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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 | |
---|---|---|---|---|---|---|---|---|
0.20 | 0.12% | 165.65 | 166.42 | 165.0153 | 166.06 | 5,489,847 | 01:00:00 |
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6001 Bollinger Canyon Road
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Delaware
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94-0890210
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San Ramon,
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California
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94583-2324
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(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer
Identification No.) |
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(Address of principal executive offices)
(Zip Code)
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NONE
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(Former name, former address and former fiscal year, if changed since last report.)
|
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Title of each class
|
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Trading Symbol
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Name of each exchange on which registered
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Common stock, par value $.75 per share
|
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CVX
|
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New York Stock Exchange
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Large accelerated filer
|
☑
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Accelerated filer
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☐
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|||||
Non-accelerated filer
|
☐
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Smaller reporting company
|
☐
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|||||
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Emerging growth company
|
☐
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Page No.
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FINANCIAL INFORMATION
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OTHER INFORMATION
|
||
Item 5.
|
Other Information
|
|
Item 1.
|
Consolidated Financial Statements
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Millions of dollars, except per-share amounts)
|
||||||||||||||
Revenues and Other Income
|
|
|
|
|
|
||||||||||
Sales and other operating revenues
|
$
|
34,779
|
|
|
$
|
42,105
|
|
|
$
|
105,291
|
|
|
$
|
118,564
|
|
Income from equity affiliates
|
1,172
|
|
|
1,555
|
|
|
3,430
|
|
|
4,685
|
|
||||
Other income (loss)
|
165
|
|
|
327
|
|
|
1,445
|
|
|
738
|
|
||||
Total Revenues and Other Income
|
36,116
|
|
|
43,987
|
|
|
110,166
|
|
|
123,987
|
|
||||
Costs and Other Deductions
|
|
|
|
|
|
|
|
||||||||
Purchased crude oil and products
|
19,882
|
|
|
24,681
|
|
|
60,420
|
|
|
70,658
|
|
||||
Operating expenses
|
5,325
|
|
|
4,985
|
|
|
15,398
|
|
|
14,899
|
|
||||
Selling, general and administrative expenses
|
954
|
|
|
1,018
|
|
|
3,014
|
|
|
2,758
|
|
||||
Exploration expenses
|
168
|
|
|
625
|
|
|
498
|
|
|
960
|
|
||||
Depreciation, depletion and amortization
|
4,361
|
|
|
5,380
|
|
|
12,789
|
|
|
14,167
|
|
||||
Taxes other than on income
|
1,059
|
|
|
1,259
|
|
|
3,167
|
|
|
3,966
|
|
||||
Interest and debt expense
|
197
|
|
|
182
|
|
|
620
|
|
|
558
|
|
||||
Other components of net periodic benefit costs
|
121
|
|
|
158
|
|
|
319
|
|
|
344
|
|
||||
Total Costs and Other Deductions
|
32,067
|
|
|
38,288
|
|
|
96,225
|
|
|
108,310
|
|
||||
Income Before Income Tax Expense
|
4,049
|
|
|
5,699
|
|
|
13,941
|
|
|
15,677
|
|
||||
Income Tax Expense
|
1,469
|
|
|
1,643
|
|
|
4,429
|
|
|
4,540
|
|
||||
Net Income
|
2,580
|
|
|
4,056
|
|
|
9,512
|
|
|
11,137
|
|
||||
Less: Net income (loss) attributable to noncontrolling interests
|
—
|
|
|
9
|
|
|
(22
|
)
|
|
43
|
|
||||
Net Income Attributable to Chevron Corporation
|
$
|
2,580
|
|
|
$
|
4,047
|
|
|
$
|
9,534
|
|
|
$
|
11,094
|
|
Per Share of Common Stock:
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to Chevron Corporation
|
|
|
|
|
|
|
|
||||||||
— Basic
|
$
|
1.38
|
|
|
$
|
2.13
|
|
|
$
|
5.06
|
|
|
$
|
5.84
|
|
— Diluted
|
$
|
1.36
|
|
|
$
|
2.11
|
|
|
$
|
5.02
|
|
|
$
|
5.79
|
|
Weighted Average Number of Shares Outstanding (000s)
|
|
|
|
|
|
|
|
||||||||
— Basic
|
1,880,607
|
|
|
1,900,717
|
|
|
1,885,931
|
|
|
1,899,044
|
|
||||
— Diluted
|
1,893,928
|
|
|
1,917,474
|
|
|
1,899,193
|
|
|
1,916,562
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
|||||||||||||||
|
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Net Income
|
$
|
2,580
|
|
|
$
|
4,056
|
|
|
$
|
9,512
|
|
|
$
|
11,137
|
|
Currency translation adjustment
|
(33
|
)
|
|
(2
|
)
|
|
(32
|
)
|
|
(12
|
)
|
||||
Unrealized holding gain (loss) on securities:
|
|
|
|
|
|
|
|
||||||||
Net gain (loss) arising during period
|
2
|
|
|
1
|
|
|
2
|
|
|
(6
|
)
|
||||
Derivatives:
|
|
|
|
|
|
|
|
||||||||
Net derivatives loss on hedge transactions
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
Income tax benefit on derivatives transactions
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Total
|
3
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
Defined benefit plans:
|
|
|
|
|
|
|
|
||||||||
Actuarial gain (loss):
|
|
|
|
|
|
|
|
||||||||
Amortization to net income of net actuarial and settlement losses
|
150
|
|
|
214
|
|
|
400
|
|
|
522
|
|
||||
Actuarial gain (loss) arising during period
|
—
|
|
|
(92
|
)
|
|
(4
|
)
|
|
(94
|
)
|
||||
Prior service cost:
|
|
|
|
|
|
|
|
||||||||
Amortization to net income of net prior service costs (credits)
|
(4
|
)
|
|
(2
|
)
|
|
(11
|
)
|
|
(9
|
)
|
||||
Prior service cost arising during period
