- Third quarter loss of $207 million; adjusted earnings of $201
million
- Capital spending down 48 percent; operating expenses down 12
percent
- Noble Energy acquisition completed in October 2020
Chevron Corporation (NYSE: CVX) today reported a loss of $207
million ($(0.12) per share - diluted) for third quarter 2020,
compared with earnings of $2.6 billion ($1.36 per share - diluted)
in third quarter 2019. Included in the current quarter was a charge
of $130 million attributable to a tax item related to an
international upstream end-of-contract settlement and a non-cash
provision of $90 million for remediation of a former mining asset.
Foreign currency effects decreased earnings by $188 million.
Adjusted earnings of $201 million ($0.11 per share - diluted) in
third quarter 2020 compares to adjusted earnings of $2.9 billion
($1.55 per share - diluted) in third quarter 2019. For a
reconciliation of adjusted earnings/(loss), see Attachment 5.
Sales and other operating revenues in third quarter 2020 were
$24 billion, compared to $35 billion in the year-ago period.
Earnings Summary
Three Months Ended
Sept. 30
Nine Months Ended Sept.
30
Millions of dollars
2020
2019
2020
2019
Earnings by business segment
Upstream
$235
$2,704
$(2,934)
$9,310
Downstream
292
828
385
1,809
All Other
(734)
(952)
(2,329)
(1,585)
Total (1)(2)
$(207)
$2,580
$(4,878)
$9,534
(1) Includes foreign currency effects
$(188)
$74
$(111)
$(48)
(2) Net income attributable to Chevron
Corporation (See Attachment 1)
“Third quarter results were down from a year ago, primarily due
to lower commodity prices and margins resulting from the impact of
COVID-19,” said Michael K. Wirth, Chevron’s chairman of the board
and chief executive officer. “The world’s economy continues to
operate below pre-pandemic levels, impacting demand for our
products which are closely linked to economic activity.”
“We remain focused on what we can control – safe operations,
capital discipline and cost management,” Wirth continued. “Compared
to last year’s third quarter, organic capital expenditures and
operating expenses were down 48 percent and 12 percent,
respectively.”
“I’m proud of our employees’ continued focus on safe and
reliable operations during these challenging times,” Wirth added.
“Our actions are guided by our long-standing financial priorities:
to protect the dividend, invest for long term value and maintain a
strong balance sheet.”
The company’s acquisition of Noble Energy, Inc. was completed in
October following approval by Noble Energy shareholders. Wirth
said, “Noble’s high-quality assets, including those in the Eastern
Mediterranean, Colorado’s DJ Basin and the Permian Basin,
strengthen our portfolio and are expected to increase the long-term
value of our company.”
The company’s joint venture, CalBioGas LLC, successfully started
production of dairy biomethane, a renewable natural gas (RNG), from
dairy farms in California and marketed it as an alternative fuel
for heavy-duty trucks and buses. The company also announced the
formation of a joint venture with Brightmark LLC to produce and
market additional dairy biomethane.
Lastly, the company signed an agreement in October to sell its
Appalachia natural gas business. The transaction is expected to
close before the end of the year.
UPSTREAM
Worldwide net oil-equivalent production was 2.83 million barrels
per day in third quarter 2020, a decrease of 7 percent from a year
ago. The decrease was largely a result of curtailed production in
response to low commodity prices and asset sales, partially offset
by net production increases at a number of properties.
U.S. Upstream
Three Months Ended
Sept. 30
Nine Months Ended Sept.
30
Millions of dollars
2020
2019
2020
2019
Earnings
$116
$727
$(1,709)
$2,371
U.S. upstream operations earned $116 million in third quarter
2020, compared with $727 million a year earlier. The decrease was
primarily due to lower crude oil realizations.
The company’s average sales price per barrel of crude oil and
natural gas liquids was $31 in third quarter 2020, down from $47 a
year earlier. The average sales price of natural gas was $0.89 per
thousand cubic feet in third quarter 2020, down from $0.95 in last
year’s third quarter.
Net oil-equivalent production of 982,000 barrels per day in
third quarter 2020 was up 48,000 barrels per day from a year
earlier. Production increases from shale and tight properties in
the Permian Basin in Texas and New Mexico were partially offset by
normal field declines and planned maintenance in the Gulf of
Mexico. The net liquids component of oil-equivalent production in
third quarter 2020 increased 1 percent to 731,000 barrels per day,
while net natural gas production increased 21 percent to 1.51
billion cubic feet per day, compared to last year’s third
quarter.
