- Fourth quarter earnings of $6.4 billion; adjusted earnings of
$7.9 billion
- Return on capital employed of 20.3 percent in 2022
- Record annual cash flow from operations of $49.6 billion and
free cash flow of $37.6 billion in 2022
- Record annual U.S. oil and gas production
Chevron Corporation (NYSE: CVX) today reported earnings of $6.4
billion ($3.33 per share - diluted) for fourth quarter 2022,
compared with $5.1 billion ($2.63 per share - diluted) in fourth
quarter 2021. Included in the current quarter were $1.1 billion of
international upstream write-off and impairment charges, and
pension settlement costs of $17 million. Foreign currency effects
decreased earnings by $405 million. Adjusted earnings of $7.9
billion ($4.09 per share - diluted) in fourth quarter 2022 compared
to adjusted earnings of $4.9 billion ($2.56 per share - diluted) in
fourth quarter 2021.
Chevron reported full-year 2022 earnings of $35.5 billion
($18.28 per share - diluted), compared with $15.6 billion ($8.14
per share - diluted) in 2021. Adjusted earnings of $36.5 billion
($18.83 per share - diluted) in 2022 compared to adjusted earnings
of $15.6 billion ($8.13 per share - diluted) in 2021. For a
reconciliation of adjusted earnings, see Attachment 6.
Sales and other operating revenues in fourth quarter 2022 were
$55 billion, compared to $46 billion in the year-ago period.
Earnings Summary
Three Months Ended December
31
Year Ended December 31
Millions of dollars
2022
2021
2022
2021
Earnings by business segment
Upstream
$
5,485
$
5,155
$
30,284
$
15,818
Downstream
1,771
760
8,155
2,914
All Other
(903
)
(860
)
(2,974
)
(3,107
)
Total (1)(2)
$
6,353
$
5,055
$
35,465
$
15,625
(1) Includes foreign currency effects
$
(405
)
$
(40
)
$
669
$
306
(2) Net income attributable to Chevron
Corporation (See Attachment 1)
“We delivered record earnings and cash flow in 2022, while
increasing investments and growing U.S. production to a company
record,” said Mike Wirth, Chevron’s chairman and chief executive
officer. The company’s investments increased by more than 75
percent from 2021, and annual U.S. production increased to 1.2
million barrels of oil equivalent per day, led by 16 percent growth
in Permian Basin unconventional production.
“Again in 2022, we delivered on our financial priorities:
returning cash to shareholders, investing capital efficiently, and
paying down debt,” Wirth continued. The company’s other noteworthy
financial highlights in 2022 include:
- Increased quarterly dividend per share by 6 percent from prior
year, paying out $11.0 billion to shareholders.
- Achieved return on capital employed of more than 20 percent,
the highest since 2011.
- Strengthened its industry-leading balance sheet further with
debt ratio of 12.8 percent and net debt ratio of 3.3 percent.
- Returned an additional $11.25 billion to shareholders,
repurchasing nearly 70 million shares, ending the year at an annual
repurchase rate of $15 billion.
“We’re also investing to grow both traditional and new energy
supplies to meet increasing demand for affordable, reliable, and
ever-cleaner energy,” Wirth added. The company and its affiliates’
other significant business highlights in 2022 include:
- Advanced the Future Growth Project in Kazakhstan, with
construction largely complete at the company’s 50 percent owned
affiliate, Tengizchevroil LLP.
- Reached final investment decision on major integrated polymer
projects in Texas and Qatar at the company’s 50 percent owned
affiliate, Chevron Phillips Chemical Company LLC.
- Approved the Ballymore project in the deepwater U.S. Gulf of
Mexico with design capacity of 75,000 barrels of crude oil per
day.
- Approved a project to expand the Tamar gas facility in offshore
Israel.
- Commenced a project to increase light crude oil processing
capacity by 15 percent at the Pasadena, Texas refinery.
- Announced a significant new gas discovery at the Nargis block
offshore Egypt in the eastern Mediterranean Sea.
- Acquired Renewable Energy Group, Inc., becoming the second
largest producer of bio-based diesels in the United States.
- Formed a joint venture with Bunge North America, Inc. to
develop renewable fuel feedstocks.
- Advanced multiple carbon capture opportunities, including the
Bayou Bend carbon storage project in the U.S. Gulf Coast, and
received permits to assess carbon storage offshore Australia.
