Chevron Corporation | ||||||||||||||
(Exact name of registrant as specified in its charter) |
Delaware | 001-00368 | 94-0890210 | ||||||||||||
(State or other jurisdiction of incorporation ) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
6001 Bollinger Canyon Road, | San Ramon, | CA | 94583 | |||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
N/A | ||||||||
(Former name or former address, if changed since last report) |
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
|||||
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. | ☐ |
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (contained in Exhibit 101) |
CHEVRON CORPORATION | ||||||||
By | /s/ Alana K. Knowles | |||||||
Alana K. Knowles | ||||||||
Vice President and Controller | ||||||||
(Principal Accounting Officer and | ||||||||
Duly Authorized Officer) |
news release |
FOR RELEASE AT 3:15 AM PT | EXHIBIT 99.1 | ||||
JULY 28, 2023 |
YTD | ||||||||||||||||||||
Unit | 2Q 2023 | 1Q 2023 | 2Q 2022 | 2Q 2023 | 2Q 2022 | |||||||||||||||
Total Earnings / (Loss) | $ MM | $ | 6,010 | $ | 6,574 | $ | 11,622 | $ | 12,584 | $ | 17,881 | |||||||||
Upstream | $ MM | $ | 4,936 | $ | 5,161 | $ | 8,558 | $ | 10,097 | $ | 15,492 | |||||||||
Downstream | $ MM | $ | 1,507 | $ | 1,800 | $ | 3,523 | $ | 3,307 | $ | 3,854 | |||||||||
All Other | $ MM | $ | (433) | $ | (387) | $ | (459) | $ | (820) | $ | (1,465) | |||||||||
Earnings Per Share - Diluted | $/Share | $ | 3.20 | $ | 3.46 | $ | 5.95 | $ | 6.66 | $ | 9.17 | |||||||||
Adjusted Earnings (1) |
$ MM | $ | 5,775 | $ | 6,744 | $ | 11,365 | $ | 12,519 | $ | 17,908 | |||||||||
Adjusted Earnings Per Share - Diluted (1) |
$/Share | $ | 3.08 | $ | 3.55 | $ | 5.82 | $ | 6.63 | $ | 9.18 | |||||||||
Cash Flow From Operations (CFFO) | $ B | $ | 6.3 | $ | 7.2 | $ | 13.8 | $ | 13.5 | $ | 21.8 | |||||||||
CFFO Excluding Working Capital (1) |
$ B | $ | 9.4 | $ | 9.0 | $ | 13.3 | $ | 18.5 | $ | 22.2 | |||||||||
(1) See non-GAAP reconciliation in attachments |
||||||||||||||||||||
YTD | ||||||||||||||||||||
Unit | 2Q 2023 | 1Q 2023 | 2Q 2022 | 2Q 2023 | 2Q 2022 | |||||||||||||||
Return on Capital Employed (ROCE) | % | 13.4 | % | 14.6 | % | 26.5 | % | 14.1 | % | 20.7 | % | |||||||||
Capital Expenditures (Capex) |
$ B | $ | 3.8 | $ | 3.0 | $ | 3.2 | $ | 6.8 | $ | 5.1 | |||||||||
Affiliate Capex | $ B | $ | 1.0 | $ | 0.9 | $ | 0.8 | $ | 1.8 | $ | 1.5 | |||||||||
Free Cash Flow (1) |
$ B | $ | 2.5 | $ | 4.2 | $ | 10.6 | $ | 6.7 | $ | 16.7 | |||||||||
Free Cash Flow ex. working capital (1) |
$ B | $ | 5.7 | $ | 6.0 | $ | 10.1 | $ | 11.7 | $ | 17.1 | |||||||||
Debt Ratio (end of period) | % | 12.0 | % | 12.7 | % | 14.6 | % | 12.0 | % | 14.6 | % | |||||||||
Net Debt Ratio (1) (end of period) |
% | 7.0 | % | 4.4 | % | 8.3 | % | 7.0 | % | 8.3 | % | |||||||||
Net Oil-Equivalent Production | MBOED | 2,959 | 2,979 | 2,896 | 2,968 | 2,978 | ||||||||||||||
(1) See non-GAAP reconciliation in attachments |
YTD | ||||||||||||||||||||
U.S. Upstream | Unit | 2Q 2023 | 1Q 2023 | 2Q 2022 | 2Q 2023 | 2Q 2022 | ||||||||||||||
Earnings / (Loss) | $ MM | $ | 1,640 | $ | 1,781 | $ | 3,367 | $ | 3,421 | $ | 6,605 | |||||||||