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Defined benefit plans sponsored by equity affiliates
|
3
|
|
|
5
|
|
|
8
|
|
|
18
|
|
||||
Income tax expense on defined benefit plans
|
(33
|
)
|
|
(21
|
)
|
|
(91
|
)
|
|
(95
|
)
|
||||
Total
|
116
|
|
|
104
|
|
|
303
|
|
|
342
|
|
||||
Other Comprehensive Gain, Net of Tax
|
88
|
|
|
103
|
|
|
275
|
|
|
324
|
|
||||
Comprehensive Income
|
2,668
|
|
|
4,159
|
|
|
9,787
|
|
|
11,461
|
|
||||
Comprehensive loss (income) attributable to noncontrolling interests
|
—
|
|
|
(9
|
)
|
|
22
|
|
|
(43
|
)
|
||||
Comprehensive Income Attributable to Chevron Corporation
|
$
|
2,668
|
|
|
$
|
4,150
|
|
|
$
|
9,809
|
|
|
$
|
11,418
|
|
|
|
At September 30,
2019 |
|
At December 31,
2018 |
||||
|
|
(Millions of dollars)
|
||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
|
$
|
11,697
|
|
|
$
|
9,342
|
|
Time deposits
|
|
—
|
|
|
950
|
|
||
Marketable securities
|
|
58
|
|
|
53
|
|
||
Accounts and notes receivable, net
|
|
12,966
|
|
|
15,050
|
|
||
Inventories
|
|
|
|
|
||||
Crude oil and petroleum products
|
|
3,722
|
|
|
3,383
|
|
||
Chemicals
|
|
480
|
|
|
487
|
|
||
Materials, supplies and other
|
|
1,749
|
|
|
1,834
|
|
||
Total inventories
|
|
5,951
|
|
|
5,704
|
|
||
Prepaid expenses and other current assets
|
|
3,316
|
|
|
2,922
|
|
||
Total Current Assets
|
|
33,988
|
|
|
34,021
|
|
||
Long-term receivables, net
|
|
1,584
|
|
|
1,942
|
|
||
Investments and advances
|
|
38,327
|
|
|
35,546
|
|
||
Properties, plant and equipment, at cost
|
|
338,699
|
|
|
340,244
|
|
||
Less: Accumulated depreciation, depletion and amortization
|
|
174,336
|
|
|
171,037
|
|
||
Properties, plant and equipment, net
|
|
164,363
|
|
|
169,207
|
|
||
Deferred charges and other assets
|
|
10,716
|
|
|
6,766
|
|
||
Goodwill
|
|
4,507
|
|
|
4,518
|
|
||
Assets held for sale
|
|
3,052
|
|
|
1,863
|
|
||
Total Assets
|
|
$
|
256,537
|
|
|
$
|
253,863
|
|
LIABILITIES AND EQUITY
|
||||||||
Short-term debt
|
|
$
|
7,795
|
|
|
$
|
5,726
|
|
Accounts payable
|
|
13,230
|
|
|
13,953
|
|
||
Accrued liabilities
|
|
6,523
|
|
|
4,927
|
|
||
Federal and other taxes on income
|
|
1,542
|
|
|
1,628
|
|
||
Other taxes payable
|
|
1,143
|
|
|
937
|
|
||
Total Current Liabilities
|
|
30,233
|
|
|
27,171
|
|
||
Long-term debt
|
|
25,056
|
|
|
28,733
|
|
||
Deferred credits and other noncurrent obligations
|
|
21,555
|
|
|
19,742
|
|
||
Noncurrent deferred income taxes
|
|
17,100
|
|
|
15,921
|
|
||
Noncurrent employee benefit plans
|
|
5,701
|
|
|
6,654
|
|
||
Total Liabilities*
|
|
99,645
|
|
|
98,221
|
|
||
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, 2019, and December 31, 2018)
|
|
1,832
|
|
|
1,832
|
|
||
Capital in excess of par value
|
|
17,235
|
|
|
17,112
|
|
||
Retained earnings
|
|
183,783
|
|
|
180,987
|
|
||
Accumulated other comprehensive loss
|
|
(3,269
|
)
|
|
(3,544
|
)
|
||
Deferred compensation and benefit plan trust
|
|
(240
|
)
|
|
(240
|
)
|
||
Treasury stock, at cost (551,804,392 and 539,838,890 shares at September 30, 2019, and December 31, 2018, respectively)
|
|
(43,500
|
)
|
|
(41,593
|
)
|
||
Total Chevron Corporation Stockholders’ Equity
|
|
155,841
|
|
|
154,554
|
|
||
Noncontrolling interests
|
|
1,051
|
|
|
1,088
|
|
||
Total Equity
|
|
156,892
|
|
|
155,642
|
|
||
Total Liabilities and Equity
|
|
$
|
256,537
|
|
|
$
|
253,863
|
|
___________________________
|
|
|
|
|
||||
* Refer to Note 13, "Other Contingencies and Commitments" beginning on page 21.
|
|
Nine Months Ended
September 30 |
||||||
|
2019
|
|
2018
|
||||
|
(Millions of dollars)
|
||||||
Operating Activities
|
|
|
|
||||
Net Income (Loss)
|
$
|
9,512
|
|
|
$
|
11,137
|
|
Adjustments
|
|
|
|
||||
Depreciation, depletion and amortization
|
12,789
|
|
|
14,167
|
|
||
Dry hole expense
|
137
|
|
|
596
|
|
||
Distributions less than income from equity affiliates
|
(1,897
|
)
|
|
(2,526
|
)
|
||
Net before-tax loss (gain) on asset retirements and sales
|
(106
|
)
|
|
(560
|
)
|
||
Net foreign currency effects
|
54
|
|
|
330
|
|
||
Deferred income tax provision
|
986
|
|
|
806
|
|
||
Net decrease (increase) in operating working capital
|
1,126
|
|
|
(1,882
|
)
|
||
Decrease (increase) in long-term receivables
|
426
|
|
|
363
|
|
||
Net decrease (increase) in other deferred charges
|
(144
|
)
|
|
(60
|
)
|
||
Cash contributions to employee pension plans
|
(1,204
|
)
|
|
(941
|
)
|
||
Other
|
(22
|
)
|
|
37
|
|
||
Net Cash Provided by Operating Activities
|
21,657
|
|
|
21,467
|
|
||
Investing Activities
|
|
|
|
||||
Capital expenditures
|
(9,906
|
)
|
|
(9,801
|
)
|
||
Proceeds and deposits related to asset sales and returns of investment
|
1,088
|
|
|
2,116
|
|
||
Net maturities of (investments in) time deposits
|
950
|
|
|
—
|
|
||
Net sales (purchases) of marketable securities
|
2
|
|
|
(51
|
)
|
||
Net repayment (borrowing) of loans by equity affiliates
|
(970
|
)
|
|
78
|
|
||
Net Cash Used for Investing Activities
|
(8,836
|
)
|
|
(7,658
|
)
|
||
Financing Activities
|
|
|
|
||||
Net borrowings (repayments) of short-term obligations
|
1,973
|
|
|
2,199
|
|
||
Proceeds from issuance of long-term debt
|
—
|
|
|
217
|
|
||
Repayments of long-term debt and other financing obligations
|
(3,868
|
)
|
|
(5,227
|
)
|
||
Cash dividends — common stock
|
(6,731
|
)
|
|
(6,382
|
)
|
||
Distributions to noncontrolling interests
|
(16
|
)
|
|
(87
|
)
|
||
Net sales (purchases) of treasury shares
|
(1,845
|
)
|
|
337
|
|
||
Net Cash Used for Financing Activities
|
(10,487
|
)
|
|
(8,943
|
)
|
||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
|
5
|
|
|
(68
|
)
|
||
Net Change in Cash, Cash Equivalents and Restricted Cash
|
2,339
|
|
|
4,798
|
|
||
Cash, Cash Equivalents and Restricted Cash at January 1
|
10,481
|
|
|
5,943
|
|
||
Cash, Cash Equivalents and Restricted Cash at September 30
|
$
|
12,820
|
|
|
$
|
10,741
|
|
|
|
|
|
(Millions of dollars)
|
|
|
Accumulated
|
Treasury
|
Chevron Corp.
