- Earnings of $3.1 billion; adjusted earnings of $3.3
billion
- Cash flow from operations of $7.0 billion; free cash flow of
$5.2 billion
- Resuming share repurchases, targeted at $2-3 billion per
year
Chevron Corporation (NYSE: CVX) today reported earnings of $3.1
billion ($1.60 per share - diluted) for second quarter 2021,
compared with a loss of $8.3 billion ($(4.44) per share - diluted)
in second quarter 2020. Included in the current quarter were
remediation charges associated with previously sold assets of $120
million and pension settlement costs of $115 million. Foreign
currency effects increased earnings by $43 million. Adjusted
earnings of $3.3 billion ($1.71 per share - diluted) in second
quarter 2021 compares to an adjusted loss of $2.9 billion ($(1.56)
per share - diluted) in second quarter 2020. For a reconciliation
of adjusted earnings/(loss), see Attachment 5.
Sales and other operating revenues in second quarter 2021 were
$36 billion, compared to $16 billion in the year-ago period.
Earnings Summary
Three Months Ended June
30
Six Months Ended June
30
Millions of dollars
2021
2020
2021
2020
Earnings by business segment
Upstream
$3,178
$(6,089)
$5,528
$(3,169)
Downstream
839
(1,010)
844
93
All Other
(935)
(1,171)
(1,913)
(1,595)
Total (1)(2)
$3,082
$(8,270)
$4,459
$(4,671)
(1) Includes foreign currency effects
$43
$(437)
$41
$77
(2) Net income attributable to Chevron
Corporation (See Attachment 1)
“Second quarter earnings were strong, reflecting improved market
conditions, combined with transformation benefits and merger
synergies,” said Mike Wirth, Chevron’s chairman and chief executive
officer.
“Our free cash flow was the highest in two years due to solid
operational and financial performance and lower capital spending,”
Wirth added. “We will resume share repurchases in the third quarter
at an expected rate of $2-3 billion per year.”
Chevron continued to exercise capital discipline with
year-to-date capital spending down 32 percent from a year ago. The
company recently sanctioned the Jansz-lo Compression project in
Australia, which is expected to maintain an important source of
clean-burning natural gas. GS Caltex, a 50 percent owned equity
affiliate, also started up an olefins mixed-feed cracker and
associated polyethylene unit at its Yeosu, South Korea refinery
ahead of schedule and under budget.
In the second quarter, Chevron continued to pursue the
development of renewable and lower carbon fuels. The company began
to produce renewable diesel at its El Segundo, California refinery
by co-processing bio-feedstock. The company also established its
first branded compressed natural gas (CNG) station as part of its
plan to sell renewable natural gas through more than 30 CNG
stations in California by 2025. In addition, the company announced
separate agreements to collaborate with Toyota Motor North America,
Inc. and Cummins Inc. to advance its goal of building a
commercially viable, large-scale hydrogen business.
UPSTREAM
Worldwide net oil-equivalent production was 3.13 million barrels
per day in second quarter 2021, an increase of 5 percent from a
year ago.
U.S. Upstream
Three Months Ended June
30
Six Months Ended June
30
Millions of dollars
2021
2020
2021
2020
Earnings
$
1,446
$
(2,066
)
$
2,387
$
(1,825
)
U.S. upstream operations earned $1.4 billion in second quarter
2021, compared with a loss of $2.1 billion a year earlier. The
improvement was primarily due to higher crude oil realizations and
the absence of second quarter 2020 charges for special items
including impairments, write-offs and severance accruals. Higher
crude oil production also contributed to the improvement between
periods.
The company’s average sales price per barrel of crude oil and
natural gas liquids was $54 in second quarter 2021, up from $19 a
year earlier. The average sales price of natural gas was $2.16 per
thousand cubic feet in second quarter 2021, up from $0.81 in last
year’s second quarter.
Net oil-equivalent production of 1.14 million barrels per day in
second quarter 2021 was up 145,000 barrels per day from a year
earlier. The increase was due to an additional 227,000 barrels per
day of production following the Noble Energy acquisition and lower
production curtailments, partially offset by a 68,000 barrels per
day decrease related to the Appalachian asset sale and lower
production due to normal field declines. The net liquids component
of oil-equivalent production in second quarter 2021 increased 15
percent to 857,000 barrels per day, and net natural gas production
also increased 15 percent to 1.68 billion cubic feet per day,
compared to last year’s second quarter.
