CHEVRON CORP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Chevron Corp. has filed its Q1 2024 10-Q report detailing financial performance and position.</b>

AI Summary

CHEVRON CORP (CVX) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Chevron Corp. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The report includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement components such as common stock, retained earnings, and accumulated other comprehensive income are detailed for these periods. The company's principal business is petroleum refining.

Why It Matters

For investors and stakeholders tracking CHEVRON CORP, this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of Chevron's performance in the first quarter of 2024, crucial for assessing operational health and strategic direction. The detailed financial data allows for year-over-year and sequential comparisons, enabling analysts to identify trends in revenue, profitability, and balance sheet strength within the energy sector.

Risk Assessment

Risk Level: low — CHEVRON CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures, reflecting routine financial reporting for a large, established company.

Analyst Insight

Monitor future filings for specific financial performance metrics and segment results to gauge the impact of market conditions on Chevron's operations.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-02 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Q1 2024 Start Date (Reporting period start date)
• 2023-01-01 — Q1 2023 Start Date (Prior period start date)
• 2023-03-31 — Q1 2023 End Date (Prior period end date)
• 2023-12-31 — Year End 2023 (Prior year end date)
• 2022-12-31 — Year End 2022 (Prior year end date)

Key Players & Entities

• CHEVRON CORP (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-02 (date) — FILED AS OF DATE
• 2024-01-01 (date) — Reporting period start date
• 2023-01-01 (date) — Prior period start date
• 2023-03-31 (date) — Prior period end date
• 2023-12-31 (date) — Prior year end date
• 2022-12-31 (date) — Prior year end date

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive update on a company's financial performance and position between annual reports.)

Filing Documents

• cvx-20240331.htm (10-Q) — 1445KB
• a03312024ex311ceo-sox302.htm (EX-31.1) — 11KB
• a03312024ex312cfo-sox302.htm (EX-31.2) — 11KB
• a03312024ex321ceo-sox906.htm (EX-32.1) — 5KB
• a03312023ex322cfo-sox906.htm (EX-32.2) — 5KB
• cvx-20240331_g1.jpg (GRAPHIC) — 40KB
• 0000093410-24-000021.txt (&nbsp;) — 7690KB
• cvx-20240331.xsd (EX-101.SCH) — 43KB
• cvx-20240331_cal.xml (EX-101.CAL) — 99KB
• cvx-20240331_def.xml (EX-101.DEF) — 185KB
• cvx-20240331_lab.xml (EX-101.LAB) — 613KB
• cvx-20240331_pre.xml (EX-101.PRE) — 426KB
• cvx-20240331_htm.xml (XML) — 1208KB

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 5 . Other Information 39 Item 6. Exhibits 40 Signature 41 1 Table of Contents CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This quarterly report on Form 10-Q of Chevron Corporation contains forward-looking statements relating to Chevron's operations and lower carbon strategy 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

Consolidated Financial Statements

Item 1. Consolidated Financial Statements CHEVRON CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (Unaudited) Three Months Ended March 31 2024 2023 (Millions of dollars, except per-share amounts) Revenues and Other Income Sales and other operating revenues $ 46,580 $ 48,842 Income (loss) from equity affiliates 1,441 1,588 Other income (loss) 695 363 Total Revenues and Other Income 48,716 50,793 Costs and Other Deductions Purchased crude oil and products 27,741 29,407 Operating expenses 6,533 6,021 Selling, general and administrative expenses 1,010 881 Exploration expenses 129 190 Depreciation, depletion and amortization 4,091 3,526 Taxes other than on income 1,124 1,096 Interest and debt expense 118 115 Other components of net periodic benefit costs 48 38 Total Costs and Other Deductions 40,794 41,274 Income (Loss) Before Income Tax Expense 7,922 9,519 Income Tax Expense (Benefit) 2,371 2,914 Net Income (Loss) 5,551 6,605 Less: Net income (loss) attributable to noncontrolling interests 50 31 Net Income (Loss) Attributable to Chevron Corporation $ 5,501 $ 6,574 Per Share of Common Stock Net Income (Loss) Attributable to Chevron Corporation - Basic $ 2.99 $ 3.48 - Diluted $ 2.97 $ 3.46 Weighted Average Number of Shares Outstanding (000s) - Basic 1,842,377 1,891,695 - Diluted 1,849,116 1,900,785 See accompanying notes to consolidated financial statements. 3 Table of Contents CHEVRON CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31 2024 2023 (Millions of dollars) Net Income (Loss) $ 5,551 $ 6,605 Currency translation adjustment ( 20 ) 7 Unrealized holding gain (loss) on securities Net gain (loss) arising during period ( 6 ) ( 4 ) Derivatives Net derivatives gain (loss) on hedge transactions ( 34 ) 2 Reclassification to net income ( 7 ) 15 Income taxes on derivatives transactions 9 ( 4 ) Total ( 32 ) 13 Defined benefit plans Actuaria

