6001 Bollinger Canyon Road | |||||||||||||||||||||||
Delaware | 94-0890210 | San Ramon, | California | 94583-2324 | |||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | (Address of principal executive offices) (Zip Code) | |||||||||||||||||||||
incorporation or organization) | Identification No.) |
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 |
Large accelerated filer | ☑ | Accelerated filer | ☐ | ||||||||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||||||||||||
Emerging growth company | ☐ |
ITEM | PAGE | ||||||||||
ITEM | PAGE | |
4. | Mine Safety Disclosures | |
Information about our Executive Officers | ||
16. | Form 10-K Summary | |
At December 31, 2020 | ||||||||||||||||||||||||||
Female | Male | Gender data not available 1 | Total Employees | |||||||||||||||||||||||
Number of Employees | Percentage | Number of Employees | Percentage | Number of Employees | Percentage | Number of Employees | Percentage | |||||||||||||||||||
U.S. | 6,632 | 28 | % | 16,606 | 70 | % | 491 | 2 | % | 23,729 | 50 | % | ||||||||||||||
Other Americas | 894 | 26 | % | 2,484 | 73 | % | 33 | 1 | % | 3,411 | 7 | % | ||||||||||||||
Africa | 715 | 17 | % | 3,507 | 83 | % | 6 | — | % | 4,228 | 9 | % | ||||||||||||||
Asia | 2,982 | 29 | % | 7,334 | 71 | % | 80 | 1 | % | 10,396 | 22 | % | ||||||||||||||
Australia | 1,746 | 40 | % | 2,584 | 60 | % | 6 | — | % | 4,336 | 9 | % | ||||||||||||||
Europe | 410 | 25 | % | 1,226 | 75 | % | 0 | — | % | 1,636 | 3 | % | ||||||||||||||
Total Employees 2 | 13,379 | 28 | % | 33,741 | 71 | % | 616 | 1 | % | 47,736 | 100 | % |
At December 31 | At December 31 | ||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||
Liquids — Millions of barrels | Liquids — Millions of barrels | ||||||||||||||||||||||||||||
Consolidated Companies | 4,771 | 4,975 | 4,530 | Consolidated Companies | 4,475 | 4,771 | 4,975 | ||||||||||||||||||||||
Affiliated Companies | 1,750 | 1,815 | 2,012 | Affiliated Companies | 1,672 | 1,750 | 1,815 | ||||||||||||||||||||||
Total Liquids | 6,521 | 6,790 | 6,542 | Total Liquids | 6,147 | 6,521 | 6,790 | ||||||||||||||||||||||
Natural Gas — Billions of cubic feet | Natural Gas — Billions of cubic feet | ||||||||||||||||||||||||||||
Consolidated Companies | 26,587 | 28,733 | 27,514 | Consolidated Companies | 27,006 | 26,587 | 28,733 | ||||||||||||||||||||||
Affiliated Companies | 2,870 | 2,843 | 3,222 | Affiliated Companies | 2,916 | 2,870 | 2,843 | ||||||||||||||||||||||
Total Natural Gas | 29,457 | 31,576 | 30,736 | Total Natural Gas | 29,922 | 29,457 | 31,576 | ||||||||||||||||||||||
Oil-Equivalent — Millions of barrels1 | Oil-Equivalent — Millions of barrels1 | ||||||||||||||||||||||||||||
Consolidated Companies | 9,202 | 9,764 | 9,116 | Consolidated Companies | 8,976 | 9,202 | 9,764 | ||||||||||||||||||||||
Affiliated Companies | 2,229 | 2,289 | 2,549 | Affiliated Companies | 2,158 | 2,229 | 2,289 | ||||||||||||||||||||||
Total Oil-Equivalent | 11.431 | 12.053 | 11.665 | Total Oil-Equivalent | 11,134 | 11,431 | 12,053 |
* As used in this report, the term “project” may describe new upstream development activity, individual phases in a multiphase development, maintenance activities, certain existing assets, new investments in downstream and chemicals capacity, investments in emerging and sustainable energy activities, and certain other activities. All of these terms are used for convenience only and are not intended as a precise description of the term “project” as it relates to any specific governmental law or regulation. 5 |
Components of Oil-Equivalent | |||||||||||||||||||||||||||||
Oil-Equivalent | Liquids | Natural Gas | |||||||||||||||||||||||||||
Thousands of barrels per day (MBPD) | (MBPD)1 | (MBPD) | (MMCFPD) | ||||||||||||||||||||||||||
Millions of cubic feet per day (MMCFPD) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
United States2 | 1,058 | 929 | 790 | 724 | 1,607 | 1,225 | |||||||||||||||||||||||
Other Americas | |||||||||||||||||||||||||||||
Argentina | 25 | 27 | 21 | 23 | 24 | 25 | |||||||||||||||||||||||
Brazil | 6 | 8 | 6 | 8 | 1 | 2 | |||||||||||||||||||||||
Canada3 | 159 | 135 | 138 | 119 | 126 | 95 | |||||||||||||||||||||||
Colombia4 | 2 | 11 | — | — | 14 | 64 | |||||||||||||||||||||||
Total Other Americas | 192 | 181 | 165 | 150 | 165 | 186 | |||||||||||||||||||||||
Africa | |||||||||||||||||||||||||||||
Angola | 87 | 95 | 78 | 86 | 53 | 52 | |||||||||||||||||||||||
Equatorial Guinea2 | 11 | — | 5 | — | 42 | — | |||||||||||||||||||||||
Nigeria | 183 | 209 | 140 | 173 | 260 | 215 | |||||||||||||||||||||||
Republic of Congo | 46 | 52 | 44 | 49 | 13 | 13 | |||||||||||||||||||||||
Total Africa | 327 | 356 | 267 | 308 | 368 | 280 | |||||||||||||||||||||||
Asia | |||||||||||||||||||||||||||||
Azerbaijan4 | 7 | 20 | 7 | 18 | 3 | 10 | |||||||||||||||||||||||
Bangladesh | 107 | 110 | 3 | 4 | 622 | 638 | |||||||||||||||||||||||
China | 32 | 31 | 15 | 16 | 100 | 93 | |||||||||||||||||||||||
Indonesia | 138 | 109 | 131 | 101 | 43 | 52 | |||||||||||||||||||||||
Israel2 | 20 | — | — | — | 116 | — | |||||||||||||||||||||||
Kazakhstan | 55 | 49 | 32 | 28 | 136 | 129 | |||||||||||||||||||||||
Myanmar | 15 | 15 | — | — | 92 | 93 | |||||||||||||||||||||||
Partitioned Zone5 | 18 | — | 17 | — | 3 | — | |||||||||||||||||||||||
Philippines4 | 5 | 26 | 1 | 3 | 25 | 136 | |||||||||||||||||||||||
Thailand | 207 | 238 | 54 | 65 | 918 | 1,038 | |||||||||||||||||||||||
Total Asia | 604 | 598 | 260 | 235 | 2,058 | 2,189 | |||||||||||||||||||||||
Australia | |||||||||||||||||||||||||||||
Australia | 441 | 455 | 42 | 45 | 2,392 | 2,460 | |||||||||||||||||||||||
Total Australia | 441 | 455 | 42 | 45 | 2,392 | 2,460 | |||||||||||||||||||||||
Europe | |||||||||||||||||||||||||||||
Denmark4 | — | 5 | — | 3 | — | 11 | |||||||||||||||||||||||
United Kingdom4 | 14 | 62 | 13 | 44 | 5 | 108 | |||||||||||||||||||||||
Total Europe | 14 | 67 | 13 | 47 | 5 | 119 | |||||||||||||||||||||||
Total Consolidated Companies | 2,636 | 2,586 | 1,537 | 1,509 | 6,595 | 6,459 | |||||||||||||||||||||||
Affiliates3,6 | 447 | 472 | 331 | 356 | 695 | 698 | |||||||||||||||||||||||
Total Including Affiliates7 | 3,083 | 3,058 | 1,868 | 1,865 | 7,290 | 7,157 | |||||||||||||||||||||||
1 Oil-equivalent conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil. | |||||||||||||||||||||||||||||
2 Includes production associated with the acquisition of Noble commencing October 2020. | |||||||||||||||||||||||||||||
3 Includes synthetic oil: Canada, net | 54 | 53 | 54 | 53 | — | — | |||||||||||||||||||||||
Venezuela, net | — | 3 | — | 3 | — | — | |||||||||||||||||||||||
4 Chevron sold its interest in various upstream producing assets in 2019 and 2020. | |||||||||||||||||||||||||||||
5 Located between Saudi Arabia and Kuwait. Production was shut-in in May 2015; resumed in July 2020. | |||||||||||||||||||||||||||||
6 Volumes represent Chevron’s share of production by affiliates, including Tengizchevroil in Kazakhstan; Petroboscan and Petropiar in Venezuela through June 30, 2020; and Angola LNG in Angola. | |||||||||||||||||||||||||||||
7 Volumes include natural gas consumed in operations of 603 million and 638 million cubic feet per day in 2020 and 2019, respectively. Total “as sold” natural gas volumes were 6,687 million and 6,519 million cubic feet per day for 2020 and 2019, respectively. |
Components of Oil-Equivalent | |||||||||||||||
Oil-Equivalent | Liquids | Natural Gas | |||||||||||||
Thousands of barrels per day (MBPD) | (MBPD)1 | (MBPD) | (MMCFPD) | ||||||||||||
Millions of cubic feet per day (MMCFPD) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||
United States | 929 | 791 | 724 | 618 | 1,225 | 1,034 | |||||||||
Other Americas | |||||||||||||||
Argentina | 27 | 24 | 23 | 20 | 25 | 24 | |||||||||
Brazil | 8 | 11 | 8 | 10 | 2 | 4 | |||||||||
Canada2 | 135 | 116 | 119 | 103 | 95 | 79 | |||||||||
Colombia | 11 | 14 | — | — | 64 | 82 | |||||||||
Total Other Americas | 181 | 165 | 150 | 133 | 186 | 189 | |||||||||
Africa | |||||||||||||||
Angola | 95 | 108 | 86 | 98 | 52 | 59 | |||||||||
Democratic Republic of the Congo3 | — | 1 | — | 1 | — | — | |||||||||
Nigeria | 209 | 239 | 173 | 200 | 215 | 233 | |||||||||
Republic of Congo | 52 | 52 | 49 | 49 | 13 | 14 | |||||||||
Total Africa | 356 | 400 | 308 | 348 | 280 | 306 | |||||||||
Asia | |||||||||||||||
Azerbaijan | 20 | 20 | 18 | 18 | 10 | 10 | |||||||||
Bangladesh | 110 | 112 | 4 | 4 | 638 | 648 | |||||||||
China | 31 | 29 | 16 | 16 | 93 | 84 | |||||||||
Indonesia | 109 | 132 | 101 | 113 | 52 | 113 | |||||||||
Kazakhstan | 49 | 46 | 28 | 27 | 129 | 120 | |||||||||
Myanmar | 15 | 16 | — | — | 93 | 98 | |||||||||
Partitioned Zone4 | — | — | — | — | — | — | |||||||||
Philippines | 26 | 26 | 3 | 3 | 136 | 138 | |||||||||
Thailand | 238 | 236 | 65 | 66 | 1,038 | 1,022 | |||||||||
Total Asia | 598 | 617 | 235 | 247 | 2,189 | 2,233 | |||||||||
Australia/Oceania | |||||||||||||||
Australia | 455 | 426 | 45 | 42 | 2,460 | 2,304 | |||||||||
Total Australia/Oceania | 455 | 426 | 45 | 42 | 2,460 | 2,304 | |||||||||
Europe | |||||||||||||||
Denmark5 | 5 | 19 | 3 | 12 | 11 | 45 | |||||||||
United Kingdom | 62 | 65 | 44 | 43 | 108 | 133 | |||||||||
Total Europe | 67 | 84 | 47 | 55 | 119 | 178 | |||||||||
Total Consolidated Companies | 2,586 | 2,483 | 1,509 | 1,443 | 6,459 | 6,244 | |||||||||
Affiliates2,6 | 472 | 447 | 356 | 339 | 698 | 645 | |||||||||
Total Including Affiliates7 | 3,058 | 2,930 | 1,865 | 1,782 | 7,157 | 6,889 | |||||||||
1 Oil-equivalent conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil. | |||||||||||||||
2 Includes synthetic oil: Canada, net | 53 | 53 | 53 | 53 | — | — | |||||||||
Venezuelan affiliate, net | 3 | 24 | 3 | 24 | — | — | |||||||||
3 Chevron sold its interest in a concession in the Democratic Republic of Congo in April 2018. | |||||||||||||||
4 Located between Saudi Arabia and Kuwait. Production has been shut-in since May 2015. | |||||||||||||||
5 Chevron sold its 12 percent nonoperated working interest in the Danish Underground Consortium in April 2019. | |||||||||||||||
6 Volumes represent Chevron’s share of production by affiliates, including Tengizchevroil in Kazakhstan; Petroboscan and Petropiar in Venezuela; and Angola LNG in Angola. | |||||||||||||||
7 Volumes include natural gas consumed in operations of 638 million and 619 million cubic feet per day in 2019 and 2018, respectively. Total “as sold” natural gas volumes were 6,519 million and 6,270 million cubic feet per day for 2019 and 2018, respectively. |
At December 31, 2020 | |||||||||||||||||||||||
Productive Oil Wells1 | Productive Gas Wells1 | ||||||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||||||
United States | 42,933 | 31,380 | 2,859 | 2,322 | |||||||||||||||||||
Other Americas | 1,077 | 687 | 216 | 135 | |||||||||||||||||||
Africa | 1,732 | 679 | 50 | 19 | |||||||||||||||||||
Asia | 14,210 | 12,492 | 3,179 | 1,732 | |||||||||||||||||||
Australia | 533 | 299 | 101 | 25 | |||||||||||||||||||
Europe | 29 | 6 | — | — | |||||||||||||||||||
Total Consolidated Companies | 60,514 | 45,543 | 6,405 | 4,233 | |||||||||||||||||||
Affiliates2 | 1,675 | 601 | — | — | |||||||||||||||||||
Total Including Affiliates | 62,189 | 46,144 | 6,405 | 4,233 | |||||||||||||||||||
Multiple completion wells included above | 619 | 340 | 148 | 117 | |||||||||||||||||||
1 Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells. | |||||||||||||||||||||||
2 Includes gross 1,452 and net 490 productive oil wells for interests accounted for by the non-equity method. |
At December 31, 2019 | |||||||||||
Productive Oil Wells* | Productive Gas Wells* | ||||||||||
Gross | Net | Gross | Net | ||||||||
United States | 39,282 | 28,179 | 2,727 | 1,978 | |||||||
Other Americas | 1,070 | 651 | 190 | 117 | |||||||
Africa | 1,713 | 664 | 27 | 11 | |||||||
Asia | 14,450 | 12,522 | 3,577 | 2,012 | |||||||
Australia/Oceania | 540 | 303 | 103 | 27 | |||||||
Europe | 27 | 5 | — | — | |||||||
Total Consolidated Companies | 57,082 | 42,324 | 6,624 | 4,145 | |||||||
Affiliates | 1,643 | 588 | — | — | |||||||
Total Including Affiliates | 58,725 | 42,912 | 6,624 | 4,145 | |||||||
Multiple completion wells included above | 629 | 352 | 147 | 116 | |||||||
* Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells. |
Undeveloped2 | Developed | Developed and Undeveloped | ||||||||||||||||||||||||||||||||||||
Thousands of acres1 | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||
United States | 4,120 | 3,561 | 4,670 | 3,317 | 8,790 | 6,878 | ||||||||||||||||||||||||||||||||
Other Americas | 19,418 | 10,592 | 1,169 | 252 | 20,587 | 10,844 | ||||||||||||||||||||||||||||||||
Africa | 7,393 | 4,829 | 2,522 | 1,051 | 9,915 | 5,880 | ||||||||||||||||||||||||||||||||
Asia | 18,742 | 7,692 | 1,914 | 1,041 | 20,656 | 8,733 | ||||||||||||||||||||||||||||||||
Australia | 10,370 | 6,471 | 2,061 | 812 | 12,431 | 7,283 | ||||||||||||||||||||||||||||||||
Total Consolidated Companies | 60,043 | 33,145 | 12,336 | 6,473 | 72,379 | 39,618 | ||||||||||||||||||||||||||||||||
Affiliates3 | 702 | 290 | 102 | 46 | 804 | 336 | ||||||||||||||||||||||||||||||||
Total Including Affiliates | 60,745 | 33,435 | 12,438 | 6,519 | 73,183 | 39,954 | ||||||||||||||||||||||||||||||||
1 Gross acres represent the total number of acres in which Chevron has an ownership interest. Net acres represent the sum of Chevron’s ownership interest in gross acres. | ||||||||||||||||||||||||||||||||||||||
2 The gross undeveloped acres that will expire in 2021, 2022 and 2023 if production is not established by certain required dates are 2,415, 5,404 and 3,199, respectively. | ||||||||||||||||||||||||||||||||||||||
3 Includes gross 405 and net 141 undeveloped and gross 19 and net 5 developed acreage for interests accounted for by the non-equity method. |
Undeveloped2 | Developed | Developed and Undeveloped | ||||||||||||||||
Thousands of acres1 | Gross | Net | Gross | Net | Gross | Net | ||||||||||||
United States | 3,665 | 3,214 | 4,149 | 2,886 | 7,814 | 6,100 | ||||||||||||
Other Americas | 17,004 | 10,543 | 1,219 | 284 | 18,223 | 10,827 | ||||||||||||
Africa | 3,717 | 1,443 | 2,238 | 933 | 5,955 | 2,376 | ||||||||||||
Asia | 19,165 | 7,992 | 1,678 | 924 | 20,843 | 8,916 | ||||||||||||
Australia/Oceania | 10,882 | 5,697 | 2,061 | 812 | 12,943 | 6,509 | ||||||||||||
Total Consolidated Companies | 54,433 | 28,889 | 11,345 | 5,839 | 65,778 | 34,728 | ||||||||||||
Affiliates | 497 | 219 | 307 | 117 | 804 | 336 | ||||||||||||
Total Including Affiliates | 54,930 | 29,108 | 11,652 | 5,956 | 66,582 | 35,064 | ||||||||||||
1 Gross acres represent the total number of acres in which Chevron has an ownership interest. Net acres represent the sum of Chevron’s ownership interest in gross acres. | ||||||||||||||||||
2 The gross undeveloped acres that will expire in 2020, 2021 and 2022 if production is not established by certain required dates are 1,136, 2,644 and 4,180, respectively. |