International Upstream
Three Months Ended June
30
Six Months Ended June
30
Millions of dollars
2021
2020
2021
2020
Earnings*
$
1,732
$
(4,023
)
$
3,141
$
(1,344
)
*Includes foreign currency effects
$
78
$
(262
)
$
26
$
206
International upstream operations earned $1.7 billion in second
quarter 2021, compared with a loss of $4.0 billion a year ago. The
increase in earnings was primarily due to the absence of second
quarter 2020 special item charges and benefits including write-offs
and impairments, severance charges, tax items and the gain on the
Azerbaijan asset sale as well as higher current quarter crude oil
realizations. Foreign currency effects had a favorable impact on
earnings of $340 million between periods.
The average sales price for crude oil and natural gas liquids in
second quarter 2021 was $62 per barrel, up from $21 a year earlier.
The average sales price of natural gas was $4.92 per thousand cubic
feet in the second quarter, up from $4.48 in last year’s second
quarter.
Net oil-equivalent production of 1.99 million barrels per day in
second quarter 2021 decreased slightly from second quarter 2020.
Higher production of an additional 148,000 barrels per day
following the Noble Energy acquisition and lower production
curtailments were more than offset by unfavorable entitlement
effects and operational impacts. The net liquids component of
oil-equivalent production decreased 8 percent to 990,000 barrels
per day in second quarter 2021, while net natural gas production of
5.99 billion cubic feet per day increased 8 percent, compared to
last year's second quarter.
DOWNSTREAM
U.S. Downstream
Three Months Ended June
30
Six Months Ended June
30
Millions of dollars
2021
2020
2021
2020
Earnings
$
776
$
(988
)
$
646
$
(538
)
U.S. downstream operations reported earnings of $776 million in
second quarter 2021, compared with a loss of $988 million a year
earlier. The increase was mainly due to higher margins on refined
product sales, higher earnings from the 50 percent-owned Chevron
Phillips Chemical Company, higher sales volumes, and lower
operating expenses, including the absence of second quarter 2020
severance accruals.
Refinery crude oil input in second quarter 2021 increased 65
percent to 956,000 barrels per day from the year-ago period, as the
company increased refinery runs in response to higher demand and
the improved refining margin environment.
Refined product sales of 1.16 million barrels per day were up 40
percent from the year-ago period, mainly due to higher gasoline and
jet fuel demand as travel restrictions associated with the COVID-19
pandemic eased.
International Downstream
Three Months Ended June
30
Six Months Ended June
30
Millions of dollars
2021
2020
2021
2020
Earnings*
$63
$(22)
$198
$631
*Includes foreign currency effects
$1
$(23)
$60
$37
International downstream operations reported earnings of $63
million in second quarter 2021, compared with a loss of $22 million
a year earlier. The increase in earnings was largely due to the
absence of second quarter 2020 severance accruals. Foreign currency
effects had a favorable impact on earnings of $24 million between
periods.
Refinery crude oil input of 580,000 barrels per day in second
quarter 2021 decreased 2 percent from the year-ago period.
Refined product sales of 1.28 million barrels per day in second
quarter 2021 increased 16 percent from the year-ago period, mainly
due to higher gasoline, jet fuel and diesel demand.
ALL OTHER
Three Months Ended June
30
Six Months Ended June
30
Millions of dollars
2021
2020
2021
2020
Net Charges*
$
(935
)
$
(1,171
)
$
(1,913
)
$
(1,595
)
*Includes foreign currency effects
$
(36
)
$
(152
)
$
(45
)
$
(166
)
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 second quarter 2021 were $935 million, compared
to $1.2 billion a year earlier. The decrease in net charges between
periods was mainly due to the absence of second quarter 2020
severance accruals, partially offset by higher tax items and
pension settlement costs. Foreign currency effects decreased net
charges by $116 million between periods.
CASH FLOW FROM OPERATIONS
Cash flow from operations in the first six months of 2021 was
$11.2 billion, compared with $4.8 billion in 2020. Excluding
working capital effects, cash flow from operations in the first six
months of 2021 was $12.2 billion, compared with $5.2 billion in
2020.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures in the first six months of
2021 were $5.3 billion, compared with $7.7 billion in 2020. The
amounts included $1.5 billion in 2021 and $2.3 billion in 2020 for
the company’s share of expenditures by affiliates, which did not
require cash outlays by the company. Expenditures for upstream
represented 84 percent of the company-wide total in 2021.