Net Oil-Equivalent Production | MBOED | 1,219 | 1,167 | 1,172 | 1,193 | 1,178 | ||||||||||||||
Liquids Production | MBD | 916 | 877 | 888 | 896 | 884 | ||||||||||||||
Natural Gas Production | MMCFD | 1,817 | 1,742 | 1,705 | 1,780 | 1,766 | ||||||||||||||
Liquids Realization | $/BBL | $ | 56 | $ | 59 | $ | 89 | $ | 58 | $ | 83 | |||||||||
Natural Gas Realization | $/MCF | $ | 1.23 | $ | 2.58 | $ | 6.22 | $ | 1.88 | $ | 5.13 |
YTD | ||||||||||||||||||||
International Upstream | Unit | 2Q 2023 | 1Q 2023 | 2Q 2022 | 2Q 2023 | 2Q 2022 | ||||||||||||||
Earnings / (Loss) (1) |
$ MM | $ | 3,296 | $ | 3,380 | $ | 5,191 | $ | 6,676 | $ | 8,887 | |||||||||
Net Oil-Equivalent Production | MBOED | 1,740 | 1,812 | 1,724 | 1,775 | 1,800 | ||||||||||||||
Liquids Production | MBD | 827 | 849 | 799 | 838 | 828 | ||||||||||||||
Natural Gas Production | MMCFD | 5,478 | 5,775 | 5,548 | 5,624 | 5,832 | ||||||||||||||
Liquids Realization | $/BBL | $ | 68 | $ | 69 | $ | 102 | $ | 68 | $ | 98 | |||||||||
Natural Gas Realization | $/MCF | $ | 7.50 | $ | 9.00 | $ | 9.23 | $ | 8.25 | $ | 9.04 | |||||||||
(1) Includes foreign currency effects |
$ MM | $ | 10 | $ | (56) | $ | 603 | $ | (46) | $ | 459 |
YTD | ||||||||||||||||||||
U.S. Downstream | Unit | 2Q 2023 | 1Q 2023 | 2Q 2022 | 2Q 2023 | 2Q 2022 | ||||||||||||||
Earnings / (Loss) | $ MM | $ | 1,081 | $ | 977 | $ | 2,440 | $ | 2,058 | $ | 2,926 | |||||||||
Refinery Crude Oil Inputs | MBD | 962 | 890 | 881 | 926 | 898 | ||||||||||||||
Refined Product Sales | MBD | 1,295 | 1,252 | 1,210 | 1,274 | 1,214 |
YTD | ||||||||||||||||||||
International Downstream | Unit | 2Q 2023 | 1Q 2023 | 2Q 2022 | 2Q 2023 | 2Q 2022 | ||||||||||||||
Earnings / (Loss) (1) |
$ MM | $ | 426 | $ | 823 | $ | 1,083 | $ | 1,249 | $ | 928 | |||||||||
Refinery Crude Oil Inputs | MBD | 623 | 628 | 634 | 625 | 626 | ||||||||||||||
Refined Product Sales | MBD | 1,453 | 1,460 | 1,337 | 1,456 | 1,332 | ||||||||||||||
(1) Includes foreign currency effects |
$ MM | $ | 4 | $ | 18 | $ | 145 | $ | 22 | $ | 168 |
YTD | ||||||||||||||||||||
All Other | Unit | 2Q 2023 | 1Q 2023 | 2Q 2022 | 2Q 2023 | 2Q 2022 | ||||||||||||||
Net charges (1) |
$ MM | $ | (433) | $ | (387) | $ | (459) | (820) | (1,465) | |||||||||||
(1) Includes foreign currency effects |
$ MM | $ | (4) | $ | (2) | $ | (80) | $ | (6) | $ | (177) |
CHEVRON CORPORATION - FINANCIAL REVIEW | Attachment 1 | |||||||||||||
(Millions of Dollars, Except Per-Share Amounts) | ||||||||||||||
(unaudited) |
CONSOLIDATED STATEMENT OF INCOME(1) |
|||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, |
||||||||||||||||||||||
REVENUES AND OTHER INCOME | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Sales and other operating revenues | $ | 47,216 | $ | 65,372 | $ | 96,058 | $ | 117,686 | |||||||||||||||
Income (loss) from equity affiliates | 1,240 | 2,467 | 2,828 | 4,552 | |||||||||||||||||||
Other income (loss) | 440 | 923 | 803 | 897 | |||||||||||||||||||
Total Revenues and Other Income | 48,896 | 68,762 | 99,689 | 123,135 | |||||||||||||||||||
COSTS AND OTHER DEDUCTIONS | |||||||||||||||||||||||
Purchased crude oil and products | 28,984 | 40,684 | 58,391 | 74,095 | |||||||||||||||||||
