- Reported earnings of $11.6 billion; adjusted earnings of $11.4
billion
- Cash flow from operations of $13.8 billion; free cash flow of
$10.6 billion
- Completed acquisition of Renewable Energy Group, Inc.
Chevron Corporation (NYSE: CVX) today reported earnings of $11.6
billion ($5.95 per share - diluted) for second quarter 2022,
compared with $3.1 billion ($1.60 per share - diluted) in second
quarter 2021. Included in the current quarter were charges
associated with an early contract termination of $600 million,
pension settlement costs of $11 million, and a gain on asset sales
of $200 million. Foreign currency effects increased earnings by
$668 million. Adjusted earnings of $11.4 billion ($5.82 per share -
diluted) in second quarter 2022 compares to adjusted earnings of
$3.3 billion ($1.71 per share - diluted) in second quarter
2021.
Sales and other operating revenues in second quarter 2022 were
$65 billion, compared to $36 billion in the year-ago period.
Earnings Summary
Three Months
Ended June 30
Six Months Ended June
30
Millions of dollars
2022
2021
2022
2021
Earnings by business segment
Upstream
$
8,558
$
3,178
$
15,492
$
5,528
Downstream
3,523
839
3,854
844
All Other
(459
)
(935
)
(1,465
)
(1,913
)
Total (1)(2)
$
11,622
$
3,082
$
17,881
$
4,459
(1) Includes foreign currency effects
$
668
$
43
$
450
$
41
(2) Net income attributable to Chevron
Corporation (See Attachment 1)
“Second quarter financial performance improved as we delivered a
return on capital employed of 26 percent,” said Mike Wirth,
Chevron’s chairman and chief executive officer. The company also
strengthened its balance sheet, lowering its debt ratio to under 15
percent, and increased the top end of its annual share repurchase
guidance range to $15 billion.
“We more than doubled investment compared to last year to grow
both traditional and new energy business lines,” Wirth added. “With
Permian production more than 15 percent higher than a year ago and
now as one of the leading renewable fuel producers in the United
States, Chevron is increasing energy supplies to help meet the
challenges facing global markets,” Wirth concluded.
This investment includes total capital and exploratory and
acquisition-related expenditures as Chevron closed its acquisition
of Renewable Energy Group, Inc. and completed the formation of a
renewable fuels joint venture with Bunge North America, Inc. Also
during the second quarter, the company sanctioned the Ballymore
project in the deepwater U.S. Gulf of Mexico, which is expected to
require a gross investment of approximately $1.6 billion. The field
is planned to be produced through an existing facility with
allocated capacity of 75,000 barrels of crude oil per day.
The company also advanced its carbon capture and storage (CCS)
business this quarter by launching a CCS project aimed at reducing
the carbon intensity of its upstream operations in California and
forming an expanded joint venture to develop the Bayou Bend CCS hub
in Texas, with the goal of it becoming one of the first offshore
CCS projects in the United States.
Further, leveraging the company’s growing U.S. natural gas
production and its global liquefied natural gas (LNG) value chain,
Chevron signed agreements to export 4 million tonnes per year of
LNG out of the U.S. Gulf Coast, commencing in 2026.
UPSTREAM
Worldwide net oil-equivalent production was 2.90 million barrels
per day in second quarter 2022. International production decreased
13 percent primarily due to the end of concessions in Thailand and
Indonesia, while U.S. production increased 3 percent compared to
the same period a year ago mainly in the Permian Basin.
U.S. Upstream
Three Months
Ended June 30
Six Months
Ended June 30
Millions of dollars
2022
2021
2022
2021
Earnings
$
3,367
$
1,446
$
6,605
$
2,387
U.S. upstream operations earned $3.37 billion in second quarter
2022, compared with $1.45 billion a year earlier. The improvement
was primarily due to higher realizations, partially offset by
higher operating expenses largely due to an early contract
termination.
