- Reported earnings of $6.1 billion
- Cash flow from operations of $8.6 billion; record free cash
flow of $6.7 billion
- Share repurchases of $625 million
Chevron Corporation (NYSE: CVX) today reported earnings of $6.1
billion ($3.19 per share - diluted) for third quarter 2021,
compared with a loss of $207 million ($(0.12) per share - diluted)
in third quarter 2020. Included in the current quarter were asset
sale gains of $200 million and pension settlement costs of $81
million. Foreign currency effects increased earnings by $305
million. Adjusted earnings of $5.7 billion ($2.96 per share -
diluted) in third quarter 2021 compares to adjusted earnings of
$340 million ($0.18 per share - diluted) in third quarter 2020. For
a reconciliation of adjusted earnings/(loss), see Attachment 5.
Sales and other operating revenues in third quarter 2021 were
$43 billion, compared to $24 billion in the year-ago period.
Earnings Summary
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
Millions of dollars
2021
2020
2021
2020
Earnings by business segment
Upstream
$5,135
$235
$10,663
$(2,934)
Downstream
1,310
292
2,154
385
All Other
(334)
(734)
(2,247)
(2,329)
Total (1)(2)
$6,111
$(207)
$10,570
$(4,878)
(1) Includes foreign currency effects
$305
$(188)
$346
$(111)
(2) Net income attributable to Chevron
Corporation (See Attachment 1)
“Third quarter earnings were the highest since first quarter
2013 largely due to improved market conditions, strong operational
performance and a lower cost structure,” said Mike Wirth, Chevron’s
chairman and chief executive officer.
“Our free cash flow during the quarter was the best ever
reported by the company,” Wirth added. “We paid dividends of $2.6
billion, reduced debt by $5.6 billion, and repurchased $625 million
of shares during the quarter.”
Chevron continued to exercise capital discipline and actively
manage its portfolio to advance its higher return, lower carbon
objectives. Year-to-date capital spending was down 22 percent from
a year ago. The company announced an agreement with Neste Oyj to
acquire their Group III base oil business and brand, NEXBASETM, and
completed the acquisition of an equity interest in American Natural
Gas LLC and its network of 60 compressed natural gas stations to
grow its renewable natural gas value chain. In addition, the
company completed the sales of several conventional Permian Basin
properties during the quarter.
UPSTREAM
Worldwide net oil-equivalent production was 3.03 million barrels
per day in third quarter 2021, an increase of 7 percent from a year
ago.
U.S. Upstream
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
Millions of dollars
2021
2020
2021
2020
Earnings
$1,962
$116
$4,349
$(1,709)
U.S. upstream operations earned $1.96 billion in third quarter
2021, compared with $116 million a year earlier. The improvement
was primarily due to higher crude oil realizations and sales
volumes. Gains on assets sales during the quarter also contributed
to the improvement between periods.
The company’s average sales price per barrel of crude oil and
natural gas liquids was $58 in third quarter 2021, up from $31 a
year earlier. The average sales price of natural gas was $3.25 per
thousand cubic feet in third quarter 2021, up from $0.89 in last
year’s third quarter.
Net oil-equivalent production of 1.13 million barrels per day in
third quarter 2021 was up 145,000 barrels per day from a year
earlier. The increase was due to an additional 224,000 barrels per
day of production following the Noble Energy acquisition, partially
offset by a 69,000 barrels per day decrease related to the
Appalachian asset sale. The net liquids component of oil-equivalent
production in third quarter 2021 increased 15 percent to 842,000
barrels per day, and net natural gas production increased 13
percent to 1.71 billion cubic feet per day, compared to last year’s
third quarter.
International Upstream
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
Millions of dollars
2021
2020
2021
2020
Earnings*
$3,173
$119
$6,314
$(1,225)
*Includes foreign currency effects
$285
$(107)
$311
$99
International upstream operations earned $3.17 billion in third
quarter 2021, compared with $119 million a year ago. The increase
in earnings was primarily due to higher realizations and sales
volumes. Foreign currency effects had a favorable impact on
earnings of $392 million between periods.
The average sales price for crude oil and natural gas liquids in
third quarter 2021 was $68 per barrel, up from $39 a year earlier.
The average sales price of natural gas was $6.28 per thousand cubic
feet in the third quarter, up from $3.89 in last year’s third
quarter.
