|
|
|
|
|
6001 Bollinger Canyon Road
|
|||
Delaware
|
|
94-0890210
|
|
San Ramon,
|
California
|
94583-2324
|
|
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
|
(Address of principal executive offices)
(Zip Code)
|
|
Title of each class
|
|
Trading Symbol
|
|
Name of each exchange on which registered
|
Common stock, par value $.75 per share
|
|
CVX
|
|
New York Stock Exchange
|
Large accelerated filer
|
☑
|
|
Accelerated filer
|
☐
|
|||||
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|||||
|
|
|
Emerging growth company
|
☐
|
|
ITEM
|
|
PAGE
|
|
||
|
||
|
||
|
||
|
||
4.
|
Mine Safety Disclosures
|
|
|
Information about our Executive Officers
|
|
|
||
16.
|
Form 10-K Summary
|
|
|
|
At December 31
|
|
|
||||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
Liquids — Millions of barrels
|
|
|
|
|
|
|
|||
Consolidated Companies
|
4,771
|
|
|
4,975
|
|
|
4,530
|
|
|
Affiliated Companies
|
1,750
|
|
|
1,815
|
|
|
2,012
|
|
|
Total Liquids
|
6,521
|
|
|
6,790
|
|
|
6,542
|
|
|
Natural Gas — Billions of cubic feet
|
|
|
|
|
|
|
|||
Consolidated Companies
|
26,587
|
|
|
28,733
|
|
|
27,514
|
|
|
Affiliated Companies
|
2,870
|
|
|
2,843
|
|
|
3,222
|
|
|
Total Natural Gas
|
29,457
|
|
|
31,576
|
|
|
30,736
|
|
|
Oil-Equivalent — Millions of barrels1
|
|
|
|
|
|
|
|||
Consolidated Companies
|
9,202
|
|
|
9,764
|
|
|
9,116
|
|
|
Affiliated Companies
|
2,229
|
|
|
2,289
|
|
|
2,549
|
|
|
Total Oil-Equivalent
|
11.431
|
|
|
12.053
|
|
|
11.665
|
|
|
*
|
As used in this report, the term “project” may describe new upstream development activity, individual phases in a multiphase development, maintenance activities, certain existing assets, new investments in downstream and chemicals capacity, investments in emerging and sustainable energy activities, and certain other activities. All of these terms are used for convenience only and are not intended as a precise description of the term “project” as it relates to any specific governmental law or regulation.
|
|
Undeveloped2
|
|
|
Developed
|
|
|
Developed and Undeveloped
|
|
|
|||||||||
Thousands of acres1
|
Gross
|
|
|
Net
|
|
|
Gross
|
|
|
Net
|
|
|
Gross
|
|
|
Net
|
|
|
United States
|
3,665
|
|
|
3,214
|
|
|
4,149
|
|
|
2,886
|
|
|
7,814
|
|
|
6,100
|
|
|
Other Americas
|
17,004
|
|
|
10,543
|
|
|
1,219
|
|
|
284
|
|
|
18,223
|
|
|
10,827
|
|
|
Africa
|
3,717
|
|
|
1,443
|
|
|
2,238
|
|
|
933
|
|
|
5,955
|
|
|
2,376
|
|
|
Asia
|
19,165
|
|
|
7,992
|
|
|
1,678
|
|
|
924
|
|
|
20,843
|
|
|
8,916
|
|
|
Australia/Oceania
|
10,882
|
|
|
5,697
|
|
|
2,061
|
|
|
812
|
|
|
12,943
|
|
|
6,509
|
|
|
Total Consolidated Companies
|
54,433
|
|
|
28,889
|
|
|
11,345
|
|
|
5,839
|
|
|
65,778
|
|
|
34,728
|
|
|
Affiliates
|
497
|
|
|
219
|
|
|
307
|
|
|
117
|
|
|
804
|
|
|
336
|
|
|
Total Including Affiliates
|
54,930
|
|
|
29,108
|
|
|
11,652
|
|
|
5,956
|
|
|
66,582
|
|
|
35,064
|
|
|
1 Gross acres represent the total number of acres in which Chevron has an ownership interest. Net acres represent the sum of Chevron’s ownership interest in gross acres.
|
|
|||||||||||||||||
2 The gross undeveloped acres that will expire in 2020, 2021 and 2022 if production is not established by certain required dates are 1,136, 2,644 and 4,180, respectively.
|
|
|
Wells Drilling*
|
|
Net Wells Completed
|
|
|
|||||||||||||||||||
|
at 12/31/19
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
|||||||||||||
|
Gross
|
|
|
Net
|
|
|
Prod.
|
|
|
Dry
|
|
|
Prod.
|
|
|
Dry
|
|
|
Prod.
|
|
|
Dry
|
|
|
United States
|
3
|
|
|
1
|
|
|
10
|
|
|
2
|
|
|
13
|
|
|
2
|
|
|
7
|
|
|
1
|
|
|
Other Americas
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
Africa
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Asia
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Australia/Oceania
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Europe
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
Total Consolidated Companies
|
6
|
|
|
3
|
|
|
10
|
|
|
2
|
|
|
15
|
|
|
4
|
|
|
7
|
|
|
2
|
|
|
Affiliates
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total Including Affiliates
|
6
|
|
|
3
|
|
|
10
|
|
|
2
|
|
|
15
|
|
|
4
|
|
|
7
|
|
|
2
|
|
|
* Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells.
|
|
1
|
In May 2019, the company acquired the Pasadena, TX refinery.
|
2
|
In September 2018, the company sold its interest in the Cape Town refinery.
|
3
|
In September 2017, the company sold the Burnaby, B.C. refinery.
|
Refined Products Sales Volumes
|
|
||||||
Thousands of barrels per day
|
2019
|
|
2018
|
|
2017
|
|
|
United States
|
|
|
|
|
|||
Gasoline
|
667
|
|
627
|
|
625
|
|
|
Jet Fuel
|
256
|
|
255
|
|
242
|
|
|
Diesel/Gas Oil
|
191
|
|
188
|
|
179
|
|
|
Residual Fuel Oil
|
42
|
|
48
|
|
48
|
|
|
Other Petroleum Products1
|
94
|
|
100
|
|
103
|
|
|
Total United States
|
1,250
|
|
1,218
|
|
1,197
|
|
|
International2
|
|
|
|
|
|||
Gasoline
|
289
|
|
336
|
|
365
|
|
|
Jet Fuel
|
238
|
|
276
|
|
274
|
|
|
Diesel/Gas Oil
|
427
|
|
446
|
|
490
|
|
|
Residual Fuel Oil
|
167
|
|
177
|
|
162
|
|
|
Other Petroleum Products1
|
206
|
|
202
|
|
202
|
|
|
Total International
|
1,327
|
|
1,437
|
|
1,493
|
|
|
Total Worldwide2
|
2,577
|
|
2,655
|
|
2,690
|
|
|
1 Principally naphtha, lubricants, asphalt and coke.
|
|
|
|||||
2 Includes share of affiliates’ sales:
|
379
|
|
373
|
|
366
|
|
|
|
Total Number
|
Average
|
Total Number of Shares
|
Approximate Dollar Values of Shares that
|
|
of Shares
|
Price Paid
|
Purchased as Part of Publicly
|
May Yet be Purchased Under the Program
|
Period
|
Purchased 1,2
|
per Share
|
Announced Program
|
(Billions of dollars) 2
|
Oct. 1 – Oct. 31, 2019
|
3,997,504
|
$115.73
|
3,997,500
|
$22.1
|
Nov. 1 – Nov. 30, 2019
|
3,334,204
|
$119.48
|
3,334,204
|
$21.7
|
Dec. 1 – Dec. 31, 2019
|
3,280,855
|
$118.57
|
3,280,855
|
$21.3
|
Total Oct. 1 – Dec. 31, 2019
|
10,612,563
|
$117.78
|
10,612,559
|
|
1
|
Includes common shares repurchased from participants in the company's deferred compensation plans for personal income tax withholdings.
|
2
|
Refer to “Liquidity and Capital Resources” on page 38 for additional detail regarding the company's authorized stock repurchase program.
|
Name
|
Age
|
Current and Prior Positions (up to five years)
|
Primary Areas of Responsibility
|
Michael K. Wirth
|
59
|
Chairman of the Board and Chief Executive Officer (since Feb 2018)
Vice Chairman of the Board (Feb 2017 - Jan 2018) and Executive
Vice President, Midstream and Development (Jan 2016 - Jan 2018)
Executive Vice President, Downstream (Mar 2006 - Dec 2015)
|
Chairman of the Board and
Chief Executive Officer
|
James W. Johnson
|
60
|
Executive Vice President, Upstream (since Jun 2015)
Senior Vice President, Upstream (Jan 2014 - Jun 2015)
|
Worldwide Exploration and Production Activities
|
Mark A. Nelson
|
56
|
Executive Vice President, Downstream (since Mar 2019)
Vice President, Midstream, Strategy and Policy (Feb 2018 - Feb
2019)
Vice President, Strategic Planning (Apr 2016 - Jan 2018)
President, International Products (Jun 2010 - Mar 2016)
|
Worldwide Manufacturing, Marketing and Lubricants; Chemicals
|
Joseph C. Geagea
|
60
|
Executive Vice President, Technology, Projects and Services
(since Jun 2015)
Senior Vice President, Technology, Projects and Services (Jan 2014 -
Jun 2015)
|
Technology; Health, Environment and Safety; Project Resources Company; Procurement
|
Colin E. Parfitt
|
55
|
Vice President, Midstream (since Mar 2019)
President, Supply and Trading (Jun 2013 - Feb 2019) |
Supply and Trading Activities; Shipping; Pipeline; Power and Energy Management
|
Pierre R. Breber
|
55
|
Vice President and Chief Financial Officer (since Apr 2019)
Executive Vice President, Downstream (Jan 2016 - Mar 2019)
Executive Vice President, Gas and Midstream (Apr 2015 - Dec 2015)
Vice President, Gas and Midstream (Jan 2014 - Mar 2015)
|
Finance
|
R. Hewitt Pate
|
57
|
Vice President and General Counsel (since Aug 2009)
|
Law, Governance and Compliance
|
Rhonda J. Morris
|
54
|
Vice President and Chief Human Resources Officer (since Feb 2019)
Vice President, Human Resources (Oct 2016 - Jan 2019)
Vice President, Downstream Human Resources (Sep 2012 - Sep
2016)
|
Human Resources; Diversity and Inclusion
|
|
|
|
|
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
Financial Ratios and Metrics
|
|
|
Off-Balance-Sheet Arrangements, Contractual Obligations,
Guarantees and Other Contingencies
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
Consolidated Financial Statements
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Note 2
|
Changes in Accumulated Other
Comprehensive Losses
|
|
Note 3
|
Information Relating to the Consolidated
|
|
Note 4
|
||
Note 5
|
||
Note 6
|
||
Note 7
|
||
Note 8
|
||
Note 9
|
Assets Held for Sale
|
|
Note 10
|
||
Note 11
|
||
Note 12
|
||
Note 13
|
||
Note 14
|
||
Note 15
|
||
Note 16
|
Properties, Plant and Equipment
|
|
Note 17
|
Short-Term Debt
|
|
Note 18
|
Long-Term Debt
|
|
Note 19
|
||
Note 20
|
||
Note 21
|
||
Note 22
|
||
Note 23
|
||
Note 24
|
Revenue
|
|
Note 25
|
Other Financial Information
|
|
Note 26
|
Summarized Financial Data - Chevron Phillips
Chemical Company LLC
|
|
|
|
|
|
|
Millions of dollars, except per-share amounts
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Net Income (Loss) Attributable to Chevron Corporation
|
$
|
2,924
|
|
|
$
|
14,824
|
|
|
$
|
9,195
|
|
Per Share Amounts:
|
|
|
|
|
|
|
|||||
Net Income (Loss) Attributable to Chevron Corporation
|
|
|
|
|
|
|
|||||
– Basic
|
$
|
1.55
|
|
|
$
|
7.81
|
|
|
$
|
4.88
|
|
– Diluted
|
$
|
1.54
|
|
|
$
|
7.74
|
|
|
$
|
4.85
|
|
Dividends
|
$
|
4.76
|
|
|
$
|
4.48
|
|
|
$
|
4.32
|
|
Sales and Other Operating Revenues
|
$
|
139,865
|
|
|
$
|
158,902
|
|
|
$
|
134,674
|
|
Return on:
|
|
|
|
|
|
|
|||||
Capital Employed
|
2.0
|
%
|
|
8.2
|
%
|
|
5.0
|
%
|
|||
Stockholders’ Equity
|
2.0
|
%
|
|
9.8
|
%
|
|
6.3
|
%
|
|||
Earnings by Major Operating Area
|
|||||||||||
Millions of dollars
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Upstream
|
|
|
|
|
|
||||||
United States
|
$
|
(5,094
|
)
|
|
$
|
3,278
|
|
|
$
|
3,640
|
|
International
|
7,670
|
|
|
10,038
|
|
|
4,510
|
|
|||
Total Upstream
|
2,576
|
|
|
13,316
|
|
|
8,150
|
|
|||
Downstream
|
|
|
|
|
|
||||||
United States
|
1,559
|
|
|
2,103
|
|
|
2,938
|
|
|||
International
|
922
|
|
|
1,695
|
|
|
2,276
|
|
|||
Total Downstream
|
2,481
|
|
|
3,798
|
|
|
5,214
|
|
|||
All Other
|
(2,133
|
)
|
|
(2,290
|
)
|
|
(4,169
|
)
|
|||
Net Income (Loss) Attributable to Chevron Corporation1,2
|
$
|
2,924
|
|
|
$
|
14,824
|
|
|
$
|
9,195
|
|
1 Includes foreign currency effects:
|
$
|
(304
|
)
|
|
$
|
611
|
|
|
$
|
(446
|
)
|
2 Income net of tax, also referred to as “earnings” in the discussions that follow.
|
|
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Earnings
|
$
|
(5,094
|
)
|
|
|
$
|
3,278
|
|
|
$
|
3,640
|
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Earnings*
|
$
|
7,670
|
|
|
|
$
|
10,038
|
|
|
$
|
4,510
|
|
*Includes foreign currency effects:
|
$
|
(323
|
)
|
|
|
$
|
545
|
|
|
$
|
(456
|
)
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Earnings
|
$
|
1,559
|
|
|
|
$
|
2,103
|
|
|
$
|
2,938
|
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Earnings*
|
$
|
922
|
|
|
|
$
|
1,695
|
|
|
$
|
2,276
|
|
*Includes foreign currency effects:
|
$
|
17
|
|
|
|
$
|
71
|
|
|
$
|
(90
|
)
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Net charges*
|
$
|
(2,133
|
)
|
|
|
$
|
(2,290
|
)
|
|
$
|
(4,169
|
)
|
*Includes foreign currency effects:
|
$
|
2
|
|
|
|
$
|
(5
|
)
|
|
$
|
100
|
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Sales and other operating revenues
|
$
|
139,865
|
|
|
|
$
|
158,902
|
|
|
$
|
134,674
|
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Income from equity affiliates
|
$
|
3,968
|
|
|
|
$
|
6,327
|
|
|
$
|
4,438
|
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Other income
|
$
|
2,683
|
|
|
|
$
|
1,110
|
|
|
$
|
2,610
|
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Purchased crude oil and products
|
$
|
80,113
|
|
|
|
$
|
94,578
|
|
|
$
|
75,765
|
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Operating, selling, general and administrative expenses
|
$
|
25,528
|
|
|
|
$
|
24,382
|
|
|
$
|
23,237
|
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Exploration expense
|
$
|
770
|
|
|
|
$
|
1,210
|
|
|
$
|
864
|
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Depreciation, depletion and amortization
|
$
|
29,218
|
|
|
|
$
|
19,419
|
|
|
$
|
19,349
|
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Taxes other than on income
|
$
|
4,136
|
|
|
|
$
|
4,867
|
|
|
$
|
12,331
|
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Interest and debt expense
|
$
|
798
|
|
|
|
$
|
748
|
|
|
$
|
307
|
|
Millions of dollars
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Income tax expense (benefit)
|
$
|
2,691
|
|
|
|
$
|
5,715
|
|
|
$
|
(48
|
)
|
|
|
2019
|
|
|
|
2018
|
|
|
|
2017
|
|
|||||||||||||||||||||
Millions of dollars
|
U.S.
|
|
Int’l.
|
|
Total
|
|
|
|
U.S.
|
|
Int’l.
|
|
Total
|
|
|
|
U.S.
|
|
Int’l.
|
|
Total
|
|
|||||||||
Upstream
|
$
|
8,197
|
|
$
|
9,627
|
|
$
|
17,824
|
|
|
|
$
|
7,128
|
|
$
|
10,529
|
|
$
|
17,657
|
|
|
|
$
|
5,145
|
|
$
|
11,243
|
|
$
|
16,388
|
|
Downstream
|
1,868
|
|
920
|
|
2,788
|
|
|
|
1,582
|
|
611
|
|
2,193
|
|
|
|
1,656
|
|
534
|
|
2,190
|
|
|||||||||
All Other
|
365
|
|
17
|
|
382
|
|
|
|
243
|
|
13
|
|
256
|
|
|
|
239
|
|
4
|
|
243
|
|
|||||||||
Total
|
$
|
10,430
|
|
$
|
10,564
|
|
$
|
20,994
|
|
|
|
$
|
8,953
|
|
$
|
11,153
|
|
$
|
20,106
|
|
|
|
$
|
7,040
|
|
$
|
11,781
|
|
$
|
18,821
|
|
Total, Excluding Equity in Affiliates
|
$
|
10,062
|
|
$
|
4,820
|
|
$
|
14,882
|
|
|
|
$
|
8,651
|
|
$
|
5,739
|
|
$
|
14,390
|
|
|
|
$
|
6,295
|
|
$
|
7,783
|
|
$
|
14,078
|
|
|
At December 31
|
|
|
||||||||||||
Millions of dollars
|
2019
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|||
Current assets
|
$
|
28,329
|
|
|
|
|
$
|
34,021
|
|
|
|
$
|
28,560
|
|
|
Current liabilities
|
26,530
|
|
|
|
|
27,171
|
|
|
|
27,737
|
|
|
|||
Current Ratio
|
1.1
|
|
|
|
|
1.3
|
|
|
|
1.0
|
|
|
|
Year ended December 31
|
|
|
||||||||||||
Millions of dollars
|
2019
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|||
Income (Loss) Before Income Tax Expense
|
$
|
5,536
|
|
|
|
|
$
|
20,575
|
|
|
|
$
|
9,221
|
|
|
Plus: Interest and debt expense
|
798
|
|
|
|
|
748
|
|
|
|
307
|
|
|
|||
Plus: Before-tax amortization of capitalized interest
|
240
|
|
|
|
|
280
|
|
|
|
197
|
|
|
|||
Less: Net income attributable to noncontrolling interests
|
(79
|
)
|
|
|
|
36
|
|
|
|
74
|
|
|
|||
Subtotal for calculation
|
6,653
|
|
|
|
|
21,567
|
|
|
|
9,651
|
|
|
|||
Total financing interest and debt costs
|
$
|
817
|
|
|
|
|
$
|
921
|
|
|
|
$
|
902
|
|
|
Interest Coverage Ratio
|
8.1
|
|
|
|
|
23.4
|
|
|
|
10.7
|
|
|
|
Year ended December 31
|
|
|
||||||||||||
Millions of dollars
|
2019
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|||
Net cash provided by operating activities
|
$
|
27,314
|
|
|
|
|
$
|
30,618
|
|
|
|
$
|
20,338
|
|
|
Less: Capital expenditures
|
14,116
|
|
|
|
|
13,792
|
|
|
|
13,404
|
|
|
|||
Free Cash Flow
|
$
|
13,198
|
|
|
|
|
$
|
16,826
|
|
|
|
$
|
6,934
|
|
|
|
At December 31
|
|
|
||||||||||||
Millions of dollars
|
2019
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|||
Short-term debt
|
$
|
3,282
|
|
|
|
|
$
|
5,726
|
|
|
|
$
|
5,192
|
|
|
Long-term debt
|
23,691
|
|
|
|
|
28,733
|
|
|
|
33,571
|
|
|
|||
Total debt
|
26,973
|
|
|
|
|
34,459
|
|
|
|
38,763
|
|
|
|||
Total Chevron Corporation Stockholders’ Equity
|
144,213
|
|
|
|
|
154,554
|
|
|
|
148,124
|
|
|
|||
Total debt plus total Chevron Corporation Stockholders’ Equity
|
$
|
171,186
|
|
|
|
|
$
|
189,013
|
|
|
|
$
|
186,887
|
|
|
Debt Ratio
|
15.8
|
|
%
|
|
|
18.2
|
|
%
|
|
20.7
|
|
%
|
|
At December 31
|
|
|
||||||||||||
Millions of dollars
|
2019
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|||
Short-term debt
|
$
|
3,282
|
|
|
|
|
$
|
5,726
|
|
|
|
$
|
5,192
|
|
|
Long-term debt
|
23,691
|
|
|
|
|
28,733
|
|
|
|
33,571
|
|
|
|||
Total Debt
|
26,973
|
|
|
|
|
34,459
|
|
|
|
38,763
|
|
|
|||
Less: Cash and cash equivalents
|
5,686
|
|
|
|
|
9,342
|
|
|
|
4,813
|
|
|
|||
Less: Time deposits
|
—
|
|
|
|
|
950
|
|
|
|
—
|
|
|
|||
Less: Marketable securities
|
63
|
|
|
|
|
53
|
|
|
|
9
|
|
|
|||
Total adjusted debt
|
21,224
|
|
|
|
|
24,114
|
|
|
|
33,941
|
|
|
|||
Total Chevron Corporation Stockholders’ Equity
|
144,213
|
|
|
|
|
154,554
|
|
|
|
148,124
|
|
|
|||
Total adjusted debt plus total Chevron Corporation Stockholders’ Equity
|
$
|
165,437
|
|
|
|
|
$
|
178,668
|
|
|
|
$
|
182,065
|
|
|
Net Debt Ratio
|
12.8
|
|
%
|
|
|
13.5
|
|
%
|
|
18.6
|
|
%
|
|
At December 31
|
|
|
||||||||||||
Millions of dollars
|
2019
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|||
Chevron Corporation Stockholders’ Equity
|
$
|
144,213
|
|
|
|
|
$
|
154,554
|
|
|
|
$
|
148,124
|
|
|
Plus: Short-term debt
|
3,282
|
|
|
|
|
5,726
|
|
|
|
5,192
|
|
|
|||
Plus: Long-term debt
|
23,691
|
|
|
|
|
28,733
|
|
|
|
33,571
|
|
|
|||
Plus: Noncontrolling interest
|
995
|
|
|
|
|
1,088
|
|
|
|
1,195
|
|
|
|||
Capital Employed at December 31
|
$
|
172,181
|
|
|
|
|
$
|
190,101
|
|
|
|
$
|
188,082
|
|
|
|
Year ended December 31
|
|
|
||||||||||||
Millions of dollars
|
2019
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|||
Net income attributable to Chevron
|
$
|
2,924
|
|
|
|
|
$
|
14,824
|
|
|
|
$
|
9,195
|
|
|
Plus: After-tax interest and debt expense
|
761
|
|
|
|
|
713
|
|
|
|
264
|
|
|
|||
Plus: Noncontrolling interest
|
(79
|
)
|
|
|
|
36
|
|
|
|
74
|
|
|
|||
Net income after adjustments
|
3,606
|
|
|
|
|
15,573
|
|
|
|
9,533
|
|
|
|||
Average capital employed
|
$
|
181,141
|
|
|
|
|
$
|
189,092
|
|
|
|
$
|
190,465
|
|
|
Return on Average Capital Employed
|
2.0
|
|
%
|
|
|
8.2
|
|
%
|
|
5.0
|
|
%
|
|
Year ended December 31
|
|
|
||||||||||||
Millions of dollars
|
2019
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|||
Net income attributable to Chevron
|
$
|
2,924
|
|
|
|
|
$
|
14,824
|
|
|
|
$
|
9,195
|
|
|
Chevron Corporation Stockholders’ Equity at December 31
|
144,213
|
|
|
|
|
154,554
|
|
|
|
148,124
|
|
|
|||
Average Chevron Corporation Stockholders’ Equity
|
149,384
|
|
|
|
|
151,339
|
|
|
|
146,840
|
|
|
|||
Return on Average Stockholders’ Equity
|
2.0
|
|
%
|
|
|
9.8
|
|
%
|
|
6.3
|
|
%
|
|
Payments Due by Period
|
|
|||||||||||||||||
Millions of dollars
|
Total1
|
|
|
2020
|
|
|
2021-2022
|
|
|
2023-2024
|
|
|
After 2024
|
|
|||||
On Balance Sheet:2
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-Term Debt3, 4
|
$
|
3,264
|
|
|
$
|
3,264
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-Term Debt3, 4
|
23,426
|
|
|
—
|
|
|
16,072
|
|
|
4,003
|
|
|
3,351
|
|
|||||
Leases
|
4,662
|
|
|
1,409
|
|
|
1,693
|
|
|
613
|
|
|
947
|
|
|||||
Interest4
|
3,040
|
|
|
565
|
|
|
903
|
|
|
554
|
|
|
1,018
|
|
|||||
Off Balance Sheet:
|
|
|
|
|
|
|
|
|
|
||||||||||
Throughput and Take-or-Pay Agreements5
|
11,422
|
|
|
854
|
|
|
1,720
|
|
|
1,956
|
|
|
6,892
|
|
|||||
Other Unconditional Purchase Obligations5
|
1,257
|
|
|
76
|
|
|
457
|
|
|
438
|
|
|
286
|
|
1
|
Excludes contributions for pensions and other postretirement benefit plans. Information on employee benefit plans is contained in Note 21 beginning on page 82.
