- Capital and operating cost reductions on track
- Second quarter loss of $8.3 billion; adjusted loss of $3.0
billion
- Includes non-cash net charges of $5.2 billion and a $310
million asset sale gain
- Enters agreement to acquire Noble Energy
Chevron Corporation (NYSE: CVX) today reported a loss of $8.3
billion ($(4.44) per share - diluted) for second quarter 2020,
compared with earnings of $4.3 billion ($2.27 per share - diluted)
in second quarter 2019. Included in the current quarter were
impairments and other net charges of $1.8 billion primarily
associated with downward revisions to the company's commodity price
outlook, severance accruals of $780 million, and a gain of $310
million on the sale of Azerbaijan assets. The company also fully
impaired its $2.6 billion investment in Venezuela due to
uncertainty associated with the current operating environment and
overall outlook. Foreign currency effects decreased earnings by
$437 million.
The adjusted loss of $3.0 billion ($(1.59) per share - diluted)
in second quarter 2020 compares to adjusted earnings of $3.4
billion ($1.77 per share - diluted) in second quarter 2019. For a
reconciliation of adjusted earnings/(loss), see Attachment 5.
Sales and other operating revenues in second quarter 2020 were
$16 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
2020
2019
2020
2019
Earnings by business segment
Upstream
$(6,089)
$3,483
$(3,169)
$6,606
Downstream
(1,010)
729
93
981
All Other
(1,171)
93
(1,595)
(633)
Total (1)(2)
$(8,270)
$4,305
$(4,671)
$6,954
(1) Includes foreign currency effects
$(437)
$15
$77
$(122)
(2) Net income attributable to Chevron
Corporation (See Attachment 1)
“The past few months have presented unique challenges,” said
Michael K. Wirth, Chevron’s chairman of the board and chief
executive officer. “The economic impact of the response to COVID-19
significantly reduced demand for our products and lowered commodity
prices. Given the uncertainties associated with economic recovery,
and ample oil and gas supplies, we made a downward revision to our
commodity price outlook which resulted in asset impairments and
other charges.” While demand and commodity prices have shown signs
of recovery, they are not back to pre-pandemic levels, and
financial results may continue to be depressed into the third
quarter 2020.
“We reduced our capital budget in response to the current
environment and are on track with our commitment to lower operating
expense,” Wirth added. Second quarter organic capital expenditures
were $3.0 billion, 40 percent below the quarterly budget, and year
to date organic capital expenditures are on track with the
company’s revised full year guidance of $14 billion. While second
quarter 2020 operating expenses of $7.1 billion were up 13 percent
from second quarter 2019, second quarter 2020 operating expenses,
excluding severance accruals of $1 billion, were down 3 percent
compared to the year ago period.
Chevron remains committed to its people, assets and operations
in Venezuela. The current operating environment and overall outlook
create significant uncertainties regarding recoverability of the
company's investments, leading to a full impairment. Chevron will
continue to fulfill its contractual obligations as permitted under
the current sanctions and general license, with the intent to
return to normal operations in due course.
“I'm proud of our employees' response to the health, economic
and social crises facing the world,” Wirth added. “Our operations
continue to run safely — providing the energy essential to every
day life. We're transforming our company to be more efficient,
agile and innovative. And we're having the difficult conversations
about race and reaffirming our commitment to equal pay, equal
opportunity and equal rights.”
“We're focused on what we can control. Our actions are guided by
our values and our long-standing financial priorities: to protect
the dividend, invest for long term value and maintain a strong
balance sheet,” Wirth affirmed.
Additionally, the company recently announced that it entered
into a definitive agreement with Noble Energy to acquire all of its
outstanding shares in an all stock transaction. Wirth said,
“Noble’s high-quality assets provide Chevron with low-cost, proved
reserves and attractive undeveloped resources that will enhance an
already advantaged Upstream portfolio. We believe this transaction
will unlock significant value for shareholders of both
companies.”
UPSTREAM
Worldwide net oil-equivalent production was 2.99 million barrels
per day in second quarter 2020, a decrease of 3 percent from a year
ago, and down 8 percent from first quarter 2020. The decrease was
largely a result of curtailed production in response to low
commodity prices and asset sales, partially offset by net
production increases in a number of properties.
U.S. Upstream
Three Months
Six Months
Ended June 30
Ended June 30
Millions of dollars
2020
2019
2020
2019
Earnings
$(2,066)
$896
$(1,825)
$1,644
U.S. upstream operations reported a loss of $2.1 billion in
second quarter 2020, compared with earnings of $896 million a year
earlier. Included in the current quarter were charges of $1.3
billion for special items including impairments, write-offs and
severance accruals. Sharply lower crude oil realizations also
contributed to the decrease in earnings between periods.