Operating expenses (2) |
7,224 | 7,168 | 14,164 | 13,837 | |||||||||||||||||||
Exploration expenses | 169 | 196 | 359 | 405 | |||||||||||||||||||
Depreciation, depletion and amortization | 3,521 | 3,700 | 7,047 | 7,354 | |||||||||||||||||||
Taxes other than on income | 1,041 | 882 | 2,137 | 2,122 | |||||||||||||||||||
Interest and debt expense | 120 | 129 | 235 | 265 | |||||||||||||||||||
Total Costs and Other Deductions | 41,059 | 52,759 | 82,333 | 98,078 | |||||||||||||||||||
Income (Loss) Before Income Tax Expense | 7,837 | 16,003 | 17,356 | 25,057 | |||||||||||||||||||
Income tax expense (benefit) | 1,829 | 4,288 | 4,743 | 7,065 | |||||||||||||||||||
Net Income (Loss) | 6,008 | 11,715 | 12,613 | 17,992 | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (2) | 93 | 29 | 111 | |||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION |
$ | 6,010 | $ | 11,622 | $ | 12,584 | $ | 17,881 | |||||||||||||||
(1) Prior year data has been reclassified in certain cases to conform to the 2023 presentation basis. | |||||||||||||||||||||||
(2) Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs. | |||||||||||||||||||||||
PER SHARE OF COMMON STOCK | |||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | |||||||||||||||||||||||
- Basic | $ | 3.22 | $ | 5.98 | $ | 6.70 | $ | 9.21 | |||||||||||||||
- Diluted | $ | 3.20 | $ | 5.95 | $ | 6.66 | $ | 9.17 | |||||||||||||||
Weighted Average Number of Shares Outstanding (000's) | |||||||||||||||||||||||
- Basic | 1,867,165 | 1,947,703 | 1,879,363 | 1,941,719 | |||||||||||||||||||
- Diluted | 1,875,508 | 1,957,109 | 1,888,077 | 1,950,860 | |||||||||||||||||||
Note: Shares outstanding (excluding 14 million associated with Chevron’s Benefit Plan Trust) were 1,853 million and 1,901 million at June 30, 2023, and December 31, 2022, respectively. | |||||||||||||||||||||||
EARNINGS BY MAJOR OPERATING AREA | Three Months Ended June 30, | Six Months Ended June 30, |
|||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Upstream | |||||||||||||||||||||||
United States | $ | 1,640 | $ | 3,367 | $ | 3,421 | $ | 6,605 | |||||||||||||||
International | 3,296 | 5,191 | 6,676 | 8,887 | |||||||||||||||||||
Total Upstream | 4,936 | 8,558 | 10,097 | 15,492 | |||||||||||||||||||
Downstream | |||||||||||||||||||||||
United States | 1,081 | 2,440 | 2,058 | 2,926 | |||||||||||||||||||
International | 426 | 1,083 | 1,249 | 928 | |||||||||||||||||||
Total Downstream | 1,507 | 3,523 | 3,307 | 3,854 | |||||||||||||||||||
All Other | (433) | (459) | (820) | (1,465) | |||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION |
$ | 6,010 | $ | 11,622 | $ | 12,584 | $ | 17,881 |
CHEVRON CORPORATION - FINANCIAL REVIEW | Attachment 2 | |||||||||||||
(Millions of Dollars) | ||||||||||||||
(unaudited) |
SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary) | June 30, 2023 |
December 31, 2022 | |||||||||||||||||||||
Cash and cash equivalents | $ | 9,292 | $ | 17,678 | |||||||||||||||||||
Marketable securities | $ | 318 | $ | 223 | |||||||||||||||||||
Total assets | $ | 251,779 | $ | 257,709 | |||||||||||||||||||
Total debt | $ | 21,514 | $ | 23,339 | |||||||||||||||||||
