- Reported earnings of $6.5 billion; adjusted earnings of $5.7
billion
- Acquired PDC Energy, Inc. and majority interest in ACES Delta,
LLC
- Record year-to-date cash returned to shareholders of $20.0
billion
- Announced agreement to acquire Hess Corporation
Chevron Corporation (NYSE: CVX) reported earnings of $6.5
billion ($3.48 per share - diluted) for third quarter 2023,
compared with $11.2 billion ($5.78 per share - diluted) in third
quarter 2022. Included in the current quarter were a one-time tax
benefit of $560 million in Nigeria and pension settlement costs of
$40 million. Foreign currency effects increased earnings by $285
million. Adjusted earnings of $5.7 billion ($3.05 per share -
diluted) in third quarter 2023 compared to adjusted earnings of
$10.8 billion ($5.56 per share - diluted) in third quarter 2022.
See Attachment 4 for a reconciliation of adjusted earnings.
Earnings & Cash Flow
Summary
YTD
Unit
3Q 2023
2Q 2023
3Q 2022
3Q 2023
3Q 2022
Total Earnings / (Loss)
$ MM
$
6,526
$
6,010
$
11,231
$
19,110
$
29,112
Upstream
$ MM
$
5,755
$
4,936
$
9,307
$
15,852
$
24,798
Downstream
$ MM
$
1,683
$
1,507
$
2,530
$
4,990
$
6,383
All Other
$ MM
$
(912
)
$
(433
)
$
(606
)
$
(1,732
)
$
(2,069
)
Earnings Per Share - Diluted
$/Share
$
3.48
$
3.20
$
5.78
$
10.14
$
14.95
Adjusted Earnings (1)
$ MM
$
5,721
$
5,775
$
10,784
$
18,240
$
28,692
Adjusted Earnings Per Share - Diluted
(1)
$/Share
$
3.05
$
3.08
$
5.56
$
9.68
$
14.74
Cash Flow From Operations (CFFO)
$ B
$
9.7
$
6.3
$
15.3
$
23.2
$
37.1
CFFO Excluding Working Capital (1)
$ B
$
8.9
$
9.4
$
13.7
$
27.4
$
35.9
(1) See non-GAAP reconciliation in
attachments
“We delivered another quarter of solid financial results and
strong cash returns to shareholders,” said Mike Wirth, Chevron’s
chairman and chief executive officer. Earnings have exceeded $5
billion, and ROCE has been greater than 12 percent for nine
consecutive quarters. Cash returned to shareholders totaled $20
billion year-to-date, 27 percent higher than last year’s record
total for the same period.
“The acquisition of PDC Energy strengthened our position in
important U.S. production basins,” Wirth continued. The DJ Basin
now ranks among Chevron’s top-five producing assets. “We also
acquired a majority stake in ACES Delta, LLC, the United States’
largest green hydrogen production and storage hub,” Wirth
commented.
“Chevron is delivering strong financial results while also
investing to profitably grow our traditional and new energy
businesses to drive superior value for shareholders,” Wirth
concluded.
Financial and Business
Highlights
YTD
Unit
3Q 2023
2Q 2023
3Q 2022
3Q 2023
3Q 2022
Return on Capital Employed (ROCE)
%
14.5
%
13.4
%
25.0
%
14.0
%
22.3
%
Capital Expenditures (Capex)
$ B
$
4.7
$
3.8
$
3.0
$
11.5
$
8.1
Affiliate Capex
$ B
$
0.8
$
1.0
$
0.8
$
2.7
$
2.4
Free Cash Flow (1)
$ B
$
5.0
$
2.5
$
12.3
$
11.7
$
29.0
Free Cash Flow ex. working capital (1)
$ B
$
4.2
$
5.7
$
10.7
$
15.9
$
27.8
Debt Ratio (end of period)
%
11.1
%
12.0
%
13.0
%
11.1
%
13.0
%
Net Debt Ratio (1) (end of period)
%
8.1
%
7.0
%
4.9
%
8.1
%
4.9
%
Net Oil-Equivalent Production
MBOED
3,146
2,959
3,027
3,028
2,995
(1) See non-GAAP reconciliation in
attachments
Financial Highlights
- Third quarter 2023 earnings decreased compared to third quarter
2022 primarily due to lower upstream realizations and lower margins
on refined product sales.
- Sales and other operating revenues in third quarter 2023 were
$51.9 billion, down from $63.5 billion in the year-ago period
primarily due to lower commodity prices.
- Worldwide net oil-equivalent production was up 4 percent from
the year-ago quarter primarily due to the acquisition of PDC
Energy, Inc.