Wells Drilling* | Net Wells Completed | Wells Drilling1 | Net Wells Completed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
at 12/31/19 | 2019 | 2018 | 2017 | at 12/31/20 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Net | Prod. | Dry | Prod. | Dry | Prod. | Dry | Gross | Net | Prod. | Dry | Prod. | Dry | Prod. | Dry | |||||||||||||||||||||||||||||||||||||||||||
United States | 186 | 135 | 682 | 1 | 509 | 1 | 435 | 4 | United States | 190 | 149 | 539 | 2 | 682 | 1 | 509 | 1 | |||||||||||||||||||||||||||||||||||||||||
Other Americas | 16 | 11 | 36 | — | 43 | — | 40 | — | Other Americas | 12 | 9 | 27 | — | 36 | — | 43 | — | |||||||||||||||||||||||||||||||||||||||||
Africa | 12 | 1 | 26 | — | 8 | — | 34 | — | Africa | 1 | — | 5 | — | 26 | — | 8 | — | |||||||||||||||||||||||||||||||||||||||||
Asia | 9 | 3 | 181 | 2 | 289 | 5 | 246 | 2 | Asia | 23 | 8 | 94 | 2 | 181 | 2 | 289 | 5 | |||||||||||||||||||||||||||||||||||||||||
Australia/Oceania | — | — | — | — | 1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Australia | Australia | — | — | — | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Europe | 1 | — | 1 | — | 2 | — | 4 | — | Europe | — | — | 1 | — | 1 | — | 2 | — | |||||||||||||||||||||||||||||||||||||||||
Total Consolidated Companies | 224 | 150 | 926 | 3 | 852 | 6 | 759 | 6 | Total Consolidated Companies | 226 | 166 | 666 | 4 | 926 | 3 | 852 | 6 | |||||||||||||||||||||||||||||||||||||||||
Affiliates | 35 | 15 | 43 | — | 39 | — | 36 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliates2 | Affiliates2 | 22 | 8 | 13 | — | 43 | — | 39 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Including Affiliates | 259 | 165 | 969 | 3 | 891 | 6 | 795 | 6 | Total Including Affiliates | 248 | 174 | 679 | 4 | 969 | 3 | 891 | 6 | |||||||||||||||||||||||||||||||||||||||||
* Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells. | 1 Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 Includes gross 19 and net 6 wells drilling for interests accounted for by the non-equity method. | 2 Includes gross 19 and net 6 wells drilling for interests accounted for by the non-equity method. |
Wells Drilling* | Net Wells Completed | |||||||||||||||||||||||||||||||||||||
at 12/31/20 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Gross | Net | Prod. | Dry | Prod. | Dry | Prod. | Dry | |||||||||||||||||||||||||||||||
United States | 1 | — | 4 | 1 | 10 | 2 | 13 | 2 | ||||||||||||||||||||||||||||||
Other Americas | — | — | 2 | 2 | — | — | 1 | 1 | ||||||||||||||||||||||||||||||
Africa | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Asia | — | — | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||
Australia | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Europe | — | — | — | — | — | — | — | 1 | ||||||||||||||||||||||||||||||
Total Consolidated Companies | 1 | — | 6 | 3 | 10 | 2 | 15 | 4 | ||||||||||||||||||||||||||||||
Affiliates | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total Including Affiliates | 1 | — | 6 | 3 | 10 | 2 | 15 | 4 | ||||||||||||||||||||||||||||||
* Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells. |
Wells Drilling* | Net Wells Completed | |||||||||||||||||||||||
at 12/31/19 | 2019 | 2018 | 2017 | |||||||||||||||||||||
Gross | Net | Prod. | Dry | Prod. | Dry | Prod. | Dry | |||||||||||||||||
United States | 3 | 1 | 10 | 2 | 13 | 2 | 7 | 1 | ||||||||||||||||
Other Americas | 2 | 2 | — | — | 1 | 1 | — | — | ||||||||||||||||
Africa | — | — | — | — | — | — | — | — | ||||||||||||||||
Asia | — | — | — | — | 1 | — | — | — | ||||||||||||||||
Australia/Oceania | 1 | — | — | — | — | — | — | — | ||||||||||||||||
Europe | — | — | — | — | — | 1 | — | 1 | ||||||||||||||||
Total Consolidated Companies | 6 | 3 | 10 | 2 | 15 | 4 | 7 | 2 | ||||||||||||||||
Affiliates | — | — | — | — | — | — | — | — | ||||||||||||||||
Total Including Affiliates | 6 | 3 | 10 | 2 | 15 | 4 | 7 | 2 | ||||||||||||||||
* Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells. |
Petroleum Refineries: Locations, Capacities and Inputs | ||||||||||||
Capacities and inputs in thousands of barrels per day | December 31, 2019 | Refinery Inputs | ||||||||||
Locations | Number | Operable Capacity | 2019 | 2018 | 2017 | |||||||
Pascagoula | Mississippi | 1 | 350 | 358 | 332 | 349 | ||||||
El Segundo | California | 1 | 276 | 241 | 273 | 251 | ||||||
Richmond | California | 1 | 257 | 236 | 249 | 248 | ||||||
Pasadena1 | Texas | 1 | 106 | 58 | — | — | ||||||
Salt Lake City | Utah | 1 | 55 | 54 | 51 | 53 | ||||||
Total Consolidated Companies — United States | 5 | 1,044 | 947 | 905 | 901 | |||||||
Map Ta Phut | Thailand | 1 | 166 | 134 | 160 | 152 | ||||||
Cape Town2 | South Africa | — | — | — | 49 | 68 | ||||||
Burnaby, B.C.3 | Canada | — | — | — | — | 40 | ||||||
Total Consolidated Companies — International | 1 | 166 | 134 | 209 | 260 | |||||||
Affiliates | Various Locations | 3 | 538 | 483 | 494 | 500 | ||||||
Total Including Affiliates — International | 4 | 704 | 617 | 703 | 760 | |||||||
Total Including Affiliates — Worldwide | 9 | 1,748 | 1,564 | 1,608 | 1,661 |
Petroleum Refineries: Locations, Capacities and Inputs | |||||||||||||||||||||||
Capacities and inputs in thousands of barrels per day | December 31, 2020 | Refinery Inputs | |||||||||||||||||||||
Locations | Number | Operable Capacity | 2020 | 2019 | 2018 | ||||||||||||||||||
Pascagoula | Mississippi | 1 | 369 | 305 | 358 | 332 | |||||||||||||||||
El Segundo | California | 1 | 290 | 176 | 241 | 273 | |||||||||||||||||
Richmond | California | 1 | 257 | 198 | 236 | 249 | |||||||||||||||||
Pasadena1 | Texas | 1 | 110 | 69 | 58 | — | |||||||||||||||||
Salt Lake City | Utah | 1 | 58 | 45 | 54 | 51 | |||||||||||||||||
Total Consolidated Companies — United States | 5 | 1,084 | 793 | 947 | 905 | ||||||||||||||||||
Map Ta Phut | Thailand | 1 | 175 | 143 | 134 | 160 | |||||||||||||||||
Cape Town2 | South Africa | — | — | — | — | 49 | |||||||||||||||||
Total Consolidated Companies — International | 1 | 175 | 143 | 134 | 209 | ||||||||||||||||||
Affiliates | Various Locations3 | 2 | 545 | 441 | 483 | 494 | |||||||||||||||||
Total Including Affiliates — International | 3 | 720 | 584 | 617 | 703 | ||||||||||||||||||
Total Including Affiliates — Worldwide | 8 | 1,804 | 1,377 | 1,564 | 1,608 |
Refined Products Sales Volumes | Refined Products Sales Volumes | Refined Products Sales Volumes | |||||||||||||||||||
Thousands of barrels per day | 2019 | 2018 | 2017 | Thousands of barrels per day | 2020 | 2019 | 2018 | ||||||||||||||
United States | United States | ||||||||||||||||||||
Gasoline | 667 | 627 | 625 | Gasoline | 581 | 667 | 627 | ||||||||||||||
Jet Fuel | 256 | 255 | 242 | Jet Fuel | 139 | 256 | 255 | ||||||||||||||
Diesel/Gas Oil | 191 | 188 | 179 | Diesel/Gas Oil | 167 | 191 | 188 | ||||||||||||||
Residual Fuel Oil | 42 | 48 | 48 | Residual Fuel Oil | 33 | 42 | 48 | ||||||||||||||
Other Petroleum Products1 | 94 | 100 | 103 | Other Petroleum Products1 | 83 | 94 | 100 | ||||||||||||||
Total United States | 1,250 | 1,218 | 1,197 | Total United States | 1,003 | 1,250 | 1,218 | ||||||||||||||
International2 | International2 | ||||||||||||||||||||
Gasoline | 289 | 336 | 365 | Gasoline | 264 | 289 | 336 | ||||||||||||||
Jet Fuel | 238 | 276 | 274 | Jet Fuel | 143 | 238 | 276 | ||||||||||||||
Diesel/Gas Oil | 427 | 446 | 490 | Diesel/Gas Oil | 438 | 427 | 446 | ||||||||||||||
Residual Fuel Oil | 167 | 177 | 162 | Residual Fuel Oil | 184 | 167 | 177 | ||||||||||||||
Other Petroleum Products1 | 206 | 202 | 202 | Other Petroleum Products1 | 192 | 206 | 202 | ||||||||||||||
Total International | 1,327 | 1,437 | 1,493 | Total International | 1,221 | 1,327 | 1,437 | ||||||||||||||
Total Worldwide2 | 2,577 | 2,655 | 2,690 | Total Worldwide2 | 2,224 | 2,577 | 2,655 | ||||||||||||||
1 Principally naphtha, lubricants, asphalt and coke. | 1 Principally naphtha, lubricants, asphalt and coke. | 1 Principally naphtha, lubricants, asphalt and coke. | |||||||||||||||||||
2 Includes share of affiliates’ sales: | 379 | 373 | 366 | 2 Includes share of affiliates’ sales: | 348 | 379 | 373 |
Total Number | Average | Total Number of Shares | Approximate Dollar Values of Shares that | |||||||||||
of Shares | Price Paid | Purchased as Part of Publicly | May Yet be Purchased Under the Program | |||||||||||
Period | Purchased 1,2 | per Share | Announced Program | (Billions of dollars) 2 | ||||||||||
October. 1 – October. 31, 2020 | 30,243 | $72.65 | — | $19.5 | ||||||||||
November 1 – November 30, 2020 | 9,850 | $71.15 | — | $19.5 | ||||||||||
December 1 –December 31, 2020 | 33,819 | $80.89 | — | $19.5 | ||||||||||
Total October 1 – December 31, 2020 | 73,912 | $76.22 | — |
Total Number | Average | Total Number of Shares | Approximate Dollar Values of Shares that | |
of Shares | Price Paid | Purchased as Part of Publicly | May Yet be Purchased Under the Program | |
Period | Purchased 1,2 | per Share | Announced Program | (Billions of dollars) 2 |
Oct. 1 – Oct. 31, 2019 | 3,997,504 | $115.73 | 3,997,500 | $22.1 |
Nov. 1 – Nov. 30, 2019 | 3,334,204 | $119.48 | 3,334,204 | $21.7 |
Dec. 1 – Dec. 31, 2019 | 3,280,855 | $118.57 | 3,280,855 | $21.3 |
Total Oct. 1 – Dec. 31, 2019 | 10,612,563 | $117.78 | 10,612,559 |
2Refer to “Liquidity and Capital Resources” on page 42 for additional detail regarding the company's authorized stock repurchase program. |
Name | Age | Current and Prior Positions (up to five years) | Primary Areas of Responsibility | ||||||||
Michael K. Wirth | Chairman of the Board and Chief Executive Officer (since Feb 2018) Vice Chairman of the Board (Feb 2017 - Jan 2018) and Executive Vice President, Midstream and Development (Jan 2016 - Jan 2018) Executive Vice President, Downstream (Mar 2006 - Dec 2015) | Chairman of the Board and Chief Executive Officer | |||||||||
Joseph C. Geagea | 61 | Executive Vice President, Technology, Projects and Services (since Jun 2015) Senior Vice President, Technology, Projects and Services (Jan 2014 - Jun 2015) | Capital Projects; Procurement; Information Technology and Digital; Asset Performance; Health, Safety and Environment; Real Estate Services | ||||||||
James W. Johnson | Executive Vice President, Upstream (since Jun 2015) Senior Vice President, Upstream (Jan 2014 - Jun 2015) | Worldwide Exploration and Production Activities | |||||||||
Mark A. Nelson | Executive Vice President, Downstream (since Mar 2019) Vice President, Midstream, Strategy and Policy (Feb 2018 - Feb 2019) Vice President, Strategic Planning (Apr 2016 - Jan 2018) President, International Products (Jun 2010 - Mar 2016) | Worldwide Manufacturing, Marketing and Lubricants; Chemicals | |||||||||
Vice President and Chief Financial Officer (since Apr 2019) Executive Vice President, Executive Vice President, Vice President, Gas and Midstream (Jan 2014 - | |||||||||||
Rhonda J. Morris | 55 | Vice President and Chief Human Resources Officer (since Feb 2019) Vice President, Human Resources (Oct 2016 - Jan 2019) Vice President, Downstream Human Resources (Sep 2012 - Sep 2016) | Human Resources; Diversity and Inclusion | ||||||||
Colin E. Parfitt | Vice President, Midstream (since Mar 2019) President, Supply and Trading (Jun 2013 - Feb 2019) | Supply and Trading Activities; Shipping; Pipeline; Power and Energy Management | |||||||||
R. Hewitt Pate | Vice President and General Counsel (since Aug 2009) | Law, Governance and Compliance | |||||||||
Guarantees and Other Contingencies | |||||||||
Millions of dollars, except per-share amounts | 2019 | 2018 | 2017 | Millions of dollars, except per-share amounts | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | 2,924 | $ | 14,824 | $ | 9,195 | Net Income (Loss) Attributable to Chevron Corporation | $ | (5,543) | $ | 2,924 | $ | 14,824 | |||||||||||||||
Per Share Amounts: | Per Share Amounts: | |||||||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | Net Income (Loss) Attributable to Chevron Corporation | |||||||||||||||||||||||||||
– Basic | $ | 1.55 | $ | 7.81 | $ | 4.88 | – Basic | $ | (2.96) | $ | 1.55 | $ | 7.81 | |||||||||||||||
– Diluted | $ | 1.54 | $ | 7.74 | $ | 4.85 | – Diluted | $ | (2.96) | $ | 1.54 | $ | 7.74 | |||||||||||||||
Dividends | $ | 4.76 | $ | 4.48 | $ | 4.32 | Dividends | $ | 5.16 | $ | 4.76 | $ | 4.48 | |||||||||||||||
Sales and Other Operating Revenues | $ | 139,865 | $ | 158,902 | $ | 134,674 | Sales and Other Operating Revenues | $ | 94,471 | $ | 139,865 | $ | 158,902 | |||||||||||||||
Return on: | Return on: | |||||||||||||||||||||||||||
Capital Employed | 2.0 | % | 8.2 | % | 5.0 | % | Capital Employed | (2.8) | % | 2.0 | % | 8.2 | % | |||||||||||||||
Stockholders’ Equity | 2.0 | % | 9.8 | % | 6.3 | % | Stockholders’ Equity | (4.0) | % | 2.0 | % | 9.8 | % | |||||||||||||||
Earnings by Major Operating Area | Earnings by Major Operating Area | Earnings by Major Operating Area | ||||||||||||||||||||||||||
Millions of dollars | 2019 | 2018 | 2017 | Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||
Upstream | Upstream | |||||||||||||||||||||||||||
United States | $ | (5,094 | ) | $ | 3,278 | $ | 3,640 | United States | $ | (1,608) | $ | (5,094) | $ | 3,278 | ||||||||||||||
International | 7,670 | 10,038 | 4,510 | International | (825) | 7,670 | 10,038 | |||||||||||||||||||||
Total Upstream | 2,576 | 13,316 | 8,150 | Total Upstream | (2,433) | 2,576 | 13,316 | |||||||||||||||||||||
Downstream | Downstream | |||||||||||||||||||||||||||
United States | 1,559 | 2,103 | 2,938 | United States | (571) | 1,559 | 2,103 | |||||||||||||||||||||
International | 922 | 1,695 | 2,276 | International | 618 | 922 | 1,695 | |||||||||||||||||||||
Total Downstream | 2,481 | 3,798 | 5,214 | Total Downstream | 47 | 2,481 | 3,798 | |||||||||||||||||||||
All Other | (2,133 | ) | (2,290 | ) | (4,169 | ) | All Other | (3,157) | (2,133) | (2,290) | ||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation1,2 | $ | 2,924 | $ | 14,824 | $ | 9,195 | Net Income (Loss) Attributable to Chevron Corporation1,2 | $ | (5,543) | $ | 2,924 | $ | 14,824 | |||||||||||||||
1 Includes foreign currency effects: | $ | (304 | ) | $ | 611 | $ | (446 | ) | 1 Includes foreign currency effects: | $ | (645) | $ | (304) | $ | 611 | |||||||||||||
2 Income net of tax, also referred to as “earnings” in the discussions that follow. | 2 Income net of tax, also referred to as “earnings” in the discussions that follow. | 2 Income net of tax, also referred to as “earnings” in the discussions that follow. |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Earnings (Loss) | $ | (1,608) | $ | (5,094) | $ | 3,278 |
Millions of dollars | 2019 | 2018 | 2017 | |||||||||
Earnings | $ | (5,094 | ) | $ | 3,278 | $ | 3,640 |
Millions of dollars | 2019 | 2018 | 2017 | Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Earnings* | $ | 7,670 | $ | 10,038 | $ | 4,510 | ||||||||||||||||||||||||||