International Upstream
Three Months Ended
Sept. 30
Nine Months Ended Sept.
30
Millions of dollars
2020
2019
2020
2019
Earnings*
$119
$1,977
$(1,225)
$6,939
*Includes foreign currency effects
$(107)
$49
$99
$(97)
International upstream operations earned $119 million in third
quarter 2020, compared with $2.0 billion a year ago. The decrease
in earnings was primarily due to lower crude oil and natural gas
realizations, lower crude oil and natural gas sales volumes, and a
tax item related to an end of contract settlement, partially offset
by lower depreciation and operating expenses. Foreign currency
effects had an unfavorable impact on earnings of $156 million
between periods.
The average sales price for crude oil and natural gas liquids in
third quarter 2020 was $39 per barrel, down from $56 a year
earlier. The average sales price of natural gas was $3.89 per
thousand cubic feet in the quarter, compared with $5.62 in last
year’s third quarter.
Net oil-equivalent production of 1.85 million barrels per day in
third quarter 2020 decreased 247,000 barrels per day from third
quarter 2019. The decrease was due to production curtailments
associated with OPEC+ restrictions and market conditions combined
with asset sale related decreases of 104,000 barrels per day. The
net liquids component of oil-equivalent production decreased 12
percent to 976,000 barrels per day in third quarter 2020, while net
natural gas production of 5.26 billion cubic feet per day decreased
12 percent, compared to last year’s third quarter.
DOWNSTREAM
U.S. Downstream
Three Months Ended
Sept. 30
Nine Months Ended Sept.
30
Millions of dollars
2020
2019
2020
2019
Earnings
$141
$389
$(397)
$1,071
U.S. downstream operations earned $141 million in third quarter
2020, compared with $389 million a year earlier. The decrease was
mainly due to lower sales volumes and lower margins on refined
product sales, partially offset by lower operating expenses.
Refinery crude oil input in third quarter 2020 decreased 17
percent to 820,000 barrels per day from the year-ago period, as the
company cut refinery runs in response to the weak refining margin
environment.
Refined product sales of 1.00 million barrels per day were down
22 percent from third quarter 2019, mainly due to lower jet fuel,
gasoline and diesel demand associated with the COVID-19
pandemic.
International Downstream
Three Months Ended
Sept. 30
Nine Months Ended Sept.
30
Millions of dollars
2020
2019
2020
2019
Earnings*
$151
$439
$782
$738
*Includes foreign currency effects
$(49)
$27
$(12)
$49
International downstream operations earned $151 million in third
quarter 2020, compared with $439 million a year earlier. The
decrease in earnings was largely due to lower margins on refined
product sales, partially offset by lower operating expenses.
Foreign currency effects had an unfavorable impact on earnings of
$76 million between periods.
Refinery crude oil input of 570,000 barrels per day in third
quarter 2020 decreased 9 percent from the year-ago period,
primarily due to the economic slowdowns in response to the COVID-19
pandemic.
Refined product sales of 1.28 million barrels per day in third
quarter 2020 were down 6 percent from the year-ago period, mainly
due to lower jet fuel demand associated with the COVID-19 pandemic,
partially offset by higher diesel sales resulting from the second
quarter 2020 acquisition of Puma Energy (Australia) Holdings Pty
Ltd.
ALL OTHER
Three Months Ended
Sept. 30
Nine Months Ended Sept.
30
Millions of dollars
2020
2019
2020
2019
Net Charges*
$(734)
$(952)
$(2,329)
$(1,585)
*Includes foreign currency effects
$(32)
$(2)
$(198)
$0
All Other consists of worldwide cash management and debt
financing activities, corporate administrative functions, insurance
operations, real estate activities and technology companies.
Net charges in third quarter 2020 were $734 million, compared to
$952 million a year earlier. The decrease in net charges between
periods was mainly due to the absence of prior year tax charge.
Higher corporate expenses partially offset the decrease between
periods, primarily from a non-cash provision for remediation of a
former mining asset. Foreign currency effects increased net charges
by $30 million between periods.