Total Chevron Corporation stockholders' equity | $ | 158,325 | $ | 159,282 | |||||||||||||||||||
Noncontrolling interests | $ | 973 | $ | 960 | |||||||||||||||||||
SELECTED FINANCIAL RATIOS | |||||||||||||||||||||||
Total debt plus total stockholders’ equity | $ | 179,839 | $ | 182,621 | |||||||||||||||||||
Debt ratio (Total debt / Total debt plus stockholders’equity) |
12.0 | % | 12.8 | % | |||||||||||||||||||
Adjusted debt (Total debt less cash and cash equivalents and marketable securities) |
$ | 11,904 | $ | 5,438 | |||||||||||||||||||
Adjusted debt plus total stockholders’ equity | $ | 170,229 | $ | 164,720 | |||||||||||||||||||
Net debt ratio (Adjusted debt / Adjusted debt plus total stockholders’ equity) |
7.0 | % | 3.3 | % |
RETURN ON CAPITAL EMPLOYED (ROCE) | Three Months Ended June 30, | Six Months Ended June 30, |
|||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Total reported earnings | $ | 6,010 | $ | 11,622 | $ | 12,584 | $ | 17,881 | |||||||||||||||
Non-controlling interest | (2) | 93 | 29 | 111 | |||||||||||||||||||
Interest expense (A/T) | 111 | 120 | 217 | 246 | |||||||||||||||||||
ROCE earnings | 6,119 | 11,835 | 12,830 | 18,238 | |||||||||||||||||||
Annualized ROCE earnings | 24,476 | 47,340 | 25,660 | 36,476 | |||||||||||||||||||
Average capital employed* | 182,226 | 178,615 | 182,197 | 176,053 | |||||||||||||||||||
ROCE | 13.4 | % | 26.5 | % | 14.1 | % | 20.7 | % | |||||||||||||||
*Capital employed is the sum of Chevron Corporation stockholders equity, total debt and noncontrolling interest. Average capital employed is computed by averaging the sum of capital employed at the beginning and the end of the period. |
Three Months Ended June 30, | Six Months Ended June 30, |
||||||||||||||||||||||
CAPEX BY SEGMENT | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
United States | |||||||||||||||||||||||
Upstream | $ | 2,296 | $ | 1,549 | $ | 4,214 | $ | 2,836 | |||||||||||||||
Downstream | 379 | 715 | 710 | 838 | |||||||||||||||||||
Other | 90 | 86 | 121 | 128 | |||||||||||||||||||
Total United States | 2,765 | 2,350 | 5,045 | 3,802 | |||||||||||||||||||
International | |||||||||||||||||||||||
Upstream | 940 | 621 | 1,662 | 1,101 | |||||||||||||||||||
Downstream | 48 | 208 | 78 | 235 | |||||||||||||||||||
Other | 4 | 5 | 10 | 6 | |||||||||||||||||||
Total International | 992 | 834 | 1,750 | 1,342 | |||||||||||||||||||
CAPEX | $ | 3,757 | $ | 3,184 | $ | 6,795 | $ | 5,144 | |||||||||||||||
AFFILIATE CAPEX (not included above): | |||||||||||||||||||||||
Upstream | $ | 615 | $ | 602 | $ | 1,254 | $ | 1,179 | |||||||||||||||
Downstream | 361 | 207 | 591 | 355 | |||||||||||||||||||
AFFILIATE CAPEX | $ | 976 | $ | 809 | $ | 1,845 | $ | 1,534 |
CHEVRON CORPORATION - FINANCIAL REVIEW | Attachment 3 | |||||||||||||
(Billions of Dollars) | ||||||||||||||
(unaudited) |
SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary)(1) |
Three Months Ended June 30, | Six Months Ended June 30, |
|||||||||||||||||||||
OPERATING ACTIVITIES | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net Income (Loss) | $ | 6.0 | $ | 11.7 | $ | 12.6 | $ | 18.0 | |||||||||||||||
Adjustments | |||||||||||||||||||||||
