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 2020-03-31 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 2020-05-11 Other Events, Exhibits
8-K 2020-05-01 Earnings, Exhibits
8-K 2020-05-01 Regulation FD
8-K 2020-03-24 Regulation FD, Other Events, Exhibits
8-K 2020-01-31 Earnings, Exhibits
8-K 2020-01-28 Officers, Exhibits
8-K 2019-12-30 Officers
8-K 2019-12-04 Impairments, Regulation FD, Exhibits
8-K 2019-11-01 Earnings, Exhibits
8-K 2019-09-25 Amend Bylaw, Exhibits
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 Leave Agreement
8-K 2019-05-09 Other Events, Exhibits
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 2018-02-02 Earnings
8-K 2018-01-31 Officers, Exhibits
8-K 2018-01-30 Officers, Exhibits

CVX 10Q Quarterly Report

Part I.
Item 1. Consolidated Financial Statements
Note 1. General
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. 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
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 a03312020ex101-aircraft.htm
EX-31.1 a03312020ex311ceo-sox3.htm
EX-31.2 a03312020ex312cfo-sox3.htm
EX-32.1 a03312020ex321ceo-sox9.htm
EX-32.2 a03312020ex322cfo-sox9.htm

Chevron Earnings 2020-03-31

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

Document
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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 March 31, 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
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: (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 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 1,866,978,650 shares of the Company's common stock outstanding on March 31, 2020.
 




TABLE OF CONTENTS
 
 
 
Page No.
 
FINANCIAL INFORMATION
 
 
 
 
 
 
 
OTHER INFORMATION
Item 5.

1



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; 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 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 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 37 and 38 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



PART I.
FINANCIAL INFORMATION
 
Item 1.
Consolidated Financial Statements
CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
 
 
Three Months Ended
March 31
 
2020

 
2019

 
(Millions of dollars, except per share amounts)
Revenues and Other Income
 
 
 
Sales and other operating revenues
$
29,705

 
$
34,189

Income from equity affiliates
965

 
1,062

Other income (loss)
831

 
(51
)
Total Revenues and Other Income
31,501

 
35,200

Costs and Other Deductions
 
 
 
Purchased crude oil and products
15,509

 
19,703

Operating expenses
5,291

 
4,886

Selling, general and administrative expenses
683

 
984

Exploration expenses
158

 
189

Depreciation, depletion and amortization
4,288

 
4,094

Taxes other than on income
1,167

 
1,061

Interest and debt expense
162

 
225

Other components of net periodic benefit costs
98

 
101

Total Costs and Other Deductions
27,356

 
31,243

Income Before Income Tax Expense
4,145

 
3,957

Income Tax Expense (Benefit)
564

 
1,315

Net Income (Loss)
3,581

 
2,642

Less: Net income (loss) attributable to noncontrolling interests
(18
)
 
(7
)
Net Income (Loss) Attributable to Chevron Corporation
$
3,599

 
$
2,649

Per Share of Common Stock
 
 
 
Net Income (Loss) Attributable to Chevron Corporation
 
 
 
- Basic
$
1.93

 
$
1.40

- Diluted
$
1.93

 
$
1.39

Weighted Average Number of Shares Outstanding (000s)
 
 
 
- Basic
1,862,273

 
1,888,002

- Diluted
1,865,649

 
1,900,748

 
 
 
 
 
 
 
 
 
 
 


See accompanying notes to consolidated financial statements.

3




CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)

 
Three Months Ended
March 31
 
2020
 
2019
 
(Millions of dollars)
Net Income (Loss)
$
3,581

 
$
2,642

Currency translation adjustment
(19
)
 
(4
)
Unrealized holding gain (loss) on securities
 
 
 
Net gain (loss) arising during period
(3
)
 
(1
)
Defined benefit plans
 
 
 
Actuarial gain (loss)
 
 
 
Amortization to net income of net actuarial loss and settlements
166

 
125

Actuarial gain (loss) arising during period

 
(3
)
Prior service credits (cost)
 
 
 
Amortization to net income of net prior service costs and curtailments
(3
)
 
(4
)
Prior service (costs) credits arising during period

 

Defined benefit plans sponsored by equity affiliates - benefit (cost)
2

 
2

Income (taxes) benefit on defined benefit plans
(37
)
 
(30
)
Total
128

 
90

Other Comprehensive Gain (Loss), Net of Tax
106

 
85

Comprehensive Income
3,687

 
2,727

Comprehensive loss (income) attributable to noncontrolling interests
18

 
7

Comprehensive Income (Loss) Attributable to Chevron Corporation
$
3,705

 
$
2,734


See accompanying notes to consolidated financial statements.

