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) |
|||||||||||||||||||||
NONE | ||||||||||||||
(Former name, former address and former fiscal year, if changed since last report.) |
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 | ☐ |
Page No. | ||||||||
FINANCIAL INFORMATION
|
||||||||
OTHER INFORMATION
|
||||||||
Item 5. | ||||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars, except per-share amounts) | |||||||||||||||||||||||
Revenues and Other Income | |||||||||||||||||||||||
Sales and other operating revenues | $ | 23,997 | $ | 34,779 | $ | 69,628 | $ | 105,291 | |||||||||||||||
Income (loss) from equity affiliates | 510 | 1,172 | (1,040) | 3,430 | |||||||||||||||||||
Other income (loss) | (56) | 165 | 858 | 1,445 | |||||||||||||||||||
Total Revenues and Other Income | 24,451 | 36,116 | 69,446 | 110,166 | |||||||||||||||||||
Costs and Other Deductions | |||||||||||||||||||||||
Purchased crude oil and products | 13,448 | 19,882 | 37,101 | 60,420 | |||||||||||||||||||
Operating expenses | 4,604 | 5,325 | 15,425 | 15,398 | |||||||||||||||||||
Selling, general and administrative expenses | 832 | 954 | 3,084 | 3,014 | |||||||||||||||||||
Exploration expenses | 117 | 168 | 1,170 | 498 | |||||||||||||||||||
Depreciation, depletion and amortization | 4,017 | 4,361 | 15,022 | 12,789 | |||||||||||||||||||
Taxes other than on income | 1,091 | 1,059 | 3,223 | 3,167 | |||||||||||||||||||
Interest and debt expense | 164 | 197 | 498 | 620 | |||||||||||||||||||
Other components of net periodic benefit costs | 222 | 121 | 419 | 319 | |||||||||||||||||||
Total Costs and Other Deductions | 24,495 | 32,067 | 75,942 | 96,225 | |||||||||||||||||||
Income (Loss) Before Income Tax Expense | (44) | 4,049 | (6,496) | 13,941 | |||||||||||||||||||
Income Tax Expense (Benefit) | 165 | 1,469 | (1,591) | 4,429 | |||||||||||||||||||
Net Income (Loss) | (209) | 2,580 | (4,905) | 9,512 | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (2) | — | (27) | (22) | |||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | (207) | $ | 2,580 | $ | (4,878) | $ | 9,534 | |||||||||||||||
Per Share of Common Stock | |||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | |||||||||||||||||||||||
- Basic | $ | (0.12) | $ | 1.38 | $ | (2.63) | $ | 5.06 | |||||||||||||||
- Diluted | $ | (0.12) | $ | 1.36 | $ | (2.63) | $ | 5.02 | |||||||||||||||
Weighted Average Number of Shares Outstanding (000s) | |||||||||||||||||||||||
- Basic | 1,853,533 | 1,880,607 | 1,856,363 | 1,885,931 | |||||||||||||||||||
- Diluted | 1,853,533 | 1,893,928 | 1,856,363 | 1,899,193 | |||||||||||||||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Net Income (Loss) | $ | (209) | $ | 2,580 | $ | (4,905) | $ | 9,512 | |||||||||||||||
Currency translation adjustment | 17 | (33) | 5 | (32) | |||||||||||||||||||
Unrealized holding gain (loss) on securities | |||||||||||||||||||||||
Net gain (loss) arising during period | (1) | 2 | (5) | 2 | |||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Net derivatives loss on hedge transactions | — | — | — | (1) | |||||||||||||||||||
Reclassification to net income of net realized gain | — | — | — | — | |||||||||||||||||||
Income taxes on derivatives transactions | — | 3 | — | 3 | |||||||||||||||||||
Total | — | 3 | — | 2 | |||||||||||||||||||
Defined benefit plans | |||||||||||||||||||||||
Actuarial gain (loss) | |||||||||||||||||||||||
Amortization to net income of net actuarial loss and settlements | 293 | 150 | 628 | 400 | |||||||||||||||||||
Actuarial gain (loss) arising during period | — | — | — | (4) | |||||||||||||||||||
Prior service credits (cost) | |||||||||||||||||||||||
Amortization to net income of net prior service costs and curtailments | (5) | (4) | (13) | (11) | |||||||||||||||||||
Prior service (costs) credits arising during period | — | — | — | 1 | |||||||||||||||||||
Defined benefit plans sponsored by equity affiliates - benefit (cost) | 5 | 3 | 14 | 8 | |||||||||||||||||||
Income (taxes) benefit on defined benefit plans | (66) | (33) | (146) | (91) | |||||||||||||||||||
Total | 227 | 116 | 483 | 303 | |||||||||||||||||||
Other Comprehensive Gain (Loss), Net of Tax | 243 | 88 | 483 | 275 | |||||||||||||||||||
Comprehensive Income (Loss) | 34 | 2,668 | (4,422) | 9,787 | |||||||||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | 2 | — | 27 | 22 | |||||||||||||||||||
Comprehensive Income (Loss) Attributable to Chevron Corporation | $ | 36 | $ | 2,668 | $ | (4,395) | $ | 9,809 |
At September 30,
2020 |
At December 31,
2019 |
|||||||||||||
(Millions of dollars) | ||||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 6,866 | $ | 5,686 | ||||||||||
Marketable securities | 28 | 63 | ||||||||||||