The company’s average sales price per barrel of crude oil and
natural gas liquids was $19 in second quarter 2020, down from $52 a
year earlier. The average sales price of natural gas was $0.81 per
thousand cubic feet in second quarter 2020, up from $0.68 in last
year’s second quarter.
Net oil-equivalent production of 991,000 barrels per day in
second quarter 2020 was up 93,000 barrels per day from a year
earlier. Production increases from shale and tight properties in
the Permian Basin in Texas and New Mexico were partially offset by
normal field declines and the effects of production curtailments
due to market conditions. The net liquids component of
oil-equivalent production in second quarter 2020 increased 5
percent to 747,000 barrels per day, while net natural gas
production increased 29 percent to 1.46 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
2020
2019
2020
2019
Earnings*
$(4,023)
$2,587
$(1,344)
$4,962
*Includes foreign currency effects
$(262)
$22
$206
$(146)
International upstream operations reported a loss of $4.0
billion in second quarter 2020, compared with earnings of $2.6
billion a year ago. Special items included in second quarter 2020
include charges of $3.9 billion for impairments, write-offs and
severance accruals and earnings of $0.7 billion associated with a
gain on the Azerbaijan sale and tax items. Sharply lower crude oil
realizations and lower crude oil and natural gas sales volumes also
contributed to the decrease in earnings between periods. Foreign
currency effects had an unfavorable impact on earnings of $284
million between periods.
The average sales price for crude oil and natural gas liquids in
second quarter 2020 was $21 per barrel, down from $62 a year
earlier. The average sales price of natural gas was $4.48 per
thousand cubic feet in the quarter, compared with $5.43 in last
year’s second quarter.
Net oil-equivalent production of 2.00 million barrels per day in
second quarter 2020 decreased 189,000 barrels per day from second
quarter 2019. The decrease is due to production curtailments
associated with market conditions and OPEC+ restrictions combined
with asset sale related decreases of 100,000 barrels per day.
Partially offsetting these items were increased production
entitlement effects. The net liquids component of oil-equivalent
production decreased 7 percent to 1.08 million barrels per day in
second quarter 2020, while net natural gas production of 5.52
billion cubic feet per day decreased 11 percent, compared to last
year's second quarter.
DOWNSTREAM
U.S. Downstream
Three Months Ended June
30
Six Months Ended June
30
Millions of dollars
2020
2019
2020
2019
Earnings
$(988)
$465
$(538)
$682
U.S. downstream operations reported a loss of $988 million in
second quarter 2020, compared with earnings of $465 million a year
earlier. The decrease was mainly due to lower margins on refined
product sales, lower sales volumes, lower earnings from 50
percent-owned Chevron Phillips Chemical Company and severance
accruals, partially offset by lower maintenance and transportation
costs.
Refinery crude oil input in second quarter 2020 decreased 39
percent to 581,000 barrels per day from the year-ago period, as the
company cut refinery runs in response to the weak refining margin
environment.
Refined product sales of 827,000 barrels per day were down 35
percent from second quarter 2019, mainly due to gasoline, jet fuel
and diesel demand destruction associated with the COVID-19
pandemic.
International Downstream
Three Months Ended June
30
Six Months Ended June
30
Millions of dollars
2020
2019
2020
2019
Earnings*
$(22)
$264
$631
$299
*Includes foreign currency effects
$(23)
$(9)
$37
$22
International downstream operations reported a loss of $22
million in second quarter 2020, compared with earnings of $264
million a year earlier. The decrease in earnings was largely due to
lower margins on refined product sales and severance accruals,
partially offset by lower shutdown and transportation costs.
Foreign currency effects had an unfavorable impact on earnings of
$14 million between periods.
Refinery crude oil input of 589,000 barrels per day in second
quarter 2020 decreased 2 percent from the year-ago period.
Refined product sales of 1.10 million barrels per day in second
quarter 2020 were down 13 percent from the year-ago period, mainly
due to gasoline, jet fuel and diesel demand destruction associated
with the COVID-19 pandemic.
ALL OTHER
Three Months Ended June
30
Six Months Ended June
30
Millions of dollars
2020
2019
2020
2019
Net Charges*
$(1,171)
$93
$(1,595)
$(633)
*Includes foreign currency effects
$(152)
$2
$(166)
$2
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 2020 were $1.2 billion, compared
with net earnings of $93 million in the year-ago period. The
increase in net charges between periods was mainly due to absence
of the Anadarko termination fee that was received in second quarter
2019, along with severance accruals that were recorded in the
current period. Foreign currency effects increased net charges by
$154 million between periods.