|
Non-
|
|
||||||||||||||
|
Common
|
Retained
|
Other Comp.
|
Stock
|
Stockholders'
|
Controlling
|
Total
|
||||||||||||||
Three Months Ended September 30
|
Stock(1)
|
Earnings
|
Income (Loss)
|
(at cost)
|
Equity
|
Interests
|
Equity
|
||||||||||||||
Balance at June 30, 2018
|
$
|
18,632
|
|
$
|
176,899
|
|
$
|
(3,368
|
)
|
$
|
(39,965
|
)
|
$
|
152,198
|
|
$
|
1,182
|
|
$
|
153,380
|
|
Treasury stock transactions
|
40
|
|
—
|
|
—
|
|
—
|
|
40
|
|
—
|
|
40
|
|
|||||||
Net income (loss)
|
—
|
|
4,047
|
|
—
|
|
—
|
|
4,047
|
|
9
|
|
4,056
|
|
|||||||
Cash dividends
|
—
|
|
(2,129
|
)
|
—
|
|
—
|
|
(2,129
|
)
|
(32
|
)
|
(2,161
|
)
|
|||||||
Stock dividends
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
(1
|
)
|
—
|
|
(1
|
)
|
|||||||
Other comprehensive income
|
—
|
|
—
|
|
103
|
|
—
|
|
103
|
|
—
|
|
103
|
|
|||||||
Purchases of treasury shares
|
—
|
|
—
|
|
—
|
|
(750
|
)
|
(750
|
)
|
—
|
|
(750
|
)
|
|||||||
Issuances of treasury shares
|
—
|
|
—
|
|
—
|
|
67
|
|
67
|
|
—
|
|
67
|
|
|||||||
Other changes, net
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(61
|
)
|
(61
|
)
|
|||||||
Balance at September 30, 2018
|
$
|
18,672
|
|
$
|
178,816
|
|
$
|
(3,265
|
)
|
$
|
(40,648
|
)
|
$
|
153,575
|
|
$
|
1,098
|
|
$
|
154,673
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at June 30, 2019
|
$
|
18,776
|
|
$
|
183,442
|
|
$
|
(3,357
|
)
|
$
|
(42,466
|
)
|
$
|
156,395
|
|
$
|
1,056
|
|
$
|
157,451
|
|
Treasury stock transactions
|
51
|
|
—
|
|
—
|
|
—
|
|
51
|
|
—
|
|
51
|
|
|||||||
Net income (loss)
|
—
|
|
2,580
|
|
—
|
|
—
|
|
2,580
|
|
—
|
|
2,580
|
|
|||||||
Cash dividends
|
—
|
|
(2,237
|
)
|
—
|
|
—
|
|
(2,237
|
)
|
(8
|
)
|
(2,245
|
)
|
|||||||
Stock dividends
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
(1
|
)
|
—
|
|
(1
|
)
|
|||||||
Other comprehensive income
|
—
|
|
—
|
|
88
|
|
—
|
|
88
|
|
—
|
|
88
|
|
|||||||
Purchases of treasury shares
|
—
|
|
—
|
|
—
|
|
(1,250
|
)
|
(1,250
|
)
|
—
|
|
(1,250
|
)
|
|||||||
Issuances of treasury shares
|
—
|
|
—
|
|
—
|
|
216
|
|
216
|
|
—
|
|
216
|
|
|||||||
Other changes, net
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
(1
|
)
|
3
|
|
2
|
|
|||||||
Balance at September 30, 2019
|
$
|
18,827
|
|
$
|
183,783
|
|
$
|
(3,269
|
)
|
$
|
(43,500
|
)
|
$
|
155,841
|
|
$
|
1,051
|
|
$
|
156,892
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Nine Months Ended September 30
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31, 2017
|
$
|
18,440
|
|
$
|
174,106
|
|
$
|
(3,589
|
)
|
$
|
(40,833
|
)
|
$
|
148,124
|
|
$
|
1,195
|
|
$
|
149,319
|
|
Treasury stock transactions
|
232
|
|
—
|
|
—
|
|
—
|
|
232
|
|
—
|
|
232
|
|
|||||||
Net income (loss)
|
—
|
|
11,094
|
|
—
|
|
—
|
|
11,094
|
|
43
|
|
11,137
|
|
|||||||
Cash dividends
|
—
|
|
(6,382
|
)
|
—
|
|
—
|
|
(6,382
|
)
|
(87
|
)
|
(6,469
|
)
|
|||||||
Stock dividends
|
—
|
|
(2
|
)
|
—
|
|
—
|
|
(2
|
)
|
—
|
|
(2
|
)
|
|||||||
Other comprehensive income
|
—
|
|
—
|
|
324
|
|
—
|
|
324
|
|
—
|
|
324
|
|
|||||||
Purchases of treasury shares
|
—
|
|
—
|
|
—
|
|
(751
|
)
|
(751
|
)
|
—
|
|
(751
|
)
|
|||||||
Issuances of treasury shares
|
—
|
|
—
|
|
—
|
|
936
|
|
936
|
|
—
|
|
936
|
|
|||||||
Other changes, net
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(53
|
)
|
(53
|
)
|
|||||||
Balance at September 30, 2018
|
$
|
18,672
|
|
$
|
178,816
|
|
$
|
(3,265
|
)
|
$
|
(40,648
|
)
|
$
|
153,575
|
|
$
|
1,098
|
|
$
|
154,673
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31, 2018
|
$
|
18,704
|
|
$
|
180,987
|
|
$