Accounts and notes receivable, net | 9,722 | 13,325 | ||||||||||||
Inventories: | ||||||||||||||
Crude oil and petroleum products | 3,588 | 3,722 | ||||||||||||
Chemicals | 409 | 492 | ||||||||||||
Materials, supplies and other | 1,684 | 1,634 | ||||||||||||
Total inventories | 5,681 | 5,848 | ||||||||||||
Prepaid expenses and other current assets | 2,506 | 3,407 | ||||||||||||
Total Current Assets | 24,803 | 28,329 | ||||||||||||
Long-term receivables, net | 780 | 1,511 | ||||||||||||
Investments and advances | 37,655 | 38,688 | ||||||||||||
Properties, plant and equipment, at cost | 325,131 | 326,722 | ||||||||||||
Less: Accumulated depreciation, depletion and amortization | 182,748 | 176,228 | ||||||||||||
Properties, plant and equipment, net | 142,383 | 150,494 | ||||||||||||
Deferred charges and other assets | 11,227 | 10,532 | ||||||||||||
Goodwill | 4,416 | 4,463 | ||||||||||||
Assets held for sale | 1,799 | 3,411 | ||||||||||||
Total Assets | $ | 223,063 | $ | 237,428 | ||||||||||
Liabilities and Equity | ||||||||||||||
Short-term debt
|
$ | 530 | $ | 3,282 | ||||||||||
Accounts payable | 9,537 | 14,103 | ||||||||||||
Accrued liabilities | 7,944 | 6,589 | ||||||||||||
Federal and other taxes on income | 788 | 1,554 | ||||||||||||
Other taxes payable | 865 | 1,002 | ||||||||||||
Total Current Liabilities | 19,664 | 26,530 | ||||||||||||
Long-term debt | 34,280 | 23,691 | ||||||||||||
Deferred credits and other noncurrent obligations | 19,267 | 20,445 | ||||||||||||
Noncurrent deferred income taxes | 10,625 | 13,688 | ||||||||||||
Noncurrent employee benefit plans | 7,189 | 7,866 | ||||||||||||
Total Liabilities*
|
$ | 91,025 | $ | 92,220 | ||||||||||
Preferred stock (authorized 100,000,000 shares; $1.00 par value; none issued)
|
— | — | ||||||||||||
Common stock (authorized 6,000,000,000 shares, $0.75 par value; 2,442,676,580 shares issued at September 30, 2020 and December 31, 2019)
|
1,832 | 1,832 | ||||||||||||
Capital in excess of par value | 17,318 | 17,265 | ||||||||||||
Retained earnings | 163,509 | 174,945 | ||||||||||||
Accumulated other comprehensive losses | (4,507) | (4,990) | ||||||||||||
Deferred compensation and benefit plan trust | (240) | (240) | ||||||||||||
Treasury stock, at cost (575,353,132 and 560,508,479 shares at September 30, 2020 and December 31, 2019, respectively)
|
(46,138) | (44,599) | ||||||||||||
Total Chevron Corporation Stockholders’ Equity | 131,774 | 144,213 | ||||||||||||
Noncontrolling interests | 264 | 995 | ||||||||||||
Total Equity | 132,038 | 145,208 | ||||||||||||
Total Liabilities and Equity | $ | 223,063 | $ | 237,428 | ||||||||||
___________________________ | ||||||||||||||
* Refer to Note 13, “Other Contingencies and Commitments” beginning on page 16.
|
||||||||||||||
Nine Months Ended
September 30 |
|||||||||||
2020 | 2019 | ||||||||||
(Millions of dollars) | |||||||||||
Operating Activities | |||||||||||
Net Income (Loss) | $ | (4,905) | $ | 9,512 | |||||||
Adjustments | |||||||||||
Depreciation, depletion and amortization | 15,022 | 12,789 | |||||||||
Dry hole expense | 848 | 137 | |||||||||
Distributions more (less) than income from equity affiliates | 2,249 | (1,897) | |||||||||
Net before-tax losses (gains) on asset retirements and sales | (625) | (106) | |||||||||
Net foreign currency effects | 190 | 54 | |||||||||
Deferred income tax provision | (3,180) | 986 | |||||||||
Net decrease (increase) in operating working capital | (21) | 1,126 | |||||||||
Decrease (increase) in long-term receivables | 84 | 426 | |||||||||
Net decrease (increase) in other deferred charges | (145) | (144) | |||||||||
Cash contributions to employee pension plans | (895) | (1,204) | |||||||||
Other | (283) | (22) | |||||||||
Net Cash Provided by Operating Activities | 8,339 | 21,657 | |||||||||
Investing Activities | |||||||||||
Capital expenditures | (6,855) | (9,906) | |||||||||
Proceeds and deposits related to asset sales and returns of investment | 1,979 | 1,088 | |||||||||
Net maturities of (investments in) time deposits | — | 950 | |||||||||
Net sales (purchases) of marketable securities | 35 | 2 | |||||||||
Net repayment (borrowing) of loans by equity affiliates | (1,434) | (970) | |||||||||
Net Cash Used for Investing Activities | (6,275) | (8,836) | |||||||||
Financing Activities | |||||||||||
Net borrowings (repayments) of short-term obligations | (606) | 1,973 | |||||||||
Proceeds from issuances of long-term debt | 12,237 | — | |||||||||
Repayments of long-term debt and other financing obligations | (3,941) | (3,868) | |||||||||
Cash dividends - common stock | (7,186) | (6,731) | |||||||||
Distributions to noncontrolling interests | (10) | (16) | |||||||||
Net sales (purchases) of treasury shares | (1,545) | (1,845) | |||||||||
