Chevron Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Chevron Corp. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

CHEVRON CORP (CVX) filed a Annual Report (10-K) with the SEC on February 26, 2024. Chevron Corp. filed its 2023 Form 10-K on February 26, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial statement items include Property, Plant, and Equipment, Accrued Liabilities, Short-Term Borrowings, Deferred Income Tax Liabilities, and Long-Term Debt. The company's principal business address is 6001 Bollinger Canyon Road, San Ramon, CA 94583. Chevron Corp. was formerly known as ChevronTexaco Corp. and Standard Oil Co. of California.

Why It Matters

For investors and stakeholders tracking CHEVRON CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Chevron's financial health, operational activities, and strategic positioning within the energy sector for the 2023 fiscal year. Investors and analysts can use this report to assess the company's financial stability, profitability, and future outlook, including its debt levels and asset base.

Risk Assessment

Risk Level: medium — CHEVRON CORP shows moderate risk based on this filing. The filing is a standard annual report (10-K) for a large, established company, indicating a predictable reporting cycle. However, the energy sector is inherently subject to market volatility and regulatory changes, which can introduce medium-level risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Chevron's performance and potential challenges in the current energy market.

Key Numbers

• 2023 — Fiscal Year (Reporting Period)
• 2024-02-26 — Filing Date (Date of Submission)
• 2023-12-31 — Fiscal Year End (Period Covered)
• 925-842-1000 — Business Phone (Contact Information)

Key Players & Entities

• CHEVRON CORP (company) — Filer
• 2023 (date) — Fiscal Year
• 2024-02-26 (date) — Filing Date
• 2023-12-31 (date) — Fiscal Year End
• 6001 BOLLINGER CANYON ROAD (address) — Business Address
• SAN RAMON (location) — Business Address City
• CA (location) — Business Address State
• 94583 (postal_code) — Business Address Zip

FAQ

Key Dates

• 2024-02-26: 10-K Filing — Annual report submission for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of Chevron Corp.)

PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization

Represents the net book value of a company's tangible assets used in operations, including leased assets. (Indicates the scale of Chevron's operational infrastructure and investments.)

AccruedLiabilitiesCurrent

Obligations that are expected to be paid within one year. (Provides insight into Chevron's short-term financial obligations.)

Filing Documents

• cvx-20231231.htm (10-K) — 5673KB
• a202310-kex1019.htm (EX-10.19) — 5KB
• cvx12312310-kex19.htm (EX-19) — 46KB
• cvx12312023ex211.htm (EX-21.1) — 18KB
• a12312023ex221guaranteedse.htm (EX-22.1) — 3KB
• cvx12312023ex231q4.htm (EX-23.1) — 3KB
• cvx12312023ex241q4.htm (EX-24.1) — 16KB
• a12312023ex311ceo-sox302.htm (EX-31.1) — 11KB
• a12312023ex312cfo-sox302.htm (EX-31.2) — 11KB
• a12312023ex321ceo-sox906.htm (EX-32.1) — 5KB
• a12312023ex322cfo-sox906.htm (EX-32.2) — 5KB
• cvx12312023ex971.htm (EX-97.1) — 27KB
• cvx12312023ex99110-k.htm (EX-99.1) — 42KB
• cvx-20231231_g1.jpg (GRAPHIC) — 28KB
• cvx-20231231_g2.jpg (GRAPHIC) — 363KB
• cvx-20231231_g3.jpg (GRAPHIC) — 261KB
• cvx-20231231_g4.jpg (GRAPHIC) — 407KB
• 0000093410-24-000013.txt (&nbsp;) — 25876KB
• cvx-20231231.xsd (EX-101.SCH) — 110KB
• cvx-20231231_cal.xml (EX-101.CAL) — 179KB
• cvx-20231231_def.xml (EX-101.DEF) — 625KB
• cvx-20231231_lab.xml (EX-101.LAB) — 1469KB
• cvx-20231231_pre.xml (EX-101.PRE) — 1055KB
• cvx-20231231_htm.xml (XML) — 4466KB

Business

Business 3 General Development of Business 3 Description of Business and Properties 6 Upstream 6 Downstream 16 Other Businesses 19 1A.

Risk Factors

Risk Factors 20 1B. Unresolved Staff Comments 26 1 C . Cybersecurity 26 2.

Legal Proceedings

Legal Proceedings 28 4. Mine Safety Disclosures 28 PART II 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 6. [Reserved] 29 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 29 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 29 9A.

Controls and Procedures

Controls and Procedures 29 9B. Other Information 30 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 30 PART III 10. Directors, Executive Officers and Corporate Governance 31 11.

Executive Compensation

Executive Compensation 32 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 32 13. Certain Relationships and Related Transactions, and Director Independence 32 14. Principal Accountant Fees and Services 32 PART IV 15. Exhibit and Financial Statement Schedules 115 Schedule II — Valuation and Qualifying Accounts 115 16. Form 10-K Summary 115

Signatures

Signatures 119 1 CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This Annual Report on Form 10-K of Chevron Corporation 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, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous 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 report. 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 curtailm

Business

Item 1. Business General Development of Business Summary Description of Chevron Chevron Corporation, * a Delaware corporation, manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries that engage in integrated energy and chemicals operations. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; transporting, storage and marketing of natural gas; carbon capture and storage, and a gas-to-liquids plant. Downstream operations consist primarily of refining crude oil into petroleum products; marketing of crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives. A list of the company's significant subsidiaries is presented in Exhibit 21.1 . Overview of Petroleum Industry Petroleum industry operations and profitability are influenced by many factors. Prices for crude oil, natural gas, liquefied natural gas, petroleum products and petrochemicals are generally determined by supply and demand. Production levels from the members of Organization of Petroleum Exporting Countries (OPEC), Russia and the United States are the major factors in determining worldwide supply. Demand for crude oil and its products and for natural gas is largely driven by the conditions of local, national and global economies, although weather patterns, the pace of energy transition and taxation relative to other energy sources also play a significant part. Laws and governmental policies, particularly

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View this 10-K filing on SEC EDGAR