4




CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
 
 
At March 31,
2020
 
At December 31,
2019
 
 
(Millions of dollars)
Assets
 
 
 
 
Cash and cash equivalents
 
$
8,492

 
$
5,686

Marketable securities
 
50

 
63

Accounts and notes receivable, net
 
10,167

 
13,325

Inventories:
 
 
 
 
Crude oil and petroleum products
 
4,425

 
3,722

Chemicals
 
494

 
492

Materials, supplies and other
 
1,655

 
1,634

Total inventories
 
6,574

 
5,848

Prepaid expenses and other current assets
 
3,279

 
3,407

Total Current Assets
 
28,562

 
28,329

Long-term receivables, net
 
1,243

 
1,511

Investments and advances
 
39,693

 
38,688

Properties, plant and equipment, at cost
 
326,412

 
326,722

Less: Accumulated depreciation, depletion and amortization
 
177,192

 
176,228

Properties, plant and equipment, net
 
149,220

 
150,494

Deferred charges and other assets
 
10,516

 
10,532

Goodwill
 
4,454

 
4,463

Assets held for sale
 
2,989

 
3,411

Total Assets
 
$
236,677

 
$
237,428

Liabilities and Equity
 
 
 
 
Short-term debt 
 
$
8,688

 
$
3,282

Accounts payable
 
11,006

 
14,103

Accrued liabilities
 
6,263

 
6,589

Federal and other taxes on income
 
1,534

 
1,554

Other taxes payable
 
744

 
1,002

Total Current Liabilities
 
28,235

 
26,530

Long-term debt
 
23,663

 
23,691

Deferred credits and other noncurrent obligations
 
18,677

 
20,445

Noncurrent deferred income taxes
 
13,457

 
13,688

Noncurrent employee benefit plans
 
7,731

 
7,866

Total Liabilities*
 
$
91,763

 
$
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 March 31, 2020 and December 31, 2019)
 
1,832

 
1,832

Capital in excess of par value
 
17,275

 
17,265

Retained earnings
 
176,113

 
174,945

Accumulated other comprehensive losses
 
(4,884
)
 
(4,990
)
Deferred compensation and benefit plan trust
 
(240
)
 
(240
)
Treasury stock, at cost (575,697,930 and 560,508,479 shares at March 31, 2020 and December 31, 2019, respectively)
 
(46,166
)
 
(44,599
)
Total Chevron Corporation Stockholders’ Equity
 
143,930

 
144,213

Noncontrolling interests
 
984

 
995

Total Equity
 
144,914

 
145,208

Total Liabilities and Equity
 
$
236,677

 
$
237,428

___________________________
 
 
 
 
* Refer to Note 13, Other Contingencies and Commitments beginning on page 17.

See accompanying notes to consolidated financial statements.

5




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

 
Three Months Ended
March 31
 
2020
 
2019
 
(Millions of dollars)
Operating Activities
 
 
 
Net Income (Loss)
$
3,581

 
$
2,642

Adjustments
 
 
 
Depreciation, depletion and amortization
4,288

 
4,094

Dry hole expense
50

 
86

Distributions less than income from equity affiliates
(639
)
 
(513
)
Net before-tax losses (gains) on asset retirements and sales
(226
)
 
80

Net foreign currency effects
(403
)
 
141

Deferred income tax provision
58

 
73

Net decrease (increase) in operating working capital
(1,096
)
 
(1,210
)
Decrease (increase) in long-term receivables
239

 
66

Net decrease (increase) in other deferred charges
(43
)
 
(62
)
Cash contributions to employee pension plans
(213
)
 
(326
)
Other
(874
)
 
(14
)
Net Cash Provided by Operating Activities
4,722

 
5,057

Investing Activities
 
 
 
Capital expenditures
(3,133
)
 
(2,953
)
Proceeds and deposits related to asset sales and returns of investment
374

 
294

Net maturities of (investments in) time deposits

 
950

Net sales (purchases) of marketable securities

 
2

Net repayment (borrowing) of loans by equity affiliates
(399
)
 
(321
)
Net Cash Used for Investing Activities
(3,158
)
 
(2,028
)
Financing Activities
 
 
 
Net borrowings (repayments) of short-term obligations
8,167

 
936

Proceeds from issuances of long-term debt

 

Repayments of long-term debt and other financing obligations
(2,809
)
 
(2,506
)
Cash dividends - common stock
(2,402
)
 
(2,244
)
Distributions to noncontrolling interests
(5
)
 
(6
)
Net sales (purchases) of treasury shares
(1,573
)
 
(15
)
Net Cash Provided by (Used for) Financing Activities
1,378

 
(3,835
)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
(163
)
 
20

Net Change in Cash, Cash Equivalents and Restricted Cash
2,779

 
(786
)
Cash, Cash Equivalents and Restricted Cash at January 1
6,911

 
10,481

Cash, Cash Equivalents and Restricted Cash at March 31
$
9,690

 
$
9,695

 
 
 
 


See accompanying notes to consolidated financial statements.

