Chevron Corp Q3 2024 10-Q Filing

TL;DR

CVX filed its Q3 2024 10-Q. Financials and ops details inside.

AI Summary

Chevron Corporation (CVX) filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the year, detailing financial performance and operational updates. Specific financial figures and operational highlights for this period are not detailed in the provided text snippet, but the report is a standard quarterly update for investors.

Why It Matters

This filing provides investors with an updated view of Chevron's financial health and operational performance for the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a large, established company.

Key Numbers

• 20240930 — Period End Date (The 10-Q covers financial data up to this date.)
• 20241107 — Filing Date (The date Chevron officially submitted this report to the SEC.)

Key Players & Entities

• CHEVRON CORP (company) — Filer of the 10-Q
• 20240930 (date) — Period of report for the 10-Q
• 20241107 (date) — Filing date of the 10-Q
• 925-842-1000 (dollar_amount) — Business phone number

FAQ

Filing Documents

• cvx-20240930.htm (10-Q) — 1906KB
• a09302024ex10110-q1.htm (EX-10.1) — 136KB
• a09302024ex10210-q1.htm (EX-10.2) — 287KB
• a09302024ex10310-q1.htm (EX-10.3) — 240KB
• a09302024ex311ceo-sox302.htm (EX-31.1) — 11KB
• a09302024ex312cfo-sox302.htm (EX-31.2) — 11KB
• a09302024ex321ceo-sox906.htm (EX-32.1) — 5KB
• a09302024ex322cfo-sox906.htm (EX-32.2) — 5KB
• cvx-20240930_g1.jpg (GRAPHIC) — 30KB
• 0000093410-24-000059.txt ( ) — 9848KB
• cvx-20240930.xsd (EX-101.SCH) — 46KB
• cvx-20240930_cal.xml (EX-101.CAL) — 106KB
• cvx-20240930_def.xml (EX-101.DEF) — 195KB
• cvx-20240930_lab.xml (EX-101.LAB) — 658KB
• cvx-20240930_pre.xml (EX-101.PRE) — 459KB
• cvx-20240930_htm.xml (XML) — 1550KB

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 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 5 . Other Information 44 Item 6. Exhibits 45 Signature 46 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 September 30 Nine Months Ended September 30 2024 2023 2024 2023 (Millions of dollars, except per-share amounts) Revenues and Other Income Sales and other operating revenues $ 48,926 $ 51,922 $ 145,080 $ 147,980 Income (loss) from equity affiliates 1,261 1,313 3,908 4,141 Other income (loss) 482 845 1,578 1,648 Total Revenues and Other Income 50,669 54,080 150,566 153,769 Costs and Other Deductions Purchased crude oil and products 30,450 32,328 89,058 90,719 Operating expenses 6,695 6,299 19,842 18,377 Selling, general and administrative expenses 1,191 1,163 3,249 3,172 Exploration expenses 154 301 546 660 Depreciation, depletion and amortization 4,214 4,025 12,309 11,072 Taxes other than on income 1,263 1,021 3,575 3,158 Interest and debt expense 164 114 395 349 Other components of net periodic benefit costs 49 91 145 168 Total Costs and Other Deductions 44,180 45,342 129,119 127,675 Income (Loss) Before Income Tax Expense 6,489 8,738 21,447 26,094 Income Tax Expense (Benefit) 1,993 2,183 6,957 6,926 Net Income (Loss) 4,496 6,555 14,490 19,168 Less: Net income (loss) attributable to noncontrolling interests 9 29 68 58 Net Income (Loss) Attributable to Chevron Corporation $ 4,487 $ 6,526 $ 14,422 $ 19,110 Per Share of Common Stock Net Income (Loss) Attributable to Chevron Corporation - Basic $ 2.49 $ 3.48 $ 7.91 $ 10.18 - Diluted $ 2.48 $ 3.48 $ 7.88 $ 10.14 Weighted Average Number of Shares Outstanding (000s) - Basic 1,800,336 1,870,963 1,822,770 1,876,532 - Diluted 1,807,030 1,877,104 1,829,776 1,884,407 See accompanying notes to consolidated financial statements. 3 Table of Contents CHEVRON CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended September 30 Nine Months Ended September 30 2024 2023 2024 2023 (Millions of dolla

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 nine-month periods ended September 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 nine months ended September 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 ( 21 ) ( 4 ) ( 18 ) 51 8 Reclassifications (2) (3) — — 17 176 193 Net Other Comprehensive Income (Loss) ( 21 ) ( 4 ) ( 1 ) 227 201 Balance at September 30, 2023 $ ( 224 ) $ ( 16 ) $ ( 13 ) $ ( 2,344 ) $ ( 2,597 ) Balance at December 31, 2023 $ ( 192 ) $ (

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Note 3. Information Relating to the Consolidated Statement of Cash Flows Nine Months Ended September 30 2024 2023 (Millions of dollars) Distributions more (less) than income from equity affiliates included the following: Distributions from equity affiliates $ 3,423 $ 1,868 (Income) loss from equity affiliates ( 3,908 ) ( 4,141 ) Distributions more (less) than income from equity affiliates $ ( 485 ) $ ( 2,273 ) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ 286 $ ( 890 ) Decrease (increase) in inventories ( 1,113 ) ( 1,136 ) Decrease (increase) in prepaid expenses and other current assets 96 ( 1,121 ) Increase (decrease) in accounts payable and accrued liabilities ( 121 ) 1,706 Increase (decrease) in income and other taxes payable ( 1,320 ) ( 2,740 ) Net decrease (increase) in operating working capital $ ( 2,172 ) $ ( 4,181 ) Net cash provided by operating activities included the following cash payments: Interest on debt (net of capitalized interest) $ 326 $ 292 Income taxes 6,586 8,189 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 497 $ 218 Returns of investment from equity affiliates 123 192 Proceeds and deposits related to asset sales and returns of investment $ 620 $ 410 Net maturities of (investments in) time deposits consisted of the following gross amounts: Investments in time deposits $ ( 4 ) $ — Maturities of time deposits — — Net maturities of (investments in) time deposits $ ( 4 ) $ — Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ — $ ( 289 ) Marketable securities sold 45 373 Net sales (purchases) of marketable securities $ 45 $ 84 Net repayment (borrowing) of loans by equity affiliates con

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. The "Other" line in the Operating Activities section includes changes in asset retirement obligations, ab

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