Company Quick10K Filing
Chevron
Price123.51 EPS0
Shares1,890,872 P/E24,496
MCap233,541,624 P/FCF10,784
Net Debt12,236 EBIT13,963
TEV233,553,860 TEV/EBIT16,727
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-25
8-K 2020-09-03 Officers, Exhibits
8-K 2020-08-12 Other Events, Exhibits
8-K 2020-07-31 Earnings, Exhibits
8-K 2020-07-20 Other Events, Exhibits
8-K 2020-05-27
8-K 2020-05-11
8-K 2020-05-01
8-K 2020-05-01
8-K 2020-03-24
8-K 2020-01-31
8-K 2020-01-28
8-K 2019-12-30
8-K 2019-12-04
8-K 2019-11-01
8-K 2019-09-25
8-K 2019-08-02
8-K 2019-05-29
8-K 2019-05-28
8-K 2019-05-09
8-K 2019-05-09
8-K 2019-04-26
8-K 2019-04-12
8-K 2019-04-11
8-K 2019-02-01
8-K 2019-01-30
8-K 2019-01-29
8-K 2018-12-04
8-K 2018-11-02
8-K 2018-07-27
8-K 2018-05-30
8-K 2018-04-27
8-K 2018-02-02
8-K 2018-01-31
8-K 2018-01-30

CVX 10Q Quarterly Report

Part I.
Item 1.Consolidated Financial Statements
Note 1. General
Note 2. Changes in Accumulated Other Comprehensive Losses
Note 3. Information Relating To The Consolidated Statement of Cash Flows
Note 4. New Accounting Standards
Note 5. Summarized Financial Data - Tengizchevroil Llp
Note 6. Summarized Financial Data - Chevron Phillips Chemical Company Llc
Note 7. Summarized Financial Data - Chevron U.S.A. Inc.
Note 8. Operating Segments and Geographic Data
Note 9. Employee Benefits
Note 10. Assets Held for Sale
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. Financial Instruments - Credit Losses
Note 18. Accounting for Suspended Exploratory Wells
Note 19. Long - Term Debt
Note 20. Restructuring and Reorganization Costs
Note 21. Agreement To Acquire Noble Energy, Inc.
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Note 13 on Page 18 Under The Heading "Other Contingencies" for More Information on The Company's Activities in Venezuela.
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 6.Exhibits
EX-31.1 a06302020ex311ceo-sox3.htm
EX-31.2 a06302020ex312cfo-sox3.htm
EX-32.1 a06302020ex321ceo-sox9.htm
EX-32.2 a06302020ex322cfo-sox9.htm

Chevron Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2702161621085402012201420172020
Assets, Equity
6551382511-12012201420172020
Rev, G Profit, Net Income
1593-3-9-152012201420172020
Ops, Inv, Fin

cvx-20200630
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.

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, 2020
or
 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
Delaware94-0890210San Ramon,California94583-2324
(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: (925842-1000
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 classTrading SymbolName of each exchange on which registered
Common stock, par value $.75 per shareCVXNew 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 filerAccelerated filer
Non-accelerated filerSmaller 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 1,867,267,832 shares of the Company's common stock outstanding on June 30, 2020.


Table of Contents

TABLE OF CONTENTS
 
 Page No.
FINANCIAL INFORMATION
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,” “potential” 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 in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; 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 during the COVID-19 pandemic; 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, terrorist acts, or other natural or human causes beyond the company’s control; 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 Noble Energy, Inc., the ability to successfully integrate the operations of Chevron and Noble Energy 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 receipt of required Board authorizations to pay future dividends; 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 2019 Annual Report on Form 10-K, on pages 41 to 43 of this report 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.
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
June 30
Six Months Ended
June 30
 2020201920202019
 (Millions of dollars, except per-share amounts)
Revenues and Other Income
Sales and other operating revenues$15,926  $36,323  $45,631  $70,512  
Income (loss) from equity affiliates(2,515) 1,196  (1,550) 2,258  
Other income (loss)83  1,331  914  1,280  
Total Revenues and Other Income13,494  38,850  44,995  74,050  
Costs and Other Deductions
Purchased crude oil and products8,144  20,835  23,653  40,538  
Operating expenses5,530  5,187  10,821  10,073  
Selling, general and administrative expenses1,569  1,076  2,252  2,060  
Exploration expenses895  141  1,053  330  
Depreciation, depletion and amortization6,717  4,334  11,005  8,428  
Taxes other than on income965  1,047  2,132  2,108  
Interest and debt expense172  198  334  423  
Other components of net periodic benefit costs99  97  197  198  
Total Costs and Other Deductions24,091  32,915  51,447  64,158  
Income (Loss) Before Income Tax Expense(10,597) 5,935  (6,452) 9,892  
Income Tax Expense (Benefit)(2,320) 1,645  (1,756) 2,960  
Net Income (Loss)(8,277) 4,290  (4,696) 6,932  
Less: Net income (loss) attributable to noncontrolling interests(7) (15) (25) (22) 
Net Income (Loss) Attributable to Chevron Corporation$(8,270) $4,305  $(4,671) $6,954  
Per Share of Common Stock
Net Income (Loss) Attributable to Chevron Corporation
- Basic$(4.44) $2.28  $(2.51) $3.68  
- Diluted$(4.44) $2.27  $(2.51) $3.66  
Weighted Average Number of Shares Outstanding (000s)
- Basic1,853,313  1,889,265  1,857,793  1,888,637  
- Diluted1,853,313  1,902,977  1,857,793  1,901,869  
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
 2020201920202019
(Millions of dollars)
Net Income (Loss)$(8,277) $4,290  $(4,696) $6,932  
Currency translation adjustment7  5  (12) 1  
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period(1) 1  (4)   
Derivatives
Net derivatives loss on hedge transactions  (1)   (1) 
Reclassification to net income of net realized gain    
Income taxes on derivatives transactions    
Total  (1)   (1) 
Defined benefit plans
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements169  125  335  250  
Actuarial gain (loss) arising during period  (1)   (4) 
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments(5) (3) (8) (7) 
Prior service (costs) credits arising during period  1    1  
Defined benefit plans sponsored by equity affiliates - benefit (cost) 7  3  9  5  
Income (taxes) benefit on defined benefit plans(43) (28) (80) (58) 
Total128  97  256  187  
Other Comprehensive Gain (Loss), Net of Tax134  102  240  187  
Comprehensive Income (Loss)(8,143) 4,392  (4,456) 7,119  
Comprehensive income (loss) attributable to noncontrolling interests7  15  25  22  
Comprehensive Income (Loss) Attributable to Chevron Corporation$(8,136) $4,407  $(4,431) $7,141  
See accompanying notes to consolidated financial statements.