|
2
|
Does not include amounts related to the company’s income tax liabilities associated with uncertain tax positions. The company is unable to make reasonable estimates of the periods in which such liabilities may become payable. The company does not expect settlement of such liabilities to have a material effect on its consolidated financial position or liquidity in any single period.
|
3
|
$9.75 billion of short-term debt that the company expects to refinance is included in long-term debt. The repayment schedule above reflects the projected repayment of the entire amounts in the 2021–2022 period. The amounts represent only the principal balance.
|
4
|
Excludes finance lease liabilities.
|
5
|
Does not include commodity purchase obligations that are not fixed or determinable. These obligations are generally monetized in a relatively short period of time through sales transactions or similar agreements with third parties. Examples include obligations to purchase LNG, regasified natural gas and refinery products at indexed prices.
|
|
Commitment Expiration by Period
|
|
|||||||||||||||||
Millions of dollars
|
Total
|
|
|
2020
|
|
|
2021-2022
|
|
|
2023-2024
|
|
|
After 2024
|
|
|||||
Guarantee of nonconsolidated affiliate or joint-venture obligations
|
$
|
704
|
|
|
$
|
314
|
|
|
$
|
214
|
|
|
$
|
77
|
|
|
$
|
99
|
|
Millions of dollars
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Balance at January 1
|
$
|
1,327
|
|
|
$
|
1,429
|
|
|
$
|
1,467
|
|
Net Additions
|
200
|
|
|
197
|
|
|
323
|
|
|||
Expenditures
|
(293
|
)
|
|
(299
|
)
|
|
(361
|
)
|
|||
Balance at December 31
|
$
|
1,234
|
|
|
$
|
1,327
|
|
|
$
|
1,429
|
|
1.
|
the nature of the estimates and assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters, or the susceptibility of such matters to change; and
|
2.
|
the impact of the estimates and assumptions on the company’s financial condition or operating performance is material.
|
1.
|
Amortization - Capitalized exploratory drilling and development costs are depreciated on a unit-of-production (UOP) basis using proved developed reserves. Acquisition costs of proved properties are amortized on a UOP basis using total proved reserves. During 2019, Chevron’s UOP Depreciation, Depletion and Amortization (DD&A) for oil and gas properties was $14.2 billion, and proved developed reserves at the beginning of 2019 were 6.3 billion barrels for consolidated companies. If the estimates of proved reserves used in the UOP calculations for consolidated operations had been lower by 5 percent across all oil and gas properties, UOP DD&A in 2019 would have increased by approximately $700 million.
|
2.
|
Impairment - Oil and gas reserves are used in assessing oil and gas producing properties for impairment. A significant reduction in the estimated reserves of a property would trigger an impairment review. Proved reserves (and, in some cases, a portion of unproved resources) are used to estimate future production volumes in the cash flow model. For a further discussion of estimates and assumptions used in impairment assessments, see Impairment of Properties, Plant and Equipment and Investments in Affiliates below.
|
|
2019
|
|
2018
|
|
|||||||||||||||||||||||||||
Millions of dollars, except per-share amounts
|
4th Q
|
|
|
3rd Q
|
|
|
2nd Q
|
|
|
1st Q
|
|
|
4th Q
|
|
|
3rd Q
|
|
|
2nd Q
|
|
|
1st Q
|
|
||||||||
Revenues and Other Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Sales and other operating revenues
|
$
|
34,574
|
|
|
$
|
34,779
|
|
|
$
|
36,323
|
|
|
$
|
34,189
|
|
|
$
|
40,338
|
|
|
$
|
42,105
|
|
|
$
|
40,491
|
|
|
$
|
35,968
|
|
Income from equity affiliates
|
538
|
|
|
1,172
|
|
|
1,196
|
|
|
1,062
|
|
|
1,642
|
|
|
1,555
|
|
|
1,493
|
|
|
1,637
|
|
||||||||
Other income
|
1,238
|
|
|
165
|
|
|
1,331
|
|
|
(51
|
)
|
|
372
|
|
|
327
|
|
|
252
|
|
|
159
|
|
||||||||
Total Revenues and Other Income
|
36,350
|
|
|
36,116
|
|
|
38,850
|
|
|
35,200
|
|
|
42,352
|
|
|
43,987
|
|
|
42,236
|
|
|
37,764
|
|
||||||||
Costs and Other Deductions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Purchased crude oil and products
|
19,693
|
|
|
19,882
|
|
|
20,835
|
|
|
19,703
|
|
|
23,920
|
|
|
24,681
|
|
|
24,744
|
|
|
21,233
|
|
||||||||
Operating expenses
|
5,987
|
|
|
5,325
|
|
|
5,187
|
|
|
4,886
|
|
|
5,645
|
|
|
4,985
|
|
|
5,213
|
|
|
4,701
|
|
||||||||
Selling, general and administrative expenses
|
1,129
|
|
|
954
|
|
|
1,076
|
|
|
984
|
|
|
1,080
|
|
|
1,018
|
|
|
1,017
|
|
|
723
|
|
||||||||
Exploration expenses
|
272
|
|
|
168
|
|
|
141
|
|
|
189
|
|
|
250
|
|
|
625
|
|
|
177
|
|
|
158
|
|
||||||||
Depreciation, depletion and amortization
|
16,429
|
|
|
4,361
|
|
|
4,334
|
|
|
4,094
|
|
|
5,252
|
|
|
5,380
|
|
|
4,498
|
|
|
4,289
|
|
||||||||
Taxes other than on income
|
969
|
|
|
1,059
|
|
|
1,047
|
|
|
1,061
|
|
|
901
|
|
|
1,259
|
|
|
1,363
|
|
|
1,344
|
|
||||||||
Interest and debt expense
|
178
|
|
|
197
|
|
|
198
|
|
|
225
|
|
|
190
|
|
|
182
|
|
|
217
|
|
|
159
|
|
||||||||
Other components of net periodic benefit costs
|
98
|
|
|
121
|
|
|
97
|
|
|
101
|
|
|
216
|
|
|
158
|
|
|
102
|
|
|
84
|
|
||||||||
Total Costs and Other Deductions
|
44,755
|
|
|
32,067
|
|
|
32,915
|
|
|
31,243
|
|
|
37,454
|
|
|
38,288
|
|
|
37,331
|
|
|
32,691
|
|
||||||||
Income (Loss) Before Income Tax Expense
|
(8,405
|
)
|
|
4,049
|
|
|
5,935
|
|
|
3,957
|
|
|
4,898
|
|
|
5,699
|
|
|
4,905
|
|
|
5,073
|
|
||||||||
Income Tax Expense (Benefit)
|
(1,738
|
)
|
|
1,469
|
|
|
1,645
|
|
|
1,315
|
|
|
1,175
|
|
|
1,643
|
|
|
1,483
|
|
|
1,414
|
|
||||||||
Net Income (Loss)
|
$
|
(6,667
|
)
|
|
$
|
2,580
|
|
|
$
|
4,290
|
|
|
$
|
2,642
|
|
|
$
|
3,723
|
|
|
$
|
4,056
|
|
|
$
|
3,422
|
|
|
$
|
3,659
|
|
Less: Net income attributable to noncontrolling interests
|
(57
|
)
|
|
—
|
|
|
(15
|
)
|
|
(7
|
)
|
|
(7
|
)
|
|
9
|
|
|
13
|
|
|
21
|
|
||||||||
Net Income (Loss) Attributable to Chevron Corporation
|
$
|
(6,610
|
)
|
|
$
|
2,580
|
|
|
$
|
4,305
|
|
|
$
|
2,649
|
|
|
$
|
3,730
|
|
|
$
|
4,047
|
|
|
$
|
3,409
|
|
|
$
|
3,638
|
|
Per Share of Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
– Basic
|
$
|
(3.51
|
)
|
|
$
|
1.38
|
|
|
$
|
2.28
|
|
|
$
|
1.40
|
|
|
$
|
1.97
|
|
|
$
|
2.13
|
|
|
$
|
1.79
|
|
|
$
|
1.92
|
|
– Diluted
|
$
|
(3.51
|
)
|
|
$
|
1.36
|
|
|
$
|
2.27
|
|
|
$
|
1.39
|
|
|
$
|
1.95
|
|
|
$
|
2.11
|
|
|
$
|
1.78
|
|
|
$
|
1.90
|
|
Dividends
|
$
|
1.19
|
|
|
$
|
1.19
|
|
|
$
|
1.19
|
|
|
$
|
1.19
|
|
|
$
|
1.12
|
|
|
$
|
1.12
|
|
|
$
|
1.12
|
|
|
$
|
1.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
To the Board of Directors and Shareholders of Chevron Corporation:
|
|
|
Opinions on the Financial Statements and Internal Control over Financial Reporting
|
|
|
We have audited the accompanying consolidated balance sheet of Chevron Corporation and its subsidiaries (the “Company”) as of December 31, 2019 and 2018, and the related consolidated statements of income, of comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, 2019, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
|
|
|
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
|
|
|
Basis for Opinions
The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
|
|
|
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
|
|
|
|
|
|
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
|
|
|
The Impact of Crude Oil and Natural Gas Reserves and Other Factors on Upstream Property, Plant, and Equipment, Net
As described in Notes 1 and 16 to the consolidated financial statements, the Company’s upstream property, plant and equipment, net balance was $133.7 billion as of December 31, 2019, and related depreciation, depletion and amortization expense was $27.8 billion, including impairments of $10.8 billion for the year ended December 31, 2019. Management uses the successful efforts method for crude oil and natural gas exploration and production activities. Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using the unit-of-production method, generally by individual field, as the proved developed reserves are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. Upstream property, plant, and equipment to be held and used, including proved crude oil and natural gas properties, are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. As disclosed by management, determination as to whether and how much an asset is impaired involves management estimates on uncertain matters, such as future commodity prices, operating expenses, production profiles, and the outlook for global or regional market supply-and-demand conditions for crude oil, natural gas, commodity chemicals and refined products. Variables impacting Chevron’s estimated volumes of crude oil and natural gas reserves include field performance, available technology, commodity prices, and development and production costs. Reserves are estimated by Company asset teams composed of earth scientists and engineers. As part of the internal control process related to reserves estimation, the Company maintains a Reserves Advisory Committee (RAC) (the RAC is referred to as “management’s specialists”).
The principal considerations for our determination that performing procedures relating to the impact of crude oil and natural gas reserves and other factors on upstream property, plant, and equipment, net is a critical audit matter are there was significant judgment by management, including the use of management’s specialists, when developing the estimates of proved crude oil and natural gas reserves and assessing upstream property, plant, and equipment to be held and used for impairment. This in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence obtained related to the significant assumptions used by management, including future commodity prices, production profiles, development costs, and operating expenses.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s calculation of upstream depreciation, depletion and amortization expense, assessment of upstream property, plant, and equipment to be held and used for impairment, and estimates of proved crude oil and natural gas reserves. These procedures also included, among others, (i) testing the unit-of-production rates used to calculate depreciation, depletion and amortization expense, (ii) testing the completeness, accuracy, and relevance of underlying data used in management’s estimates, and (iii) evaluating the significant assumptions used by management in developing these estimates, including future commodity prices, production profiles, development costs and operating expenses. Evaluating the significant assumptions relating to the estimates of crude oil and natural gas reserves also involved obtaining evidence to support the reasonableness of the assumptions, including whether the assumptions used were reasonable considering the past performance of the company, and whether they were consistent with evidence obtained in other areas of the audit. The work of management’s specialists was used in performing the procedures to evaluate the reasonableness of these estimates of proved crude oil and natural gas reserves. As a basis for using this work, the specialists’ qualifications and objectivity were understood, as well as the methods and assumptions used by the specialists. The procedures performed also included tests of the data used by the specialists and an evaluation of the specialists’ findings.
|
|
|
|
|
|
San Francisco, California
|
|
|
February 21, 2020
|
|
|
We have served as the Company’s auditor since 1935.
|
|
|
Currency Translation Adjustments
|
|
|
Unrealized Holding Gains (Losses) on Securities
|
|
|
Derivatives
|
|
|
Defined Benefit Plans
|
|
|
Total
|
|
|||||
Balance at December 31, 2016
|
$
|
(162
|
)
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(3,677
|
)
|
|
$
|
(3,843
|
)
|
Components of Other Comprehensive Income (Loss)1:
|
|
|
|
|
|
|
|
|
|
||||||||||
Before Reclassifications
|
57
|
|
|
(3
|
)
|
|
—
|
|
|
(310
|
)
|
|
(256
|
)
|
|||||
Reclassifications2
|
—
|
|
|
—
|
|
|
—
|
|
|
510
|
|
|
510
|
|
|||||
Net Other Comprehensive Income (Loss)
|
57
|
|
|
(3
|
)
|
|
—
|
|
|
200
|
|
|
254
|
|
|||||
Balance at December 31, 2017
|
$
|
(105
|
)
|
|
$
|
(5
|
)
|
|
$
|
(2
|
)
|
|
$
|
(3,477
|
)
|
|
$
|
(3,589
|
)
|
Components of Other Comprehensive Income (Loss)1:
|
|
|
|
|
|
|
|
|
|
||||||||||
Before Reclassifications
|
(19
|
)
|
|
(5
|
)
|
|
—
|
|
|
28
|
|
|
4
|
|
|||||
Reclassifications2
|
—
|
|
|
—
|
|
|
—
|
|
|
603
|
|
|
603
|
|
|||||
Net Other Comprehensive Income (Loss)
|
(19
|
)
|
|
(5
|
)
|
|
—
|
|
|
631
|
|
|
607
|
|
|||||
Stranded Tax Reclassification to Retained Earnings3
|
—
|
|
|
—
|
|
|
—
|
|
|
(562
|
)
|
|
(562
|
)
|
|||||
Balance at December 31, 2018
|
$
|
(124
|
)
|
|
$
|
(10
|
)
|
|
$
|
(2
|
)
|
|
$
|
(3,408
|
)
|
|
$
|
(3,544
|
)
|
Components of Other Comprehensive Income (Loss)1:
|
|
|
|
|
|
|
|
|
|
||||||||||
Before Reclassifications
|
(18
|
)
|
|
2
|
|
|
(1
|
)
|
|
(1,838
|
)
|
|
(1,855
|
)
|
|||||
Reclassifications2
|
—
|
|
|
—
|
|
|
3
|
|
|
406
|
|
|
409
|
|
|||||
Net Other Comprehensive Income (Loss)
|
(18
|
)
|
|
2
|
|
|
2
|
|
|
(1,432
|
)
|
|
(1,446
|
)
|
|||||
Balance at December 31, 2019
|
$
|
(142
|
)
|
|
$
|
(8
|
)
|
|
$
|
—
|
|
|
$
|
(4,840
|
)
|
|
$
|
(4,990
|
)
|
1
|
All amounts are net of tax.
|
2
|
Refer to Note 21 beginning on page 82, for reclassified components totaling $523 that are included in employee benefit costs for the year ended December 31, 2019. Related income taxes for the same period, totaling $117, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
|
3
|
Stranded tax reclassification to retained earnings per ASU 2018-02.
|
|
Year ended December 31
|
|
||||||||||
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Net decrease (increase) in operating working capital was composed of the following:
|
|
|
|
|
|
|
||||||
Decrease (increase) in accounts and notes receivable
|
$
|
1,852
|
|
|
|
$
|
437
|
|
|
$
|
(915
|
)
|
Decrease (increase) in inventories
|
7
|
|
|
|
(424
|
)
|
|
(267
|
)
|
|||
Decrease (increase) in prepaid expenses and other current assets
|
(323
|
)
|
|
|
(149
|
)
|
|
173
|
|
|||
Increase (decrease) in accounts payable and accrued liabilities
|
(109
|
)
|
|
|
(494
|
)
|
|
998
|
|
|||
Increase (decrease) in income and other taxes payable
|
67
|
|
|
|
(88
|
)
|
|
531
|
|
|||
Net decrease (increase) in operating working capital
|
$
|
1,494
|
|
|
|
$
|
(718
|
)
|
|
$
|
520
|
|
Net cash provided by operating activities includes the following cash payments:
|
|
|
|
|
|
|
||||||
Interest on debt (net of capitalized interest)
|
$
|
810
|
|
|
|
$
|
736
|
|
|
$
|
265
|
|
Income taxes
|
4,817
|
|
|
|
4,748
|
|
|
3,132
|
|
|||
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
|
|
|
|
|
|
|
||||||
Proceeds and deposits related to asset sales
|
$
|
2,809
|
|
|
|
$
|
2,000
|
|
|
$
|
4,930
|
|
Returns of investment from equity affiliates
|
142
|
|
|
|
392
|
|
|
166
|
|
|||
Proceeds and deposits related to asset sales and returns of investment
|
$
|
2,951
|
|
|
|
$
|
2,392
|
|
|
$
|
5,096
|
|
Net maturities (investments) of time deposits consisted of the following gross amounts:
|
|
|
|
|
|
|
||||||
Investments in time deposits
|
$
|
—
|
|
|
|
$
|
(950
|
)
|
|
$
|
—
|
|
Maturities of time deposits
|
950
|
|
|
|
—
|
|
|
—
|
|
|||
Net maturities of (investments in) time deposits
|
$
|
950
|
|
|
|
$
|
(950
|
)
|
|
$
|
—
|
|
Net sales (purchases) of marketable securities consisted of the following gross amounts:
|
|
|
|
|
|
|
||||||
Marketable securities purchased
|
$
|
(1
|
)
|
|
|
$
|
(51
|
)
|
|
$
|
(3
|
)
|
Marketable securities sold
|
3
|
|
|
|
—
|
|
|
7
|
|
|||
Net sales (purchases) of marketable securities
|
$
|
2
|
|
|
|
$
|
(51
|
)
|
|
$
|
4
|
|
Net repayment (borrowing) of loans by equity affiliates:
|
|
|
|
|
|
|
||||||
Borrowing of loans by equity affiliates
|
$
|
(1,350
|
)
|
|
|
$
|
—
|
|
|
$
|
(142
|
)
|
Repayment of loans by equity affiliates
|
105
|
|
|
|
111
|
|
|
126
|
|
|||
Net repayment (borrowing) of loans by equity affiliates
|
$
|
(1,245
|
)
|
|
|
$
|
111
|
|
|
$
|
(16
|
)
|
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
|
|
|
|
|
|
|
||||||
Proceeds from issuances of short-term obligations
|
$
|
2,586
|
|
|
|
$
|
2,486
|
|
|
$
|
5,051
|
|
Repayments of short-term obligations
|
(1,430
|
)
|
|
|
(4,136
|
)
|
|
(8,820
|
)
|
|||
Net borrowings (repayments) of short-term obligations with three months or less maturity
|
(3,977
|
)
|
|
|
3,671
|
|
|
(1,373
|
)
|
|||
Net borrowings (repayments) of short-term obligations
|
$
|
(2,821
|
)
|
|
|
$
|
2,021
|
|
|
$
|
(5,142
|
)
|
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
|
|
|
|
|
|
|
||||||
Shares issued for share-based compensation plans
|
$
|
1,104
|
|
|
|
$
|
1,147
|
|
|
$
|
1,118
|
|
Shares purchased under share repurchase and deferred compensation plans
|
(4,039
|
)
|
|
|
(1,751
|
)
|
|
(1
|
)
|
|||
Net sales (purchases) of treasury shares
|
$
|
(2,935
|
)
|
|
|
$
|
(604
|
)
|
|
$
|
1,117
|
|
|
Year ended December 31
|
|
||||||||||
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Additions to properties, plant and equipment *
|
$
|
13,839
|
|
|
|
$
|
13,384
|
|
|
$
|
13,222
|
|
Additions to investments
|
140
|
|
|
|
65
|
|
|
25
|
|
|||
Current-year dry hole expenditures
|
124
|
|
|
|
344
|
|
|
157
|
|
|||
Payments for other assets and liabilities, net
|
13
|
|
|
|
(1
|
)
|
|
—
|
|
|||
Capital expenditures
|
14,116
|
|
|
|
13,792
|
|
|
13,404
|
|
|||
Expensed exploration expenditures
|
598
|
|
|
|
523
|
|
|
666
|
|
|||
Assets acquired through finance leases and other obligations
|
181
|
|
|
|
75
|
|
|
8
|
|
|||
Payments for other assets and liabilities, net
|
(13
|
)
|
|
|
—
|
|
|
—
|
|
|||
Capital and exploratory expenditures, excluding equity affiliates
|
14,882
|
|
|
|
14,390
|
|
|
14,078
|
|
|||
Company’s share of expenditures by equity affiliates
|
6,112
|
|
|
|
5,716
|
|
|
4,743
|
|
|||
Capital and exploratory expenditures, including equity affiliates
|
$
|
20,994
|
|
|
|
$
|
20,106
|
|
|
$
|
18,821
|
|
*
|
Excludes non-cash movements of $(239) in 2019, $25 in 2018 and $1,183 in 2017.
