Chevron Earnings 2019-06-30

CVX 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

Document

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

☐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)



		6001 Bollinger Canyon Road
Delaware	94-0890210	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.)

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

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 ☑ No ☐

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 ☑ No ☐

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	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

There were 1,898,418,471 shares of the Company's common stock outstanding on June 30, 2019.

Table of Contents

TABLE OF CONTENTS



		Page No.
	Cautionary Statements Relevant to Forward-Looking Information for the Purpose of “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995	2
PART I FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements —
	Consolidated Statement of Income for the Three and Six Months Ended June 30, 2019, and 2018	3
	Consolidated Statement of Comprehensive Income for the Three and Six Months Ended June 30, 2019, and 2018	4
	Consolidated Balance Sheet at June 30, 2019, and December 31, 2018	5
	Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2019, and 2018	6
	Consolidated Statement of Equity for the Three and Six Months Ended June 30, 2019, and 2018	7
	Notes to Consolidated Financial Statements	8-25
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26-39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	39
PART II OTHER INFORMATION
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	40
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40
Item 5.	Other Information	40
Item 6.	Exhibits	41
Signature		42

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.

Among the important factors that could cause actual results to differ materially from those projected in the forward-looking statements are: 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 and other producing 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 company’s 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 subsequent 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.

Table of Contents

PART I.

FINANCIAL INFORMATION

Item 1.
Consolidated Financial Statements

CHEVRON CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)



	Three Months Ended June 30					Six Months Ended June 30
	2019			2018		2019			2018
	(Millions of dollars, except per-share amounts)
Revenues and Other Income
Sales and other operating revenues	$	36,323		$	40,491	$	70,512		$	76,459
Income from equity affiliates	1,196			1,493		2,258			3,130
Other income (loss)	1,331			252		1,280			411
Total Revenues and Other Income	38,850			42,236		74,050			80,000
Costs and Other Deductions
Purchased crude oil and products	20,835			24,744		40,538			45,977
Operating expenses	5,187			5,213		10,073			9,914
Selling, general and administrative expenses	1,076			1,017		2,060			1,740
Exploration expenses	141			177		330			335
Depreciation, depletion and amortization	4,334			4,498		8,428			8,787
Taxes other than on income	1,047			1,363		2,108			2,707
Interest and debt expense	198			217		423			376
Other components of net periodic benefit costs	97			102		198			186
Total Costs and Other Deductions	32,915			37,331		64,158			70,022
Income Before Income Tax Expense	5,935			4,905		9,892			9,978
Income Tax Expense	1,645			1,483		2,960			2,897
Net Income	4,290			3,422		6,932			7,081
Less: Net income (loss) attributable to noncontrolling interests	(15		)	13		(22		)	34
Net Income Attributable to Chevron Corporation	$	4,305		$	3,409	$	6,954		$	7,047
Per Share of Common Stock:
Net Income Attributable to Chevron Corporation
— Basic	$	2.28		$	1.79	$	3.68		$	3.71
— Diluted	$	2.27		$	1.78	$	3.66		$	3.68
Weighted Average Number of Shares Outstanding (000s)
— Basic	1,889,265			1,900,375		1,888,637			1,898,194
— Diluted	1,902,977			1,918,949		1,901,869			1,916,099

See accompanying notes to consolidated financial statements.

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CHEVRON CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)



	Three Months Ended June 30						Six Months Ended June 30
	2019			2018			2019			2018
	(Millions of dollars)
Net Income	$	4,290		$	3,422		$	6,932		$	7,081
Currency translation adjustment	5			(20		)	1			(10		)
Unrealized holding gain (loss) on securities:
Net gain (loss) arising during period	1			(6		)	—			(7		)
Derivatives:
Net derivatives loss on hedge transactions	(1		)	—			(1		)	—
Defined benefit plans:
Actuarial gain (loss):
Amortization to net income of net actuarial and settlement losses	125			151			250			308
Actuarial gain (loss) arising during period	(1		)	(1		)	(4		)	(2		)
Prior service cost:
Amortization to net income of net prior service costs (credits)	(3		)	(3		)	(7		)	(7		)
Prior service cost arising during period	1			—			1			—
Defined benefit plans sponsored by equity affiliates	3			5			5			13
Income tax expense on defined benefit plans	(28		)	(35		)	(58		)	(74		)
Total	97			117			187			238
Other Comprehensive Gain, Net of Tax	102			91			187			221
Comprehensive Income	4,392			3,513			7,119			7,302
Comprehensive loss (income) attributable to noncontrolling interests	15			(13		)	22			(34		)
Comprehensive Income Attributable to Chevron Corporation	$	4,407		$	3,500		$	7,141		$	7,268

See accompanying notes to consolidated financial statements.