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
To advance a lower-carbon future, we are focused on cost
efficiently lowering our carbon intensity, increasing renewables
and offsets in support of our business, and investing in low-carbon
technologies that enable commercial solutions.
NOTICE
Chevron’s discussion of second quarter 2021 earnings with
security analysts will take place on Friday, July 30, 2021, at 8:00
a.m. PT. 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.
Prepared remarks for today’s call, additional financial and
operating information and other complementary materials will be
available prior to the call at approximately 3:15 a.m. PT and
located 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.
Non-GAAP Financial Measures - This news release includes
adjusted earnings/(loss), which reflect earnings or losses
excluding significant non-operational items including impairment
charges, write-offs, severance costs, Noble Energy acquisition
costs, gains on asset sales, unusual tax items, effects of pension
settlements and curtailments, foreign currency effects and other
special items. During the first quarter of 2021, the Company
updated its calculation of adjusted earnings to exclude pension
settlement costs. The Company recognizes settlement gains or losses
when the cost of all settlements for a plan during a year is
greater than the sum of its service and interest costs during the
year. By adjusting earnings to exclude pension settlement costs,
the Company believes it removes non-operational costs that would
otherwise obscure its underlying operating results. Adjusted
earnings/(loss) for 2020 were recast to conform with the current
presentation. We believe it is useful for investors to consider
this measure 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.
This news release also includes free cash flow and free cash
flow excluding working capital. Free cash flow is defined as net
cash provided by operating activities less cash capital
expenditures, and represents the cash available to creditors and
investors after investing in the business. Free cash flow excluding
working capital is defined as net cash provided by operating
activities excluding working capital less cash capital expenditures
and represents the cash available to creditors and investors after
investing in the business excluding the timing impacts of working
capital. The company believes these measures are useful to monitor
the financial health of the company and its performance over time.
A reconciliation of free cash flow and free cash flow excluding
working capital are shown in Attachment 3.
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,”
“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” 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 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 ability to achieve the anticipated
benefits from the acquisition of Noble Energy, Inc.; 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; 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 23 of the company's 2020 Annual Report
on Form 10-K 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 June 30
Six Months
Ended June 30
REVENUES AND OTHER INCOME
2021
2020
2021
2020
Sales and other operating revenues
$
36,117
$
15,926
$
67,193
$
45,631
Income (loss) from equity affiliates
1,442
(2,515
)
2,353
(1,550
)
Other income (loss)
38
83
80
914
Total Revenues and Other Income
37,597
13,494
69,626
44,995
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
20,629
8,144
38,197
23,653
Operating expenses *
6,160
7,198
12,454
13,270
Exploration expenses
113
895
199
1,053
Depreciation, depletion and
amortization
4,522
6,717
8,808
11,005
Taxes other than on income
1,566
965
2,986
2,132
Interest and debt expense
185
172
383
334
Total Costs and Other
Deductions
33,175
24,091
63,027
51,447
Income (Loss) Before Income Tax
Expense
4,422
(10,597
)
6,599
(6,452
)
Income tax expense (benefit)
1,328
(2,320
)
2,107
(1,756
)
Net Income (Loss)
3,094
(8,277
)
4,492
(4,696
)
Less: Net income (loss) attributable to
noncontrolling interests
12
(7
)
33
(25
)
NET INCOME (LOSS) ATTRIBUTABLE
TO
CHEVRON CORPORATION
$
3,082
$
(8,270
)
$
4,459
$
(4,671
)
* 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
$
1.61
$
(4.44
)
$
2.33
$
(2.51
)
- Diluted
$
1.60
$
(4.44
)
$
2.32
$
(2.51
)
Weighted Average Number of Shares
Outstanding (000's)
- Basic
