Chevron Announces Third Quarter 2020 Results
Chevron Corporation (NYSE: CVX) reported a third-quarter 2020 loss of $207 million ($(0.12) per share), down from a profit of $2.6 billion in Q3 2019. The decline was driven by lower commodity prices and decreased operational revenue of $24 billion, compared to $35 billion a year earlier. Adjusted earnings were $201 million ($0.11 per share), significantly lower compared to $2.9 billion in 2019. The company continues to focus on capital discipline and cost management, reducing capital expenditures by 48% and operating expenses by 12% year-over-year. Production decreased 7% to 2.83 million barrels per day.
- Acquisition of Noble Energy completed, enhancing portfolio with high-quality assets.
- Successful production of dairy biomethane through joint venture with CalBioGas LLC.
- Joint venture formed with Brightmark LLC for additional dairy biomethane production.
- Reported loss of $207 million for Q3 2020, a significant drop from $2.6 billion profit in Q3 2019.
- Sales and operating revenues fell from $35 billion to $24 billion year-over-year.
- 7% decrease in worldwide net oil-equivalent production, primarily due to low commodity prices.
SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today reported a loss of
Adjusted earnings of
Sales and other operating revenues in third quarter 2020 were
Earnings Summary
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Three Months
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Nine Months
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Millions of dollars |
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2020 |
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2019 |
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2020 |
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2019 |
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Earnings by business segment |
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Upstream |
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Downstream |
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292 |
|
828 |
|
385 |
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1,809 |
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All Other |
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(734) |
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(952) |
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(2,329) |
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(1,585) |
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Total (1)(2) |
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(1) Includes foreign currency effects |
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(2) Net income attributable to Chevron Corporation (See Attachment 1) |
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“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 |
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Millions of dollars |
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2020 |
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2019 |
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2020 |
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2019 |
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Earnings |
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U.S. upstream operations earned
The company’s average sales price per barrel of crude oil and natural gas liquids was
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 |
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Millions of dollars |
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2020 |
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2019 |
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2020 |
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2019 |
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Earnings* |
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*Includes foreign currency effects |
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International upstream operations earned
The average sales price for crude oil and natural gas liquids in third quarter 2020 was
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 |
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Three Months
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Nine Months
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Millions of dollars |
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2020 |
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2019 |
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2020 |
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2019 |
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Earnings |
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U.S. downstream operations earned
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 |
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Nine Months
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Millions of dollars |
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2020 |
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2019 |
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2020 |
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2019 |
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Earnings* |
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*Includes foreign currency effects |
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International downstream operations earned
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
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Three Months
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Nine Months
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Millions of dollars |
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2020 |
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2019 |
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2020 |
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2019 |
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Net Charges* |
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*Includes foreign currency effects |
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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
CASH FLOW FROM OPERATIONS
Cash flow from operations in the first nine months of 2020 was
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures in the first nine months of 2020 were
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 |
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(Millions of Dollars, Except Per-Share Amounts) |
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(unaudited) |
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CONSOLIDATED STATEMENT OF INCOME |
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|
|||||||||||||||||
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Three Months
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Nine Months
|
||||||||||||||||
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 |
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PER-SHARE OF COMMON STOCK |
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|
|
||||||||||||
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
|
|
Nine Months
|
||||||||||||||||||||||||||||||||||
|
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,
|
|
Dec 31,
|
|||||||||||||||||||||||||||||||||
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
|
|
Nine Months
|
||||||||||||||||||||||||||||||||||
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
|
||||||||||||
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
|
|
Nine Months
|
|||||||||
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
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||||||||
|
Pre-
|
Income
|
After-
|
|
Pre-
|
Income
|
After-
|
|
Pre-
|
Income
|
After-
|
|
Pre-
|
Income
|
After-
|
||||||||||||||||||||||||||
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. |