|
(3,544
|
)
|
$
|
(41,593
|
)
|
$
|
154,554
|
|
$
|
1,088
|
|
$
|
155,642
|
|
Treasury stock transactions
|
123
|
|
—
|
|
—
|
|
—
|
|
123
|
|
—
|
|
123
|
|
|||||||
Net income (loss)
|
—
|
|
9,534
|
|
—
|
|
—
|
|
9,534
|
|
(22
|
)
|
9,512
|
|
|||||||
Cash dividends
|
—
|
|
(6,731
|
)
|
—
|
|
—
|
|
(6,731
|
)
|
(16
|
)
|
(6,747
|
)
|
|||||||
Stock dividends
|
—
|
|
(2
|
)
|
—
|
|
—
|
|
(2
|
)
|
—
|
|
(2
|
)
|
|||||||
Other comprehensive income
|
—
|
|
—
|
|
275
|
|
—
|
|
275
|
|
—
|
|
275
|
|
|||||||
Purchases of treasury shares
|
—
|
|
—
|
|
—
|
|
(2,789
|
)
|
(2,789
|
)
|
—
|
|
(2,789
|
)
|
|||||||
Issuances of treasury shares
|
—
|
|
—
|
|
—
|
|
882
|
|
882
|
|
—
|
|
882
|
|
|||||||
Other changes, net
|
—
|
|
(5
|
)
|
—
|
|
—
|
|
(5
|
)
|
1
|
|
(4
|
)
|
|||||||
Balance at September 30, 2019
|
$
|
18,827
|
|
$
|
183,783
|
|
$
|
(3,269
|
)
|
$
|
(43,500
|
)
|
$
|
155,841
|
|
$
|
1,051
|
|
$
|
156,892
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(Number of Shares)
|
Common Stock - 2019
|
|
Common Stock - 2018
|
||||||||||||||||||
Three Months Ended September 30
|
Issued(2)
|
|
Treasury
|
|
Outstanding
|
|
|
Issued(2)
|
|
Treasury
|
|
Outstanding
|
|
||||||||
Balance at June 30
|
2,442,676,580
|
|
(544,258,109
|
)
|
1,898,418,471
|
|
|
2,442,676,580
|
|
(526,529,480
|
)
|
1,916,147,100
|
|
||||||||
Purchases
|
—
|
|
(10,302,969
|
)
|
(10,302,969
|
)
|
|
—
|
|
(6,255,290
|
)
|
(6,255,290
|
)
|
||||||||
Issuances
|
—
|
|
2,756,686
|
|
2,756,686
|
|
|
—
|
|
882,559
|
|
882,559
|
|
||||||||
Balance at September 30
|
2,442,676,580
|
|
(551,804,392
|
)
|
1,890,872,188
|
|
|
2,442,676,580
|
|
(531,902,211
|
)
|
1,910,774,369
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||||||||
Nine Months Ended September 30
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31
|
2,442,676,580
|
|
(539,838,890
|
)
|
1,902,837,690
|
|
|
2,442,676,580
|
|
(537,974,695
|
)
|
1,904,701,885
|
|
||||||||
Purchases
|
—
|
|
(23,342,737
|
)
|
(23,342,737
|
)
|
|
—
|
|
(6,262,987
|
)
|
(6,262,987
|
)
|
||||||||
Issuances
|
—
|
|
11,377,235
|
|
11,377,235
|
|
|
—
|
|
12,335,471
|
|
12,335,471
|
|
||||||||
Balance at September 30
|
2,442,676,580
|
|
(551,804,392
|
)
|
1,890,872,188
|
|
|
2,442,676,580
|
|
(531,902,211
|
)
|
1,910,774,369
|
|
(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 for all periods.
|
|
|
|
||||||||||||||||||
|
|
Currency Translation Adjustment
|
|
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):
|
|
|
|
|
|
|
||||||||||||||
Before Reclassifications
|
|
(12
|
)
|
|
(6
|
)
|
|
—
|
|
|
(53
|
)
|
|
(71
|
)
|
|||||
Reclassifications
|
|
—
|
|
|
—
|
|
|
—
|
|
|
395
|
|
|
395
|
|
|||||
Net Other Comprehensive Income (Loss)
|
|
(12
|
)
|
|
(6
|
)
|
|
—
|
|
|
342
|
|
|
324
|
|
|||||
Balance at September 30, 2018
|
|
$
|
(117
|
)
|
|
$
|
(11
|
)
|
|
$
|
(2
|
)
|
|
$
|
(3,135
|
)
|
|
$
|
(3,265
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at December 31, 2018
|
|
$
|
(124
|
)
|
|
$
|
(10
|
)
|
|
$
|
(2
|
)
|
|
$
|
(3,408
|
)
|
|
$
|
(3,544
|
)
|
Components of Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
||||||||||||||
Before Reclassifications
|
|
(32
|
)
|
|
2
|
|
|
2
|
|
|
1
|
|
|
(27
|
)
|
|||||
Reclassifications(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
302
|
|
|
302
|
|
|||||
Net Other Comprehensive Income (Loss)
|
|
(32
|
)
|
|
2
|
|
|
2
|
|
|
303
|
|
|
275
|
|
|||||
Balance at September 30, 2019
|
|
$
|
(156
|
)
|
|
$
|
(8
|
)
|
|
$
|
—
|
|
|
$
|
(3,105
|
)
|
|
$
|
(3,269
|
)
|
(1)
|
All amounts are net of tax.