The company’s average sales price per barrel of crude oil and
natural gas liquids was $89 in second quarter 2022, up from $54 a
year earlier. The average sales price of natural gas was $6.22 per
thousand cubic feet in second quarter 2022, up from $2.16 in last
year’s second quarter.
Net oil-equivalent production of 1.17 million barrels per day in
second quarter 2022 was up 36,000 barrels per day from a year
earlier. The increase was primarily due to net production increases
in the Permian Basin. The net liquids component of oil-equivalent
production in second quarter 2022 increased 4 percent to 888,000
barrels per day, and net natural gas production increased 2 percent
to 1.71 billion cubic feet per day, compared to last year’s second
quarter.
International Upstream
Three Months
Ended June 30
Six Months
Ended June 30
Millions of dollars
2022
2021
2022
2021
Earnings*
$
5,191
$
1,732
$
8,887
$
3,141
*Includes foreign currency effects
$
603
$
78
$
459
$
26
International upstream operations earned $5.19 billion in second
quarter 2022, compared with $1.73 billion a year ago. The increase
in earnings was primarily due to higher realizations and asset sale
gains, partially offset by lower sales volumes. Foreign currency
effects had a favorable impact on earnings of $525 million between
periods.
The average sales price for crude oil and natural gas liquids in
second quarter 2022 was $102 per barrel, up from $62 a year
earlier. The average sales price of natural gas was $9.23 per
thousand cubic feet in the second quarter, up from $4.92 in last
year’s second quarter.
Net oil-equivalent production of 1.72 million barrels per day in
second quarter 2022 was down 266,000 barrels per day from second
quarter 2021. The decrease was primarily due to the absence of
production following expiration of the Erawan concession in
Thailand and Rokan concession in Indonesia, and unfavorable
entitlement effects due to higher prices. The net liquids component
of oil-equivalent production decreased 19 percent to 799,000
barrels per day in second quarter 2022, while net natural gas
production decreased 7 percent to 5.55 billion cubic feet per day
compared to last year’s second quarter.
DOWNSTREAM
U.S. Downstream
Three Months
Ended June 30
Six Months
Ended June 30
Millions of dollars
2022
2021
2022
2021
Earnings
$
2,440
$
776
$
2,926
$
646
U.S. downstream operations reported earnings of $2.44 billion in
second quarter 2022, compared with earnings of $776 million a year
earlier. The increase was mainly due to higher margins on refined
product sales, partially offset by lower earnings from the 50
percent-owned Chevron Phillips Chemical Company and higher
operating expenses.
Refinery crude oil input in second quarter 2022 decreased 8
percent to 881,000 barrels per day from the year-ago period,
primarily due to planned turnarounds.
Refined product sales of 1.21 million barrels per day were up 4
percent from the year-ago period, mainly due to higher jet fuel
demand as travel restrictions associated with the pandemic continue
to ease.
International Downstream
Three Months
Ended June 30
Six Months
Ended June 30
Millions of dollars
2022
2021
2022
2021
Earnings*
$
1,083
$
63
$
928
$
198
*Includes foreign currency effects
$
145
$
1
$
168
$
60
International downstream operations reported earnings of $1.08
billion in second quarter 2022, compared with $63 million a year
earlier. The increase was mainly due to higher margins on refined
product sales and a $144 million favorable swing in foreign
currency impacts between periods.
Refinery crude oil input of 634,000 barrels per day in second
quarter 2022 increased 9 percent from the year-ago period as
refinery runs increased due to higher demand.
Refined product sales of 1.34 million barrels per day in second
quarter 2022 increased 4 percent from the year-ago period, mainly
due to higher demand for jet fuel as restrictions from the pandemic
continue to ease.
ALL OTHER
Three Months
Ended June 30
Six Months
Ended June 30
Millions of dollars
2022
2021
2022
2021
Net Charges*
$
(459
)
$
(935
)
$
(1,465
)
$
(1,913
)
*Includes foreign currency effects
$
(80
)
$
(36
)
$
(177
)
$
(45
)
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 second quarter 2022 were $459 million, compared
to $935 million a year earlier. The decrease in net charges between
periods was mainly due to lower employee benefit costs, pension
expenses and interest expense, partially offset by an unfavorable
swing in foreign currency effects.