|
|
Year ended December 31
|
|
||||||||||
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Cash and cash equivalents
|
$
|
5,686
|
|
|
|
$
|
9,342
|
|
|
$
|
4,813
|
|
Restricted cash included in “Prepaid expenses and other current assets”
|
452
|
|
|
|
341
|
|
|
405
|
|
|||
Restricted cash included in “Deferred charges and other assets”
|
773
|
|
|
|
798
|
|
|
725
|
|
|||
Total cash, cash equivalents and restricted cash
|
$
|
6,911
|
|
|
|
$
|
10,481
|
|
|
$
|
5,943
|
|
|
At December 31, 2019
|
|
|||||
|
Operating
Leases
|
|
|
Finance
Leases
|
|
||
Deferred charges and other assets
|
$
|
4,074
|
|
|
$
|
—
|
|
Properties, plant and equipment, net
|
—
|
|
|
329
|
|
||
Right-of-use assets1, 2
|
$
|
4,074
|
|
|
$
|
329
|
|
Accrued Liabilities
|
$
|
1,277
|
|
|
$
|
—
|
|
Short-term Debt
|
—
|
|
|
18
|
|
||
Current lease liabilities
|
1,277
|
|
|
18
|
|
||
Deferred credits and other noncurrent obligations
|
2,608
|
|
|
—
|
|
||
Long-term Debt
|
—
|
|
|
282
|
|
||
Noncurrent lease liabilities
|
2,608
|
|
|
282
|
|
||
Total lease liabilities
|
$
|
3,885
|
|
|
$
|
300
|
|
|
|
|
|
||||
Weighted-average remaining lease term (in years)
|
5.2
|
|
|
16.0
|
|
||
Weighted-average discount rate
|
3.2
|
%
|
|
4.7
|
%
|
|
|
Year Ended December 31, 2019
|
|
|
Operating lease costs1, 2
|
|
$
|
2,621
|
|
Finance lease costs
|
|
66
|
|
|
Total lease costs
|
|
$
|
2,687
|
|
|
Year Ended December 31, 2019
|
|
|
Operating cash flows from operating leases
|
$
|
1,574
|
|
Investing cash flows from operating leases
|
1,047
|
|
|
Operating cash flows from finance leases
|
13
|
|
|
Financing cash flows from finance leases
|
24
|
|
|
|
At December 31, 2019
|
|
|||||
|
|
Operating Leases
|
|
|
Finance
Leases
|
|
||
Year
|
2020
|
$
|
1,374
|
|
|
$
|
35
|
|
|
2021
|
1,083
|
|
|
33
|
|
||
|
2022
|
546
|
|
|
31
|
|
||
|
2023
|
336
|
|
|
31
|
|
||
|
2024
|
216
|
|
|
30
|
|
||
|
Thereafter
|
696
|
|
|
251
|
|
||
|
Total
|
$
|
4,251
|
|
|
$
|
411
|
|
Less: Amounts representing interest
|
366
|
|
|
111
|
|
|||
Total lease liabilities
|
$
|
3,885
|
|
|
$
|
300
|
|
|
|
At December 31, 2018
|
|
|||||
|
|
Operating Leases
|
|
|
Capital
Leases *
|
|
||
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
|
|
|
Year ended December 31
|
|
||||||||||
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Sales and other operating revenues
|
$
|
109,314
|
|
|
|
$
|
125,076
|
|
|
$
|
104,054
|
|
Total costs and other deductions
|
116,365
|
|
|
|
121,351
|
|
|
103,904
|
|
|||
Net income (loss) attributable to CUSA
|
(5,061
|
)
|
|
|
4,334
|
|
|
4,842
|
|
|
At December 31
|
|
||||||
|
2019
|
|
|
|
2018
|
|
||
Current assets
|
$
|
13,059
|
|
|
|
$
|
12,819
|
|
Other assets
|
50,796
|
|
|
|
55,814
|
|
||
Current liabilities
|
18,291
|
|
|
|
16,376
|
|
||
Other liabilities
|
12,565
|
|
|
|
12,906
|
|
||
Total CUSA net equity
|
$
|
32,999
|
|
|
|
$
|
39,351
|
|
|
|
|
|
|
||||
Memo: Total debt
|
$
|
3,222
|
|
|
|
$
|
3,049
|
|
|
At December 31, 2019
|
|
At December 31, 2018
|
|
||||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
||||||||
Marketable securities
|
$
|
63
|
|
$
|
63
|
|
$
|
—
|
|
$
|
—
|
|
$
|
53
|
|
$
|
53
|
|
$
|
—
|
|
$
|
—
|
|
Derivatives
|
11
|
|
1
|
|
10
|
|
—
|
|
283
|
|
185
|
|
98
|
|
—
|
|
||||||||
Total assets at fair value
|
$
|
74
|
|
$
|
64
|
|
$
|
10
|
|
$
|
—
|
|
$
|
336
|
|
$
|
238
|
|
$
|
98
|
|
$
|
—
|
|
Derivatives
|
74
|
|
26
|
|
48
|
|
—
|
|
12
|
|
—
|
|
12
|
|
—
|
|
||||||||
Total liabilities at fair value
|
$
|
74
|
|
$
|
26
|
|
$
|
48
|
|
$
|
—
|
|
$
|
12
|
|
$
|
—
|
|
$
|
12
|
|
$
|
—
|
|
|
At December 31
|
|
At December 31
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Before-Tax Loss
|
|
|
|
|
Before-Tax Loss
|
||||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Year 2019
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Year 2018
|
|
||||||||||
Properties, plant and equipment, net (held and used)
|
$
|
2,177
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2,177
|
|
$
|
2,095
|
|
$
|
102
|
|
$
|
—
|
|
$
|
62
|
|
$
|
40
|
|
$
|
97
|
|
Properties, plant and equipment, net (held for sale)
|
1,412
|
|
—
|
|
1,412
|
|
—
|
|
8,702
|
|
1,694
|
|
—
|
|
1,273
|
|
421
|
|
638
|
|
||||||||||
Investments and advances
|
52
|
|
—
|
|
30
|
|
22
|
|
594
|
|
81
|
|
—
|
|
20
|
|
61
|
|
69
|
|
||||||||||
Total nonrecurring assets at fair value
|
$
|
3,641
|
|
$
|
—
|
|
$
|
1,442
|
|
$
|
2,199
|
|
$
|
11,391
|
|
$
|
1,877
|
|
$
|
—
|
|
$
|
1,355
|
|
$
|
522
|
|
$
|
804
|
|
|
|
Gain/(Loss)
|
|
||||||||||
Type of Derivative
|
Statement of
|
Year ended December 31
|
|
||||||||||
Contract
|
Income Classification
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Commodity
|
Sales and other operating revenues
|
$
|
(291
|
)
|
|
|
$
|
135
|
|
|
$
|
(105
|
)
|
Commodity
|
Purchased crude oil and products
|
(17
|
)
|
|
|
(33
|
)
|
|
(9
|
)
|
|||
Commodity
|
Other income
|
(2
|
)
|
|
|
3
|
|
|
(2
|
)
|
|||
|
|
$
|
(310
|
)
|
|
|
$
|
105
|
|
|
$
|
(116
|
)
|
|
|
Gross Amounts Recognized
|
|
|
Gross Amounts Offset
|
|
|
Net Amounts Presented
|
|
|
Gross Amounts Not Offset
|
|
|
Net Amounts
|
|
|||||
At December 31, 2019
|
|
|
|
|
|
|||||||||||||||
Derivative Assets
|
|
$
|
656
|
|
|
$
|
645
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
11
|
|
Derivative Liabilities
|
|
$
|
719
|
|
|
$
|
645
|
|
|
$
|
74
|
|
|
$
|
—
|
|
|
$
|
74
|
|
At December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative Assets
|
|
$
|
3,685
|
|
|
$
|
3,402
|
|
|
$
|
283
|
|
|
$
|
—
|
|
|
$
|
283
|
|
Derivative Liabilities
|
|
$
|
3,414
|
|
|
$
|
3,402
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31
|
|
||||||||||
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Upstream
|
|
|
|
|
|
|
||||||
United States
|
$
|
(5,094
|
)
|
|
|
$
|
3,278
|
|
|
$
|
3,640
|
|
International
|
7,670
|
|
|
|
10,038
|
|
|
4,510
|
|
|||
Total Upstream
|
2,576
|
|
|
|
13,316
|
|
|
8,150
|
|
|||
Downstream
|
|
|
|
|
|
|
||||||
United States
|
1,559
|
|
|
|
2,103
|
|
|
2,938
|
|
|||
International
|
922
|
|
|
|
1,695
|
|
|
2,276
|
|
|||
Total Downstream
|
2,481
|
|
|
|
3,798
|
|
|
5,214
|
|
|||
Total Segment Earnings
|
5,057
|
|
|
|
17,114
|
|
|
13,364
|
|
|||
All Other
|
|
|
|
|
|
|
||||||
Interest expense
|
(761
|
)
|
|
|
(713
|
)
|
|
(264
|
)
|
|||
Interest income
|
181
|
|
|
|
137
|
|
|
60
|
|
|||
Other
|
(1,553
|
)
|
|
|
(1,714
|
)
|
|
(3,965
|
)
|
|||
Net Income (Loss) Attributable to Chevron Corporation
|
$
|
2,924
|
|
|
|
$
|
14,824
|
|
|
$
|
9,195
|
|
|
At December 31
|
|
||||||
|
2019
|
|
|
|
2018
|
|
||
Upstream
|
|
|
|
|
||||
United States
|
$
|
35,926
|
|
|
|
$
|
42,594
|
|
International
|
145,648
|
|
|
|
153,861
|
|
||
Goodwill
|
4,463
|
|
|
|
4,518
|
|
||
Total Upstream
|
186,037
|
|
|
|
200,973
|
|
||
Downstream
|
|
|
|
|
||||
United States
|
25,197
|
|
|
|
23,866
|
|
||
International
|
16,955
|
|
|
|
15,622
|
|
||
Total Downstream
|
42,152
|
|
|
|
39,488
|
|
||
Total Segment Assets
|
228,189
|
|
|
|
240,461
|
|
||
All Other
|
|
|
|
|
||||
United States
|
3,475
|
|
|
|
5,100
|
|
||
International
|
5,764
|
|
|
|
8,302
|
|
||
Total All Other
|
9,239
|
|
|
|
13,402
|
|
||
Total Assets – United States
|
64,598
|
|
|
|
71,560
|
|
||
Total Assets – International
|
168,367
|
|
|
|
177,785
|
|
||
Goodwill
|
4,463
|
|
|
|
4,518
|
|
||
Total Assets
|
$
|
237,428
|
|
|
|
$
|
253,863
|
|
|
Year ended December 311
|
|
||||||||||
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Upstream
|
|
|
|
|
|
|
||||||
United States
|
$
|
23,358
|
|
|
|
$
|
22,891
|
|
|
$
|
13,242
|
|
International
|
35,628
|
|
|
|
37,822
|
|
|
28,680
|
|
|||
Subtotal
|
58,986
|
|
|
|
60,713
|
|
|
41,922
|
|
|||
Intersegment Elimination — United States
|
(14,944
|
)
|
|
|
(13,965
|
)
|
|
(9,341
|
)
|
|||
Intersegment Elimination — International
|
(12,335
|
)
|
|
|
(13,679
|
)
|
|
(11,471
|
)
|
|||
Total Upstream
|
31,707
|
|
|
|
33,069
|
|
|
21,110
|
|
|||
Downstream
|
|
|
|
|
|
|
||||||
United States
|
55,271
|
|
|
|
59,376
|
|
|
53,140
|
|
|||
International
|
57,654
|
|
|
|
70,095
|
|
|
61,395
|
|
|||
Subtotal
|
112,925
|
|
|
|
129,471
|
|
|
114,535
|
|
|||
Intersegment Elimination — United States
|
(3,924
|
)
|
|
|
(2,742
|
)
|
|
(14
|
)
|
|||
Intersegment Elimination — International
|
(1,089
|
)
|
|
|
(1,132
|
)
|
|
(1,166
|
)
|
|||
Total Downstream
|
107,912
|
|
|
|
125,597
|
|
|
113,355
|
|
|||
All Other
|
|
|
|
|
|
|
||||||
United States
|
1,064
|
|
|
|
1,022
|
|
|
1,022
|
|
|||
International
|
20
|
|
|
|
22
|
|
|
26
|
|
|||
Subtotal
|
1,084
|
|
|
|
1,044
|
|
|
1,048
|
|
|||
Intersegment Elimination — United States
|
(818
|
)
|
|
|
(786
|
)
|
|
(814
|
)
|
|||
Intersegment Elimination — International
|
(20
|
)
|
|
|
(22
|
)
|
|
(25
|
)
|
|||
Total All Other
|
246
|
|
|
|
236
|
|
|
209
|
|
|||
Sales and Other Operating Revenues
|
|
|
|
|
|
|
||||||
United States
|
79,693
|
|
|
|
83,289
|
|
|
67,404
|
|
|||
International
|
93,302
|
|
|
|
107,939
|
|
|
90,101
|
|
|||
Subtotal
|
172,995
|
|
|
|
191,228
|
|
|
157,505
|
|
|||
Intersegment Elimination — United States
|
(19,686
|
)
|
|
|
(17,493
|
)
|
|
(10,169
|
)
|
|||
Intersegment Elimination — International
|
(13,444
|
)
|
|
|
(14,833
|
)
|
|
(12,662
|
)
|
|||
Total Sales and Other Operating Revenues
|
$
|
139,865
|
|
|
|
$
|
158,902
|
|
|
$
|
134,674
|
|
|
Year ended December 31
|
|
||||||||||
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Upstream
|
|
|
|
|
|
|
||||||
United States
|
$
|
(1,550
|
)
|
|
|
$
|
811
|
|
|
$
|
(3,538
|
)
|
International
|
3,492
|
|
|
|
4,687
|
|
|
2,249
|
|
|||
Total Upstream
|
1,942
|
|
|
|
5,498
|
|
|
(1,289
|
)
|
|||
Downstream
|
|
|
|
|
|
|
||||||
United States
|
392
|
|
|
|
534
|
|
|
(419
|
)
|
|||
International
|
170
|
|
|
|
328
|
|
|
650
|
|
|||
Total Downstream
|
562
|
|
|
|
862
|
|
|
231
|
|
|||
All Other
|
187
|
|
|
|
(645
|
)
|
|
1,010
|
|
|||
Total Income Tax Expense (Benefit)
|
$
|
2,691
|
|
|
|
$
|
5,715
|
|
|
$
|
(48
|
)
|
Investments and Advances
|
|
|
Equity in Earnings
|
|
|||||||||||||||
|
At December 31
|
|
|
Year ended December 31
|
|
||||||||||||||
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||||
Upstream
|
|
|
|
|
|
|
|
|
|
||||||||||
Tengizchevroil
|
$
|
20,214
|
|
|
$
|
16,017
|
|
|
$
|
3,067
|
|
|
$
|
3,614
|
|
|
$
|
2,581
|
|
Petropiar
|
1,396
|
|
|
1,361
|
|
|
80
|
|
|
317
|
|
|
175
|
|
|||||
Petroboscan
|
1,139
|
|
|
1,315
|
|
|
(11
|
)
|
|
357
|
|
|
154
|
|
|||||
Caspian Pipeline Consortium
|
883
|
|
|
1,022
|
|
|
155
|
|
|
170
|
|
|
155
|
|
|||||
Angola LNG Limited
|
2,423
|
|
|
2,496
|
|
|
(26
|
)
|
|
172
|
|
|
27
|
|
|||||
Other
|
881
|
|
|
1,541
|
|
|
(478
|
)
|
|
19
|
|
|
104
|
|
|||||
Total Upstream
|
26,936
|
|
|
23,752
|
|
|
2,787
|
|
|
4,649
|
|
|
3,196
|
|
|||||
Downstream
|
|
|
|
|
|
|
|
|
|
||||||||||
Chevron Phillips Chemical Company LLC
|
6,241
|
|
|
6,218
|
|
|
880
|
|
|
1,034
|
|
|
723
|
|
|||||
GS Caltex Corporation
|
3,796
|
|
|
3,924
|
|
|
13
|
|
|
373
|
|
|
290
|
|
|||||
Other
|
1,443
|
|
|
1,383
|
|
|
288
|
|
|
273
|
|
|
230
|
|
|||||
Total Downstream
|
11,480
|
|
|
11,525
|
|
|
1,181
|
|
|
1,680
|
|
|
1,243
|
|
|||||
All Other
|
|
|
|
|
|
|
|
|
|
||||||||||
Other
|
(14
|
)
|
|
(16
|
)
|
|
—
|
|
|
(2
|
)
|
|
(1
|
)
|
|||||
Total equity method
|
$
|
38,402
|
|
|
$
|
35,261
|
|
|
$
|
3,968
|
|
|
$
|
6,327
|
|
|
$
|
4,438
|
|
Other non-equity method investments
|
286
|
|
|
285
|
|
|
|
|
|
|
|
||||||||
Total investments and advances
|
$
|
38,688
|
|
|
$
|
35,546
|
|
|
|
|
|
|
|
||||||
Total United States
|
$
|
7,203
|
|
|
$
|
7,500
|
|
|
$
|
641
|
|
|
$
|
1,033
|
|
|
$
|
788
|
|
Total International
|
$
|
31,485
|
|
|
$
|
28,046
|
|
|
$
|
3,327
|
|
|
$
|
5,294
|
|
|
$
|
3,650
|
|
|
Affiliates
|
|
|
|
Chevron Share
|
|
||||||||||||||||||
Year ended December 31
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
||||||
Total revenues
|
$
|
66,473
|
|
|
$
|
84,469
|
|
|
$
|
70,744
|
|
|
|
$
|
32,628
|
|
|
$
|
40,679
|
|
|
$
|
33,460
|
|
Income before income tax expense
|
13,197
|
|
|
16,693
|
|
|
13,487
|
|
|
|
5,954
|
|
|
6,755
|
|
|
5,712
|
|
||||||
Net income attributable to affiliates
|
9,809
|
|
|
13,321
|
|
|
10,751
|
|
|
|
4,366
|
|
|
6,384
|
|
|
4,468
|
|
||||||
At December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets
|
$
|
30,791
|
|
|
$
|
32,657
|
|
|
$
|
33,883
|
|
|
|
$
|
12,998
|
|
|
$
|
12,813
|
|
|
$
|
13,568
|
|
Noncurrent assets
|
97,177
|
|
|
87,614
|
|
|
82,261
|
|
|
|
41,531
|
|
|
36,369
|
|
|
32,643
|
|
||||||
Current liabilities
|
26,032
|
|
|
26,006
|
|
|
26,873
|
|
|
|
10,610
|
|
|
9,843
|
|
|
10,201
|
|
||||||
Noncurrent liabilities
|
21,593
|
|
|
20,000
|
|
|
21,447
|
|
|
|
5,068
|
|
|
4,446
|
|
|
4,224
|
|
||||||
Total affiliates’ net equity
|
$
|
80,343
|
|
|
$
|
74,265
|
|
|
$
|
67,824
|
|
|
|
$
|
38,851
|
|
|
$
|
34,893
|
|
|
$
|
31,786
|
|
Income Taxes
|
Year ended December 31
|
|
||||||||||
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Income tax expense (benefit)
|
|
|
|
|
|
|
||||||
U.S. federal
|
|
|
|
|
|
|
||||||
Current
|
$
|
(73
|
)
|
|
|
$
|
(181
|
)
|
|
$
|
(382
|
)
|
Deferred
|
(1,074
|
)
|
|
|
738
|
|
|
(2,561
|
)
|
|||
State and local
|
|
|
|
|
|
|
||||||
Current
|
153
|
|
|
|
183
|
|
|
(97
|
)
|
|||
Deferred
|
(172
|
)
|
|
|
(16
|
)
|
|
66
|
|
|||
Total United States
|
(1,166
|
)
|
|
|
724
|
|
|
(2,974
|
)
|
|||
International
|
|
|
|
|
|
|
||||||
Current
|
4,577
|
|
|
|
4,662
|
|
|
3,634
|
|
|||
Deferred
|
(720
|
)
|
|
|
329
|
|
|
(708
|
)
|
|||
Total International
|
3,857
|
|
|
|
4,991
|
|
|
2,926
|
|
|||
Total income tax expense (benefit)
|
$
|
2,691
|
|
|
|
$
|
5,715
|
|
|
$
|
(48
|
)
|
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Income (loss) before income taxes
|
|
|
|
|
|
|
||||||
United States
|
$
|
(5,483
|
)
|
|
|
$
|
4,730
|
|
|
$
|
(441
|
)
|
International
|
11,019
|
|
|
|
15,845
|
|
|
9,662
|
|
|||
Total income (loss) before income taxes
|
5,536
|
|
|
|
20,575
|
|
|
9,221
|
|
|||
Theoretical tax (at U.S. statutory rate of 21% - 2019 & 2018, 35% - 2017)
|
1,163
|
|
|
|
4,321
|
|
|
3,227
|
|
|||
Effect of U.S. tax reform
|
3
|
|
|
|
(26
|
)
|
|
(2,020
|
)
|
|||
Equity affiliate accounting effect
|
(687
|
)
|
|
|
(1,526
|
)
|
|
(1,373
|
)
|
|||
Effect of income taxes from international operations*
|
2,196
|
|
|
|
3,132
|
|
|
(130
|
)
|
|||
State and local taxes on income, net of U.S. federal income tax benefit
|
(18
|
)
|
|
|
162
|
|
|
39
|
|
|||
Prior year tax adjustments, claims and settlements
|
192
|
|
|
|
(51
|
)
|
|
(39
|
)
|
|||
Tax credits
|
(18
|
)
|
|
|
(163
|
)
|
|
(199
|
)
|
|||
Other U.S.*
|
(140
|
)
|
|
|
(134
|
)
|
|
447
|
|
|||
Total income tax expense (benefit)
|
$
|
2,691
|
|
|
|
$
|
5,715
|
|
|
$
|
(48
|
)
|
|
|
|
|
|
|
|
||||||
Effective income tax rate
|
48.6
|
%
|
|
|
27.8
|
%
|
|
(0.5
|
)%
|
|
|
|
|
At December 31
|
|
|||
|
2019
|
|
|
|
2018
|
|
||
Deferred tax liabilities
|
|
|
|
|
||||
Properties, plant and equipment
|
$
|
17,251
|
|
|
|
$
|
20,159
|
|
Investments and other*
|
5,372
|
|
|
|
4,943
|
|
||
Total deferred tax liabilities
|
22,623
|
|
|
|
25,102
|
|
||
Deferred tax assets
|
|
|
|
|
||||
Foreign tax credits
|
(9,840
|
)
|
|
|
(10,536
|
)
|
||
Asset retirement obligations/environmental reserves
|
(4,329
|
)
|
|
|
(5,328
|
)
|
||
Employee benefits
|
(3,454
|
)
|
|
|
(2,787
|
)
|
||
Deferred credits
|
(1,083
|
)
|
|
|
(1,373
|
)
|
||
Tax loss carryforwards
|
(5,262
|
)
|
|
|
(4,948
|
)
|
||
Other accrued liabilities
|
(441
|
)
|
|
|
(595
|
)
|
||
Inventory
|
(662
|
)
|
|
|
(505
|
)
|
||
Operating leases *
|
(1,211
|
)
|
|
|
—
|
|
||
Miscellaneous
|
(2,796
|
)
|
|
|
(3,481
|
)
|
||
Total deferred tax assets
|
(29,078
|
)
|
|
|
(29,553
|
)
|
||
Deferred tax assets valuation allowance
|
15,965
|
|
|
|
15,973
|
|
||
Total deferred taxes, net
|
$
|
9,510
|
|
|
|
$
|
11,522
|
|
|
At December 31
|
|
||||||
|
2019
|
|
|
|
2018
|
|
||
Deferred charges and other assets
|
$
|
(4,178
|
)
|
|
|
$
|
(4,399
|
)
|
Noncurrent deferred income taxes
|
13,688
|
|
|
|
15,921
|
|
||
Total deferred income taxes, net
|
$
|
9,510
|
|
|
|
$
|
11,522
|
|
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Balance at January 1
|
$
|
5,070
|
|
|
|
$
|
4,828
|
|
|
$
|
3,031
|
|
Foreign currency effects
|
1
|
|
|
|
(6
|
)
|
|
43
|
|
|||
Additions based on tax positions taken in current year
|
94
|
|
|
|
239
|
|
|
1,853
|
|
|||
Additions for tax positions taken in prior years
|
313
|
|
|
|
153
|
|
|
1,166
|
|
|||
Reductions for tax positions taken in prior years
|
(194
|
)
|
|
|
(131
|
)
|
|
(90
|
)
|
|||
Settlements with taxing authorities in current year
|
(78
|
)
|
|
|
(13
|
)
|
|
(1,173
|
)
|
|||
Reductions as a result of a lapse of the applicable statute of limitations
|
(219
|
)
|
|
|
—
|
|
|
(2
|
)
|
|||
Balance at December 31
|
$
|
4,987
|
|
|
|
$
|
5,070
|
|
|
$
|
4,828
|
|
Taxes Other Than on Income
|
|
|
|
|
|
|
||||||
|
Year ended December 31
|
|
||||||||||
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
United States
|
|
|
|
|
|
|
||||||
Excise and similar taxes on products and merchandise*
|
$
|
4,990
|
|
|
|
$
|
4,830
|
|
|
$
|
4,398
|
|
Consumer excise taxes collected on behalf of third parties*
|
(4,990
|
)
|
|
|
(4,830
|
)
|
|
—
|
|
|||
Import duties and other levies
|
2
|
|
|
|
15
|
|
|
11
|
|
|||
Property and other miscellaneous taxes
|
1,785
|
|
|
|
1,577
|
|
|
1,824
|
|
|||
Payroll taxes
|
254
|
|
|
|
246
|
|
|
241
|
|
|||
Taxes on production
|
355
|
|
|
|
325
|
|
|
206
|
|
|||
Total United States
|
2,396
|
|
|
|
2,163
|
|
|
6,680
|
|
|||
International
|
|
|
|
|
|
|
||||||
Excise and similar taxes on products and merchandise*
|
2,801
|
|
|
|
3,031
|
|
|
2,791
|
|
|||
Consumer excise taxes collected on behalf of third parties*
|
(2,801
|
)
|
|
|
(3,031
|
)
|
|
—
|
|
|||
Import duties and other levies
|
35
|
|
|
|
37
|
|
|
45
|
|
|||
Property and other miscellaneous taxes
|
1,435
|
|
|
|
2,370
|
|
|
2,563
|
|
|||
Payroll taxes
|
125
|
|
|
|
132
|
|
|
137
|
|
|||
Taxes on production
|
145
|
|
|
|
165
|
|
|
115
|
|
|||
Total International
|
1,740
|
|
|
|
2,704
|
|
|
5,651
|
|
|||
Total taxes other than on income
|
$
|
4,136
|
|
|
|
$
|
4,867
|
|
|
$
|
12,331
|
|
|
At December 31
|
|
|
Year ended December 31
|
|
||||||||||||||||||||||||||||||||||
|
Gross Investment at Cost
|
|
|
Net Investment
|
|
|
Additions at Cost2
|
|
|
Depreciation Expense3
|
|
||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
|
2019
|
|
2018
|
|
2017
|
|
|
2019
|
|
2018
|
|
2017
|
|
|
2019
|
|
2018
|
|
2017
|
|
||||||||||||
Upstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
United States
|
$
|
82,117
|
|
$
|
88,155
|
|
$
|
84,602
|
|
|
$
|
31,082
|
|
$
|
39,526
|
|
$
|
38,722
|
|
|
$
|
7,751
|
|
$
|
6,434
|
|
$
|
4,995
|
|
|
$
|
15,222
|
|
$
|
5,328
|
|
$
|
5,527
|
|
International
|
206,292
|
|
215,329
|
|
224,211
|
|
|
102,639
|
|
113,603
|
|
123,191
|
|
|
3,664
|
|
4,865
|
|
7,934
|
|
|
12,618
|
|
12,726
|
|
12,096
|
|
||||||||||||
Total Upstream
|
288,409
|
|
303,484
|
|
308,813
|
|
|
133,721
|
|
153,129
|
|
161,913
|
|
|
11,415
|
|
11,299
|
|
12,929
|
|
|
27,840
|
|
18,054
|
|
17,623
|
|
||||||||||||
Downstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
United States
|
25,968
|
|
24,685
|
|
23,598
|
|
|
11,398
|
|
10,838
|
|
10,346
|
|
|
1,452
|
|
1,259
|
|
907
|
|
|
869
|
|
751
|
|
753
|
|
||||||||||||
International
|
7,480
|
|
7,237
|
|
7,094
|
|
|
3,114
|
|
3,023
|
|
3,074
|
|
|
355
|
|
278
|
|
306
|
|
|
256
|
|
282
|
|
282
|
|
||||||||||||
Total Downstream
|
33,448
|
|
31,922
|
|
30,692
|
|
|
14,512
|
|
13,861
|
|
13,420
|
|
|
1,807
|
|
1,537
|
|
1,213
|
|
|
1,125
|
|
1,033
|
|
1,035
|
|
||||||||||||
All Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
United States
|
4,719
|
|
4,667
|
|
4,798
|
|
|
2,236
|
|
2,186
|
|
2,341
|
|
|
324
|
|
224
|
|
218
|
|
|
243
|
|
320
|
|
677
|
|
||||||||||||
International
|
146
|
|
171
|
|
182
|
|
|
25
|
|
31
|
|
38
|
|
|
9
|
|
6
|
|
4
|
|
|
10
|
|
12
|
|
14
|
|
||||||||||||
Total All Other
|
4,865
|
|
4,838
|
|
4,980
|
|
|
2,261
|
|
2,217
|
|
2,379
|
|
|
333
|
|
230
|
|
222
|
|
|
253
|
|
332
|
|
691
|
|
||||||||||||
Total United States
|
112,804
|
|
117,507
|
|
112,998
|
|
|
44,716
|
|
52,550
|
|
51,409
|
|
|
9,527
|
|
7,917
|
|
6,120
|
|
|
16,334
|
|
6,399
|
|
6,957
|
|
||||||||||||
Total International
|
213,918
|
|
222,737
|
|
231,487
|
|
|
105,778
|
|
116,657
|
|
126,303
|
|
|
4,028
|
|
5,149
|
|
8,244
|
|
|
12,884
|
|
13,020
|
|
12,392
|
|
||||||||||||
Total
|
$
|
326,722
|
|
$
|
340,244
|
|
$
|
344,485
|
|
|
$
|
150,494
|
|
$
|
169,207
|
|
$
|
177,712
|
|
|
$
|
13,555
|
|
$
|
13,066
|
|
$
|
14,364
|
|
|
$
|
29,218
|
|
$
|
19,419
|
|
$
|
19,349
|
|
1
|
Other than the United States and Australia, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2019. Australia had PP&E of $51,359, $53,768 and $55,514 in 2019, 2018 and 2017, respectively.