Net Cash Provided by (Used for) Financing Activities | (1,051) | (10,487) | |||||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
|
(133) | 5 | |||||||||
Net Change in Cash, Cash Equivalents and Restricted Cash | 880 | 2,339 | |||||||||
Cash, Cash Equivalents and Restricted Cash at January 1 | 6,911 | 10,481 | |||||||||
Cash, Cash Equivalents and Restricted Cash at September 30 | $ | 7,791 | $ | 12,820 | |||||||
(Millions of dollars) | Accumulated | Treasury | Chevron Corp. | Non- | |||||||||||||||||||
Common | Retained | Other Comp. | Stock | Stockholders’ | Controlling | Total | |||||||||||||||||
Three Months Ended September 30 |
Stock(1)
|
Earnings | Income (Loss) | (at cost) | Equity | Interests | Equity | ||||||||||||||||
Balance at June 30, 2019 | $ | 18,776 | $ | 183,442 | $ | (3,357) | $ | (42,466) | $ | 156,395 | $ | 1,056 | $ | 157,451 | |||||||||
Treasury stock transactions | 51 | — | — | — | 51 | — | 51 | ||||||||||||||||
Net income (loss) | — | 2,580 | — | — | 2,580 | — | 2,580 | ||||||||||||||||
Cash dividends | — | (2,237) | — | — | (2,237) | (8) | (2,245) | ||||||||||||||||
Stock dividends | — | (1) | — | — | (1) | — | (1) | ||||||||||||||||
Other comprehensive income | — | — | 88 | — | 88 | — | 88 | ||||||||||||||||
Purchases of treasury shares | — | — | — | (1,250) | (1,250) | — | (1,250) | ||||||||||||||||
Issuances of treasury shares | — | — | — | 216 | 216 | — | 216 | ||||||||||||||||
Other changes, net | — | (1) | — | — | (1) | 3 | 2 | ||||||||||||||||
Balance at September 30, 2019 | $ | 18,827 | $ | 183,783 | $ | (3,269) | $ | (43,500) | $ | 155,841 | $ | 1,051 | $ | 156,892 | |||||||||
Balance at June 30, 2020 | $ | 18,889 | $ | 166,122 | $ | (4,750) | $ | (46,143) | $ | 134,118 | $ | 268 | $ | 134,386 | |||||||||
Treasury stock transactions | 21 | — | — | — | 21 | — | 21 | ||||||||||||||||
Net income (loss) | — | (207) | — | — | (207) | (2) | (209) | ||||||||||||||||
Cash dividends | — | (2,390) | — | — | (2,390) | — | (2,390) | ||||||||||||||||
Stock dividends | — | (1) | — | — | (1) | — | (1) | ||||||||||||||||
Other comprehensive income | — | — | 243 | — | 243 | — | 243 | ||||||||||||||||
Purchases of treasury shares | — | — | — | — | — | — | — | ||||||||||||||||
Issuances of treasury shares | — | — | — | 5 | 5 | — | 5 | ||||||||||||||||
Other changes, net | — | (15) | — | — | (15) | (2) | (17) | ||||||||||||||||
Balance at September 30, 2020 | $ | 18,910 | $ | 163,509 | $ | (4,507) | $ | (46,138) | $ | 131,774 | $ | 264 | $ | 132,038 | |||||||||
Nine Months Ended September 30 | |||||||||||||||||||||||
Balance at December 31, 2018 | $ | 18,704 | $ | 180,987 | $ | (3,544) | $ | (41,593) | $ | 154,554 | $ | 1,088 | $ | 155,642 | |||||||||
Treasury stock transactions | 123 | — | — | — | 123 | — | 123 | ||||||||||||||||
Net income (loss) | — | 9,534 | — | — | 9,534 | (22) | 9,512 | ||||||||||||||||
Cash dividends | — | (6,731) | — | — | (6,731) | (16) | (6,747) | ||||||||||||||||
Stock dividends | — | (2) | — | — | (2) | — | (2) | ||||||||||||||||
Other comprehensive income | — | — | 275 | — | 275 | — | 275 | ||||||||||||||||
Purchases of treasury shares | — | — | — | (2,789) | (2,789) | — | (2,789) | ||||||||||||||||
Issuances of treasury shares | — | — | — | 882 | 882 | — | 882 | ||||||||||||||||
Other changes, net | — | (5) | — | — | (5) | 1 | (4) | ||||||||||||||||
Balance at September 30, 2019 | $ | 18,827 | $ | 183,783 | $ | (3,269) | $ | (43,500) | $ | 155,841 | $ | 1,051 | $ | 156,892 | |||||||||
Balance at December 31, 2019 | $ | 18,857 | $ | 174,945 | $ | (4,990) | $ | (44,599) | $ | 144,213 | $ | 995 | $ | 145,208 | |||||||||
Treasury stock transactions | 53 | — | — | — | 53 | — | 53 | ||||||||||||||||
Net income (loss) | — | (4,878) | — | — | (4,878) | (27) | (4,905) | ||||||||||||||||
Cash dividends | — | (7,186) | — | — | (7,186) | (10) | (7,196) | ||||||||||||||||
Stock dividends | — | (2) | — | — | (2) | — | (2) | ||||||||||||||||
Other comprehensive income | — | — | 483 | — | 483 | — | 483 | ||||||||||||||||
Purchases of treasury shares | — | — | — | (1,751) | (1,751) | — | (1,751) | ||||||||||||||||
Issuances of treasury shares | — | — | — | 212 | 212 | — | 212 | ||||||||||||||||
Other changes, net | — | 630 | — | — | 630 | (694) | (64) | ||||||||||||||||
Balance at September 30, 2020 | $ | 18,910 | $ | 163,509 | $ | (4,507) | $ | (46,138) | $ | 131,774 | $ | 264 | $ | 132,038 | |||||||||
(Number of Shares) | Common Stock - 2020 | Common Stock - 2019 | |||||||||||||||||||||
Three Months Ended September 30 |
Issued(2)
|
Treasury | Outstanding |
Issued(2)
|
Treasury | Outstanding | |||||||||||||||||
