Company Quick10K Filing
Quick10K
Chevron
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$121.19 1,905 $230,860
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-05-29 Shareholder Vote
8-K 2019-05-28 Officers
8-K 2019-05-09 Other Events, Exhibits
8-K 2019-05-09 Leave Agreement
8-K 2019-04-26 Earnings
8-K 2019-04-12 Other Events, Exhibits
8-K 2019-04-11 Enter Agreement, Exhibits
8-K 2019-02-01 Earnings, Other Events
8-K 2019-01-30 Officers
8-K 2019-01-29 Officers, Exhibits
8-K 2018-12-04 Officers, Exhibits
8-K 2018-11-02 Earnings
8-K 2018-07-27 Earnings
8-K 2018-05-30 Shareholder Vote
8-K 2018-04-27 Earnings
8-K 2018-01-31 Officers, Exhibits
8-K 2018-01-30 Officers, Exhibits
LOPE Grand Canyon Education 5,650
BMI Badger Meter 1,580
TNP Tsakos Energy Navigation 279
SBBX SB One Bank 220
ERA Era Group 208
MCIG mCig 0
CRBO Carbon Energy 0
VBIO Vitality Biopharma 0
UCBB US-China Biomedical Technology 0
BDMS Birner Dental Management Services 0
CVX 2019-03-31
Part I.
Item 1. Consolidated Financial Statements
Note 1. Interim Financial Statements
Note 2. Changes in Accumulated Other Comprehensive Losses
Note 3. New Accounting Standards
Note 4. Information Relating To The Consolidated Statement of Cash Flows
Note 5. Assets Held for Sale
Note 6. Summarized Financial Data - Tengizchevroil Llp
Note 7. Summarized Financial Data - Chevron U.S.A. Inc.
Note 8. Operating Segments and Geographic Data
Note 9. Employee Benefits
Note 10. Lease Commitments
Note 11. Income Taxes
Note 12. Litigation
Note 13. Other Contingencies and Commitments
Note 14. Fair Value Measurements
Note 15. Financial and Derivative Instruments
Note 16. Revenue
Note 17. Agreement To Acquire Anadarko Petroleum Corporation
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-10.1 a03312019ex101aircraft.htm
EX-31.1 a03312019ex311ceo-sox3.htm
EX-31.2 a03312019ex312cfo-sox3.htm
EX-32.1 a03312019ex321ceo-sox9.htm
EX-32.2 a03312019ex322cfo-sox9.htm