|
2
|
Net of dry hole expense related to prior years’ expenditures of $124, $343 and $42 in 2019, 2018 and 2017, respectively.
|
3
|
Depreciation expense includes accretion expense of $628, $654 and $668 in 2019, 2018 and 2017, respectively, and impairments of $10,797, $735 and $1,021 in 2019, 2018 and 2017, respectively.
|
|
At December 31
|
|
||||||
|
2019
|
|
|
|
2018
|
|
||
Commercial paper1
|
$
|
4,654
|
|
|
|
$
|
7,503
|
|
Notes payable to banks and others with originating terms of one year or less
|
228
|
|
|
|
28
|
|
||
Current maturities of long-term debt2
|
5,054
|
|
|
|
4,999
|
|
||
Current maturities of long-term finance leases
|
18
|
|
|
|
18
|
|
||
Redeemable long-term obligations
|
|
|
|
|
||||
Long-term debt
|
3,078
|
|
|
|
3,078
|
|
||
Subtotal
|
13,032
|
|
|
|
15,626
|
|
||
Reclassified to long-term debt
|
(9,750
|
)
|
|
|
(9,900
|
)
|
||
Total short-term debt
|
$
|
3,282
|
|
|
|
$
|
5,726
|
|
1 Weighted-average interest rates at December 31, 2019 and 2018, were 1.69 percent and 2.43 percent, respectively.
|
|
|
|
|
||||
2 Net of unamortized discounts and issuance costs: $0 in 2019 and $1 in 2018.
|
|
|
|
|
|
At December 31
|
|
||||||
|
2019
|
|
|
|
2018
|
|
||
|
Principal
|
|
|
|
Principal
|
|
||
3.191% notes due 2023
|
$
|
2,250
|
|
|
|
$
|
2,250
|
|
2.954% notes due 2026
|
2,250
|
|
|
|
2,250
|
|
||
2.355% notes due 2022
|
2,000
|
|
|
|
2,000
|
|
||
1.961% notes due 2020
|
1,750
|
|
|
|
1,750
|
|
||
2.100% notes due 2021
|
1,350
|
|
|
|
1,350
|
|
||
2.419% notes due 2020
|
1,250
|
|
|
|
1,250
|
|
||
2.427% notes due 2020
|
1,000
|
|
|
|
1,000
|
|
||
2.895% notes due 2024
|
1,000
|
|
|
|
1,000
|
|
||
2.566% notes due 2023
|
750
|
|
|
|
750
|
|
||
3.326% notes due 2025
|
750
|
|
|
|
750
|
|
||
2.498% notes due 2022
|
700
|
|
|
|
700
|
|
||
2.411% notes due 2022
|
700
|
|
|
|
700
|
|
||
Floating rate notes due 2021 (2.599%)1
|
650
|
|
|
|
650
|
|
||
Floating rate notes due 2022 (2.412%)1
|
650
|
|
|
|
650
|
|
||
1.991% notes due 2020
|
600
|
|
|
|
600
|
|
||
Floating rate notes due 2020 (2.116%)2
|
400
|
|
|
|
400
|
|
||
3.400% loan3
|
218
|
|
|
|
218
|
|
||
8.625% debentures due 2032
|
147
|
|
|
|
147
|
|
||
8.625% debentures due 2031
|
108
|
|
|
|
108
|
|
||
8.000% debentures due 2032
|
75
|
|
|
|
75
|
|
||
9.750% debentures due 2020
|
54
|
|
|
|
54
|
|
||
8.875% debentures due 2021
|
40
|
|
|
|
40
|
|
||
Medium-term notes, maturing from 2021 to 2038 (6.431%)1
|
38
|
|
|
|
38
|
|
||
4.950% notes due 2019
|
—
|
|
|
|
1,500
|
|
||
1.561% notes due 2019
|
—
|
|
|
|
1,350
|
|
||
Floating rate notes due 2019
|
—
|
|
|
|
850
|
|
||
2.193% notes due 2019
|
—
|
|
|
|
750
|
|
||
1.686% notes due 2019
|
—
|
|
|
|
550
|
|
||
Total including debt due within one year
|
18,730
|
|
|
|
23,730
|
|
||
Debt due within one year
|
(5,054
|
)
|
|
|
(5,000
|
)
|
||
Reclassified from short-term debt
|
9,750
|
|
|
|
9,900
|
|
||
Unamortized discounts and debt issuance costs
|
(17
|
)
|
|
|
(24
|
)
|
||
Finance lease liabilities4
|
282
|
|
|
|
127
|
|
||
Total long-term debt
|
$
|
23,691
|
|
|
|
$
|
28,733
|
|
1
|
Weighted-average interest rate at December 31, 2019.
|
2
|
Interest rate at December 31, 2019.
|
3
|
Maturity date is conditional upon the occurrence of certain events. 2022 is the earliest period in which the loan may become payable.
|
4
|
For details on finance lease liabilities, see Note 5 beginning on page 62.
|
|
2019
|
|
2018
|
|
2017
|
|
|||
Beginning balance at January 1
|
$
|
3,563
|
|
$
|
3,702
|
|
$
|
3,540
|
|
Additions to capitalized exploratory well costs pending the determination of proved reserves
|
244
|
|
207
|
|
323
|
|
|||
Reclassifications to wells, facilities and equipment based on the determination of proved reserves
|
(500
|
)
|
(13
|
)
|
(113
|
)
|
|||
Capitalized exploratory well costs charged to expense
|
(125
|
)
|
(333
|
)
|
(39
|
)
|
|||
Other reductions*
|
(141
|
)
|
—
|
|
(9
|
)
|
|||
Ending balance at December 31
|
$
|
3,041
|
|
$
|
3,563
|
|
$
|
3,702
|
|
|
At December 31
|
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|
|||
Exploratory well costs capitalized for a period of one year or less
|
$
|
214
|
|
$
|
202
|
|
$
|
307
|
|
Exploratory well costs capitalized for a period greater than one year
|
2,827
|
|
3,361
|
|
3,395
|
|
|||
Balance at December 31
|
$
|
3,041
|
|
$
|
3,563
|
|
$
|
3,702
|
|
Number of projects with exploratory well costs that have been capitalized for a period greater than one year*
|
22
|
|
30
|
|
32
|
|
Aging based on drilling completion date of individual wells:
|
Amount
|
|
|
|
Number of wells
|
|
|
1998-2008
|
$
|
244
|
|
|
|
27
|
|
2009-2013
|
1,166
|
|
|
|
56
|
|
|
2014-2018
|
1,417
|
|
|
|
40
|
|
|
Total
|
$
|
2,827
|
|
|
|
123
|
|
|
|
|
|
|
|||
Aging based on drilling completion date of last suspended well in project:
|
Amount
|
|
|
|
Number of projects
|
|
|
2003-2011
|
$
|
318
|
|
|
|
4
|
|
2012-2015
|
1,653
|
|
|
|
11
|
|
|
2016-2019
|
856
|
|
|
|
7
|
|
|
Total
|
$
|
2,827
|
|
|
|
22
|
|
|
Year ended December 31
|
||||||||||||
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|
|||
Expected term in years1
|
6.6
|
|
|
|
6.5
|
|
|
6.3
|
|
|
|||
Volatility2
|
20.5
|
|
%
|
|
21.2
|
|
%
|
21.7
|
|
%
|
|||
Risk-free interest rate based on zero coupon U.S. treasury note
|
2.6
|
|
%
|
|
2.6
|
|
%
|
2.2
|
|
%
|
|||
Dividend yield
|
3.8
|
|
%
|
|
3.8
|
|
%
|
4.2
|
|
%
|
|||
Weighted-average fair value per option granted
|
$
|
15.82
|
|
|
|
$
|
18.18
|
|
|
$
|
15.31
|
|
|
|
Shares (Thousands)
|
|
Weighted-Average
Exercise Price
|
|
|
Averaged Remaining Contractual Term (Years)
|
Aggregate Intrinsic Value
|
|
||||
Outstanding at January 1, 2019
|
94,724
|
|
|
$
|
99.92
|
|
|
|
|
|
||
Granted
|
5,771
|
|
|
$
|
113.04
|
|
|
|
|
|
||
Exercised
|
(13,190
|
)
|
|
$
|
83.36
|
|
|
|
|
|
||
Forfeited
|
(664
|
)
|
|
$
|
111.57
|
|
|
|
|
|
||
Outstanding at December 31, 2019
|
86,641
|
|
|
$
|
103.22
|
|
|
4.69
|
|
$
|
1,518
|
|
Exercisable at December 31, 2019
|
77,671
|
|
|
$
|
101.63
|
|
|
4.25
|
|
$
|
1,474
|
|
|
Pension Benefits
|
|
|
|
|||||||||||||||||||||
|
2019
|
|
|
|
2018
|
|
|
Other Benefits
|
|
||||||||||||||||
|
U.S.
|
|
|
Int’l.
|
|
|
|
U.S.
|
|
|
Int’l.
|
|
|
2019
|
|
|
|
2018
|
|
||||||
Change in Benefit Obligation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Benefit obligation at January 1
|
$
|
11,726
|
|
|
$
|
4,820
|
|
|
|
$
|
13,580
|
|
|
$
|
5,540
|
|
|
$
|
2,430
|
|
|
|
$
|
2,788
|
|
Service cost
|
406
|
|
|
139
|
|
|
|
480
|
|
|
141
|
|
|
36
|
|
|
|
42
|
|
||||||
Interest cost
|
397
|
|
|
199
|
|
|
|
370
|
|
|
206
|
|
|
96
|
|
|
|
94
|
|
||||||
Plan participants’ contributions
|
—
|
|
|
4
|
|
|
|
—
|
|
|
4
|
|
|
72
|
|
|
|
71
|
|
||||||
Plan amendments
|
—
|
|
|
29
|
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
|
2
|
|
||||||
Actuarial (gain) loss
|
2,922
|
|
|
673
|
|
|
|
(1,051
|
)
|
|
(239
|
)
|
|
125
|
|
|
|
(272
|
)
|
||||||
Foreign currency exchange rate changes
|
—
|
|
|
121
|
|
|
|
—
|
|
|
(227
|
)
|
|
2
|
|
|
|
(9
|
)
|
||||||
Benefits paid
|
(1,035
|
)
|
|
(302
|
)
|
|
|
(1,653
|
)
|
|
(432
|
)
|
|
(240
|
)
|
|
|
(237
|
)
|
||||||
Divestitures/Acquisitions
|
49
|
|
|
—
|
|
|
|
—
|
|
|
(196
|
)
|
|
(1
|
)
|
|
|
(49
|
)
|
||||||
Curtailment
|
—
|
|
|
(3
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
||||||
Benefit obligation at December 31
|
14,465
|
|
|
5,680
|
|
|
|
11,726
|
|
|
4,820
|
|
|
2,520
|
|
|
|
2,430
|
|
||||||
Change in Plan Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value of plan assets at January 1
|
8,532
|
|
|
4,142
|
|
|
|
9,948
|
|
|
4,766
|
|
|
—
|
|
|
|
—
|
|
||||||
Actual return on plan assets
|
1,548
|
|
|
566
|
|
|
|
(566
|
)
|
|
(9
|
)
|
|
—
|
|
|
|
—
|
|
||||||
Foreign currency exchange rate changes
|
—
|
|
|
115
|
|
|
|
—
|
|
|
(221
|
)
|
|
—
|
|
|
|
—
|
|
||||||
Employer contributions
|
1,096
|
|
|
266
|
|
|
|
803
|
|
|
232
|
|
|
168
|
|
|
|
166
|
|
||||||
Plan participants’ contributions
|
—
|
|
|
4
|
|
|
|
—
|
|
|
4
|
|
|
72
|
|
|
|
71
|
|
||||||
Benefits paid
|
(1,035
|
)
|
|
(302
|
)
|
|
|
(1,653
|
)
|
|
(432
|
)
|
|
(240
|
)
|
|
|
(237
|
)
|
||||||
Divestitures/Acquisitions
|
36
|
|
|
—
|
|
|
|
—
|
|
|
(198
|
)
|
|
—
|
|
|
|
—
|
|
||||||
Fair value of plan assets at December 31
|
10,177
|
|
|
4,791
|
|
|
|
8,532
|
|
|
4,142
|
|
|
—
|
|
|
|
—
|
|
||||||
Funded status at December 31
|
$
|
(4,288
|
)
|
|
$
|
(889
|
)
|
|
|
$
|
(3,194
|
)
|
|
$
|
(678
|
)
|
|
$
|
(2,520
|
)
|
|
|
$
|
(2,430
|
)
|
|
Pension Benefits
|
|
|
|
|||||||||||||||||||||
|
2019
|
|
|
|
2018
|
|
|
Other Benefits
|
|
||||||||||||||||
|
U.S.
|
|
|
Int’l.
|
|
|
|
U.S.
|
|
|
Int’l.
|
|
|
2019
|
|
|
|
2018
|
|
||||||
Deferred charges and other assets
|
$
|
23
|
|
|
$
|
413
|
|
|
|
$
|
17
|
|
|
$
|
412
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
Accrued liabilities
|
(239
|
)
|
|
(71
|
)
|
|
|
(180
|
)
|
|
(66
|
)
|
|
(174
|
)
|
|
|
(175
|
)
|
||||||
Noncurrent employee benefit plans
|
(4,072
|
)
|
|
(1,231
|
)
|
|
|
(3,031
|
)
|
|
(1,024
|
)
|
|
(2,346
|
)
|
|
|
(2,255
|
)
|
||||||
Net amount recognized at December 31
|
$
|
(4,288
|
)
|
|
$
|
(889
|
)
|
|
|
$
|
(3,194
|
)
|
|
$
|
(678
|
)
|
|
$
|
(2,520
|
)
|
|
|
$
|
(2,430
|
)
|
|
Pension Benefits
|
|
|
|
|||||||||||||||||||||
|
2019
|
|
|
|
2018
|
|
|
Other Benefits
|
|
||||||||||||||||
|
U.S.
|
|
|
Int’l.
|
|
|
|
U.S.
|
|
|
Int’l.
|
|
|
2019
|
|
|
|
2018
|
|
||||||
Net actuarial loss
|
$
|
5,135
|
|
|
$
|
1,269
|
|
|
|
$
|
3,694
|
|
|
$
|
955
|
|
|
$
|
74
|
|
|
|
$
|
(56
|
)
|
Prior service (credit) costs
|
5
|
|
|
102
|
|
|
|
7
|
|
|
104
|
|
|
(228
|
)
|
|
|
(256
|
)
|
||||||
Total recognized at December 31
|
$
|
5,140
|
|
|
$
|
1,371
|
|
|
|
$
|
3,701
|
|
|
$
|
1,059
|
|
|
$
|
(154
|
)
|
|
|
$
|
(312
|
)
|
|
Pension Benefits
|
|
||||||||||||||
|
2019
|
|
|
|
2018
|
|
||||||||||
|
U.S.
|
|
|
Int’l.
|
|
|
|
U.S.
|
|
|
Int’l.
|
|
||||
Projected benefit obligations
|
$
|
14,401
|
|
|
$
|
1,554
|
|
|
|
$
|
11,667
|
|
|
$
|
1,277
|
|
Accumulated benefit obligations
|
12,718
|
|
|
1,268
|
|
|
|
10,456
|
|
|
1,062
|
|
||||
Fair value of plan assets
|
10,091
|
|
|
278
|
|
|
|
8,456
|
|
|
198
|
|
|
Pension Benefits
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
2019
|
|
|
|
2018
|
|
2017
|
|
|
Other Benefits
|
|
||||||||||||||||||||||
|
U.S.
|
|
Int’l.
|
|
|
|
U.S.
|
|
Int’l.
|
|
U.S.
|
|
Int’l.
|
|
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||||||||
Net Periodic Benefit Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Service cost
|
$
|
406
|
|
$
|
139
|
|
|
|
$
|
480
|
|
$
|
141
|
|
$
|
489
|
|
$
|
151
|
|
|
$
|
36
|
|
|
|
$
|
42
|
|
|
$
|
32
|
|
Interest cost
|
397
|
|
199
|
|
|
|
370
|
|
206
|
|
366
|
|
219
|
|
|
96
|
|
|
|
94
|
|
|
95
|
|
|||||||||
Expected return on plan assets
|
(565
|
)
|
(231
|
)
|
|
|
(636
|
)
|
(253
|
)
|
(597
|
)
|
(239
|
)
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|||||||||
Amortization of prior service costs (credits)
|
2
|
|
11
|
|
|
|
2
|
|
10
|
|
(5
|
)
|
13
|
|
|
(28
|
)
|
|
|
(28
|
)
|
|
(28
|
)
|
|||||||||
Recognized actuarial losses
|
239
|
|
21
|
|
|
|
304
|
|
29
|
|
340
|
|
44
|
|
|
(3
|
)
|
|
|
15
|
|
|
(5
|
)
|
|||||||||
Settlement losses
|
259
|
|
3
|
|
|
|
411
|
|
33
|
|
436
|
|
2
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|||||||||
Curtailment losses (gains)
|
—
|
|
16
|
|
|
|
—
|
|
3
|
|
—
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|||||||||
Total net periodic benefit cost
|
738
|
|
158
|
|
|
|
931
|
|
169
|
|
1,029
|
|
190
|
|
|
101
|
|
|
|
123
|
|
|
94
|
|
|||||||||
Changes Recognized in Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net actuarial (gain) loss during period
|
1,939
|
|
338
|
|
|
|
151
|
|
12
|
|
381
|
|
(94
|
)
|
|
128
|
|
|
|
(248
|
)
|
|
284
|
|
|||||||||
Amortization of actuarial loss
|
(498
|
)
|
(24
|
)
|
|
|
(715
|
)
|
(62
|
)
|
(776
|
)
|
(46
|
)
|
|
3
|
|
|
|
(15
|
)
|
|
5
|
|
|||||||||
Prior service (credits) costs during period
|
—
|
|
29
|
|
|
|
—
|
|
23
|
|
—
|
|
1
|
|
|
(1
|
)
|
|
|
3
|
|
|
—
|
|
|||||||||
Amortization of prior service (costs) credits
|
(2
|
)
|
(30
|
)
|
|
|
(2
|
)
|
(13
|
)
|
5
|
|
(13
|
)
|
|
28
|
|
|
|
28
|
|
|
28
|
|
|||||||||
Total changes recognized in other
comprehensive income |
1,439
|
|
313
|
|
|
|
(566
|
)
|
(40
|
)
|
(390
|
)
|
(152
|
)
|
|
158
|
|
|
|
(232
|
)
|
|
317
|
|
|||||||||
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income
|
$
|
2,177
|
|
$
|
471
|
|
|
|
$
|
365
|
|
$
|
129
|
|
$
|
639
|
|
$
|
38
|
|
|
$
|
259
|
|
|
|
$
|
(109
|
)
|
|
$
|
411
|
|
|
Pension Benefits
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
Other Benefits
|
|
||||||||||
|
U.S.