Balance at June 30 | 2,442,676,580 | (575,408,748) | 1,867,267,832 | 2,442,676,580 | (544,258,109) | 1,898,418,471 | |||||||||||||||||
Purchases | — | (2,220) | (2,220) | — | (10,302,969) | (10,302,969) | |||||||||||||||||
Issuances | — | 57,836 | 57,836 | — | 2,756,686 | 2,756,686 | |||||||||||||||||
Balance at September 30 | 2,442,676,580 | (575,353,132) | 1,867,323,448 | 2,442,676,580 | (551,804,392) | 1,890,872,188 | |||||||||||||||||
Nine Months Ended September 30 | |||||||||||||||||||||||
Balance at December 31 | 2,442,676,580 | (560,508,479) | 1,882,168,101 | 2,442,676,580 | (539,838,890) | 1,902,837,690 | |||||||||||||||||
Purchases | — | (17,503,545) | (17,503,545) | — | (23,342,737) | (23,342,737) | |||||||||||||||||
Issuances | — | 2,658,892 | 2,658,892 | — | 11,377,235 | 11,377,235 | |||||||||||||||||
Balance at September 30 | 2,442,676,580 | (575,353,132) | 1,867,323,448 | 2,442,676,580 | (551,804,392) | 1,890,872,188 |
Currency Translation Adjustment | Unrealized Holding Gains (Losses) on Securities | Derivatives | Defined Benefit Plans | Total | ||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | (124) | $ | (10) | $ | (2) | $ | (3,408) | $ | (3,544) | ||||||||||||||||||||||
Components of Other Comprehensive Income (Loss):
|
||||||||||||||||||||||||||||||||
Before Reclassifications
|
(32) | 2 | 2 | 1 | (27) | |||||||||||||||||||||||||||
Reclassifications
|
— | — | — | 302 | 302 | |||||||||||||||||||||||||||
Net Other Comprehensive Income (Loss)
|
(32) | 2 | 2 | 303 | 275 | |||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | (156) | $ | (8) | $ | — | $ | (3,105) | $ | (3,269) | ||||||||||||||||||||||
Balance at December 31, 2019 | $ | (142) | $ | (8) | $ | — | $ | (4,840) | $ | (4,990) | ||||||||||||||||||||||
Components of Other Comprehensive Income (Loss):
|
||||||||||||||||||||||||||||||||
Before Reclassifications
|
5 | (5) | — | 9 | 9 | |||||||||||||||||||||||||||
Reclassifications(2)
|
— | — | — | 474 | 474 | |||||||||||||||||||||||||||
Net Other Comprehensive Income (Loss)
|
5 | (5) | — | 483 | 483 | |||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | (137) | $ | (13) | $ | — | $ | (4,357) | $ | (4,507) |
Nine Months Ended
September 30 |
|||||||||||
2020 | 2019 | ||||||||||
(Millions of dollars) | |||||||||||
Distributions more (less) than income from equity affiliates includes the following: | |||||||||||
Distributions from equity affiliates | $ | 1,209 | $ | 1,533 | |||||||
(Income) loss from equity affiliates | 1,040 | (3,430) | |||||||||
Distributions more (less) than income from equity affiliates | $ | 2,249 | $ | (1,897) | |||||||
Net decrease (increase) in operating working capital was composed of the following:
|
|||||||||||
Decrease (increase) in accounts and notes receivable | $ | 3,601 | $ | 2,254 | |||||||
Decrease (increase) in inventories | 201 | (20) | |||||||||
Decrease (increase) in prepaid expenses and other current assets | 632 | (286) | |||||||||
Increase (decrease) in accounts payable and accrued liabilities | (3,609) | (981) | |||||||||
Increase (decrease) in income and other taxes payable | (846) | 159 | |||||||||
Net decrease (increase) in operating working capital | $ | (21) | $ | 1,126 | |||||||
Net cash provided by operating activities includes the following cash payments:
|
|||||||||||
Interest on debt (net of capitalized interest) | $ | 384 | $ | 579 | |||||||
Income taxes | 2,527 | 3,516 | |||||||||
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
|
|||||||||||
Proceeds and deposits related to asset sales | $ | 1,912 | $ | 1,021 | |||||||
Returns of investment from equity affiliates | 67 | 67 | |||||||||
Proceeds and deposits related to asset sales and returns of investment | $ | 1,979 | $ | 1,088 | |||||||
Net maturities of (investments in) time deposits consisted of the following gross amounts:
|
|||||||||||
Investments in time deposits | $ | — | $ | — | |||||||
Maturities of time deposits | — | 950 | |||||||||
Net maturities of (investments in) time deposits | $ | — | $ | 950 | |||||||
Net sales (purchases) of marketable securities consisted of the following gross amounts:
|
|||||||||||
Marketable securities purchased | $ | (2) | $ | (1) | |||||||
Marketable securities sold | 37 | 3 | |||||||||
Net sales (purchases) of marketable securities | $ | 35 | $ | 2 | |||||||
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
|
|||||||||||
Borrowing of loans by equity affiliates | $ | (3,925) | $ | (1,050) | |||||||
Repayment of loans by equity affiliates | 2,491 | 80 | |||||||||
Net repayment (borrowing) of loans by equity affiliates | $ | (1,434) | $ | (970) | |||||||
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
|
|||||||||||
Proceeds from issuances of short-term obligations | $ | 8,863 | $ | 1,821 | |||||||