|
(2)
|
Refer to Note 9, Employee Benefits for reclassified components totaling $389 million that are included in employee benefit costs for the nine months ended September 30, 2019. Related income taxes for the same period, totaling $87 million, are reflected in "Income Tax Expense" on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
|
|
Nine Months Ended
September 30 |
||||||
(Millions of dollars)
|
2019
|
|
|
2018
|
|
||
Net decrease (increase) in operating working capital was composed of the following:
|
|||||||
Decrease (increase) in accounts and notes receivable
|
$
|
2,254
|
|
|
$
|
(1,741
|
)
|
Decrease (increase) in inventories
|
(20
|
)
|
|
(749
|
)
|
||
Decrease (increase) in prepaid expenses and other current assets
|
(286
|
)
|
|
(310
|
)
|
||
Increase (decrease) in accounts payable and accrued liabilities
|
(981
|
)
|
|
887
|
|
||
Increase (decrease) in income and other taxes payable
|
159
|
|
|
31
|
|
||
Net decrease (increase) in operating working capital
|
$
|
1,126
|
|
|
$
|
(1,882
|
)
|
Net cash provided by operating activities includes the following cash payments:
|
|||||||
Interest on debt (net of capitalized interest)
|
$
|
579
|
|
|
$
|
502
|
|
Income taxes
|
$
|
3,516
|
|
|
$
|
3,526
|
|
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
|
|
|
|
||||
Proceeds and deposits related to asset sales
|
$
|
1,021
|
|
|
$
|
1,872
|
|
Returns of investment from equity affiliates
|
67
|
|
|
244
|
|
||
Proceeds and deposits related to asset sales and returns of investment
|
$
|
1,088
|
|
|
$
|
2,116
|
|
Net maturities of (investments in) time deposits consisted of the following gross amounts:
|
|||||||
Investments in time deposits
|
$
|
—
|
|
|
$
|
—
|
|
Maturities of time deposits
|
950
|
|
|
—
|
|
||
Net maturities of (investments in) time deposits
|
$
|
950
|
|
|
$
|
—
|
|
Net sales (purchases) of marketable securities consisted of the following gross amounts:
|
|||||||
Marketable securities purchased
|
$
|
(1
|
)
|
|
$
|
(51
|
)
|
Marketable securities sold
|
3
|
|
|
—
|
|
||
Net sales (purchases) of marketable securities
|
$
|
2
|
|
|
$
|
(51
|
)
|
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
|
|
|
|
||||
Borrowing of loans by equity affiliates
|
$
|
(1,050
|
)
|
|
$
|
—
|
|
Repayment of loans by equity affiliates
|
80
|
|
|
78
|
|
||
Net repayment (borrowing) of loans by equity affiliates
|
$
|
(970
|
)
|
|
$
|
78
|
|
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
|
|
|
|
||||
Proceeds from issuances of short-term obligations
|
$
|
1,821
|
|
|
$
|
2,452
|
|
Repayments of short-term obligations
|
(570
|
)
|
|
(3,379
|
)
|
||
Net borrowings (repayments) of short-term obligations with three months or less maturity
|
722
|
|
|
3,126
|
|
||
Net borrowings (repayments) of short-term obligations
|
$
|
1,973
|
|
|
$
|
2,199
|
|
|
|
|
|
|
Nine Months Ended
September 30 |
||||||
|
2019
|
|
|
2018
|
|
||
|
(Millions of dollars)
|
||||||
Additions to properties, plant and equipment
|
$
|
9,713
|
|
|
$
|
9,489
|
|
Additions to investments
|
69
|
|
|
36
|
|
||
Current-year dry hole expenditures
|
111
|
|
|
276
|
|
||
Payments for other assets and liabilities, net
|
13
|
|
|
—
|
|
||
Capital expenditures
|
9,906
|
|
|
9,801
|
|
||
Expensed exploration expenditures
|
361
|
|
|
364
|
|
||
Assets acquired through finance lease obligations and other financing obligations
|
146
|
|
|
65
|
|
||
Payments for other assets and liabilities, net
|
(13
|
)
|
|
—
|
|
||
Capital and exploratory expenditures, excluding equity affiliates
|
10,400
|
|
|
10,230
|
|
||
Company's share of expenditures by equity affiliates
|
4,578
|
|
|
4,115
|
|
||
Capital and exploratory expenditures, including equity affiliates
|
$
|
14,978
|
|
|
$
|
14,345
|
|
|
At September 30
|
|
At December 31
|
||||||||||||
|
2019
|
|
2018
|
|
2018
|
|
2017
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Cash and Cash Equivalents
|
$
|
11,697
|
|
|
$
|
9,686
|
|
|
$
|
9,342
|
|
|
$
|
4,813
|
|
Restricted cash included in "Prepaid expenses and other current assets"
|
370
|
|
|
277
|
|
|
341
|
|
|
405
|
|
||||
Restricted cash included in "Deferred charges and other assets"
|
753
|
|
|
778
|
|
|
798
|
|
|
725
|
|
||||
Total Cash, Cash Equivalents and Restricted Cash
|
$
|
12,820
|
|
|
$
|
10,741
|
|
|
$
|
10,481
|
|
|
$
|
5,943
|
|
|
Nine Months Ended
September 30 |
||||||
|
2019
|
|
2018
|
||||
|
(Millions of dollars)
|
||||||
Sales and other operating revenues
|
$
|
11,991
|
|
|
$
|
13,255
|
|
Costs and other deductions
|
5,971
|
|
|
5,780
|
|
||
Net income attributable to TCO
|
4,230
|
|
|
5,265
|
|
|
Nine Months Ended
September 30 |
||||||
|
2019
|
|
2018
|
||||
|
(Millions of dollars)
|
||||||
Sales and other operating revenues
|
$
|
82,073
|
|
|
$
|
93,434
|
|
Costs and other deductions
|
79,794
|
|
|
90,912
|
|
||
Net income attributable to CUSA
|
2,149
|
|
|
2,929
|
|
||
|
|
|
|
|
At September 30,
2019 |
|
At December 31,
2018 |
||||
|
(Millions of dollars)
|
||||||
Current assets