CASH FLOW FROM OPERATIONS
Cash flow from operations in the first nine months of 2020 was
$8.3 billion, compared with $21.7 billion in the corresponding 2019
period. Excluding working capital effects, cash flow from
operations in the first nine months of 2020 was $8.4 billion,
compared with $20.5 billion in the corresponding 2019 period.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures in the first nine months of
2020 were $10.3 billion, compared with $15.0 billion in 2019. The
amounts included $3.1 billion in 2020 and $4.6 billion in 2019 for
the company’s share of expenditures by affiliates, which did not
require cash outlays by the company. Expenditures for upstream
represented 82 percent of the company-wide total in 2020. Third
quarter 2020 capital expenditures were down 48 percent compared to
the prior year period. Included in the first nine months of 2020
were inorganic capital expenditures of $350 million primarily
associated with the downstream acquisition of Puma Energy
(Australia) Holdings Pty Ltd.
NOTICE
Chevron’s discussion of third quarter 2020 earnings with
security analysts will take place on Friday, October 30, 2020, at
8:00 a.m. PDT. A webcast of the meeting will be available in a
listen-only mode to individual investors, media, and other
interested parties on Chevron’s website at www.chevron.com under
the “Investors” section. Additional financial and operating
information and other complementary materials will be available
under “Events and Presentations” in the “Investors” section on the
Chevron website.
As used in this news release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we,” “us” and “its”
may refer to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs.
Please visit Chevron’s website and Investor Relations page at
www.chevron.com and www.chevron.com/investors, LinkedIn:
www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook:
www.facebook.com/chevron, and Instagram: www.instagram.com/chevron,
where Chevron often discloses important information about the
company, its business, and its results of operations.
This press release includes adjusted earnings/(loss), which
reflect earnings or losses excluding significant non-operational
items including impairment charges, write-offs, gains on asset
sales, unusual tax items, the Anadarko merger termination fee,
foreign currency effects and other special items. We believe it is
useful for investors to consider these figures in comparing the
underlying performance of our business across periods. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for net income (loss) as
prepared in accordance with U.S. GAAP. A reconciliation to net
income (loss) attributable to Chevron Corporation is shown in
Attachment 5.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release 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 news release. 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 company's ability to successfully integrate the
operations of Chevron and Noble Energy and achieve the anticipated
benefits from the acquisition of Noble Energy; 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, as updated by Part II, Item 1A, "Risk Factors" in the
company's subsequently filed Quarterly Reports on Form 10-Q, and in
other subsequent filings with the U.S. Securities and Exchange
Commission. Other unpredictable or unknown factors not discussed in
this news release could also have material adverse effects on
forward-looking statements.
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 1
(Millions of Dollars, Except
Per-Share Amounts)
(unaudited)
CONSOLIDATED
STATEMENT OF INCOME
Three Months Ended
September 30
Nine Months Ended
September 30
REVENUES AND OTHER INCOME
2020
2019
2020
2019
Sales and other operating revenues
$
23,997
$
34,779
$
69,628
$
105,291
Income from equity affiliates
510
1,172
(1,040
)
3,430
Other income
(56
)
165
858
1,445
Total Revenues and Other Income
24,451
36,116
69,446
110,166
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
13,448
19,882
37,101
60,420
Operating expenses *
5,658
6,400
18,928
18,731
Exploration expenses
117
168
1,170
498
Depreciation, depletion and
amortization
4,017
4,361
15,022
12,789
Taxes other than on income
1,091
1,059
3,223
3,167
Interest and debt expense
164
197
498
620
Total Costs and Other
Deductions
24,495
32,067
75,942
96,225
Income (Loss) Before Income Tax
Expense
(44
)
4,049
(6,496
)
13,941
Income tax expense (benefit)
165
1,469
(1,591
)
4,429
Net Income (Loss)
(209
)
2,580
(4,905
)
9,512
Less: Net income (loss) attributable to
noncontrolling interests
(2
)
—
(27
)
(22
)
NET INCOME (LOSS) ATTRIBUTABLE TO
CHEVRON CORPORATION
