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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 September 30, 2022
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 1,933,638,546 shares of the company’s common stock outstanding on September 30, 2022.


TABLE OF CONTENTS
 
 Page No.
FINANCIAL INFORMATION
OTHER INFORMATION
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 and energy transition plans 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,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” 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 the company’s 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; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly 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 undertaken or 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, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; 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 20 through 25 of the company’s 2021 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.
2

PART I.
FINANCIAL INFORMATION
 
Item 1.Consolidated Financial Statements
CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
 
 Three Months Ended
September 30
Nine Months Ended
September 30
 2022202120222021
 (Millions of dollars, except per-share amounts)
Revenues and Other Income
Sales and other operating revenues$63,508 $42,552 $181,194 $109,745 
Income (loss) from equity affiliates2,410 1,647 6,962 4,000 
Other income (loss)726 511 1,623 591 
Total Revenues and Other Income66,644 44,710 189,779 114,336 
Costs and Other Deductions
Purchased crude oil and products38,090 23,834 110,742 62,031 
Operating expenses6,357 5,353 18,313 15,219 
Selling, general and administrative expenses1,028 657 2,858 2,743 
Exploration expenses116 158 521 357 
Depreciation, depletion and amortization4,201 4,304 11,555 13,112 
Taxes other than on income1,707 2,075 5,272 5,061 
Interest and debt expense128 174 393 557 
Other components of net periodic benefit costs208 100 259 602 
Total Costs and Other Deductions51,835 36,655 149,913 99,682 
Income (Loss) Before Income Tax Expense14,809 8,055 39,866 14,654 
Income Tax Expense (Benefit)3,571 1,940 10,636 4,047 
Net Income (Loss)11,238 6,115 29,230 10,607 
Less: Net income (loss) attributable to noncontrolling interests7 4 118 37 
Net Income (Loss) Attributable to Chevron Corporation$11,231 $6,111 $29,112 $10,570 
Per Share of Common Stock
Net Income (Loss) Attributable to Chevron Corporation
- Basic$5.81 $3.19 $15.02 $5.52 
- Diluted$5.78 $3.19 $14.95 $5.51 
Weighted Average Number of Shares Outstanding (000s)
- Basic1,932,238 1,918,006 1,938,524 1,916,174 
- Diluted1,940,002 1,921,095 1,947,201 1,919,666 
See accompanying notes to consolidated financial statements.
3

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
September 30
Nine Months Ended
September 30
 2022202120222021
(Millions of dollars)
Net Income (Loss)$11,238 $6,115 $29,230 $10,607 
Currency translation adjustment(49)(15)(97)(31)
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period(3)(3)(3)(1)
Derivatives
Net derivatives gain (loss) on hedge transactions49 (4)80 (6)
Reclassification to net income(29)2 (31)2 
Income taxes on derivatives transactions(4)1 (11)1 
Total16 (1)38 (3)
Defined benefit plans
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements296 189 533 866 
Actuarial gain (loss) arising during period159 (336)442 681 
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments(5)(5)(14)(13)
Prior service (costs) credits arising during period   3 
Defined benefit plans sponsored by equity affiliates - benefit (cost)7 7 25 47 
 Income (taxes) benefit on defined benefit plans(103)41 (208)(355)
Total354 (104)778 1,229 
Other Comprehensive Gain (Loss), Net of Tax318 (123)716 1,194 
Comprehensive Income (Loss)11,556 5,992 29,946 11,801 
Comprehensive loss (income) attributable to noncontrolling interests(7)(4)(118)(37)
Comprehensive Income (Loss) Attributable to Chevron Corporation$11,549 $5,988 $29,828 $11,764 