|
$
|
12,717
|
|
|
$
|
12,819
|
|
Other assets
|
60,669
|
|
|
55,814
|
|
||
Current liabilities
|
14,640
|
|
|
16,376
|
|
||
Other liabilities
|
15,138
|
|
|
12,906
|
|
||
Total CUSA net equity
|
$
|
43,608
|
|
|
$
|
39,351
|
|
Memo: Total debt
|
$
|
3,187
|
|
|
$
|
3,049
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
Segment Earnings
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Upstream
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
727
|
|
|
$
|
828
|
|
|
$
|
2,371
|
|
|
$
|
2,314
|
|
International
|
1,977
|
|
|
2,551
|
|
|
6,939
|
|
|
7,712
|
|
||||
Total Upstream
|
2,704
|
|
|
3,379
|
|
|
9,310
|
|
|
10,026
|
|
||||
Downstream
|
|
|
|
|
|
|
|
||||||||
United States
|
389
|
|
|
748
|
|
|
1,071
|
|
|
1,847
|
|
||||
International
|
439
|
|
|
625
|
|
|
738
|
|
|
1,092
|
|
||||
Total Downstream
|
828
|
|
|
1,373
|
|
|
1,809
|
|
|
2,939
|
|
||||
Total Segment Earnings
|
3,532
|
|
|
4,752
|
|
|
11,119
|
|
|
12,965
|
|
||||
All Other
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(187
|
)
|
|
(171
|
)
|
|
(591
|
)
|
|
(524
|
)
|
||||
Interest income
|
48
|
|
|
37
|
|
|
142
|
|
|
84
|
|
||||
Other
|
(813
|
)
|
|
(571
|
)
|
|
(1,136
|
)
|
|
(1,431
|
)
|
||||
Net Income Attributable to Chevron Corporation
|
$
|
2,580
|
|
|
$
|
4,047
|
|
|
$
|
9,534
|
|
|
$
|
11,094
|
|
Segment Assets
|
At September 30,
2019 |
|
At December 31,
2018 |
||||
|
(Millions of dollars)
|
||||||
Upstream
|
|
|
|
||||
United States
|
$
|
45,689
|
|
|
$
|
42,594
|
|
International
|
149,424
|
|
|
153,861
|
|
||
Goodwill
|
4,507
|
|
|
4,518
|
|
||
Total Upstream
|
199,620
|
|
|
200,973
|
|
||
Downstream
|
|
|
|
||||
United States
|
25,111
|
|
|
23,866
|
|
||
International
|
16,771
|
|
|
15,622
|
|
||
Total Downstream
|
41,882
|
|
|
39,488
|
|
||
Total Segment Assets
|
241,502
|
|
|
240,461
|
|
||
All Other
|
|
|
|
||||
United States
|
4,542
|
|
|
5,100
|
|
||
International
|
10,493
|
|
|
8,302
|
|
||
Total All Other
|
15,035
|
|
|
13,402
|
|
||
Total Assets — United States
|
75,342
|
|
|
71,560
|
|
||
Total Assets — International
|
176,688
|
|
|
177,785
|
|
||
Goodwill
|
4,507
|
|
|
4,518
|
|
||
Total Assets
|
$
|
256,537
|
|
|
$
|
253,863
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
Sales and Other Operating Revenues
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Upstream
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
5,602
|
|
|
$
|
6,784
|
|
|
$
|
17,411
|
|
|
$
|
16,405
|
|
International
|
8,607
|
|
|
10,312
|
|
|
26,953
|
|
|
27,848
|
|
||||
Subtotal
|
14,209
|
|
|
17,096
|
|
|
44,364
|
|
|
44,253
|
|
||||
Intersegment Elimination — United States
|
(3,686
|
)
|
|
(4,277
|
)
|
|
(11,070
|
)
|
|
(10,219
|
)
|
||||
Intersegment Elimination — International
|
(3,015
|
)
|
|
(4,045
|
)
|
|
(9,411
|
)
|
|
(10,681
|
)
|
||||
Total Upstream
|
7,508
|
|
|
8,774
|
|
|
23,883
|
|
|
23,353
|
|
||||
Downstream
|
|
|
|
|
|
|
|
||||||||
United States
|
14,224
|
|
|
16,405
|
|
|
41,467
|
|
|
45,137
|
|
||||
International
|
14,230
|
|
|
18,568
|
|
|
43,438
|
|
|
52,571
|
|
||||
Subtotal
|
28,454
|
|
|
34,973
|
|
|
84,905
|
|
|
97,708
|
|
||||
Intersegment Elimination — United States
|
(1,017
|
)
|
|
(1,360
|
)
|
|
(3,006
|
)
|
|
(1,804
|
)
|
||||
Intersegment Elimination — International
|
(227
|
)
|
|
(339
|
)
|
|
(678
|
)
|
|
(869
|
)
|
||||
Total Downstream
|
27,210
|
|
|
33,274
|
|
|
81,221
|
|
|
95,035
|
|
||||
All Other
|
|
|
|
|
|
|
|
||||||||
United States
|
270
|
|
|
264
|
|
|
763
|
|
|
759
|
|
||||
International
|
5
|
|
|
6
|
|
|
12
|
|
|
16
|
|
||||
Subtotal
|
275
|
|
|
270
|
|
|
775
|
|
|
775
|
|
||||
Intersegment Elimination — United States
|
(209
|
)
|
|
(207
|
)
|
|
(576
|
)
|
|
(583
|
)
|
||||
Intersegment Elimination — International
|
(5
|
)
|
|
(6
|
)
|
|
(12
|
)
|
|
(16
|
)
|
||||
Total All Other
|
61
|
|
|
57
|
|
|
187
|
|
|
176
|
|
||||
Sales and Other Operating Revenues
|
|
|
|
|
|
|
|
||||||||
United States
|
20,096
|
|
|
23,453
|
|
|
59,641
|
|
|
62,301
|
|
||||
International
|
22,842
|
|
|
28,886
|
|
|
70,403
|
|
|
80,435
|
|
||||
Subtotal
|
42,938
|
|
|
52,339
|
|
|
130,044
|
|
|
142,736
|
|
||||
Intersegment Elimination — United States
|
(4,912
|
)
|
|
(5,844
|
)
|
|
(14,652
|
)
|
|
(12,606
|
)
|
||||
Intersegment Elimination — International
|
(3,247
|
)
|
|
(4,390
|
)
|
|
(10,101
|
)
|
|
(11,566
|
)
|
||||
Total Sales and Other Operating Revenues
|
$
|
34,779
|
|
|
$
|
42,105
|
|
|
$
|
105,291
|
|
|
$
|
118,564
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Pension Benefits
|
|
|
|
|
|
|
|
||||||||
United States
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
101
|
|
|
$
|
120
|
|
|
$
|
304
|
|
|
$
|
360
|
|
Interest cost
|
100
|
|
|
93
|
|
|
298
|
|
|
278
|
|
||||
Expected return on plan assets
|
(141
|
)
|
|
(159
|
)
|
|
(423
|
)
|
|
(477
|
)
|
||||
Amortization of prior service costs (credits)
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
Amortization of actuarial losses (gains)
|
60
|
|
|
76
|
|
|
179
|
|