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1. General Basis of Presentation The accompanying consolidated financial statements of Chevron Corporation and its subsidiaries (together, Chevron or the company) have not been audited by an independent registered public accounting firm. In the opinion of the company's management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. These adjustments were of a normal recurring nature. The results for the three-month period ended March 31, 2024, are not necessarily indicative of future financial results. The term "earnings" is defined as net income attributable to Chevron. Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the company's 2023 Annual Report on Form 10-K. Note 2. Changes in Accumulated Other Comprehensive Losses The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the three months ended March 31, 2024 and 2023, are reflected in the table below. Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) (Millions of dollars) Currency Translation Adjustment Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total Balance at December 31, 2022 $ ( 203 ) $ ( 12 ) $ ( 12 ) $ ( 2,571 ) $ ( 2,798 ) Components of Other Comprehensive Income (Loss): Before Reclassifications 7 ( 4 ) ( 2 ) 6 7 Reclassifications (2) (3) — — 15 35 50 Net Other Comprehensive Income (Loss) 7 ( 4 ) 13 41 57 Balance at March 31, 2023 $ ( 196 ) $ ( 16 ) $ 1 $ ( 2,530 ) $ ( 2,741 ) Balance at December 31, 2023 $ ( 192 ) $ ( 11 ) $ 5 $ ( 2,762 ) $ ( 2,960 ) Components o

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Note 3. Information Relating to the Consolidated Statement of Cash Flows Three Months Ended March 31 2024 2023 (Millions of dollars) Distributions more (less) than income from equity affiliates included the following: Distributions from equity affiliates $ 736 $ 687 (Income) loss from equity affiliates ( 1,441 ) ( 1,588 ) Distributions more (less) than income from equity affiliates $ ( 705 ) $ ( 901 ) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ ( 606 ) $ 1,458 Decrease (increase) in inventories ( 1,330 ) ( 985 ) Decrease (increase) in prepaid expenses and other current assets 255 ( 822 ) Increase (decrease) in accounts payable and accrued liabilities 538 ( 1,849 ) Increase (decrease) in income and other taxes payable ( 1 ) 383 Net decrease (increase) in operating working capital $ ( 1,144 ) $ ( 1,815 ) Net cash provided by operating activities included the following cash payments: Interest on debt (net of capitalized interest) $ 56 $ 53 Income taxes 1,428 1,830 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 52 $ 131 Returns of investment from equity affiliates 52 88 Proceeds and deposits related to asset sales and returns of investment $ 104 $ 219 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ — $ — Marketable securities sold 45 95 Net sales (purchases) of marketable securities $ 45 $ 95 Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: Borrowing of loans by equity affiliates $ ( 46 ) $ ( 103 ) Repayment of loans by equity affiliates 30 20 Net repayment (borrowing) of loans by equity affiliates $ ( 16 ) $ ( 83 ) Net borrowings (repayments) of short-

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) The "Other" line in the Operating Activities section includes changes in asset retirement obligations, postretirement benefits obligations and other long-term liabilities. The company paid dividends of $ 1.63 per share of common stock in first quarter 2024. This compares to dividends of $ 1.51 per share paid in the year-ago corresponding period. The components of "Capital expenditures" are presented in the following table: Three Months Ended March 31 2024 2023 (Millions of dollars) Additions to properties, plant and equipment $ 3,864 $ 2,907 Additions to investments 199 111 Current-year dry hole expenditures 28 20 Payments for other assets and liabilities, net ( 2 ) — Capital expenditures $ 4,089 $ 3,038 The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: At March 31 At December 31 2024 2023 2023 2022 (Millions of dollars) (Millions of dollars) Cash and cash equivalents $ 6,278 $ 15,668 $ 8,178 $ 17,678 Restricted cash included in "Prepaid expenses and other current assets" 127 357 275 630 Restricted cash included in "Deferred charges and other assets" 807 874 822 813 Total cash, cash equivalents and restricted cash $ 7,212 $ 16,899 $ 9,275 $ 19,121 Additional information related to restricted cash is included in Note 13 Fair Value Measurements under the heading "Restricted Cash." Note 4. New Accounting Standards Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-07, which becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard requires companies to disclose significant segment expenses. The company does not expect the standard to have a material effect

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