See accompanying notes to consolidated financial statements.
4

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
At September 30,
2022
At December 31,
2021
(Millions of dollars)
Assets
Cash and cash equivalents$15,164 $5,640 
Marketable securities267 35 
Accounts and notes receivable (less allowance: 2022 - $390; 2021 - $303)
22,466 18,419 
Inventories:
Crude oil and products6,917 4,248 
Chemicals668 565 
Materials, supplies and other1,417 1,492 
Total inventories9,002 6,305 
Prepaid expenses and other current assets4,604 3,339 
Total Current Assets51,503 33,738 
Long-term receivables (less allowance: 2022 - $494; 2021 - $442)
1,099 603 
Investments and advances45,154 40,696 
Properties, plant and equipment, at cost325,102 336,045 
Less: Accumulated depreciation, depletion and amortization180,958 189,084 
Properties, plant and equipment, net144,144 146,961 
Deferred charges and other assets12,748 12,384 
Goodwill4,663 4,385 
Assets held for sale424 768 
Total Assets$259,735 $239,535 
Liabilities and Equity
Short-term debt
$2,221 $256 
Accounts payable21,699 16,454 
Accrued liabilities7,181 6,972 
Federal and other taxes on income4,020 1,700 
Other taxes payable1,762 1,409 
Total Current Liabilities36,883 26,791 
Long-term debt21,420 31,113 
Deferred credits and other noncurrent obligations20,005 20,778 
Noncurrent deferred income taxes16,616 14,665 
Noncurrent employee benefit plans5,184 6,248 
Total Liabilities*
$100,108 $99,595 
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 September 30, 2022 and December 31, 2021)
1,832 1,832 
Capital in excess of par value18,587 17,282 
Retained earnings186,394 165,546 
Accumulated other comprehensive losses(3,173)(3,889)
Deferred compensation and benefit plan trust(240)(240)
Treasury stock, at cost (509,038,034 and 512,870,523 shares at September 30, 2022 and December 31, 2021, respectively)
(44,720)(41,464)
Total Chevron Corporation Stockholders’ Equity158,680 139,067 
Noncontrolling interests (includes redeemable noncontrolling interest of $142 and $135 at September 30, 2022 and December 31, 2021)
947 873 
Total Equity159,627 139,940 
Total Liabilities and Equity$259,735 $239,535 





See accompanying notes to consolidated financial statements.
5

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30
 20222021
(Millions of dollars)
Operating Activities
Net Income (Loss)$29,230 $10,607 
Adjustments
Depreciation, depletion and amortization11,555 13,112 
Dry hole expense255 55 
Distributions more (less) than income from equity affiliates(4,768)(2,162)
Net before-tax losses (gains) on asset retirements and sales(463)(401)
Net foreign currency effects(653)(25)
Deferred income tax provision1,710 472 
Net decrease (increase) in operating working capital1,172 (1,459)
Decrease (increase) in long-term receivables121 (33)
Net decrease (increase) in other deferred charges(101)(167)
Cash contributions to employee pension plans(1,087)(1,403)
Other133 1,133 
Net Cash Provided by Operating Activities37,104 19,729 
Investing Activities
Acquisition of businesses, net of cash received(2,862) 
Capital expenditures(8,139)(5,450)
Proceeds and deposits related to asset sales and returns of investment2,485 586 
Net sales (purchases) of marketable securities82 (1)
Net repayment (borrowing) of loans by equity affiliates38 389 
Net Cash Used for Investing Activities(8,396)(4,476)
Financing Activities
Net borrowings (repayments) of short-term obligations278 (3,627)
Repayments of long-term debt and other financing obligations(8,449)(3,305)
Cash dividends - common stock(8,255)(7,612)
Net contributions from (distributions to) noncontrolling interests(103)(34)
Net sales (purchases) of treasury shares(2,000)(245)
Net Cash Provided by (Used for) Financing Activities(18,529)(14,823)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(277)(142)
Net Change in Cash, Cash Equivalents and Restricted Cash9,902 288 
Cash, Cash Equivalents and Restricted Cash at January 16,795 6,737 
Cash, Cash Equivalents and Restricted Cash at September 30
$16,697 $7,025 