In 2022, Chevron also added 1.1 billion barrels of net
oil-equivalent proved reserves. These additions, which are subject
to final reviews, equate to approximately 97 percent of net oil
equivalent production for the year. The largest net additions were
from assets in the Permian Basin, Israel, Canada and the Gulf of
Mexico. The largest net reductions were from assets in Kazakhstan,
primarily due to higher prices and their negative effect on
reserves. The company will provide additional details relating to
2022 reserves in its Annual Report on Form 10-K scheduled to be
filed with the SEC on February 23, 2023.
Earlier this week, the company raised its quarterly dividend per
share an additional 6 percent, to $1.51 per share, putting the
company on track to increase its annual per share dividend for the
36th straight year. In addition, the company’s board also approved
a new $75 billion share repurchase program.
“We are well positioned to lead in both traditional and new
energy businesses, while delivering higher returns, lower carbon
and superior shareholder value,” Wirth concluded.
UPSTREAM
Worldwide net oil-equivalent production was 3.01 million barrels
per day in fourth quarter 2022 and 3.00 million barrels per day for
the full-year 2022. Both quarterly and annual production were down
3 percent compared to their respective 2021 periods. International
production decreased 7 percent in 2022 primarily due to the end of
concessions in Thailand and Indonesia, while U.S. production
increased 4 percent compared to 2021, mainly in the Permian
Basin.
U.S. Upstream
Three Months Ended
December 31
Year Ended December 31
Millions of dollars
2022
2021
2022
2021
Earnings
$
2,618
$
2,970
$
12,621
$
7,319
U.S. upstream operations earned $2.62 billion in fourth quarter
2022, compared with $2.97 billion a year earlier. The decrease was
primarily due to the absence of fourth quarter 2021 asset sale
gains, partially offset by higher realizations.
The company’s average sales price per barrel of crude oil and
natural gas liquids was $66 in fourth quarter 2022, up from $63 a
year earlier. The average sales price of natural gas was $4.94 per
thousand cubic feet in fourth quarter 2022, up from $4.78 in last
year’s fourth quarter.
Net oil-equivalent production of 1.19 million barrels per day in
fourth quarter 2022 was down slightly from a year earlier as
decreases in the Gulf of Mexico were partially offset by increases
in the Permian Basin. The net liquids component of oil-equivalent
production in fourth quarter 2022 decreased 4 percent to 895,000
barrels per day, and net natural gas production increased 4 percent
to 1.79 billion cubic feet per day, compared to last year’s fourth
quarter.
International Upstream
Three Months Ended
December 31
Year Ended December 31
Millions of dollars
2022
2021
2022
2021
Earnings*
$
2,867
$
2,185
$
17,663
$
8,499
*Includes foreign currency effects
$
(83
)
$
(9
)
$
816
$
302
International upstream operations earned $2.87 billion in fourth
quarter 2022, compared with $2.19 billion a year ago. The increase
in earnings was primarily due to higher realizations, partially
offset by write-off and impairment charges, and an unfavorable
foreign exchange impact of $74 million compared to last year’s
fourth quarter.
The average sales price for crude oil and natural gas liquids in
fourth quarter 2022 was $78 per barrel, up from $74 a year earlier.
The average sales price of natural gas was $10.35 per thousand
cubic feet in the fourth quarter, up from $7.90 in last year’s
fourth quarter.
Net oil-equivalent production of 1.82 million barrels per day in
fourth quarter 2022 was down 82,000 barrels per day from fourth
quarter 2021. The decrease was primarily due to the absence of
production following expiration of the Erawan concession in
Thailand. The net liquids component of oil-equivalent production
decreased 5 percent to 852,000 barrels per day in fourth quarter
2022, while net natural gas production decreased 4 percent to 5.80
billion cubic feet per day compared to last year’s fourth
quarter.
DOWNSTREAM
U.S. Downstream
Three Months Ended
December 31
Year Ended December 31
Millions of dollars
2022
2021
2022
2021
Earnings
$
1,180
$
660
$
5,394
$
2,389
U.S. downstream operations reported earnings of $1.18 billion in
fourth quarter 2022, compared with earnings of $660 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.
Refinery crude oil input in fourth quarter 2022 increased
slightly to 888,000 barrels per day from the year-ago period.
Refined product sales of 1.24 million barrels per day were up 7
percent from the year-ago period, mainly due to higher renewable
fuel sales following the Renewable Energy Group, Inc. acquisition
and higher jet fuel demand.