6




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 March 31
     Stock(1)
Earnings
Income (Loss)
(at cost)
Equity
Interests
Equity
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

 
 
 
 
 
 
 
 
Balance at December 31, 2019
$
18,857

$
174,945

$
(4,990
)
$
(44,599
)
$
144,213

$
995

$
145,208

Treasury stock transactions
10




10


10

Net income (loss)

3,599



3,599

(18
)
3,581

Cash dividends

(2,402
)


(2,402
)
(5
)
(2,407
)
Stock dividends

(1
)


(1
)

(1
)
Other comprehensive income


106


106


106

Purchases of treasury shares



(1,751
)
(1,751
)

(1,751
)
Issuances of treasury shares



184

184


184

Other changes, net

(28
)


(28
)
12

(16
)
Balance at March 31, 2020
$
18,867

$
176,113

$
(4,884
)
$
(46,166
)
$
143,930

$
984

$
144,914

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Number of Shares)
Common Stock - 2020
 
Common Stock - 2019
Three Months Ended March 31
Issued(2)

Treasury

Outstanding

 
Issued(2)

Treasury

Outstanding

Balance at December 31
2,442,676,580

(560,508,479
)
1,882,168,101

 
2,442,676,580

(539,838,890
)
1,902,837,690

Purchases

(17,501,102
)
(17,501,102
)
 

(4,710,696
)
(4,710,696
)
Issuances

2,311,651

2,311,651

 

6,599,067

6,599,067

Balance at March 31
2,442,676,580

(575,697,930
)
1,866,978,650

 
2,442,676,580

(537,950,519
)
1,904,726,061

_________________________________________________
(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.

7


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Note 1. General
Basis of Presentation The accompanying consolidated financial statements of Chevron Corporation and its subsidiaries (together, Chevron or the company) have not been audited by an independent registered public accounting firm. In the opinion of the company’s management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. These adjustments were of a normal recurring nature. The results for the three-month period ended March 31, 2020, 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 2019 Annual Report on Form 10-K.
Impact of the novel coronavirus (COVID-19) pandemic The outbreak of COVID-19 and decreases in commodity prices resulting from oversupply and government-imposed travel restrictions have caused a significant decrease in the demand for our products and has created disruptions and volatility in the global marketplace beginning in the first quarter 2020, which negatively affected our results of operations and cash flows. These conditions have persisted into the second quarter, including a further collapse in commodity prices, and are expected to negatively affect our results of operations and cash flows. There remains a continuing uncertainty regarding the length and impact of the COVID-19 pandemic and associated reductions in demand for our products, on the energy industry and the outlook for our business.
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, 2020 and 2019 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, 2018
 
$
(124
)
 
$
(10
)
 
$
(2
)
 
$
(3,408
)
 
$
(3,544
)
Components of Other Comprehensive Income (Loss):
 
 
 
 
 
 
 
Before Reclassifications
 
(4
)
 
(1
)
 

 
(4
)
 
(9
)
Reclassifications
 

 

 

 
94

 
94

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

 
90

 
85

Balance at March 31, 2019
 
$
(128
)
 
$
(11
)
 
$
(2
)
 
$
(3,318
)
 
$
(3,459
)
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
 
$
(142
)
 
$
(8
)
 
$

 
$
(4,840
)
 
$
(4,990
)
Components of Other Comprehensive Income (Loss):
 
 
 
 
 
 
Before Reclassifications
 
(19
)
 
(3
)
 

 
2

 
(20
)
Reclassifications(2)
 

 

 

 
126

 
126

Net Other Comprehensive Income (Loss)
 
(19
)
 
(3
)
 

 
128

 
106

Balance at March 31, 2020
 
$
(161
)
 
$
(11
)
 
$

 
$
(4,712
)
 
$
(4,884
)
_______________________________
(1) 
All amounts are net of tax.
(2) 
Refer to Note 9, Employee Benefits for reclassified components totaling $163 million that are included in employee benefit costs for the three months ended March 31, 2020. Related income taxes for the same period, totaling $37 million, are reflected in “Income Tax Expense” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
Note 3. New Accounting Standards
Financial Instruments - Credit Losses (Topic 326) Effective January 1, 2020, Chevron adopted Accounting Standards Update (ASU) 2016-13 and its related amendments. For additional information on the company's expected credit losses, refer to Note 17 beginning on page 22.