|
|
Int’l.
|
|
|
|
U.S.
|
|
Int’l.
|
|
|
U.S.
|
|
Int’l.
|
|
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
Assumptions used to determine benefit obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Discount rate
|
3.1
|
%
|
3.2
|
%
|
|
|
4.2
|
%
|
4.4
|
%
|
|
3.5
|
%
|
3.9
|
%
|
|
3.2
|
%
|
|
|
4.4
|
%
|
|
3.8
|
%
|
Rate of compensation increase
|
4.5
|
%
|
4.0
|
%
|
|
|
4.5
|
%
|
4.0
|
%
|
|
4.5
|
%
|
4.0
|
%
|
|
N/A
|
|
|
|
N/A
|
|
|
N/A
|
|
Assumptions used to determine net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Discount rate for service cost
|
4.4
|
%
|
4.4
|
%
|
|
|
3.7
|
%
|
3.9
|
%
|
|
4.2
|
%
|
4.3
|
%
|
|
4.6
|
%
|
|
|
3.9
|
%
|
|
4.6
|
%
|
Discount rate for interest cost
|
3.7
|
%
|
4.4
|
%
|
|
|
3.0
|
%
|
3.9
|
%
|
|
3.0
|
%
|
4.3
|
%
|
|
4.2
|
%
|
|
|
3.5
|
%
|
|
3.8
|
%
|
Expected return on plan assets
|
6.8
|
%
|
5.6
|
%
|
|
|
6.8
|
%
|
5.5
|
%
|
|
6.8
|
%
|
5.5
|
%
|
|
N/A
|
|
|
|
N/A
|
|
|
N/A
|
|
Rate of compensation increase
|
4.5
|
%
|
4.0
|
%
|
|
|
4.5
|
%
|
4.0
|
%
|
|
4.5
|
%
|
4.5
|
%
|
|
N/A
|
|
|
|
N/A
|
|
|
N/A
|
|
|
1 Percent Increase
|
|
|
1 Percent Decrease
|
|
||
Effect on total service and interest cost components
|
$
|
20
|
|
|
$
|
(15
|
)
|
Effect on postretirement benefit obligation
|
$
|
224
|
|
|
$
|
(176
|
)
|
|
U.S.
|
|
|
|
Int’l.
|
|
||||||||||||||||||||||||||||||||||
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
NAV
|
|
|
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
NAV
|
|
||||||||||
At December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Equities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
U.S.1
|
$
|
1,110
|
|
|
$
|
1,110
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
520
|
|
|
$
|
520
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
International
|
1,631
|
|
|
1,630
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
|
521
|
|
|
520
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||||||
Collective Trusts/Mutual Funds2
|
893
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
872
|
|
|
|
152
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
143
|
|
||||||||||
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Government
|
225
|
|
|
—
|
|
|
225
|
|
|
—
|
|
|
—
|
|
|
|
254
|
|
|
97
|
|
|
157
|
|
|
—
|
|
|
—
|
|
||||||||||
Corporate
|
1,382
|
|
|
—
|
|
|
1,382
|
|
|
—
|
|
|
—
|
|
|
|
409
|
|
|
—
|
|
|
389
|
|
|
20
|
|
|
—
|
|
||||||||||
Bank Loans
|
119
|
|
|
—
|
|
|
114
|
|
|
5
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Mortgage/Asset Backed
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
||||||||||
Collective Trusts/Mutual Funds2
|
877
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
877
|
|
|
|
1,521
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
1,506
|
|
||||||||||
Mixed Funds3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
74
|
|
|
3
|
|
|
71
|
|
|
—
|
|
|
—
|
|
||||||||||
Real Estate4
|
1,065
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,065
|
|
|
|
378
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|
322
|
|
||||||||||
Alternative Investments5
|
941
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
941
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Cash and Cash Equivalents
|
212
|
|
|
208
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
|
287
|
|
|
277
|
|
|
2
|
|
|
—
|
|
|
8
|
|
||||||||||
Other6
|
76
|
|
|
(4
|
)
|
|
31
|
|
|
44
|
|
|
5
|
|
|
|
20
|
|
|
—
|
|
|
17
|
|
|
3
|
|
|
—
|
|
||||||||||
Total at December 31, 2018
|
$
|
8,532
|
|
|
$
|
2,965
|
|
|
$
|
1,758
|
|
|
$
|
49
|
|
|
$
|
3,760
|
|
|
|
$
|
4,142
|
|
|
$
|
1,441
|
|
|
$
|
642
|
|
|
$
|
80
|
|
|
$
|
1,979
|
|
At December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Equities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
U.S.1
|
$
|
1,769
|
|
|
$
|
1,769
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
471
|
|
|
$
|
471
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
International
|
1,958
|
|
|
1,958
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
422
|
|
|
421
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||||||
Collective Trusts/Mutual Funds2
|
1,079
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
1,027
|
|
|
|
184
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
178
|
|
||||||||||
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Government
|
523
|
|
|
—
|
|
|
523
|
|
|
—
|
|
|
—
|
|
|
|
265
|
|
|
144
|
|
|
121
|
|
|
—
|
|
|
—
|
|
||||||||||
Corporate
|
1,444
|
|
|
—
|
|
|
1,444
|
|
|
—
|
|
|
—
|
|
|
|
493
|
|
|
—
|
|
|
490
|
|
|
3
|
|
|
—
|
|
||||||||||
Bank Loans
|
120
|
|
|
—
|
|
|
113
|
|
|
7
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Mortgage/Asset Backed
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
||||||||||
Collective Trusts/Mutual Funds2
|
963
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
963
|
|
|
|
2,230
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
2,225
|
|
||||||||||
Mixed Funds3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
84
|
|
|
7
|
|
|
77
|
|
|
—
|
|
|
—
|
|
||||||||||
Real Estate4
|
1,089
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,089
|
|
|
|
277
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
222
|
|
||||||||||
Alternative Investments5
|
924
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
924
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Cash and Cash Equivalents
|
235
|
|
|
228
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
|
338
|
|
|
334
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||||||
Other6
|
72
|
|
|
(5
|
)
|
|
29
|
|
|
44
|
|
|
4
|
|
|
|
23
|
|
|
—
|
|
|
21
|
|
|
2
|
|
|
—
|
|
||||||||||
Total at December 31, 2019
|
$
|
10,177
|
|
|
$
|
4,002
|
|
|
$
|
2,117
|
|
|
$
|
51
|
|
|
$
|
4,007
|
|
|
|
$
|
4,791
|
|
|
$
|
1,388
|
|
|
$
|
715
|
|
|
$
|
61
|
|
|
$
|
2,627
|
|
1
|
U.S. equities include investments in the company’s common stock in the amount of $6 at December 31, 2019, and $9 at December 31, 2018.
|
2
|
Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds.
|
3
|
Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk.
|
4
|
The year-end valuations of the U.S. real estate assets are based on third-party appraisals that occur at least once a year for each property in the portfolio.
|
5
|
Alternative investments focus on market-neutral strategies that have a low expected correlation to traditional asset classes.
|
6
|
The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts (Level 3); and investments in private-equity limited partnerships (NAV).
|
|
Equity
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
International
|
|
Corporate
|
|
|
|
Bank Loans
|
|
|
|
Real Estate
|
|
|
|
Other
|
|
|
|
Total
|
|
||||||
Total at December 31, 2017
|
$
|
—
|
|
$
|
30
|
|
|
|
$
|
11
|
|
|
|
$
|
56
|
|
|
|
$
|
46
|
|
|
|
$
|
143
|
|
Actual Return on Plan Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Assets held at the reporting date
|
4
|
|
(2
|
)
|
|
|
—
|
|
|
|
13
|
|
|
|
—
|
|
|
|
15
|
|
||||||
Assets sold during the period
|
(4
|
)
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4
|
)
|
||||||
Purchases, Sales and Settlements
|
—
|
|
(7
|
)
|
|
|
(4
|
)
|
|
|
(13
|
)
|
|
|
—
|
|
|
|
(24
|
)
|
||||||
Transfers in and/or out of Level 3
|
1
|
|
—
|
|
|
|
(2
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
||||||
Total at December 31, 2018
|
$
|
1
|
|
$
|
21
|
|
|
|
$
|
5
|
|
|
|
$
|
56
|
|
|
|
$
|
46
|
|
|
|
$
|
129
|
|
Actual Return on Plan Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Assets held at the reporting date
|
(1
|
)
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
||||||
Assets sold during the period
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
||||||
Purchases, Sales and Settlements
|
—
|
|
(19
|
)
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
1
|
|
|
|
(19
|
)
|
||||||
Transfers in and/or out of Level 3
|
1
|
|
—
|
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
||||||
Total at December 31, 2019
|
$
|
1
|
|
$
|
3
|
|
|
|
$
|
7
|
|
|
|
$
|
55
|
|
|
|
$
|
46
|
|
|
|
$
|
112
|
|
|
Pension Benefits
|
|
|
Other
|
|
||||||
|
U.S.
|
|
|
Int’l.
|
|
|
Benefits
|
|
|||
2020
|
$
|
1,262
|
|
|
$
|
280
|
|
|
$
|
174
|
|
2021
|
$
|
1,176
|
|
|
$
|
602
|
|
|
$
|
170
|
|
2022
|
$
|
1,160
|
|
|
$
|
224
|
|
|
$
|
165
|
|
2023
|
$
|
1,150
|
|
|
$
|
234
|
|
|
$
|
161
|
|
2024
|
$
|
1,134
|
|
|
$
|
255
|
|
|
$
|
156
|
|
2024-2028
|
$
|
5,232
|
|
|
$
|
1,434
|
|
|
$
|
725
|
|
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|||
Balance at January 1
|
$
|
14,050
|
|
|
|
$
|
14,214
|
|
|
$
|
14,243
|
|
Liabilities incurred
|
32
|
|
|
|
96
|
|
|
684
|
|
|||
Liabilities settled
|
(1,694
|
)
|
|
|
(830
|
)
|
|
(1,721
|
)
|
|||
Accretion expense
|
628
|
|
|
|
654
|
|
|
668
|
|
|||
Revisions in estimated cash flows
|
(184
|
)
|
|
|
(84
|
)
|
|
340
|
|
|||
Balance at December 31
|
$
|
12,832
|
|
|
|
$
|
14,050
|
|
|
$
|
14,214
|
|
|
Year ended December 31
|
|
|||||||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Sales and other operating revenues
|
$
|
9,333
|
|
|
$
|
11,310
|
|
|
$
|
9,063
|
|
Costs and other deductions
|
7,863
|
|
|
9,812
|
|
|
8,126
|
|
|||
Net income attributable to CPChem
|
1,760
|
|
|
2,069
|
|
|
1,446
|
|
|
At December 31
|
|
|||||
|
2019
|
|
|
2018
|
|
||
Current assets
|
$
|
2,554
|
|
|
$
|
2,820
|
|
Other assets
|
14,314
|
|
|
13,790
|
|
||
Current liabilities
|
1,247
|
|
|
1,281
|
|
||
Other liabilities
|
3,174
|
|
|
2,892
|
|
||
Total CPChem net equity
|
$
|
12,447
|
|
|
$
|
12,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Millions of dollars, except per-share amounts
|
2019
|
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
|||||
|
Statement of Income Data
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Revenues and Other Income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total sales and other operating revenues*
|
$
|
139,865
|
|
|
|
$
|
158,902
|
|
|
$
|
134,674
|
|
|
$
|
110,215
|
|
|
$
|
129,925
|
|
|
|
Income from equity affiliates and other income
|
6,651
|
|
|
|
7,437
|
|
|
7,048
|
|
|
4,257
|
|
|
8,552
|
|
|
|||||
|
Total Revenues and Other Income
|
146,516
|
|
|
|
166,339
|
|
|
141,722
|
|
|
114,472
|
|
|
138,477
|
|
|
|||||
|
Total Costs and Other Deductions
|
140,980
|
|
|
|
145,764
|
|
|
132,501
|
|
|
116,632
|
|
|
133,635
|
|
|
|||||
|
Income Before Income Tax Expense (Benefit)
|
5,536
|
|
|
|
20,575
|
|
|
9,221
|
|
|
(2,160
|
)
|
|
4,842
|
|
|
|||||
|
Income Tax Expense (Benefit)
|
2,691
|
|
|
|
5,715
|
|
|
(48
|
)
|
|
(1,729
|
)
|
|
132
|
|
|
|||||
|
Net Income
|
2,845
|
|
|
|
14,860
|
|
|
9,269
|
|
|
(431
|
)
|
|
4,710
|
|
|
|||||
|
Less: Net income attributable to noncontrolling interests
|
(79
|
)
|
|
|
36
|
|
|
74
|
|
|
66
|
|
|
123
|
|
|
|||||
|
Net Income (Loss) Attributable to Chevron Corporation
|
$
|
2,924
|
|
|
|
$
|
14,824
|
|
|
$
|
9,195
|
|
|
$
|
(497
|
)
|
|
$
|
4,587
|
|
|
|
Per Share of Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net Income (Loss) Attributable to Chevron
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
– Basic
|
$
|
1.55
|
|
|
|
$
|
7.81
|
|
|
$
|
4.88
|
|
|
$
|
(0.27
|
)
|
|
$
|
2.46
|
|
|
|
– Diluted
|
$
|
1.54
|
|
|
|
$
|
7.74
|
|
|
$
|
4.85
|
|
|
$
|
(0.27
|
)
|
|
$
|
2.45
|
|
|
|
Cash Dividends Per Share
|
$
|
4.76
|
|
|
|
$
|
4.48
|
|
|
$
|
4.32
|
|
|
$
|
4.29
|
|
|
$
|
4.28
|
|
|
|
Balance Sheet Data (at December 31)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current assets
|
$
|
28,329
|
|
|
|
$
|
34,021
|
|
|
$
|
28,560
|
|
|
$
|
29,619
|
|
|
$
|
34,430
|
|
|
|
Noncurrent assets
|
209,099
|
|
|
|
219,842
|
|
|
225,246
|
|
|
230,459
|
|
|
230,110
|
|
|
|||||
|
Total Assets
|
237,428
|
|
|
|
253,863
|
|
|
253,806
|
|
|
260,078
|
|
|
264,540
|
|
|
|||||
|
Short-term debt
|
3,282
|
|
|
|
5,726
|
|
|
5,192
|
|
|
10,840
|
|
|
4,927
|
|
|
|||||
|
Other current liabilities
|
23,248
|
|
|
|
21,445
|
|
|
22,545
|
|
|
20,945
|
|
|
20,540
|
|
|
|||||
|
Long-term debt
|
23,691
|
|
|
|
28,733
|
|
|
33,571
|
|
|
35,286
|
|
|
33,622
|
|
|
|||||
|
Other noncurrent liabilities
|
41,999
|
|
|
|
42,317
|
|
|
43,179
|
|
|
46,285
|
|
|
51,565
|
|
|
|||||
|
Total Liabilities
|
92,220
|
|
|
|
98,221
|
|
|
104,487
|
|
|
113,356
|
|
|
110,654
|
|
|
|||||
|
Total Chevron Corporation Stockholders’ Equity
|
$
|
144,213
|
|
|
|
$
|
154,554
|
|
|
$
|
148,124
|
|
|
$
|
145,556
|
|
|
$
|
152,716
|
|
|
|
Noncontrolling interests
|
995
|
|
|
|
1,088
|
|
|
1,195
|
|
|
1,166
|
|
|
1,170
|
|
|
|||||
|
Total Equity
|
$
|
145,208
|
|
|
|
$
|
155,642
|
|
|
$
|
149,319
|
|
|
$
|
146,722
|
|
|
$
|
153,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
* Includes excise, value-added and similar taxes:
|
$
|
—
|
|
|
|
$
|
—
|
|
|
$
|
7,189
|
|
|
$
|
6,905
|
|
|
$
|
7,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|||||||||||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
||||||||||||||||
Millions of dollars
|
U.S.
|
|
Americas
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO4
|
|
Other
|
|
|||||||||
Year Ended December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Wells
|
$
|
571
|
|
$
|
44
|
|
$
|
9
|
|
$
|
2
|
|
$
|
4
|
|
$
|
4
|
|
$
|
634
|
|
|
$
|
—
|
|
$
|
—
|
|
Geological and geophysical
|
82
|
|
118
|
|
21
|
|
5
|
|
11
|
|
1
|
|
238
|
|
|
—
|
|
—
|
|
|||||||||
Other
|
140
|
|
52
|
|
35
|
|
29
|
|
44
|
|
6
|
|
306
|
|
|
—
|
|
8
|
|
|||||||||
Total exploration
|
793
|
|
214
|
|
65
|
|
36
|
|
59
|
|
11
|
|
1,178
|
|
|
—
|
|
8
|
|
|||||||||
Property acquisitions2
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Proved
|
81
|
|
34
|
|
—
|
|
93
|
|
—
|
|
—
|
|
208
|
|
|
—
|
|
—
|
|
|||||||||
Unproved
|
68
|
|
150
|
|
—
|
|
17
|
|
1
|
|
—
|
|
236
|
|
|
—
|
|
—
|
|
|||||||||
Total property acquisitions
|
149
|
|
184
|
|
—
|
|
110
|
|
1
|
|
—
|
|
444
|
|
|
—
|
|
—
|
|
|||||||||
Development3
|
7,072
|
|
1,216
|
|
279
|
|
1,020
|
|
518
|
|
199
|
|
10,304
|
|
|
5,112
|
|
158
|
|
|||||||||
Total Costs Incurred5
|
$
|
8,014
|
|
$
|
1,614
|
|
$
|
344
|
|
$
|
1,166
|
|
$
|
578
|
|
$
|
210
|
|
$
|
11,926
|
|
|
$
|
5,112
|
|
$
|
166
|
|
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Wells
|
$
|
508
|
|
$
|
74
|
|
$
|
25
|
|
$
|
55
|
|
$
|
—
|
|
$
|
14
|
|
$
|
676
|
|
|
$
|
—
|
|
$
|
—
|
|
Geological and geophysical
|
84
|
|
41
|
|
4
|
|
5
|
|
7
|
|
1
|
|
142
|
|
|
—
|
|
—
|
|
|||||||||
Other
|
190
|
|
46
|
|
35
|
|
33
|
|
49
|
|
23
|
|
376
|
|
|
—
|
|
—
|
|
|||||||||
Total exploration
|
782
|
|
161
|
|
64
|
|
93
|
|
56
|
|
38
|
|
1,194
|
|
|
—
|
|
—
|
|
|||||||||
Property acquisitions2
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Proved
|
160
|
|
—
|
|
7
|
|
117
|
|
—
|
|
—
|
|
284
|
|
|
—
|
|
—
|
|
|||||||||
Unproved
|
52
|
|
494
|
|
2
|
|
27
|
|
—
|
|
—
|
|
575
|
|
|
—
|
|
—
|
|
|||||||||
Total property acquisitions
|
212
|
|
494
|
|
9
|
|
144
|
|
—
|
|
—
|
|
859
|
|
|
—
|
|
—
|
|
|||||||||
Development3
|
6,245
|
|
856
|
|
711
|
|
1,095
|
|
845
|
|
278
|
|
10,030
|
|
|
4,963
|
|
200
|
|
|||||||||
Total Costs Incurred5
|
$
|
7,239
|
|
$
|
1,511
|
|
$
|
784
|
|
$
|
1,332
|
|
$
|
901
|
|
$
|
316
|
|
$
|
12,083
|
|
|
$
|
4,963
|
|
$
|
200
|
|
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Wells
|
$
|
479
|
|
$
|
3
|
|
$
|
1
|
|
$
|
36
|
|
$
|
—
|
|
$
|
15
|
|
$
|
534
|
|
|
$
|
—
|
|
$
|
—
|
|
Geological and geophysical
|
93
|
|
46
|
|
4
|
|
3
|
|
33
|
|
5
|
|
184
|
|
|
—
|
|
—
|
|
|||||||||
Other
|
157
|
|
32
|
|
52
|
|
60
|
|
46
|
|
128
|
|
475
|
|
|
—
|
|
—
|
|
|||||||||
Total exploration
|
729
|
|
81
|
|
57
|
|
99
|
|
79
|
|
148
|
|
1,193
|
|
|
—
|
|
—
|
|
|||||||||
Property acquisitions2
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Proved
|
64
|
|
—
|
|
—
|
|
93
|
|
—
|
|
—
|
|
157
|
|
|
—
|
|
—
|
|
|||||||||
Unproved
|
77
|
|
—
|
|
40
|
|
18
|
|
1
|
|
—
|
|
136
|
|
|
—
|
|
—
|
|
|||||||||
Total property acquisitions
|
141
|
|
—
|
|
40
|
|
111
|
|
1
|
|
—
|
|
293
|
|
|
—
|
|
—
|
|
|||||||||
Development3
|
4,346
|
|
944
|
|
1,136
|
|
1,324
|
|
2,580
|
|
121
|
|
10,451
|
|
|
3,683
|
|
147
|
|
|||||||||
Total Costs Incurred5
|
$
|
5,216
|
|
$
|
1,025
|
|
$
|
1,233
|
|
$
|
1,534
|
|
$
|
2,660
|
|
$
|
269
|
|
$
|
11,937
|
|
|
$
|
3,683
|
|
$
|
147
|
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|||||||||||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
||||||||||||||||
Millions of dollars
|
U.S.