International Downstream
Three Months Ended
December 31
Year Ended December 31
Millions of dollars
2022
2021
2022
2021
Earnings*
$
591
$
100
$
2,761
$
525
*Includes foreign currency effects
$
(112
)
$
2
$
235
$
185
International downstream operations reported earnings of $591
million in fourth quarter 2022, compared with $100 million a year
earlier. The increase was mainly due to higher margins on refined
product sales, partially offset by an unfavorable swing in foreign
currency effects of $114 million compared to last year’s fourth
quarter.
Refinery crude oil input of 653,000 barrels per day in fourth
quarter 2022 increased 8 percent from the year-ago period as
refinery runs increased due to higher demand.
Refined product sales of 1.44 million barrels per day in fourth
quarter 2022 increased 9 percent from the year-ago period, mainly
due to higher jet fuel demand as restrictions from the pandemic
continue to ease.
ALL OTHER
Three Months Ended
December 31
Year Ended December 31
Millions of dollars
2022
2021
2022
2021
Net Charges*
$
(903
)
$
(860
)
$
(2,974
)
$
(3,107
)
*Includes foreign currency effects
$
(210
)
$
(33
)
$
(382
)
$
(181
)
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 fourth quarter 2022 were $903 million, compared
to $860 million a year earlier. The increase in net charges between
periods was mainly due to the absence of fourth quarter 2021
favorable tax items and unfavorable foreign currency effects of
$177 million, partially offset by the absence of losses on early
retirement of debt in the year-ago period.
CASH FLOW FROM OPERATIONS
Cash flow from operations in 2022 was $49.6 billion, compared
with $29.2 billion in 2021. Excluding working capital effects, cash
flow from operations in 2022 was $47.5 billion, compared with $30.5
billion in 2021.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures for the company’s
consolidated entities (C&E) in 2022 were $12.3 billion,
compared with $8.6 billion in 2021. Additionally, the company’s
share of equity affiliate capital and exploratory expenditures
(Affiliate C&E) was $3.4 billion in 2022 and $3.2 billion in
2021 and did not require cash outlays by the company. C&E for
2022 includes $1.3 billion of inorganic spend largely associated
with the formation of the Bunge joint venture and acquisition of
the remaining interest in Beyond6. The acquisition of Renewable
Energy Group, Inc. is not included in the company’s 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 fourth quarter 2022 earnings with
security analysts will take place on Friday, January 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 6.
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.
Key Performance Indicators - Capital and exploratory
expenditures (“C&E”) is a key performance indicator that
provides the Company’s investment level in its consolidated
companies. This metric includes additions to fixed asset and
investment accounts along with exploration expense for its
consolidated companies. Management uses this metric along with
Affiliate C&E (as defined below) to manage allocation of
capital across the company’s entire portfolio, funding requirements
and ultimately shareholder distributions. The calculation of
C&E is shown in Attachment 4.
Equity affiliate capital and exploratory expenditures
(“Affiliate C&E”) is also a key performance indicator that
provides the Company’s share of investments in its significant
equity affiliate companies. This metric includes additions to fixed
asset and investment accounts along with exploration expense in the
equity affiliate companies’ financial statements. Management uses
this metric to assess possible funding needs and/or shareholder
distribution capacity of the company’s equity affiliate companies.
Together with C&E, management also uses Affiliate C&E to
manage allocation of capital across the company’s entire portfolio,
funding requirements and ultimately shareholder distributions.
Affiliate C&E is in Attachment 4.
