Chevron Files 8-K on Operations & Financial Condition

TL;DR

**Chevron filed a standard 8-K on Jan 2, 2024, for operational and financial condition updates.**

AI Summary

Chevron Corporation filed an 8-K on January 2, 2024, to report an event related to its Results of Operations and Financial Condition. This filing indicates that Chevron's common stock, with a par value of $0.75 per share, is registered on the New York Stock Exchange under the trading symbol CVX. For investors, this filing primarily serves as a procedural update, confirming the company's compliance with SEC reporting requirements regarding its operational and financial status, which is important for maintaining transparency and investor confidence.

Why It Matters

This filing is a routine disclosure by Chevron, confirming its compliance with SEC regulations and providing transparency on its operational and financial reporting, which is crucial for investor confidence.

Risk Assessment

Risk Level: low — This 8-K is a routine administrative filing and does not contain any new material information that would significantly alter Chevron's risk profile.

Analyst Insight

This filing is purely administrative and does not contain new financial or operational data. Investors should await Chevron's next earnings report or specific news for actionable insights.

Key Numbers

• $0.75 — Par value per share (The stated par value of Chevron's common stock.)

Key Players & Entities

• Chevron Corporation (company) — the registrant filing the 8-K
• New York Stock Exchange (company) — where Chevron's common stock is registered
• $0.75 (dollar_amount) — par value per share of common stock
• January 2, 2024 (date) — date of earliest event reported and filing date

Forward-Looking Statements

• Chevron will continue to file routine 8-K reports for administrative updates. (Chevron Corporation) — high confidence, target: 2024-12-31

FAQ

Key Financial Figures

• $3.5 billion — esult in non-cash, after-tax charges of $3.5 billion to $4.0 billion in the Company's fourth
• $4.0 billion — h, after-tax charges of $3.5 billion to $4.0 billion in the Company's fourth quarter 2023 re

Filing Documents

• cvx-20240102.htm (8-K) — 38KB
• 0000093410-24-000002.txt ( ) — 174KB
• cvx-20240102.xsd (EX-101.SCH) — 2KB
• cvx-20240102_def.xml (EX-101.DEF) — 2KB
• cvx-20240102_lab.xml (EX-101.LAB) — 26KB
• cvx-20240102_pre.xml (EX-101.PRE) — 13KB
• cvx-20240102_htm.xml (XML) — 3KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition On January 2, 2024, Chevron Corporation announced that for fourth quarter 2023, the Company will be impairing a portion of its U.S. upstream assets, primarily in California, due to continuing regulatory challenges in the state that have resulted in lower anticipated future investment levels in its business plans. The Company expects to continue operating the impacted assets for many years to come. In addition, the Company will be recognizing a loss related to abandonment and decommissioning obligations from previously sold oil and gas production assets in the U.S. Gulf of Mexico, as companies that purchased these assets have filed for protection under Chapter 11 of the U.S. Bankruptcy Code, and we believe it is now probable and estimable that a portion of these obligations will revert to the Company. We expect to undertake the decommissioning activities on these assets over the next decade. The Company is in the process of finalizing the financial impacts of these actions, which it expects to treat as special items and exclude from adjusted earnings. These actions in the aggregate are currently estimated to result in non-cash, after-tax charges of $3.5 billion to $4.0 billion in the Company's fourth quarter 2023 results. As used in this communication, terms such as "the Company," "we," "its" and "our" 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. Non-GAAP Financial Measures - This communication includes reference to 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 c

View Full Filing

View this 8-K filing on SEC EDGAR