Net oil-equivalent production of 1.91 million barrels per day in
third quarter 2021 was up 55,000 barrels per day from third quarter
2020. Higher production of an additional 158,000 barrels per day
following the Noble Energy acquisition and lower production
curtailments, were partially offset by unfavorable entitlement
effects, normal field declines, and operational impacts that were
mainly due to the planned turnaround at Tengizchevroil. The net
liquids component of oil-equivalent production decreased 6 percent
to 915,000 barrels per day in third quarter 2021, while net natural
gas production of 5.95 billion cubic feet per day increased 13
percent, compared to last year's third quarter.
DOWNSTREAM
U.S. Downstream
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
Millions of dollars
2021
2020
2021
2020
Earnings
$1,083
$141
$1,729
$(397)
U.S. downstream operations reported earnings of $1.08 billion in
third quarter 2021, compared with $141 million a year earlier. The
increase was mainly due to higher margins on refined product sales,
higher earnings from the 50 percent-owned Chevron Phillips Chemical
Company, and higher sales volumes.
Refinery crude oil input in third quarter 2021 increased 9
percent to 895,000 barrels per day from the year-ago period, as the
company increased refinery runs in response to higher demand and
the improved refining margin environment.
Refined product sales of 1.19 million barrels per day were up 18
percent from the year-ago period, mainly due to higher gasoline,
jet fuel, and diesel demand as travel restrictions associated with
the COVID-19 pandemic continue to ease.
International Downstream
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
Millions of dollars
2021
2020
2021
2020
Earnings*
$227
$151
$425
$782
*Includes foreign currency effects
$123
$(49)
$183
$(12)
International downstream operations reported earnings of $227
million in third quarter 2021, compared with $151 million a year
earlier. Foreign currency effects had a favorable impact on
earnings of $172 million between periods, partially offset by
higher operating expenses that were mostly related to
transportation.
Refinery crude oil input of 584,000 barrels per day in third
quarter 2021 increased 2 percent from the year-ago period.
Refined product sales of 1.39 million barrels per day in third
quarter 2021 increased 8 percent from the year-ago period, mainly
due to higher demand for gasoline and jet fuel.
ALL OTHER
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
Millions of dollars
2021
2020
2021
2020
Net Charges*
$(334)
$(734)
$(2,247)
$(2,329)
*Includes foreign currency effects
$(103)
$(32)
$(148)
$(198)
All Other consists of worldwide cash management and debt
financing activities, corporate administrative functions, insurance
operations, real estate activities and technology companies.
Net charges in third quarter 2021 were $334 million, compared to
$734 million a year earlier. The decrease in net charges between
periods was mainly due to favorable tax items and lower corporate
charges. Foreign currency effects increased net charges by $71
million between periods.
CASH FLOW FROM OPERATIONS
Cash flow from operations in the first nine months of 2021 was
$19.7 billion, compared with $8.3 billion in 2020. Excluding
working capital effects, cash flow from operations in the first
nine months of 2021 was $21.2 billion, compared with $8.4 billion
in 2020.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures in the first nine months of
2021 were $8.1 billion, compared with $10.3 billion in 2020. The
amounts included $2.3 billion in 2021 and $3.1 billion in 2020 for
the company’s share of expenditures by affiliates, which did not
require cash outlays by the company. Expenditures for upstream
represented 84 percent of the company-wide total in 2021.
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
We are focused on lowering the carbon intensity in our operations
and seeking to grow lower carbon businesses along with our
traditional business lines. More information about Chevron is
available at www.chevron.com.
NOTICE
Chevron’s discussion of third quarter 2021 earnings with
security analysts will take place on Friday, October 29, 2021, at
8:00 a.m. PT. A webcast of the meeting will be available in a
listen-only mode to individual investors, media, and other
interested parties on Chevron’s website at www.chevron.com under
the “Investors” section. Prepared remarks for today’s call,
additional financial and operating information and other
complementary materials will be available prior to the call at
approximately 3:15 a.m. PT and located under “Events and
Presentations” in the “Investors” section on the Chevron
website.
As used in this news release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we,” “us” and “its”
may refer to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs.