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; 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 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(1)
Three Months Ended
December 31
Year Ended December
31
REVENUES AND OTHER INCOME
2022
2021
2022
2021
Sales and other operating revenues
$
54,523
$
45,861
$
235,717
$
155,606
Income (loss) from equity affiliates
1,623
1,657
8,585
5,657
Other income (loss)
327
611
1,950
1,202
Total Revenues and Other Income
56,473
48,129
246,252
162,465
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
32,570
28,046
145,416
92,249
Operating expenses (2)
7,891
6,864
29,321
25,428
Exploration expenses
453
192
974
549
Depreciation, depletion and
amortization
4,764
4,813
16,319
17,925
Taxes other than on income
864
1,074
4,032
3,963
Interest and debt expense
123
155
516
712
Total Costs and Other
Deductions
46,665
41,144
196,578
140,826
Income (Loss) Before Income Tax
Expense
9,808
6,985
49,674
21,639
Income tax expense (benefit)
3,430
1,903
14,066
5,950
Net Income (Loss)
6,378
5,082
35,608
15,689
Less: Net income (loss) attributable to
noncontrolling interests
25
27
143
64
NET INCOME (LOSS) ATTRIBUTABLE TO
CHEVRON CORPORATION
$
6,353
$
5,055
$
35,465
$
15,625
(1) Prior year data has been reclassified
in certain cases to conform to the 2022 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
$
3.34
$
2.63
$
18.36
$
8.15
- Diluted
$
3.33
$
2.63
$
18.28
$
8.14
Weighted Average Number of Shares
Outstanding (000's)
- Basic
1,910,602
1,915,440
1,931,486
1,915,989
- Diluted
1,919,731
1,922,082
1,940,277
1,920,275
Note: Shares outstanding (excluding 14
million associated with Chevron’s Benefit Plan Trust) were 1,901
million and 1,916 million at December 31, 2022 and December 31,
2021, respectively.
EARNINGS BY MAJOR
OPERATING AREA
Three Months Ended
December 31
Year Ended December
31
2022
2021
2022
2021
Upstream
United States
$
2,618
$
2,970
$
12,621
$
7,319
International
2,867
2,185
17,663
8,499
Total Upstream
5,485
5,155
30,284
15,818
Downstream
United States
1,180
660
5,394
2,389
International
591
100
2,761
525
Total Downstream
1,771
760
8,155
2,914
All Other
(903
)
(860
)
(2,974
)
(3,107
)
NET INCOME (LOSS) ATTRIBUTABLE TO
CHEVRON CORPORATION
$
6,353
$
5,055
$
35,465
$
15,625
Attachment 2
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
SELECTED BALANCE
SHEET ACCOUNT DATA (Preliminary)
Dec 31, 2022
Dec 31, 2021
Cash and cash equivalents
$
17,678
$
5,640
Marketable securities
$
223
$
35
Total assets
$
257,709
$
239,535
Total debt
$
23,339
$
31,369
Total Chevron Corporation stockholders'
equity
$
159,282
$
139,067
Noncontrolling interests
$
960
$
873
SELECTED
FINANCIAL RATIOS
Total debt plus total stockholders’
equity
$
182,621
$
170,436
Debt ratio (Total debt / Total debt
plus stockholders’equity)
12.8
%
18.4
%
Adjusted debt (Total debt less cash and
cash equivalents and marketable securities)
$
5,438
$
25,694
Adjusted debt plus total stockholders’
equity
$
164,720
$
164,761
Net debt ratio (Adjusted debt /
Adjusted debt plus total stockholders’ equity)
3.3
%
15.6
%
RETURN ON CAPITAL
EMPLOYED
Three Months Ended
December 31
Year Ended December
31
2022
2021
2022
2021
Total reported earnings
$
6,353
$
5,055
$
35,465
$
15,625
Non-controlling interest
25
27
143
64
Interest expense (A/T)
113
145
476
662
ROCE earnings
6,491
5,227
36,084
16,351
Annualized ROCE earnings
25,964
20,908
36,084
16,351
Average capital employed*
183,425
172,689
177,445
174,175
ROCE
14.2
%
12.1
%
20.3
%
9.4
%
*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.