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CHEVRON CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(Unaudited)



	At June 30, 2019			At December 31, 2018
	(Millions of dollars)
ASSETS
Cash and cash equivalents	$	8,513		$	9,342
Time deposits	—			950
Marketable securities	58			53
Accounts and notes receivable, net	14,383			15,050
Inventories
Crude oil and petroleum products	4,541			3,383
Chemicals	483			487
Materials, supplies and other	1,785			1,834
Total inventories	6,809			5,704
Prepaid expenses and other current assets	3,324			2,922
Total Current Assets	33,087			34,021
Long-term receivables, net	1,784			1,942
Investments and advances	37,417			35,546
Properties, plant and equipment, at cost	335,775			340,244
Less: Accumulated depreciation, depletion and amortization	170,364			171,037
Properties, plant and equipment, net	165,411			169,207
Deferred charges and other assets	10,687			6,766
Goodwill	4,507			4,518
Assets held for sale	2,985			1,863
Total Assets	$	255,878		$	253,863
LIABILITIES AND EQUITY
Short-term debt	$	5,588		$	5,726
Accounts payable	14,805			13,953
Accrued liabilities	6,197			4,927
Federal and other taxes on income	1,414			1,628
Other taxes payable	825			937
Total Current Liabilities	28,829			27,171
Long-term debt	25,061			28,733
Deferred credits and other noncurrent obligations	21,962			19,742
Noncurrent deferred income taxes	16,480			15,921
Noncurrent employee benefit plans	6,095			6,654
Total Liabilities*	98,427			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 June 30, 2019, and December 31, 2018)	1,832			1,832
Capital in excess of par value	17,184			17,112
Retained earnings	183,442			180,987
Accumulated other comprehensive loss	(3,357		)	(3,544		)
Deferred compensation and benefit plan trust	(240		)	(240		)
Treasury stock, at cost (544,258,109 and 539,838,890 shares at June 30, 2019, and December 31, 2018, respectively)	(42,466		)	(41,593		)
Total Chevron Corporation Stockholders’ Equity	156,395			154,554
Noncontrolling interests	1,056			1,088
Total Equity	157,451			155,642
Total Liabilities and Equity	$	255,878		$	253,863
___________________________
* Refer to Note 13, "Other Contingencies and Commitments" beginning on page 21.

See accompanying notes to consolidated financial statements.

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CHEVRON CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)



	Six Months Ended June 30
	2019			2018
	(Millions of dollars)
Operating Activities
Net Income (Loss)	$	6,932		$	7,081
Adjustments
Depreciation, depletion and amortization	8,428			8,787
Dry hole expense	123			106
Distributions less than income from equity affiliates	(1,287		)	(1,799		)
Net before-tax loss (gain) on asset retirements and sales	(97		)	(52		)
Net foreign currency effects	80			25
Deferred income tax provision	394			510
Net decrease (increase) in operating working capital	(279		)	(2,287		)
Decrease (increase) in long-term receivables	233			266
Net decrease (increase) in other deferred charges	(98		)	(28		)
Cash contributions to employee pension plans	(728		)	(531		)
Other	139			(180		)
Net Cash Provided by Operating Activities	13,840			11,898
Investing Activities
Capital expenditures	(6,537		)	(6,223		)
Proceeds and deposits related to asset sales and returns of investment	937			789
Net maturities of (investments in) time deposits	950			—
Net sales (purchases) of marketable securities	2			(49		)
Net repayment (borrowing) of loans by equity affiliates	(620		)	52
Net Cash Used for Investing Activities	(5,268		)	(5,431		)
Financing Activities
Net borrowings (repayments) of short-term obligations	(189		)	4,701
Proceeds from issuance of long-term debt	—			145
Repayments of long-term debt and other financing obligations	(3,863		)	(5,213		)
Cash dividends — common stock	(4,494		)	(4,253		)
Distributions to noncontrolling interests	(8		)	(55		)
Net sales (purchases) of treasury shares	(840		)	1,008
Net Cash Used for Financing Activities	(9,394		)	(3,667		)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	32			(45		)
Net Change in Cash, Cash Equivalents and Restricted Cash	(790		)	2,755
Cash, Cash Equivalents and Restricted Cash at January 1	10,481			5,943
Cash, Cash Equivalents and Restricted Cash at June 30	$	9,691		$	8,698