Depreciation, depletion and amortization | 3.5 | 3.7 | 7.0 | 7.4 | |||||||||||||||||||
Distributions more (less) than income from equity affiliates | (0.5) | (1.7) | (1.4) | (3.2) | |||||||||||||||||||
Loss (gain) on asset retirements and sales | — | (0.4) | — | (0.5) | |||||||||||||||||||
Net foreign currency effects | 0.1 | (0.5) | 0.1 | (0.2) | |||||||||||||||||||
Deferred income tax provision | 0.7 | 0.7 | 1.5 | 1.3 | |||||||||||||||||||
Net decrease (increase) in operating working capital | (3.1) | 0.5 | (4.9) | (0.4) | |||||||||||||||||||
Other operating activity | (0.4) | (0.3) | (1.4) | (0.6) | |||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 6.3 | $ | 13.8 | $ | 13.5 | $ | 21.8 | |||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | (2.9) | — | (2.9) | |||||||||||||||||||
Capital expenditures (Capex) | (3.8) | (3.2) | (6.8) | (5.1) | |||||||||||||||||||
Proceeds and deposits related to asset sales and returns of investment | 0.1 | 1.1 | 0.3 | 2.3 | |||||||||||||||||||
Other investing activity | (0.3) | — | (0.3) | — | |||||||||||||||||||
Net Cash Used for Investing Activities | $ | (3.9) | $ | (5.0) | $ | (6.8) | $ | (5.6) | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Net change in debt | (1.6) | (3.7) | (1.7) | (5.7) | |||||||||||||||||||
Cash dividends — common stock | (2.8) | (2.8) | (5.7) | (5.5) | |||||||||||||||||||
Shares issued for share-based compensation | — | 0.8 | 0.2 | 5.5 | |||||||||||||||||||
Shares repurchased | (4.4) | (2.5) | (8.1) | (3.8) | |||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | |||||||||||||||||||
Net Cash Provided by (Used for) Financing Activities | $ | (8.7) | $ | (8.1) | $ | (15.3) | $ | (9.5) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (0.1) | (0.1) | (0.2) | (0.1) | |||||||||||||||||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ | (6.5) | $ | 0.6 | $ | (8.7) | $ | 6.6 | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES (1) |
|||||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 6.3 | $ | 13.8 | $ | 13.5 | $ | 21.8 | |||||||||||||||
Less: Net decrease (increase) in operating working capital | (3.1) | 0.5 | (4.9) | (0.4) | |||||||||||||||||||
Cash Flow from Operations Excluding Working Capital | $ | 9.4 | $ | 13.3 | $ | 18.5 | $ | 22.2 | |||||||||||||||
Net Cash Provided by Operating Activities | $ | 6.3 | $ | 13.8 | $ | 13.5 | $ | 21.8 | |||||||||||||||
Less: Capital expenditures | 3.8 | 3.2 | 6.8 | 5.1 | |||||||||||||||||||
Free Cash Flow | $ | 2.5 | $ | 10.6 | $ | 6.7 | $ | 16.7 | |||||||||||||||
Less: Net decrease (increase) in operating working capital | (3.1) | 0.5 | (4.9) | (0.4) | |||||||||||||||||||
Free Cash Flow Excluding Working Capital | $ | 5.7 | $ | 10.1 | $ | 11.7 | $ | 17.1 | |||||||||||||||
(1) Totals may not match sum of parts due to presentation in billions. |
|||||||||||||||||||||||
CHEVRON CORPORATION - FINANCIAL REVIEW | Attachment 4 | |||||||||||||
(Millions of Dollars) | ||||||||||||||
(unaudited) |
RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 |
Six Months Ended June 30, 2022 |
|||||||||||||||||||||||||||||||||||||||||||||||
REPORTED EARNINGS | Pre- Tax |