|
|
Americas
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO2
|
|
Other
|
|
|||||||||
Year Ended December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Revenues from net production
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Sales
|
$
|
2,259
|
|
$
|
863
|
|
$
|
668
|
|
$
|
7,410
|
|
$
|
4,332
|
|
$
|
592
|
|
$
|
16,124
|
|
|
$
|
5,603
|
|
$
|
780
|
|
Transfers
|
11,043
|
|
2,160
|
|
6,534
|
|
1,311
|
|
2,596
|
|
655
|
|
24,299
|
|
|
—
|
|
—
|
|
|||||||||
Total
|
13,302
|
|
3,023
|
|
7,202
|
|
8,721
|
|
6,928
|
|
1,247
|
|
40,423
|
|
|
5,603
|
|
780
|
|
|||||||||
Production expenses excluding taxes
|
(3,567
|
)
|
(1,020
|
)
|
(1,460
|
)
|
(2,703
|
)
|
(616
|
)
|
(343
|
)
|
(9,709
|
)
|
|
(475
|
)
|
(247
|
)
|
|||||||||
Taxes other than on income
|
(595
|
)
|
(64
|
)
|
(101
|
)
|
(16
|
)
|
(221
|
)
|
(2
|
)
|
(999
|
)
|
|
(57
|
)
|
(10
|
)
|
|||||||||
Proved producing properties:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Depreciation and depletion
|
(11,659
|
)
|
(1,380
|
)
|
(2,548
|
)
|
(3,165
|
)
|
(2,192
|
)
|
(85
|
)
|
(21,029
|
)
|
|
(870
|
)
|
(211
|
)
|
|||||||||
Accretion expense3
|
(191
|
)
|
(21
|
)
|
(148
|
)
|
(133
|
)
|
(53
|
)
|
(37
|
)
|
(583
|
)
|
|
(5
|
)
|
(8
|
)
|
|||||||||
Exploration expenses
|
(293
|
)
|
(211
|
)
|
(73
|
)
|
(93
|
)
|
(60
|
)
|
(10
|
)
|
(740
|
)
|
|
—
|
|
(8
|
)
|
|||||||||
Unproved properties valuation
|
(3,268
|
)
|
(591
|
)
|
(2
|
)
|
(388
|
)
|
(2
|
)
|
—
|
|
(4,251
|
)
|
|
(4
|
)
|
—
|
|
|||||||||
Other income (expense)4
|
(51
|
)
|
(44
|
)
|
(121
|
)
|
413
|
|
53
|
|
1,373
|
|
1,623
|
|
|
1
|
|
(157
|
)
|
|||||||||
Results before income taxes
|
(6,322
|
)
|
(308
|
)
|
2,749
|
|
2,636
|
|
3,837
|
|
2,143
|
|
4,735
|
|
|
4,193
|
|
139
|
|
|||||||||
Income tax (expense) benefit
|
1,311
|
|
(27
|
)
|
(1,731
|
)
|
(1,212
|
)
|
(1,161
|
)
|
(311
|
)
|
(3,131
|
)
|
|
(1,261
|
)
|
(73
|
)
|
|||||||||
Results of Producing Operations
|
$
|
(5,011
|
)
|
$
|
(335
|
)
|
$
|
1,018
|
|
$
|
1,424
|
|
$
|
2,676
|
|
$
|
1,832
|
|
$
|
1,604
|
|
|
$
|
2,932
|
|
$
|
66
|
|
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Revenues from net production
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Sales
|
$
|
2,162
|
|
$
|
1,008
|
|
$
|
829
|
|
$
|
5,880
|
|
$
|
4,229
|
|
$
|
619
|
|
$
|
14,727
|
|
|
$
|
5,987
|
|
$
|
1,369
|
|
Transfers
|
11,645
|
|
1,808
|
|
7,829
|
|
3,206
|
|
3,413
|
|
1,071
|
|
28,972
|
|
|
—
|
|
—
|
|
|||||||||
Total
|
13,807
|
|
2,816
|
|
8,658
|
|
9,086
|
|
7,642
|
|
1,690
|
|
43,699
|
|
|
5,987
|
|
1,369
|
|
|||||||||
Production expenses excluding taxes
|
(3,203
|
)
|
(1,009
|
)
|
(1,564
|
)
|
(2,653
|
)
|
(557
|
)
|
(424
|
)
|
(9,410
|
)
|
|
(447
|
)
|
(295
|
)
|
|||||||||
Taxes other than on income
|
(540
|
)
|
(70
|
)
|
(112
|
)
|
(22
|
)
|
(250
|
)
|
(2
|
)
|
(996
|
)
|
|
160
|
|
(210
|
)
|
|||||||||
Proved producing properties:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Depreciation and depletion
|
(4,583
|
)
|
(998
|
)
|
(3,368
|
)
|
(3,714
|
)
|
(2,103
|
)
|
(411
|
)
|
(15,177
|
)
|
|
(711
|
)
|
(306
|
)
|
|||||||||
Accretion expense3
|
(186
|
)
|
(26
|
)
|
(149
|
)
|
(146
|
)
|
(50
|
)
|
(52
|
)
|
(609
|
)
|
|
(4
|
)
|
(3
|
)
|
|||||||||
Exploration expenses
|
(777
|
)
|
(191
|
)
|
(52
|
)
|
(58
|
)
|
(56
|
)
|
(41
|
)
|
(1,175
|
)
|
|
(3
|
)
|
(6
|
)
|
|||||||||
Unproved properties valuation
|
(516
|
)
|
(42
|
)
|
(3
|
)
|
(135
|
)
|
—
|
|
—
|
|
(696
|
)
|
|
—
|
|
—
|
|
|||||||||
Other income (expense)4
|
336
|
|
4
|
|
97
|
|
(33
|
)
|
31
|
|
(161
|
)
|
274
|
|
|
70
|
|
(280
|
)
|
|||||||||
Results before income taxes
|
4,338
|
|
484
|
|
3,507
|
|
2,325
|
|
4,657
|
|
599
|
|
15,910
|
|
|
5,052
|
|
269
|
|
|||||||||
Income tax (expense) benefit
|
(886
|
)
|
(400
|
)
|
(2,131
|
)
|
(1,088
|
)
|
(1,415
|
)
|
(233
|
)
|
(6,153
|
)
|
|
(1,519
|
)
|
341
|
|
|||||||||
Results of Producing Operations
|
$
|
3,452
|
|
$
|
84
|
|
$
|
1,376
|
|
$
|
1,237
|
|
$
|
3,242
|
|
$
|
366
|
|
$
|
9,757
|
|
|
$
|
3,533
|
|
$
|
610
|
|
1
|
The value of owned production consumed in operations as fuel has been eliminated from revenues and production expenses, and the related volumes have been deducted from net production in calculating the unit average sales price and production cost. This has no effect on the results of producing operations.
|
2
|
2017 and 2018 conformed to 2019 presentation.
|
3
|
Represents accretion of ARO liability. Refer to Note 23, “Asset Retirement Obligations,” on page 89.
|
4
|
Includes foreign currency gains and losses, gains and losses on property dispositions and other miscellaneous income and expenses.
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|||||||||||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
||||||||||||||||
Millions of dollars
|
U.S.
|
|
Americas
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO2
|
|
Other
|
|
|||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Revenues from net production
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Sales
|
$
|
1,548
|
|
$
|
999
|
|
$
|
487
|
|
$
|
5,381
|
|
$
|
2,061
|
|
$
|
372
|
|
$
|
10,848
|
|
|
$
|
4,509
|
|
$
|
1,218
|
|
Transfers
|
7,610
|
|
1,371
|
|
6,533
|
|
2,966
|
|
937
|
|
1,246
|
|
20,663
|
|
|
—
|
|
—
|
|
|||||||||
Total
|
9,158
|
|
2,370
|
|
7,020
|
|
8,347
|
|
2,998
|
|
1,618
|
|
31,511
|
|
|
4,509
|
|
1,218
|
|
|||||||||
Production expenses excluding taxes
|
(3,160
|
)
|
(1,021
|
)
|
(1,521
|
)
|
(2,670
|
)
|
(304
|
)
|
(415
|
)
|
(9,091
|
)
|
|
(425
|
)
|
(306
|
)
|
|||||||||
Taxes other than on income
|
(403
|
)
|
(85
|
)
|
(115
|
)
|
(11
|
)
|
(183
|
)
|
(3
|
)
|
(800
|
)
|
|
118
|
|
(121
|
)
|
|||||||||
Proved producing properties:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Depreciation and depletion
|
(5,092
|
)
|
(1,046
|
)
|
(3,531
|
)
|
(4,134
|
)
|
(1,176
|
)
|
(668
|
)
|
(15,647
|
)
|
|
(645
|
)
|
(365
|
)
|
|||||||||
Accretion expense3
|
(212
|
)
|
(23
|
)
|
(144
|
)
|
(155
|
)
|
(40
|
)
|
(60
|
)
|
(634
|
)
|
|
(3
|
)
|
(16
|
)
|
|||||||||
Exploration expenses
|
(299
|
)
|
(126
|
)
|
(65
|
)
|
(108
|
)
|
(85
|
)
|
(149
|
)
|
(832
|
)
|
|
—
|
|
—
|
|
|||||||||
Unproved properties valuation
|
(204
|
)
|
(259
|
)
|
(3
|
)
|
(52
|
)
|
—
|
|
—
|
|
(518
|
)
|
|
(3
|
)
|
—
|
|
|||||||||
Other income (expense)4
|
580
|
|
(87
|
)
|
259
|
|
273
|
|
170
|
|
(170
|
)
|
1,025
|
|
|
25
|
|
(14
|
)
|
|||||||||
Results before income taxes
|
368
|
|
(277
|
)
|
1,900
|
|
1,490
|
|
1,380
|
|
153
|
|
5,014
|
|
|
3,576
|
|
396
|
|
|||||||||
Income tax (expense) benefit
|
(88
|
)
|
(64
|
)
|
(1,199
|
)
|
(616
|
)
|
(413
|
)
|
(174
|
)
|
(2,554
|
)
|
|
(1,076
|
)
|
20
|
|
|||||||||
Results of Producing Operations
|
$
|
280
|
|
$
|
(341
|
)
|
$
|
701
|
|
$
|
874
|
|
$
|
967
|
|
$
|
(21
|
)
|
$
|
2,460
|
|
|
$
|
2,500
|
|
$
|
416
|
|
1
|
The value of owned production consumed in operations as fuel has been eliminated from revenues and production expenses, and the related volumes have been deducted from net production in calculating the unit average sales price and production cost. This has no effect on the results of producing operations.
|
2
|
2017 and 2018 conformed to 2019 presentation.
|
3
|
Represents accretion of ARO liability. Refer to Note 23, “Asset Retirement Obligations,” on page 89.
|
4
|
Includes foreign currency gains and losses, gains and losses on property dispositions and other miscellaneous income and expenses.
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|||||||||||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
||||||||||||||||
|
U.S.
|
|
Americas
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO
|
|
Other
|
|
|||||||||
Year Ended December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Average sales prices
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Liquids, per barrel
|
$
|
48.54
|
|
$
|
54.85
|
|
$
|
62.27
|
|
$
|
59.53
|
|
$
|
60.15
|
|
$
|
61.80
|
|
$
|
54.47
|
|
|
$
|
49.14
|
|
$
|
45.25
|
|
Natural gas, per thousand cubic feet
|
1.07
|
|
2.24
|
|
1.84
|
|
4.73
|
|
7.54
|
|
4.43
|
|
4.86
|
|
|
0.79
|
|
0.99
|
|
|||||||||
Average production costs, per barrel2
|
10.48
|
|
15.97
|
|
11.90
|
|
12.74
|
|
4.08
|
|
14.28
|
|
10.62
|
|
|
3.53
|
|
7.93
|
|
|||||||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Average sales prices
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Liquids, per barrel
|
$
|
58.17
|
|
$
|
58.27
|
|
$
|
69.75
|
|
$
|
63.55
|
|
$
|
68.78
|
|
$
|
66.31
|
|
$
|
62.45
|
|
|
$
|
56.20
|
|
$
|
56.41
|
|
Natural gas, per thousand cubic feet
|
1.86
|
|
2.62
|
|
2.55
|
|
4.48
|
|
8.78
|
|
7.54
|
|
5.54
|
|
|
0.77
|
|
3.19
|
|
|||||||||
Average production costs, per barrel2
|
11.18
|
|
17.32
|
|
11.29
|
|
12.15
|
|
3.95
|
|
14.21
|
|
10.78
|
|
|
3.59
|
|
9.29
|
|
|||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Average sales prices
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Liquids, per barrel
|
$
|
44.53
|
|
$
|
51.26
|
|
$
|
52.12
|
|
$
|
48.45
|
|
$
|
52.32
|
|
$
|
51.15
|
|
$
|
48.61
|
|
|
$
|
41.47
|
|
$
|
48.68
|
|
Natural gas, per thousand cubic feet
|
2.11
|
|
3.15
|
|
1.77
|
|
4.12
|
|
5.75
|
|
5.55
|
|
4.07
|
|
|
0.88
|
|
2.38
|
|
|||||||||
Average production costs, per barrel2
|
12.83
|
|
18.64
|
|
10.88
|
|
11.30
|
|
3.60
|
|
11.95
|
|
11.41
|
|
|
3.34
|
|
8.51
|
|
1
|
The value of owned production consumed in operations as fuel has been eliminated from revenues and production expenses, and the related volumes have been deducted from net production in calculating the unit average sales price and production cost. This has no effect on the results of producing operations.
|
2
|
Natural gas converted to oil-equivalent gas (OEG) barrels at a rate of 6 MCF = 1 OEG barrel.
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
||||||||||||||||||
Liquids in Millions of Barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas in Billions of Cubic Feet
|
Crude Oil
Condensate |
|
SyntheticOil
|
|
NGL
|
|
Natural
Gas |
|
|
Crude Oil
Condensate |
|
SyntheticOil
|
|
NGL
|
|
Natural
Gas |
|
|
Crude Oil
Condensate |
|
SyntheticOil
|
|
NGL
|
|
Natural
Gas |
|
Proved Developed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated Companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S.
|
1,121
|
|
—
|
|
258
|
|
2,998
|
|
|
1,061
|
|
—
|
|
179
|
|
2,396
|
|
|
909
|
|
—
|
|
122
|
|
2,096
|
|
Other Americas
|
174
|
|
540
|
|
5
|
|
397
|
|
|
156
|
|
545
|
|
3
|
|
393
|
|
|
99
|
|
543
|
|
2
|
|
398
|
|
Africa
|
525
|
|
—
|
|
67
|
|
1,472
|
|
|
568
|
|
—
|
|
60
|
|
1,316
|
|
|
610
|
|
—
|
|
54
|
|
1,276
|
|
Asia
|
406
|
|
—
|
|
—
|
|
3,382
|
|
|
470
|
|
—
|
|
—
|
|
4,021
|
|
|
529
|
|
—
|
|
—
|
|
4,463
|
|
Australia/Oceania
|
136
|
|
—
|
|
4
|
|
10,697
|
|
|
127
|
|
—
|
|
5
|
|
10,084
|
|
|
121
|
|
—
|
|
5
|
|
9,907
|
|
Europe
|
21
|
|
—
|
|
—
|
|
8
|
|
|
81
|
|
—
|
|
3
|
|
205
|
|
|
80
|
|
—
|
|
3
|
|
215
|
|
Total Consolidated
|
2,383
|
|
540
|
|
334
|
|
18,954
|
|
|
2,463
|
|
545
|
|
250
|
|
18,415
|
|
|
2,348
|
|
543
|
|
186
|
|
18,355
|
|
Affiliated Companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
TCO
|
584
|
|
—
|
|
59
|
|
1,135
|
|
|
638
|
|
—
|
|
62
|
|
1,179
|
|
|
716
|
|
—
|
|
71
|
|
1,300
|
|
Other
|
114
|
|
—
|
|
10
|
|
308
|
|
|
65
|
|
55
|
|
11
|
|
308
|
|
|
74
|
|
66
|
|
10
|
|
270
|
|
Total Consolidated and Affiliated Companies
|
3,081
|
|
540
|
|
403
|
|
20,397
|
|
|
3,166
|
|
600
|
|
323
|
|
19,902
|
|
|
3,138
|
|
609
|
|
267
|
|
19,925
|
|
Proved Undeveloped
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated Companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S.
|
807
|
|
—
|
|
244
|
|
1,730
|
|
|
813
|
|
—
|
|
349
|
|
4,313
|
|
|
664
|
|
—
|
|
221
|
|
3,084
|
|
Other Americas
|
146
|
|
—
|
|
11
|
|
339
|
|
|
185
|
|
—
|
|
19
|
|
470
|
|
|
181
|
|
—
|
|
15
|
|
397
|
|
Africa
|
88
|
|
—
|
|
33
|
|
1,286
|
|
|
110
|
|
—
|
|
38
|
|
1,499
|
|
|
133
|
|
—
|
|
42
|
|
1,630
|
|
Asia
|
107
|
|
—
|
|
—
|
|
299
|
|
|
109
|
|
—
|
|
—
|
|
289
|
|
|
102
|
|
—
|
|
—
|
|
310
|
|
Australia/Oceania
|
30
|
|
—
|
|
—
|
|
3,961
|
|
|
29
|
|
—
|
|
—
|
|
3,647
|
|
|
32
|
|
—
|
|
1
|
|
3,652
|
|
Europe
|
48
|
|
—
|
|
—
|
|
18
|
|
|
65
|
|
—
|
|
—
|
|
100
|
|
|
62
|
|
—
|
|
—
|
|
86
|
|
Total Consolidated
|
1,226
|
|
—
|
|
288
|
|
7,633
|
|
|
1,311
|
|
—
|
|
406
|
|
10,318
|
|
|
1,174
|
|
—
|
|
279
|
|
9,159
|
|
Affiliated Companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
TCO
|
889
|
|
—
|
|
44
|
|
869
|
|
|
866
|
|
—
|
|
39
|
|
755
|
|
|
914
|
|
—
|
|
48
|
|
883
|
|
Other
|
45
|
|
—
|
|
5
|
|
558
|
|
|
2
|
|
72
|
|
5
|
|
601
|
|
|
9
|
|
93
|
|
11
|
|
769
|
|
Total Consolidated and Affiliated Companies
|
2,160
|
|
—
|
|
337
|
|
9,060
|
|
|
2,179
|
|
72
|
|
450
|
|
11,674
|
|
|
2,097
|
|
93
|
|
338
|
|
10,811
|
|
Total Proved Reserves
|
5,241
|
|
540
|
|
740
|
|
29,457
|
|
|
5,345
|
|
672
|
|
773
|
|
31,576
|
|
|
5,235
|
|
702
|
|
605
|
|
30,736
|
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|
Total
Consolidated |
|
||||||||||||||||||
|
|
|
Other
|
|
|
|
|
|
Australia/
|
|
|
|
Synthetic
|
|
|
|
|
|
|
Synthetic
|
|
|
|
|
and Affiliated
|
|
Millions of barrels
|
U.S.
|
|
Americas1
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Oil2
|
|
Total
|
|
|
TCO
|
|
Oil
|
|
Other3
|
|
|
Companies
|
|
Reserves at January 1, 2017
|
1,244
|
|
219
|
|
782
|
|
720
|
|
152
|
|
135
|
|
604
|
|
3,856
|
|
|
1,781
|
|
170
|
|
93
|
|
|
5,900
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revisions
|
209
|
|
22
|
|
73
|
|
(17
|
)
|
10
|
|
29
|
|
(42
|
)
|
284
|
|
|
(52
|
)
|
—
|
|
(4
|
)
|
|
228
|
|
Improved recovery
|
9
|
|
—
|
|
7
|
|
1
|
|
—
|
|
—
|
|
—
|
|
17
|
|
|
—
|
|
—
|
|
3
|
|
|
20
|
|
Extensions and discoveries
|
323
|
|
63
|
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
390
|
|
|
—
|
|
—
|
|
—
|
|
|
390
|
|
Purchases
|
4
|
|
—
|
|
2
|
|
33
|
|
—
|
|
—
|
|
—
|
|
39
|
|
|
—
|
|
—
|
|
—
|
|
|
39
|
|
Sales
|
(51
|
)
|
(1
|
)
|
—
|
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
(54
|
)
|
|
—
|
|
—
|
|
—
|
|
|
(54
|
)
|
Production
|
(165
|
)
|
(23
|
)
|
(125
|
)
|
(104
|
)
|
(9
|
)
|
(22
|
)
|
(19
|
)
|
(467
|
)
|
|
(99
|
)
|
(11
|
)
|
(9
|
)
|
|
(586
|
)
|
Reserves at December 31, 20174
|
1,573
|
|
280
|
|
743
|
|
631
|
|
153
|
|
142
|
|
543
|
|
4,065
|
|
|
1,630
|
|
159
|
|
83
|
|
|
5,937
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revisions
|
121
|
|
59
|
|
61
|
|
37
|
|
17
|
|
19
|
|
21
|
|
335
|
|
|
(28
|
)
|
(23
|
)
|
(7
|
)
|
|
277
|
|
Improved recovery
|
5
|
|
—
|
|
—
|
|
1
|
|
—
|
|
4
|
|
—
|
|
10
|
|
|
—
|
|
—
|
|
—
|
|
|
10
|
|
Extensions and discoveries
|
359
|
|
31
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
391
|
|
|
—
|
|
—
|
|
—
|
|
|
391
|
|
Purchases
|
31
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
31
|
|
|
—
|
|
—
|
|
—
|
|
|
31
|
|
Sales
|
(26
|
)
|
—
|
|
(5
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(31
|
)
|
|
—
|
|
—
|
|
—
|
|
|
(31
|
)
|
Production
|
(189
|
)
|
(29
|
)
|
(122
|
)
|
(90
|
)
|
(14
|
)
|
(19
|
)
|
(19
|
)
|
(482
|
)
|
|
(98
|
)
|
(9
|
)
|
(9
|
)
|
|
(598
|
)
|
Reserves at December 31, 20184
|
1,874
|
|
341
|
|
678
|
|
579
|
|
156
|
|
146
|
|
545
|
|
4,319
|
|
|
1,504
|
|
127
|
|
67
|
|
|
6,017
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revisions
|
(153
|
)
|
(25
|
)
|
42
|
|
19
|
|
25
|
|
6
|
|
14
|
|
(72
|
)
|
|
75
|
|
(126
|
)
|
105
|
|
|
(18
|
)
|
Improved recovery
|
7
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7
|
|
|
—
|
|
—
|
|
—
|
|
|
7
|
|
Extensions and discoveries
|
394
|
|
39
|
|
1
|
|
1
|
|
1
|
|
2
|
|
—
|
|
438
|
|
|
—
|
|
—
|
|
—
|
|
|
438
|
|
Purchases
|
19
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
21
|
|
|
—
|
|
—
|
|
—
|
|
|
21
|
|
Sales
|
—
|
|
(4
|
)
|
—
|
|
—
|
|
—
|
|
(69
|
)
|
—
|
|
(73
|
)
|
|
—
|
|
—
|
|
—
|
|
|
(73
|
)
|
Production
|
(213
|
)
|
(33
|
)
|
(108
|
)
|
(86
|
)
|
(16
|
)
|
(16
|
)
|
(19
|
)
|
(491
|
)
|
|
(106
|
)
|
(1
|
)
|
(13
|
)
|
|
(611
|
)
|
Reserves at December 31, 20194
|
1,928
|
|
320
|
|
613
|
|
513
|
|
166
|
|
69
|
|
540
|
|
4,149
|
|
|
1,473
|
|
—
|
|
159
|
|
|
5,781
|
|
1
|
Ending reserve balances in North America were 230, 269 and 217 and in South America were 90, 72 and 63 in 2019, 2018 and 2017, respectively.
|
2
|
Reserves associated with Canada.
|
3
|
Ending reserve balances in Africa were 3, 3 and 5 and in South America were 156, 64 and 78 in 2019, 2018 and 2017, respectively.
|
4
|
Included are year-end reserve quantities related to production-sharing contracts (PSC) (refer to page E-7 for the definition of a PSC). PSC-related reserve quantities are 11 percent, 14 percent and 16 percent for consolidated companies for 2019, 2018 and 2017, respectively.