Please visit Chevron’s website and Investor Relations page at
www.chevron.com and www.chevron.com/investors, LinkedIn:
www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook:
www.facebook.com/chevron, and Instagram: www.instagram.com/chevron,
where Chevron often discloses important information about the
company, its business, and its results of operations.
Non-GAAP Financial Measures - This news release includes
adjusted earnings/(loss), which reflect earnings or losses
excluding significant non-operational items including impairment
charges, write-offs, severance costs, Noble Energy acquisition
costs, gains on asset sales, unusual tax items, effects of pension
settlements and curtailments, foreign currency effects and other
special items. During the first quarter of 2021, the Company
updated its calculation of adjusted earnings to exclude pension
settlement costs. The Company recognizes settlement gains or losses
when the cost of all settlements for a plan during a year is
greater than the sum of its service and interest costs during the
year. By adjusting earnings to exclude pension settlement costs,
the Company believes it removes non-operational costs that would
otherwise obscure its underlying operating results. Adjusted
earnings/(loss) for 2020 were recast to conform with the current
presentation. We believe it is useful for investors to consider
this measure in comparing the underlying performance of our
business across periods. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for net income (loss) as prepared in accordance with
U.S. GAAP. A reconciliation to net income (loss) attributable to
Chevron Corporation is shown in Attachment 5.
This news release also includes free cash flow and free cash
flow excluding working capital. Free cash flow is defined as net
cash provided by operating activities less cash capital
expenditures, and represents the cash available to creditors and
investors after investing in the business. Free cash flow excluding
working capital is defined as net cash provided by operating
activities excluding working capital less cash capital expenditures
and represents the cash available to creditors and investors after
investing in the business excluding the timing impacts of working
capital. The company believes these measures are useful to monitor
the financial health of the company and its performance over time.
A reconciliation of free cash flow and free cash flow excluding
working capital are shown in Attachment 3.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations that are based on management's current
expectations, estimates and projections about the petroleum,
chemicals and other energy-related industries. Words or phrases
such as “anticipates,” “expects,” “intends,” “plans,” “targets,”
“advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,”
“believes,” “approaches,” “seeks,” “schedules,” “estimates,”
“positions,” “pursues,” “may,” “can,” “could,” “should,” “will,”
“budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,”
“goals,” “objectives,” “strategies,” “opportunities,” “poised,”
“potential,” “ambitions,” “aspires” and similar expressions are
intended to identify such forward-looking statements. These
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and other factors, many of which
are beyond the company’s control and are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements.
The reader should not place undue reliance on these forward-looking
statements, which speak only as of the date of this news release.
Unless legally required, Chevron undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company's products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
development of large carbon capture and offset markets; public
health crises, such as pandemics (including coronavirus (COVID-19))
and epidemics, and any related government policies and actions;
disruptions in the company's global supply chain, including supply
chain constraints; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic and political
conditions; changing refining, marketing and chemicals margins; the
company’s ability to realize anticipated cost savings, expenditure
reductions and efficiencies associated with enterprise
transformation initiatives; actions of competitors or regulators;
timing of exploration expenses; timing of crude oil liftings; the
competitiveness of alternate-energy sources or product substitutes;
the results of operations and financial condition of the company’s
suppliers, vendors, partners and equity affiliates, particularly
during the COVID-19 pandemic; the inability or failure of the
company’s joint-venture partners to fund their share of operations
and development activities; the potential failure to achieve
expected net production from existing and future crude oil and
natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the
potential disruption or interruption of the company’s operations
due to war, accidents, political events, civil unrest, severe
weather, cyber threats, terrorist acts, or other natural or human
causes beyond the company’s control; the potential liability for
remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes undertaken or required by existing or
future environmental statutes and regulations, including
international agreements and national or regional legislation and
regulatory measures to limit or reduce greenhouse gas emissions;
the potential liability resulting from pending or future
litigation; the company’s future acquisitions or dispositions of
assets or shares or the delay or failure of such transactions to
close based on required closing conditions; the potential for gains
and losses from asset dispositions or impairments; government
mandated sales, divestitures, recapitalizations, taxes and tax
audits, tariffs, sanctions, changes in fiscal terms or restrictions
on scope of company operations; foreign currency movements compared
with the U.S. dollar; material reductions in corporate liquidity
and access to debt markets; the receipt of required Board
authorizations to pay future dividends; the effects of changed
accounting rules under generally accepted accounting principles
promulgated by rule-setting bodies; the company’s ability to
identify and mitigate the risks and hazards inherent in operating
in the global energy industry; and the factors set forth under the
heading “Risk Factors” on pages 18 through 23 of the company's 2020
Annual Report on Form 10-K and in subsequent filings with the U.S.