8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


Note 4. Information Relating to the Consolidated Statement of Cash Flows
 
Three Months Ended
March 31
 
2020
 
2019
 
(Millions of dollars)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable
$
2,986

 
$
473

Decrease (increase) in inventories
(733
)
 
(1,098
)
Decrease (increase) in prepaid expenses and other current assets
120

 
(667
)
Increase (decrease) in accounts payable and accrued liabilities
(3,268
)
 
(160
)
Increase (decrease) in income and other taxes payable
(201
)
 
242

Net decrease (increase) in operating working capital
$
(1,096
)
 
$
(1,210
)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)
$
106

 
$
186

  Income taxes
981

 
757

Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
 
 
 
Proceeds and deposits related to asset sales
$
363

 
$
276

Returns of investment from equity affiliates
11

 
18

Proceeds and deposits related to asset sales and returns of investment
$
374

 
$
294

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
)
Marketable securities sold

 
3

Net sales (purchases) of marketable securities
$

 
$
2

Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
 
 
 
Borrowing of loans by equity affiliates
$
(425
)
 
$
(350
)
Repayment of loans by equity affiliates
26

 
29

Net repayment (borrowing) of loans by equity affiliates
$
(399
)
 
$
(321
)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
 
 
 
Proceeds from issuances of short-term obligations
$
4,952

 
$
359

Repayments of short-term obligations
(1,010
)
 
(134
)
Net borrowings (repayments) of short-term obligations with three months or less maturity
4,225

 
711

Net borrowings (repayments) of short-term obligations
$
8,167

 
$
936

Net sales (purchases) of treasury shares consists of the following gross and net amounts:
 
 
 
Shares issued for share-based compensation plans
$
178

 
$
523

Shares purchased under share repurchase and deferred compensation plans
(1,751
)
 
(538
)
Net sales (purchases) of treasury shares
$
(1,573
)
 
$
(15
)

The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash.
The “Other” line in the Operating Activities section includes changes in postretirement benefits obligations and other long-term liabilities.
The company paid dividends of $1.29 per share of common stock in first quarter 2020. This compares to dividends of $1.19 per share paid in the corresponding year-ago period.

9

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
 
2020
 
2019
 
(Millions of dollars)
Additions to properties, plant and equipment
$
3,071

 
$
2,865

Additions to investments
13

 
14

Current-year dry hole expenditures
49

 
74

Payments for other assets and liabilities, net

 

Capital expenditures
3,133

 
2,953

Expensed exploration expenditures
108

 
103

Assets acquired through finance lease obligations and other financing obligations

 
146

Payments for other assets and liabilities, net

 

Capital and exploratory expenditures, excluding equity affiliates
3,241

 
3,202

Company's share of expenditures by equity affiliates
1,183

 
1,532

Capital and exploratory expenditures, including equity affiliates
$
4,424

 
$
4,734


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
 
2020
 
2019
 
2019
 
2018
 
(Millions of dollars)
Cash and Cash Equivalents
$
8,492

 
$
8,699

 
$
5,686

 
$
9,342

Restricted cash included in “Prepaid expenses and other current assets”
434

 
195

 
452

 
341

Restricted cash included in “Deferred charges and other assets”
764

 
801

 
773

 
798

Total Cash, Cash Equivalents and Restricted Cash
$
9,690

 
$
9,695

 
$
6,911

 
$
10,481


Additional information related to “Restricted Cash” is included on page 20 in Note 14 under the heading “Restricted Cash.”
Note 5. 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
 
2020
 
2019
 
(Millions of dollars)
Sales and other operating revenues
$
3,296

 
$
4,107

Costs and other deductions
1,957

 
2,002

Net income attributable to TCO
$
938

 
$
1,481


Note 6. Summarized Financial Data — Chevron Phillips Chemical Company LLC
Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Summarized financial information for 100 percent of CPChem is presented in the table below:


Three Months Ended
March 31
 
2020
 
2019
 
(Millions of dollars)
Sales and other operating revenues
$
2,195

 
$
2,377

Costs and other deductions
1,812

 
2,004

Net income attributable to CPChem
$
337

 
$
449



10

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

2020