Attachment 3
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Billions of Dollars)
(unaudited)
SUMMARIZED
STATEMENT OF CASH FLOWS (Preliminary)(1)
Three Months Ended
Dec 31
Year Ended Dec 31
OPERATING ACTIVITIES
2022
2022
2021
Net Income (Loss)
$
6.4
$
35.6
$
15.7
Adjustments
Depreciation, depletion and
amortization
4.8
16.3
17.9
Distributions more (less) than income from
equity affiliates
—
(4.7
)
(2.0
)
Loss (gain) on asset retirements and
sales
(0.1
)
(0.6
)
(1.0
)
Net foreign currency effects
0.2
(0.4
)
—
Deferred income tax provision
0.4
2.1
0.7
Net decrease (increase) in operating
working capital
1.0
2.1
(1.4
)
Other operating activity
(0.2
)
(0.9
)
(0.7
)
Net Cash Provided by Operating
Activities
$
12.5
$
49.6
$
29.2
INVESTING ACTIVITIES
Acquisition of businesses, net of cash
acquired
—
(2.9
)
—
Capital expenditures
(3.8
)
(12.0
)
(8.1
)
Proceeds and deposits related to asset
sales and returns of investment
0.1
2.6
1.8
Other investing activity(2)
—
0.1
0.4
Net Cash Used for Investing
Activities
$
(3.7
)
$
(12.1
)
$
(5.9
)
FINANCING ACTIVITIES
Net change in debt
(0.3
)
(8.5
)
(12.9
)
Cash dividends — common stock
(2.7
)
(11.0
)
(10.2
)
Shares issued for share-based
compensation
0.3
5.8
1.4
Shares repurchased
(3.8
)
(11.3
)
(1.4
)
Distributions to noncontrolling
interests
—
(0.1
)
—
Net Cash Provided by (Used for)
Financing Activities
$
(6.4
)
$
(25.0
)
$
(23.1
)
EFFECT OF EXCHANGE RATE CHANGES ON
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
0.1
(0.2
)
(0.2
)
NET CHANGE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
$
2.4
$
12.3
$
0.1
RECONCILIATION OF
NON-GAAP MEASURES (1)
Net Cash Provided by Operating
Activities
$
12.5
$
49.6
$
29.2
Less: Net decrease (increase) in operating
working capital
1.0
2.1
(1.4
)
Cash Flow from Operations Excluding
Working Capital
$
11.5
$
47.5
$
30.5
Net Cash Provided by Operating
Activities
$
12.5
$
49.6
$
29.2
Less: Capital expenditures
3.8
12.0
8.1
Free Cash Flow
$
8.7
$
37.6
$
21.1
Less: Net decrease (increase) in operating
working capital
1.0
2.1
(1.4
)
Free Cash Flow Excluding Working
Capital
$
7.7
$
35.5
$
22.5
(1) Totals may not match sum of parts due
to presentation in billions.
(2) Primarily sales of marketable
securities and (borrowings) repayments of loans by equity
affiliates.
Attachment 4
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
CAPITAL AND
EXPLORATORY EXPENDITURES
Three Months Ended
December 31
Year Ended December
31
2022
2021
2022
2021
Capital Expenditures (Capex)
$
3,835
$
2,606
$
11,974
$
8,056
Expensed exploration expenditures
222
129
488
431
Capital lease obligations and other
—
16
(166
)
66
Capital and Exploratory Expenditures
(C&E)
4,057
2,751
12,296
8,553
Acquisition of businesses, net of cash
received
—
—
2,862
—
C&E plus acquisitions (company
investment)
$
4,057
$
2,751
$
15,158
$
8,553
Affiliate C&E *
$
986
$
909
$
3,366
$
3,167
Three Months Ended
December 31
Year Ended December
31
CAPEX BY
SEGMENT
2022
2021
2022
2021
United States
Upstream
$
2,183
$
1,399
$
6,847
$
4,554
Downstream
582
288
1,699
806
Other
128
85
310
221
Total United States
2,893
1,772
8,856
5,581
International
Upstream
833
706
2,718
2,221
Downstream
93
121
375
234
Other
16
7
25
20
Total International
942
834
3,118
2,475
CAPEX
$
3,835
$
2,606
$
11,974
$
8,056
Three Months Ended
December 31
Year Ended December
31
C&E BY
SEGMENT
2022
2021
2022
2021
United States
Upstream
$
2,252
$
1,440
$
6,980
$
4,696
Downstream
582
303
1,702
870
Other
128
85
310
221
Total United States
2,962
1,828
8,992
5,787
International
Upstream
986
795
3,073
2,512
Downstream
93
121
206
234
Other
16
7
25
20
Total International
1,095
923
3,304
2,766
C&E
$
4,057
$
2,751
$
12,296
$
8,553
AFFILIATE C&E
(not included above):
Upstream
$
634
$
646
$
2,406
$
2,406
Downstream
352
263
960
761
Affiliate C&E *
$
986
$
909
$
3,366
$
3,167
*Affiliate C&E is the same as
Affiliate Capex spend
Attachment 5
CHEVRON CORPORATION -
FINANCIAL REVIEW
(unaudited)
OPERATING
STATISTICS (1)
Three Months Ended
December 31
Year Ended December
31
NET LIQUIDS PRODUCTION (MB/D):
(2)
2022
2021
2022
2021
United States
895
929
888
858
International
852
899
831
956
Worldwide
1,747
1,828
1,719
1,814
NET NATURAL GAS PRODUCTION (MMCF/D):
(3)
United States
1,789
1,726
1,758
1,689
International
5,799
6,010
5,919
6,020
Worldwide
7,588
7,736
7,677
7,709
TOTAL NET OIL-EQUIVALENT PRODUCTION
(MB/D): (4)
United States
1,192
1,216
1,181
1,139
International
1,819
1,901
1,818
1,960
Worldwide
3,011
3,117
2,999
3,099
SALES OF NATURAL GAS (MMCF/D):
United States
4,224
4,260
4,378
4,007
International
5,734
5,077
5,789
5,178
Worldwide
9,958
9,337
10,167
9,185
SALES OF NATURAL GAS LIQUIDS
(MB/D):
United States
316
298
303
230
International
268
162
234
180
Worldwide
584
460
537
410
SALES OF REFINED PRODUCTS
(MB/D):
United States
1,236
1,158
1,228
1,139
International (5)
1,441
1,325
1,386
1,315
Worldwide
2,677
2,483
2,614
2,454
REFINERY INPUT (MB/D):
United States
888
882
866
903
International
653
602
639
576
Worldwide
1,541
1,484
1,505
1,479
(1) Includes interest in affiliates;
totals may not match sum of parts due to rounding.