Chevron Earnings 2019-03-31

CVX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
P3Y14168000false--12-31Q120192019-03-310000093410falseLarge Accelerated Filerfalse0.750.756000000000600000000024426765802442676580240000000121.001.00100000000100000000000539838890537950519Refer to Note 13, "Other Contingencies and Commitments" beginning on page 21. 0000093410 2019-01-01 2019-03-31 0000093410 2019-03-31 0000093410 2018-01-01 2018-03-31 0000093410 2018-12-31 0000093410 2018-03-31 0000093410 2017-12-31 0000093410 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2019-01-01 2019-03-31 0000093410 us-gaap:ParentMember 2019-01-01 2019-03-31 0000093410 us-gaap:TreasuryStockMember 2018-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0000093410 us-gaap:ParentMember 2018-01-01 2018-03-31 0000093410 us-gaap:RetainedEarningsMember 2018-12-31 0000093410 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0000093410 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0000093410 us-gaap:NoncontrollingInterestMember 2018-03-31 0000093410 us-gaap:TreasuryStockMember 2019-01-01 2019-03-31 0000093410 us-gaap:TreasuryStockMember 2017-12-31 0000093410 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2018-12-31 0000093410 us-gaap:TreasuryStockMember 2019-03-31 0000093410 us-gaap:NoncontrollingInterestMember 2019-03-31 0000093410 us-gaap:TreasuryStockMember 2018-03-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0000093410 us-gaap:RetainedEarningsMember 2017-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2018-03-31 0000093410 us-gaap:TreasuryStockMember 2018-01-01 2018-03-31 0000093410 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2018-12-31 0000093410 us-gaap:ParentMember 2017-12-31 0000093410 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2017-12-31 0000093410 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2019-03-31 0000093410 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2018-01-01 2018-03-31 0000093410 us-gaap:RetainedEarningsMember 2019-03-31 0000093410 us-gaap:NoncontrollingInterestMember 2017-12-31 0000093410 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2018-03-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2017-12-31 0000093410 us-gaap:RetainedEarningsMember 2018-03-31 0000093410 us-gaap:NoncontrollingInterestMember 2018-12-31 0000093410 us-gaap:ParentMember 2018-03-31 0000093410 us-gaap:ParentMember 2019-03-31 0000093410 us-gaap:ParentMember 2018-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2019-03-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2018-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-03-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2017-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-01-01 2018-03-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-01-01 2019-03-31 0000093410 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-01-01 2018-03-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2018-03-31 0000093410 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-03-31 0000093410 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-12-31 0000093410 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-03-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2019-03-31 0000093410 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-01-01 2019-03-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-03-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-12-31 0000093410 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-03-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-03-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-12-31 0000093410 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember 2019-03-31 0000093410 cvx:TengizchevroilLlpMember 2019-03-31 0000093410 cvx:TengizchevroilLlpMember 2019-03-31 0000093410 cvx:TengizchevroilLlpMember 2018-01-01 2018-03-31 0000093410 cvx:TengizchevroilLlpMember 2019-01-01 2019-03-31 0000093410 cvx:ChevronUsaIncMember 2018-12-31 0000093410 cvx:ChevronUsaIncMember 2019-03-31 0000093410 cvx:ChevronUsaIncMember 2018-01-01 2018-03-31 0000093410 cvx:ChevronUsaIncMember 2019-01-01 2019-03-31 0000093410 us-gaap:MaterialReconcilingItemsMember 2018-12-31 0000093410 us-gaap:MaterialReconcilingItemsMember country:US 2018-12-31 0000093410 country:US 2018-12-31 0000093410 us-gaap:OperatingSegmentsMember country:US us-gaap:DownstreamEquipmentMember 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:NonUsMember us-gaap:UpstreamEquipmentMember 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:DownstreamEquipmentMember 2018-12-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:UpstreamEquipmentMember 2019-03-31 0000093410 us-gaap:MaterialReconcilingItemsMember 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:UpstreamEquipmentMember 2018-12-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:NonUsMember us-gaap:DownstreamEquipmentMember 2018-12-31 0000093410 us-gaap:MaterialReconcilingItemsMember us-gaap:NonUsMember 2018-12-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:NonUsMember us-gaap:UpstreamEquipmentMember 2018-12-31 0000093410 us-gaap:NonUsMember 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:NonUsMember us-gaap:DownstreamEquipmentMember 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember 2018-12-31 0000093410 us-gaap:NonUsMember 2018-12-31 0000093410 us-gaap:OperatingSegmentsMember country:US us-gaap:DownstreamEquipmentMember 2018-12-31 0000093410 us-gaap:OperatingSegmentsMember 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:DownstreamEquipmentMember 2019-03-31 0000093410 country:US 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember country:US us-gaap:UpstreamEquipmentMember 2018-12-31 0000093410 us-gaap:MaterialReconcilingItemsMember us-gaap:NonUsMember 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember country:US us-gaap:UpstreamEquipmentMember 2019-03-31 0000093410 us-gaap:MaterialReconcilingItemsMember country:US 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember country:US 2018-01-01 2018-03-31 0000093410 us-gaap:OilAndGasMember us-gaap:DownstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember 2019-01-01 2019-03-31 0000093410 us-gaap:IntersegmentEliminationMember us-gaap:OilAndGasMember us-gaap:NonUsMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember country:US us-gaap:UpstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:OilAndGasMember 2019-01-01 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember country:US us-gaap:DownstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:CorporateNonSegmentMember us-gaap:OilAndGasMember 2018-01-01 2018-03-31 0000093410 us-gaap:IntersegmentEliminationMember us-gaap:OilAndGasMember us-gaap:NonUsMember 2019-01-01 2019-03-31 0000093410 srt:GeographyEliminationsMember us-gaap:OilAndGasMember country:US 2018-01-01 2018-03-31 0000093410 us-gaap:IntersegmentEliminationMember us-gaap:OilAndGasMember country:US 2019-01-01 2019-03-31 0000093410 us-gaap:CorporateNonSegmentMember us-gaap:OilAndGasMember country:US 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember us-gaap:DownstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember us-gaap:NonUsMember us-gaap:UpstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 srt:GeographyEliminationsMember us-gaap:OilAndGasMember country:US 2019-01-01 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember us-gaap:UpstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember us-gaap:NonUsMember us-gaap:DownstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember us-gaap:NonUsMember 2018-01-01 2018-03-31 0000093410 us-gaap:CorporateNonSegmentMember us-gaap:OilAndGasMember 2019-01-01 2019-03-31 0000093410 us-gaap:OilAndGasMember us-gaap:DownstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:OilAndGasMember us-gaap:UpstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:IntersegmentEliminationMember us-gaap:OilAndGasMember country:US us-gaap:DownstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:OilAndGasMember us-gaap:UpstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 srt:GeographyEliminationsMember us-gaap:OilAndGasMember us-gaap:NonUsMember 2018-01-01 2018-03-31 0000093410 us-gaap:IntersegmentEliminationMember us-gaap:OilAndGasMember us-gaap:NonUsMember us-gaap:UpstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:CorporateNonSegmentMember us-gaap:OilAndGasMember country:US 2019-01-01 2019-03-31 0000093410 us-gaap:CorporateNonSegmentMember us-gaap:OilAndGasMember us-gaap:NonUsMember 2018-01-01 2018-03-31 0000093410 