Earnings (Loss)* | Earnings (Loss)* | $ | (825) | $ | 7,670 | $ | 10,038 | |||||||||||||||||||||||||
*Includes foreign currency effects: | $ | (323 | ) | $ | 545 | $ | (456 | ) | *Includes foreign currency effects: | $ | (285) | $ | (323) | $ | 545 |
Millions of dollars | 2019 | 2018 | 2017 | Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Earnings | $ | 1,559 | $ | 2,103 | $ | 2,938 | ||||||||||||||||||||||||||
Earnings (Loss) | Earnings (Loss) | $ | (571) | $ | 1,559 | $ | 2,103 |
Millions of dollars | 2019 | 2018 | 2017 | Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Earnings* | $ | 922 | $ | 1,695 | $ | 2,276 | Earnings* | $ | 618 | $ | 922 | $ | 1,695 | |||||||||||||||||||
*Includes foreign currency effects: | $ | 17 | $ | 71 | $ | (90 | ) | *Includes foreign currency effects: | $ | (152) | $ | 17 | $ | 71 |
Millions of dollars | 2019 | 2018 | 2017 | Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Net charges* | $ | (2,133 | ) | $ | (2,290 | ) | $ | (4,169 | ) | Net charges* | $ | (3,157) | $ | (2,133) | $ | (2,290) | ||||||||||||||||
*Includes foreign currency effects: | $ | 2 | $ | (5 | ) | $ | 100 | *Includes foreign currency effects: | $ | (208) | $ | 2 | $ | (5) |
Millions of dollars | 2019 | 2018 | 2017 | Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Sales and other operating revenues | $ | 139,865 | $ | 158,902 | $ | 134,674 | Sales and other operating revenues | $ | 94,471 | $ | 139,865 | $ | 158,902 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Income (loss) from equity affiliates | $ | (472) | $ | 3,968 | $ | 6,327 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Other income | $ | 693 | $ | 2,683 | $ | 1,110 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Purchased crude oil and products | $ | 50,488 | $ | 80,113 | $ | 94,578 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Operating, selling, general and administrative expenses | $ | 24,536 | $ | 25,528 | $ | 24,382 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Exploration expense | $ | 1,537 | $ | 770 | $ | 1,210 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Depreciation, depletion and amortization | $ | 19,508 | $ | 29,218 | $ | 19,419 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Taxes other than on income | $ | 4,499 | $ | 4,136 | $ | 4,867 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Interest and debt expense | $ | 697 | $ | 798 | $ | 748 |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Other components of net periodic benefit costs | $ | 880 | $ | 417 | $ | 560 |
Millions of dollars | 2019 | 2018 | 2017 | |||||||||
Income from equity affiliates | $ | 3,968 | $ | 6,327 | $ | 4,438 |
Millions of dollars | 2019 | 2018 | 2017 | |||||||||
Other income | $ | 2,683 | $ | 1,110 | $ | 2,610 |
Millions of dollars | 2019 | 2018 | 2017 | |||||||||
Purchased crude oil and products | $ | 80,113 | $ | 94,578 | $ | 75,765 |
Millions of dollars | 2019 | 2018 | 2017 | |||||||||
Operating, selling, general and administrative expenses | $ | 25,528 | $ | 24,382 | $ | 23,237 |
Millions of dollars | 2019 | 2018 | 2017 | |||||||||
Exploration expense | $ | 770 | $ | 1,210 | $ | 864 |
Millions of dollars | 2019 | 2018 | 2017 | |||||||||
Depreciation, depletion and amortization | $ | 29,218 | $ | 19,419 | $ | 19,349 |
Millions of dollars | 2019 | 2018 | 2017 | |||||||||
Taxes other than on income | $ | 4,136 | $ | 4,867 | $ | 12,331 |
Millions of dollars | 2019 | 2018 | 2017 | |||||||||
Interest and debt expense | $ | 798 | $ | 748 | $ | 307 |
Millions of dollars | 2019 | 2018 | 2017 | |||||||||
Income tax expense (benefit) | $ | 2,691 | $ | 5,715 | $ | (48 | ) |
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||
Income tax expense (benefit) | $ | (1,892) | $ | 2,691 | $ | 5,715 |
2020 | 2019 | 2018 | ||||||||||||||||||
U.S. Upstream | ||||||||||||||||||||
Net Crude Oil and Natural Gas Liquids Production (MBPD) | 790 | 724 | 618 | |||||||||||||||||
Net Natural Gas Production (MMCFPD)3 | 1,607 | 1,225 | 1,034 | |||||||||||||||||
Net Oil-Equivalent Production (MBOEPD) | 1,058 | 929 | 791 | |||||||||||||||||
Sales of Natural Gas (MMCFPD) | 3,894 | 4,016 | 3,481 | |||||||||||||||||
Sales of Natural Gas Liquids (MBPD) | 208 | 130 | 110 | |||||||||||||||||
Revenues from Net Production | ||||||||||||||||||||
Liquids ($/Bbl) | $ | 30.53 | $ | 48.54 | $ | 58.17 | ||||||||||||||
Natural Gas ($/MCF) | $ | 0.98 | $ | 1.09 | $ | 1.86 | ||||||||||||||
International Upstream | ||||||||||||||||||||
Net Crude Oil and Natural Gas Liquids Production (MBPD)4 | 1,078 | 1,141 | 1,164 | |||||||||||||||||
Net Natural Gas Production (MMCFPD)3 | 5,683 | 5,932 | 5,855 | |||||||||||||||||
Net Oil-Equivalent Production (MBOEPD)4 | 2,025 | 2,129 | 2,139 | |||||||||||||||||
Sales of Natural Gas (MMCFPD) | 5,634 | 5,869 | 5,604 | |||||||||||||||||
Sales of Natural Gas Liquids (MBPD) | 46 | 34 | 34 | |||||||||||||||||
Revenues from Liftings | ||||||||||||||||||||
Liquids ($/Bbl) | $ | 36.07 | $ | 58.14 | $ | 64.25 | ||||||||||||||
Natural Gas ($/MCF) | $ | 4.59 | $ | 5.83 | $ | 6.29 | ||||||||||||||
Worldwide Upstream | ||||||||||||||||||||
Net Oil-Equivalent Production (MBOEPD)4 | ||||||||||||||||||||
United States | 1,058 | 929 | 791 | |||||||||||||||||
International | 2,025 | 2,129 | 2,139 | |||||||||||||||||
Total | 3,083 | 3,058 | 2,930 | |||||||||||||||||
U.S. Downstream | ||||||||||||||||||||
Gasoline Sales (MBPD)5 | 581 | 667 | 627 | |||||||||||||||||
Other Refined Product Sales (MBPD) | 422 | 583 | 591 | |||||||||||||||||
Total Refined Product Sales (MBPD) | 1,003 | 1,250 | 1,218 | |||||||||||||||||
Sales of Natural Gas Liquids (MBPD) | 25 | 101 | 74 | |||||||||||||||||
Refinery Input (MBPD)6 | 793 | 947 | 905 | |||||||||||||||||
International Downstream | ||||||||||||||||||||
Gasoline Sales (MBPD)5 | 264 | 289 | 336 | |||||||||||||||||
Other Refined Product Sales (MBPD) | 957 | 1,038 | 1,101 | |||||||||||||||||
Total Refined Product Sales (MBPD)7 | 1,221 | 1,327 | 1,437 | |||||||||||||||||
Sales of Natural Gas Liquids (MBPD) | 74 | 72 | 62 | |||||||||||||||||
Refinery Input (MBPD)8 | 584 | 617 | 706 | |||||||||||||||||
1 Includes company share of equity affiliates. | ||||||||||||||||||||
2 MBPD – thousands of barrels per day; MMCFPD – millions of cubic feet per day; MBOEPD – thousands of barrels of oil-equivalents per day; Bbl – barrel; MCF – thousands of cubic feet. Oil-equivalent gas (OEG) conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil. | ||||||||||||||||||||
3 Includes natural gas consumed in operations (MMCFPD): | ||||||||||||||||||||
United States | 37 | 36 | 35 | |||||||||||||||||
International | 566 | 602 | 584 | |||||||||||||||||
4 Includes net production of synthetic oil: | ||||||||||||||||||||
Canada | 54 | 53 | 53 | |||||||||||||||||
Venezuela affiliate | — | 3 | 24 | |||||||||||||||||
5 Includes branded and unbranded gasoline. | ||||||||||||||||||||
6 In May 2019, the company acquired the Pasadena Refinery in Pasadena, Texas, which has an operable capacity of 110,000 barrels per day. | ||||||||||||||||||||
7 Includes sales of affiliates (MBPD): | 348 | 379 | 373 | |||||||||||||||||
8 In September 2018, the company sold its interest in the Cape Town Refinery in Cape Town, South Africa, which had an operable capacity of 110,000 barrels per day. |
2019 | 2018 | 2017 | |||||||||
U.S. Upstream | |||||||||||
Net Crude Oil and Natural Gas Liquids Production (MBPD) | 724 | 618 | 519 | ||||||||
Net Natural Gas Production (MMCFPD)3 | 1,225 | 1,034 | 970 | ||||||||
Net Oil-Equivalent Production (MBOEPD) | 929 | 791 | 681 | ||||||||
Sales of Natural Gas (MMCFPD) | 4,016 | 3,481 | 3,331 | ||||||||
Sales of Natural Gas Liquids (MBPD) | 130 | 110 | 30 | ||||||||
Revenues from Net Production | |||||||||||
Liquids ($/Bbl) | $ | 48.54 | $ | 58.17 | $ | 44.53 | |||||
Natural Gas ($/MCF) | $ | 1.09 | $ | 1.86 | $ | 2.10 | |||||
International Upstream | |||||||||||
Net Crude Oil and Natural Gas Liquids Production (MBPD)4 | 1,141 | 1,164 | 1,204 | ||||||||
Net Natural Gas Production (MMCFPD)3 | 5,932 | 5,855 | 5,062 | ||||||||
Net Oil-Equivalent Production (MBOEPD)4 | 2,129 | 2,139 | 2,047 | ||||||||
Sales of Natural Gas (MMCFPD) | 5,869 | 5,604 | 5,081 | ||||||||
Sales of Natural Gas Liquids (MBPD) | 34 | 34 | 29 | ||||||||
Revenues from Liftings | |||||||||||
Liquids ($/Bbl) | $ | 58.14 | $ | 64.25 | $ | 49.46 | |||||
Natural Gas ($/MCF) | $ | 5.83 | $ | 6.29 | $ | 4.62 | |||||
Worldwide Upstream | |||||||||||
Net Oil-Equivalent Production (MBOEPD)4 | |||||||||||
United States | 929 | 791 | 681 | ||||||||
International | 2,129 | 2,139 | 2,047 | ||||||||
Total | 3,058 | 2,930 | 2,728 | ||||||||
U.S. Downstream | |||||||||||
Gasoline Sales (MBPD)5 | 667 | 627 | 625 | ||||||||
Other Refined Product Sales (MBPD) | 583 | 591 | 572 | ||||||||
Total Refined Product Sales (MBPD) | 1,250 | 1,218 | 1,197 | ||||||||
Sales of Natural Gas Liquids (MBPD) | 101 | 74 | 109 | ||||||||
Refinery Input (MBPD)6 | 947 | 905 | 901 | ||||||||
International Downstream | |||||||||||
Gasoline Sales (MBPD)5 | 289 | 336 | 365 | ||||||||
Other Refined Product Sales (MBPD) | 1,038 | 1,101 | 1,128 | ||||||||
Total Refined Product Sales (MBPD)7 | 1,327 | 1,437 | 1,493 | ||||||||
Sales of Natural Gas Liquids (MBPD) | 72 | 62 | 64 | ||||||||
Refinery Input (MBPD)8 | 617 | 706 | 760 | ||||||||
1 Includes company share of equity affiliates. | |||||||||||
2 MBPD – thousands of barrels per day; MMCFPD – millions of cubic feet per day; MBOEPD – thousands of barrels of oil-equivalents per day; Bbl – barrel; MCF – thousands of cubic feet. Oil-equivalent gas (OEG) conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil. | |||||||||||
3 Includes natural gas consumed in operations (MMCFPD): | |||||||||||
United States | 36 | 35 | 37 | ||||||||
International | 602 | 584 | 528 | ||||||||
4 Includes net production of synthetic oil: | |||||||||||
Canada | 53 | 53 | 51 | ||||||||
Venezuela affiliate | 3 | 24 | 28 | ||||||||
5 Includes branded and unbranded gasoline. | |||||||||||
6 In May 2019, the company acquired the Pasadena Refinery in Pasadena, Texas, which has an operable capacity of 110,000 barrels per day. | |||||||||||
7 Includes sales of affiliates (MBPD): | 379 | 373 | 366 | ||||||||
8 In September 2018, the company sold its interest in the Cape Town Refinery in Cape Town, South Africa, which had an operable capacity of 110,000 barrels per day. |
Management's Discussion and Analysis of Financial Condition and Results of Operations |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||
(Millions of dollars) (unaudited) | |||||||||||
Sales and other operating revenues | $ | 49,636 | $ | 82,206 | |||||||
Sales and other operating revenues - related party | 17,044 | 24,336 | |||||||||
Total costs and other deductions | 57,575 | 87,287 | |||||||||
Total costs and other deductions - related party | 14,052 | 22,632 | |||||||||
Net income (loss) | $ | (1,610) | $ | 2,173 | |||||||
At December 31, 2020 | At December 31, 2019 | ||||||||||
(Millions of dollars) (unaudited) | |||||||||||
Current assets | $ | 9,196 | $ | 10,180 | |||||||
Current assets - related party | 5,719 | 952 | |||||||||
Other assets | 48,993 | 50,595 | |||||||||
Current liabilities | 20,965 | 25,187 | |||||||||
Current liabilities - related party | 55,273 | 46,237 | |||||||||
Other liabilities | 34,983 | 25,622 | |||||||||
Total net equity (deficit) | $ | (47,313) | $ | (35,319) |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||
Millions of dollars | U.S. | Int’l. | Total | U.S. | Int’l. | Total | U.S. | Int’l. | Total | ||||||||||||||||||||||||||||||||
Upstream | $ | 5,130 | $ | 5,784 | $ | 10,914 | $ | 8,197 | $ | 9,627 | $ | 17,824 | $ | 7,128 | $ | 10,529 | $ | 17,657 | |||||||||||||||||||||||
Downstream | 1,021 | 1,325 | 2,346 | 1,868 | 920 | 2,788 | 1,582 | 611 | 2,193 | ||||||||||||||||||||||||||||||||
All Other | 226 | 13 | 239 | 365 | 17 | 382 | 243 | 13 | 256 | ||||||||||||||||||||||||||||||||
Total | $ | 6,377 | $ | 7,122 | $ | 13,499 | $ | 10,430 | $ | 10,564 | $ | 20,994 | $ | 8,953 | $ | 11,153 | $ | 20,106 | |||||||||||||||||||||||
Total, Excluding Equity in Affiliates | $ | 6,053 | $ | 3,464 | $ | 9,517 | $ | 10,062 | $ | 4,820 | $ | 14,882 | $ | 8,651 | $ | 5,739 | $ | 14,390 |
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||
Millions of dollars | U.S. | Int’l. | Total | U.S. | Int’l. | Total | U.S. | Int’l. | Total | ||||||||||||||||||||||
Upstream | $ | 8,197 | $ | 9,627 | $ | 17,824 | $ | 7,128 | $ | 10,529 | $ | 17,657 | $ | 5,145 | $ | 11,243 | $ | 16,388 | |||||||||||||
Downstream | 1,868 | 920 | 2,788 | 1,582 | 611 | 2,193 | 1,656 | 534 | 2,190 | ||||||||||||||||||||||
All Other | 365 | 17 | 382 | 243 | 13 | 256 | 239 | 4 | 243 | ||||||||||||||||||||||
Total | $ | 10,430 | $ | 10,564 | $ | 20,994 | $ | 8,953 | $ | 11,153 | $ | 20,106 | $ | 7,040 | $ | 11,781 | $ | 18,821 | |||||||||||||
Total, Excluding Equity in Affiliates | $ | 10,062 | $ | 4,820 | $ | 14,882 | $ | 8,651 | $ | 5,739 | $ | 14,390 | $ | 6,295 | $ | 7,783 | $ | 14,078 |
At December 31 | At December 31 | |||||||||||||||||||||||||||||||||||||||||||
Millions of dollars | 2019 | 2018 | 2017 | Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||
Current assets | $ | 28,329 | $ | 34,021 | $ | 28,560 | Current assets | $ | 26,078 | $ | 28,329 | $ | 34,021 | |||||||||||||||||||||||||||||||
Current liabilities | 26,530 | 27,171 | 27,737 | Current liabilities | 22,183 | 26,530 | 27,171 | |||||||||||||||||||||||||||||||||||||
Current Ratio | 1.1 | 1.3 | 1.0 | Current Ratio | 1.2 | 1.1 | 1.3 |
Year ended December 31 | Year ended December 31 | |||||||||||||||||||||||||||||||||||||||||||
Millions of dollars | 2019 | 2018 | 2017 | Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||
Income (Loss) Before Income Tax Expense | $ | 5,536 | $ | 20,575 | $ | 9,221 | Income (Loss) Before Income Tax Expense | $ | (7,453) | $ | 5,536 | $ | 20,575 | |||||||||||||||||||||||||||||||
Plus: Interest and debt expense | 798 | 748 | 307 | Plus: Interest and debt expense | 697 | 798 | 748 | |||||||||||||||||||||||||||||||||||||
Plus: Before-tax amortization of capitalized interest | 240 | 280 | 197 | Plus: Before-tax amortization of capitalized interest | 205 | 240 | 280 | |||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | (79 | ) | 36 | 74 | Less: Net income attributable to noncontrolling interests | (18) | (79) | 36 | ||||||||||||||||||||||||||||||||||||
Subtotal for calculation | 6,653 | 21,567 | 9,651 | Subtotal for calculation | (6,533) | 6,653 | 21,567 | |||||||||||||||||||||||||||||||||||||
Total financing interest and debt costs | $ | 817 | $ | 921 | $ | 902 | Total financing interest and debt costs | $ | 735 | $ | 817 | $ | 921 | |||||||||||||||||||||||||||||||
Interest Coverage Ratio | 8.1 | 23.4 | 10.7 | Interest Coverage Ratio | (8.9) | 8.1 | 23.4 |