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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
At June 30,
2020
At December 31,
2019
(Millions of dollars)
Assets
Cash and cash equivalents$6,855  $5,686  
Marketable securities59  63  
Accounts and notes receivable, net8,570  13,325  
Inventories:
Crude oil and petroleum products3,327  3,722  
Chemicals485  492  
Materials, supplies and other1,699  1,634  
Total inventories5,511  5,848  
Prepaid expenses and other current assets2,737  3,407  
Total Current Assets23,732  28,329  
Long-term receivables, net812  1,511  
Investments and advances37,290  38,688  
Properties, plant and equipment, at cost323,522  326,722  
Less: Accumulated depreciation, depletion and amortization179,672  176,228  
Properties, plant and equipment, net143,850  150,494  
Deferred charges and other assets11,511  10,532  
Goodwill4,416  4,463  
Assets held for sale1,792  3,411  
Total Assets$223,403  $237,428  
Liabilities and Equity
Short-term debt
$3,751  $3,282  
Accounts payable8,250  14,103  
Accrued liabilities7,405  6,589  
Federal and other taxes on income628  1,554  
Other taxes payable791  1,002  
Total Current Liabilities20,825  26,530  
Long-term debt30,302  23,691  
Deferred credits and other noncurrent obligations19,291  20,445  
Noncurrent deferred income taxes11,110  13,688  
Noncurrent employee benefit plans7,489  7,866  
Total Liabilities*
$89,017  $92,220  
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, 2020 and December 31, 2019)
1,832  1,832  
Capital in excess of par value17,297  17,265  
Retained earnings166,122  174,945  
Accumulated other comprehensive losses(4,750) (4,990) 
Deferred compensation and benefit plan trust(240) (240) 
Treasury stock, at cost (575,408,748 and 560,508,479 shares at June 30, 2020 and December 31, 2019, respectively)
(46,143) (44,599) 
Total Chevron Corporation Stockholders’ Equity134,118  144,213  
Noncontrolling interests268  995  
Total Equity134,386  145,208  
Total Liabilities and Equity$223,403  $237,428  
___________________________
* Refer to Note 13, Other Contingencies and Commitments beginning on page 18.
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
 20202019
(Millions of dollars)
Operating Activities
Net Income (Loss)$(4,696) $6,932  
Adjustments
Depreciation, depletion and amortization11,005  8,428  
Dry hole expense845  123  
Distributions less than income from equity affiliates2,278  (1,287) 
Net before-tax losses (gains) on asset retirements and sales(598) (97) 
Net foreign currency effects(19) 80  
Deferred income tax provision(2,547) 394  
Net decrease (increase) in operating working capital(373) (279) 
Decrease (increase) in long-term receivables49  233  
Net decrease (increase) in other deferred charges(109) (98) 
Cash contributions to employee pension plans(531) (728) 
Other(502) 139  
Net Cash Provided by Operating Activities4,802  13,840  
Investing Activities
Capital expenditures(5,225) (6,537) 
Proceeds and deposits related to asset sales and returns of investment1,852  937  
Net maturities of (investments in) time deposits  950  
Net sales (purchases) of marketable securities(1) 2  
Net repayment (borrowing) of loans by equity affiliates(1,074) (620) 
Net Cash Used for Investing Activities(4,448) (5,268) 
Financing Activities
Net borrowings (repayments) of short-term obligations2,571  (189) 
Proceeds from issuances of long-term debt8,250  
Repayments of long-term debt and other financing obligations(3,820) (3,863) 
Cash dividends - common stock(4,796) (4,494) 
Distributions to noncontrolling interests(10) (8) 
Net sales (purchases) of treasury shares(1,550) (840) 
Net Cash Provided by (Used for) Financing Activities645  (9,394) 
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
(131) 32  
Net Change in Cash, Cash Equivalents and Restricted Cash868  (790) 
Cash, Cash Equivalents and Restricted Cash at January 16,911  10,481  
Cash, Cash Equivalents and Restricted Cash at June 30$7,779  $9,691  
See accompanying notes to consolidated financial statements.

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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(Unaudited)
(Millions of dollars)AccumulatedTreasuryChevron Corp.Non-
    CommonRetainedOther Comp.StockStockholders’ControllingTotal
Three Months Ended June 30
     Stock(1)
EarningsIncome (Loss)(at cost)EquityInterestsEquity
Balance at March 31, 2019$18,738  $181,387  $(3,459) $(41,621) $155,045  $1,073  $156,118  
Treasury stock transactions38  —  —  —  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