us-gaap:IntersegmentEliminationMember us-gaap:OilAndGasMember country:US 2018-01-01 2018-03-31 0000093410 srt:GeographyEliminationsMember us-gaap:OilAndGasMember us-gaap:NonUsMember 2019-01-01 2019-03-31 0000093410 us-gaap:IntersegmentEliminationMember us-gaap:OilAndGasMember country:US us-gaap:DownstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember us-gaap:NonUsMember us-gaap:UpstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 cvx:CorporateAndEliminationsMember us-gaap:OilAndGasMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember country:US 2019-01-01 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember us-gaap:DownstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:IntersegmentEliminationMember us-gaap:OilAndGasMember country:US us-gaap:UpstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:IntersegmentEliminationMember us-gaap:OilAndGasMember us-gaap:NonUsMember us-gaap:UpstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember 2018-01-01 2018-03-31 0000093410 us-gaap:IntersegmentEliminationMember us-gaap:OilAndGasMember us-gaap:NonUsMember us-gaap:DownstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember us-gaap:NonUsMember 2019-01-01 2019-03-31 0000093410 us-gaap:OilAndGasMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember country:US us-gaap:UpstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 cvx:CorporateAndEliminationsMember us-gaap:OilAndGasMember 2019-01-01 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember us-gaap:NonUsMember us-gaap:DownstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:CorporateNonSegmentMember us-gaap:OilAndGasMember us-gaap:NonUsMember 2019-01-01 2019-03-31 0000093410 us-gaap:IntersegmentEliminationMember us-gaap:OilAndGasMember us-gaap:NonUsMember us-gaap:DownstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:IntersegmentEliminationMember us-gaap:OilAndGasMember country:US us-gaap:UpstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember us-gaap:UpstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:OilAndGasMember country:US us-gaap:DownstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:DownstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember country:US us-gaap:UpstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:DownstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:MaterialReconcilingItemsMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:NonUsMember us-gaap:DownstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember country:US us-gaap:DownstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:NonUsMember us-gaap:UpstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:MaterialReconcilingItemsMember 2019-01-01 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:UpstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember 2019-01-01 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:NonUsMember us-gaap:DownstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:UpstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:OperatingSegmentsMember country:US us-gaap:UpstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember us-gaap:NonUsMember us-gaap:UpstreamEquipmentMember 2018-01-01 2018-03-31 0000093410 us-gaap:OperatingSegmentsMember country:US us-gaap:DownstreamEquipmentMember 2019-01-01 2019-03-31 0000093410 us-gaap:ForeignPlanMember us-gaap:PensionPlansDefinedBenefitMember 2018-01-01 2018-03-31 0000093410 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2018-01-01 2018-03-31 0000093410 us-gaap:PensionPlansDefinedBenefitMember 2018-01-01 2018-03-31 0000093410 country:US us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-03-31 0000093410 us-gaap:ForeignPlanMember us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-03-31 0000093410 country:US us-gaap:PensionPlansDefinedBenefitMember 2018-01-01 2018-03-31 0000093410 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-01-01 2019-03-31 0000093410 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-03-31 0000093410 us-gaap:ForeignPlanMember us-gaap:PensionPlansDefinedBenefitMember 2019-03-31 0000093410 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-03-31 0000093410 country:US us-gaap:PensionPlansDefinedBenefitMember 2019-03-31 0000093410 us-gaap:PensionPlansDefinedBenefitMember 2019-03-31 0000093410 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0000093410 us-gaap:UpstreamEquipmentMember 2018-12-31 0000093410 cvx:EcuadorLitigationMember us-gaap:PendingLitigationMember 2012-01-03 0000093410 cvx:MtbeMember us-gaap:PendingLitigationMember 2019-03-31 0000093410 cvx:EcuadorLitigationMember us-gaap:PendingLitigationMember 2013-11-13 2013-11-13 0000093410 cvx:EcuadorLitigationMember us-gaap:PendingLitigationMember 2011-02-14 2011-02-14 0000093410 cvx:EcuadorLitigationMember us-gaap:PendingLitigationMember 2012-08-02 2012-08-03 0000093410 cvx:EcuadorLitigationMember us-gaap:PendingLitigationMember 2011-02-14 0000093410 cvx:WritofCertiorariMember 2017-03-27 2017-03-27 0000093410 cvx:EcuadorLitigationMember us-gaap:PendingLitigationMember 1991-12-31 0000093410 cvx:EcuadorLitigationMember cvx:DeclaratoryReliefClaimMember 2019-03-31 0000093410 cvx:EcuadorLitigationMember us-gaap:PendingLitigationMember 1991-01-01 1991-12-31 0000093410 2009-12-31 0000093410 us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000093410 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-03-31 0000093410 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000093410 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000093410 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-03-31 0000093410 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000093410 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-03-31 0000093410 us-gaap:FairValueMeasurementsRecurringMember 2019-03-31 0000093410 us-gaap:FairValueMeasurementsNonrecurringMember 2019-01-01 2019-03-31 0000093410 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-03-31 0000093410 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-03-31 0000093410 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-03-31 0000093410 us-gaap:FairValueMeasurementsNonrecurringMember 2019-03-31 0000093410 srt:MaximumMember 2019-01-01 2019-03-31 0000093410 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-03-31 0000093410 us-gaap:FairValueInputsLevel2Member us-gaap:OtherLongTermInvestmentsMember 2019-03-31 0000093410 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000093410 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-03-31 0000093410 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0000093410 us-gaap:FairValueInputsLevel1Member us-gaap:CorporateBondSecuritiesMember 2019-03-31 0000093410 us-gaap:AccountsPayableMember us-gaap:CommodityContractMember 2019-03-31 0000093410 cvx:DeferredCreditsAndOtherNoncurrentObligationsMember us-gaap:CommodityContractMember 2019-03-31 0000093410 us-gaap:CommodityContractMember 2018-12-31 0000093410 cvx:AccountsAndNotesReceivableNetMember us-gaap:CommodityContractMember 2019-03-31 0000093410 us-gaap:CommodityContractMember 2019-03-31 0000093410 us-gaap:AccountsPayableMember us-gaap:CommodityContractMember 2018-12-31 0000093410 cvx:DeferredCreditsAndOtherNoncurrentObligationsMember us-gaap:CommodityContractMember 2018-12-31 0000093410 cvx:AccountsAndNotesReceivableNetMember us-gaap:CommodityContractMember 2018-12-31 0000093410 cvx:LongTermReceivablesNetMember us-gaap:CommodityContractMember 2019-03-31 0000093410 cvx:LongTermReceivablesNetMember us-gaap:CommodityContractMember 2018-12-31 0000093410 us-gaap:CommodityContractMember us-gaap:SalesMember 2018-01-01 2018-03-31 0000093410 us-gaap:CommodityContractMember us-gaap:OtherIncomeMember 2019-01-01 2019-03-31 0000093410 us-gaap:CommodityContractMember cvx:PurchasedCrudeOilAndProductsMember 2019-01-01 2019-03-31 0000093410 us-gaap:CommodityContractMember cvx:PurchasedCrudeOilAndProductsMember 2018-01-01 2018-03-31 0000093410 us-gaap:CommodityContractMember us-gaap:OtherIncomeMember 2018-01-01 2018-03-31 0000093410 us-gaap:CommodityContractMember 2018-01-01 2018-03-31 0000093410 us-gaap:CommodityContractMember 2019-01-01 2019-03-31 0000093410 us-gaap:CommodityContractMember us-gaap:SalesMember 2019-01-01 2019-03-31 0000093410 cvx:AnadarkoPetroleumCorporationMember us-gaap:SubsequentEventMember 2019-04-12 0000093410 cvx:AnadarkoPetroleumCorporationMember us-gaap:SubsequentEventMember 2019-04-12 0000093410 cvx:AnadarkoPetroleumCorporationMember 2018-12-31 xbrli:pure xbrli:shares iso4217:USD xbrli:shares cvx:defendant cvx:LegalMatter iso4217:USD cvx:segment