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|
Total
Consolidated |
|
||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
|
and Affiliated
|
|
|||||||
Millions of barrels
|
U.S.
|
|
Americas1
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO
|
|
Other2
|
|
|
Companies
|
|
Reserves at January 1, 2017
|
168
|
|
4
|
|
94
|
|
—
|
|
6
|
|
3
|
|
275
|
|
|
128
|
|
25
|
|
|
428
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revisions
|
71
|
|
3
|
|
6
|
|
—
|
|
1
|
|
1
|
|
82
|
|
|
(1
|
)
|
(1
|
)
|
|
80
|
|
Improved recovery
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Extensions and discoveries
|
135
|
|
11
|
|
—
|
|
—
|
|
—
|
|
—
|
|
146
|
|
|
—
|
|
—
|
|
|
146
|
|
Purchases
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Sales
|
(6
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(6
|
)
|
|
—
|
|
—
|
|
|
(6
|
)
|
Production
|
(25
|
)
|
(1
|
)
|
(4
|
)
|
—
|
|
(1
|
)
|
(1
|
)
|
(32
|
)
|
|
(8
|
)
|
(3
|
)
|
|
(43
|
)
|
Reserves at December 31, 20173
|
343
|
|
17
|
|
96
|
|
—
|
|
6
|
|
3
|
|
465
|
|
|
119
|
|
21
|
|
|
605
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revisions
|
34
|
|
1
|
|
7
|
|
—
|
|
—
|
|
1
|
|
43
|
|
|
(11
|
)
|
(3
|
)
|
|
29
|
|
Improved recovery
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Extensions and discoveries
|
173
|
|
5
|
|
—
|
|
—
|
|
—
|
|
—
|
|
178
|
|
|
—
|
|
—
|
|
|
178
|
|
Purchases
|
19
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
19
|
|
|
—
|
|
—
|
|
|
19
|
|
Sales
|
(6
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(6
|
)
|
|
—
|
|
—
|
|
|
(6
|
)
|
Production
|
(35
|
)
|
(1
|
)
|
(5
|
)
|
—
|
|
(1
|
)
|
(1
|
)
|
(43
|
)
|
|
(7
|
)
|
(2
|
)
|
|
(52
|
)
|
Reserves at December 31, 20183
|
528
|
|
22
|
|
98
|
|
—
|
|
5
|
|
3
|
|
656
|
|
|
101
|
|
16
|
|
|
773
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revisions
|
(120
|
)
|
(4
|
)
|
6
|
|
—
|
|
—
|
|
—
|
|
(118
|
)
|
|
10
|
|
2
|
|
|
(106
|
)
|
Improved recovery
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Extensions and discoveries
|
140
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
140
|
|
|
—
|
|
—
|
|
|
140
|
|
Purchases
|
5
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5
|
|
|
—
|
|
—
|
|
|
5
|
|
Sales
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2
|
)
|
(2
|
)
|
|
—
|
|
—
|
|
|
(2
|
)
|
Production
|
(51
|
)
|
(2
|
)
|
(4
|
)
|
—
|
|
(1
|
)
|
(1
|
)
|
(59
|
)
|
|
(8
|
)
|
(3
|
)
|
|
(70
|
)
|
Reserves at December 31, 20193
|
502
|
|
16
|
|
100
|
|
—
|
|
4
|
|
—
|
|
622
|
|
|
103
|
|
15
|
|
|
740
|
|
1
|
Reserves associated with North America.
|
2
|
Reserves associated with Africa.
|
3
|
Year-end reserve quantities related to production-sharing contracts (PSC) (refer to page E-7 for the definition of a PSC) are not material for 2019, 2018 and 2017, respectively.
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|
Total
Consolidated
|
|
||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
|
and Affiliated
|
|
|||||||
Billions of cubic feet (BCF)
|
U.S.
|
|
Americas1
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO
|
|
Other2
|
|
|
Companies
|
|
Reserves at January 1, 2017
|
3,676
|
|
647
|
|
2,827
|
|
5,533
|
|
12,515
|
|
234
|
|
25,432
|
|
|
2,242
|
|
1,086
|
|
|
28,760
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revisions
|
670
|
|
39
|
|
184
|
|
65
|
|
1,545
|
|
143
|
|
2,646
|
|
|
87
|
|
48
|
|
|
2,781
|
|
Improved recovery
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3
|
|
|
—
|
|
—
|
|
|
3
|
|
Extensions and discoveries
|
1,361
|
|
319
|
|
—
|
|
2
|
|
—
|
|
—
|
|
1,682
|
|
|
—
|
|
—
|
|
|
1,682
|
|
Purchases
|
1
|
|
—
|
|
2
|
|
46
|
|
—
|
|
—
|
|
49
|
|
|
—
|
|
—
|
|
|
49
|
|
Sales
|
(177
|
)
|
(129
|
)
|
—
|
|
(31
|
)
|
—
|
|
—
|
|
(337
|
)
|
|
—
|
|
—
|
|
|
(337
|
)
|
Production3
|
(354
|
)
|
(81
|
)
|
(107
|
)
|
(842
|
)
|
(501
|
)
|
(76
|
)
|
(1,961
|
)
|
|
(146
|
)
|
(95
|
)
|
|
(2,202
|
)
|
Reserves at December 31, 20174
|
5,180
|
|
795
|
|
2,906
|
|
4,773
|
|
13,559
|
|
301
|
|
27,514
|
|
|
2,183
|
|
1,039
|
|
|
30,736
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revisions
|
258
|
|
(3
|
)
|
25
|
|
347
|
|
1,012
|
|
68
|
|
1,707
|
|
|
(108
|
)
|
(38
|
)
|
|
1,561
|
|
Improved recovery
|
2
|
|
2
|
|
—
|
|
—
|
|
1
|
|
—
|
|
5
|
|
|
—
|
|
—
|
|
|
5
|
|
Extensions and discoveries
|
1,627
|
|
138
|
|
—
|
|
5
|
|
—
|
|
1
|
|
1,771
|
|
|
—
|
|
3
|
|
|
1,774
|
|
Purchases
|
144
|
|
—
|
|
1
|
|
—
|
|
—
|
|
—
|
|
145
|
|
|
—
|
|
—
|
|
|
145
|
|
Sales
|
(125
|
)
|
—
|
|
(5
|
)
|
—
|
|
—
|
|
—
|
|
(130
|
)
|
|
—
|
|
—
|
|
|
(130
|
)
|
Production3
|
(377
|
)
|
(69
|
)
|
(112
|
)
|
(815
|
)
|
(841
|
)
|
(65
|
)
|
(2,279
|
)
|
|
(141
|
)
|
(95
|
)
|
|
(2,515
|
)
|
Reserves at December 31, 20184
|
6,709
|
|
863
|
|
2,815
|
|
4,310
|
|
13,731
|
|
305
|
|
28,733
|
|
|
1,934
|
|
909
|
|
|
31,576
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revisions
|
(2,565
|
)
|
(107
|
)
|
46
|
|
165
|
|
1,732
|
|
3
|
|
(726
|
)
|
|
223
|
|
39
|
|
|
(464
|
)
|
Improved recovery
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Extensions and discoveries
|
1,008
|
|
49
|
|
—
|
|
5
|
|
93
|
|
1
|
|
1,156
|
|
|
—
|
|
20
|
|
|
1,176
|
|
Purchases
|
24
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
24
|
|
|
—
|
|
—
|
|
|
24
|
|
Sales
|
(1
|
)
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
(240
|
)
|
(243
|
)
|
|
—
|
|
—
|
|
|
(243
|
)
|
Production3
|
(447
|
)
|
(67
|
)
|
(103
|
)
|
(799
|
)
|
(898
|
)
|
(43
|
)
|
(2,357
|
)
|
|
(153
|
)
|
(102
|
)
|
|
(2,612
|
)
|
Reserves at December 31, 20194
|
4,728
|
|
736
|
|
2,758
|
|
3,681
|
|
14,658
|
|
26
|
|
26,587
|
|
|
2,004
|
|
866
|
|
|
29,457
|
|
1
|
Ending reserve balances in North America and South America were 462, 582, 478 and 274, 281, 317 in 2019, 2018 and 2017, respectively.
|
2
|
Ending reserve balances in Africa and South America were 802, 799, 899 and 64, 110, 140 in 2019, 2018 and 2017, respectively.
|
3
|
Total “as sold” volumes are 2,379, 2,289 and 1,995 for 2019, 2018 and 2017, respectively.
|
4
|
Includes reserve quantities related to production-sharing contracts (PSC) (refer to page E-7 for the definition of a PSC). PSC-related reserve quantities are 10 percent, 10 percent and 12 percent for consolidated companies for 2019, 2018 and 2017, respectively.
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|
Total
Consolidated |
|
||||||||||||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
|
and Affiliated
|
|
|||||||||||||||||
Millions of dollars
|
U.S.
|
|
Americas
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO
|
|
Other
|
|
|
Companies
|
|
||||||||||
At December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Future cash inflows from production
|
$
|
122,012
|
|
$
|
45,701
|
|
$
|
45,706
|
|
$
|
43,386
|
|
$
|
95,845
|
|
$
|
4,466
|
|
$
|
357,116
|
|
|
$
|
85,179
|
|
$
|
12,309
|
|
|
$
|
454,604
|
|
Future production costs
|
(32,349
|
)
|
(18,324
|
)
|
(17,982
|
)
|
(14,646
|
)
|
(14,141
|
)
|
(1,428
|
)
|
(98,870
|
)
|
|
(22,302
|
)
|
(2,487
|
)
|
|
(123,659
|
)
|
||||||||||
Future development costs
|
(15,987
|
)
|
(4,219
|
)
|
(3,643
|
)
|
(5,070
|
)
|
(5,458
|
)
|
(341
|
)
|
(34,718
|
)
|
|
(14,340
|
)
|
(705
|
)
|
|
(49,763
|
)
|
||||||||||
Future income taxes
|
(15,780
|
)
|
(6,491
|
)
|
(17,562
|
)
|
(11,147
|
)
|
(22,874
|
)
|
(1,078
|
)
|
(74,932
|
)
|
|
(14,561
|
)
|
(3,855
|
)
|
|
(93,348
|
)
|
||||||||||
Undiscounted future net cash flows
|
57,896
|
|
16,667
|
|
6,519
|
|
12,523
|
|
53,372
|
|
1,619
|
|
148,596
|
|
|
33,976
|
|
5,262
|
|
|
187,834
|
|
||||||||||
10 percent midyear annual discount for timing of estimated cash flows
|
(26,422
|
)
|
(9,312
|
)
|
(1,629
|
)
|
(3,652
|
)
|
(26,536
|
)
|
(650
|
)
|
(68,201
|
)
|
|
(16,990
|
)
|
(2,096
|
)
|
|
(87,287
|
)
|
||||||||||
Standardized Measure
Net Cash Flows
|
$
|
31,474
|
|
$
|
7,355
|
|
$
|
4,890
|
|
$
|
8,871
|
|
$
|
26,836
|
|
$
|
969
|
|
$
|
80,395
|
|
|
$
|
16,986
|
|
$
|
3,166
|
|
|
$
|
100,547
|
|
At December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Future cash inflows from production
|
$
|
132,512
|
|
$
|
52,470
|
|
$
|
56,856
|
|
$
|
54,012
|
|
$
|
109,116
|
|
$
|
11,959
|
|
$
|
416,925
|
|
|
$
|
100,518
|
|
$
|
16,928
|
|
|
$
|
534,371
|
|
Future production costs
|
(34,679
|
)
|
(20,691
|
)
|
(18,850
|
)
|
(17,359
|
)
|
(16,296
|
)
|
(6,609
|
)
|
(114,484
|
)
|
|
(24,580
|
)
|
(4,665
|
)
|
|
(143,729
|
)
|
||||||||||
Future development costs
|
(17,322
|
)
|
(5,106
|
)
|
(4,112
|
)
|
(5,494
|
)
|
(7,757
|
)
|
(1,393
|
)
|
(41,184
|
)
|
|
(14,069
|
)
|
(1,692
|
)
|
|
(56,945
|
)
|
||||||||||
Future income taxes
|
(17,369
|
)
|
(7,553
|
)
|
(23,593
|
)
|
(14,514
|
)
|
(25,519
|
)
|
(1,676
|
)
|
(90,224
|
)
|
|
(18,561
|
)
|
(4,496
|
)
|
|
(113,281
|
)
|
||||||||||
Undiscounted future net cash flows
|
63,142
|
|
19,120
|
|
10,301
|
|
16,645
|
|
59,544
|
|
2,281
|
|
171,033
|
|
|
43,308
|
|
6,075
|
|
|
220,416
|
|
||||||||||
10 percent midyear annual discount for timing of estimated cash flows
|
(29,103
|
)
|
(11,136
|
)
|
(2,646
|
)
|
(4,822
|
)
|
(28,276
|
)
|
(419
|
)
|
(76,402
|
)
|
|
(22,025
|
)
|
(2,662
|
)
|
|
(101,089
|
)
|
||||||||||
Standardized Measure
Net Cash Flows
|
$
|
34,039
|
|
$
|
7,984
|
|
$
|
7,655
|
|
$
|
11,823
|
|
$
|
31,268
|
|
$
|
1,862
|
|
$
|
94,631
|
|
|
$
|
21,283
|
|
$
|
3,413
|
|
|
$
|
119,327
|
|
At December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Future cash inflows from production
|
$
|
94,086
|
|
$
|
43,175
|
|
$
|
47,828
|
|
$
|
47,809
|
|
$
|
77,557
|
|
$
|
8,800
|
|
$
|
319,255
|
|
|
$
|
80,090
|
|
$
|
13,632
|
|
|
$
|
412,977
|
|
Future production costs
|
(29,049
|
)
|
(20,044
|
)
|
(18,124
|
)
|
(18,640
|
)
|
(12,315
|
)
|
(6,345
|
)
|
(104,517
|
)
|
|
(22,050
|
)
|
(4,635
|
)
|
|
(131,202
|
)
|
||||||||||
Future development costs
|
(10,849
|
)
|
(5,102
|
)
|
(3,808
|
)
|
(4,755
|
)
|
(6,682
|
)
|
(1,114
|
)
|
(32,310
|
)
|
|
(17,564
|
)
|
(1,760
|
)
|
|
(51,634
|
)
|
||||||||||
Future income taxes
|
(10,803
|
)
|
(5,158
|
)
|
(17,845
|
)
|
(10,901
|
)
|
(17,568
|
)
|
(615
|
)
|
(62,890
|
)
|
|
(12,143
|
)
|
(3,250
|
)
|
|
(78,283
|
)
|
||||||||||
Undiscounted future net cash flows
|
43,385
|
|
12,871
|
|
8,051
|
|
13,513
|
|
40,992
|
|
726
|
|
119,538
|
|
|
28,333
|
|
3,987
|
|
|
151,858
|
|
||||||||||
10 percent midyear annual discount for timing of estimated cash flows
|
(19,781
|
)
|
(8,483
|
)
|
(2,058
|
)
|
(3,846
|
)
|
(19,730
|
)
|
207
|
|
(53,691
|
)
|
|
(16,310
|
)
|
(1,844
|
)
|
|
(71,845
|
)
|
||||||||||
Standardized Measure
Net Cash Flows
|
$
|
23,604
|
|
$
|
4,388
|
|
$
|
5,993
|
|
$
|
9,667
|
|
$
|
21,262
|
|
$
|
933
|
|
$
|
65,847
|
|
|
$
|
12,023
|
|
$
|
2,143
|
|
|
$
|
80,013
|
|
|
|
|
|
|
|
|
Total Consolidated and
|
|
||||||
Millions of dollars
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|
Affiliated Companies
|
|
||||||
Present Value at January 1, 2017
|
|
$
|
42,355
|
|
|
|
$
|
9,714
|
|
|
|
$
|
52,069
|
|
Sales and transfers of oil and gas produced net of production costs
|
|
(21,505
|
)
|
|
|
(5,234
|
)
|
|
|
(26,739
|
)
|
|||
Development costs incurred
|
|
9,417
|
|
|
|
3,721
|
|
|
|
13,138
|
|
|||
Purchases of reserves
|
|
105
|
|
|
|
—
|
|
|
|
105
|
|
|||
Sales of reserves
|
|
(1,148
|
)
|
|
|
—
|
|
|
|
(1,148
|
)
|
|||
Extensions, discoveries and improved recovery less related costs
|
|
3,716
|
|
|
|
—
|
|
|
|
3,716
|
|
|||
Revisions of previous quantity estimates
|
|
11,132
|
|
|
|
(1,085
|
)
|
|
|
10,047
|
|
|||
Net changes in prices, development and production costs
|
|
28,754
|
|
|
|
8,013
|
|
|
|
36,767
|
|
|||
Accretion of discount
|
|
6,116
|
|
|
|
1,398
|
|
|
|
7,514
|
|
|||
Net change in income tax
|
|
(13,095
|
)
|
|
|
(2,361
|
)
|
|
|
(15,456
|
)
|
|||
Net Change for 2017
|
|
23,492
|
|
|
|
4,452
|
|
|
|
27,944
|
|
|||
Present Value at December 31, 2017
|
|
$
|
65,847
|
|
|
|
$
|
14,166
|
|
|
|
$
|
80,013
|
|
Sales and transfers of oil and gas produced net of production costs
|
|
(33,535
|
)
|
|
|
(6,813
|
)
|
|
|
(40,348
|
)
|
|||
Development costs incurred
|
|
9,723
|
|
|
|
5,044
|
|
|
|
14,767
|
|
|||
Purchases of reserves
|
|
99
|
|
|
|
—
|
|
|
|
99
|
|
|||
Sales of reserves
|
|
(622
|
)
|
|
|
—
|
|
|
|
(622
|
)
|
|||
Extensions, discoveries and improved recovery less related costs
|
|
5,503
|
|
|
|
14
|
|
|
|
5,517
|
|
|||
Revisions of previous quantity estimates
|
|
15,480
|
|
|
|
(2,255
|
)
|
|
|
13,225
|
|
|||
Net changes in prices, development and production costs
|
|
39,241
|
|
|
|
17,251
|
|
|
|
56,492
|
|
|||
Accretion of discount
|
|
9,413
|
|
|
|
2,084
|
|
|
|
11,497
|
|
|||
Net change in income tax
|
|
(16,518
|
)
|
|
|
(4,795
|
)
|
|
|
(21,313
|
)
|
|||
Net Change for 2018
|
|
28,784
|
|
|
|
10,530
|
|
|
|
39,314
|
|
|||
Present Value at December 31, 2018
|
|
$
|
94,631
|
|
|
|
$
|
24,696
|
|
|
|
$
|
119,327
|
|
Sales and transfers of oil and gas produced net of production costs
|
|
(29,436
|
)
|
|
|
(5,823
|
)
|
|
|
(35,259
|
)
|
|||
Development costs incurred
|
|
10,497
|
|
|
|
5,120
|
|
|
|
15,617
|
|
|||
Purchases of reserves
|
|
406
|
|
|
|
—
|
|
|
|
406
|
|
|||
Sales of reserves
|
|
(579
|
)
|
|
|
—
|
|
|
|
(579
|
)
|
|||
Extensions, discoveries and improved recovery less related costs
|
|
5,697
|
|
|
|
43
|
|
|
|
5,740
|
|
|||
Revisions of previous quantity estimates
|
|
621
|
|
|
|
2,122
|
|
|
|
2,743
|
|
|||
Net changes in prices, development and production costs
|
|
(25,056
|
)
|
|
|
(11,637
|
)
|
|
|
(36,693
|
)
|
|||
Accretion of discount
|
|
13,538
|
|
|
|
3,584
|
|
|
|
17,122
|
|
|||
Net change in income tax
|
|
10,077
|
|
|
|
2,046
|
|
|
|
12,123
|
|
|||
Net Change for 2019
|
|
(14,235
|
)
|
|
|
(4,545
|
)
|
|
|
(18,780
|
)
|
|||
Present Value at December 31, 2019
|
|
$
|
80,396
|
|
|
|
$
|
20,151
|
|
|
|
$
|
100,547
|
|
(a)
|
The following documents are filed as part of this report:
|
|
Page(s)
|
57 to 90
|
|
Year ended December 31
|
|
|||||||
Millions of Dollars
|
2019
|
|
2018
|
|
2017
|
|
|||
Employee Termination Benefits
|
|
|
|
||||||
Balance at January 1
|
$
|
19
|
|
$
|
62
|
|
$
|
111
|
|
Additions (reductions) charged to expense
|
6
|
|
5
|
|
20
|
|
|||
Payments
|
(18
|
)
|
(48
|
)
|
(69
|
)
|
|||
Balance at December 31
|
$
|
7
|
|
$
|
19
|
|
$
|
62
|
|
Allowance for Doubtful Accounts
|
|
|
|
||||||
Balance at January 1
|
$
|
980
|
|
$
|
606
|
|
$
|
487
|
|
Additions (reductions)
|
(128
|
)
|
379
|
|
128
|
|
|||
Bad debt write-offs
|
(3
|
)
|
(5
|
)
|
(9
|
)
|
|||
Balance at December 31
|
$
|
849
|
|
$
|
980
|
|
$
|
606
|
|
Deferred Income Tax Valuation Allowance*
|
|
|
|
||||||
Balance at January 1
|
$
|
15,973
|
|
$
|
16,574
|
|
$
|
16,069
|
|
Additions to deferred income tax expense
|
1,336
|
|
2,000
|
|
2,681
|
|
|||
Reduction of deferred income tax expense
|
(1,344
|
)
|
(2,601
|
)
|
(2,176
|
)
|
|||
Balance at December 31
|
$
|
15,965
|
|
$
|
15,973
|
|
$
|
16,574
|
|
Exhibit No.
|
Description
|
3.1
|
|
3.2
|
|
4.1
|
Indenture, dated as of June 15, 1995, filed as Exhibit 4.1 to Chevron Corporation’s Amendment Number 1 to Registration Statement on Form S-3 filed June 14, 1995, and incorporated herein by reference.
|
4.2
|
|
4.3
|
|
4.4*
|
|
10.1+
|
|
10.2+
|
|
10.3+
|
|
10.4+
|
|
10.5+
|
|
10.6+
|
|
10.7+*
|
|
10.8+
|
|
10.9+
|
|
10.10+
|
|
10.11+
|
|
10.12+
|
|
10.13+*
|
Exhibit No.
|
Description
|
10.14+
|
|
10.15+
|
|
10.16+
|
|
10.17+
|
|
10.18+
|
|
10.19+
|
|
21.1*
|
|
23.1*
|
|
23.2*
|
|
24.1*
|
|
31.1*
|
|
31.2*
|
|
32.1**
|
|
32.2**
|
|
99.1*
|
|
99.2*
|
|
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.
|
**
|
Furnished herewith.
|
|
Chevron Corporation
|
By:
|
/s/ MICHAEL K. WIRTH
|
|
Michael K. Wirth, Chairman of the Board
and Chief Executive Officer |
Principal Executive Officer
|
(and Director)
|
|
/s/ MICHAEL K. WIRTH
Michael K. Wirth, Chairman of the Board and Chief Executive Officer |
|
|
Principal Financial Officer
|
|
/s/ PIERRE R. BREBER
Pierre R. Breber, Vice President and Chief Financial Officer |
|
Principal Accounting Officer
|
|
/s/ DAVID A. INCHAUSTI
David A. Inchausti, Vice President and Comptroller |
|
*By: /s/ MARY A. FRANCIS
Mary A. Francis, Attorney-in-Fact |
Directors
|
|
WANDA M. AUSTIN*
Wanda M. Austin |
|
JOHN B. FRANK*
John B. Frank |
|
ALICE P. GAST*
Alice P. Gast |
|
ENRIQUE HERNANDEZ, JR.*
Enrique Hernandez, Jr. |
|
CHARLES W. MOORMAN IV*
Charles W. Moorman IV |
|
DAMBISA F. MOYO*
Dambisa F. Moyo |
|
DEBRA REED-KLAGES*
Debra Reed-Klages |
|
RONALD D. SUGAR*
Ronald D. Sugar |
|
D. JAMES UMPLEBY III*
D. James Umpleby III |
|
|
|
|
|
|
Corporate Performance
Rating
|
X
|
Individual Bonus Component
(salary x individual bonus percentage)
|
•
|
Before the beginning of each performance year, for each NEO, the Committee establishes a target as a percentage of the NEO’s base salary, which is set with reference to target opportunities found across Chevron’s Oil Industry Peer Group. The Committee then establishes an individual opportunity range (“Individual Opportunity Range”), which for the 2020 performance year, the Committee set as 75 to 125 percent of the target. All CIP participants in the same salary grade have the same target and Individual Opportunity Range, which provides for internal equity and consistency.
|
•
|
At the end of the performance period, the Committee determines the Individual Bonus Component for each NEO by selecting a percentage within such NEO’s Individual Opportunity Range based on an assessment of individual performance. In making this assessment, the Committee uses its judgment in analyzing the individual performance of each NEO, his or her enterprise and business unit leadership, and how the business units reporting to the NEO performed. Under extraordinary circumstances, the bonus percentage may be adjusted upward or downward, including to zero percent, for a particular performance year for any CIP participant at the sole discretion of the Committee.