See accompanying notes to consolidated financial statements.
6

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(Unaudited)
(Millions of dollars)AccumulatedTreasuryChevron Corp.Non-
CommonRetainedOther Comp.StockStockholders’ControllingTotal
Three Months Ended September 30
Stock(1)
EarningsIncome (Loss)(at cost)EquityInterestsEquity
Balance at June 30, 2021$18,636 $159,640 $(4,295)$(40,799)$133,182 $729 $133,911 
Treasury stock transactions18 — — — 18 — 18 
NBLX Acquisition— — — — — — — 
Net income (loss)— 6,111 — — 6,111 4 6,115 
Cash dividends ($1.34 per share)
— (2,571)— — (2,571)(25)(2,596)
Stock dividends— (1)— — (1)— (1)
Other comprehensive income— — (123)— (123)— (123)
Purchases of treasury shares— — — (625)(625)— (625)
Issuances of treasury shares— — — 6 6 — 6 
Other changes, net— (135)— — (135)152 17 
Balance at September 30, 2021$18,654 $163,044 $(4,418)$(41,418)$135,862 $860 $136,722 
Balance at June 30, 2022$20,151 $177,909 $(3,491)$(41,015)$153,554 $1,008 $154,562 
Treasury stock transactions19 — — — 19 — 19 
Net income (loss)— 11,231 — — 11,231 7 11,238 
Cash dividends ($1.42 per share)
— (2,743)— — (2,743)(71)(2,814)
Stock dividends— (2)— — (2)— (2)
Other comprehensive income— — 318 — 318 — 318 
Purchases of treasury shares— — — (3,750)(3,750)— (3,750)
Issuances of treasury shares9 — — 45 54 — 54 
Other changes, net — (1)— — (1)3 2 
Balance at September 30, 2022$20,179 $186,394 $(3,173)$(44,720)$158,680 $947 $159,627 
Nine Months Ended September 30
Balance at December 31, 2020$18,421 $160,377 $(5,612)$(41,498)$131,688 $1,038 $132,726 
Treasury stock transactions95 — — — 95 — 95 
NBLX acquisition138 (148)— 377 367 (321)46 
Net income (loss)— 10,570 — — 10,570 37 10,607 
Cash dividends ($3.97 per share)
— (7,612)— — (7,612)(51)(7,663)
Stock dividends— (2)— — (2)— (2)
Other comprehensive income— — 1,194 — 1,194 — 1,194 
Purchases of treasury shares— — — (633)(633)— (633)
Issuances of treasury shares— — — 336 336 — 336 
Other changes, net— (141)— — (141)157 16 
Balance at September 30, 2021$18,654 $163,044 $(4,418)$(41,418)$135,862 $860 $136,722 
Balance at December 31, 2021$18,874 $165,546 $(3,889)$(41,464)$139,067 $873 $139,940 
Treasury stock transactions49 — — — 49 — 49 
Net income (loss)— 29,112 — — 29,112 118 29,230 
Cash dividends ($4.26 per share)
— (8,255)— — (8,255)(107)(8,362)
Stock dividends— (3)— — (3)— (3)
Other comprehensive income— — 716 — 716 — 716 
Purchases of treasury shares— — — (7,505)(7,505)— (7,505)
Issuances of treasury shares1,256 — — 4,249 5,505 — 5,505 
Other changes, net— (6)— — (6)63 57 
Balance at September 30, 2022$20,179 $186,394 $(3,173)$(44,720)$158,680 $947 $159,627 
(Number of Shares)Common Stock - 2022Common Stock - 2021
Three Months Ended September 30
Issued(2)
TreasuryOutstanding
Issued(2)
TreasuryOutstanding
Balance at June 302,442,676,580 (485,241,766)1,957,434,814 2,442,676,580 (508,764,636)1,933,911,944 
Purchases— (24,324,584)(24,324,584)— (6,321,791)(6,321,791)
Issuances— 528,316 528,316 — 95,766 95,766 
Balance at September 302,442,676,580 (509,038,034)1,933,638,546 2,442,676,580 (514,990,661)1,927,685,919 
Nine Months Ended September 30
Balance at December 312,442,676,580 (512,870,523)1,929,806,057 2,442,676,580 (517,490,263)1,925,186,317 
Purchases— (48,390,222)(48,390,222)— (6,395,387)(6,395,387)
Issuances— 52,222,711 52,222,711 — 8,894,989 8,894,989 
Balance at September 302,442,676,580 (509,038,034)1,933,638,546 2,442,676,580 (514,990,661)1,927,685,919 
(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- and nine-month periods ended September 30, 2022, 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 2021 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 nine months ended September 30, 2022 and 2021 are reflected in the table below.
Changes in Accumulated Other Comprehensive Income (Loss) by Component(1)
(Millions of dollars)
Currency Translation AdjustmentUnrealized Holding Gains (Losses) on SecuritiesDerivativesDefined Benefit PlansTotal
Balance at December 31, 2020$(107)$(10)$ $(5,495)$(5,612)
Components of Other Comprehensive Income (Loss):
Before Reclassifications(31)(1)(5)563 526 
Reclassifications(2) (3)
  2 666 668 
Net Other Comprehensive Income (Loss)(31)(1)(3)1,229 1,194 
Balance at September 30, 2021$(138)$(11)$(3)$(4,266)$(4,418)
Balance at December 31, 2021$(