1,917,536
1,853,313
1,915,243
1,857,793
- Diluted
1,921,958
1,853,313
1,918,940
1,857,793
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 2
(Millions of Dollars)
(unaudited)
EARNINGS BY MAJOR
OPERATING AREA
Three Months
Ended June 30
Six Months
Ended June 30
2021
2020
2021
2020
Upstream
United States
$
1,446
$
(2,066
)
$
2,387
$
(1,825
)
International
1,732
(4,023
)
3,141
(1,344
)
Total Upstream
3,178
(6,089
)
5,528
(3,169
)
Downstream
United States
776
(988
)
646
(538
)
International
63
(22
)
198
631
Total Downstream
839
(1,010
)
844
93
All Other (1)
(935
)
(1,171
)
(1,913
)
(1,595
)
Total (2)
$
3,082
$
(8,270
)
$
4,459
$
(4,671
)
SELECTED BALANCE
SHEET ACCOUNT DATA (Preliminary)
June 30, 2021
Dec 31, 2020
Cash and Cash Equivalents
$
7,527
$
5,596
Marketable Securities
$
34
$
31
Total Assets
$
242,806
$
239,790
Total Debt
$
43,018
$
44,315
Total Chevron Corporation Stockholders'
Equity
$
133,182
$
131,688
Three Months Ended June
30
Six Months Ended June
30
CAPITAL AND
EXPLORATORY EXPENDITURES(3)
2021
2020
2021
2020
United States
Upstream
$
1,074
$
1,011
$
2,123
$
3,028
Downstream
264
178
506
454
Other
31
45
83
139
Total United States
1,369
1,234
2,712
3,621
International
Upstream
1,237
1,496
2,296
3,380
Downstream
174
573
272
721
Other
6
3
10
8
Total International
1,417
2,072
2,578
4,109
Worldwide
$
2,786
$
3,306
$
5,290
$
7,730
(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
$
80
$
56
$
166
$
175
International
769
1,019
1,361
2,083
Total
$
849
$
1,075
$
1,527
$
2,258
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
2021
2021
2020
Net Income (Loss)
$
3.1
$
4.5
$
(4.7
)
Adjustments
Depreciation, depletion and
amortization
4.5
8.8
11.0
Distributions more (less) than income from
equity affiliates
(0.9
)
(1.4
)
2.3
Loss (gain) on asset retirements and
sales
—
(0.1
)
(0.6
)
Net foreign currency effects
—
0.2
—
Deferred income tax provision
0.1
(0.2
)
(2.5
)
Net decrease (increase) in operating
working capital
(0.1
)
(1.0
)
(0.4
)
Other operating activity
0.3
0.4
(0.2
)
Net Cash Provided by Operating
Activities
$
7.0
$
11.2
$
4.8
INVESTING ACTIVITIES
Capital expenditures
(1.8
)
(3.5
)
(5.2
)
Proceeds and deposits related to asset
sales and returns of investment
0.2
0.4
1.9
Other investing activity(2)
—
—
(1.1
)
Net Cash Used for Investing
Activities
$
(1.6
)
$
(3.1
)
$
(4.4
)
FINANCING ACTIVITIES
Net change in debt
(2.5
)
(1.3
)
7.0
Cash dividends — common stock
(2.6
)
(5.0
)
(4.8
)
Net sales (purchases) of treasury
shares
0.1
0.4
(1.6
)
Distributions to noncontrolling
interests
—
—
—
Net Cash Provided by (Used for)
Financing Activities
$
(4.9
)
$
(6.0
)
$
0.6
EFFECT OF EXCHANGE RATE CHANGES ON
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
—
(0.1
)
(0.1
)
NET CHANGE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
$
0.4
$
2.0
$
0.9
(1) Totals may not match sum of parts due
to presentation in billions.
(2) Primarily borrowings of loans by
equity affiliates.
RECONCILIATION OF
NON-GAAP MEASURES
Net Cash Provided by Operating
Activities
$
7.0
$
11.2
$
4.8
Less: Capital expenditures
1.8
3.5
5.2
Free Cash Flow
$
5.2
$
7.7
$
(0.4
)
Less: Net decrease (increase) in operating
working capital
(0.1
)
(1.0
)
(0.4
)
Free Cash Flow Excluding Working
Capital
$
5.3
$
8.7
$
—
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 4
(unaudited)
OPERATING
STATISTICS (1)
Three Months Ended June
30
Six Months Ended June
30
NET LIQUIDS PRODUCTION (MB/D):
(2)
2021
2020
2021
2020
United States
857
747
829
775
International
990
1,077
1,008
1,120
Worldwide
1,847
1,824
1,837
1,895
NET NATURAL GAS PRODUCTION (MMCF/D):
(3)
United States
1,678
1,462
1,660
1,513
International
5,993
5,524
6,060
5,787
Worldwide
7,671
6,986
7,720
7,300
TOTAL NET OIL-EQUIVALENT PRODUCTION
(MB/D): (4)
United States
1,136
991
1,106
1,027
International
1,990
1,997
2,018
2,084
Worldwide
3,126
2,988
3,124
3,111
SALES OF NATURAL GAS (MMCF/D):
United States
3,776
3,863
3,843
4,113
International
4,756
5,430
5,092
5,828
Worldwide
8,532
9,293
8,935
9,941
SALES OF NATURAL GAS LIQUIDS
(MB/D):
United States
215
219
207
227
International
180
104
166
122
Worldwide
395
323
373
349
SALES OF REFINED PRODUCTS
(MB/D):
United States
1,159
827
1,105
993
International (5)
1,282
1,104
1,274
1,188
Worldwide
2,441
1,931
2,379
2,181
REFINERY INPUT (MB/D):
United States
956
581
918
773
International
580
589
559
612
Worldwide
1,536
1,170
1,477
1,385
(1) Includes interest in affiliates.