|
|
Chevron Corporation
Long-Term Incentive Plan Award
Stock Appreciation Rights
|
|
1.
|
NOTICE OF STOCK APPRECIATION RIGHTS AWARD.
|
2.
|
TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS AWARD.
|
a.
|
Termination in a Non-European Union Payroll Country
|
i.
|
If your employment Terminates prior to [DATE] of the year following the Grant Date, then all Stock Appreciation Rights will be forfeited as of your date of Termination.
|
ii.
|
If your employment Terminates on or after [DATE] of the year following the Grant Date and if, upon Termination, you are at least age 65, have at least 90 points (sum of age and service at Termination), or have retired due to Mandatory Retirement, then one hundred percent (100%) of the Stock Appreciation Rights Award will vest as of your date of Termination. The vested portion of your Stock Appreciation Rights Award will be exercisable until the Expiration Date as described in Section 1.6.
|
iii.
|
If your employment Terminates on or after [DATE] of the year following the Grant Date and if, upon Termination you are at least age 60 or have at least 75 points (sum of age and service at Termination, then a portion of the Stock Appreciation Rights Award will vest as follows: the vested portion of your Stock Appreciation Rights Award is determined by multiplying the number of Stock Appreciation Rights granted by the number of completed months from the Grant Date to your termination date, up to a maximum of 36 months, divided by 36 months. The unvested portion of your Stock Appreciation Rights Award will be forfeited as of your date of Termination. The vested portion of your Stock Appreciation Rights Award will be exercisable until the earlier of the last day that the NYSE is open that is no more than five years after your Termination date or the Expiration Date as described in Section 1.6.
|
iv.
|
If your employment Terminates on or after [DATE] of the year following the Grant Date and if, upon Termination you are less than age 60 or have less than 75 points (sum of age and service at Termination), then the unvested portion of your Stock Appreciation Rights Award will be forfeited as of your date of Termination. The vested portion of your Stock Appreciation Rights Award will be exercisable until the earlier of the last day that the NYSE is open that is no more than 180 days after your termination date or the Expiration Date as described in Section 1.6.
|
v.
|
Notwithstanding the foregoing, one hundred percent (100%) of the Stock Appreciation Rights Award will vest if you Terminate employment after a Change in Control and are eligible for a severance pay benefit under the Chevron Corporation Change in Control Surplus Employee Severance Program for LTIP Eligible Participants in Salary Grades 43 and Below, as may be amended. The vested portion of your Stock Appreciation Rights Award will be exercisable until the Expiration Date as described in Section 1.6.
|
b.
|
Termination in a European Union Payroll1 Country
|
i.
|
If your employment Terminates prior to [DATE] of the year following the Grant Date, then all Stock Appreciation Rights will be forfeited as of your date of Termination.
|
ii.
|
If your employment Terminates on or after [DATE] of the year following the Grant Date and if, upon Termination, you have at least 30 years of service: Your Stock Appreciation Rights Award will continue to vest according to the Vesting Schedule as described under Section 1.5. The vested portion of your Stock Appreciation Rights Award will be exercisable until the Expiration Date as described in Section 1.6.
|
iii.
|
If your employment Terminates on or after [DATE] of the year following the Grant Date and if, upon Termination you have at least 25 years of service but less than 30 years of service, then: the unvested Stock Appreciation Rights will be forfeited as of your date of Termination. The vested portion of your Stock Appreciation Rights Award will be exercisable until the earlier of, the last day that the NYSE is open that is no more than five years after your Termination date or the Expiration Date as described in Section 1.6.
|
iv.
|
If your employment Terminates on or after [DATE] of the year following the Grant Date and if, upon Termination you have less than 25 years of service, then any unvested Stock Appreciation Rights are forfeited as of your date of Termination. The vested portion of your Stock Appreciation Rights Award will be exercisable until the earlier of the last day that the NYSE is open that is no more than 180 days after your termination date or, the Expiration Date as described in Section 1.6.
|
v.
|
Notwithstanding the foregoing, one hundred percent (100%) of the Stock Appreciation Rights Award will vest if you Terminate employment after a Change in Control and are eligible for a severance pay benefit under the Chevron Corporation Change in Control Surplus Employee Severance Program for LTIP Eligible Participants in Salary Grades 43 and Below, as may be amended. The vested portion of your Stock Appreciation Rights Award will be exercisable until the Expiration Date as described in Section 1.6.
|
|
Name of Subsidiary
|
State, Province or Country in Which Organized
|
Cabinda Gulf Oil Company Limited
|
Bermuda
|
Chevron Argentina S.R.L.
|
Argentina
|
Chevron Australia Pty Ltd.
|
Australia
|
Chevron Australia Holdings Pty Ltd.
|
Australia
|
Chevron Canada Limited
|
Canada
|
Chevron Global Energy Inc.
|
Delaware
|
Chevron Global Technology Services Company
|
Delaware
|
Chevron Investments Inc.
|
Delaware
|
Chevron LNG Shipping Company Limited
|
Bermuda
|
Chevron Malampaya LLC
|
Delaware
|
Chevron Nigeria Limited
|
Nigeria
|
Chevron Overseas Company
|
Delaware
|
Chevron (Overseas) Holdings Limited
|
Delaware
|
Chevron Overseas Petroleum Limited
|
Bahamas
|
Chevron Petroleum Company
|
New Jersey
|
Chevron Petroleum Limited
|
Bermuda
|
Chevron Petroleum Nigeria Limited
|
Nigeria
|
Chevron Philippines Inc.
|
Philippines
|
Chevron Thailand Exploration and Production, Ltd.
|
Bermuda
|
Chevron (Thailand) Limited
|
Bahamas
|
Chevron Thailand LLC
|
Delaware
|
Chevron U.S.A. Holdings Inc.
|
Delaware
|
Chevron U.S.A. Inc.
|
Pennsylvania
|
Chevron Venezuela Holdings LLC
|
Delaware
|
PT Chevron Pacific Indonesia
|
Indonesia
|
Saudi Arabian Chevron Inc.
|
Delaware
|
Star Petroleum Refining Public Company Limited
|
Thailand
|
Texaco Inc.
|
Delaware
|
Texaco Overseas Holdings Inc.
|
Delaware
|
Texaco Venezuela Holdings (I) Company
|
Delaware
|
Union Oil Company of California
|
California
|
Unocal Corporation
|
Delaware
|
Unocal International Corporation
|
Nevada
|
1
|
All of the subsidiaries in the above list are wholly owned, either directly or indirectly, by Chevron Corporation. Certain subsidiaries are not listed since, considered in the aggregate as a single subsidiary, they would not constitute a significant subsidiary at December 31, 2019.
|
/s/ Wanda M. Austin
|
|
|
|
/s/ Debra Reed-Klages
|
Wanda M. Austin
|
|
|
|
Debra Reed-Klages
|
|
|
|
|
|
/s/ John B. Frank
|
|
|
|
/s/ Ronald D. Sugar
|
John B. Frank
|
|
|
|
Ronald D. Sugar
|
|
|
|
|
|
/s/ Alice P. Gast
|
|
|
|
/s/ D. James Umpleby III
|
Alice P. Gast
|
|
|
|
D. James Umpleby III
|
|
|
|
|
|
/s/ Enrique Hernandez, Jr.
|
|
|
|
/s/ Michael K. Wirth
|
Enrique Hernandez, Jr.
|
|
|
|
Michael K. Wirth
|
|
|
|
|
|
/s/ Charles W. Moorman IV
|
|
|
|
|
Charles W. Moorman IV
|
|
|
|
|
|
|
|
|
|
/s/ Dambisa F. Moyo
|
|
|
|
|
Dambisa F. Moyo
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of Chevron Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/S/ MICHAEL K. WIRTH
|
Michael K. Wirth
Chairman of the Board and
Chief Executive Officer
|
1.
|
I have reviewed this Annual Report on Form 10-K of Chevron Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/S/ PIERRE R. BREBER
|
Pierre R. Breber
Vice President and
Chief Financial Officer
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/S/ MICHAEL K. WIRTH
|
Michael K. Wirth
Chairman of the Board and
Chief Executive Officer
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/S/ PIERRE R. BREBER
|
Pierre R. Breber
Vice President and
Chief Financial Officer
|
|
|
|
|
|
|
|
|
||||||
|
|
Year ended December 31
|
|
|
|||||||||
|
|
|
|
|
|
Unaudited
|
|
|
|||||
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
|||
|
Revenues and Other Income
|
|
|
|
|
|
|
||||||
|
Sales and other operating revenues to related parties
|
$
|
6,839,529
|
|
|
$
|
9,177,474
|
|
|
$
|
6,167,285
|
|
|
|
Sales and other operating revenues to other parties
|
9,441,212
|
|
|
8,082,909
|
|
|
7,195,464
|
|
|
|||
|
Total Sales and Other Operating Revenues
|
16,280,741
|
|
|
17,260,383
|
|
|
13,362,749
|
|
|
|||
|
Other income
|
28,390
|
|
|
55,145
|
|
|
59,187
|
|
|
|||
|
Total Revenues and Other Income
|
16,309,131
|
|
|
17,315,528
|
|
|
13,421,936
|
|
|
|||
|
Costs and Other Deductions
|
|
|
|
|
|
|
||||||
|
Production and operating expenses
|
6,164,912
|
|
|
5,774,749
|
|
|
4,969,185
|
|
|
|||
|
Depreciation, depletion and amortization
|
1,738,124
|
|
|
1,415,633
|
|
|
1,281,370
|
|
|
|||
|
Total Costs and Other Deductions
|
7,903,036
|
|
|
7,190,382
|
|
|
6,250,555
|
|
|
|||
|
Income Before Income Tax Expense
|
8,406,095
|
|
|
10,125,146
|
|
|
7,171,381
|
|
|
|||
|
Income Tax Expense
|
2,521,829
|
|
|
3,037,543
|
|
|
2,151,414
|
|
|
|||
|
Net Income
|
$
|
5,884,266
|
|
|
$
|
7,087,603
|
|
|
$
|
5,019,967
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Year ended December 31
|
|
|
|||||
|
|
2019
|
|
|
2018
|
|
|
||
|
Assets
|
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
117,954
|
|
|
$
|
530,620
|
|
|
|
Accounts receivable, net of allowances
|
1,391,801
|
|
|
1,007,200
|
|
|
||
|
Inventories
|
437,487
|
|
|
379,111
|
|
|
||
|
Prepaid expenses and other current assets
|
538,606
|
|
|
759,984
|
|
|
||
|
Total Current Assets
|
2,485,848
|
|
|
2,676,915
|
|
|
||
|
Long-term receivables, net
|
40,483
|
|
|
38,639
|
|
|
||
|
Properties, plant and equipment, net
|
44,205,701
|
|
|
35,529,730
|
|
|
||
|
Total Assets
|
$
|
46,732,032
|
|
|
$
|
38,245,284
|
|
|
|
Liabilities and Equity
|
|
|
|
|
||||
|
Accounts payable
|
$
|
632,239
|
|
|
491,752
|
|
|
|
|
Accrued liabilities
|
2,244,629
|
|
|
2,769,899
|
|
|
||
|
Income tax payable
|
286,112
|
|
|
229,046
|
|
|
||
|
Total Current Liabilities
|
3,162,980
|
|
|
3,490,697
|
|
|
||
|
Long-term debt
|
6,700,000
|
|
|
4,000,000
|
|
|
||
|
Deferred tax liabilities
|
2,416,201
|
|
|
2,366,066
|
|
|
||
|
Other non-current obligations
|
383,273
|
|
|
203,209
|
|
|
||
|
Total Liabilities *
|
$
|
12,662,454
|
|
|
$
|
10,059,972
|
|
|
|
Charter fund
|
50,000
|
|
|
50,000
|
|
|
||
|
Retained earnings
|
34,019,578
|
|
|
28,135,312
|
|
|
||
|
Total Equity
|
34,069,578
|
|
|
28,185,312
|
|
|
||
|
Total Liabilities and Equity
|
$
|
46,732,032
|
|
|
$
|
38,245,284
|
|
|
|
|
|
|
|
|
||||
|
* Refer to Note 13, "Other Commitments and Contingencies" on page T-14
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
Year ended December 31
|
|
|||||||
|
|
|
|
|
|
Unaudited
|
|
|||||
Charter Fund
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Balance at January 1
|
|
$
|
50,000
|
|
|
$
|
50,000
|
|
|
$
|
50,000
|
|
Changes during period
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at December 31
|
|
50,000
|
|
|
50,000
|
|
|
50,000
|
|
|||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
Retained Earnings
|
|
|
|
|
|
|
||||||
Balance at January 1
|
|
28,135,312
|
|
|
22,147,709
|
|
|
18,527,742
|
|
|||
Net income
|
|
5,884,266
|
|
|
7,087,603
|
|
|
5,019,967
|
|
|||
Dividends
|
|
—
|
|
|
(1,100,000
|
)
|
|
(1,400,000
|
)
|
|||
Balance at December 31
|
|
34,019,578
|
|
|
28,135,312
|
|
|
22,147,709
|
|
|||
Total Equity
|
|
$
|
34,069,578
|
|
|
$
|
28,185,312
|
|
|
$
|
22,197,709
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
Year ended December 31
|
|
|
|||||||||
|
|
|
|
|
|
Unaudited
|
|
|
|||||
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
|||
|
Operating Activities
|
|
|
|
|
|
|
||||||
|
Net Income
|
$
|
5,884,266
|
|
|
$
|
7,087,603
|
|
|
$
|
5,019,967
|
|
|
|
Adjustments
|
|
|
|
|
|
|
||||||
|
Depreciation, depletion and amortization
|
1,738,124
|
|
|
1,415,633
|
|
|
1,281,370
|
|
|
|||
|
Deferred income tax
|
50,135
|
|
|
106,177
|
|
|
45,623
|
|
|
|||
|
Net decrease (increase) in inventory
|
(58,376
|
)
|
|
63,866
|
|
|
135,185
|
|
|
|||
|
Net decrease (increase) in accounts receivable
|
(384,601
|
)
|
|
(8,482
|
)
|
|
(249,804
|
)
|
|
|||
|
Net decrease (increase) in prepaid, other current assets
|
267,378
|
|
|
74,202
|
|
|
(558,179
|
)
|
|
|||
|
Net decrease (increase) in long-term receivables
|
(1,844
|
)
|
|
12,402
|
|
|
3,432
|
|
|
|||
|
Net increase (decrease) in tax payable
|
57,066
|
|
|
(8,797
|
)
|
|
169,868
|
|
|
|||
|
Net increase (decrease) in accounts payable
|
140,487
|
|
|
64,786
|
|
|
164,031
|
|
|
|||
|
Net increase (decrease) in accrued liabilities
|
(525,270
|
)
|
|
718,851
|
|
|
(589,185
|
)
|
|
|||
|
Settlement of asset retirement obligations
|
(10,267
|
)
|
|
(12,580
|
)
|
|
(12,933
|
)
|
|
|||
|
Net Cash Provided by Operating Activities
|
7,157,098
|
|
|
9,513,661
|
|
|
5,409,375
|
|
|
|||
|
Investing Activities
|
|
|
|
|
|
|
||||||
|
Capital expenditures
|
(10,223,764
|
)
|
|
(9,925,391
|
)
|
|
(7,365,424
|
)
|
|
|||
|
Net Cash Used for Investing Activities
|
(10,223,764
|
)
|
|
(9,925,391
|
)
|
|
(7,365,424
|
)
|
|
|||
|
Financing Activities
|
|
|
|
|
|
|
||||||
|
Proceeds from borrowings
|
2,700,000
|
|
|
—
|
|
|
—
|
|
|
|||
|
Dividends
|
—
|
|
|
(1,310,000
|
)
|
|
(1,190,000
|
)
|
|
|||
|
Net Cash Provided by (Used for) Financing Activities
|
2,700,000
|
|
|
(1,310,000
|
)
|
|
(1,190,000
|
)
|
|
|||
|
Net Change in Cash, Cash Equivalents and Restricted Cash
|
(366,666
|
)
|
|
(1,721,730
|
)
|
|
(3,146,049
|
)
|
|
|||
|
Cash, Cash Equivalents and Restricted Cash at January 1
|
676,620
|
|
|
2,398,350
|
|
|
5,544,399
|
|
|
|||
|
Cash, Cash Equivalents and Restricted Cash at December 31
|
$
|
309,954
|
|
|
$
|
676,620
|
|
|
$
|
2,398,350
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
Year ended December 31
|
||||
|
|
|
|
|
Unaudited
|
||
|
2019
|
|
|
2018
|
|
|
2017
|
Crude Oil
|
|
|
|
|
|
||
Europe
|
7,591,818
|
|
|
8,723,120
|
|
|
8,179,549
|
Asia
|
7,699,335
|
|
|
7,312,205
|
|
|
4,055,050
|
Other
|
65,110
|
|
|
129,740
|
|
|
98,220
|
Total crude oil revenues
|
15,356,263
|
|
|
16,165,065
|
|
|
12,332,819
|
|
|
|
|
|
|
||
Liquefied Petroleum Gas
|
|
|
|
|
|
||
Asia
|
315,786
|
|
|
353,692
|
|
|
260,143
|
Europe
|
119,339
|
|
|
201,620
|
|
|
225,937
|
Total liquefied petroleum gas revenues
|
435,125
|
|
|
555,312
|
|
|
486,080
|
|
|
|
|
|
|
||
Natural Gas
|
315,237
|
|
|
271,352
|
|
|
373,628
|
|
|
|
|
|
|
|
|
Sulfur
|
174,116
|
|
|
268,654
|
|
|
170,222
|
|
|
|
|
|
|
||
Total revenues
|
16,280,741
|
|
|
17,260,383
|
|
|
13,362,749
|
|
|
|
|
Year ended December 31
|
|
||
|
|
|
|
|
|
Unaudited
|
|
|
|
2019
|
|
2018
|
|
2017
|
|
Current expense
|
|
2,471,694
|
|
2,931,366
|
|
2,105,791
|
|
Deferred expense
|
|
50,135
|
|
106,177
|
|
45,623
|
|
|
|
|
|
|
|
|
|
Total income tax
|
|
2,521,829
|
|
3,037,543
|
|
2,151,414
|
|
|
|
|
December 31,
2019
|
|
December 31,
2018
|
Deferred tax liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Properties, plant and equipment
|
|
|
2,532,398
|
|
2,432,667
|
|
|
|
|
|
|
Total deferred tax liabilities
|
|
|
2,532,398
|
|
2,432,667
|
|
|
|
|
|
|
Deferred tax assets
|
|
|
|
|
|
|
|
|
|
|
|
Assets retirement obligations
|
|
|
(114,982)
|
|
(60,963)
|
Other liabilities
|
|
|
(1,215)
|
|
(5,638)
|
Total deferred tax assets
|
|
|
(116,197)
|
|
(66,601)
|
|
|
|
|
|
|
Total deferred taxes, net
|
|
|
2,416,201
|
|
2,366,066
|
|
|
December 31,
2019
|
|
December 31, 2018
|
|
|
|
|
|
Cash and cash equivalents
|
|
117,954
|
|
530,620
|
Restricted cash included in “Prepaid expenses and other current assets”
|
|
192,000
|
|
146,000
|
|
|
|
|
|
Total cash, cash equivalents, and restricted cash
|
|
309,954
|
|
676,620
|
|
December 31,
2019
|
|
December 31, 2018
|
|
|
|
|
Trade receivable
|
1,414,597
|
|
1,018,017
|
Other receivable
|
102,017
|
|
113,676
|
|
1,516,614
|
|
1,131,693
|
|
|
|
|
Less: Allowance for doubtful accounts
|
(124,813)
|
|
(124,493)
|
|
|
|
|
Total accounts receivable, net of allowances
|
1,391,801
|
|
1,007,200
|
|
December 31,
2019
|
|
December 31, 2018
|
|
|
|
|
Materials and supplies
|
418,250
|
|
342,610
|
Crude oil and petroleum products
|
19,237
|
|
36,501
|
Total inventories
|
437,487
|
|
379,111
|
Gross Investment at Cost
|
December 31,
2019
|
|
December 31, 2018
|
|
|
|
|
Wells and related facilities
|
12,322,339
|
|
11,152,124
|
Process plants
|
7,909,693
|
|
7,754,796
|
Construction in progress
|
33,005,484
|
|
24,621,933
|
Buildings and land improvements
|
2,846,972
|
|
2,710,690
|
Other
|
2,061,431
|
|
1,545,990
|
|
58,145,919
|
|
47,785,533
|
|
|
|
|
Less: Accumulated depreciation, depletion and amortization
|
(13,940,218)
|
|
(12,255,803)
|
|
|
|
|
Total properties, plant and equipment, net
|
44,205,701
|
|
35,529,730
|
|
December 31,
2019
|
|
December 31, 2018
|
||||
|
|
|
|
||||
4% Series A bonds
|
$
|
1,000,000
|
|
|
$
|
1,000,000
|
|
4% Chevron loan
|
2,000,000
|
|
|
2,000,000
|
|
||
4% ExxonMobil loan
|
1,000,000
|
|
|
1,000,000
|
|
||
Commercial bank facility drawdown
|
675,000
|
|
|
—
|
|
||
Chevron loan facility drawdown
|
1,350,000
|
|
|
—
|
|
||
ExxonMobil loan facility drawdown
|
675,000
|
|
|
—
|
|
||
Total long-term debt
|
$
|
6,700,000
|
|
|
$
|
4,000,000
|
|
|
2019
|
|
2018
|
||||
Balance at January 1
|
$
|
203,209
|
|
|
$
|
186,419
|
|
|
|
|
|
||||
Accretion expense
|
9,414
|
|
|
8,877
|
|
||
Liabilities settled
|
(10,267)
|
|
|
(12,580)
|
|
||
Revisions in estimated cash flows
|
180,917
|
|
|
20,493
|
|
||
|
|
|
|
||||
Balance at December 31
|
$
|
383,273
|
|
|
$
|
203,209
|
|
|
December 31,
2019
|
|
December 31,
2018
|
||||
KazMunaiGas
|
$
|
10,000
|
|
|
$
|
10,000
|
|
Chevron Overseas
|
25,000
|
|
|
25,000
|
|
||
Exxon Mobil Kazakhstan
|
12,500
|
|
|
12,500
|
|
||
LUKARCO
|
2,500
|
|
|
2,500
|
|
||
|
|
|
|
||||
Total charter fund
|
$
|
50,000
|
|
|
$
|
50,000
|
|
|
|
|
|
Year ended December 31
|
|
|||||||
|
|
|
|
|
|
Unaudited
|
|
|||||
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Sales and other operating revenues
|
|
$
|
6,839,529
|
|
|
$
|
9,177,474
|
|
|
$
|
6,167,285
|
|
Production and operating expenses
|
|
$
|
898,853
|
|
|
$
|
579,200
|
|
|
$
|
572,911
|
|
Capital expenditures
|
|
$
|
863,397
|
|
|
$
|
941,698
|
|
|
$
|
1,139,283
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
|
|
|
|
||||
Accounts receivable
|
$
|
55,042
|
|
|
$
|
331,713
|
|
Accounts payable
|
$
|
60,229
|
|
|
$
|
35,418
|
|
Accrued liabilities
|
$
|
491,765
|
|
|
$
|
655,282
|
|
|
|
|
Year ended December 31
|
|
|||||||
|
|
|
|
|
Unaudited
|
|
|||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Total financing interest and debt costs
|
$
|
355,137
|
|
|
$
|
291,451
|
|
|
$
|
290,967
|
|
Less: Capitalized interest
|
$
|
355,137
|
|
|
$
|
291,451
|
|
|
$
|
290,967
|
|
Interest and debt expense
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|