CASH FLOW FROM OPERATIONS
Cash flow from operations in the first six months of 2022 was
$21.8 billion, compared with $11.2 billion in 2021. Excluding
working capital effects, cash flow from operations in the first six
months of 2022 was $22.2 billion, compared with $12.2 billion in
2021.
TOTAL CAPITAL AND EXPLORATORY
EXPENDITURES
Capital and exploratory expenditures, including equity
affiliates (Total C&E) in the first six months of 2022 were
$6.7 billion, compared with $5.3 billion in 2021. The amounts
included $1.5 billion in 2022 and $1.5 billion in 2021 for the
company’s share of expenditures by affiliates, which did not
require cash outlays by the company. Expenditures for upstream
represented 79 percent of the company-wide total in 2022. Total
C&E for 2022 includes $700 million of inorganic spend largely
associated with the formation of the Bunge joint venture. The
acquisition of Renewable Energy Group, Inc. is not included in the
company’s Total C&E.
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 growing lower carbon businesses along with our traditional
business lines. More information about Chevron is available at
www.chevron.com.
NOTICE
Chevron’s discussion of second quarter 2022 earnings with
security analysts will take place on Friday, July 29, 2022, 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 3:30 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.
Key Performance Indicator - Capital and exploratory
expenditures, including equity affiliates (Total C&E), is a key
performance indicator for the company and provides a comprehensive
view of its share of investment levels. This metric includes
additions to fixed asset or investment accounts, or to exploration
expense, for consolidated companies and our share of these
expenditures by equity affiliates. Management uses this metric to
manage allocation of capital across its entire portfolio, funding
requirements and ultimately shareholder distributions. The
calculation of Total C&E is shown in Attachment 2.
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, gains on asset sales, unusual
tax items, effects of pension settlements and curtailments, foreign
currency effects and other special items. 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 cash flow from operations
excluding working capital, free cash flow and free cash flow
excluding working capital. Cash flow from operations excluding
working capital is defined as net cash provided by operating
activities less net changes in operating working capital, and
represents cash generated by operating activities excluding the
timing impacts of working capital. Free cash flow is defined as net
cash provided by operating activities less cash capital
expenditures and generally 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 generally 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 cash flow from
operations excluding working capital, free cash flow and free cash
flow excluding working capital are shown in Attachment 3.
This news release also includes net debt ratio. Net debt ratio
is defined as total debt less cash and cash equivalents and
marketable securities as a percentage of total debt less cash and
cash equivalents and marketable securities, plus Chevron
Corporation stockholders’ equity, which indicates the company’s
leverage, net of its cash balances. The company believes this
measure is useful to monitor the strength of the company’s balance
sheet. A reconciliation of net debt ratio is shown in Attachment
2.
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 and energy transition plans 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;
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 and escalation of the cost of
goods and services; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic, market and
political conditions, including the military conflict between
Russia and Ukraine and the global response to such conflict;
changing refining, marketing and chemicals margins; actions of
competitors or regulators; timing of exploration expenses; timing
of crude oil liftings; the competitiveness of alternate-energy
sources or product substitutes; development of large carbon capture
and offset markets; 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
implement capital allocation strategies, including future stock
repurchase programs and dividend payments; 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 20 through 25 of the company's 2021
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.