- Capex in the third quarter of 2023 was up over 50 percent from
the year-ago period. This includes approximately $400 million of
inorganic spend largely due to the acquisition of a majority stake
in ACES Delta, LLC, but excludes the acquisition of PDC Energy,
Inc.
- Quarterly shareholder distributions were $6.2 billion during
the quarter, including dividends of $2.9 billion and share
repurchases of $3.4 billion. Share repurchases were lower than the
prior quarter due to restrictions related to the acquisition of PDC
Energy, Inc.
- The company’s Board of Directors declared a quarterly dividend
of one dollar and fifty-one cents ($1.51) per share, payable
December 11, 2023, to all holders of common stock as shown on the
transfer records of the corporation at the close of business on
November 17, 2023.
Business Highlights
- Completed the acquisition of PDC Energy, Inc., enhancing the
company’s strong presence in the DJ and Permian Basins in the
United States.
- Completed the acquisition of a majority stake in ACES Delta,
LLC, which is developing a lower carbon intensity hydrogen
production and storage hub in Utah.
- Converted the diesel hydrotreater at the El Segundo, California
refinery to process either 100 percent renewable or traditional
feedstocks.
- Started operations on a solar power project with a joint
venture partner in New Mexico to provide lower carbon energy for
the Permian Basin.
- Announced a definitive agreement to acquire Hess Corporation,
which is expected to strengthen Chevron’s long-term performance by
adding world-class assets and people.
Segment Highlights
Upstream
YTD
U.S. Upstream
Unit
3Q 2023
2Q 2023
3Q 2022
3Q 2023
3Q 2022
Earnings / (Loss)
$ MM
$
2,074
$
1,640
$
3,398
$
5,495
$
10,004
Net Oil-Equivalent Production
MBOED
1,407
1,219
1,176
1,265
1,177
Liquids Production
MBD
1,028
916
891
941
886
Natural Gas Production
MMCFD
2,275
1,817
1,708
1,947
1,747
Liquids Realization
$/BBL
$
62
$
56
$
76
$
59
$
80
Natural Gas Realization
$/MCF
$
1.39
$
1.23
$
7.05
$
1.69
$
5.76
- U.S. upstream earnings were lower than a year ago, primarily on
lower realizations partially offset by earnings associated with PDC
Energy, Inc.
- U.S. net oil-equivalent production was up 20 percent from third
quarter 2022 and set a new quarterly record, primarily due to the
acquisition of PDC Energy, Inc., which added 179,000 oil-equivalent
barrels per day during the quarter, and net production increases in
the Permian Basin.
YTD
International Upstream
Unit
3Q 2023
2Q 2023
3Q 2022
3Q 2023
3Q 2022
Earnings / (Loss) (1)
$ MM
$
3,681
$
3,296
$
5,909
$
10,357
$
14,794
Net Oil-Equivalent Production
MBOED
1,739
1,740
1,851
1,763
1,817
Liquids Production
MBD
803
827
816
826
824
Natural Gas Production
MMCFD
5,616
5,478
6,212
5,621
5,960
Liquids Realization
$/BBL
$
76
$
68
$
89
$
71
$
95
Natural Gas Realization
$/MCF
$
6.96
$
7.50
$
10.36
$
7.81
$
9.56
(1) Includes foreign currency effects
$ MM
$
584
$
10
$
440
$
538
$
899
- International upstream earnings were lower than a year ago
primarily due to lower realizations and lower sales volumes,
partially offset by a favorable one-time tax benefit of $560
million in Nigeria and foreign currency effects.
- Net oil-equivalent production was down 112,000 barrels per day
from a year earlier primarily due to higher impacts from
turnarounds, shutdowns and normal field declines.
Downstream
YTD
U.S. Downstream
Unit
3Q 2023
2Q 2023
3Q 2022
3Q 2023
3Q 2022
Earnings / (Loss)
$ MM
$
1,376
$
1,081
$
1,288
$
3,434
$
4,214
Refinery Crude Oil Inputs
MBD
961
962
779
938
858
Refined Product Sales
MBD
1,303
1,295
1,248
1,283
1,226
- U.S. downstream earnings were higher compared to a year ago
primarily due to higher margins on refined product sales.
- Refinery crude oil inputs increased 23 percent from the
year-ago period primarily due to the absence of 2022 turnaround
activity at the Richmond, California refinery.
- Refinery product sales were up 4 percent from the year-ago
period, primarily due to higher demand for jet fuel.