 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
þ    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019
or
o    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-00368
Chevron Corporation
(Exact name of registrant as specified in its charter)
Delaware
 
94-0890210
 
6001 Bollinger Canyon Road,
San Ramon, California 94583-2324
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (925) 842-1000
NONE
(Former name, former address and former fiscal year, if changed since last report.)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ        No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ        No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  þ
 
Accelerated filer o
Non-accelerated filer o
 
Smaller reporting company o
 
 
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o      
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  o       No  þ

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common stock, par value $.75 per share
 
CVX
 
New York Stock Exchange, Inc.

There were 1,904,726,061 shares of the Company's common stock outstanding on March 31, 2019.
 


Table of Contents


TABLE OF CONTENTS
 
 
 
Page No.
 
FINANCIAL INFORMATION
 
 
 
 
 
 
Consolidated Statement of Equity for the Three Months Ended March 31, 2019, and 2018
 
8-25
26-37
OTHER INFORMATION
Item 5.
Other Information

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 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,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain 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.
Key factors that could cause actual results to differ materially from those projected in the forward-looking statements include, among others: changing crude oil and natural gas prices; changing refining, marketing and chemicals margins; the company's ability to realize anticipated cost savings and expenditure reductions; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats and terrorist acts, crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries, or other natural or human causes beyond the company's control; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the ability to successfully receive the requisite approvals and consummate the proposed acquisition of Anadarko Petroleum Corporation; the ability to successfully integrate the operations of Chevron and Anadarko and achieve the anticipated benefits from the transaction; the company’s other future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 21 of the company’s 2018 Annual Report on Form 10-K and in other filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.

2

Table of Contents


PART I.
FINANCIAL INFORMATION
 
Item 1.
Consolidated Financial Statements
CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
 
 
Three Months Ended
March 31
 
2019
 
2018
 
(Millions of dollars, except per-share amounts)
Revenues and Other Income
 
Sales and other operating revenues
$
34,189

 
$
35,968

Income from equity affiliates
1,062

 
1,637

Other income (loss)
(51
)
 
159

Total Revenues and Other Income
35,200

 
37,764

Costs and Other Deductions
 
 
 
Purchased crude oil and products
19,703

 
21,233

Operating expenses
4,886

 
4,701

Selling, general and administrative expenses
984

 
723

Exploration expenses
189

 
158

Depreciation, depletion and amortization
4,094

 
4,289

Taxes other than on income
1,061

 
1,344

Interest and debt expense
225

 
159

Other components of net periodic benefit costs
101

 
84

Total Costs and Other Deductions
31,243

 
32,691

Income Before Income Tax Expense
3,957

 
5,073

Income Tax Expense
1,315

 
1,414

Net Income
2,642

 
3,659

Less: Net income (loss) attributable to noncontrolling interests
(7
)
 
21

Net Income Attributable to Chevron Corporation
$
2,649

 
$
3,638

Per Share of Common Stock:
 
 
 
Net Income Attributable to Chevron Corporation
 
 
 
— Basic
$
1.40

 
$
1.92

— Diluted
$
1.39

 
$
1.90

Weighted Average Number of Shares Outstanding (000s)
 
 
 