CASH FLOW FROM OPERATIONS
Cash flow from operations in the first six months of 2020 was
$4.8 billion, compared with $13.8 billion in the corresponding 2019
period. Excluding working capital effects, cash flow from
operations in the first six months of 2020 was $5.2 billion,
compared with $14.1 billion in the corresponding 2019 period.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures in the first six months of
2020 were $7.7 billion, compared with $10.0 billion in 2019. The
amounts included $2.3 billion in 2020 and $3.1 billion in 2019 for
the company’s share of expenditures by affiliates, which did not
require cash outlays by the company. Expenditures for upstream
represented 83 percent of the company-wide total in 2020. Second
quarter 2020 capital expenditures were down 37% compared to second
quarter 2019. Included in the 2020 period were inorganic capital
expenditures of $0.3 billion associated with the downstream
acquisition of Puma Energy (Australia) Holdings Pty Ltd.
NOTICE
Chevron’s discussion of second quarter 2020 earnings with
security analysts will take place on Friday, July 31, 2020, at 8:00
a.m. PDT. 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. Additional financial and operating
information and other complementary materials will be available
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.
This press release includes adjusted earnings/(loss), which
reflect earnings or losses excluding significant non-operational
items including impairment charges, write-offs, gains on asset
sales, unusual tax items, the Anadarko merger termination fee,
foreign currency effects and other special items. We believe it is
useful for investors to consider these figures 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.
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,”
“forecasts,” “projects,” “believes,” “seeks,” “schedules,”
“estimates,” “positions,” “pursues,” “may,” “could,” “should,”
“will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on
schedule,” “on track,” “is slated,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised” “potential” 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.
Key factors that could cause actual results to differ materially
from those projected in the forward-looking statements relating to
Chevron’s announced acquisition of Noble Energy include, among
others, the ability to obtain the requisite Noble Energy
stockholder approval; uncertainties as to the timing to consummate
the potential transaction; the risk that a condition to closing the
potential transaction may not be satisfied; the risk that
regulatory approvals are not obtained or are obtained subject to
conditions that are not anticipated by the parties; the effects of
disruption to Chevron’s or Noble Energy’s respective businesses;
the effect of this communication on Chevron’s or Noble Energy’s
stock prices; the effects of industry, market, economic, political
or regulatory conditions outside of Chevron’s or Noble Energy’s
control; transaction costs; Chevron’s ability to achieve the
benefits from the proposed transaction, including the anticipated
annual run-rate operating and other cost synergies and accretion to
return on capital employed, free cash flow, and earnings per share;
Chevron’s ability to promptly, efficiently and effectively
integrate acquired operations into its own operations; unknown
liabilities; and the diversion of management time on
transaction-related issues. Other 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 our 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; public health crises, such
as pandemics (including coronavirus (COVID-19)) and epidemics, and
any related government policies and actions; 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; technological developments; the results of
operations and financial condition of the company's suppliers,
vendors, partners and equity affiliates, particularly during
extended periods of low prices for crude oil and natural gas 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 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, industry-specific taxes, 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 21 of the company's 2019 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 June