Repayments of short-term obligations | (7,479) | (570) | |||||||||
Net borrowings (repayments) of short-term obligations with three months or less maturity | (1,990) | 722 | |||||||||
Net borrowings (repayments) of short-term obligations | $ | (606) | $ | 1,973 | |||||||
Net sales (purchases) of treasury shares consists of the following gross and net amounts: | |||||||||||
Shares issued for share-based compensation plans | $ | 206 | $ | 944 | |||||||
Shares purchased under share repurchase and deferred compensation plans | (1,751) | (2,789) | |||||||||
Net sales (purchases) of treasury shares | $ | (1,545) | $ | (1,845) |
Nine Months Ended
September 30 |
|||||||||||
2020 | 2019 | ||||||||||
(Millions of dollars) | |||||||||||
Additions to properties, plant and equipment
|
$ | 6,576 | $ | 9,713 | |||||||
Additions to investments | 86 | 69 | |||||||||
Current-year dry hole expenditures | 226 | 111 | |||||||||
Payments for other assets and liabilities, net | (33) | 13 | |||||||||
Capital expenditures | 6,855 | 9,906 | |||||||||
Expensed exploration expenditures | 322 | 361 | |||||||||
Assets acquired through finance lease obligations and other financing obligations | 49 | 146 | |||||||||
Payments for other assets and liabilities, net | 33 | (13) | |||||||||
Capital and exploratory expenditures, excluding equity affiliates | 7,259 | 10,400 | |||||||||
Company’s share of expenditures by equity affiliates | 3,063 | 4,578 | |||||||||
Capital and exploratory expenditures, including equity affiliates | $ | 10,322 | $ | 14,978 |
At September 30 | At December 31 | ||||||||||||||||||||||
2020 | 2019 | 2019 | 2018 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Cash and Cash Equivalents | $ | 6,866 | $ | 11,697 | $ | 5,686 | $ | 9,342 | |||||||||||||||
Restricted cash included in “Prepaid expenses and other current assets” | 169 | 370 | 452 | 341 | |||||||||||||||||||
Restricted cash included in “Deferred charges and other assets” | 756 | 753 | 773 | 798 | |||||||||||||||||||
Total Cash, Cash Equivalents and Restricted Cash | $ | 7,791 | $ | 12,820 | $ | 6,911 | $ | 10,481 |
Nine Months Ended
September 30 |
|||||||||||
2020 | 2019 | ||||||||||
(Millions of dollars) | |||||||||||
Sales and other operating revenues
|
$ | 6,757 | $ | 11,991 | |||||||
Costs and other deductions
|
4,655 | 5,971 | |||||||||
Net income attributable to TCO
|
$ | 1,483 | $ | 4,230 |
Nine Months Ended
September 30 |
|||||||||||
2020 | 2019 | ||||||||||
(Millions of dollars) | |||||||||||
Sales and other operating revenues
|
$ | 6,093 | $ | 7,209 | |||||||
Costs and other deductions | 5,179 | 5,992 | |||||||||
Net income attributable to CPChem
|
$ | 877 | $ | 1,464 |
Nine Months Ended
September 30 |
|||||||||||
2020 | 2019 | ||||||||||
(Millions of dollars) | |||||||||||
Sales and other operating revenues
|
$ | 50,360 | $ | 82,073 | |||||||
Costs and other deductions
|
54,221 | 79,794 | |||||||||
Net income (loss) attributable to CUSA
|
$ | (2,203) | $ | 2,149 | |||||||
At September 30,
2020 |
At December 31,
2019 |
||||||||||
(Millions of dollars) | |||||||||||
Current assets
|
$ | 9,523 | $ | 13,059 | |||||||
Other assets
|
49,582 | 50,796 | |||||||||
Current liabilities
|
12,062 | 18,291 | |||||||||
Other liabilities
|
14,415 | 12,565 | |||||||||
Total CUSA net equity
|
$ | 32,628 | $ | 32,999 | |||||||
Memo: Total debt
|
$ | 7,132 | $ | 3,222 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Segment Earnings | (Millions of dollars) | (Millions of dollars) | |||||||||||||||||||||
Upstream | |||||||||||||||||||||||
United States | $ | 116 | $ | 727 | $ | (1,709) | $ | 2,371 | |||||||||||||||
International | 119 | 1,977 | (1,225) | 6,939 | |||||||||||||||||||
Total Upstream | 235 | 2,704 | (2,934) | 9,310 | |||||||||||||||||||
Downstream | |||||||||||||||||||||||
United States | 141 | 389 | (397) | 1,071 | |||||||||||||||||||
International | 151 | 439 | 782 | 738 | |||||||||||||||||||
Total Downstream | 292 | 828 | 385 | 1,809 | |||||||||||||||||||
Total Segment Earnings | 527 | 3,532 | (2,549) | 11,119 | |||||||||||||||||||
All Other | |||||||||||||||||||||||
Interest expense | (153) | (187) | (471) | (591) | |||||||||||||||||||
Interest income | 7 | 48 | 43 | 142 | |||||||||||||||||||
Other | (588) | (813) | (1,901) | (1,136) | |||||||||||||||||||
Net Income Attributable to Chevron Corporation | $ | (207) | $ | 2,580 | $ | (4,878) | $ | 9,534 |
At September 30,
2020 |
At December 31,
2019 |
||||||||||
Segment Assets | (Millions of dollars) | ||||||||||
Upstream | |||||||||||
United States | $ | 33,574 | $ | 35,926 | |||||||
International | 135,540 | 145,648 | |||||||||
Goodwill | 4,416 | 4,463 | |||||||||
Total Upstream | 173,530 | 186,037 | |||||||||