— Basic
1,888,002

 
1,895,990

— Diluted
1,900,748

 
1,913,218

 
 
 
 
 
 
 
 


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
 
2019
 
2018
 
(Millions of dollars)
Net Income
$
2,642

 
$
3,659

Currency translation adjustment
(4
)
 
10

Unrealized holding gain (loss) on securities:
 
 
 
Net gain (loss) arising during period
(1
)
 
(1
)
Defined benefit plans:
 
 
 
Actuarial gain (loss):
 
 
 
Amortization to net income of net actuarial and settlement losses
125

 
157

Actuarial gain (loss) arising during period
(3
)
 
(1
)
Prior service cost:
 
 
 
Amortization to net income of net prior service costs (credits)
(4
)
 
(4
)
Defined benefit plans sponsored by equity affiliates
2

 
8

Income tax expense on defined benefit plans
(30
)
 
(39
)
Total
90

 
121

Other Comprehensive Gain, Net of Tax
85

 
130

Comprehensive Income
2,727

 
3,789

Comprehensive loss (income) attributable to noncontrolling interests
7

 
(21
)
Comprehensive Income Attributable to Chevron Corporation
$
2,734

 
$
3,768


See accompanying notes to consolidated financial statements.

4


Table of Contents


CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
 
 
At March 31
2019
 
At December 31
2018
 
 
(Millions of dollars)
ASSETS
Cash and cash equivalents
 
$
8,699

 
$
9,342

Time deposits
 

 
950

Marketable securities
 
56

 
53

Accounts and notes receivable, net
 
14,928

 
15,050

Inventories
 
 
 
 
Crude oil and petroleum products
 
4,481

 
3,383

Chemicals
 
488

 
487

Materials, supplies and other
 
1,754

 
1,834

Total inventories
 
6,723

 
5,704

Prepaid expenses and other current assets 
 
3,265

 
2,922

Total Current Assets
 
33,671

 
34,021

Long-term receivables, net
 
2,019

 
1,942

Investments and advances
 
36,360

 
35,546

Properties, plant and equipment, at cost
 
336,701

 
340,244

Less: Accumulated depreciation, depletion and amortization
 
169,969

 
171,037

Properties, plant and equipment, net
 
166,732

 
169,207

Deferred charges and other assets 
 
10,866

 
6,766

Goodwill
 
4,507

 
4,518

Assets held for sale
 
2,654

 
1,863

Total Assets
 
$
256,809

 
$
253,863

LIABILITIES AND EQUITY
Short-term debt 
 
$
7,023

 
$
5,726

Accounts payable
 
14,230

 
13,953

Accrued liabilities
 
5,880

 
4,927

Federal and other taxes on income 
 
1,971

 
1,628

Other taxes payable
 
847

 
937

Total Current Liabilities
 
29,951

 
27,171

Long-term debt 
 
26,064

 
28,733

Deferred credits and other noncurrent obligations
 
22,197

 
19,742

Noncurrent deferred income taxes 
 
16,099

 
15,921

Noncurrent employee benefit plans
 
6,380

 
6,654

Total Liabilities*
 
100,691

 
98,221

Preferred stock (authorized 100,000,000 shares, $1.00 par value, none issued)
 

 

Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares issued at March 31, 2019, and December 31, 2018)
 
1,832

 
1,832

Capital in excess of par value
 
17,146

 
17,112

Retained earnings
 
181,387

 
180,987

Accumulated other comprehensive loss
 
(3,459
)
 
(3,544
)
Deferred compensation and benefit plan trust
 
(240
)
 
(240
)
Treasury stock, at cost (537,950,519 and 539,838,890 shares at March 31, 2019, and December 31, 2018, respectively)
 
(41,621
)
 
(41,593
)
Total Chevron Corporation Stockholders’ Equity
 
155,045

 
154,554

Noncontrolling interests
 
1,073

 
1,088

Total Equity
 
156,118

 
155,642

Total Liabilities and Equity
 
$
256,809

 
$
253,863

___________________________
 
 
 
 
* Refer to Note 13, "Other Contingencies and Commitments" beginning on page 21.

See accompanying notes to consolidated financial statements.

5


Table of Contents


CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)

 
Three Months Ended
March 31
 
2019
 
2018
 
(Millions of dollars)
Operating Activities
 
 
 
Net Income (Loss)
$
2,642

 
$
3,659

Adjustments
 
 
 
Depreciation, depletion and amortization
4,094

 
4,289

Dry hole expense
86

 
45

Distributions less than income from equity affiliates
(513
)
 
(998
)
Net before-tax loss (gain) on asset retirements and sales
80

 
(12
)
Net foreign currency effects
141

 
63

Deferred income tax provision
73

 
383

Net decrease (increase) in operating working capital
(1,210
)
 
(2,104
)
Decrease (increase) in long-term receivables
66

 
128

Net decrease (increase) in other deferred charges
(62
)
 
(12
)
Cash contributions to employee pension plans
(326
)
 
(149
)
Other
(14
)
 
(249
)
Net Cash Provided by Operating Activities
5,057

 
5,043

Investing Activities
 
 
 
Capital expenditures
(2,953
)
 
(2,997
)
Proceeds and deposits related to asset sales and returns of investment
294

 
111

Net maturities of (investments in) time deposits
950

 