|
228
|
|
||||
Settlement losses
|
87
|
|
|
128
|
|
|
207
|
|
|
260
|
|
||||
Total United States
|
207
|
|
|
258
|
|
|
566
|
|
|
650
|
|
||||
International
|
|
|
|
|
|
|
|
||||||||
Service cost
|
34
|
|
|
36
|
|
|
105
|
|
|
109
|
|
||||
Interest cost
|
49
|
|
|
49
|
|
|
153
|
|
|
155
|
|
||||
Expected return on plan assets
|
(56
|
)
|
|
(62
|
)
|
|
(171
|
)
|
|
(193
|
)
|
||||
Amortization of prior service costs (credits)
|
3
|
|
|
2
|
|
|
9
|
|
|
8
|
|
||||
Amortization of actuarial losses (gains)
|
4
|
|
|
6
|
|
|
15
|
|
|
23
|
|
||||
Settlement losses
|
—
|
|
|
3
|
|
|
1
|
|
|
3
|
|
||||
Total International
|
34
|
|
|
34
|
|
|
112
|
|
|
105
|
|
||||
Net Periodic Pension Benefit Costs
|
$
|
241
|
|
|
$
|
292
|
|
|
$
|
678
|
|
|
$
|
755
|
|
Other Benefits*
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
9
|
|
|
$
|
10
|
|
|
$
|
27
|
|
|
$
|
31
|
|
Interest cost
|
24
|
|
|
24
|
|
|
72
|
|
|
72
|
|
||||
Amortization of prior service costs (credits)
|
(7
|
)
|
|
(7
|
)
|
|
(21
|
)
|
|
(21
|
)
|
||||
Amortization of actuarial losses (gains)
|
(1
|
)
|
|
4
|
|
|
(2
|
)
|
|
11
|
|
||||
Net Periodic Other Benefit Costs
|
$
|
25
|
|
|
$
|
31
|
|
|
$
|
76
|
|
|
$
|
93
|
|
|
At September 30, 2019
|
||||||
|
Operating
Leases
|
|
Finance
Leases
|
||||
|
(Millions of dollars)
|
||||||
Deferred charges and other assets
|
$
|
4,265
|
|
|
$
|
—
|
|
Properties, plant and equipment, net
|
—
|
|
|
301
|
|
||
Right-of-use assets (1)(2)
|
$
|
4,265
|
|
|
$
|
301
|
|
Accrued Liabilities
|
1,315
|
|
|
—
|
|
||
Short Term Debt
|
—
|
|
|
21
|
|
||
Current lease liabilities
|
1,315
|
|
|
21
|
|
||
Deferred credits and other noncurrent obligations
|
2,750
|
|
|
—
|
|
||
Long-term Debt
|
—
|
|
|
249
|
|
||
Noncurrent lease liabilities
|
2,750
|
|
|
249
|
|
||
Total lease liabilities
|
$
|
4,065
|
|
|
$
|
270
|
|
|
|
|
|
||||
Weighted-average remaining lease term (in years)
|
5.3
|
|
|
15.6
|
|
||
Weighted-average discount rate
|
3.2
|
%
|
|
4.9
|
%
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||
|
2019
|
|
2019
|
||||
|
(Millions of dollars)
|
||||||
Operating lease costs*
|
$
|
684
|
|
|
$
|
1,804
|
|
Finance lease costs
|
35
|
|
|
55
|
|
||
Total lease costs
|
$
|
719
|
|
|
$
|
1,859
|
|
|
Nine Months Ended September 30, 2019
|
||
|
(Millions of dollars)
|
||
Operating cash flows from operating leases
|
$
|
1,029
|
|
Investing cash flows from operating leases
|
775
|
|
|
Operating cash flows from finance leases
|
10
|
|
|
Financing cash flows from finance leases
|
19
|
|
|
|
At September 30, 2019
|
||||||
|
|
Operating Leases
|
|
Finance Leases
|
||||
|
|
(Millions of dollars)
|
||||||
Year
|
2019 (remaining months)
|
$
|
409
|
|
|
$
|
12
|
|
|
2020
|
1,301
|
|
|
31
|
|
||
|
2021
|
1,023
|
|
|
30
|
|
||
|
2022
|
508
|
|
|
28
|
|
||
|
2023
|
318
|
|
|
27
|
|
||
|
2024
|
201
|
|
|
27
|
|
||
|
Thereafter
|
688
|
|
|
220
|
|
||
|
Total
|
$
|
4,448
|
|
|
$
|
375
|
|
Less: Amounts representing interest
|
383
|
|
|
105
|
|
|||
Total lease liabilities
|
$
|
4,065
|
|
|
$
|
270
|
|
|
|
At December 31, 2018
|
||||||
|
|
Operating Leases
|
|
Capital
Leases *
|
||||
|
|
(Millions of dollars)
|
||||||
Year
|
2019
|
$
|
540
|
|
|
$
|
30
|
|
|
2020
|
492
|
|
|
22
|
|
||
|
2021
|
378
|
|
|
17
|
|
||
|
2022
|
242
|
|
|
16
|
|
||
|
2023
|
166
|
|
|
16
|
|
||
|
Thereafter
|
341
|
|
|
132
|
|
||
|
Total
|
$
|
2,159
|
|
|
$
|
233
|
|
Less: Amounts representing interest and executory costs
|
|
|
(88
|
)
|
||||
Net present values
|
|
|
145
|
|
||||
Less: Capital lease obligations included in short-term debt
|
|
|
(18
|
)
|
||||
Long-term capital lease obligations
|
|
|
$
|
127
|
|
|
At September 30, 2019
|
|
At December 31, 2018
|
||||||||||||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Marketable Securities
|
$
|
58
|
|
|
$
|
58
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
53
|
|
|
$
|
53
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivatives
|
52
|
|
|
31
|
|
|
21
|
|
|
—
|
|
|
283
|
|
|
185
|
|
|
98
|
|
|
—
|
|
||||||||
Total Assets at Fair Value
|
$
|
110
|
|
|
$
|
89
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
336
|
|
|
$
|
238
|
|
|
$
|
98
|
|
|
$
|
—
|
|
Derivatives
|
21
|
|
|
14
|
|
|
7
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
|
—
|
|
||||||||
Total Liabilities at Fair Value
|
$
|
21
|
|
|
$
|
14
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
At September 30, 2019
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Before-Tax Loss
|
||||||||||||||
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||||||||
Properties, plant and equipment, net (held and used)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7
|
|
Properties, plant and equipment, net (held for sale)
|
117
|
|
|
—
|
|
|
117
|
|
|
—
|
|
|
55
|
|
|
85
|
|
||||||
Investments and advances
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
7
|
|
||||||
Total Assets at Fair Value
|
$
|
117
|
|
|
$
|
—
|
|
|
$
|
117
|
|
|
$
|
—
|
|
|
$
|
57
|
|
|
$
|
99
|
|
