Chevron Corp Q2 2024 10-Q Filing

TL;DR

CVX 10-Q filed: Q2/H1 2024 financials out. Check for operational updates.

AI Summary

Chevron Corporation filed its 10-Q for the period ending June 30, 2024. The filing covers financial performance and operational details for the second quarter and first half of 2024. Key financial data and disclosures relevant to investors are included.

Why It Matters

This filing provides investors with the latest financial results and operational updates for Chevron, a major energy company, impacting its stock performance and industry outlook.

Risk Assessment

Risk Level: medium — As a major oil and gas company, Chevron faces inherent risks related to commodity price volatility, geopolitical events, and environmental regulations.

Key Numbers

• 2024-06-30 — Report End Date (Financial reporting period)
• 2024-01-01 — Period Start Date (Financial reporting period)

Key Players & Entities

• CHEVRON CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240807 (date) — Filing Date
• 925-842-1000 (phone_number) — Business Phone

FAQ

Filing Documents

• cvx-20240630.htm (10-Q) — 1838KB
• a06302024ex311ceo-sox302.htm (EX-31.1) — 11KB
• a06302024ex312cfo-sox302.htm (EX-31.2) — 11KB
• a06302024ex321ceo-sox906.htm (EX-32.1) — 5KB
• a06302023ex322cfo-sox906.htm (EX-32.2) — 5KB
• cvx-20240630_g1.jpg (GRAPHIC) — 46KB
• 0000093410-24-000040.txt ( ) — 8662KB
• cvx-20240630.xsd (EX-101.SCH) — 42KB
• cvx-20240630_cal.xml (EX-101.CAL) — 99KB
• cvx-20240630_def.xml (EX-101.DEF) — 183KB
• cvx-20240630_lab.xml (EX-101.LAB) — 627KB
• cvx-20240630_pre.xml (EX-101.PRE) — 432KB
• cvx-20240630_htm.xml (XML) — 1461KB

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 39 Item 4.

Controls and Procedures

Controls and Procedures 39 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 5 . Other Information 41 Item 6. Exhibits 42 Signature 43 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 t

Consolidated Financial Statements

Item 1. Consolidated Financial Statements CHEVRON CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (Unaudited) Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 (Millions of dollars, except per-share amounts) Revenues and Other Income Sales and other operating revenues $ 49,574 $ 47,216 $ 96,154 $ 96,058 Income (loss) from equity affiliates 1,206 1,240 2,647 2,828 Other income (loss) 401 440 1,096 803 Total Revenues and Other Income 51,181 48,896 99,897 99,689 Costs and Other Deductions Purchased crude oil and products 30,867 28,984 58,608 58,391 Operating expenses 6,614 6,057 13,147 12,078 Selling, general and administrative expenses 1,048 1,128 2,058 2,009 Exploration expenses 263 169 392 359 Depreciation, depletion and amortization 4,004 3,521 8,095 7,047 Taxes other than on income 1,188 1,041 2,312 2,137 Interest and debt expense 113 120 231 235 Other components of net periodic benefit costs 48 39 96 77 Total Costs and Other Deductions 44,145 41,059 84,939 82,333 Income (Loss) Before Income Tax Expense 7,036 7,837 14,958 17,356 Income Tax Expense (Benefit) 2,593 1,829 4,964 4,743 Net Income (Loss) 4,443 6,008 9,994 12,613 Less: Net income (loss) attributable to noncontrolling interests 9 ( 2 ) 59 29 Net Income (Loss) Attributable to Chevron Corporation $ 4,434 $ 6,010 $ 9,935 $ 12,584 Per Share of Common Stock Net Income (Loss) Attributable to Chevron Corporation - Basic $ 2.43 $ 3.22 $ 5.42 $ 6.70 - Diluted $ 2.43 $ 3.20 $ 5.40 $ 6.66 Weighted Average Number of Shares Outstanding (000s) - Basic 1,825,842 1,867,165 1,834,110 1,879,363 - Diluted 1,833,431 1,875,508 1,841,274 1,888,077 See accompanying notes to consolidated financial statements. 3 Table of Contents CHEVRON CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 (Millions of dollars) Net Income (Loss) $ 4,443 $ 6,

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- and six-month periods ended June 30, 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 six months ended June 30, 2024 and 2023, are reflected in the table below. Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) Currency Translation Adjustment Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total (Millions of dollars) Balance at December 31, 2022 $ ( 203 ) $ ( 12 ) $ ( 12 ) $ ( 2,571 ) $ ( 2,798 ) Components of Other Comprehensive Income (Loss): Before Reclassifications — ( 3 ) ( 5 ) 14 6 Reclassifications (2) (3) — — 13 68 81 Net Other Comprehensive Income (Loss) — ( 3 ) 8 82 87 Balance at June 30, 2023 $ ( 203 ) $ ( 15 ) $ ( 4 ) $ ( 2,489 ) $ ( 2,711 ) Balance at December 31, 2023 $ ( 192 ) $ ( 11 ) $ 5 $ ( 2,762 ) $ ( 2,960 ) Com

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Note 3. Information Relating to the Consolidated Statement of Cash Flows Six Months Ended June 30 2024 2023 (Millions of dollars) Distributions more (less) than income from equity affiliates included the following: Distributions from equity affiliates $ 2,019 $ 1,476 (Income) loss from equity affiliates ( 2,647 ) ( 2,828 ) Distributions more (less) than income from equity affiliates $ ( 628 ) $ ( 1,352 ) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ ( 928 ) $ 1,205 Decrease (increase) in inventories ( 1,865 ) ( 951 ) Decrease (increase) in prepaid expenses and other current assets 44 ( 1,406 ) Increase (decrease) in accounts payable and accrued liabilities 419 ( 531 ) Increase (decrease) in income and other taxes payable ( 1,245 ) ( 3,265 ) Net decrease (increase) in operating working capital $ ( 3,575 ) $ ( 4,948 ) Net cash provided by operating activities included the following cash payments: Interest on debt (net of capitalized interest) $ 238 $ 232 Income taxes 4,738 6,616 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 103 $ 171 Returns of investment from equity affiliates 115 153 Proceeds and deposits related to asset sales and returns of investment $ 218 $ 324 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ — $ ( 287 ) Marketable securities sold 45 196 Net sales (purchases) of marketable securities $ 45 $ ( 91 ) Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: Borrowing of loans by equity affiliates $ ( 154 ) $ ( 222 ) Repayment of loans by equity affiliates 36 33 Net repayment (borrowing) of loans by equity affiliates $ ( 118 ) $ ( 189 ) Net bo

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 second 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: Six Months Ended June 30 2024 2023 (Millions of dollars) Additions to properties, plant and equipment $ 7,678 $ 6,571 Additions to investments 265 166 Current-year dry hole expenditures 112 58 Payments for other assets and liabilities, net — — Capital expenditures $ 8,055 $ 6,795 The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: At June 30 At December 31 2024 2023 2023 2022 (Millions of dollars) (Millions of dollars) Cash and

View Full Filing

View this 10-Q filing on SEC EDGAR