Year ended December 31 | Year ended December 31 | ||||||||||||||||||||||||||||||||||||||||
Millions of dollars | 2019 | 2018 | 2017 | Millions of dollars | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 27,314 | $ | 30,618 | $ | 20,338 | Net cash provided by operating activities | $ | 10,577 | $ | 27,314 | $ | 30,618 | ||||||||||||||||||||||||||||
Less: Capital expenditures | 14,116 | 13,792 | 13,404 | Less: Capital expenditures | 8,922 | 14,116 | 13,792 | ||||||||||||||||||||||||||||||||||
Free Cash Flow | $ | 13,198 | $ | 16,826 | $ | 6,934 | Free Cash Flow | $ | 1,655 | $ | 13,198 | $ | 16,826 |
At December 31 | |||||||||||||||
Millions of dollars | 2019 | 2018 | 2017 | ||||||||||||
Short-term debt | $ | 3,282 | $ | 5,726 | $ | 5,192 | |||||||||
Long-term debt | 23,691 | 28,733 | 33,571 | ||||||||||||
Total debt | 26,973 | 34,459 | 38,763 | ||||||||||||
Total Chevron Corporation Stockholders’ Equity | 144,213 | 154,554 | 148,124 | ||||||||||||
Total debt plus total Chevron Corporation Stockholders’ Equity | $ | 171,186 | $ | 189,013 | $ | 186,887 | |||||||||
Debt Ratio | 15.8 | % | 18.2 | % | 20.7 | % |
At December 31 | |||||||||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Short-term debt | $ | 1,548 | $ | 3,282 | $ | 5,726 | |||||||||||||||||||||||
Long-term debt | 42,767 | 23,691 | 28,733 | ||||||||||||||||||||||||||
Total debt | 44,315 | 26,973 | 34,459 | ||||||||||||||||||||||||||
Total Chevron Corporation Stockholders’ Equity | 131,688 | 144,213 | 154,554 | ||||||||||||||||||||||||||
Total debt plus total Chevron Corporation Stockholders’ Equity | $ | 176,003 | $ | 171,186 | $ | 189,013 | |||||||||||||||||||||||
Debt Ratio | 25.2 | % | 15.8 | % | 18.2 | % |
At December 31 | At December 31 | ||||||||||||||||||||||||||||||||||||||||
Millions of dollars | 2019 | 2018 | 2017 | Millions of dollars | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||
Short-term debt | $ | 3,282 | $ | 5,726 | $ | 5,192 | Short-term debt | $ | 1,548 | $ | 3,282 | $ | 5,726 | ||||||||||||||||||||||||||||
Long-term debt | 23,691 | 28,733 | 33,571 | Long-term debt | 42,767 | 23,691 | 28,733 | ||||||||||||||||||||||||||||||||||
Total Debt | 26,973 | 34,459 | 38,763 | Total Debt | 44,315 | 26,973 | 34,459 | ||||||||||||||||||||||||||||||||||
Less: Cash and cash equivalents | 5,686 | 9,342 | 4,813 | Less: Cash and cash equivalents | 5,596 | 5,686 | 9,342 | ||||||||||||||||||||||||||||||||||
Less: Time deposits | — | 950 | — | Less: Time deposits | — | — | 950 | ||||||||||||||||||||||||||||||||||
Less: Marketable securities | 63 | 53 | 9 | Less: Marketable securities | 31 | 63 | 53 | ||||||||||||||||||||||||||||||||||
Total adjusted debt | 21,224 | 24,114 | 33,941 | Total adjusted debt | 38,688 | 21,224 | 24,114 | ||||||||||||||||||||||||||||||||||
Total Chevron Corporation Stockholders’ Equity | 144,213 | 154,554 | 148,124 | Total Chevron Corporation Stockholders’ Equity | 131,688 | 144,213 | 154,554 | ||||||||||||||||||||||||||||||||||
Total adjusted debt plus total Chevron Corporation Stockholders’ Equity | $ | 165,437 | $ | 178,668 | $ | 182,065 | Total adjusted debt plus total Chevron Corporation Stockholders’ Equity | $ | 170,376 | $ | 165,437 | $ | 178,668 | ||||||||||||||||||||||||||||
Net Debt Ratio | 12.8 | % | 13.5 | % | 18.6 | % | Net Debt Ratio | 22.7 | % | 12.8 | % | 13.5 | % |
At December 31 | At December 31 | ||||||||||||||||||||||||||||||||||||||||
Millions of dollars | 2019 | 2018 | 2017 | Millions of dollars | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||
Chevron Corporation Stockholders’ Equity | $ | 144,213 | $ | 154,554 | $ | 148,124 | Chevron Corporation Stockholders’ Equity | $ | 131,688 | $ | 144,213 | $ | 154,554 | ||||||||||||||||||||||||||||
Plus: Short-term debt | 3,282 | 5,726 | 5,192 | Plus: Short-term debt | 1,548 | 3,282 | 5,726 | ||||||||||||||||||||||||||||||||||
Plus: Long-term debt | 23,691 | 28,733 | 33,571 | Plus: Long-term debt | 42,767 | 23,691 | 28,733 | ||||||||||||||||||||||||||||||||||
Plus: Noncontrolling interest | 995 | 1,088 | 1,195 | Plus: Noncontrolling interest | 1,038 | 995 | 1,088 | ||||||||||||||||||||||||||||||||||
Capital Employed at December 31 | $ | 172,181 | $ | 190,101 | $ | 188,082 | Capital Employed at December 31 | $ | 177,041 | $ | 172,181 | $ | 190,101 |
Year ended December 31 | Year ended December 31 | ||||||||||||||||||||||||||||||||||||||||
Millions of dollars | 2019 | 2018 | 2017 | Millions of dollars | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||
Net income attributable to Chevron | $ | 2,924 | $ | 14,824 | $ | 9,195 | Net income attributable to Chevron | $ | (5,543) | $ | 2,924 | $ | 14,824 | ||||||||||||||||||||||||||||
Plus: After-tax interest and debt expense | 761 | 713 | 264 | Plus: After-tax interest and debt expense | 658 | 761 | 713 | ||||||||||||||||||||||||||||||||||
Plus: Noncontrolling interest | (79 | ) | 36 | 74 | Plus: Noncontrolling interest | (18) | (79) | 36 | |||||||||||||||||||||||||||||||||
Net income after adjustments | 3,606 | 15,573 | 9,533 | Net income after adjustments | (4,903) | 3,606 | 15,573 | ||||||||||||||||||||||||||||||||||
Average capital employed | $ | 181,141 | $ | 189,092 | $ | 190,465 | Average capital employed | $ | 174,611 | $ | 181,141 | $ | 189,092 | ||||||||||||||||||||||||||||
Return on Average Capital Employed | 2.0 | % | 8.2 | % | 5.0 | % | Return on Average Capital Employed | (2.8) | % | 2.0 | % | 8.2 | % |
Year ended December 31 | ||||||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Net income attributable to Chevron | $ | (5,543) | $ | 2,924 | $ | 14,824 | ||||||||||||||||||||
Chevron Corporation Stockholders’ Equity at December 31 | 131,688 | 144,213 | 154,554 | |||||||||||||||||||||||
Average Chevron Corporation Stockholders’ Equity | 137,951 | 149,384 | 151,339 | |||||||||||||||||||||||
Return on Average Stockholders’ Equity | (4.0) | % | 2.0 | % | 9.8 | % |
Year ended December 31 | |||||||||||||||
Millions of dollars | 2019 | 2018 | 2017 | ||||||||||||
Net income attributable to Chevron | $ | 2,924 | $ | 14,824 | $ | 9,195 | |||||||||
Chevron Corporation Stockholders’ Equity at December 31 | 144,213 | 154,554 | 148,124 | ||||||||||||
Average Chevron Corporation Stockholders’ Equity | 149,384 | 151,339 | 146,840 | ||||||||||||
Return on Average Stockholders’ Equity | 2.0 | % | 9.8 | % | 6.3 | % |
Payments Due by Period | |||||||||||||||||||||||||||||
Millions of dollars | Total1 | 2021 | 2022-2023 | 2024-2025 | After 2025 | ||||||||||||||||||||||||
On Balance Sheet:2 | |||||||||||||||||||||||||||||
Short-Term Debt3, 4 | $ | 1,362 | $ | 1,362 | $ | — | $ | — | $ | — | |||||||||||||||||||
Long-Term Debt3, 4 | 40,732 | — | 21,848 | 5,650 | 13,234 | ||||||||||||||||||||||||
Leases | 5,119 | 1,580 | 1,394 | 702 | 1,443 | ||||||||||||||||||||||||
Interest4 | 9,357 | 866 | 1,469 | 1,105 | 5,917 | ||||||||||||||||||||||||
Off Balance Sheet: | |||||||||||||||||||||||||||||
Throughput and Take-or-Pay Agreements5 | 13,186 | 817 | 2,045 | 2,236 | 8,088 | ||||||||||||||||||||||||
Other Unconditional Purchase Obligations5 | 1,464 | 211 | 468 | 489 | 296 |
Payments Due by Period | |||||||||||||||||||
Millions of dollars | Total1 | 2020 | 2021-2022 | 2023-2024 | After 2024 | ||||||||||||||
On Balance Sheet:2 | |||||||||||||||||||
Short-Term Debt3, 4 | $ | 3,264 | $ | 3,264 | $ | — | $ | — | $ | — | |||||||||
Long-Term Debt3, 4 | 23,426 | — | 16,072 | 4,003 | 3,351 | ||||||||||||||
Leases | 4,662 | 1,409 | 1,693 | 613 | 947 | ||||||||||||||
Interest4 | 3,040 | 565 | 903 | 554 | 1,018 | ||||||||||||||
Off Balance Sheet: | |||||||||||||||||||
Throughput and Take-or-Pay Agreements5 | 11,422 | 854 | 1,720 | 1,956 | 6,892 | ||||||||||||||
Other Unconditional Purchase Obligations5 | 1,257 | 76 | 457 | 438 | 286 |
2.Does not include amounts related to the company’s income tax liabilities associated with uncertain tax positions. The company is unable to make reasonable estimates of the periods in which such liabilities may become payable. The company does not expect settlement of such liabilities to have a material effect on its consolidated financial position or liquidity in any single period. 3.$9.825 billion of short-term debt that the company expects to refinance is included in long-term debt. The repayment schedule above reflects the projected repayment of the entire amounts in the 2022–2023 period. The amounts represent only the principal balance. 4.Excludes finance lease liabilities. 5.Does not include commodity purchase obligations that are not fixed or determinable. These obligations are generally monetized in a relatively short period of time through sales transactions or similar agreements with third parties. Examples include obligations to purchase LNG, regasified natural gas and refinery products at indexed prices. |
Commitment Expiration by Period | Commitment Expiration by Period | |||||||||||||||||||||||||||||||||||||||||||||||
Millions of dollars | Total | 2020 | 2021-2022 | 2023-2024 | After 2024 | Millions of dollars | Total | 2021 | 2022-2023 | 2024-2025 | After 2025 | |||||||||||||||||||||||||||||||||||||
Guarantee of nonconsolidated affiliate or joint-venture obligations | $ | 704 | $ | 314 | $ | 214 | $ | 77 | $ | 99 | Guarantee of nonconsolidated affiliate or joint-venture obligations | $ | 391 | $ | 176 | $ | 77 | $ | 78 | $ | 60 |
Millions of dollars | 2019 | 2018 | 2017 | Millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||
Balance at January 1 | $ | 1,327 | $ | 1,429 | $ | 1,467 | Balance at January 1 | $ | 1,234 | $ | 1,327 | $ | 1,429 | |||||||||||||||
Net Additions | 200 | 197 | 323 | Net Additions | 179 | 200 | 197 | |||||||||||||||||||||
Expenditures | (293 | ) | (299 | ) | (361 | ) | Expenditures | (274) | (293) | (299) | ||||||||||||||||||
Balance at December 31 | $ | 1,234 | $ | 1,327 | $ | 1,429 | Balance at December 31 | $ | 1,139 | $ | 1,234 | $ | 1,327 |
1.Amortization - Capitalized exploratory drilling and development costs are depreciated on a unit-of-production (UOP) basis using proved developed reserves. Acquisition costs of proved properties are amortized on a UOP basis using total proved reserves. During 2020, Chevron’s UOP Depreciation, Depletion and Amortization (DD&A) for oil and gas properties was $13.0 billion, and proved developed reserves at the beginning of 2020 were 6.4 billion barrels for consolidated companies. If the estimates of proved reserves used in the UOP calculations for consolidated operations had been lower by 5 percent across all oil and gas properties, UOP DD&A in 2020 would have increased by approximately $700 million. 2.Impairment - Oil and gas reserves are used in assessing oil and gas producing properties for impairment. A significant reduction in the estimated reserves of a property would trigger an impairment review. Proved reserves (and, in some cases, a portion of unproved resources) are used to estimate future production volumes in the cash flow model. For a further discussion of estimates and assumptions used in impairment assessments, see Impairment of Properties, Plant and Equipment and Investments in Affiliates below. |
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Millions of dollars, except per-share amounts | 4th Q | 3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | |||||||||||||||||||||||||||||||||||||||
Revenues and Other Income | |||||||||||||||||||||||||||||||||||||||||||||||
Sales and other operating revenues | $ | 24,843 | $ | 23,997 | $ | 15,926 | $ | 29,705 | $ | 34,574 | $ | 34,779 | $ | 36,323 | $ | 34,189 | |||||||||||||||||||||||||||||||
Income from equity affiliates | 568 | 510 | (2,515) | 965 | 538 | 1,172 | 1,196 | 1,062 | |||||||||||||||||||||||||||||||||||||||
Other income | (165) | (56) | 83 | 831 | 1,238 | 165 | 1,331 | (51) | |||||||||||||||||||||||||||||||||||||||
Total Revenues and Other Income | 25,246 | 24,451 | 13,494 | 31,501 | 36,350 | 36,116 | 38,850 | 35,200 | |||||||||||||||||||||||||||||||||||||||
Costs and Other Deductions | |||||||||||||||||||||||||||||||||||||||||||||||
Purchased crude oil and products | 13,387 | 13,448 | 8,144 | 15,509 | 19,693 | 19,882 | 20,835 | 19,703 | |||||||||||||||||||||||||||||||||||||||
Operating expenses | 4,898 | 4,604 | 5,530 | 5,291 | 5,987 | 5,325 | 5,187 | 4,886 | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1,129 | 832 | 1,569 | 683 | 1,129 | 954 | 1,076 | 984 | |||||||||||||||||||||||||||||||||||||||
Exploration expenses | 367 | 117 | 895 | 158 | 272 | 168 | 141 | 189 | |||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 4,486 | 4,017 | 6,717 | 4,288 | 16,429 | 4,361 | 4,334 | 4,094 | |||||||||||||||||||||||||||||||||||||||
Taxes other than on income | 1,276 | 1,091 | 965 | 1,167 | 969 | 1,059 | 1,047 | 1,061 | |||||||||||||||||||||||||||||||||||||||
Interest and debt expense | 199 | 164 | 172 | 162 | 178 | 197 | 198 | 225 | |||||||||||||||||||||||||||||||||||||||
Other components of net periodic benefit costs | 461 | 222 | 99 | 98 | 98 | 121 | 97 | 101 | |||||||||||||||||||||||||||||||||||||||
Total Costs and Other Deductions | 26,203 | 24,495 | 24,091 | 27,356 | 44,755 | 32,067 | 32,915 | 31,243 | |||||||||||||||||||||||||||||||||||||||
Income (Loss) Before Income Tax Expense | (957) | (44) | (10,597) | 4,145 | (8,405) | 4,049 | 5,935 | 3,957 | |||||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit) | (301) | 165 | (2,320) | 564 | (1,738) | 1,469 | 1,645 | 1,315 | |||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | (656) | $ | (209) | $ | (8,277) | $ | 3,581 | $ | (6,667) | $ | 2,580 | $ | 4,290 | $ | 2,642 | |||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 9 | (2) | (7) | (18) | (57) | — | (15) | (7) | |||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | (665) | $ | (207) | $ | (8,270) | $ | 3,599 | $ | (6,610) | $ | 2,580 | $ | 4,305 | $ | 2,649 | |||||||||||||||||||||||||||||||
Per Share of Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | |||||||||||||||||||||||||||||||||||||||||||||||
– Basic | $ | (0.33) | $ | (0.12) | $ | (4.44) | $ | 1.93 | $ | (3.51) | $ | 1.38 | $ | 2.28 | $ | 1.40 | |||||||||||||||||||||||||||||||
– Diluted | $ | (0.33) | $ | (0.12) | $ | (4.44) | $ | 1.93 | $ | (3.51) | $ | 1.36 | $ | 2.27 | $ | 1.39 | |||||||||||||||||||||||||||||||
Dividends per share | $ | 1.29 | $ | 1.29 | $ | 1.29 | $ | 1.29 | $ | 1.19 | $ | 1.19 | $ | 1.19 | $ | 1.19 | |||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||
Millions of dollars, except per-share amounts | 4th Q | 3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | |||||||||||||||||||||||
Revenues and Other Income | |||||||||||||||||||||||||||||||
Sales and other operating revenues | $ | 34,574 | $ | 34,779 | $ | 36,323 | $ | 34,189 | $ | 40,338 | $ | 42,105 | $ | 40,491 | $ | 35,968 | |||||||||||||||
Income from equity affiliates | 538 | 1,172 | 1,196 | 1,062 | 1,642 | 1,555 | 1,493 | 1,637 | |||||||||||||||||||||||