Downstream | |||||||||||
United States | 23,335 | 25,197 | |||||||||
International | 16,056 | 16,955 | |||||||||
Total Downstream | 39,391 | 42,152 | |||||||||
Total Segment Assets | 212,921 | 228,189 | |||||||||
All Other | |||||||||||
United States | 4,515 | 3,475 | |||||||||
International | 5,627 | 5,764 | |||||||||
Total All Other | 10,142 | 9,239 | |||||||||
Total Assets — United States | 61,424 | 64,598 | |||||||||
Total Assets — International | 157,223 | 168,367 | |||||||||
Goodwill | 4,416 | 4,463 | |||||||||
Total Assets | $ | 223,063 | $ | 237,428 | |||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Sales and Other Operating Revenues | (Millions of dollars) | (Millions of dollars) | |||||||||||||||||||||
Upstream | |||||||||||||||||||||||
United States | $ | 3,367 | $ | 5,602 | $ | 10,377 | $ | 17,411 | |||||||||||||||
International | 5,911 | 8,607 | 19,478 | 26,953 | |||||||||||||||||||
Subtotal | 9,278 | 14,209 | 29,855 | 44,364 | |||||||||||||||||||
Intersegment Elimination — United States | (1,916) | (3,686) | (6,148) | (11,070) | |||||||||||||||||||
Intersegment Elimination — International | (1,661) | (3,015) | (5,223) | (9,411) | |||||||||||||||||||
Total Upstream | 5,701 | 7,508 | 18,484 | 23,883 | |||||||||||||||||||
Downstream | |||||||||||||||||||||||
United States | 8,147 | 14,224 | 24,568 | 41,467 | |||||||||||||||||||
International | 10,649 | 14,230 | 29,341 | 43,438 | |||||||||||||||||||
Subtotal | 18,796 | 28,454 | 53,909 | 84,905 | |||||||||||||||||||
Intersegment Elimination — United States | (307) | (1,017) | (1,899) | (3,006) | |||||||||||||||||||
Intersegment Elimination — International | (230) | (227) | (1,001) | (678) | |||||||||||||||||||
Total Downstream | 18,259 | 27,210 | 51,009 | 81,221 | |||||||||||||||||||
All Other | |||||||||||||||||||||||
United States | 208 | 270 | 645 | 763 | |||||||||||||||||||
International | 3 | 5 | 11 | 12 | |||||||||||||||||||
Subtotal | 211 | 275 | 656 | 775 | |||||||||||||||||||
Intersegment Elimination — United States | (171) | (209) | (510) | (576) | |||||||||||||||||||
Intersegment Elimination — International | (3) | (5) | (11) | (12) | |||||||||||||||||||
Total All Other | 37 | 61 | 135 | 187 | |||||||||||||||||||
Sales and Other Operating Revenues | |||||||||||||||||||||||
United States | 11,722 | 20,096 | 35,590 | 59,641 | |||||||||||||||||||
International | 16,563 | 22,842 | 48,830 | 70,403 | |||||||||||||||||||
Subtotal | 28,285 | 42,938 | 84,420 | 130,044 | |||||||||||||||||||
Intersegment Elimination — United States | (2,394) | (4,912) | (8,557) | (14,652) | |||||||||||||||||||
Intersegment Elimination — International | (1,894) | (3,247) | (6,235) | (10,101) | |||||||||||||||||||
Total Sales and Other Operating Revenues | $ | 23,997 | $ | 34,779 | $ | 69,628 | $ | 105,291 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | (Millions of dollars) | ||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||
United States | |||||||||||||||||||||||
Service cost | $ | 124 | $ | 101 | $ | 373 | $ | 304 | |||||||||||||||
Interest cost | 89 | 100 | 265 | 298 | |||||||||||||||||||
Expected return on plan assets | (163) | (141) | (488) | (423) | |||||||||||||||||||
Amortization of prior service costs (credits) | — | — | 1 | 1 | |||||||||||||||||||
Amortization of actuarial losses (gains) | 96 | 60 | 288 | 179 | |||||||||||||||||||
Settlement losses | 184 | 87 | 304 | 207 | |||||||||||||||||||
Total United States | 330 | 207 | 743 | 566 | |||||||||||||||||||
International | |||||||||||||||||||||||
Service cost | 33 | 34 | 97 | 105 | |||||||||||||||||||
Interest cost | 44 | 49 | 131 | 153 | |||||||||||||||||||
Expected return on plan assets | (52) | (56) | (155) | (171) | |||||||||||||||||||
Amortization of prior service costs (credits) | 2 | 3 | 7 | 9 | |||||||||||||||||||
Amortization of actuarial losses (gains) | 12 | 4 | 33 | 15 | |||||||||||||||||||
Settlement losses | — | — | — | 1 | |||||||||||||||||||
Total International | 39 | 34 | 113 | 112 | |||||||||||||||||||
Net Periodic Pension Benefit Costs | $ | 369 | $ | 241 | $ | 856 | $ | 678 | |||||||||||||||
Other Benefits* | |||||||||||||||||||||||
Service cost | $ | 9 | $ | 9 | $ | 28 | $ | 27 | |||||||||||||||
Interest cost | 18 | 24 | 53 | 72 | |||||||||||||||||||
Amortization of prior service costs (credits) | (7) | (7) | (21) | (21) | |||||||||||||||||||
Amortization of actuarial losses (gains) | 1 | (1) | 3 | (2) | |||||||||||||||||||
Net Periodic Other Benefit Costs | $ | 21 | $ | 25 | $ | 63 | $ | 76 |
At September 30, 2020 | At December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Marketable Securities | $ | 28 | $ | 28 | $ | — | $ | — | $ | 63 | $ | 63 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Derivatives | 104 | 55 | 49 | — | 11 | 1 | 10 | — | |||||||||||||||||||||||||||||||||||||||