YTD
International Downstream
Unit
3Q 2023
2Q 2023
3Q 2022
3Q 2023
3Q 2022
Earnings / (Loss) (1)
$ MM
$
307
$
426
$
1,242
$
1,556
$
2,169
Refinery Crude Oil Inputs
MBD
625
623
651
625
635
Refined Product Sales
MBD
1,431
1,453
1,437
1,448
1,367
(1) Includes foreign currency effects
$ MM
$
24
$
4
$
179
$
46
$
347
- International downstream earnings were lower compared to a year
ago primarily due to lower margins on refined product sales and
lower favorable foreign currency effects.
- Refinery crude oil inputs decreased 4 percent from the year-ago
period as refinery runs decreased due to planned shutdowns.
- Refinery product sales were flat relative to the year-ago
period due to higher jet fuel sales resulting from increased air
travel offset by lower demand for gasoline.
All Other
YTD
All Other
Unit
3Q 2023
2Q 2023
3Q 2022
3Q 2023
3Q 2022
Net charges (1)
$ MM
$
(912
)
$
(433
)
$
(606
)
$
(1,732
)
$
(2,069
)
(1) Includes foreign currency effects
$ MM
$
(323
)
$
(4
)
$
5
$
(329
)
$
(172
)
- All Other consists of worldwide cash management and debt
financing activities, corporate administrative functions, insurance
operations, real estate activities and technology companies.
- Net charges increased compared to a year ago primarily due to
unfavorable foreign currency effects and unfavorable tax items,
partially offset by lower pension settlement costs.
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to enabling human progress. 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 aim to grow our
traditional oil and gas business, lower the carbon intensity of our
operations and grow new lower carbon businesses in renewable fuels,
hydrogen, carbon capture, offsets and other emerging technologies.
More information about Chevron is available at www.chevron.com.
NOTICE
Chevron’s discussion of third quarter 2023 earnings with
security analysts will take place on Friday, October 27, 2023, 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.
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 4.
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 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 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.
Reconciliations 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,” “progress,”
“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, the war between Israel and Hamas and the global
response to these hostilities; 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; 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 (including the war between Israel and Hamas and related
military operations), 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 ability to successfully integrate the operations of
the company and PDC Energy, Inc. and achieve the anticipated
benefits from the transaction, including the expected incremental
annual free cash flow; the risk that Hess Corporation (Hess)
stockholders do not approve the potential transaction, and the risk
that regulatory approvals are not obtained or are obtained subject
to conditions that are not anticipated by the company and Hess;
potential delays in consummating the potential transaction,
including as a result of regulatory approvals; the company’s
ability to integrate Hess’ operations in a successful manner and in
the expected time period; the possibility that any of the
anticipated benefits and projected synergies of the potential
transaction will not be realized or will not be realized within the
expected time period; 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; higher inflation and related impacts; 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 26 of the company’s 2022 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(1)
Three Months Ended September
30,
Nine Months Ended
September 30,
REVENUES AND OTHER INCOME
2023
2022
2023
2022
Sales and other operating revenues
$
51,922
$
63,508
$
147,980
$
181,194
Income (loss) from equity affiliates
1,313
2,410
4,141
6,962
Other income (loss)
845
726
1,648
1,623
Total Revenues and Other Income
54,080
66,644
153,769
189,779
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
32,328
38,751
90,719
112,846
Operating expenses (2)
7,553
7,593
21,717
21,430
Exploration expenses
301
116
660
521
Depreciation, depletion and
amortization
4,025
4,201
11,072
11,555
Taxes other than on income
1,021
1,046
3,158
3,168
Interest and debt expense
114
128
349
393
Total Costs and Other
Deductions
45,342
51,835
127,675
149,913
Income (Loss) Before Income Tax
Expense
8,738
14,809
26,094
39,866
Income tax expense (benefit)
2,183
3,571
6,926
10,636
Net Income (Loss)
6,555
11,238
19,168
29,230
Less: Net income (loss) attributable to
noncontrolling interests
29
7
58
118
NET INCOME (LOSS) ATTRIBUTABLE
TO
CHEVRON CORPORATION
$
6,526
$
11,231
$
19,110
$
29,112
(1) Prior year data has been reclassified
in certain cases to conform to the 2023 presentation basis.
(2) 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
$
3.48
$
5.81
$
10.18
$
15.02
- Diluted
$
3.48
$
5.78
$
10.14
$
14.95
Weighted Average Number of Shares
Outstanding (000's)
- Basic
1,870,963
1,932,238
1,876,532
1,938,524
- Diluted
1,877,104
1,940,002
1,884,407
1,947,201
Note: Shares outstanding (excluding 14
million associated with Chevron’s Benefit Plan Trust) were 1,874
million and 1,901 million at September 30, 2023, and December 31,
2022, respectively.