See accompanying notes to consolidated financial statements.

Table of Contents

CHEVRON CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF EQUITY

(Unaudited)



(Millions of dollars)						Accumulated			Treasury			Chevron Corp.			Non-
	Common		Retained			Other Comp.			Stock			Stockholders'			Controlling			Total
Three Months Ended June 30	Stock⁽¹⁾		Earnings			Income (Loss)			(at cost)			Equity			Interests			Equity
Balance at March 31, 2018	$	18,555	$	175,619		$	(3,459	)	$	(40,359	)	$	150,356		$	1,210		$	151,566
Treasury stock transactions	77		—			—			—			77			—			77
Net income (loss)	—		3,409			—			—			3,409			13			3,422
Cash dividends	—		(2,129		)	—			—			(2,129		)	(44		)	(2,173		)
Stock dividends	—		—			—			—			—			—			—
Other comprehensive income	—		—			91			—			91			—			91
Purchases of treasury shares	—		—			—			—			—			—			—
Issuances of treasury shares	—		—			—			394			394			—			394
Other changes, net	—		—			—			—			—			3			3
Balance at June 30, 2018	$	18,632	$	176,899		$	(3,368	)	$	(39,965	)	$	152,198		$	1,182		$	153,380

Balance at March 31, 2019	$	18,738	$	181,387		$	(3,459	)	$	(41,621	)	$	155,045		$	1,073		$	156,118
Treasury stock transactions	38		—			—			—			38			—			38
Net income (loss)	—		4,305			—			—			4,305			(15		)	4,290
Cash dividends	—		(2,250		)	—			—			(2,250		)	(2		)	(2,252		)
Stock dividends	—		—			—			—			—			—			—
Other comprehensive income	—		—			102			—			102			—			102
Purchases of treasury shares	—		—			—			(1,001		)	(1,001		)	—			(1,001		)
Issuances of treasury shares	—		—			—			156			156			—			156
Other changes, net	—		—			—			—			—			—			—
Balance at June 30, 2019	$	18,776	$	183,442		$	(3,357	)	$	(42,466	)	$	156,395		$	1,056		$	157,451

Six Months Ended June 30
Balance at December 31, 2017	$	18,440	$	174,106		$	(3,589	)	$	(40,833	)	$	148,124		$	1,195		$	149,319
Treasury stock transactions	192		—			—			—			192			—			192
Net income (loss)	—		7,047			—			—			7,047			34			7,081
Cash dividends	—		(4,253		)	—			—			(4,253		)	(55		)	(4,308		)
Stock dividends	—		(1		)	—			—			(1		)	—			(1		)
Other comprehensive income	—		—			221			—			221			—			221
Purchases of treasury shares	—		—			—			(1		)	(1		)	—			(1		)
Issuances of treasury shares	—		—			—			869			869			—			869
Other changes, net	—		—			—			—			—			8			8
Balance at June 30, 2018	$	18,632	$	176,899		$	(3,368	)	$	(39,965	)	$	152,198		$	1,182		$	153,380