Attachment 1
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars, Except
Per-Share Amounts)
(unaudited)
CONSOLIDATED
STATEMENT OF INCOME
Three Months
Ended June 30
Six Months
Ended June 30
REVENUES AND OTHER INCOME
2022
2021
2022
2021
Sales and other operating revenues
$
65,372
$
36,117
$
117,686
$
67,193
Income (loss) from equity affiliates
2,467
1,442
4,552
2,353
Other income (loss)
923
38
897
80
Total Revenues and Other Income
68,762
37,597
123,135
69,626
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
40,003
20,629
72,652
38,197
Operating expenses *
7,168
6,160
13,837
12,454
Exploration expenses
196
113
405
199
Depreciation, depletion and
amortization
3,700
4,522
7,354
8,808
Taxes other than on income
1,563
1,566
3,565
2,986
Interest and debt expense
129
185
265
383
Total Costs and Other
Deductions
52,759
33,175
98,078
63,027
Income (Loss) Before Income Tax
Expense
16,003
4,422
25,057
6,599
Income tax expense (benefit)
4,288
1,328
7,065
2,107
Net Income (Loss)
11,715
3,094
17,992
4,492
Less: Net income (loss) attributable to
noncontrolling interests
93
12
111
33
NET INCOME (LOSS) ATTRIBUTABLE
TO
CHEVRON CORPORATION
$
11,622
$
3,082
$
17,881
$
4,459
PER SHARE OF
COMMON STOCK
Net Income (Loss) Attributable to
Chevron Corporation
- Basic
$
5.98
$
1.61
$
9.21
$
2.33
- Diluted
$
5.95
$
1.60
$
9.17
$
2.32
Weighted Average Number of Shares
Outstanding (000's)
- Basic
1,947,703
1,917,536
1,941,719
1,915,243
- Diluted
1,957,109
1,921,958
1,950,860
1,918,940
EARNINGS BY MAJOR
OPERATING AREA
Three Months
Ended June 30
Six Months
Ended June 30
2022
2021
2022
2021
Upstream
United States
$
3,367
$
1,446
$
6,605
$
2,387
International
5,191
1,732
8,887
3,141
Total Upstream
8,558
3,178
15,492
5,528
Downstream
United States
2,440
776
2,926
646
International
1,083
63
928
198
Total Downstream
3,523
839
3,854
844
All Other
(459
)
(935
)
(1,465
)
(1,913
)
NET INCOME (LOSS) ATTRIBUTABLE
TO
CHEVRON CORPORATION
$
11,622
$
3,082
$
17,881
$
4,459
* Includes operating expense, selling,
general and administrative expense, and other components of net
periodic benefit costs
Attachment 2
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
SELECTED BALANCE
SHEET ACCOUNT DATA (Preliminary)
Jun 30, 2022
Dec 31, 2021
Cash and cash equivalents
$
12,029
$
5,640
Marketable securities
$
341
$
35
Total assets
$
257,936
$
239,535
Total debt
$
26,235
$
31,369
Total Chevron Corporation stockholders'
equity
$
153,554
$
139,067
SELECTED
FINANCIAL RATIOS
Total debt plus total stockholders’
equity
$
179,789
$
170,436
Debt ratio (Total debt / Total debt
plus stockholders’ equity)
14.6
%
18.4
%
Adjusted debt (Total debt less cash and
cash equivalents and marketable securities)
$
13,865
$
25,694
Adjusted debt plus total stockholders’
equity
$
167,419
$
164,761
Net debt ratio (Adjusted debt /
Adjusted debt plus total stockholders’ equity)
8.3
%
15.6
%
Three Months
Ended June 30
Six Months
Ended June 30
TOTAL
C&E
2022
2021
2022
2021
Capital Expenditures
$
3,184
$
1,797
$
5,144
$
3,543
Expensed exploration expenditures
97
98
171
180