Total Assets at Fair Value
|
$ | 132 | $ | 83 | $ | 49 | $ | — | $ | 74 | $ | 64 | $ | 10 | $ | — | |||||||||||||||||||||||||||||||
Derivatives | 8 | 5 | 3 | — | 74 | 26 | 48 | — | |||||||||||||||||||||||||||||||||||||||
Total Liabilities at Fair Value
|
$ | 8 | $ | 5 | $ | 3 | $ | — | $ | 74 | $ | 26 | $ | 48 | $ | — |
At September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Before-Tax Loss | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
Properties, plant and equipment, net (held and used) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,551 | |||||||||||||||||||||||||||||
Properties, plant and equipment, net (held for sale) | 22 | — | 22 | — | 17 | 183 | |||||||||||||||||||||||||||||||||||
Investments and advances | — | — | — | — | — | 2,550 | |||||||||||||||||||||||||||||||||||
Total Assets at Fair Value
|
$ | 22 | $ | — | $ | 22 | $ | — | $ | 17 | $ | 5,284 |
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments
(Millions of dollars)
|
||||||||||||||||||||||||||||||||
Type of |
Gain / (Loss)
Three Months Ended September 30 |
Gain / (Loss)
Nine Months Ended September 30 |
||||||||||||||||||||||||||||||
Contract | Statement of Income Classification | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||
Commodity | Sales and other operating revenues | $ | 38 | $ | 55 | $ | 283 | $ | (189) | |||||||||||||||||||||||
Commodity | Purchased crude oil and products | (7) | (7) | (31) | (16) | |||||||||||||||||||||||||||
Commodity | Other income | 6 | — | 3 | (3) | |||||||||||||||||||||||||||
$ | 37 | $ | 48 | $ | 255 | $ | (208) |
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
(Millions of dollars)
|
||||||||||||||||||||||||||||||||
Gross Amount Recognized | Gross Amounts Offset | Net Amounts Presented | Gross Amounts Not Offset | Net Amount | ||||||||||||||||||||||||||||
At September 30, 2020 | ||||||||||||||||||||||||||||||||
Derivative Assets | $ | 1,044 | $ | 940 | $ | 104 | $ | — | $ | 104 | ||||||||||||||||||||||
Derivative Liabilities | $ | 948 | $ | 940 | $ | 8 | $ | — | $ | 8 | ||||||||||||||||||||||
At December 31, 2019 | ||||||||||||||||||||||||||||||||
Derivative Assets | $ | 656 | $ | 645 | $ | 11 | $ | — | $ | 11 | ||||||||||||||||||||||
Derivative Liabilities | $ | 719 | $ | 645 | $ | 74 | $ | — | $ | 74 |
May 2020 issuance: |
Principal
(Millions of dollars) |
|||||||||||||
Floating rate notes due 2023 | $ | 300 | ||||||||||||
1.141% notes due 2023
|
1,200 | |||||||||||||
1.554% notes due 2025
|
2,500 | |||||||||||||
1.995% notes due 2027
|
1,000 | |||||||||||||
2.236% notes due 2030
|
1,500 | |||||||||||||
2.978% notes due 2040
|
500 | |||||||||||||
3.078% notes due 2050
|
1,000 | |||||||||||||
Total Long-Term Debt Issued in May 2020 | $ | 8,000 | ||||||||||||
August 2020 issuance: |
Principal
(Millions of dollars) |
|||||||||||||
Floating rate notes due 2022 | $ | 350 | ||||||||||||
0.333% notes due 2022
|
400 | |||||||||||||
Floating rate notes due 2023 | 500 | |||||||||||||
0.426% notes due 2023
|
500 | |||||||||||||
0.687% notes due 2025
|
750 | |||||||||||||
1.018% notes due 2027
|
750 | |||||||||||||
2.343% notes due 2050
|
750 | |||||||||||||
Total Long-Term Debt Issued in August 2020 | $ | 4,000 |
Amounts Before Tax | |||||||||||
(Millions of dollars) | |||||||||||
Balance at January 1, 2020 | $ | 7 | |||||||||
Accruals/Adjustments | 1,018 | ||||||||||
Payments | (133) | ||||||||||
Balance at September 30, 2020 | $ | 892 | |||||||||
Earnings by Business Segment
|
|||||||||||||||||||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | (Millions of dollars) | ||||||||||||||||||||||
Upstream | |||||||||||||||||||||||
United States | $ | 116 | $ | 727 | $ | (1,709) | $ | 2,371 | |||||||||||||||
International | 119 | 1,977 | (1,225) | 6,939 | |||||||||||||||||||
Total Upstream | 235 | 2,704 | (2,934) | 9,310 | |||||||||||||||||||
Downstream | |||||||||||||||||||||||
United States | 141 | 389 | (397) | 1,071 | |||||||||||||||||||
International | 151 | 439 | 782 | 738 | |||||||||||||||||||
Total Downstream | 292 | 828 | 385 | 1,809 | |||||||||||||||||||
Total Segment Earnings | 527 | 3,532 | (2,549) | 11,119 | |||||||||||||||||||
All Other | (734) | (952) | (2,329) | (1,585) | |||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation (1) (2)
|
$ | (207) | $ | 2,580 | $ | (4,878) | $ | 9,534 | |||||||||||||||
__________________________________________ | |||||||||||||||||||||||
(1) Includes foreign currency effects.
|
$ | (188) | $ | 74 | $ | (111) | $ | (48) | |||||||||||||||
(2) Income (loss) net of tax; also referred to as “earnings” in the discussions that follow.