Other income | 1,238 | 165 | 1,331 | (51 | ) | 372 | 327 | 252 | 159 | ||||||||||||||||||||||
Total Revenues and Other Income | 36,350 | 36,116 | 38,850 | 35,200 | 42,352 | 43,987 | 42,236 | 37,764 | |||||||||||||||||||||||
Costs and Other Deductions | |||||||||||||||||||||||||||||||
Purchased crude oil and products | 19,693 | 19,882 | 20,835 | 19,703 | 23,920 | 24,681 | 24,744 | 21,233 | |||||||||||||||||||||||
Operating expenses | 5,987 | 5,325 | 5,187 | 4,886 | 5,645 | 4,985 | 5,213 | 4,701 | |||||||||||||||||||||||
Selling, general and administrative expenses | 1,129 | 954 | 1,076 | 984 | 1,080 | 1,018 | 1,017 | 723 | |||||||||||||||||||||||
Exploration expenses | 272 | 168 | 141 | 189 | 250 | 625 | 177 | 158 | |||||||||||||||||||||||
Depreciation, depletion and amortization | 16,429 | 4,361 | 4,334 | 4,094 | 5,252 | 5,380 | 4,498 | 4,289 | |||||||||||||||||||||||
Taxes other than on income | 969 | 1,059 | 1,047 | 1,061 | 901 | 1,259 | 1,363 | 1,344 | |||||||||||||||||||||||
Interest and debt expense | 178 | 197 | 198 | 225 | 190 | 182 | 217 | 159 | |||||||||||||||||||||||
Other components of net periodic benefit costs | 98 | 121 | 97 | 101 | 216 | 158 | 102 | 84 | |||||||||||||||||||||||
Total Costs and Other Deductions | 44,755 | 32,067 | 32,915 | 31,243 | 37,454 | 38,288 | 37,331 | 32,691 | |||||||||||||||||||||||
Income (Loss) Before Income Tax Expense | (8,405 | ) | 4,049 | 5,935 | 3,957 | 4,898 | 5,699 | 4,905 | 5,073 | ||||||||||||||||||||||
Income Tax Expense (Benefit) | (1,738 | ) | 1,469 | 1,645 | 1,315 | 1,175 | 1,643 | 1,483 | 1,414 | ||||||||||||||||||||||
Net Income (Loss) | $ | (6,667 | ) | $ | 2,580 | $ | 4,290 | $ | 2,642 | $ | 3,723 | $ | 4,056 | $ | 3,422 | $ | 3,659 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | (57 | ) | — | (15 | ) | (7 | ) | (7 | ) | 9 | 13 | 21 | |||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | (6,610 | ) | $ | 2,580 | $ | 4,305 | $ | 2,649 | $ | 3,730 | $ | 4,047 | $ | 3,409 | $ | 3,638 | ||||||||||||||
Per Share of Common Stock | |||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | |||||||||||||||||||||||||||||||
– Basic | $ | (3.51 | ) | $ | 1.38 | $ | 2.28 | $ | 1.40 | $ | 1.97 | $ | 2.13 | $ | 1.79 | $ | 1.92 | ||||||||||||||
– Diluted | $ | (3.51 | ) | $ | 1.36 | $ | 2.27 | $ | 1.39 | $ | 1.95 | $ | 2.11 | $ | 1.78 | $ | 1.90 | ||||||||||||||
Dividends | $ | 1.19 | $ | 1.19 | $ | 1.19 | $ | 1.19 | $ | 1.12 | $ | 1.12 | $ | 1.12 | $ | 1.12 | |||||||||||||||
Management’s Responsibility for Financial Statements | ||||||||||||||||||||||
To the Stockholders of Chevron Corporation Management of Chevron Corporation is responsible for preparing the accompanying consolidated financial statements and the related information appearing in this report. The statements were prepared in accordance with accounting principles generally accepted in the United States of America and fairly represent the transactions and financial position of the company. The financial statements include amounts that are based on management’s best estimates and judgments. As stated in its report included herein, the independent registered public accounting firm of PricewaterhouseCoopers LLP has audited the company’s consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). The Board of Directors of Chevron has an Audit Committee composed of directors who are not officers or employees of the company. The Audit Committee meets regularly with members of management, the internal auditors and the independent registered public accounting firm to review accounting, internal control, auditing and financial reporting matters. Both the internal auditors and the independent registered public accounting firm have free and direct access to the Audit Committee without the presence of management. The company’s management has evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, the effectiveness of the company’s disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, | ||||||||||||||||||||||
Management’s Report on Internal Control Over Financial Reporting | ||||||||||||||||||||||
The company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f). The company’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the company’s internal control over financial reporting based on the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on the results of this evaluation, the company’s management concluded that internal control over financial reporting was effective as of December 31, The company excluded Noble from our assessment of internal control over financial reporting as of December 31, 2020 because it was acquired by the company in a business combination during 2020. Total assets and total revenues of Noble, a wholly-owned subsidiary, represent eight percent and one percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2020. The effectiveness of the company’s internal control over financial reporting as of December 31, | ||||||||||||||||||||||
Michael K. Wirth | Pierre R. Breber | David A. Inchausti | ||||||||||||||||||||
Chairman of the Board | Vice President | Vice President | ||||||||||||||||||||
and Chief Executive Officer | and Chief Financial Officer | and | ||||||||||||||||||||
February | ||||||||||||||||||||||
Report of Independent Registered Public Accounting Firm | ||||||||
To the Board of Directors and Shareholders of Chevron Corporation: | ||||||||
Opinions on the Financial Statements and Internal Control over Financial Reporting | ||||||||
We have audited the accompanying consolidated balance sheet of Chevron Corporation and its subsidiaries (the “Company”) as of December 31, | ||||||||
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, | ||||||||
Basis for Opinions The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. As described in Management’s Report on Internal Control Over Financial Reporting, management has excluded Noble Energy, Inc. from its assessment of internal control over financial reporting as of December 31, 2020 because it was acquired by the Company in a purchase business combination during 2020. We have also excluded Noble Energy, Inc. from our audit of internal control over financial reporting. Noble Energy, Inc. is a wholly-owned subsidiary whose total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting represent eight percent and one percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2020. | ||||||||
Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely |
detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. | ||||||||
Critical Audit Matters The critical audit | ||||||||
The Impact of Proved Crude Oil and Natural Gas Reserves As described in Notes 1 and 16 to the consolidated financial statements, the Company’s upstream property, plant and equipment, net balance was The principal considerations for our determination that performing procedures relating to the impact of proved crude oil and natural gas reserves Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s Acquisition of Noble Energy, Inc. - Valuation of Crude Oil and Natural Gas Properties As described in Note 29 to the consolidated financial statements, the Company acquired Noble Energy, Inc. (“Noble”) in an acquisition accounted for as a business combination, which required assets acquired and liabilities assumed to be measured at their acquisition date fair values, including approximately $15 billion related to the fair values of acquired oil and gas properties. Management applied significant judgment in estimating the fair value of properties acquired, which involved use of a discounted cash flow approach that incorporated internally generated price assumptions and production profiles, and operating cost and development cost assumptions. The principal considerations for our determination that performing procedures relating to the valuation of crude oil and natural gas properties from the acquisition of Noble is a critical audit matter are (i) the significant judgment by management, including the use of management’s specialists as defined in the previous Critical Audit Matter, when developing the fair value measurement of acquired crude oil and natural gas properties; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating significant assumptions used in the discounted cash flow approach related to price, production profiles and discount rates; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge. |
. | ||||||||
San Francisco, California | ||||||||
February | ||||||||
We have served as the Company’s auditor since 1935. |
Year ended December 31 | ||||||||||||||
2019 | 2018 | 2017 | ||||||||||||
Revenues and Other Income | ||||||||||||||
Sales and other operating revenues1 | $ | 139,865 | $ | 158,902 | $ | 134,674 | ||||||||
Income from equity affiliates | 3,968 | 6,327 | 4,438 | |||||||||||
Other income | 2,683 | 1,110 | 2,610 | |||||||||||
Total Revenues and Other Income | 146,516 | 166,339 | 141,722 | |||||||||||
Costs and Other Deductions | ||||||||||||||
Purchased crude oil and products | 80,113 | 94,578 | 75,765 | |||||||||||
Operating expenses | 21,385 | 20,544 | 19,127 | |||||||||||
Selling, general and administrative expenses | 4,143 | 3,838 | 4,110 | |||||||||||
Exploration expenses | 770 | 1,210 | 864 | |||||||||||
Depreciation, depletion and amortization | 29,218 | 19,419 | 19,349 | |||||||||||
Taxes other than on income1 | 4,136 | 4,867 | 12,331 | |||||||||||
Interest and debt expense | 798 | 748 | 307 | |||||||||||
Other components of net periodic benefit costs | 417 | 560 | 648 | |||||||||||
Total Costs and Other Deductions | 140,980 | 145,764 | 132,501 | |||||||||||
Income (Loss) Before Income Tax Expense | 5,536 | 20,575 | 9,221 | |||||||||||
Income Tax Expense (Benefit) | 2,691 | 5,715 | (48 | ) | ||||||||||
Net Income (Loss) | 2,845 | 14,860 | 9,269 | |||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (79 | ) | 36 | 74 | ||||||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | 2,924 | $ | 14,824 | $ | 9,195 | ||||||||
Per Share of Common Stock | ||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | ||||||||||||||
- Basic | $ | 1.55 | $ | 7.81 | $ | 4.88 | ||||||||
- Diluted | $ | 1.54 | $ | 7.74 | $ | 4.85 | ||||||||
1 2017 include excise, value-added and similar taxes of $7,189, collected on behalf of third parties. Beginning in 2018, these taxes are netted in “Taxes other than on income” in accordance with Accounting Standards Update (ASU) 2014-09. Refer to Note 24, “Revenue” beginning on page 89. | ||||||||||||||
See accompanying Notes to the Consolidated Financial Statements. | ||||||||||||||
Year ended December 31 | ||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||
Revenues and Other Income | ||||||||||||||||||||||||||
Sales and other operating revenues | $ | 94,471 | $ | 139,865 | $ | 158,902 | ||||||||||||||||||||
Income (loss) from equity affiliates | (472) | 3,968 | 6,327 | |||||||||||||||||||||||
Other income | 693 | 2,683 | 1,110 | |||||||||||||||||||||||
Total Revenues and Other Income | 94,692 | 146,516 | 166,339 | |||||||||||||||||||||||
Costs and Other Deductions | ||||||||||||||||||||||||||
Purchased crude oil and products | 50,488 | 80,113 | 94,578 | |||||||||||||||||||||||
Operating expenses | 20,323 | 21,385 | 20,544 | |||||||||||||||||||||||
Selling, general and administrative expenses | 4,213 | 4,143 | 3,838 | |||||||||||||||||||||||
Exploration expenses | 1,537 | 770 | 1,210 | |||||||||||||||||||||||
Depreciation, depletion and amortization | 19,508 | 29,218 | 19,419 | |||||||||||||||||||||||
Taxes other than on income | 4,499 | 4,136 | 4,867 | |||||||||||||||||||||||
Interest and debt expense | 697 | 798 | 748 | |||||||||||||||||||||||
Other components of net periodic benefit costs | 880 | 417 | 560 | |||||||||||||||||||||||
Total Costs and Other Deductions | 102,145 | 140,980 | 145,764 | |||||||||||||||||||||||
Income (Loss) Before Income Tax Expense | (7,453) | 5,536 | 20,575 | |||||||||||||||||||||||
Income Tax Expense (Benefit) | (1,892) | 2,691 | 5,715 | |||||||||||||||||||||||
Net Income (Loss) | (5,561) | 2,845 | 14,860 | |||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (18) | (79) | 36 | |||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | (5,543) | $ | 2,924 | $ | 14,824 | ||||||||||||||||||||
Per Share of Common Stock | ||||||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | ||||||||||||||||||||||||||
- Basic | $ | (2.96) | $ | 1.55 | $ | 7.81 | ||||||||||||||||||||
- Diluted | $ | (2.96) | $ | 1.54 | $ | 7.74 | ||||||||||||||||||||
See accompanying Notes to the Consolidated Financial Statements. | ||||||||||||||||||||||||||
Year ended December 31 | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Net Income (Loss) | $ | (5,561) | $ | 2,845 | $ | 14,860 | |||||||||||||||||||||||
Currency translation adjustment | |||||||||||||||||||||||||||||
Unrealized net change arising during period | 35 | (18) | (19) | ||||||||||||||||||||||||||
Unrealized holding gain (loss) on securities | |||||||||||||||||||||||||||||
Net gain (loss) arising during period | (2) | 2 | (5) | ||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
Net derivatives loss on hedge transactions | 0 | (1) | 0 | ||||||||||||||||||||||||||
Income taxes on derivatives transactions | 0 | 3 | 0 | ||||||||||||||||||||||||||
Total | 0 | 2 | 0 | ||||||||||||||||||||||||||
Defined benefit plans | |||||||||||||||||||||||||||||
Actuarial gain (loss) | |||||||||||||||||||||||||||||
Amortization to net income of net actuarial loss and settlements | 1,107 | 519 | 792 | ||||||||||||||||||||||||||
Actuarial gain (loss) arising during period | (2,004) | (2,404) | 85 | ||||||||||||||||||||||||||
Prior service credits (cost) | |||||||||||||||||||||||||||||
Amortization to net income of net prior service costs and curtailments | (23) | 4 | (13) | ||||||||||||||||||||||||||
Prior service (costs) credits arising during period | 0 | (28) | (26) | ||||||||||||||||||||||||||
Defined benefit plans sponsored by equity affiliates - benefit (cost) | (104) | (33) | 23 | ||||||||||||||||||||||||||
Income tax benefit (cost) on defined benefit plans | 369 | 510 | (230) | ||||||||||||||||||||||||||
Total | (655) | (1,432) | 631 | ||||||||||||||||||||||||||
Other Comprehensive Gain (Loss), Net of Tax | (622) | (1,446) | 607 | ||||||||||||||||||||||||||
Comprehensive Income | (6,183) | 1,399 | 15,467 | ||||||||||||||||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | 18 | 79 | (36) | ||||||||||||||||||||||||||
Comprehensive Income (Loss) Attributable to Chevron Corporation | $ | (6,165) | $ | 1,478 | $ | 15,431 | |||||||||||||||||||||||
See accompanying Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||||||||
Year ended December 31 | |||||||||||||||
2019 | 2018 | 2017 | |||||||||||||
Net Income (Loss) | $ | 2,845 | $ | 14,860 | $ | 9,269 | |||||||||