(2) Includes net production of synthetic
oil:
Canada
51
55
45
55
(3) Includes natural gas consumed in
operations (MMCF/D):
United States
47
41
53
44
International
506
551
517
548
(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):
420
391
389
357
Attachment 6
CHEVRON CORPORATION -
FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
RECONCILIATION OF
NON-GAAP MEASURES
Three Months Ended December
31, 2022
Three Months Ended December
31, 2021
Year Ended December 31,
2022
Year Ended December 31,
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
$
2,618
$
2,970
$
12,621
$
7,319
Int'l Upstream
2,867
2,185
17,663
8,499
U.S. Downstream
1,180
660
5,394
2,389
Int'l Downstream
591
100
2,761
525
All Other
(903
)
(860
)
(2,974
)
(3,107
)
Net Income (Loss) Attributable to
Chevron
$
6,353
$
5,055
$
35,465
$
15,625
SPECIAL
ITEMS
U.S. Upstream
Remediation charge
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
(158
)
$
38
$
(120
)
Early contract termination
—
—
—
—
—
—
(765
)
165
(600
)
—
—
—
Asset sale gains
—
—
—
678
(158
)
520
—
—
—
938
(218
)
720
Int'l Upstream
Asset sale gains
—
—
—
—
—
—
328
(128
)
200
—
—
—
Write-offs & impairments
(813
)
(262
)
(1,075
)
—
—
—
(813
)
(262
)
(1,075
)
—
—
—
U.S. Downstream
Legal reserves
—
—
—
—
—
—
—
—
—
(140
)
30
(110
)
All Other
Pension settlement costs
(21
)
4
(17
)
(104
)
22
(82
)
(352
)
81
(271
)
(679
)
160
(519
)
Loss on early retirement of debt
—
—
—
(128
)
(132
)
(260
)
—
—
—
(128
)
(132
)
(260
)
Total Special Items
$
(834
)
$
(258
)
$
(1,092
)
$
446
$
(268
)
$
178
$
(1,602
)
$
(144
)
$
(1,746
)
$
(167
)
$
(122
)
$
(289
)
FOREIGN CURRENCY
EFFECTS
Int'l Upstream
$
(83
)
$
(9
)
$
816
$
302
Int'l Downstream
(112
)
2
235
185
All Other
(210
)
(33
)
(382
)
(181
)
Total Foreign Currency Effects
$
(405
)
$
(40
)
$
669
$
306
ADJUSTED
EARNINGS/(LOSS) *
U.S. Upstream
$
2,618
$
2,450
$
13,221
$
6,719
Int'l Upstream
4,025
2,194
17,722
8,197
U.S. Downstream
1,180
660
5,394
2,499
Int'l Downstream
703
98
2,526
340
All Other
(676
)
(485
)
(2,321
)
(2,147
)
Total Adjusted Earnings/(Loss)
$
7,850
$
4,917
$
36,542
$
15,608
Total Adjusted Earnings/(Loss) per
share
$
4.09
$
2.56
$
18.83
$
8.13
* 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/20230127005063/en/
Randy Stuart -- +1 713-283-8609
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