Balance at December 31, 2018	$	18,704	$	180,987		$	(3,544	)	$	(41,593	)	$	154,554		$	1,088		$	155,642
Treasury stock transactions	72		—			—			—			72			—			72
Net income (loss)	—		6,954			—			—			6,954			(22		)	6,932
Cash dividends	—		(4,494		)	—			—			(4,494		)	(8		)	(4,502		)
Stock dividends	—		(1		)	—			—			(1		)	—			(1		)
Other comprehensive income	—		—			187			—			187			—			187
Purchases of treasury shares	—		—			—			(1,539		)	(1,539		)	—			(1,539		)
Issuances of treasury shares	—		—			—			666			666			—			666
Other changes, net	—		(4		)	—			—			(4		)	(2		)	(6		)
Balance at June 30, 2019	$	18,776	$	183,442		$	(3,357	)	$	(42,466	)	$	156,395		$	1,056		$	157,451

(Number of Shares)	Common Stock - 2019											Common Stock - 2018
Three Months Ended June 30	Issued⁽²⁾		Treasury			Outstanding						Issued⁽²⁾			Treasury			Outstanding
Balance at March 31	2,442,676,580		(537,950,519		)	1,904,726,061						2,442,676,580			(531,719,846		)	1,910,956,734
Purchases	—		(8,329,071		)	(8,329,071		)				—			(533		)	(533		)
Issuances	—		2,021,481			2,021,481						—			5,190,899			5,190,899
Balance at June 30	2,442,676,580		(544,258,109		)	1,898,418,471						2,442,676,580			(526,529,480		)	1,916,147,100

Six Months Ended June 30
Balance at December 31	2,442,676,580		(539,838,890		)	1,902,837,690						2,442,676,580			(537,974,695		)	1,904,701,885
Purchases	—		(13,039,767		)	(13,039,767		)				—			(7,699		)	(7,699		)
Issuances	—		8,620,548			8,620,548						—			11,452,914			11,452,914
Balance at June 30	2,442,676,580		(544,258,109		)	1,898,418,471						2,442,676,580			(526,529,480		)	1,916,147,100

_________________________________________________


⁽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 14,168,000 shares associated with Chevron's Benefit Plan Trust for all periods.

See accompanying notes to consolidated financial statements.

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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- and six-month periods ended June 30, 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 six months ended June 30, 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		)	(7		)	—			6			(11		)
Reclassifications	—			—			—			232			232
Net Other Comprehensive Income (Loss)	(10		)	(7		)	—			238			221
Balance at June 30, 2018	$	(115	)	$	(12	)	$	(2	)	$	(3,239	)	$	(3,368	)

Balance at December 31, 2018	$	(124	)	$	(10	)	$	(2	)	$	(3,408	)	$	(3,544	)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	1			—			(1		)	(1		)	(1		)
Reclassifications⁽²⁾	—			—			—			188			188
Net Other Comprehensive Income (Loss)	1			—			(1		)	187			187
Balance at June 30, 2019	$	(123	)	$	(10	)	$	(3	)	$	(3,221	)	$	(3,357	)

_______________________________


⁽¹⁾	All amounts are net of tax.


⁽²⁾	Refer to Note 9, Employee Benefits for reclassified components totaling $243 million that are included in employee benefit costs for the six months ended June 30, 2019. Related income taxes for the same period, totaling $55 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's implementation efforts are currently focused on accounting policy and disclosure updates and work process changes necessary to meet the standard's requirements. In addition, the company is evaluating the effect of the standard on its consolidated financial statements.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Note 4. Information Relating to the Consolidated Statement of Cash Flows
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Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$121.19	1,905	$230,860

10-Q	2019-06-30	Quarter: 2019-06-30
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	2019-08-02	Earnings, Exhibits
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

BNS	Bank of Nova Scotia	65,490
ERI	Eldorado Resorts	3,700
FMBI	First Midwest Bancorp	2,220
NKSH	National Bankshares	272
EVC	Entravision Communications	268
ANFI	Amira Nature Foods	62
HEB	Hemispherx Biopharma	11
GLBS	Globus Maritime	9
SCON	Superconductor Technologies	6
PALL	ETFS Palladium Trust	0

EX-10.1	a06302019ex101-stockop.htm
EX-10.2	a06302019ex102-stockun.htm
EX-31.1	a06302019ex311ceo-sox3.htm
EX-31.2	a06302019ex312cfo-sox3.htm
EX-32.1	a06302019ex321ceo-sox9.htm
EX-32.2	a06302019ex322cfo-sox9.htm