Currency translation adjustment | |||||||||||||||
Unrealized net change arising during period | (18 | ) | (19 | ) | 57 | ||||||||||
Unrealized holding gain (loss) on securities | |||||||||||||||
Net gain (loss) arising during period | 2 | (5 | ) | (3 | ) | ||||||||||
Derivatives | |||||||||||||||
Net derivatives loss on hedge transactions | (1 | ) | — | — | |||||||||||
Reclassification to net income of net realized gain | — | — | — | ||||||||||||
Income taxes on derivatives transactions | 3 | — | — | ||||||||||||
Total | 2 | — | — | ||||||||||||
Defined benefit plans | |||||||||||||||
Actuarial gain (loss) | |||||||||||||||
Amortization to net income of net actuarial loss and settlements | 519 | 792 | 817 | ||||||||||||
Actuarial gain (loss) arising during period | (2,404 | ) | 85 | (571 | ) | ||||||||||
Prior service credits (cost) | |||||||||||||||
Amortization to net income of net prior service costs and curtailments | 4 | (13 | ) | (20 | ) | ||||||||||
Prior service (costs) credits arising during period | (28 | ) | (26 | ) | (1 | ) | |||||||||
Defined benefit plans sponsored by equity affiliates - benefit (cost) | (33 | ) | 23 | 19 | |||||||||||
Income (taxes) benefit on defined benefit plans | 510 | (230 | ) | (44 | ) | ||||||||||
Total | (1,432 | ) | 631 | 200 | |||||||||||
Other Comprehensive Gain (Loss), Net of Tax | (1,446 | ) | 607 | 254 | |||||||||||
Comprehensive Income | 1,399 | 15,467 | 9,523 | ||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | 79 | (36 | ) | (74 | ) | ||||||||||
Comprehensive Income (Loss) Attributable to Chevron Corporation | $ | 1,478 | $ | 15,431 | $ | 9,449 | |||||||||
See accompanying Notes to the Consolidated Financial Statements. | |||||||||||||||
At December 31 | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 5,596 | $ | 5,686 | |||||||||||||
Marketable securities | 31 | 63 | |||||||||||||||
Accounts and notes receivable (less allowance: 2020 - $284; 2019 - $746) | 11,471 | 13,325 | |||||||||||||||
Inventories: | |||||||||||||||||
Crude oil and petroleum products | 3,576 | 3,722 | |||||||||||||||
Chemicals | 457 | 492 | |||||||||||||||
Materials, supplies and other | 1,643 | 1,634 | |||||||||||||||
Total inventories | 5,676 | 5,848 | |||||||||||||||
Prepaid expenses and other current assets | 3,304 | 3,407 | |||||||||||||||
Total Current Assets | 26,078 | 28,329 | |||||||||||||||
Long-term receivables, net | 589 | 1,511 | |||||||||||||||
Investments and advances | 39,052 | 38,688 | |||||||||||||||
Properties, plant and equipment, at cost | 345,232 | 326,722 | |||||||||||||||
Less: Accumulated depreciation, depletion and amortization | 188,614 | 176,228 | |||||||||||||||
Properties, plant and equipment, net | 156,618 | 150,494 | |||||||||||||||
Deferred charges and other assets | 11,950 | 10,532 | |||||||||||||||
Goodwill | 4,402 | 4,463 | |||||||||||||||
Assets held for sale | 1,101 | 3,411 | |||||||||||||||
Total Assets | $ | 239,790 | $ | 237,428 | |||||||||||||
Liabilities and Equity | |||||||||||||||||
Short-term debt | $ | 1,548 | $ | 3,282 | |||||||||||||
Accounts payable | 10,950 | 14,103 | |||||||||||||||
Accrued liabilities | 7,812 | 6,589 | |||||||||||||||
Federal and other taxes on income | 921 | 1,554 | |||||||||||||||
Other taxes payable | 952 | 1,002 | |||||||||||||||
Total Current Liabilities | 22,183 | 26,530 | |||||||||||||||
Long-term debt1 | 42,767 | 23,691 | |||||||||||||||
Deferred credits and other noncurrent obligations | 20,328 | 20,445 | |||||||||||||||
Noncurrent deferred income taxes | 12,569 | 13,688 | |||||||||||||||
Noncurrent employee benefit plans | 9,217 | 7,866 | |||||||||||||||
Total Liabilities2 | $ | 107,064 | $ | 92,220 | |||||||||||||
Preferred stock (authorized 100,000,000 shares; $1.00 par value; NaN issued) | 0 | 0 | |||||||||||||||
Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares issued at December 31,2020 and 2019) | 1,832 | 1,832 | |||||||||||||||
Capital in excess of par value | 16,829 | 17,265 | |||||||||||||||
Retained earnings | 160,377 | 174,945 | |||||||||||||||
Accumulated other comprehensive losses | (5,612) | (4,990) | |||||||||||||||
Deferred compensation and benefit plan trust | (240) | (240) | |||||||||||||||
Treasury stock, at cost (2020 - 517,490,263 shares; 2019 - 560,508,479 shares) | (41,498) | (44,599) | |||||||||||||||
Total Chevron Corporation Stockholders’ Equity | 131,688 | 144,213 | |||||||||||||||
Noncontrolling interests (2020 includes $120 redeemable noncontrolling interest) | 1,038 | 995 | |||||||||||||||
Total Equity | 132,726 | 145,208 | |||||||||||||||
Total Liabilities and Equity | $ | 239,790 | $ | 237,428 | |||||||||||||
1 Includes finance lease liabilities of $447 and $282 at December 31, 2020 and 2019, respectively. | |||||||||||||||||
See accompanying Notes to the Consolidated Financial Statements. | |||||||||||||||||
At December 31 | |||||||||
2019 | 2018 | ||||||||
Assets | |||||||||
Cash and cash equivalents | $ | 5,686 | $ | 9,342 | |||||
Time deposits | — | 950 | |||||||
Marketable securities | 63 | 53 | |||||||
Accounts and notes receivable (less allowance: 2019 - $746; 2018 - $869) | 13,325 | 15,050 | |||||||
Inventories: | �� | ||||||||
Crude oil and petroleum products | 3,722 | 3,383 | |||||||
Chemicals | 492 | 487 | |||||||
Materials, supplies and other | 1,634 | 1,834 | |||||||
Total inventories | 5,848 | 5,704 | |||||||
Prepaid expenses and other current assets | 3,407 | 2,922 | |||||||
Total Current Assets | 28,329 | 34,021 | |||||||
Long-term receivables, net | 1,511 | 1,942 | |||||||
Investments and advances | 38,688 | 35,546 | |||||||
Properties, plant and equipment, at cost | 326,722 | 340,244 | |||||||
Less: Accumulated depreciation, depletion and amortization | 176,228 | 171,037 | |||||||
Properties, plant and equipment, net | 150,494 | 169,207 | |||||||
Deferred charges and other assets | 10,532 | 6,766 | |||||||
Goodwill | 4,463 | 4,518 | |||||||
Assets held for sale | 3,411 | 1,863 | |||||||
Total Assets | $ | 237,428 | $ | 253,863 | |||||
Liabilities and Equity | |||||||||
Short-term debt | $ | 3,282 | $ | 5,726 | |||||
Accounts payable | 14,103 | 13,953 | |||||||
Accrued liabilities | 6,589 | 4,927 | |||||||
Federal and other taxes on income | 1,554 | 1,628 | |||||||
Other taxes payable | 1,002 | 937 | |||||||
Total Current Liabilities | 26,530 | 27,171 | |||||||
Long-term debt1 | 23,691 | 28,733 | |||||||
Deferred credits and other noncurrent obligations | 20,445 | 19,742 | |||||||
Noncurrent deferred income taxes | 13,688 | 15,921 | |||||||
Noncurrent employee benefit plans | 7,866 | 6,654 | |||||||
Total Liabilities2 | $ | 92,220 | $ | 98,221 | |||||
Preferred stock (authorized 100,000,000 shares; $1.00 par value; none issued) | — | — | |||||||
Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares issued at December 31, 2019 and 2018) | 1,832 | 1,832 | |||||||
Capital in excess of par value | 17,265 | 17,112 | |||||||
Retained earnings | 174,945 | 180,987 | |||||||
Accumulated other comprehensive losses | (4,990 | ) | (3,544 | ) | |||||
Deferred compensation and benefit plan trust | (240 | ) | (240 | ) | |||||
Treasury stock, at cost (2019 - 560,508,479 shares; 2018 - 539,838,890 shares) | (44,599 | ) | (41,593 | ) | |||||
Total Chevron Corporation Stockholders’ Equity | 144,213 | 154,554 | |||||||
Noncontrolling interests | 995 | 1,088 | |||||||
Total Equity | 145,208 | 155,642 | |||||||
Total Liabilities and Equity | $ | 237,428 | $ | 253,863 | |||||
1 Includes finance lease liabilities of $282 and $127 at December 31, 2019 and 2018, respectively. | |||||||||
2 Refer to Note 22, “Other Contingencies and Commitments” beginning on page 87. | |||||||||
See accompanying Notes to the Consolidated Financial Statements. | |||||||||
Year ended December 31 | |||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||
Net Income (Loss) | $ | (5,561) | $ | 2,845 | $ | 14,860 | |||||||||||||||||
Adjustments | |||||||||||||||||||||||
Depreciation, depletion and amortization | 19,508 | 29,218 | 19,419 | ||||||||||||||||||||
Dry hole expense | 1,036 | 172 | 687 | ||||||||||||||||||||
Distributions more (less) than income from equity affiliates | 2,015 | (2,073) | (3,580) | ||||||||||||||||||||
Net before-tax gains on asset retirements and sales | (760) | (1,367) | (619) | ||||||||||||||||||||
Net foreign currency effects | 619 | 272 | 123 | ||||||||||||||||||||
Deferred income tax provision | (3,604) | (1,966) | 1,050 | ||||||||||||||||||||
Net decrease (increase) in operating working capital | (1,652) | 1,494 | (718) | ||||||||||||||||||||
Decrease (increase) in long-term receivables | 296 | 502 | 418 | ||||||||||||||||||||
Net decrease (increase) in other deferred charges | (248) | (69) | 0 | ||||||||||||||||||||
Cash contributions to employee pension plans | (1,213) | (1,362) | (1,035) | ||||||||||||||||||||
Other | 141 | (352) | 13 | ||||||||||||||||||||
Net Cash Provided by Operating Activities | 10,577 | 27,314 | 30,618 | ||||||||||||||||||||
Investing Activities | |||||||||||||||||||||||
Cash acquired from Noble Energy, Inc. | 373 | 0 | 0 | ||||||||||||||||||||
Capital expenditures | (8,922) | (14,116) | (13,792) | ||||||||||||||||||||
Proceeds and deposits related to asset sales and returns of investment | 2,968 | 2,951 | 2,392 | ||||||||||||||||||||
Net maturities of (investments in) time deposits | 0 | 950 | (950) | ||||||||||||||||||||
Net sales (purchases) of marketable securities | 35 | 2 | (51) | ||||||||||||||||||||
Net repayment (borrowing) of loans by equity affiliates | (1,419) | (1,245) | 111 | ||||||||||||||||||||
Net Cash Used for Investing Activities | (6,965) | (11,458) | (12,290) | ||||||||||||||||||||
Financing Activities | |||||||||||||||||||||||
Net borrowings (repayments) of short-term obligations | 651 | (2,821) | 2,021 | ||||||||||||||||||||
Proceeds from issuances of long-term debt | 12,308 | 0 | 218 | ||||||||||||||||||||
Repayments of long-term debt and other financing obligations | (5,489) | (5,025) | (6,741) | ||||||||||||||||||||
Cash dividends - common stock | (9,651) | (8,959) | (8,502) | ||||||||||||||||||||
Distributions to noncontrolling interests | (24) | (18) | (91) | ||||||||||||||||||||
Net sales (purchases) of treasury shares | (1,531) | (2,935) | (604) | ||||||||||||||||||||
Net Cash Provided by (Used for) Financing Activities | (3,736) | (19,758) | (13,699) | ||||||||||||||||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (50) | 332 | (91) | ||||||||||||||||||||
Net Change in Cash, Cash Equivalents and Restricted Cash | (174) | (3,570) | 4,538 | ||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at January 1 | 6,911 | 10,481 | 5,943 | ||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at December 31 | $ | 6,737 | $ | 6,911 | $ | 10,481 | |||||||||||||||||
See accompanying Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||
Year ended December 31 | |||||||||||||
2019 | 2018 | 2017 | |||||||||||
Operating Activities | |||||||||||||
Net Income (Loss) | $ | 2,845 | $ | 14,860 | $ | 9,269 | |||||||
Adjustments | |||||||||||||
Depreciation, depletion and amortization | 29,218 | 19,419 | 19,349 | ||||||||||
Dry hole expense | 172 | 687 | 198 | ||||||||||
Distributions less than income from equity affiliates | (2,073 | ) | (3,580 | ) | (2,380 | ) | |||||||
Net before-tax gains on asset retirements and sales | (1,367 | ) | (619 | ) | (2,195 | ) | |||||||
Net foreign currency effects | 272 | 123 | 131 | ||||||||||
Deferred income tax provision | (1,966 | ) | 1,050 | (3,203 | ) | ||||||||
Net decrease (increase) in operating working capital | 1,494 | (718 | ) | 520 | |||||||||
Decrease (increase) in long-term receivables | 502 | 418 | (368 | ) | |||||||||
Net decrease (increase) in other deferred charges | (69 | ) | — | (254 | ) | ||||||||
Cash contributions to employee pension plans | (1,362 | ) | (1,035 | ) | (980 | ) | |||||||
Other | (352 | ) | 13 | 251 | |||||||||
Net Cash Provided by Operating Activities | 27,314 | 30,618 | 20,338 | ||||||||||
Investing Activities | |||||||||||||
Capital expenditures | (14,116 | ) | (13,792 | ) | (13,404 | ) | |||||||
Proceeds and deposits related to asset sales and returns of investment | 2,951 | 2,392 | 5,096 | ||||||||||
Net maturities of (investments in) time deposits | 950 | (950 | ) | — | |||||||||
Net sales (purchases) of marketable securities | 2 | (51 | ) | 4 | |||||||||
Net repayment (borrowing) of loans by equity affiliates | (1,245 | ) | 111 | (16 | ) | ||||||||
Net Cash Used for Investing Activities | (11,458 | ) | (12,290 | ) | (8,320 | ) | |||||||
Financing Activities | |||||||||||||
Net borrowings (repayments) of short-term obligations | (2,821 | ) | 2,021 | (5,142 | ) | ||||||||
Proceeds from issuances of long-term debt | — | 218 | 3,991 | ||||||||||
Repayments of long-term debt and other financing obligations | (5,025 | ) | (6,741 | ) | (6,310 | ) | |||||||
Cash dividends - common stock | (8,959 | ) | (8,502 | ) | (8,132 | ) | |||||||
Distributions to noncontrolling interests | (18 | ) | (91 | ) | (78 | ) | |||||||
Net sales (purchases) of treasury shares | (2,935 | ) | (604 | ) | 1,117 | ||||||||
Net Cash Provided by (Used for) Financing Activities | (19,758 | ) | (13,699 | ) | (14,554 | ) | |||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 332 | (91 | ) | 65 | |||||||||
Net Change in Cash, Cash Equivalents and Restricted Cash | (3,570 | ) | 4,538 | (2,471 | ) | ||||||||
Cash, Cash Equivalents and Restricted Cash at January 1 | 10,481 | 5,943 | 8,414 | ||||||||||
Cash, Cash Equivalents and Restricted Cash at December 31 | $ | 6,911 | $ | 10,481 | $ | 5,943 | |||||||
See accompanying Notes to the Consolidated Financial Statements. | |||||||||||||
Acc. Other | Treasury | Chevron Corp. | |||||||||||||||||||||||||||
Common | Retained | Comprehensive | Stock | Stockholders’ | Noncontrolling | Total | |||||||||||||||||||||||
Stock1 | Earnings | Income (Loss) | (at cost) | Equity | Interests | Equity | |||||||||||||||||||||||
Balance at December 31, 2017 | $ | 18,440 | $ | 174,106 | $ | (3,589) | $ | (40,833) | $ | 148,124 | $ | 1,195 | $ | 149,319 | |||||||||||||||
Treasury stock transactions | 264 | — | — | — | 264 | — | 264 | ||||||||||||||||||||||
Net income (loss) | — | 14,824 | — | — | 14,824 | 36 | 14,860 | ||||||||||||||||||||||
Cash dividends | — | (8,502) | — | — | (8,502) | (91) | (8,593) | ||||||||||||||||||||||
Stock dividends | — | (3) | — | — | (3) | — | (3) | ||||||||||||||||||||||
Other comprehensive income | — | — | 607 | — | 607 | — | 607 | ||||||||||||||||||||||
Purchases of treasury shares | — | — | — | (1,751) | (1,751) | — | (1,751) | ||||||||||||||||||||||
Issuances of treasury shares | — | — | — | 991 | 991 | — | 991 | ||||||||||||||||||||||
Other changes, net | — | 562 | (562) | — | 0 | (52) | (52) | ||||||||||||||||||||||
Balance at December 31, 2018 | $ | 18,704 | $ | 180,987 | $ | (3,544) | $ | (41,593) | $ | 154,554 | $ | 1,088 | $ | 155,642 | |||||||||||||||