Income Tax | After-Tax | Pre-Tax | Income Tax | After-Tax | Pre- Tax |
Income Tax | After-Tax | Pre-Tax | Income Tax | After-Tax | ||||||||||||||||||||||||||||||||||||||
U.S. Upstream | $ | 1,640 | $ | 3,367 | $ | 3,421 | $ | 6,605 | ||||||||||||||||||||||||||||||||||||||||||
Int'l Upstream | 3,296 | 5,191 | 6,676 | 8,887 | ||||||||||||||||||||||||||||||||||||||||||||||
U.S. Downstream | 1,081 | 2,440 | 2,058 | 2,926 | ||||||||||||||||||||||||||||||||||||||||||||||
Int'l Downstream | 426 | 1,083 | 1,249 | 928 | ||||||||||||||||||||||||||||||||||||||||||||||
All Other | (433) | (459) | (820) | (1,465) | ||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron | $ | 6,010 | $ | 11,622 | $ | 12,584 | $ | 17,881 | ||||||||||||||||||||||||||||||||||||||||||
SPECIAL ITEMS | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Upstream | ||||||||||||||||||||||||||||||||||||||||||||||||||
Early contract termination | $ | — | $ | — | $ | — | $ | (765) | $ | 165 | $ | (600) | $ | — | $ | — | $ | — | $ | (765) | $ | 165 | $ | (600) | ||||||||||||||||||||||||||
Int'l Upstream | ||||||||||||||||||||||||||||||||||||||||||||||||||
Asset sale gains | — | — | — | 328 | (128) | 200 | — | — | — | 328 | (128) | 200 | ||||||||||||||||||||||||||||||||||||||
Tax items | — | 225 | 225 | — | — | — | — | 95 | 95 | — | — | — | ||||||||||||||||||||||||||||||||||||||
All Other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pension settlement costs | — | — | — | (12) | 1 | (11) | — | — | — | (98) | 21 | (77) | ||||||||||||||||||||||||||||||||||||||
Total Special Items | $ | — | $ | 225 | $ | 225 | $ | (449) | $ | 38 | $ | (411) | $ | — | $ | 95 | $ | 95 | $ | (535) | $ | 58 | $ | (477) | ||||||||||||||||||||||||||
FOREIGN CURRENCY EFFECTS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Int'l Upstream | $ | 10 | $ | 603 | $ | (46) | $ | 459 | ||||||||||||||||||||||||||||||||||||||||||
Int'l Downstream | 4 | 145 | 22 | 168 | ||||||||||||||||||||||||||||||||||||||||||||||
All Other | (4) | (80) | (6) | (177) | ||||||||||||||||||||||||||||||||||||||||||||||
Total Foreign Currency Effects | $ | 10 | $ | 668 | $ | (30) | $ | 450 | ||||||||||||||||||||||||||||||||||||||||||
ADJUSTED EARNINGS/(LOSS) * |
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U.S. Upstream | $ | 1,640 | $ | 3,967 | $ | 3,421 | $ | 7,205 | ||||||||||||||||||||||||||||||||||||||||||
Int'l Upstream | 3,061 | 4,388 | 6,627 | 8,228 | ||||||||||||||||||||||||||||||||||||||||||||||
U.S. Downstream | 1,081 | 2,440 | 2,058 | 2,926 | ||||||||||||||||||||||||||||||||||||||||||||||
Int'l Downstream | 422 | 938 | 1,227 | 760 | ||||||||||||||||||||||||||||||||||||||||||||||
All Other | (429) | (368) | (814) | (1,211) | ||||||||||||||||||||||||||||||||||||||||||||||
Total Adjusted Earnings/(Loss) | $ | 5,775 | $ | 11,365 | $ | 12,519 | $ | 17,908 | ||||||||||||||||||||||||||||||||||||||||||
Total Adjusted Earnings/(Loss) per share | $ | 3.08 | $ | 5.82 | $ | 6.63 | $ | 9.18 | ||||||||||||||||||||||||||||||||||||||||||
* Adjusted Earnings/(Loss) is defined as Net Income (loss) attributable to Chevron Corporation excluding special items and foreign currency effects. |