EARNINGS BY MAJOR
OPERATING AREA
Three Months Ended September
30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Upstream
United States
$
2,074
$
3,398
$
5,495
$
10,004
International
3,681
5,909
10,357
14,794
Total Upstream
5,755
9,307
15,852
24,798
Downstream
United States
1,376
1,288
3,434
4,214
International
307
1,242
1,556
2,169
Total Downstream
1,683
2,530
4,990
6,383
All Other
(912
)
(606
)
(1,732
)
(2,069
)
NET INCOME (LOSS) ATTRIBUTABLE TO
CHEVRON CORPORATION
$
6,526
$
11,231
$
19,110
$
29,112
Attachment 2
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
SELECTED BALANCE
SHEET ACCOUNT DATA (Preliminary)
September 30,
2023
December 31, 2022
Cash and cash equivalents
$
5,797
$
17,678
Marketable securities
$
141
$
223
Total assets
$
263,927
$
257,709
Total debt
$
20,559
$
23,339
Total Chevron Corporation stockholders'
equity
$
165,265
$
159,282
Noncontrolling interests
$
983
$
960
SELECTED
FINANCIAL RATIOS
Total debt plus total stockholders’
equity
$
185,824
$
182,621
Debt ratio (Total debt / Total debt
plus stockholders’ equity)
11.1
%
12.8
%
Adjusted debt (Total debt less cash and
cash equivalents and marketable securities)
$
14,621
$
5,438
Adjusted debt plus total stockholders’
equity
$
179,886
$
164,720
Net debt ratio (Adjusted debt /
Adjusted debt plus total stockholders’ equity)
8.1
%
3.3
%
RETURN ON CAPITAL
EMPLOYED (ROCE)
Three Months Ended September
30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Total reported earnings
$
6,526
$
11,231
$
19,110
$
29,112
Non-controlling interest
29
7
58
118
Interest expense (A/T)
104
117
321
363
ROCE earnings
6,659
11,355
19,489
29,593
Annualized ROCE earnings
26,636
45,420
25,985
39,457
Average capital employed*
183,810
182,033
185,194
177,289
ROCE
14.5
%
25.0
%
14.0
%
22.3
%
*Capital employed is the sum of Chevron
Corporation stockholders' equity, total debt and noncontrolling
interest. Average capital employed is computed by averaging the sum
of capital employed at the beginning and the end of the period.
Three Months Ended September
30,
Nine Months Ended
September 30,
CAPEX BY
SEGMENT
2023
2022
2023
2022
United States
Upstream
$
3,020
$
1,828
$
7,234
$
4,664
Downstream
408
279
1,118
1,117
Other
97
54
218
182
Total United States
3,525
2,161
8,570
5,963
International
Upstream
1,080
784
2,742
1,885
Downstream
66
47
144
282
Other
2
3
12
9
Total International
1,148
834
2,898
2,176
CAPEX
$
4,673
$
2,995
$
11,468
$
8,139
AFFILIATE CAPEX
(not included above):
Upstream
$
539
$
593
$
1,793
$
1,772
Downstream
300
253
891
608
AFFILIATE CAPEX
$
839
$
846
$
2,684
$
2,380
Attachment 3
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Billions of Dollars)
(unaudited)
SUMMARIZED
STATEMENT OF CASH FLOWS (Preliminary)(1)
Three Months Ended September
30,
Nine Months Ended
September 30,
OPERATING ACTIVITIES
2023
2022
2023
2022
Net Income (Loss)
$
6.6
$
11.2
$
19.2
$
29.2
Adjustments
Depreciation, depletion and
amortization
4.0
4.2
11.1
11.6
Distributions more (less) than income from
equity affiliates
(0.9
)
(1.6
)
(2.3
)
(4.8
)
Loss (gain) on asset retirements and
sales
(0.1
)
—
(0.1
)
(0.5
)
Net foreign currency effects
(0.2
)
(0.4
)
(0.1
)
(0.7
)
Deferred income tax provision
(0.1
)
0.4
1.3
1.7
Net decrease (increase) in operating
working capital
0.8
1.6
(4.2
)
1.2
Other operating activity
(0.3
)
(0.1
)
(1.7
)
(0.7
)
Net Cash Provided by Operating