Treasury stock transactions | 153 | — | — | — | 153 | — | 153 | ||||||||||||||||||||||
Net income (loss) | — | 2,924 | — | — | 2,924 | (79) | 2,845 | ||||||||||||||||||||||
Cash dividends | — | (8,959) | — | — | (8,959) | (18) | (8,977) | ||||||||||||||||||||||
Stock dividends | — | (3) | — | — | (3) | — | (3) | ||||||||||||||||||||||
Other comprehensive income | — | — | (1,446) | — | (1,446) | — | (1,446) | ||||||||||||||||||||||
Purchases of treasury shares | — | — | — | (4,039) | (4,039) | — | (4,039) | ||||||||||||||||||||||
Issuances of treasury shares | — | — | — | 1,033 | 1,033 | — | 1,033 | ||||||||||||||||||||||
Other changes, net | — | (4) | — | — | (4) | 4 | 0 | ||||||||||||||||||||||
Balance at December 31, 2019 | $ | 18,857 | $ | 174,945 | $ | (4,990) | $ | (44,599) | $ | 144,213 | $ | 995 | $ | 145,208 | |||||||||||||||
Treasury stock transactions | 84 | — | — | — | 84 | — | 84 | ||||||||||||||||||||||
Noble Acquisition3 | (520) | — | — | 4,629 | 4,109 | 779 | 4,888 | ||||||||||||||||||||||
Net income (loss) | — | (5,543) | — | — | (5,543) | (18) | (5,561) | ||||||||||||||||||||||
Cash dividends | — | (9,651) | — | — | (9,651) | (24) | (9,675) | ||||||||||||||||||||||
Stock dividends | — | (5) | — | — | (5) | — | (5) | ||||||||||||||||||||||
Other comprehensive income | — | — | (622) | — | (622) | — | (622) | ||||||||||||||||||||||
Purchases of treasury shares | — | — | — | (1,757) | (1,757) | — | (1,757) | ||||||||||||||||||||||
Issuances of treasury shares | — | — | — | 229 | 229 | — | 229 | ||||||||||||||||||||||
Other changes, net | — | 631 | — | — | 631 | (694) | (63) | ||||||||||||||||||||||
Balance at December 31, 2020 | $ | 18,421 | $ | 160,377 | $ | (5,612) | $ | (41,498) | $ | 131,688 | $ | 1,038 | $ | 132,726 | |||||||||||||||
Common Stock Share Activity | |||||||||||||||||||||||||||||
Issued2 | Treasury | Outstanding | |||||||||||||||||||||||||||
Balance at December 31, 2017 | 2,442,676,580 | (537,974,695) | 1,904,701,885 | ||||||||||||||||||||||||||
Purchases | — | (14,912,039) | (14,912,039) | ||||||||||||||||||||||||||
Issuances | — | 13,047,844 | 13,047,844 | ||||||||||||||||||||||||||
Balance at December 31, 2018 | 2,442,676,580 | (539,838,890) | 1,902,837,690 | ||||||||||||||||||||||||||
Purchases | — | (33,955,300) | (33,955,300) | ||||||||||||||||||||||||||
Issuances | — | 13,285,711 | 13,285,711 | ||||||||||||||||||||||||||
Balance at December 31, 2019 | 2,442,676,580 | (560,508,479) | 1,882,168,101 | ||||||||||||||||||||||||||
Purchases | — | (17,577,457) | (17,577,457) | ||||||||||||||||||||||||||
Issuances | — | 60,595,673 | 60,595,673 | ||||||||||||||||||||||||||
Balance at December 31, 2020 | 2,442,676,580 | (517,490,263) | 1,925,186,317 | ||||||||||||||||||||||||||
1 Beginning and ending balances for all periods include capital in excess of par, common stock issued at par for $1,832, and $(240) associated with Chevron’s Benefit Plan Trust. Changes reflect capital in excess of par. | |||||||||||||||||||||||||||||
2 Beginning and ending total issued share balances include 14,168,000 shares associated with Chevron’s Benefit Plan Trust. | |||||||||||||||||||||||||||||
3 Includes $120 redeemable noncontrolling interest. | |||||||||||||||||||||||||||||
See accompanying Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||||||||
Acc. Other | Treasury | Chevron Corp. | |||||||||||||||||||||
Common | Retained | Comprehensive | Stock | Stockholders’ | Noncontrolling | Total | |||||||||||||||||
Stock1 | Earnings | Income (Loss) | (at cost) | Equity | Interests | Equity | |||||||||||||||||
Balance at December 31, 2016 | $ | 18,187 | $ | 173,046 | $ | (3,843 | ) | $ | (41,834 | ) | $ | 145,556 | $ | 1,166 | $ | 146,722 | |||||||
Treasury stock transactions | 253 | — | — | — | 253 | — | 253 | ||||||||||||||||
Net income (loss) | — | 9,195 | — | — | 9,195 | 74 | 9,269 | ||||||||||||||||
Cash dividends | — | (8,132 | ) | — | — | (8,132 | ) | (78 | ) | (8,210 | ) | ||||||||||||
Stock dividends | — | (3 | ) | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Other comprehensive income | — | — | 254 | — | 254 | — | 254 | ||||||||||||||||
Purchases of treasury shares | — | — | — | (1 | ) | (1 | ) | — | (1 | ) | |||||||||||||
Issuances of treasury shares | — | — | — | 1,002 | 1,002 | — | 1,002 | ||||||||||||||||
Other changes, net | — | — | — | — | — | 33 | 33 | ||||||||||||||||
Balance at December 31, 2017 | $ | 18,440 | $ | 174,106 | $ | (3,589 | ) | $ | (40,833 | ) | $ | 148,124 | $ | 1,195 | $ | 149,319 | |||||||
Treasury stock transactions | 264 | — | — | — | 264 | — | 264 | ||||||||||||||||
Net income (loss) | — | 14,824 | — | — | 14,824 | 36 | 14,860 | ||||||||||||||||
Cash dividends | — | (8,502 | ) | — | — | (8,502 | ) | (91 | ) | (8,593 | ) | ||||||||||||
Stock dividends | — | (3 | ) | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Other comprehensive income | — | — | 607 | — | 607 | — | 607 | ||||||||||||||||
Purchases of treasury shares | — | — | — | (1,751 | ) | (1,751 | ) | — | (1,751 | ) | |||||||||||||
Issuances of treasury shares | — | — | — | 991 | 991 | — | 991 | ||||||||||||||||
Other changes, net | — | 562 | (562 | ) | — | — | (52 | ) | (52 | ) | |||||||||||||
Balance at December 31, 2018 | $ | 18,704 | $ | 180,987 | $ | (3,544 | ) | $ | (41,593 | ) | $ | 154,554 | $ | 1,088 | $ | 155,642 | |||||||
Treasury stock transactions | 153 | — | — | — | 153 | — | 153 | ||||||||||||||||
Net income (loss) | — | 2,924 | — | — | 2,924 | (79 | ) | 2,845 | |||||||||||||||
Cash dividends | — | (8,959 | ) | — | — | (8,959 | ) | (18 | ) | (8,977 | ) | ||||||||||||
Stock dividends | — | (3 | ) | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Other comprehensive income | — | — | (1,446 | ) | — | (1,446 | ) | — | (1,446 | ) | |||||||||||||
Purchases of treasury shares | — | — | — | (4,039 | ) | (4,039 | ) | — | (4,039 | ) | |||||||||||||
Issuances of treasury shares | — | — | — | 1,033 | 1,033 | — | 1,033 | ||||||||||||||||
Other changes, net | — | (4 | ) | — | — | (4 | ) | 4 | — | ||||||||||||||
Balance at December 31, 2019 | $ | 18,857 | $ | 174,945 | $ | (4,990 | ) | $ | (44,599 | ) | $ | 144,213 | $ | 995 | $ | 145,208 | |||||||
Common Stock Share Activity | |||||||||||||||||||||||
Issued2 | Treasury | Outstanding | |||||||||||||||||||||
Balance at December 31, 2016 | 2,442,676,580 | (551,170,158 | ) | 1,891,506,422 | |||||||||||||||||||
Purchases | — | (10,237 | ) | (10,237 | ) | ||||||||||||||||||
Issuances | — | 13,205,700 | 13,205,700 | ||||||||||||||||||||
Balance at December 31, 2017 | 2,442,676,580 | (537,974,695 | ) | 1,904,701,885 | |||||||||||||||||||
Purchases | — | (14,912,039 | ) | (14,912,039 | ) | ||||||||||||||||||
Issuances | — | 13,047,844 | 13,047,844 | ||||||||||||||||||||
Balance at December 31, 2018 | 2,442,676,580 | (539,838,890 | ) | 1,902,837,690 | |||||||||||||||||||
Purchases | — | (33,955,300 | ) | (33,955,300 | ) | ||||||||||||||||||
Issuances | — | 13,285,711 | 13,285,711 | ||||||||||||||||||||
Balance at December 31, 2019 | 2,442,676,580 | (560,508,479 | ) | 1,882,168,101 | |||||||||||||||||||
1 Beginning and ending balances for all periods include capital in excess of par, common stock issued at par for $1,832, and $(240) associated with Chevron’s Benefit Plan Trust. Changes reflect capital in excess of par. | |||||||||||||||||||||||
2 Beginning and ending total issued share balances include 14,168 shares associated with Chevron’s Benefit Plan Trust. | |||||||||||||||||||||||
See accompanying Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||
Currency Translation Adjustments | Unrealized Holding Gains (Losses) on Securities | Derivatives | Defined Benefit Plans | Total | |||||||||||||||||||||||||
Balance at December 31, 2017 | $ | (105) | $ | (5) | $ | (2) | $ | (3,477) | $ | (3,589) | |||||||||||||||||||
Components of Other Comprehensive Income (Loss)1: | |||||||||||||||||||||||||||||
Before Reclassifications | (19) | (5) | 0 | 28 | 4 | ||||||||||||||||||||||||
Reclassifications2 | 0 | 0 | 0 | 603 | 603 | ||||||||||||||||||||||||
Net Other Comprehensive Income (Loss) | (19) | (5) | 0 | 631 | 607 | ||||||||||||||||||||||||
Stranded Tax Reclassification to Retained Earnings3 | 0 | 0 | 0 | (562) | (562) | ||||||||||||||||||||||||
Balance at December 31, 2018 | $ | (124) | $ | (10) | $ | (2) | $ | (3,408) | $ | (3,544) | |||||||||||||||||||
Components of Other Comprehensive Income (Loss)1: | |||||||||||||||||||||||||||||
Before Reclassifications | (18) | 2 | (1) | (1,838) | (1,855) | ||||||||||||||||||||||||
Reclassifications2 | 0 | 0 | 3 | 406 | 409 | ||||||||||||||||||||||||
Net Other Comprehensive Income (Loss) | (18) | 2 | 2 | (1,432) | (1,446) | ||||||||||||||||||||||||
Balance at December 31, 2019 | $ | (142) | $ | (8) | $ | 0 | $ | (4,840) | $ | (4,990) | |||||||||||||||||||
Components of Other Comprehensive Income (Loss)1: | |||||||||||||||||||||||||||||
Before Reclassifications | 35 | (2) | 0 | (1,487) | (1,454) | ||||||||||||||||||||||||
Reclassifications2 | 0 | 0 | 0 | 832 | 832 | ||||||||||||||||||||||||
Net Other Comprehensive Income (Loss) | 35 | (2) | 0 | (655) | (622) | ||||||||||||||||||||||||
Balance at December 31, 2020 | $ | (107) | $ | (10) | $ | 0 | $ | (5,495) | $ | (5,612) |
Currency Translation Adjustments | Unrealized Holding Gains (Losses) on Securities | Derivatives | Defined Benefit Plans | Total | |||||||||||||||
Balance at December 31, 2016 | $ | (162 | ) | $ | (2 | ) | $ | (2 | ) | $ | (3,677 | ) | $ | (3,843 | ) | ||||
Components of Other Comprehensive Income (Loss)1: | |||||||||||||||||||
Before Reclassifications | 57 | (3 | ) | — | (310 | ) | (256 | ) | |||||||||||
Reclassifications2 | — | — | — | 510 | 510 | ||||||||||||||
Net Other Comprehensive Income (Loss) | 57 | (3 | ) | — | 200 | 254 | |||||||||||||
Balance at December 31, 2017 | $ | (105 | ) | $ | (5 | ) | $ | (2 | ) | $ | (3,477 | ) | $ | (3,589 | ) | ||||
Components of Other Comprehensive Income (Loss)1: | |||||||||||||||||||
Before Reclassifications | (19 | ) | (5 | ) | — | 28 | 4 | ||||||||||||
Reclassifications2 | — | — | — | 603 | 603 | ||||||||||||||
Net Other Comprehensive Income (Loss) | (19 | ) | (5 | ) | — | 631 | 607 | ||||||||||||
Stranded Tax Reclassification to Retained Earnings3 | — | — | — | (562 | ) | (562 | ) | ||||||||||||
Balance at December 31, 2018 | $ | (124 | ) | $ | (10 | ) | $ | (2 | ) | $ | (3,408 | ) | $ | (3,544 | ) | ||||
Components of Other Comprehensive Income (Loss)1: | |||||||||||||||||||
Before Reclassifications | (18 | ) | 2 | (1 | ) | (1,838 | ) | (1,855 | ) | ||||||||||
Reclassifications2 | — | — | 3 | 406 | 409 | ||||||||||||||
Net Other Comprehensive Income (Loss) | (18 | ) | 2 | 2 | (1,432 | ) | (1,446 | ) | |||||||||||
Balance at December 31, 2019 | $ | (142 | ) | $ | (8 | ) | $ | — | $ | (4,840 | ) | $ | (4,990 | ) |
Year ended December 31 | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Net decrease (increase) in operating working capital was composed of the following: | ||||||||||||
Decrease (increase) in accounts and notes receivable | $ | 1,852 | $ | 437 | $ | (915 | ) | |||||
Decrease (increase) in inventories | 7 | (424 | ) | (267 | ) | |||||||
Decrease (increase) in prepaid expenses and other current assets | (323 | ) | (149 | ) | 173 | |||||||
Increase (decrease) in accounts payable and accrued liabilities | (109 | ) | (494 | ) | 998 | |||||||
Increase (decrease) in income and other taxes payable | 67 | (88 | ) | 531 | ||||||||
Net decrease (increase) in operating working capital | $ | 1,494 | $ | (718 | ) | $ | 520 | |||||
Net cash provided by operating activities includes the following cash payments: | ||||||||||||
Interest on debt (net of capitalized interest) | $ | 810 | $ | 736 | $ | 265 | ||||||
Income taxes | 4,817 | 4,748 | 3,132 | |||||||||
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: | ||||||||||||
Proceeds and deposits related to asset sales | $ | 2,809 | $ | 2,000 | $ | 4,930 | ||||||
Returns of investment from equity affiliates | 142 | 392 | 166 | |||||||||
Proceeds and deposits related to asset sales and returns of investment | $ | 2,951 | $ | 2,392 | $ | 5,096 | ||||||
Net maturities (investments) of time deposits consisted of the following gross amounts: | ||||||||||||
Investments in time deposits | $ | — | $ | (950 | ) | $ | — | |||||
Maturities of time deposits | 950 | — | — | |||||||||
Net maturities of (investments in) time deposits | $ | 950 | $ | (950 | ) | $ | — | |||||
Net sales (purchases) of marketable securities consisted of the following gross amounts: | ||||||||||||
Marketable securities purchased | $ | (1 | ) | $ | (51 | ) | $ | (3 | ) | |||
Marketable securities sold | 3 | — | 7 | |||||||||
Net sales (purchases) of marketable securities | $ | 2 | $ | (51 | ) | $ | 4 | |||||
Net repayment (borrowing) of loans by equity affiliates: | ||||||||||||
Borrowing of loans by equity affiliates | $ | (1,350 | ) | $ | — | $ | (142 | ) | ||||
Repayment of loans by equity affiliates | 105 | 111 | 126 | |||||||||
Net repayment (borrowing) of loans by equity affiliates | $ | (1,245 | ) | $ | 111 | $ | (16 | ) | ||||
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: | ||||||||||||
Proceeds from issuances of short-term obligations | $ | 2,586 | $ | 2,486 | $ | 5,051 | ||||||
Repayments of short-term obligations | (1,430 | ) | (4,136 | ) | (8,820 | ) | ||||||
Net borrowings (repayments) of short-term obligations with three months or less maturity | (3,977 | ) | 3,671 | (1,373 | ) | |||||||
Net borrowings (repayments) of short-term obligations | $ | (2,821 | ) | $ | 2,021 | $ | (5,142 | ) | ||||
Net sales (purchases) of treasury shares consists of the following gross and net amounts: | ||||||||||||
Shares issued for share-based compensation plans | $ | 1,104 | $ | 1,147 | $ | 1,118 | ||||||
Shares purchased under share repurchase and deferred compensation plans | (4,039 | ) | (1,751 | ) | (1 | ) | ||||||
Net sales (purchases) of treasury shares | $ | (2,935 | ) | $ | (604 | ) | $ | 1,117 |
Year ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Distributions more (less) than income from equity affiliates includes the following: | ||||||||||||||||||||
Distributions from equity affiliates | $ | 1,543 | $ | 1,895 | $ | 2,747 | ||||||||||||||
(Income) loss from equity affiliates | 472 | (3,968) | (6,327) | |||||||||||||||||
Distributions more (less) than income from equity affiliates | $ | 2,015 | $ | (2,073) | $ | (3,580) | ||||||||||||||
Net decrease (increase) in operating working capital was composed of the following: | ||||||||||||||||||||
Decrease (increase) in accounts and notes receivable | $ | 2,423 | $ | 1,852 | $ | 437 | ||||||||||||||
Decrease (increase) in inventories | 284 | 7 | (424) | |||||||||||||||||