Capital lease obligations and other
(167)
42
(169)
40
Capital and exploratory expenditures,
excl. affiliates
3,114
1,937
5,146
3,763
Company’s share of expenditures by
affiliates
809
849
1,534
1,527
Total C&E
3,923
2,786
6,680
5,290
Acquisition of businesses, net of cash
received
2,862
—
2,862
—
Total C&E plus acquisitions
(investment)
$
6,785
$
2,786
$
9,542
$
5,290
Three Months
Ended June 30
Six Months
Ended June 30
TOTAL C&E BY
SEGMENT*
2022
2021
2022
2021
United States
Upstream
$
1,573
$
1,074
$
2,873
$
2,123
Downstream
884
264
1,130
506
Other
86
31
128
83
Total United States
2,543
1,369
4,131
2,712
International
Upstream
1,296
1,237
2,414
2,296
Downstream
79
174
129
272
Other
5
6
6
10
Total International
1,380
1,417
2,549
2,578
Worldwide
$
3,923
$
2,786
$
6,680
$
5,290
* Includes interest in affiliates:
United States
$
167
$
80
$
292
$
166
International
642
769
1,242
1,361
Total
$
809
$
849
$
1,534
$
1,527
Attachment 3
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Billions of Dollars)
(unaudited)
SUMMARIZED STATEMENT OF CASH FLOWS
(Preliminary)(1)
Three Months Ended June
30
Six Months
Ended June 30
OPERATING ACTIVITIES
2022
2022
2021
Net Income (Loss)
$
11.7
$
18.0
$
4.5
Adjustments
Depreciation, depletion and
amortization
3.7
7.4
8.8
Distributions more (less) than income from
equity affiliates
(1.7
)
(3.2
)
(1.4
)
Loss (gain) on asset retirements and
sales
(0.4
)
(0.5
)
(0.1
)
Net foreign currency effects
(0.5
)
(0.2
)
0.2
Deferred income tax provision
0.7
1.3
(0.2
)
Net decrease (increase) in operating
working capital
0.5
(0.4
)
(1.0
)
Other operating activity
(0.3
)
(0.6
)
0.4
Net Cash Provided by Operating
Activities
$
13.8
$
21.8
$
11.2
INVESTING ACTIVITIES
Acquisition of businesses, net of cash
acquired
(2.9
)
(2.9
)
—
Capital expenditures
(3.2
)
(5.1
)
(3.5
)
Proceeds and deposits related to asset
sales and returns of investment
1.1
2.3
0.4
Other investing activity(2)
—
—
—
Net Cash Used for Investing
Activities
$
(5.0
)
$
(5.6
)
$
(3.1
)
FINANCING ACTIVITIES
Net change in debt
(3.7
)
(5.7
)
(1.3
)
Cash dividends — common stock
(2.8
)
(5.5
)
(5.0
)
Shares issued for share-based
compensation
0.8
5.5
0.4
Shares repurchased
(2.5
)
(3.8
)
—
Distributions to noncontrolling
interests
—
—
—
Net Cash Provided by (Used for)
Financing Activities
$
(8.1
)
$
(9.5
)
$
(6.0
)
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
$
0.6
$
6.6
$
2.0
RECONCILIATION OF NON-GAAP MEASURES
(1)
Net Cash Provided by Operating
Activities
$
13.8
$
21.8
$
11.2
Less: Net decrease (increase) in operating
working capital
0.5
(0.4
)
(1.0
)
Cash Flow from Operations Excluding
Working Capital
$
13.3
$
22.2
$
12.2
Net Cash Provided by Operating
Activities
$
13.8
$
21.8
$
11.2
Less: Capital expenditures
3.2
5.1
3.5
Free Cash Flow
$
10.6
$
16.7
$
7.6
Less: Net decrease (increase) in operating
working capital
0.5
(0.4
)
(1.0
)
Free Cash Flow Excluding Working
Capital
$
10.1
$
17.1
$
8.6
(1)
Totals may not match sum of parts due to
presentation in billions.
(2)
Primarily (borrowings) repayments of loans
by equity affiliates.