Net sales (purchases) of marketable securities
2

 
(29
)
Net repayment (borrowing) of loans by equity affiliates
(321
)
 
26

Net Cash Used for Investing Activities
(2,028
)
 
(2,889
)
Financing Activities
 
 
 
Net borrowings (repayments) of short-term obligations
936

 
3,214

Proceeds from issuance of long-term debt

 
73

Repayments of long-term debt and other financing obligations
(2,506
)
 
(2,331
)
Cash dividends — common stock
(2,244
)
 
(2,124
)
Distributions to noncontrolling interests
(6
)
 
(11
)
Net sales (purchases) of treasury shares
(15
)
 
566

Net Cash Used for Financing Activities
(3,835
)
 
(613
)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
20

 
33

Net Change in Cash, Cash Equivalents and Restricted Cash
(786
)
 
1,574

Cash, Cash Equivalents and Restricted Cash at January 1
10,481

 
5,943

Cash, Cash Equivalents and Restricted Cash at March 31
$
9,695

 
$
7,517

 
 
 
 


See accompanying notes to consolidated financial statements.

6


Table of Contents


CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(Unaudited)
 
 
 
Accumulated
Treasury
Chevron Corp.
Non-
 
 
Common
Retained
Other Comp.
Stock
Stockholders'
Controlling
Total
(Millions of dollars)
Stock(1)
Earnings
Income (Loss)
(at cost)
Equity
Interests
Equity
Balance at December 31, 2017
$
18,440

$
174,106

$
(3,589
)
$
(40,833
)
$
148,124

$
1,195

$
149,319

Treasury stock transactions
115




115


115

Net income (loss)

3,638



3,638

21

3,659

Cash dividends

(2,124
)


(2,124
)
(11
)
(2,135
)
Stock dividends

(1
)


(1
)

(1
)
Other comprehensive income


130


130


130

Purchases of treasury shares



(1
)
(1
)

(1
)
Issuances of treasury shares



475

475


475

Other changes, net





5

5

Balance at March 31, 2018
$
18,555

$
175,619

$
(3,459
)
$
(40,359
)
$
150,356

$
1,210

$
151,566

 
 
 
 
 
 
 
 
Balance at December 31, 2018
$
18,704

$
180,987

$
(3,544
)
$
(41,593
)
$
154,554

$
1,088

$
155,642

Treasury stock transactions
34




34


34

Net income (loss)

2,649



2,649

(7
)
2,642

Cash dividends

(2,244
)


(2,244
)
(6
)
(2,250
)
Stock dividends

(1
)


(1
)

(1
)
Other comprehensive income


85


85


85

Purchases of treasury shares



(538
)
(538
)

(538
)
Issuances of treasury shares



510

510


510

Other changes, net

(4
)


(4
)
(2
)
(6
)
Balance at March 31, 2019
$
18,738

$
181,387

$
(3,459
)
$
(41,621
)
$
155,045

$
1,073

$
156,118

 
 
 
 
 
 
 
 

Common Stock - 2019
 
Common Stock - 2018
(Thousands of shares)
Issued(2)

Treasury

Outstanding

 
Issued(2)

Treasury

Outstanding

Balance at December 31
2,442,677

(539,839
)
1,902,838

 
2,442,677

(537,975
)
1,904,702

Purchases

(4,711
)
(4,711
)
 

(7
)
(7
)
Issuances

6,599

6,599

 

6,262

6,262

Balance at March 31
2,442,677

(537,951
)
1,904,726

 
2,442,677

(531,720
)
1,910,957

_________________________________________________
(1) 
Beginning and ending balances for all periods include capital in excess of par, common stock issued at par for $1,832, and $(240) associated with Chevron's Benefit Plan Trust. Changes reflect capital in excess of par.
(2) 
Beginning and ending total issued share balances include 14,168 shares associated with Chevron's Benefit Plan Trust.


See accompanying notes to consolidated financial statements.

7


Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Note 1. Interim Financial Statements
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, 2019, 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 2018 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, 2019 and 2018 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, 2017
 
$
(105
)
 
$
(5
)
 
$
(2
)
 
$
(3,477
)
 
$
(3,589
)
Components of Other Comprehensive Income (Loss):
 
 
 
 
 
 
Before Reclassifications
 
10

 
(1
)
 

 
5

 
14

Reclassifications
 

 

 

 
116

 
116

Net Other Comprehensive Income (Loss)
 
10

 
(1
)
 

 
121

 
130

Balance at March 31, 2018
 
$
(95
)
 
$
(6
)
 
$
(2
)
 
$
(3,356
)
 
$
(3,459
)
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
 
$
(124
)
 
$
(10
)
 
$
(2
)
 
$
(3,408
)
 
$
(3,544
)
Components of Other Comprehensive Income (Loss):
 
 
 
 
 
 
Before Reclassifications
 
(4
)
 
(1
)
 

 
(4
)
 
(9
)
Reclassifications(2)
 

 

 

 
94

 
94

Net Other Comprehensive Income (Loss)
 
(4
)
 
(1
)
 

 
90

 
85

Balance at March 31, 2019
 
$
(128
)
 
$
(11
)
 
$
(2
)
 
$
(3,318
)
 
$
(3,459
)
_______________________________
(1) 
All amounts are net of tax.
(2) 
Refer to Note 9, Employee Benefits for reclassified components totaling $121 million that are included in employee benefit costs for the three months ended March 31, 2019. Related income taxes for the same period, totaling $27 million, are reflected in "Income Tax Expense" on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
Note 3. New Accounting Standards
Leases (Topic 842) Effective January 1, 2019, Chevron adopted Accounting Standards Update (ASU) 2016-02 and its related amendments. For additional information on the company's leases, refer to Note 10 beginning on page 14.
Financial Instruments - Credit Losses (Topic 326) In June 2016, the FASB issued ASU 2016-13, which becomes effective for the company beginning January 1, 2020. The standard requires companies to use forward-looking information to calculate credit loss estimates. The company is evaluating the effect of the standard on its consolidated financial statements.