Securities and Exchange Commission. Other unpredictable or unknown
factors not discussed in this news release could also have material
adverse effects on forward-looking statements.
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 1
(Millions of Dollars, Except
Per-Share Amounts)
(unaudited)
CONSOLIDATED
STATEMENT OF INCOME
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
REVENUES AND OTHER INCOME
2021
2020
2021
2020
Sales and other operating revenues
$
42,552
$
23,997
$
109,745
$
69,628
Income (loss) from equity affiliates
1,647
510
4,000
(1,040
)
Other income (loss)
511
(56
)
591
858
Total Revenues and Other Income
44,710
24,451
114,336
69,446
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
23,834
13,448
62,031
37,101
Operating expenses *
6,110
5,658
18,564
18,928
Exploration expenses
158
117
357
1,170
Depreciation, depletion and
amortization
4,304
4,017
13,112
15,022
Taxes other than on income
2,075
1,091
5,061
3,223
Interest and debt expense
174
164
557
498
Total Costs and Other
Deductions
36,655
24,495
99,682
75,942
Income (Loss) Before Income Tax
Expense
8,055
(44
)
14,654
(6,496
)
Income tax expense (benefit)
1,940
165
4,047
(1,591
)
Net Income (Loss)
6,115
(209
)
10,607
(4,905
)
Less: Net income (loss) attributable to
noncontrolling interests
4
(2
)
37
(27
)
NET INCOME (LOSS) ATTRIBUTABLE
TO
CHEVRON CORPORATION
$
6,111
$
(207
)
$
10,570
$
(4,878
)
* Includes operating expense, selling,
general and administrative expense, and other components of net
periodic benefit costs
PER-SHARE OF
COMMON STOCK
Net Income (Loss) Attributable to
Chevron Corporation
- Basic
$
3.19
$
(0.12
)
$
5.52
$
(2.63
)
- Diluted
$
3.19
$
(0.12
)
$
5.51
$
(2.63
)
Weighted Average Number of Shares
Outstanding (000's)
- Basic
1,918,006
1,853,533
1,916,174
1,856,363
- Diluted
1,921,095
1,853,533
1,919,666
1,856,363
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 2
(Millions of Dollars)
(unaudited)
EARNINGS BY MAJOR
OPERATING AREA
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
2021
2020
2021
2020
Upstream
United States
$
1,962
$
116
$
4,349
$
(1,709
)
International
3,173
119
6,314
(1,225
)
Total Upstream
5,135
235
10,663
(2,934
)
Downstream
United States
1,083
141
1,729
(397
)
International
227
151
425
782
Total Downstream
1,310
292
2,154
385
All Other (1)
(334
)
(734
)
(2,247
)
(2,329
)
Total (2)
$
6,111
$
(207
)
$
10,570
$
(4,878
)
SELECTED BALANCE
SHEET ACCOUNT DATA (Preliminary)
Sep 30, 2021
Dec 31, 2020
Cash and Cash Equivalents
$
5,998
$
5,596
Marketable Securities
$
34
$
31
Total Assets
$
239,948
$
239,790
Total Debt
$
37,347
$
44,315
Total Chevron Corporation Stockholders'
Equity
$
135,862
$
131,688
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
CAPITAL AND
EXPLORATORY EXPENDITURES(3)
2021
2020
2021
2020
United States
Upstream
$
1,135
$
904
$
3,258
$
3,932
Downstream
295
296
801
750
Other
53
44
136
183
Total United States
1,483
1,244
4,195
4,865
International
Upstream
1,179
1,119
3,475
4,499
Downstream
105
228
377
949
Other
3
1
13
9
Total International
1,287
1,348
3,865
5,457
Worldwide
$
2,770
$
2,592
$
8,060
$
10,322
(1) Includes worldwide cash management and
debt financing activities, corporate administrative functions,
insurance operations, real estate activities, and technology
companies.