30
Six Months Ended June
30
REVENUES AND OTHER INCOME
2020
2019
2020
2019
Sales and other operating revenues
$
15,926
$
36,323
$
45,631
$
70,512
Income from equity affiliates
(2,515
)
1,196
(1,550
)
2,258
Other income
83
1,331
914
1,280
Total Revenues and Other Income
13,494
38,850
44,995
74,050
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
8,144
20,835
23,653
40,538
Operating expenses *
7,198
6,360
13,270
12,331
Exploration expenses
895
141
1,053
330
Depreciation, depletion and
amortization
6,717
4,334
11,005
8,428
Taxes other than on income
965
1,047
2,132
2,108
Interest and debt expense
172
198
334
423
Total Costs and Other
Deductions
24,091
32,915
51,447
64,158
Income (Loss) Before Income Tax
Expense
(10,597
)
5,935
(6,452
)
9,892
Income tax expense (benefit)
(2,320
)
1,645
(1,756
)
2,960
Net Income (Loss)
(8,277
)
4,290
(4,696
)
6,932
Less: Net income (loss) attributable to
noncontrolling interests
(7
)
(15
)
(25
)
(22
)
NET INCOME (LOSS) ATTRIBUTABLE TO
CHEVRON CORPORATION
$
(8,270
)
$
4,305
$
(4,671
)
$
6,954
* 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
$
(4.44
)
$
2.28
$
(2.51
)
$
3.68
- Diluted
$
(4.44
)
$
2.27
$
(2.51
)
$
3.66
Weighted Average Number of Shares
Outstanding (000's)
- Basic
1,853,313
1,889,265
1,857,793
1,888,637
- Diluted
1,853,313
1,902,977
1,857,793
1,901,869
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 2
(Millions of Dollars)
(unaudited)
EARNINGS BY MAJOR
OPERATING AREA
Three Months Ended June
30
Six Months Ended June
30
2020
2019
2020
2019
Upstream
United States
$
(2,066
)
$
896
$
(1,825
)
$
1,644
International
(4,023
)
2,587
(1,344
)
4,962
Total Upstream
(6,089
)
3,483
(3,169
)
6,606
Downstream
United States
(988
)
465
(538
)
682
International
(22
)
264
631
299
Total Downstream
(1,010
)
729
93
981
All Other (1)
(1,171
)
93
(1,595
)
(633
)
Total (2)
$
(8,270
)
$
4,305
$
(4,671
)
$
6,954
SELECTED BALANCE
SHEET ACCOUNT DATA (Preliminary)
Jun. 30, 2020
Dec. 31, 2019
Cash and Cash Equivalents
$
6,855
$
5,686
Marketable Securities
$
59
$
63
Total Assets
$
223,403
$
237,428
Total Debt
$
34,053
$
26,973
Total Chevron Corporation Stockholders'
Equity
$
134,118
$
144,213
Three Months Ended June
30
Six Months Ended June
30
CAPITAL AND
EXPLORATORY EXPENDITURES(3)
2020
2019
2020
2019
United States
Upstream
$
1,011
$
1,956
$
3,028
$
3,827
Downstream
178
671
454
1,054
Other
45
52
139
131
Total United States
1,234
2,679
3,621
5,012
International
Upstream
1,496
2,415
3,380
4,736
Downstream
573
189
721
266
Other
3
5
8
8
Total International
2,072
2,609
4,109
5,010
Worldwide
$
3,306
$
5,288
$
7,730
$
10,022
(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
$
56
$
81
$
175
$
171
International
1,019
1,531
2,083
2,973
Total
$
1,075
$
1,612
$
2,258
$
3,144
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 3
(Billions of Dollars)
(unaudited)
SUMMARIZED
STATEMENT OF CASH FLOWS (Preliminary)1
Six Months Ended June
30
OPERATING ACTIVITIES
2020
2019
Net Income (Loss)
$
(4.7)
$
6.9
Adjustments
Depreciation, depletion and
amortization
11.0
8.4
Distributions less than income from equity
affiliates
2.3
(1.3)
Loss (gain) on asset retirements and
sales
(0.6)
(0.1)
Net foreign currency effects
—
0.1
Deferred income tax provision
(2.5)
0.4
Net decrease (increase) in operating
working capital
(0.4)
(0.3)
Other operating activity
(0.2)
(0.3)
Net Cash Provided by Operating
Activities
$
4.8
$
13.8
INVESTING ACTIVITIES
Capital expenditures
(5.2)
(6.5)
Proceeds and deposits related to asset
sales and returns of investment
1.9
0.9
Net maturities of (investments in) time
deposits
—
1.0
Other investing activity(2)
(1.1)
(0.6)
Net Cash Used for Investing
Activities
$
(4.4)
$
(5.3)
FINANCING ACTIVITIES
Net change in debt
7.0
(4.1)
Cash dividends — common stock
(4.8)
(4.5)
Net sales (purchases) of treasury
shares
(1.6)
(0.8)
Distributions to noncontrolling
interests
—
—
Net Cash Used for Financing
Activities
$
0.6
$
(9.4)
EFFECT OF EXCHANGE RATE CHANGES ON
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
(0.1)
—
NET CHANGE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
$
0.9
$
(0.8)
(1) Totals may not match sum of parts due
to presentation in billions.
(2) Primarily borrowings of loans by
equity affiliates.