$
(207
)
$
2,580
$
(4,878
)
$
9,534
* 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
$
(0.12
)
$
1.38
$
(2.63
)
$
5.06
- Diluted
$
(0.12
)
$
1.36
$
(2.63
)
$
5.02
Weighted Average Number of Shares
Outstanding (000's)
- Basic
1,853,533
1,880,607
1,856,363
1,885,931
- Diluted
1,853,533
1,893,928
1,856,363
1,899,193
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 2
(Millions of Dollars)
(unaudited)
EARNINGS BY MAJOR OPERATING
AREA
Three Months Ended
September 30
Nine Months Ended
September 30
2020
2019
2020
2019
Upstream
United States
$
116
$
727
$
(1,709)
$
2,371
International
119
1,977
(1,225)
6,939
Total Upstream
235
2,704
(2,934)
9,310
Downstream
United States
141
389
(397)
1,071
International
151
439
782
738
Total Downstream
292
828
385
1,809
All Other (1)
(734)
(952)
(2,329)
(1,585)
Total (2)
$
(207)
$
2,580
$
(4,878)
$
9,534
SELECTED BALANCE SHEET ACCOUNT DATA
(Preliminary)
Sep 30, 2020
Dec 31, 2019
Cash and Cash Equivalents
$
6,866
$
5,686
Marketable Securities
$
28
$
63
Total Assets
$
223,063
$
237,428
Total Debt
$
34,810
$
26,973
Total Chevron Corporation Stockholders'
Equity
$
131,774
$
144,213
Three Months Ended
September 30
Nine Months Ended
September 30
CAPITAL AND EXPLORATORY
EXPENDITURES(3)
2020
2019
2020
2019
United States
Upstream
$
904
$
2,102
$
3,932
$
5,929
Downstream
296
327
750
1,381
Other
44
102
183
233
Total United States
1,244
2,531
4,865
7,543
International
Upstream
1,119
2,137
4,499
6,873
Downstream
228
284
949
550
Other
1
4
9
12
Total International
1,348
2,425
5,457
7,435
Worldwide
$
2,592
$
4,956
$
10,322
$
14,978
(1) Includes worldwide
cash management and debt financing activities, corporate
administrative functions, insurance operations, real estate
activities, and technology companies.
(2) Net Income
(Loss) Attributable to Chevron Corporation (See Attachment 1).
(3) Includes
interest in affiliates:
United States
$
76
$
85
$
251
$
256
International
729
1,349
2,812
4,322
Total
$
805
$
1,434
$
3,063
$
4,578
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 3
(Billions of Dollars)
(unaudited)
SUMMARIZED STATEMENT OF CASH FLOWS
(Preliminary)1
Nine Months Ended
September 30
OPERATING ACTIVITIES
2020
2019
Net Income (Loss)
$
(4.9)
$
9.5
Adjustments
Depreciation, depletion and
amortization
15.0
12.8
Distributions more (less) than income from
equity affiliates
2.2
(1.9)
Loss (gain) on asset retirements and
sales
(0.6)
(0.1)
Net foreign currency effects
0.2
0.1
Deferred income tax provision
(3.2)
1.0
Net decrease (increase) in operating
working capital
—
1.1
Other operating activity
(0.4)
(0.8)
Net Cash Provided by Operating
Activities
$
8.3
$
21.7
INVESTING ACTIVITIES
Capital expenditures
(6.9)
(9.9)
Proceeds and deposits related to asset
sales and returns of investment
2.0
1.1
Net maturities of (investments in) time
deposits
—
1.0
Other investing activity(2)
(1.4)
(1.0)
Net Cash Used for Investing
Activities
$
(6.3)
$
(8.8)
FINANCING ACTIVITIES
Net change in debt
7.7
(1.9)
Cash dividends — common stock
(7.2)
(6.7)
Net sales (purchases) of treasury
shares
(1.5)
(1.8)
Distributions to noncontrolling
interests
—
—
Net Cash Used for Financing
Activities
$
(1.1)
$
(10.5)
EFFECT OF EXCHANGE RATE CHANGES ON
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
(0.1)
—
NET CHANGE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
$
0.9
$
2.3
(1) Totals may not match sum of
parts due to presentation in billions.
(2) Primarily borrowings of loans by
equity affiliates.
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 4
(unaudited)
OPERATING
STATISTICS (1)
Three Months Ended
September 30
Nine Months Ended
September 30
NET LIQUIDS PRODUCTION (MB/D):
(2)
2020
2019
2020
2019
United States
731
726
760
709
International
976
1,104
1,072
1,147
Worldwide
1,707
1,830
1,832
1,856
NET NATURAL GAS PRODUCTION (MMCF/D):
(3)
United States
1,507
1,243
1,511
1,178
International
5,257
5,972
5,609
5,995
Worldwide
6,764
7,215
7,120
7,173
TOTAL NET OIL-EQUIVALENT PRODUCTION
(MB/D): (4)
United States
982
934
1,012
906
International
1,852
2,099
2,006
2,146
Worldwide
2,834
3,033
3,018
3,052
SALES OF NATURAL GAS (MMCF/D):
United States
3,776
3,945
4,000
3,980
International
5,513
5,923
5,722
5,922
Worldwide
9,289
9,868
9,722
9,902
SALES OF NATURAL GAS LIQUIDS
(MB/D):
United States
230
233
228
213
International
133
102
126
111
Worldwide
363
335
354
324
SALES OF REFINED PRODUCTS
(MB/D):
United States
1,004
1,294
997
1,255
International (5)
1,282
1,356
1,219
1,344
Worldwide
2,286
2,650
2,216
2,599
REFINERY INPUT (MB/D):
United States
820
992
789
939
International
570
625
598
630
Worldwide
1,390
1,617
1,387
1,569
(1) Includes interest in affiliates.