8

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


Note 4. Information Relating to the Consolidated Statement of Cash Flows
 
Three Months Ended
March 31
(Millions of dollars)
2019

 
2018

Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable
$
473

 
$
(335
)
Decrease (increase) in inventories
(1,098
)
 
(543
)
Decrease (increase) in prepaid expenses and other current assets
(667
)
 
(608
)
Increase (decrease) in accounts payable and accrued liabilities
(160
)
 
(807
)
Increase (decrease) in income and other taxes payable
242

 
189

Net decrease (increase) in operating working capital
$
(1,210
)
 
$
(2,104
)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)
$
186

 
$
105

Income taxes
757

 
843

Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales
$
276

 
$
31

Returns of investment from equity affiliates
18

 
80

Proceeds and deposits related to asset sales and returns of investment
$
294

 
$
111

Net maturities of (investments in) time deposits consisted of the following gross amounts:
Investments in time deposits
$

 
$

Maturities of time deposits
950

 

Net maturities of (investments in) time deposits
$
950

 
$

Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased
$
(1
)
 
$
(29
)
Marketable securities sold
3

 

Net sales (purchases) of marketable securities
$
2

 
$
(29
)
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates
$
(350
)
 
$

Repayment of loans by equity affiliates
29

 
26

Net repayment (borrowing) of loans by equity affiliates
$
(321
)
 
$
26

Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations
$
359

 
$
658

Repayments of short-term obligations
(134
)
 
(1,377
)
Net borrowings (repayments) of short-term obligations with three months or less maturity
711

 
3,933

Net borrowings (repayments) of short-term obligations
$
936

 
$
3,214

 
 
 
 

The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash.
"Other" includes changes in postretirement benefits obligations and other long-term liabilities.
The “Net sales (purchases) of treasury shares” represents the cost of common shares acquired less the cost of shares issued for share-based compensation plans. Purchases totaled $538 million for the first three months in 2019 and $1 million for the first three months in 2018. During the first three months in 2019, the company purchased 4.7 million shares under its share repurchase program for $537 million. No purchases were made under the company's share repurchase program in the first three months of 2018.
The company paid dividends of $1.19 per share of common stock in first quarter 2019. This compares to dividends of $1.12 per share paid in the corresponding year-ago period.


9

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory expenditures, including equity affiliates, are presented in the following table:
 
Three Months Ended
March 31
(Millions of dollars)
2019

 
2018

Additions to properties, plant and equipment
$
2,865

 
$
2,937

Additions to investments
14

 
15

Current-year dry hole expenditures
74

 
45

Payments for other liabilities and assets, net

 

Capital expenditures
2,953

 
2,997

Expensed exploration expenditures
103

 
113

Assets acquired through finance lease obligations and other financing obligations
146

 

Capital and exploratory expenditures, excluding equity affiliates
3,202

 
3,110

Company's share of expenditures by equity affiliates
1,532

 
1,295

Capital and exploratory expenditures, including equity affiliates
$
4,734

 
$
4,405


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
 
2019
 
2018
 
2018
 
2017
 
(Millions of dollars)
 
(Millions of dollars)
Cash and Cash Equivalents
$
8,699

 
$
6,466

 
$
9,342

 
$
4,813

Restricted cash included in "Prepaid expenses and other current assets"
195

 
316

 
341

 
405

Restricted cash included in "Deferred charges and other assets"
801

 
735

 
798

 
725

Total Cash, Cash Equivalents and Restricted Cash
$
9,695

 
$
7,517

 
$
10,481

 
$
5,943


Additional information related to "Restricted Cash" is included on page 23 in Note 14 under the heading "Restricted Cash."
Note 5. Assets Held For Sale
At March 31, 2019, the company classified $2.65 billion of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet. These assets are primarily associated with upstream operations that are anticipated to be sold in the next 12 months. The revenues and earnings contributions of these assets in 2018 and the first three months of 2019 were not material.
Note 6. Summarized Financial Data — Tengizchevroil LLP
Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Summarized financial information for 100 percent of TCO is presented in the following table:
 
Three Months Ended
March 31
 
2019
 
2018
 
(Millions of dollars)
Sales and other operating revenues
$
4,107

 
$
4,325

Costs and other deductions
2,002

 
1,942

Net income attributable to TCO
1,481

 
1,679



10

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


Note 7. Summarized Financial Data — Chevron U.S.A. Inc.
Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas and natural gas liquids and those associated with refining, marketing, and supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method.
The summarized financial information for CUSA and its consolidated subsidiaries is as follows:

Three Months Ended
March 31

2019
 
2018
 
(Millions of dollars)
Sales and other operating revenues
$
25,942

 
$
28,058

Costs and other deductions
25,757

 
27,596

Net income attributable to CUSA
181

 
697

 
 
 
 

 
At March 31
2019
 
At December 31
2018
 
(Millions of dollars)
Current assets
$
14,910

 
$
12,819

Other assets
58,896

 
55,814

Current liabilities
19,980

 
16,376

Other liabilities
14,763

 
12,906

Total CUSA net equity
$
39,063

 
$
39,351

Memo: Total debt
$
3,192

 
$
3,049


Note 8. Operating Segments and Geographic Data
Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of exploring for, developing and producing crude oil and natural gas; liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil and refined products; transporting of 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. All Other activities of the company include worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.
The company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM). The segments represent components of the company that engage in activities (a) from which revenues are earned and expenses are incurred; (b) whose operating results are regularly reviewed by the CODM, which makes decisions about resources to be allocated to the segments and assesses their performance; and (c) for which discrete financial information is available.
The company’s primary country of operation is the United States of America, its country of domicile. Other components of the company’s operations are reported as “International” (outside the United States).

11

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


Segment Earnings The company evaluates the performance of its operating segments on an after-tax basis, without considering the effects of debt financing interest expense or investment interest income, both of which are managed by the company on a worldwide basis. Corporate administrative costs and assets are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Nonbillable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three-month periods ended March 31, 2019 and 2018, are presented in the following table:
 
Three Months Ended
March 31
Segment Earnings
2019
 
2018
 
(Millions of dollars)
Upstream
 
 
 
United States
$
748

 
$
648

International
2,375

 
2,704

Total Upstream
3,123

 
3,352

Downstream
 
 
 
United States
217

 
442

International
35

 
286

Total Downstream
252

 
728

Total Segment Earnings
3,375

 
4,080

All Other
 
 
 
Interest expense
(214
)
 
(149
)
Interest income
50

 
19

Other
(562
)
 
(312
)
Net Income Attributable to Chevron Corporation
$
2,649

 
$
3,638


Segment Assets Segment assets do not include intercompany investments or intercompany receivables. “All Other” assets consist primarily of worldwide cash, cash equivalents, time deposits and marketable securities; real estate; information systems; technology companies; and assets of the corporate administrative functions. Segment assets at March 31, 2019, and December 31, 2018, are as follows: 
Segment Assets
At March 31
2019
 
At December 31
2018
 
(Millions of dollars)
Upstream
 
 
 
United States
$
44,772

 
$
42,594

International
152,615

 
153,861

Goodwill
4,507

 
4,518

Total Upstream
201,894

 
200,973

Downstream
 
 
 
United States
25,358

 
23,866

International
17,401

 
15,622

Total Downstream
42,759

 
39,488

Total Segment Assets
244,653

 
240,461

All Other
 
 
 
United States
5,108

 
5,100

International
7,048

 
8,302

Total All Other
12,156

 
13,402

Total Assets — United States
75,238

 
71,560

Total Assets — International
177,064

 
177,785

Goodwill
4,507

 
4,518

Total Assets
$
256,809

 
$
253,863



12

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three-month periods ended March 31, 2019 and 2018, are presented in the following table. Products are transferred between operating segments at internal product values that approximate market prices. Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies.
 
Three Months Ended
March 31
 Sales and Other Operating Revenues
2019
 
2018
 
(Millions of dollars)
Upstream
 
 
 
United States
$
5,882

 
$
4,577

International
9,369

 
8,656

Subtotal
15,251

 
13,233

Intersegment Elimination — United States
(3,519
)
 
(2,757
)
Intersegment Elimination — International
(3,292
)
 
(3,215
)
Total Upstream
8,440

 
7,261

Downstream
 
 
 
United States
12,388

 
13,042

International
14,507

 
15,935

Subtotal
26,895

 
28,977

Intersegment Elimination — United States
(947
)
 
(3
)
Intersegment Elimination — International
(265
)
 
(328
)
Total Downstream
25,683

 
28,646

All Other
 
 
 
United States
222

 
227

International
2

 
3

Subtotal
224

 
230

Intersegment Elimination — United States
(156
)
 
(166
)
Intersegment Elimination — International
(2
)
 
(3
)
Total All Other
66

 
61

Sales and Other Operating Revenues
 
 
 
United States
18,492

 
17,846

International
23,878

 
24,594

Subtotal
42,370

 
42,440

Intersegment Elimination — United States
(4,622
)
 
(2,926
)
Intersegment Elimination — International
(3,559
)
 
(3,546
)
Total Sales and Other Operating Revenues
$
34,189

 
$
35,968


Note 9. Employee Benefits
Chevron has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the company’s other investment alternatives.
The company also sponsors other postretirement employee benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and the retirees share the costs. For the company’s main U.S. medical plan, the increase to the pre-

13

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


Medicare company contribution for retiree medical coverage is limited to no more than 4 percent each year. Certain life insurance benefits are paid by the company.
The components of net periodic benefit costs for 2019 and 2018 are as follows:
 
Three Months Ended
March 31
 
2019
 
2018
 
(Millions of dollars)
Pension Benefits
 
 
 
United States
 
 
 
Service cost
$
101

 
$
120