(2) Includes net production of synthetic
oil:
Canada
54
63
57
60
(3) Includes natural gas consumed in
operations (MMCF/D):
United States
45
49
45
48
International
525
572
541
590
(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):
342
351
341
353
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 5
(Millions of Dollars)
(unaudited)
RECONCILIATION OF
NON-GAAP MEASURES
Three Months Ended June 30,
2021
Three Months Ended June 30,
2020 1
Six Months Ended June 30,
2021
Six Months Ended June 30, 2020
1
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
$
1,446
$
(2,066
)
$
2,387
$
(1,825
)
Int'l Upstream
1,732
(4,023
)
3,141
(1,344
)
U.S. Downstream
776
(988
)
646
(538
)
Int'l Downstream
63
(22
)
198
631
All Other
(935
)
(1,171
)
(1,913
)
(1,595
)
Net Income (Loss) Attributable to
Chevron
$
3,082
$
(8,270
)
$
4,459
$
(4,671
)
SPECIAL
ITEMS
U.S. Upstream
Impairments & write-offs
$
—
$
—
$
—
$
(1,575
)
$
385
$
(1,190
)
$
—
$
—
$
—
$
(1,575
)
$
385
$
(1,190
)
Severance accruals
—
—
—
(157
)
37
(120
)
—
—
—
(157
)
37
(120
)
Remediation charge
(158
)
38
(120
)
—
—
—
(158
)
38
(120
)
—
—
—
Int'l Upstream
Asset sale gains
—
—
—
310
—
310
—
—
—
550
—
550
Impairments & write-offs
—
—
—
(4,106
)
516
(3,590
)
—
—
—
(4,106
)
516
(3,590
)
Severance accruals
—
—
—
(374
)
84
(290
)
—
—
—
(374
)
84
(290
)
Tax Items
—
—
—
—
380
380
—
—
—
—
820
820
U.S. Downstream
Legal reserves
—
—
—
—
—
—
(140
)
30
(110
)
—
—
—
Severance accruals
—
—
—
(109
)
29
(80
)
—
—
—
(109
)
29
(80
)
Int'l Downstream
Severance accruals
—
—
—
(79
)
19
(60
)
—
—
—
(79
)
19
(60
)
All Other
Pension settlement costs
(151
)
36
(115
)
(60
)
14
(46
)
(468
)
112
(356
)
(120
)
28
(92
)
Severance accruals
—
—
—
(295
)
65
(230
)
—
—
—
(295
)
65
(230
)
Total Special Items
$
(309
)
$
74
$
(235
)
$
(6,445
)
$
1,529
$
(4,916
)
$
(766
)
$
180
$
(586
)
$
(6,265
)
$
1,983
$
(4,282
)
FOREIGN CURRENCY
EFFECTS
Int'l Upstream
$
78
$
(262
)
$
26
$
206
Int'l Downstream
1
(23
)
60
37
All Other
(36
)
(152
)
(45
)
(166
)
Total Foreign Currency Effects
$
43
$
(437
)
$
41
$
77
ADJUSTED
EARNINGS/(LOSS) 2
U.S. Upstream
$
1,566
$
(756
)
$
2,507
$
(515
)
Int'l Upstream
1,654
(571
)
3,115
960
U.S. Downstream
776
(908
)
756
(458
)
Int'l Downstream
62
61
138
654
All Other
(784
)
(743
)
(1,512
)
(1,107
)
Total Adjusted Earnings/(Loss)
$
3,274
$
(2,917
)
$
5,004
$
(466
)
Total Adjusted Earnings/(Loss) per
share
$
1.71
$
(1.56
)
$
2.61
$
(0.25
)
1 Amounts recast to conform with the current presentation of
excluding pension settlement costs. For additional information,
please refer to the discussion under “Non-GAAP Financial Measures”
in this news release.
2 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/20210730005127/en/
Sean Comey -- +1 925-842-5509
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