|
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
U.S. Upstream Earnings | $ | 116 | $ | 727 | $ | (1,709) | $ | 2,371 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
International Upstream Earnings* | $ | 119 | $ | 1,977 | $ | (1,225) | $ | 6,939 | |||||||||||||||
_____________________________ | |||||||||||||||||||||||
* Includes foreign currency effects | $ | (107) | $ | 49 | $ | 99 | $ | (97) |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
U.S. Downstream Earnings | $ | 141 | $ | 389 | $ | (397) | $ | 1,071 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
International Downstream Earnings* | $ | 151 | $ | 439 | $ | 782 | $ | 738 | |||||||||||||||
_______________________ | |||||||||||||||||||||||
* Includes foreign currency effects | $ | (49) | $ | 27 | $ | (12) | $ | 49 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Earnings/(Charges)* | $ | (734) | $ | (952) | $ | (2,329) | $ | (1,585) | |||||||||||||||
______________________ | |||||||||||||||||||||||
* Includes foreign currency effects | $ | (32) | $ | (2) | $ | (198) | $ | — |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Sales and other operating revenues | $ | 23,997 | $ | 34,779 | $ | 69,628 | $ | 105,291 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Income from equity affiliates | $ | 510 | $ | 1,172 | $ | (1,040) | $ | 3,430 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Other income (loss) | $ | (56) | $ | 165 | $ | 858 | $ | 1,445 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Purchased crude oil and products | $ | 13,448 | $ | 19,882 | $ | 37,101 | $ | 60,420 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Operating, selling, general and administrative expenses | $ | 5,436 | $ | 6,279 | $ | 18,509 | $ | 18,412 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Exploration expenses | $ | 117 | $ | 168 | $ | 1,170 | $ | 498 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Depreciation, depletion and amortization | $ | 4,017 | $ | 4,361 | $ | 15,022 | $ | 12,789 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Taxes other than on income | $ | 1,091 | $ | 1,059 | $ | 3,223 | $ | 3,167 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Interest and debt expense | $ | 164 | $ | 197 | $ | 498 | $ | 620 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Income tax expense/(benefit) | $ | 165 | $ | 1,469 | $ | (1,591) | $ | 4,429 |
Nine Months Ended
September 30, 2020 |
Year Ended
December 31, 2019 |
||||||||||
(Millions of dollars) (unaudited) | |||||||||||
Sales and other operating revenues | $ | 37,201 | $ | 82,206 | |||||||
Sales and other operating revenues - related party | 12,672 | 24,336 | |||||||||
Total costs and other deductions | 42,694 | 87,287 | |||||||||
Total costs and other deductions - related party | 10,467 | 22,632 | |||||||||
Net income (loss) | $ | (746) | $ | 2,173 | |||||||
At September 30,
2020 |
At December 31,
2019 |
||||||||||
(Millions of dollars) (unaudited) | |||||||||||
Current assets | $ | 8,763 | $ | 10,180 | |||||||
Current assets - related party | 5,016 | 952 | |||||||||
Other assets | 49,603 | 50,595 | |||||||||
Current liabilities | 19,847 | 25,187 | |||||||||
Current liabilities - related party | 53,101 | 46,237 | |||||||||
Other liabilities | 33,667 | 25,622 | |||||||||
Total net equity (deficit) | $ | (43,233) | $ | (35,319) | |||||||
At September 30,
2020 |
At December 31,
2019 |
|||||||||||||||||||
Current Ratio * | 1.3 | 1.1 | ||||||||||||||||||
Debt Ratio | 20.9 | % | 15.8 | % | ||||||||||||||||
Net Debt Ratio | 17.5 | % | 12.8 | % |
Nine Months Ended
September 30 |
|||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 8,339 | $ | 21,657 | |||||||||||||||||||
Less: Capital expenditures | (6,855) | (9,906) | |||||||||||||||||||||
Free Cash Flow
|
$ | 1,484 | $ | 11,751 |
Period |
Total Number
of Shares
Purchased (1)(2)
|
Average
Price Paid per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Program |
Approximate
Dollar Value of Shares
that May Yet Be
Purchased Under
the Program (2)
(Billions of dollars)
|
|||||||||||||||||||
July 1 – July 31, 2020 | 2,220 | $ | 87.58 | — | $19.5 | ||||||||||||||||||
August 1 – August 31, 2020 | — | — | — | $19.5 | |||||||||||||||||||
September 1 – September 30, 2020 | — | — | — | $19.5 | |||||||||||||||||||
Total | 2,220 | $ | 87.58 | — |
Exhibit Index
|
||||||||
Exhibit
Number |
Description | |||||||
3.1 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
22.1* | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
32.2** | ||||||||
101.SCH* | iXBRL Schema Document | |||||||
101.CAL* | iXBRL Calculation Linkbase Document | |||||||
101.DEF* | iXBRL Definition Linkbase Document | |||||||
101.LAB* | iXBRL Label Linkbase Document | |||||||
101.PRE* | iXBRL Presentation Linkbase Document | |||||||
104* | Cover Page Interactive Data File (contained in Exhibit 101) |
CHEVRON CORPORATION
(REGISTRANT)
|
|||||
/S/ DAVID A. INCHAUSTI
|
|||||
David A. Inchausti, Vice President and Controller
(Principal Accounting Officer and
Duly Authorized Officer)
|
/S/ MICHAEL K. WIRTH
|
||
Michael K. Wirth
Chairman of the Board and
Chief Executive Officer
|
/S/ PIERRE R. BREBER
|
||
Pierre R. Breber
Vice President and
Chief Financial Officer
|
/S/ MICHAEL K. WIRTH
|
||
Michael K. Wirth
Chairman of the Board and
Chief Executive Officer
|
/S/ PIERRE R. BREBER
|
||
Pierre R. Breber
Vice President and
Chief Financial Officer
|