
|
|
||||||||
* Includes foreign currency effects
|
$
|
85
|
|
|
$
|
258
|
|
|
$
|
116
|
|
|
$
|
634
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
International Downstream Earnings*
|
$
|
542
|
|
|
$
|
962
|
|
|
$
|
1,771
|
|
|
$
|
3,904
|
|
___________________
|
|
|
|
|
|
|
|
||||||||
* Includes foreign currency effects
|
$
|
(4
|
)
|
|
$
|
141
|
|
|
$
|
(78
|
)
|
|
$
|
92
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Net Charges*
|
$
|
(236
|
)
|
|
$
|
(233
|
)
|
|
$
|
(523
|
)
|
|
$
|
(815
|
)
|
___________________
|
|
|
|
|
|
|
|
||||||||
* Includes foreign currency effects
|
$
|
(9
|
)
|
|
$
|
(5
|
)
|
|
$
|
(6
|
)
|
|
$
|
(3
|
)
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Purchased crude oil and products
|
$
|
15,842
|
|
|
$
|
17,447
|
|
|
$
|
42,345
|
|
|
$
|
55,181
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
United States
|
|
|
|
|
|
|
|
||||||||
Upstream
|
$
|
990
|
|
|
$
|
1,718
|
|
|
$
|
3,470
|
|
|
$
|
5,912
|
|
Downstream
|
357
|
|
|
566
|
|
|
1,110
|
|
|
1,382
|
|
||||
All Other
|
62
|
|
|
96
|
|
|
137
|
|
|
247
|
|
||||
Total United States
|
1,409
|
|
|
2,380
|
|
|
4,717
|
|
|
7,541
|
|
||||
International
|
|
|
|
|
|
|
|
||||||||
Upstream
|
3,649
|
|
|
5,475
|
|
|
12,157
|
|
|
17,431
|
|
||||
Downstream
|
115
|
|
|
109
|
|
|
290
|
|
|
298
|
|
||||
All Other
|
2
|
|
|
1
|
|
|
3
|
|
|
2
|
|
||||
Total International
|
3,766
|
|
|
5,585
|
|
|
12,450
|
|
|
17,731
|
|
||||
Worldwide
|
$
|
5,175
|
|
|
$
|
7,965
|
|
|
$
|
17,167
|
|
|
$
|
25,272
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Period
|
Total Number
Of Shares
Purchased
(1)(2)
|
|
Average
Price Paid
per Share
|
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Program
|
|
Maximum
Number of Shares
that May Yet Be
Purchased Under
the Program
(2)
|
||||
July 1 – July 31, 2016
|
7,698
|
|
|
$
|
104.14
|
|
|
—
|
|
|
|
August 1 – August 31, 2016
|
—
|
|
|
|
|
|
—
|
|
|
|
|
September 1 – September 30, 2016
|
—
|
|
|
|
|
|
—
|
|
|
|
|
Total
|
7,698
|
|
|
$
|
104.14
|
|
|
—
|
|
|
|
(1)
|
Includes common shares repurchased from company employees and directors for required personal income tax withholdings on the exercise of the stock options and shares delivered or attested to in satisfaction of the exercise price by holders of employee and director stock options. The options were issued to and exercised by management under Chevron long-term incentive plans.
|
(2)
|
In July 2010, the Board of Directors approved an ongoing share repurchase program with no set term or monetary limits, under which common shares would be acquired by the company through open market purchases or in negotiated transactions at prevailing prices, as permitted by securities laws and other legal requirements and subject to market conditions and other factors. As of December 31, 2014,
180,886,291
shares had been acquired under this program (some pursuant to Rule 10b5-1 plans and some pursuant to accelerated share repurchase plans) for
$20.0 billion
at an average price of approximately
$111
per share. No shares were acquired under the program in 2015, or through the first
nine months
of 2016, and the company does not plan to acquire any shares under the program for the remainder of the year.
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
Exhibit
Number
|
Description
|
(12.1)
|
Computation of Ratio of Earnings to Fixed Charges
|
(31.1)
|
Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Executive Officer
|
(31.2)
|
Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Financial Officer
|
(32.1)
|
Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Executive Officer
|
(32.2)
|
Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Financial Officer
|
(101.INS)
|
XBRL Instance Document
|
(101.SCH)
|
XBRL Schema Document
|
(101.CAL)
|
XBRL Calculation Linkbase Document
|
(101.DEF)
|
XBRL Definition Linkbase Document
|
(101.LAB)
|
XBRL Label Linkbase Document
|
(101.PRE)
|
XBRL Presentation Linkbase Document
|
|
C
HEVRON
C
ORPORATION
(R
EGISTRANT
)
|
|
|
|
|
|
/
S
/ J
EANETTE
L. O
URADA
|
|
Jeanette L. Ourada, Vice President and Comptroller
(Principal Accounting Officer and
Duly Authorized Officer)
|
Exhibit
Number
|
Description
|
(12.1)*
|
Computation of Ratio of Earnings to Fixed Charges
|
(31.1)*
|
Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Executive Officer
|
(31.2)*
|
Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Financial Officer
|
(32.1)*
|
Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Executive Officer
|
(32.2)*
|
Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Financial Officer
|
(101.INS)*
|
XBRL Instance Document
|
(101.SCH)*
|
XBRL Schema Document
|
(101.CAL)*
|
XBRL Calculation Linkbase Document
|
(101.DEF)*
|
XBRL Definition Linkbase Document
|
(101.LAB)*
|
XBRL Label Linkbase Document
|
(101.PRE)*
|
XBRL Presentation Linkbase Document
|
1 Year Chevron Chart |
1 Month Chevron Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions