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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 | |
---|---|---|---|---|---|---|---|---|
1.28 | 0.78% | 164.85 | 165.60 | 162.67 | 163.70 | 9,700,773 | 00:59:57 |
|
Delaware
|
|
94-0890210
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
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
|
|||||
|
|
Emerging growth company
o
|
Class
|
|
Outstanding as of September 30, 2018
|
Common stock, $.75 par value
|
|
1,910,774,369
|
|
|
|
Page No.
|
|
||
FINANCIAL INFORMATION
|
||
|
||
|
||
|
||
|
||
|
||
|
7-25
|
|
26-39
|
||
OTHER INFORMATION
|
||
Item 1.
|
Consolidated Financial Statements
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Millions of dollars, except per-share amounts)
|
||||||||||||||
Revenues and Other Income
|
|
|
|
|
|
||||||||||
Sales and other operating revenues
1
|
$
|
42,105
|
|
|
$
|
33,892
|
|
|
$
|
118,564
|
|
|
$
|
98,293
|
|
Income from equity affiliates
|
1,555
|
|
|
1,036
|
|
|
4,685
|
|
|
3,502
|
|
||||
Other income
|
327
|
|
|
1,277
|
|
|
738
|
|
|
2,311
|
|
||||
Total Revenues and Other Income
|
43,987
|
|
|
36,205
|
|
|
123,987
|
|
|
104,106
|
|
||||
Costs and Other Deductions
|
|
|
|
|
|
|
|
||||||||
Purchased crude oil and products
|
24,681
|
|
|
18,776
|
|
|
70,658
|
|
|
54,607
|
|
||||
Operating expenses
2
|
4,985
|
|
|
4,849
|
|
|
14,899
|
|
|
14,021
|
|
||||
Selling, general and administrative expenses
2
|
1,018
|
|
|
1,107
|
|
|
2,758
|
|
|
2,848
|
|
||||
Exploration expenses
|
625
|
|
|
239
|
|
|
960
|
|
|
508
|
|
||||
Depreciation, depletion and amortization
|
5,380
|
|
|
5,109
|
|
|
14,167
|
|
|
14,614
|
|
||||
Taxes other than on income
1
|
1,259
|
|
|
3,213
|
|
|
3,966
|
|
|
9,149
|
|
||||
Interest and debt expense
|
182
|
|
|
35
|
|
|
558
|
|
|
134
|
|
||||
Other components of net periodic benefit costs
2
|
158
|
|
|
219
|
|
|
344
|
|
|
485
|
|
||||
Total Costs and Other Deductions
|
38,288
|
|
|
33,547
|
|
|
108,310
|
|
|
96,366
|
|
||||
Income Before Income Tax Expense
|
5,699
|
|
|
2,658
|
|
|
15,677
|
|
|
7,740
|
|
||||
Income Tax Expense
|
1,643
|
|
|
672
|
|
|
4,540
|
|
|
1,589
|
|
||||
Net Income
|
4,056
|
|
|
1,986
|
|
|
11,137
|
|
|
6,151
|
|
||||
Less: Net income attributable to noncontrolling interests
|
9
|
|
|
34
|
|
|
43
|
|
|
67
|
|
||||
Net Income Attributable to Chevron Corporation
|
$
|
4,047
|
|
|
$
|
1,952
|
|
|
$
|
11,094
|
|
|
$
|
6,084
|
|
Per Share of Common Stock:
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to Chevron Corporation
|
|
|
|
|
|
|
|
||||||||
— Basic
|
$
|
2.13
|
|
|
$
|
1.03
|
|
|
$
|
5.84
|
|
|
$
|
3.23
|
|
— Diluted
|
$
|
2.11
|
|
|
$
|
1.03
|
|
|
$
|
5.79
|
|
|
$
|
3.21
|
|
Weighted Average Number of Shares Outstanding (000s)
|
|
|
|
|
|
|
|
||||||||
— Basic
|
1,900,717
|
|
|
1,882,650
|
|
|
1,899,044
|
|
|
1,881,026
|
|
||||
— Diluted
|
1,917,474
|
|
|
1,895,879
|
|
|
1,916,562
|
|
|
1,894,764
|
|
||||
_________________________
|
|
|
|
|
|
|
|
||||||||
1
The three-month and nine-month comparative periods ended September 30, 2017, include excise, value-added and similar taxes of $1,867 million and $5,315 million, respectively, collected on behalf of third parties. Beginning in 2018, these taxes are netted in "Taxes other than on income" in accordance with ASU 2014-09. Refer to Note 17, "Revenue" beginning on page 24.
|
|||||||||||||||
2
2017 adjusted to conform to ASU 2017-07. Refer to Note 5, "New Accounting Standards" beginning on page 10.
|
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Net Income
|
$
|
4,056
|
|
|
$
|
1,986
|
|
|
$
|
11,137
|
|
|
$
|
6,151
|
|
Currency translation adjustment
|
(2
|
)
|
|
13
|
|
|
(12
|
)
|
|
37
|
|
||||
Unrealized holding gain (loss) on securities:
|
|
|
|
|
|
|
|
||||||||
Net gain (loss) arising during period
|
1
|
|
|
(2
|
)
|
|
(6
|
)
|
|
(7
|
)
|
||||
Defined benefit plans:
|
|
|
|
|
|
|
|
||||||||
Actuarial gain (loss):
|
|
|
|
|
|
|
|
||||||||
Amortization to net income of net actuarial and settlement losses
|
214
|
|
|
264
|
|
|
522
|
|
|
609
|
|
||||
Actuarial gain (loss) arising during period
|
(92
|
)
|
|
3
|
|
|
(94
|
)
|
|
(11
|
)
|
||||
Prior service cost:
|
|
|
|
|
|
|
|
||||||||
Amortization to net income of net prior service costs (credits)
|
(2
|
)
|
|
(5
|
)
|
|
(9
|
)
|
|
(15
|
)
|
||||
Defined benefit plans sponsored by equity affiliates
|
5
|
|
|
5
|
|
|
18
|
|
|
15
|
|
||||
Income tax expense on defined benefit plans
|
(21
|
)
|
|
(96
|
)
|
|
(95
|
)
|
|
(207
|
)
|
||||
Total
|
104
|
|
|
171
|
|
|
342
|
|
|
391
|
|
||||
Other Comprehensive Gain, Net of Tax
|
103
|
|
|
182
|
|
|
324
|
|
|
421
|
|
||||
Comprehensive Income
|
4,159
|
|
|
2,168
|
|
|
11,461
|
|
|
6,572
|
|
||||
Comprehensive income attributable to noncontrolling interests
|
(9
|
)
|
|
(34
|
)
|
|
(43
|
)
|
|
(67
|
)
|
||||
Comprehensive Income Attributable to Chevron Corporation
|
$
|
4,150
|
|
|
$
|
2,134
|
|
|
$
|
11,418
|
|
|
$
|
6,505
|
|
|
|
At September 30
2018 |
|
At December 31
2017 |
||||
|
|
(Millions of dollars)
|
||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
|
$
|
9,686
|
|
|
$
|
4,813
|
|
Marketable securities
|
|
60
|
|
|
9
|
|
||
Accounts and notes receivable, net
|
|
16,788
|
|
|
15,353
|
|
||
Inventories
|
|
|
|
|
||||
Crude oil and petroleum products
|
|
3,618
|
|
|
3,142
|
|
||
Chemicals
|
|
495
|
|
|
476
|
|
||
Materials, supplies and other
|
|
1,916
|
|
|
1,967
|
|
||
Total inventories
|
|
6,029
|
|
|
5,585
|
|
||
Prepaid expenses and other current assets
|
|
3,020
|
|
|
2,800
|
|
||
Total Current Assets
|
|
35,583
|
|
|
28,560
|
|
||
Long-term receivables, net
|
|
2,460
|
|
|
2,849
|
|
||
Investments and advances
|
|
34,672
|
|
|
32,497
|
|
||
Properties, plant and equipment, at cost
|
|
344,949
|
|
|
344,485
|
|
||
Less: Accumulated depreciation, depletion and amortization
|
|
173,304
|
|
|
166,773
|
|
||
Properties, plant and equipment, net
|
|
171,645
|
|
|
177,712
|
|
||
Deferred charges and other assets
|
|
6,745
|
|
|
7,017
|
|
||
Goodwill
|
|
4,518
|
|
|
4,531
|
|
||
Assets held for sale
|
|
983
|
|
|
640
|
|
||
Total Assets
|
|
$
|
256,606
|
|
|
$
|
253,806
|
|
LIABILITIES AND EQUITY
|
||||||||
Short-term debt
|
|
$
|
6,121
|
|
|
$
|
5,192
|
|
Accounts payable
|
|
15,335
|
|
|
14,565
|
|
||
Accrued liabilities
|
|
5,029
|
|
|
5,267
|
|
||
Federal and other taxes on income
|
|
1,797
|
|
|
1,600
|
|
||
Other taxes payable
|
|
901
|
|
|
1,113
|
|
||
Total Current Liabilities
|
|
29,183
|
|
|
27,737
|
|
||
Long-term debt
|
|
29,854
|
|
|
33,477
|
|
||
Capital lease obligations
|
|
135
|
|
|
94
|
|
||
Deferred credits and other noncurrent obligations
|
|
20,414
|
|
|
21,106
|
|
||
Noncurrent deferred income taxes
|
|
15,624
|
|
|
14,652
|
|
||
Noncurrent employee benefit plans
|
|
6,723
|
|
|
7,421
|
|
||
Total Liabilities*
|
|
101,933
|
|
|
104,487
|
|
||
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, 2018, and December 31, 2017)
|
|
1,832
|
|
|
1,832
|
|
||
Capital in excess of par value
|
|
17,080
|
|
|
16,848
|
|
||
Retained earnings
|
|
178,816
|
|
|
174,106
|
|
||
Accumulated other comprehensive loss
|
|
(3,265
|
)
|
|
(3,589
|
)
|
||
Deferred compensation and benefit plan trust
|
|
(240
|
)
|
|
(240
|
)
|
||
Treasury stock, at cost (531,902,211 and 537,974,695 shares at September 30, 2018, and December 31, 2017, respectively)
|
|
(40,648
|
)
|
|
(40,833
|
)
|
||
Total Chevron Corporation Stockholders’ Equity
|
|
153,575
|
|
|
148,124
|
|
||
Noncontrolling interests
|
|
1,098
|
|
|
1,195
|
|
||
Total Equity
|
|
154,673
|
|
|
149,319
|
|
||
Total Liabilities and Equity
|
|
$
|
256,606
|
|
|
$
|
253,806
|
|
___________________________
|
|
|
|
|
||||
* Refer to Note 14, "Other Contingencies and Commitments" beginning on page 20.
|
|
Nine Months Ended
September 30 |
||||||
|
2018
|
|
2017
|
||||
|
(Millions of dollars)
|
||||||
Operating Activities
|
|
|
|
||||
Net Income
|
$
|
11,137
|
|
|
$
|
6,151
|
|
Adjustments
|
|
|
|
||||
Depreciation, depletion and amortization
|
14,167
|
|
|
14,614
|
|
||
Dry hole expense
|
596
|
|
|
140
|
|
||
Distributions less than income from equity affiliates
1
|
(2,526
|
)
|
|
(2,284
|
)
|
||
Net before-tax gains on asset retirements and sales
|
(560
|
)
|
|
(2,139
|
)
|
||
Net foreign currency effects
|
330
|
|
|
145
|
|
||
Deferred income tax provision
|
806
|
|
|
(464
|
)
|
||
Net decrease (increase) in operating working capital
2
|
(1,882
|
)
|
|
(548
|
)
|
||
Decrease (increase) in long-term receivables
|
363
|
|
|
(537
|
)
|
||
Net decrease (increase) in other deferred charges
2
|
(60
|
)
|
|
(82
|
)
|
||
Cash contributions to employee pension plans
|
(941
|
)
|
|
(825
|
)
|
||
Other
|
37
|
|
|
74
|
|
||
Net Cash Provided by Operating Activities
1, 2
|
21,467
|
|
|
14,245
|
|
||
Investing Activities
|
|
|
|
||||
Capital expenditures
|
(9,801
|
)
|
|
(9,763
|
)
|
||
Proceeds and deposits related to asset sales and returns of investment
1, 2
|
2,116
|
|
|
4,765
|
|
||
Net sales (purchases) of marketable securities
|
(51
|
)
|
|
—
|
|
||
Net repayment (borrowing) of loans by equity affiliates
|
78
|
|
|
(36
|
)
|
||
Net Cash Used for Investing Activities
1, 2
|
(7,658
|
)
|
|
(5,034
|
)
|
||
Financing Activities
|
|
|
|
||||
Net borrowings (repayments) of short-term obligations
|
2,199
|
|
|
(7,185
|
)
|
||
Proceeds from issuance of long-term debt
|
217
|
|
|
3,991
|
|
||
Repayments of long-term debt and other financing obligations
|
(5,227
|
)
|
|
(1,028
|
)
|
||
Cash dividends — common stock
|
(6,382
|
)
|
|
(6,093
|
)
|
||
Distributions to noncontrolling interests
|
(87
|
)
|
|
(66
|
)
|
||
Net sales of treasury shares
|
337
|
|
|
649
|
|
||
Net Cash Used for Financing Activities
|
(8,943
|
)
|
|
(9,732
|
)
|
||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
2
|
(68
|
)
|
|
62
|
|
||
Net Change in Cash, Cash Equivalents and Restricted Cash
2
|
4,798
|
|
|
(459
|
)
|
||
Cash, Cash Equivalents and Restricted Cash at January 1
2
|
5,943
|
|
|
8,414
|
|
||
Cash, Cash Equivalents and Restricted Cash at September 30
2
|
$
|
10,741
|
|
|
$
|
7,955
|
|
_________________________
|
|
|
|
||||
1
2017 adjusted to conform to Accounting Standards Update 2016-15. Refer to Note 4, "Information Relating to the Consolidated Statement of Cash Flows" beginning on page 8.
|
|||||||
2
2017 adjusted to conform to Accounting Standards Update 2016-18. Refer to Note 4, "Information Relating to the Consolidated Statement of Cash Flows" beginning on page 8.
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||
|
|
Currency Translation Adjustment
|
|
Unrealized Holding Gains (Losses) on Securities
|
|
Derivatives
|
|
Defined Benefit Plans
|
|
Total
|
||||||||||
|
|
(Millions of dollars)
|
||||||||||||||||||
Balance at January 1
|
|
$
|
(105
|
)
|
|
$
|
(5
|
)
|
|
$
|
(2
|
)
|
|
$
|
(3,477
|
)
|
|
$
|
(3,589
|
)
|
Components of Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
||||||||||||
Before Reclassifications
|
|
(12
|
)
|
|
(6
|
)
|
|
—
|
|
|
(53
|
)
|
|
(71
|
)
|
|||||
Reclassifications
(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
395
|
|
|
395
|
|
|||||
Net Other Comprehensive Income (Loss)
|
|
(12
|
)
|
|
(6
|
)
|
|
—
|
|
|
342
|
|
|
324
|
|
|||||
Balance at September 30
|
|
$
|
(117
|
)
|
|
$
|
(11
|
)
|
|
$
|
(2
|
)
|
|
$
|
(3,135
|
)
|
|
$
|
(3,265
|
)
|
|
2018
|
|
2017
|
||||||||||||||||||||
|
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
|
$
|
148,124
|
|
|
$
|
1,195
|
|
|
$
|
149,319
|
|
|
$
|
145,556
|
|
|
$
|
1,166
|
|
|
$
|
146,722
|
|
Net income
|
11,094
|
|
|
43
|
|
|
11,137
|
|
|
6,084
|
|
|
67
|
|
|
6,151
|
|
||||||
Dividends
|
(6,384
|
)
|
|
—
|
|
|
(6,384
|
)
|
|
(6,095
|
)
|
|
—
|
|
|
(6,095
|
)
|
||||||
Distributions to noncontrolling interests
|
—
|
|
|
(87
|
)
|
|
(87
|
)
|
|
—
|
|
|
(66
|
)
|
|
(66
|
)
|
||||||
Treasury shares, net
|
185
|
|
|
—
|
|
|
185
|
|
|
597
|
|
|
—
|
|
|
597
|
|
||||||
Other changes, net*
|
556
|
|
|
(53
|
)
|
|
503
|
|
|
571
|
|
|
31
|
|
|
602
|
|
||||||
Balance at September 30
|
$
|
153,575
|
|
|
$
|
1,098
|
|
|
$
|
154,673
|
|
|
$
|
146,713
|
|
|
$
|
1,198
|
|
|
$
|
147,911
|
|
|
Nine Months Ended
September 30 |
||||||
|
2018
|
|
2017
|
||||
|
(Millions of dollars)
|
||||||
Decrease (increase) in accounts and notes receivable
|
$
|
(1,741
|
)
|
|
$
|
265
|
|
Decrease (increase) in inventories
|
(749
|
)
|
|
(436
|
)
|
||
Decrease (increase) in prepaid expenses and other current assets
1
|
(310
|
)
|
|
235
|
|
||
Increase (decrease) in accounts payable and accrued liabilities
1
|
887
|
|
|
(621
|
)
|
||
Increase (decrease) in income and other taxes payable
|
31
|
|
|
9
|
|
||
Net decrease (increase) in operating working capital
1
|
$
|
(1,882
|
)
|
|
$
|
(548
|
)
|
_____________________
|
|
|
|
||||
1
2017 amount adjusted to conform to Accounting Standards Update 2016-18.
|
|
Nine Months Ended
September 30 |
||||||
|
2018
|
|
2017
|
||||
|
(Millions of dollars)
|
||||||
Interest on debt (net of capitalized interest)
|
$
|
502
|
|
|
$
|
30
|
|
Income taxes
|
3,526
|
|
|
2,203
|
|
|
Nine Months Ended
September 30 |
||||||
|
2018
|
|
2017
|
||||
|
(Millions of dollars)
|
||||||
Marketable securities purchased
|
$
|
(51
|
)
|
|
$
|
(3
|
)
|
Marketable securities sold
|
—
|
|
|
3
|
|
||
Net sales (purchases) of marketable securities
|
$
|
(51
|
)
|
|
$
|
—
|
|
|
Nine Months Ended
September 30 |
||||||
|
2018
|
|
2017
|
||||
|
(Millions of dollars)
|
||||||
Borrowing of loans by equity affiliates
|
$
|
—
|
|
|
$
|
(142
|
)
|
Repayment of loans by equity affiliates
|
78
|
|
|
106
|
|
||
Net repayment (borrowing) of loans by equity affiliates
|
$
|
78
|
|
|
$
|
(36
|
)
|
|
Nine Months Ended
September 30 |
||||||
|
2018
|
|
2017
|
||||
|
(Millions of dollars)
|
||||||
Repayments of short-term obligations
|
$
|
(3,379
|
)
|
|
$
|
(8,403
|
)
|
Proceeds from issuances of short-term obligations
|
2,452
|
|
|
3,415
|
|
||
Net borrowings (repayments) of short-term obligations with three months or less maturity
|
3,126
|
|
|
(2,197
|
)
|
||
Net borrowings (repayments) of short-term obligations
|
$
|
2,199
|
|
|
$
|
(7,185
|
)
|
|
Nine Months Ended
September 30 |
||||||
|
2018
|
|
2017
|
||||
|
(Millions of dollars)
|
||||||
Additions to properties, plant and equipment
|
$
|
9,489
|
|
|
$
|
9,615
|
|
Additions to investments
|
36
|
|
|
16
|
|
||
Current year dry hole expenditures
|
276
|
|
|
131
|
|
||
Payments for other liabilities and assets, net
|
—
|
|
|
1
|
|
||
Capital expenditures
|
9,801
|
|
|
9,763
|
|
||
Expensed exploration expenditures
|
364
|
|
|
368
|
|
||
Assets acquired through capital lease obligations
|
65
|
|
|
3
|
|
||
Capital and exploratory expenditures, excluding equity affiliates
|
10,230
|
|
|
10,134
|
|
||
Company’s share of expenditures by equity affiliates
|
4,115
|
|
|
3,252
|
|
||
Capital and exploratory expenditures, including equity affiliates
|
$
|
14,345
|
|
|
$
|
13,386
|
|
|
|
At September 30
|
|
At December 31
|
||||||||||||
|
|
2018
|
|
2017
|
|
2017
|
|
2016
|
||||||||
|
|
(Millions of dollars)
|
|
(Millions of dollars)
|
||||||||||||
Cash and Cash Equivalents
|
|
$
|
9,686
|
|
|
$
|
6,641
|
|
|
$
|
4,813
|
|
|
$
|
6,988
|
|
Restricted cash included in "Prepaid expenses and other current assets"
|
|
277
|
|
|
523
|
|
|
405
|
|
|
488
|
|
||||
Restricted cash included in "Deferred charges and other assets"
|
|
778
|
|
|
791
|
|
|
725
|
|
|
938
|
|
||||
Total Cash, Cash Equivalents and Restricted Cash
|
|
$
|
10,741
|
|
|
$
|
7,955
|
|
|
$
|
5,943
|
|
|
$
|
8,414
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
Segment Earnings
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Upstream
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
828
|
|
|
$
|
(26
|
)
|
|
$
|
2,314
|
|
|
$
|
(48
|
)
|
International
|
2,551
|
|
|
515
|
|
|
7,712
|
|
|
2,907
|
|
||||
Total Upstream
|
3,379
|
|
|
489
|
|
|
10,026
|
|
|
2,859
|
|
||||
Downstream
|
|
|
|
|
|
|
|
||||||||
United States
|
748
|
|
|
640
|
|
|
1,847
|
|
|
1,743
|
|
||||
International
|
625
|
|
|
1,174
|
|
|
1,092
|
|
|
2,192
|
|
||||
Total Downstream
|
1,373
|
|
|
1,814
|
|
|
2,939
|
|
|
3,935
|
|
||||
Total Segment Earnings
|
4,752
|
|
|
2,303
|
|
|
12,965
|
|
|
6,794
|
|
||||
All Other
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(171
|
)
|
|
(30
|
)
|
|
(524
|
)
|
|
(115
|
)
|
||||
Interest income
|
37
|
|
|
13
|
|
|
84
|
|
|
42
|
|
||||
Other
|
(571
|
)
|
|
(334
|
)
|
|
(1,431
|
)
|
|
(637
|
)
|
||||
Net Income Attributable to Chevron Corporation
|
$
|
4,047
|
|
|
$
|
1,952
|
|
|
$
|
11,094
|
|
|
$
|
6,084
|
|
Segment Assets
|
At September 30
2018 |
|
At December 31
2017 |
||||
|
(Millions of dollars)
|
||||||
Upstream
|
|
|
|
||||
United States
|
$
|
42,126
|
|
|
$
|
40,770
|
|
International
|
155,396
|
|
|
159,612
|
|
||
Goodwill
|
4,518
|
|
|
4,531
|
|
||
Total Upstream
|
202,040
|
|
|
204,913
|
|
||
Downstream
|
|
|
|
||||
United States
|
24,141
|
|
|
23,202
|
|
||
International
|
17,628
|
|
|
17,434
|
|
||
Total Downstream
|
41,769
|
|
|
40,636
|
|
||
Total Segment Assets
|
243,809
|
|
|
245,549
|
|
||
All Other
|
|
|
|
||||
United States
|
5,353
|
|
|
4,938
|
|
||
International
|
7,444
|
|
|
3,319
|
|
||
Total All Other
|
12,797
|
|
|
8,257
|
|
||
Total Assets — United States
|
71,620
|
|
|
68,910
|
|
||
Total Assets — International
|
180,468
|
|
|
180,365
|
|
||
Goodwill
|
4,518
|
|
|
4,531
|
|
||
Total Assets
|
$
|
256,606
|
|
|
$
|
253,806
|
|
|
Nine Months Ended
September 30 |
||||||
|
2018
|
|
2017
|
||||
|
(Millions of dollars)
|
||||||
Sales and other operating revenues
*
|
$
|
93,434
|
|
|
$
|
75,759
|
|
Costs and other deductions
*
|
90,912
|
|
|
75,403
|
|
||
Net income attributable to CUSA
|
2,929
|
|
|
1,315
|
|
||
_____________________________
|
|
|
|
||||
*
2017 includes excise, value-added and similar taxes collected on behalf of third parties of $3,268 million. Beginning in
2018, these taxes are netted in "Taxes other than on income" in accordance with ASU 2014-09.
|
|
At September 30
2018 |
|
At December 31
2017 |
||||
|
(Millions of dollars)
|
||||||
Current assets
|
$
|
15,036
|
|
|
$
|
12,163
|
|
Other assets
|
55,209
|
|
|
54,994
|
|
||
Current liabilities
|
18,329
|
|
|
17,379
|
|
||
Other liabilities
|
13,049
|
|
|
12,541
|
|
||
Total CUSA net equity
|
$
|
38,867
|
|
|
$
|
37,237
|
|
Memo: Total debt
|
$
|
3,049
|
|
|
$
|
3,056
|
|
|
Nine Months Ended
September 30 |
||||||
|
2018
|
|
2017
|
||||
|
(Millions of dollars)
|
||||||
Sales and other operating revenues
|
$
|
13,255
|
|
|
$
|
9,619
|
|
Costs and other deductions
|
5,780
|
|
|
4,806
|
|
||
Net income attributable to TCO
|
5,265
|
|
|
3,402
|
|
|
Nine Months Ended
September 30 |
||||||
|
2018
|
|
2017
|
||||
|
(Millions of dollars)
|
||||||
Sales and other operating revenues
|
$
|
8,773
|
|
|
$
|
6,816
|
|
Costs and other deductions
|
7,475
|
|
|
5,732
|
|
||
Net income attributable to CPChem
|
1,766
|
|
|
1,424
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Pension Benefits
|
|
|
|
|
|
|
|
||||||||
United States
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
120
|
|
|
$
|
122
|
|
|
$
|
360
|
|
|
$
|
366
|
|
Interest cost
|
93
|
|
|
91
|
|
|
278
|
|
|
274
|
|
||||
Expected return on plan assets
|
(159
|
)
|
|
(149
|
)
|
|
(477
|
)
|
|
(447
|
)
|
||||
Amortization of prior service costs (credits)
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
(3
|
)
|
||||
Amortization of actuarial losses (gains)
|
76
|
|
|
85
|
|
|
228
|
|
|
255
|
|
||||
Settlement losses
|
128
|
|
|
169
|
|
|
260
|
|
|
325
|
|
||||
Total United States
|
258
|
|
|
317
|
|
|
650
|
|
|
770
|
|
||||
International
|
|
|
|
|
|
|
|
||||||||
Service cost
|
36
|
|
|
38
|
|
|
109
|
|
|
114
|
|
||||
Interest cost
|
49
|
|
|
54
|
|
|
155
|
|
|
164
|
|
||||
Expected return on plan assets
|
(62
|
)
|
|
(61
|
)
|
|
(193
|
)
|
|
(178
|
)
|
||||
Amortization of prior service costs (credits)
|
2
|
|
|
3
|
|
|
8
|
|
|
9
|
|
||||
Amortization of actuarial losses (gains)
|
6
|
|
|
11
|
|
|
23
|
|
|
33
|
|
||||
Curtailment losses
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Total International
|
34
|
|
|
45
|
|
|
105
|
|
|
142
|
|
||||
Net Periodic Pension Benefit Costs
|
$
|
292
|
|
|
$
|
362
|
|
|
$
|
755
|
|
|
$
|
912
|
|
Other Benefits*
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
10
|
|
|
$
|
8
|
|
|
$
|
31
|
|
|
$
|
24
|
|
Interest cost
|
24
|
|
|
23
|
|
|
72
|
|
|
71
|
|
||||
Amortization of prior service costs (credits)
|
(7
|
)
|
|
(7
|
)
|
|
(21
|
)
|
|
(21
|
)
|
||||
Amortization of actuarial losses (gains)
|
4
|
|
|
(1
|
)
|
|
11
|
|
|
(4
|
)
|
||||
Net Periodic Other Benefit Costs
|
$
|
31
|
|
|
$
|
23
|
|
|
$
|
93
|
|
|
$
|
70
|
|
|
At September 30, 2018
|
|
At December 31, 2017
|
||||||||||||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Marketable Securities
|
$
|
60
|
|
|
$
|
60
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivatives
|
16
|
|
|
1
|
|
|
15
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
22
|
|
|
—
|
|
||||||||
Total Assets at Fair Value
|
$
|
76
|
|
|
$
|
61
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
9
|
|
|
$
|
22
|
|
|
$
|
—
|
|
Derivatives
|
84
|
|
|
52
|
|
|
32
|
|
|
—
|
|
|
124
|
|
|
78
|
|
|
46
|
|
|
—
|
|
||||||||
Total Liabilities at Fair Value
|
$
|
84
|
|
|
$
|
52
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
124
|
|
|
$
|
78
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
At September 30, 2018
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Before-Tax Loss
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Three
Months Ended |
|
Nine
Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||||||||
Properties, plant and equipment, net (held and used)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Properties, plant and equipment, net (held for sale)
|
212
|
|
|
—
|
|
|
—
|
|
|
212
|
|
|
290
|
|
|
586
|
|
||||||
Investments and advances
|
56
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|
43
|
|
|
44
|
|
||||||
Total Assets at Fair Value
|
$
|
268
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
268
|
|
|
$
|
333
|
|
|
$
|
630
|
|
|
|
|
|
Gain / (Loss)
Three Months Ended September 30 |
|
Gain / (Loss)
Nine Months Ended September 30 |
||||||||||||
Type of
Contract
|
|
Statement of Income Classification
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Commodity
|
|
Sales and other operating revenues
|
|
$
|
(80
|
)
|
|
$
|
(196
|
)
|
|
$
|
(257
|
)
|
|
$
|
82
|
|
Commodity
|
|
Purchased crude oil and products
|
|
(10
|
)
|
|
(7
|
)
|
|
(36
|
)
|
|
3
|
|
||||
Commodity
|
|
Other income
|
|
1
|
|
|
1
|
|
|
1
|
|
|
(2
|
)
|
||||
|
|
|
|
$
|
(89
|
)
|
|
$
|
(202
|
)
|
|
$
|
(292
|
)
|
|
$
|
83
|
|
|
|
Gross Amount Recognized
|
|
Gross Amounts Offset
|
|
Net Amounts Presented
|
|
Gross Amounts Not Offset
|
|
Net Amount
|
||||||||||
At September 30, 2018
|
|
|
|
|
|
|||||||||||||||
Derivative Assets
|
|
$
|
3,399
|
|
|
$
|
3,383
|
|
|
$
|
16
|
|
|
$
|
9
|
|
|
$
|
7
|
|
Derivative Liabilities
|
|
$
|
3,467
|
|
|
$
|
3,383
|
|
|
$
|
84
|
|
|
$
|
9
|
|
|
$
|
75
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
At December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative Assets
|
|
$
|
1,169
|
|
|
$
|
1,147
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
22
|
|
Derivative Liabilities
|
|
$
|
1,271
|
|
|
$
|
1,147
|
|
|
$
|
124
|
|
|
$
|
—
|
|
|
$
|
124
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Upstream
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
828
|
|
|
$
|
(26
|
)
|
|
$
|
2,314
|
|
|
$
|
(48
|
)
|
International
|
2,551
|
|
|
515
|
|
|
7,712
|
|
|
2,907
|
|
||||
Total Upstream
|
3,379
|
|
|
489
|
|
|
10,026
|
|
|
2,859
|
|
||||
Downstream
|
|
|
|
|
|
|
|
||||||||
United States
|
748
|
|
|
640
|
|
|
1,847
|
|
|
1,743
|
|
||||
International
|
625
|
|
|
1,174
|
|
|
1,092
|
|
|
2,192
|
|
||||
Total Downstream
|
1,373
|
|
|
1,814
|
|
|
2,939
|
|
|
3,935
|
|
||||
Total Segment Earnings
|
4,752
|
|
|
2,303
|
|
|
12,965
|
|
|
6,794
|
|
||||
All Other
|
(705
|
)
|
|
(351
|
)
|
|
(1,871
|
)
|
|
(710
|
)
|
||||
Net Income Attributable to Chevron Corporation
(1) (2)
|
$
|
4,047
|
|
|
$
|
1,952
|
|
|
$
|
11,094
|
|
|
$
|
6,084
|
|
__________________________________________
|
|
|
|
|
|
|
|
||||||||
(1)
Includes foreign currency effects
|
$
|
(51
|
)
|
|
$
|
(112
|
)
|
|
$
|
343
|
|
|
$
|
(351
|
)
|
(2)
Income net of tax; also referred to as “earnings” in the discussions that follow.
|
|
|
|
|
|
|
•
|
South Africa and Botswana — Completed the sale of refining, marketing and lubricant assets.
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
International Upstream Earnings*
|
$
|
2,551
|
|
|
$
|
515
|
|
|
$
|
7,712
|
|
|
$
|
2,907
|
|
_______________________
|
|
|
|
|
|
|
|
||||||||
* Includes foreign currency effects
|
$
|
(42
|
)
|
|
$
|
(164
|
)
|
|
$
|
295
|
|
|
$
|
(441
|
)
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
International Downstream Earnings*
|
$
|
625
|
|
|
$
|
1,174
|
|
|
$
|
1,092
|
|
|
$
|
2,192
|
|
_______________________
|
|
|
|
|
|
|
|
||||||||
* Includes foreign currency effects
|
$
|
(7
|
)
|
|
$
|
15
|
|
|
$
|
48
|
|
|
$
|
(27
|
)
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Net Charges*
|
$
|
(705
|
)
|
|
$
|
(351
|
)
|
|
$
|
(1,871
|
)
|
|
$
|
(710
|
)
|
______________________
|
|
|
|
|
|
|
|
||||||||
* Includes foreign currency effects
|
$
|
(2
|
)
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
117
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Sales and other operating revenues
|
$
|
42,105
|
|
|
$
|
33,892
|
|
|
$
|
118,564
|
|
|
$
|
98,293
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Operating, selling, general and
administrative expenses
|
$
|
6,003
|
|
|
$
|
5,956
|
|
|
$
|
17,657
|
|
|
$
|
16,869
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Depreciation, depletion and amortization
|
$
|
5,380
|
|
|
$
|
5,109
|
|
|
$
|
14,167
|
|
|
$
|
14,614
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Other components of net periodic benefit costs
|
$
|
158
|
|
|
$
|
219
|
|
|
$
|
344
|
|
|
$
|
485
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
United States
|
|
|
|
|
|
|
|
||||||||
Upstream
|
$
|
1,903
|
|
|
$
|
1,201
|
|
|
$
|
5,166
|
|
|
$
|
3,406
|
|
Downstream
|
377
|
|
|
367
|
|
|
1,155
|
|
|
1,049
|
|
||||
All Other
|
72
|
|
|
63
|
|
|
156
|
|
|
132
|
|
||||
Total United States
|
2,352
|
|
|
1,631
|
|
|
6,477
|
|
|
4,587
|
|
||||
International
|
|
|
|
|
|
|
|
||||||||
Upstream
|
2,639
|
|
|
2,715
|
|
|
7,524
|
|
|
8,501
|
|
||||
Downstream
|
132
|
|
|
110
|
|
|
341
|
|
|
297
|
|
||||
All Other
|
1
|
|
|
—
|
|
|
3
|
|
|
1
|
|
||||
Total International
|
2,772
|
|
|
2,825
|
|
|
7,868
|
|
|
8,799
|
|
||||
Worldwide
|
$
|
5,124
|
|
|
$
|
4,456
|
|
|
$
|
14,345
|
|
|
$
|
13,386
|
|
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, 2018
|
115
|
|
|
$
|
124.24
|
|
|
—
|
|
|
|
August 1 – August 31, 2018
|
3,274,272
|
|
|
120.80
|
|
|
3,274,272
|
|
|
|
|
September 1 – September 30, 2018
|
2,980,903
|
|
|
118.92
|
|
|
2,980,903
|
|
|
|
|
Total
|
6,255,290
|
|
|
$
|
119.90
|
|
|
6,255,175
|
|
|
|
(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 employees and directors under Chevron's 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 at prevailing prices, as permitted by securities laws and other legal requirements and subject to market conditions and other factors. From inception of the program through 2014, the company had purchased
180,886,291
shares under this program (some pursuant to Rule 10b5-1 plan 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, 2016 or 2017 or through the first six months of 2018. In third quarter 2018, share repurchases totaled $750 million.
|
Item 6.
|
Exhibits
|
Exhibit
Number
|
|
Description
|
|
|
|
(31.1)*
|
|
|
(31.2)*
|
|
|
(32.1)*
|
|
|
(32.2)*
|
|
|
(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
|
*
|
Filed herewith.
|
|
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)
|
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