(2) Includes net production of synthetic
oil:
Canada
35
53
52
51
Venezuela Affiliate
—
—
—
4
(3) Includes natural gas consumed in
operations (MMCF/D):
United States
35
34
34
34
International
535
611
571
611
(4) Oil-equivalent production is the sum
of net liquids production, net natural gas production and synthetic
production. The oil-equivalent gas conversion ratio is 6,000 cubic
feet of natural gas = 1 barrel of crude oil.
(5) Includes share of affiliate sales
(MB/D):
350
399
352
377
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 5
(Millions of Dollars)
(unaudited)
RECONCILIATION OF NON-GAAP
MEASURES
Three Months Ended
September 30, 2020
Three Months Ended
September 30, 2019
Nine Months Ended
September 30, 2020
Nine Months Ended
September 30, 2019
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
REPORTED EARNINGS
U.S. Upstream
$
116
$
727
$
(1,709)
$
2,371
Int'l Upstream
119
1,977
(1,225)
6,939
U.S. Downstream
141
389
(397)
1,071
Int'l Downstream
151
439
782
738
All Other
(734)
(952)
(2,329)
(1,585)
Net Income (Loss) Attributable to
Chevron
$
(207)
$
2,580
$
(4,878)
$
9,534
SPECIAL ITEMS
U.S. Upstream
Impairments & write-offs
$
—
$
—
$
—
$
—
$
—
$
—
$
(1,575)
$
385
$
(1,190)
$
—
$
—
$
—
Severance accruals
—
—
—
—
—
—
(157)
37
(120)
—
—
—
Int'l Upstream
Asset sale gains
—
—
—
—
—
—
550
—
550
—
—
—
Impairments & write-offs
—
—
—
—
—
—
(4,106)
516
(3,590)
—
—
—
Severance accruals
—
—
—
—
—
—
(374)
84
(290)
—
—
—
Tax Items
—
(130)
(130)
—
—
—
—
690
690
—
180
180
U.S. Downstream
Severance accruals
—
—
—
—
—
—
(109)
29
(80)
—
—
—
Int'l Downstream
Severance accruals
—
—
—
—
—
—
(79)
19
(60)
—
—
—
All Other
Mining remediation
(118)
28
(90)
—
—
—
(118)
28
(90)
—
—
—
Repatriation tax
—
—
—
—
(430)
(430)
—
—
—
—
(430)
(430)
Severance accruals
—
—
—
—
—
—
(295)
65
(230)
—
—
—
Anadarko merger termination fee
—
—
—
—
—
—
—
—
—
1,000
(260)
740
Total Special Items
$
(118)
$
(102)
$
(220)
$
—
$
(430)
$
(430)
$
(6,263)
$
1,853
$
(4,410)
$
1,000
$
(510)
$
490
FOREIGN CURRENCY EFFECTS
Int'l Upstream
$
(107)
$
49
$
99
$
(97)
Int'l Downstream
(49)
27
(12)
49
All Other
(32)
(2)
(198)
—
Total Foreign Currency Effects
$
(188)
$
74
$
(111)
$
(48)
ADJUSTED EARNINGS/(LOSS)*
U.S. Upstream
$
116
$
727
$
(399)
$
2,371
Int'l Upstream
356
1,928
1,316
6,856
U.S. Downstream
141
389
(317)
1,071
Int'l Downstream
200
412
854
689
All Other
(612)
(520)
(1,811)
(1,895)
Total Adjusted Earnings/(Loss)
$
201
$
2,936
$
(357)
$
9,092
Total Adjusted Earnings/(Loss) per
share
$
0.11
$
1.55
$
(0.19)
$
4.79
* Adjusted Earnings/(Loss) is defined as
Net Income (loss) attributable to Chevron Corporation excluding
special items and foreign currency effects.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201030005136/en/
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