(2) Net Income (Loss) Attributable to
Chevron Corporation (See Attachment 1).
(3) Includes interest in affiliates:
United States
$
70
$
76
$
236
$
251
International
661
729
2,022
2,812
Total
$
731
$
805
$
2,258
$
3,063
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 3
(Billions of Dollars)
(unaudited)
SUMMARIZED
STATEMENT OF CASH FLOWS (Preliminary)(1)
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
OPERATING ACTIVITIES
2021
2021
2020
Net Income (Loss)
$
6.1
$
10.6
$
(4.9
)
Adjustments
Depreciation, depletion and
amortization
4.3
13.1
15.0
Distributions more (less) than income from
equity affiliates
(0.7
)
(2.2
)
2.2
Loss (gain) on asset retirements and
sales
(0.3
)
(0.4
)
(0.6
)
Net foreign currency effects
(0.2
)
—
0.2
Deferred income tax provision
0.7
0.5
(3.2
)
Net decrease (increase) in operating
working capital
(0.4
)
(1.5
)
—
Other operating activity
(0.8
)
(0.4
)
(0.4
)
Net Cash Provided by Operating
Activities
$
8.6
$
19.7
$
8.3
INVESTING ACTIVITIES
Capital expenditures
(1.9
)
(5.5
)
(6.9
)
Proceeds and deposits related to asset
sales and returns of investment
0.2
0.6
2.0
Other investing activity(2)
0.3
0.4
(1.4
)
Net Cash Used for Investing
Activities
$
(1.3
)
$
(4.5
)
$
(6.3
)
FINANCING ACTIVITIES
Net change in debt
(5.6
)
(6.9
)
7.7
Cash dividends — common stock
(2.6
)
(7.6
)
(7.2
)
Net sales (purchases) of treasury
shares
(0.6
)
(0.2
)
(1.5
)
Distributions to noncontrolling
interests
—
—
—
Net Cash Provided by (Used for)
Financing Activities
$
(8.8
)
$
(14.8
)
$
(1.1
)
EFFECT OF EXCHANGE RATE CHANGES ON
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
(0.1
)
(0.1
)
(0.1
)
NET CHANGE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
$
(1.7
)
$
0.3
$
0.9
(1) Totals may not match sum of parts due
to presentation in billions.
(2) Primarily (borrowings) repayments of
loans by equity affiliates.
RECONCILIATION OF NON-GAAP
MEASURES
Net Cash Provided by Operating
Activities
$
8.6
$
19.7
$
8.3
Less: Capital expenditures
1.9
5.5
6.9
Free Cash Flow
$
6.7
$
14.2
$
1.4
Less: Net decrease (increase) in operating
working capital
(0.4
)
(1.5
)
—
Free Cash Flow Excluding Working
Capital
$
7.1
$
15.7
$
1.4
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 4
(unaudited)
OPERATING STATISTICS (1)
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
NET LIQUIDS PRODUCTION (MB/D):
(2)
2021
2020
2021
2020
United States
842
731
834
760
International
915
976
976
1,072
Worldwide
1,757
1,707
1,810
1,832
NET NATURAL GAS PRODUCTION (MMCF/D):
(3)
United States
1,708
1,507
1,677
1,511
International
5,952
5,257
6,023
5,609
Worldwide
7,660
6,764
7,700
7,120
TOTAL NET OIL-EQUIVALENT PRODUCTION
(MB/D): (4)
United States
1,127
982
1,113
1,012
International
1,907
1,852
1,980
2,006
Worldwide
3,034
2,834
3,093
3,018
SALES OF NATURAL GAS (MMCF/D):
United States
4,076
3,776
3,922
4,000
International
5,450
5,513
5,212
5,722
Worldwide
9,526
9,289
9,134
9,722
SALES OF NATURAL GAS LIQUIDS
(MB/D):
United States
211
230
208
228
International
213
133
186
126
Worldwide
424
363
394
354
SALES OF REFINED PRODUCTS
(MB/D):
United States
1,188
1,004
1,133
997
International (5)
1,386
1,282
1,312
1,219
Worldwide
2,574
2,286
2,445
2,216
REFINERY INPUT (MB/D):
United States
895
820
911
789
International
584
570
567
598
Worldwide
1,479
1,390
1,478
1,387
(1) Includes interest in affiliates.