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 4
(unaudited)
OPERATING
STATISTICS (1)
Three Months Ended June
30
Six Months Ended June
30
NET LIQUIDS PRODUCTION (MB/D):
(2)
2020
2019
2020
2019
United States
747
710
775
700
International
1,077
1,153
1,120
1,169
Worldwide
1,824
1,863
1,895
1,869
NET NATURAL GAS PRODUCTION (MMCF/D):
(3)
United States
1,462
1,130
1,513
1,146
International
5,524
6,197
5,787
6,006
Worldwide
6,986
7,327
7,300
7,152
TOTAL NET OIL-EQUIVALENT PRODUCTION
(MB/D): (4)
United States
991
898
1,027
891
International
1,997
2,186
2,084
2,170
Worldwide
2,988
3,084
3,111
3,061
SALES OF NATURAL GAS (MMCF/D):
United States
3,863
3,744
4,113
3,998
International
5,430
6,007
5,828
5,922
Worldwide
9,293
9,751
9,941
9,920
SALES OF NATURAL GAS LIQUIDS
(MB/D):
United States
219
204
227
202
International
104
120
122
116
Worldwide
323
324
349
318
SALES OF REFINED PRODUCTS
(MB/D):
United States
827
1,278
993
1,235
International (5)
1,104
1,263
1,188
1,339
Worldwide
1,931
2,541
2,181
2,574
REFINERY INPUT (MB/D):
United States
581
960
773
911
International
589
599
612
634
Worldwide
1,170
1,559
1,385
1,545
(1) Includes interest in affiliates.
(2) Includes net production of synthetic
oil:
Canada
63
49
60
50
Venezuela Affiliate
—
—
—
5
(3) Includes natural gas consumed in
operations (MMCF/D):
United States
49
31
48
34
International
572
614
590
611
(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):
351
340
353
365
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 5
(Millions of Dollars)
(unaudited)
RECONCILIATION OF
NON-GAAP MEASURES
Three Months Ended June
30, 2020
Three Months Ended June
30, 2019
Six Months Ended June
30, 2020
Six Months Ended June
30, 2019
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
REPORTED
EARNINGS
U.S. Upstream
$
(2,066
)
$
896
$
(1,825
)
$
1,644
Int'l Upstream
(4,023
)
2,587
(1,344
)
4,962
U.S. Downstream
(988
)
465
(538
)
682
Int'l Downstream
(22
)
264
631
299
All Other
(1,171
)
93
(1,595
)
(633
)
Net Income (Loss) Attributable to
Chevron
$
(8,270
)
$
4,305
$
(4,671
)
$
6,954
SPECIAL
ITEMS
U.S. Upstream
Impairments & write-offs
$
(1,575
)
$
385
$
(1,190
)
$
—
$
—
$
—
$
(1,575
)
$
385
$
(1,190
)
$
—
$
—
$
—
Severance accruals
(157
)
37
(120
)
—
—
—
(157
)
37
$
(120
)
—
—
—
Int'l Upstream
Asset sale gains
310
—
310
—
—
—
550
—
550
—
—
—
Impairments & write-offs
(4,106
)
516
(3,590
)
—
—
—
(4,106
)
516
$
(3,590
)
—
—
—
Severance accruals
(374
)
84
(290
)
—
—
—
(374
)
84
$
(290
)
—
—
—
Tax Items
—
380
380
—
180
180
—
820
$
820
—
180
180
U.S. Downstream
Severance accruals
(109
)
29
(80
)
—
—
—
(109
)
29
$
(80
)
—
—
—
Int'l Downstream
Severance accruals
(79
)
19
(60
)
—
—
—
(79
)
19
$
(60
)
—
—
—
All Other
Severance accruals
(295
)
65
(230
)
—
—
—
(295
)
65
$
(230
)
—
—
—
Anadarko merger termination fee
—
—
—
1,000
(260
)
740
—
—
—
1,000
(260
)
740
Total Special Items
$
(6,385
)
$
1,515
$
(4,870
)
$
1,000
$
(80
)
$
920
$
(6,145
)
$
1,955
$
(4,190
)
$
1,000
$
(80
)
$
920
FOREIGN CURRENCY
EFFECTS
Int'l Upstream
$
(262
)
$
22
$
206
$
(146
)
Int'l Downstream
(23
)
(9
)
37
22
All Other
(152
)
2
(166
)
2
Total Foreign Currency Effects
$
(437
)
$
15
$
77
$
(122
)
ADJUSTED
EARNINGS/(LOSS)*
U.S. Upstream
$
(756
)
$
896
$
(515
)
$
1,644
Int'l Upstream
(571
)
2,385
960
4,928
U.S. Downstream
(908
)
465
(458
)
682
Int'l Downstream
61
273
654
277
All Other
(789
)
(649
)
(1,199
)
(1,375
)
Total Adjusted Earnings/(Loss)
$
(2,963
)
$
3,370
$
(558
)
$
6,156
Total Adjusted Earnings/(Loss) per
share
$
(1.59
)
$
1.77
$
(0.30
)
$
3.24
* 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/20200731005117/en/
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