Activities
$
9.7
$
15.3
$
23.2
$
37.1
INVESTING ACTIVITIES
Acquisition of businesses, net of cash
acquired
0.1
—
0.1
(2.9
)
Capital expenditures (Capex)
(4.7
)
(3.0
)
(11.5
)
(8.1
)
Proceeds and deposits related to asset
sales and returns of investment
0.1
0.1
0.4
2.5
Other investing activity
0.1
0.1
(0.2
)
0.1
Net Cash Used for Investing
Activities
$
(4.4
)
$
(2.8
)
$
(11.2
)
$
(8.4
)
FINANCING ACTIVITIES
Net change in debt
(2.4
)
(2.5
)
(4.1
)
(8.2
)
Cash dividends — common stock
(2.9
)
(2.7
)
(8.5
)
(8.3
)
Shares issued for share-based
compensation
0.1
0.1
0.2
5.5
Shares repurchased
(3.4
)
(3.8
)
(11.5
)
(7.5
)
Distributions to noncontrolling
interests
—
(0.1
)
—
(0.1
)
Net Cash Provided by (Used for)
Financing Activities
$
(8.6
)
$
(9.0
)
$
(23.9
)
$
(18.5
)
EFFECT OF EXCHANGE RATE CHANGES ON
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
—
(0.1
)
(0.2
)
(0.3
)
NET CHANGE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
$
(3.4
)
$
3.3
$
(12.1
)
$
9.9
RECONCILIATION OF
NON-GAAP MEASURES (1)
Net Cash Provided by Operating
Activities
$
9.7
$
15.3
$
23.2
$
37.1
Less: Net decrease (increase) in operating
working capital
0.8
1.6
(4.2
)
1.2
Cash Flow from Operations Excluding
Working Capital
$
8.9
$
13.7
$
27.4
$
35.9
Net Cash Provided by Operating
Activities
$
9.7
$
15.3
$
23.2
$
37.1
Less: Capital expenditures
4.7
3.0
11.5
8.1
Free Cash Flow
$
5.0
$
12.3
$
11.7
$
29.0
Less: Net decrease (increase) in operating
working capital
0.8
1.6
(4.2
)
1.2
Free Cash Flow Excluding Working
Capital
$
4.2
$
10.7
$
15.9
$
27.8
(1) Totals may not match sum of parts due
to presentation in billions.
Attachment 4
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
RECONCILIATION OF
NON-GAAP MEASURES
Three Months Ended September
30, 2023
Three Months Ended September
30, 2022
Nine Months Ended
September 30, 2023
Nine Months Ended
September 30, 2022
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
$
2,074
$
3,398
$
5,495
$
10,004
Int'l Upstream
3,681
5,909
10,357
14,794
U.S. Downstream
1,376
1,288
3,434
4,214
Int'l Downstream
307
1,242
1,556
2,169
All Other
(912
)
(606
)
(1,732
)
(2,069
)
Net Income (Loss) Attributable to
Chevron
$
6,526
$
11,231
$
19,110
$
29,112
SPECIAL
ITEMS
U.S. Upstream
Early contract termination
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
(765
)
$
165
$
(600
)
Int'l Upstream
Asset sale gains
—
—
—
—
—
—
—
—
—
328
(128
)
200
Tax items
—
560
560
—
—
—
—
655
655
—
—
—
All Other
Pension settlement costs
(53
)
13
(40
)
(233
)
56
(177
)
(53
)
13
(40
)
(331
)
77
(254
)
Total Special Items
$
(53
)
$
573
$
520
$
(233
)
$
56
$
(177
)
$
(53
)
$
668
$
615
$
(768
)
$
114
$
(654
)
FOREIGN CURRENCY
EFFECTS
Int'l Upstream
$
584
$
440
$
538
$
899
Int'l Downstream
24
179
46
347
All Other
(323
)
5
(329
)
(172
)
Total Foreign Currency Effects
$
285
$
624
$
255
$
1,074
ADJUSTED
EARNINGS/(LOSS) *
U.S. Upstream
$
2,074
$
3,398
$
5,495
$
10,604
Int'l Upstream
2,537
5,469
9,164
13,695
U.S. Downstream
1,376
1,288
3,434
4,214
Int'l Downstream
283
1,063
1,510
1,822
All Other
(549
)
(434
)
(1,363
)
(1,643
)
Total Adjusted Earnings/(Loss)
$
5,721
$
10,784
$
18,240
$
28,692
Total Adjusted Earnings/(Loss) per
share
$
3.05
$
5.56
$
9.68
$
14.74
* 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/20231027161115/en/
Randy Stuart -- +1 713-283-8609
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