(2) Includes net production of synthetic
oil:
Canada
51
35
55
52
(3) Includes natural gas consumed in
operations (MMCF/D):
United States
47
35
46
34
International
540
535
547
571
(4) Oil-equivalent production is the sum
of net liquids production, net natural gas production and synthetic
production. The oil-equivalent gas conversion ratio is 6,000 cubic
feet of natural gas = 1 barrel of crude oil.
(5) Includes share of affiliate sales
(MB/D):
355
350
346
352
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 5
(Millions of Dollars)
(unaudited)
RECONCILIATION OF
NON-GAAP MEASURES
Three Months Ended Sept. 30,
2021
Three Months Ended Sept. 30,
2020 1
Nine Months Ended Sept. 30,
2021
Nine Months Ended Sept. 30,
2020 1
REPORTED
EARNINGS
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
U.S. Upstream
$
1,962
$
116
$
4,349
$
(1,709
)
Int'l Upstream
3,173
119
6,314
(1,225
)
U.S. Downstream
1,083
141
1,729
(397
)
Int'l Downstream
227
151
425
782
All Other
(334
)
(734
)
(2,247
)
(2,329
)
Net Income (Loss) Attributable to
Chevron
$
6,111
$
(207
)
$
10,570
$
(4,878
)
SPECIAL
ITEMS
U.S. Upstream
Impairments & write-offs
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
(1,575
)
$
385
$
(1,190
)
Severance accruals
—
—
—
—
—
—
—
—
—
(157
)
37
$
(120
)
Remediation charge
—
—
—
—
—
—
(158
)
38
(120
)
—
—
—
Asset sale gains
260
(60
)
200
—
—
—
260
(60
)
200
—
—
—
Int'l Upstream
Asset sale gains
—
—
—
—
—
—
—
—
—
550
—
550
Impairments & write-offs
—
—
—
—
—
—
—
—
—
(4,106
)
516
$
(3,590
)
Severance accruals
—
—
—
—
—
—
—
—
—
(374
)
84
$
(290
)
Tax Items
—
—
—
—
(130
)
(130
)
—
—
—
—
690
$
690
U.S. Downstream
Legal reserves
—
—
—
—
—
—
(140
)
30
(110
)
—
—
—
Severance accruals
—
—
—
—
—
—
—
—
—
(109
)
29
(80
)
Int'l Downstream
Severance accruals
—
—
—
—
—
—
—
—
—
(79
)
19
(60
)
All Other
Mining remediation
—
—
—
(118
)
28
(90
)
—
—
—
(118
)
28
(90
)
Pension settlement costs
(107
)
26
(81
)
(184
)
45
(139
)
(575
)
138
(437
)
(304
)
73
(231
)
Severance accruals
—
—
—
—
—
—
—
—
—
(295
)
65
(230
)
Total Special Items
$
153
$
(34
)
$
119
$
(302
)
$
(57
)
$
(359
)
$
(613
)
$
146
$
(467
)
$
(6,567
)
$
1,926
$
(4,641
)
FOREIGN CURRENCY
EFFECTS
Int'l Upstream
$
285
$
(107
)
$
311
$
99
Int'l Downstream
123
(49
)
183
(12
)
All Other
(103
)
(32
)
(148
)
(198
)
Total Foreign Currency Effects
$
305
$
(188
)
$
346
$
(111
)
ADJUSTED
EARNINGS/(LOSS) 2
U.S. Upstream
$
1,762
$
116
$
4,269
$
(399
)
Int'l Upstream
2,888
356
6,003
1,316
U.S. Downstream
1,083
141
1,839
(317
)
Int'l Downstream
104
200
242
854
All Other
(150
)
(473
)
(1,662
)
(1,580
)
Total Adjusted Earnings/(Loss)
$
5,687
$
340
$
10,691
$
(126
)
Total Adjusted Earnings/(Loss) per
share
$
2.96
$
0.18
$
5.57
$
(0.07
)
1 Amounts recast to conform with the
current presentation of excluding pension settlement costs. For
additional information, please refer to the discussion under
“Non-GAAP Financial Measures” in this news release.
2 Adjusted Earnings/(Loss) is defined as
Net Income (loss) attributable to Chevron Corporation excluding
special items and foreign currency effects.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211029005111/en/
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