Attachment 4
CHEVRON CORPORATION -
FINANCIAL REVIEW
(unaudited)
OPERATING
STATISTICS (1)
Three Months
Ended June 30
Six Months
Ended June 30
NET LIQUIDS PRODUCTION (MB/D):
(2)
2022
2021
2022
2021
United States
888
857
884
829
International
799
990
828
1,008
Worldwide
1,687
1,847
1,712
1,837
NET NATURAL GAS PRODUCTION (MMCF/D):
(3)
United States
1,705
1,678
1,766
1,660
International
5,548
5,993
5,832
6,060
Worldwide
7,253
7,671
7,598
7,720
TOTAL NET OIL-EQUIVALENT PRODUCTION
(MB/D): (4)
United States
1,172
1,136
1,178
1,106
International
1,724
1,990
1,800
2,018
Worldwide
2,896
3,126
2,978
3,124
SALES OF NATURAL GAS (MMCF/D):
United States
4,364
3,776
4,412
3,843
International
4,537
4,756
4,705
5,092
Worldwide
8,901
8,532
9,117
8,935
SALES OF NATURAL GAS LIQUIDS
(MB/D):
United States
295
215
298
207
International
224
180
220
166
Worldwide
519
395
518
373
SALES OF REFINED PRODUCTS
(MB/D):
United States
1,210
1,159
1,214
1,105
International (5)
1,337
1,282
1,332
1,274
Worldwide
2,547
2,441
2,546
2,379
REFINERY INPUT (MB/D):
United States
881
956
898
918
International
634
580
626
559
Worldwide
1,515
1,536
1,524
1,477
(1) Includes interest in affiliates;
totals may not match sum of parts due to rounding.
(2) Includes net production of synthetic
oil:
Canada
39
54
39
57
(3) Includes natural gas consumed in
operations (MMCF/D):
United States
57
45
57
45
International
496
525
523
541
(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):
383
342
368
341
Attachment 5
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
RECONCILIATION OF NON-GAAP
MEASURES
Three Months Ended June 30,
2022
Three Months Ended June 30,
2021
Six Months Ended June
30, 2022
Six Months Ended June
30, 2021
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
$
3,367
$
1,446
$
6,605
$
2,387
Int'l Upstream
5,191
1,732
8,887
3,141
U.S. Downstream
2,440
776
2,926
646
Int'l Downstream
1,083
63
928
198
All Other
(459
)
(935
)
(1,465
)
(1,913
)
Net Income (Loss) Attributable to
Chevron
$
11,622
$
3,082
$
17,881
$
4,459
SPECIAL ITEMS
U.S. Upstream
Remediation charge
$
—
$
—
$
—
$
(158
)
$
38
$
(120
)
$
—
$
—
$
—
$
(158
)
$
38
$
(120
)
Early contract termination
(765
)
165
(600
)
—
—
—
(765
)
165
(600
)
—
—
—
Int'l Upstream
Asset sale gains
328
(128
)
200
—
—
—
328
(128
)
200
—
—
—
U.S. Downstream
Legal reserves
—
—
—
—
—
—
—
—
—
(140
)
30
(110
)
All Other
Pension settlement costs
(12
)
1
(11
)
(151
)
36
(115
)
(98
)
21
(77
)
(468
)
112
(356
)
Total Special Items
$
(449
)
$
38
$
(411
)
$
(309
)
$
74
$
(235
)
$
(535
)
$
58
$
(477
)
$
(766
)
$
180
$
(586
)
FOREIGN CURRENCY EFFECTS
Int'l Upstream
$
603
$
78
$
459
$
26
Int'l Downstream
145
1
168
60
All Other
(80
)
(36
)
(177
)
(45
)
Total Foreign Currency Effects
$
668
$
43
$
450
$
41
ADJUSTED EARNINGS/(LOSS) *
U.S. Upstream
$
3,967
$
1,566
$
7,205
$
2,507
Int'l Upstream
4,388
1,654
8,228
3,115
U.S. Downstream
2,440
776
2,926
756
Int'l Downstream
938
62
760
138
All Other
(368
)
(784
)
(1,211
)
(1,512
)
Total Adjusted Earnings/(Loss)
$
11,365
$
3,274
$
17,908
$
5,004
Total Adjusted Earnings/(Loss) per
share
$
5.82
$
1.71
$
9.18
$
2.61
* 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/20220729005035/en/
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