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments
(Millions of dollars)
|
||||||||||||||||||
Type of
|
|
|
|
Gain / (Loss)
Three Months Ended September 30 |
|
Gain / (Loss)
Nine Months Ended September 30 |
||||||||||||
Contract
|
|
Statement of Income Classification
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Commodity
|
|
Sales and other operating revenues
|
|
$
|
55
|
|
|
$
|
(80
|
)
|
|
$
|
(189
|
)
|
|
$
|
(257
|
)
|
Commodity
|
|
Purchased crude oil and products
|
|
(7
|
)
|
|
(10
|
)
|
|
(16
|
)
|
|
(36
|
)
|
||||
Commodity
|
|
Other income
|
|
—
|
|
|
1
|
|
|
(3
|
)
|
|
1
|
|
||||
|
|
|
|
$
|
48
|
|
|
$
|
(89
|
)
|
|
$
|
(208
|
)
|
|
$
|
(292
|
)
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Earnings by Business Segment
|
|||||||||||||||
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Upstream
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
727
|
|
|
$
|
828
|
|
|
$
|
2,371
|
|
|
$
|
2,314
|
|
International
|
1,977
|
|
|
2,551
|
|
|
6,939
|
|
|
7,712
|
|
||||
Total Upstream
|
2,704
|
|
|
3,379
|
|
|
9,310
|
|
|
10,026
|
|
||||
Downstream
|
|
|
|
|
|
|
|
||||||||
United States
|
389
|
|
|
748
|
|
|
1,071
|
|
|
1,847
|
|
||||
International
|
439
|
|
|
625
|
|
|
738
|
|
|
1,092
|
|
||||
Total Downstream
|
828
|
|
|
1,373
|
|
|
1,809
|
|
|
2,939
|
|
||||
Total Segment Earnings
|
3,532
|
|
|
4,752
|
|
|
11,119
|
|
|
12,965
|
|
||||
All Other
|
(952
|
)
|
|
(705
|
)
|
|
(1,585
|
)
|
|
(1,871
|
)
|
||||
Net Income Attributable to Chevron Corporation (1) (2)
|
$
|
2,580
|
|
|
$
|
4,047
|
|
|
$
|
9,534
|
|
|
$
|
11,094
|
|
__________________________________________
|
|
|
|
|
|
|
|
||||||||
(1) Includes foreign currency effects.
|
$
|
74
|
|
|
$
|
(51
|
)
|
|
$
|
(48
|
)
|
|
$
|
343
|
|
(2) Income net of tax; also referred to as “earnings” in the discussions that follow.
|
|
|
|
|
|
|
•
|
Azerbaijan — Signed an agreement to sell the company's interest in the Azeri-Chirag-Gunashli fields and Baku-Tbilisi-Ceyhan pipeline in early November.
|
•
|
Philippines — Signed an agreement to sell the company's interest in the Malampaya field in late October.
|
•
|
United States — Announced the sanction of a waterflood project in the St. Malo field in the Gulf of Mexico.
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
International Upstream Earnings*
|
$
|
1,977
|
|
|
$
|
2,551
|
|
|
$
|
6,939
|
|
|
$
|
7,712
|
|
_____________________________
|
|
|
|
|
|
|
|
||||||||
* Includes foreign currency effects
|
$
|
49
|
|
|
$
|
(42
|
)
|
|
$
|
(97
|
)
|
|
$
|
295
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
International Downstream Earnings*
|
$
|
439
|
|
|
$
|
625
|
|
|
$
|
738
|
|
|
$
|
1,092
|
|
_______________________
|
|
|
|
|
|
|
|
||||||||
* Includes foreign currency effects
|
$
|
27
|
|
|
$
|
(7
|
)
|
|
$
|
49
|
|
|
$
|
48
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Net Charges*
|
$
|
(952
|
)
|
|
$
|
(705
|
)
|
|
$
|
(1,585
|
)
|
|
$
|
(1,871
|
)
|
______________________
|
|
|
|
|
|
|
|
||||||||
* Includes foreign currency effects
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Sales and other operating revenues
|
$
|
34,779
|
|
|
$
|
42,105
|
|
|
$
|
105,291
|
|
|
$
|
118,564
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Operating, selling, general and
administrative expenses
|
$
|
6,279
|
|
|
$
|
6,003
|
|
|
$
|
18,412
|
|
|
$
|
17,657
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Depreciation, depletion and amortization
|
$
|
4,361
|
|
|
$
|
5,380
|
|
|
$
|
12,789
|
|
|
$
|
14,167
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Millions of dollars)
|
||||||||||||||
Other components of net periodic benefit costs
|
$
|
121
|
|
|
$
|
158
|
|
|
$
|
319
|
|
|
$
|
344
|
|
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
|
|
Approximate
Dollar Value of Shares
that May Yet Be
Purchased Under
the Program (2)
(Billions of dollars)
|
||
July 1 – July 30, 2019
|
3,729,841
|
|
|
$124.44
|
|
3,727,582
|
|
|
$23.3
|
August 1 – August 31, 2019
|
3,883,804
|
|
|
$118.44
|
|
3,883,804
|
|
|
$22.9
|
September 1 – September 30, 2019
|
2,689,324
|
|
|
$121.28
|
|
2,689,324
|
|
|
$22.5
|
Total
|
10,302,969
|
|
|
$121.35
|
|
10,300,710
|
|
|
|
(1)
|
Includes common shares repurchased from company employees and directors for 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)
|
Refer to "Liquidity and Capital Resources" on pages 37 and 38 for additional information regarding the company's authorized stock repurchase program.
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
Exhibit Index
|
||
Exhibit
Number
|
|
Description
|
3.1
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32.1**
|
|
|
32.2**
|
|
|
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)
|
*
|
Filed herewith.
|
|
CHEVRON CORPORATION
(REGISTRANT)
|
|
|
|
|
|
/S/ DAVID A. INCHAUSTI
|
|
David A. Inchausti, Vice President and Comptroller
(Principal Accounting Officer and
Duly Authorized Officer)
|
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