Decrease (increase) in prepaid expenses and other current assets | (87) | (323) | (149) | |||||||||||||||||
Increase (decrease) in accounts payable and accrued liabilities | (3,576) | (109) | (494) | |||||||||||||||||
Increase (decrease) in income and other taxes payable | (696) | 67 | (88) | |||||||||||||||||
Net decrease (increase) in operating working capital | $ | (1,652) | $ | 1,494 | $ | (718) | ||||||||||||||
Net cash provided by operating activities includes the following cash payments: | ||||||||||||||||||||
Interest on debt (net of capitalized interest) | $ | 720 | $ | 810 | $ | 736 | ||||||||||||||
Income taxes | 2,987 | 4,817 | 4,748 | |||||||||||||||||
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: | ||||||||||||||||||||
Proceeds and deposits related to asset sales | $ | 2,891 | $ | 2,809 | $ | 2,000 | ||||||||||||||
Returns of investment from equity affiliates | 77 | 142 | 392 | |||||||||||||||||
Proceeds and deposits related to asset sales and returns of investment | $ | 2,968 | $ | 2,951 | $ | 2,392 | ||||||||||||||
Net maturities (investments) of time deposits consisted of the following gross amounts: | ||||||||||||||||||||
Investments in time deposits | $ | 0 | $ | 0 | $ | (950) | ||||||||||||||
Maturities of time deposits | 0 | 950 | 0 | |||||||||||||||||
Net maturities of (investments in) time deposits | $ | 0 | $ | 950 | $ | (950) | ||||||||||||||
Net sales (purchases) of marketable securities consisted of the following gross amounts: | ||||||||||||||||||||
Marketable securities purchased | $ | 0 | $ | (1) | $ | (51) | ||||||||||||||
Marketable securities sold | 35 | 3 | 0 | |||||||||||||||||
Net sales (purchases) of marketable securities | $ | 35 | $ | 2 | $ | (51) | ||||||||||||||
Net repayment (borrowing) of loans by equity affiliates: | ||||||||||||||||||||
Borrowing of loans by equity affiliates | $ | (3,925) | $ | (1,350) | $ | 0 | ||||||||||||||
Repayment of loans by equity affiliates | 2,506 | 105 | 111 | |||||||||||||||||
Net repayment (borrowing) of loans by equity affiliates | $ | (1,419) | $ | (1,245) | $ | 111 | ||||||||||||||
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: | ||||||||||||||||||||
Proceeds from issuances of short-term obligations | $ | 10,846 | $ | 2,586 | $ | 2,486 | ||||||||||||||
Repayments of short-term obligations | (9,771) | (1,430) | (4,136) | |||||||||||||||||
Net borrowings (repayments) of short-term obligations with three months or less maturity | (424) | (3,977) | 3,671 | |||||||||||||||||
Net borrowings (repayments) of short-term obligations | $ | 651 | $ | (2,821) | $ | 2,021 | ||||||||||||||
Net sales (purchases) of treasury shares consists of the following gross and net amounts: | ||||||||||||||||||||
Shares issued for share-based compensation plans | $ | 226 | $ | 1,104 | $ | 1,147 | ||||||||||||||
Shares purchased under share repurchase and deferred compensation plans | (1,757) | (4,039) | (1,751) | |||||||||||||||||
Net sales (purchases) of treasury shares | $ | (1,531) | $ | (2,935) | $ | (604) | ||||||||||||||
Year ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Additions to properties, plant and equipment * | $ | 8,492 | $ | 13,839 | $ | 13,384 | ||||||||||||||
Additions to investments | 136 | 140 | 65 | |||||||||||||||||
Current-year dry hole expenditures | 327 | 124 | 344 | |||||||||||||||||
Payments for other assets and liabilities, net | (33) | 13 | (1) | |||||||||||||||||
Capital expenditures | 8,922 | 14,116 | 13,792 | |||||||||||||||||
Expensed exploration expenditures | 500 | 598 | 523 | |||||||||||||||||
Assets acquired through finance leases and other obligations | 53 | 181 | 75 | |||||||||||||||||
Payments for other assets and liabilities, net | 42 | (13) | 0 | |||||||||||||||||
Capital and exploratory expenditures, excluding equity affiliates | 9,517 | 14,882 | 14,390 | |||||||||||||||||
Company’s share of expenditures by equity affiliates | 3,982 | 6,112 | 5,716 | |||||||||||||||||
Capital and exploratory expenditures, including equity affiliates | $ | 13,499 | $ | 20,994 | $ | 20,106 |
Year ended December 31 | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Additions to properties, plant and equipment * | $ | 13,839 | $ | 13,384 | $ | 13,222 | ||||||
Additions to investments | 140 | 65 | 25 | |||||||||
Current-year dry hole expenditures | 124 | 344 | 157 | |||||||||
Payments for other assets and liabilities, net | 13 | (1 | ) | — | ||||||||
Capital expenditures | 14,116 | 13,792 | 13,404 | |||||||||
Expensed exploration expenditures | 598 | 523 | 666 | |||||||||
Assets acquired through finance leases and other obligations | 181 | 75 | 8 | |||||||||
Payments for other assets and liabilities, net | (13 | ) | — | — | ||||||||
Capital and exploratory expenditures, excluding equity affiliates | 14,882 | 14,390 | 14,078 | |||||||||
Company’s share of expenditures by equity affiliates | 6,112 | 5,716 | 4,743 | |||||||||
Capital and exploratory expenditures, including equity affiliates | $ | 20,994 | $ | 20,106 | $ | 18,821 |
Year ended December 31 | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Cash and cash equivalents | $ | 5,686 | $ | 9,342 | $ | 4,813 | ||||||
Restricted cash included in “Prepaid expenses and other current assets” | 452 | 341 | 405 | |||||||||
Restricted cash included in “Deferred charges and other assets” | 773 | 798 | 725 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 6,911 | $ | 10,481 | $ | 5,943 |
Year ended December 31 | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,596 | $ | 5,686 | $ | 9,342 | |||||||||||||||||||||||
Restricted cash included in “Prepaid expenses and other current assets” | 365 | 452 | 341 | ||||||||||||||||||||||||||
Restricted cash included in “Deferred charges and other assets” | 776 | 773 | 798 | ||||||||||||||||||||||||||
Total cash, cash equivalents and restricted cash | $ | 6,737 | $ | 6,911 | $ | 10,481 |
At December 31, 2019 | |||||||
Operating Leases | Finance Leases | ||||||
Deferred charges and other assets | $ | 4,074 | $ | — | |||
Properties, plant and equipment, net | — | 329 | |||||
Right-of-use assets1, 2 | $ | 4,074 | $ | 329 | |||
Accrued Liabilities | $ | 1,277 | $ | — | |||
Short-term Debt | — | 18 | |||||
Current lease liabilities | 1,277 | 18 | |||||
Deferred credits and other noncurrent obligations | 2,608 | — | |||||
Long-term Debt | — | 282 | |||||
Noncurrent lease liabilities | 2,608 | 282 | |||||
Total lease liabilities | $ | 3,885 | $ | 300 | |||
Weighted-average remaining lease term (in years) | 5.2 | 16.0 | |||||
Weighted-average discount rate | 3.2 | % | 4.7 | % |
At December 31, 2020 | At December 31, 2019 | ||||||||||||||||||||||
Operating Leases | Finance Leases | Operating Leases | Finance Leases | ||||||||||||||||||||
Deferred charges and other assets | $ | 3,949 | $ | — | $ | 4,074 | $ | — | |||||||||||||||
Properties, plant and equipment, net | — | 455 | — | 329 | |||||||||||||||||||
Right-of-use assets1 | $ | 3,949 | $ | 455 | $ | 4,074 | $ | 329 | |||||||||||||||
Accrued Liabilities | $ | 1,291 | $ | — | $ | 1,277 | $ | — | |||||||||||||||
Short-term Debt | — | 186 | — | 18 | |||||||||||||||||||
Current lease liabilities | 1,291 | 186 | 1,277 | 18 | |||||||||||||||||||
Deferred credits and other noncurrent obligations | 2,615 | — | 2,608 | — | |||||||||||||||||||
Long-term Debt | — | 447 | — | 282 | |||||||||||||||||||
Noncurrent lease liabilities | 2,615 | 447 | 2,608 | 282 | |||||||||||||||||||
Total lease liabilities | $ | 3,906 | $ | 633 | $ | 3,885 | $ | 300 | |||||||||||||||
Weighted-average remaining lease term (in years) | 7.2 | 10.4 | 5.2 | 16.0 | |||||||||||||||||||
Weighted-average discount rate | 2.8 | % | 3.9 | % | 3.2 | % | 4.7 | % |
Year-ended December 31 | |||||||||||
2020 | 2019 | ||||||||||
Operating lease costs1, 2 | $ | 2,551 | $ | 2,621 | |||||||
Finance lease costs | 45 | 66 | |||||||||
Total lease costs | $ | 2,596 | $ | 2,687 |
Year Ended December 31, 2019 | ||||
Operating lease costs1, 2 | $ | 2,621 | ||
Finance lease costs | 66 | |||
Total lease costs | $ | 2,687 |
Year Ended December 31, 2019 | |||
Operating cash flows from operating leases | $ | 1,574 | |
Investing cash flows from operating leases | 1,047 | ||
Operating cash flows from finance leases | 13 | ||
Financing cash flows from finance leases | 24 |
Year-ended December 31 | |||||||||||
2020 | 2019 | ||||||||||
Operating cash flows from operating leases | $ | 1,744 | $ | 1,574 | |||||||
Investing cash flows from operating leases | 762 | 1,047 | |||||||||
Operating cash flows from finance leases | 14 | 13 | |||||||||
Financing cash flows from finance leases | 34 | 24 |
At December 31, 2019 | ||||||||
Operating Leases | Finance Leases | |||||||
Year | 2020 | $ | 1,374 | $ | 35 | |||
2021 | 1,083 | 33 | ||||||
2022 | 546 | 31 | ||||||
2023 | 336 | 31 | ||||||
2024 | 216 | 30 | ||||||
Thereafter | 696 | 251 | ||||||
Total | $ | 4,251 | $ | 411 | ||||
Less: Amounts representing interest | 366 | 111 | ||||||
Total lease liabilities | $ | 3,885 | $ | 300 |
At December 31, 2020 | ||||||||||||||
Operating Leases | Finance Leases | |||||||||||||
Year | 2021 | $ | 1,376 | $ | 204 | |||||||||
2022 | 779 | 60 | ||||||||||||
2023 | 497 | 58 | ||||||||||||
2024 | 338 | 56 | ||||||||||||
2025 | 255 | 53 | ||||||||||||
Thereafter | 1,112 | 331 | ||||||||||||
Total | $ | 4,357 | $ | 762 | ||||||||||
Less: Amounts representing interest | 451 | 129 | ||||||||||||
Total lease liabilities | $ | 3,906 | $ | 633 |
At December 31, 2018 | ||||||||
Operating Leases | Capital Leases * | |||||||
Year | 2019 | $ | 540 | $ | 30 | |||
2020 | 492 | 22 | ||||||
2021 | 378 | 17 | ||||||
2022 | 242 | 16 | ||||||
2023 | 166 | 16 | ||||||
Thereafter | 341 | 132 | ||||||
Total | $ | 2,159 | $ | 233 | ||||
Less: Amounts representing interest and executory costs | (88 | ) | ||||||
Net present values | 145 | |||||||
Less: Capital lease obligations included in short-term debt | (18 | ) | ||||||
Long-term capital lease obligations | $ | 127 |
Year ended December 31 | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Sales and other operating revenues | $ | 109,314 | $ | 125,076 | $ | 104,054 | ||||||
Total costs and other deductions | 116,365 | 121,351 | 103,904 | |||||||||
Net income (loss) attributable to CUSA | (5,061 | ) | 4,334 | 4,842 |
Year ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Sales and other operating revenues | $ | 67,950 | $ | 109,314 | $ | 125,076 | ||||||||||||||
Total costs and other deductions | 72,575 | 116,365 | 121,351 | |||||||||||||||||
Net income (loss) attributable to CUSA | (2,676) | (5,061) | 4,334 |
At December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Current assets | $ | 10,555 | $ | 13,059 | ||||||||||
Other assets | 48,054 | 50,796 | ||||||||||||
Current liabilities | 12,403 | 18,291 | ||||||||||||
Other liabilities | 14,102 | 12,565 | ||||||||||||
Total CUSA net equity | $ | 32,104 | $ | 32,999 | ||||||||||
Memo: Total debt | $ | 7,133 | $ | 3,222 |
At December 31 | ||||||||
2019 | 2018 | |||||||
Current assets | $ | 13,059 | $ | 12,819 | ||||
Other assets | 50,796 | 55,814 | ||||||
Current liabilities | 18,291 | 16,376 | ||||||
Other liabilities | 12,565 | 12,906 | ||||||
Total CUSA net equity | $ | 32,999 | $ | 39,351 | ||||
Memo: Total debt | $ | 3,222 | $ | 3,049 |
At December 31, 2019 | At December 31, 2018 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Marketable securities | $ | 63 | $ | 63 | $ | — | $ | — | $ | 53 | $ | 53 | $ | — | $ | — | ||||||||
Derivatives | 11 | 1 | 10 | — | 283 | 185 | 98 | — | ||||||||||||||||
Total assets at fair value | $ | 74 | $ | 64 | $ | 10 | $ | — | $ | 336 | $ | 238 | $ | 98 | $ | — | ||||||||
Derivatives | 74 | 26 | 48 | — | 12 | — | 12 | — | ||||||||||||||||
Total liabilities at fair value | $ | 74 | $ | 26 | $ | 48 | $ | — | $ | 12 | $ | — | $ | 12 | $ | — |
At December 31, 2020 | At December 31, 2019 | |||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Marketable securities | $ | 31 | $ | 31 | $ | 0 | $ | 0 | $ | 63 | $ | 63 | $ | 0 | $ | 0 | ||||||||||
Derivatives | 74 | 37 | 37 | 0 | 11 | 1 | 10 | 0 | ||||||||||||||||||
Total assets at fair value | $ | 105 | $ | 68 | $ | 37 | $ | 0 | $ | 74 | $ | 64 | $ | 10 | $ | 0 | ||||||||||
Derivatives | 173 | 58 | 115 | 0 | 74 | 26 | 48 | 0 | ||||||||||||||||||
Total liabilities at fair value | $ | 173 | $ | 58 | $ | 115 | $ | 0 | $ | 74 | $ | 26 | $ | 48 | $ | 0 |
At December 31 | At December 31 | |||||||||||||||||||||||||||||||
Before-Tax Loss | Before-Tax Loss | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Year 2020 | Total | Level 1 | Level 2 | Level 3 | Year 2019 | |||||||||||||||||||||||
Properties, plant and equipment, net (held and used) | $ | 2,443 | $ | 0 | $ | 20 | $ | 2,423 | $ | 2,599 | $ | 2,177 | $ | 0 | $ | 0 | $ | 2,177 | $ | 2,095 | ||||||||||||
Properties, plant and equipment, net (held for sale) | 1,418 | 0 | 1,418 | 0 | 193 | 1,412 | 0 | 1,412 | 0 | 8,702 | ||||||||||||||||||||||
Investments and advances | 28 | 0 | 0 | 28 | 2,555 | 52 | 0 | 30 | 22 | 594 | ||||||||||||||||||||||
Total nonrecurring assets at fair value | $ | 3,889 | $ | 0 | $ | 1,438 | $ | 2,451 | $ | 5,347 | $ | 3,641 | $ | 0 | $ | 1,442 | $ | 2,199 | $ | 11,391 |
At December 31 | At December 31 | |||||||||||||||||||||||||||||
Before-Tax Loss | Before-Tax Loss | |||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Year 2019 | Total | Level 1 | Level 2 | Level 3 | Year 2018 | |||||||||||||||||||||
Properties, plant and equipment, net (held and used) | $ | 2,177 | $ | — | $ | — | $ | 2,177 | $ | 2,095 | $ | 102 | $ | — | $ | 62 | $ | 40 | $ | 97 | ||||||||||
Properties, plant and equipment, net (held for sale) | 1,412 | — | 1,412 | — | 8,702 | 1,694 | — | 1,273 | 421 | 638 | ||||||||||||||||||||
Investments and advances | 52 | — | 30 | 22 | 594 | 81 | — | 20 | 61 | 69 | ||||||||||||||||||||
Total nonrecurring assets at fair value | $ | 3,641 | $ | — | $ | 1,442 | $ | 2,199 | $ | 11,391 | $ | 1,877 | $ | — | $ | 1,355 | $ | 522 | $ | 804 |
At December 31 | |||||||||
Type of Contract | Balance Sheet Classification | 2019 | 2018 | ||||||
Commodity | Accounts and notes receivable, net | $ | 11 | $ | 279 | ||||
Commodity | Long-term receivables, net | — | 4 | ||||||
Total assets at fair value | $ | 11 | $ | 283 | |||||
Commodity | Accounts payable | $ | 74 | $ | 12 | ||||
Commodity | Deferred credits and other noncurrent obligations | — | — | ||||||
Total liabilities at fair value | $ | 74 | $ | 12 |
At December 31 | |||||||||||||||||
Type of Contract | Balance Sheet Classification | 2020 | 2019 | ||||||||||||||
Commodity | Accounts and notes receivable, net | $ | 73 | $ | 11 | ||||||||||||
Commodity | Long-term receivables, net | 1 | 0 | ||||||||||||||
Total assets at fair value | $ | 74 | $ | 11 | |||||||||||||
Commodity | Accounts payable | $ | 172 | $ | 74 | ||||||||||||
Commodity | Deferred credits and other noncurrent obligations | 1 | 0 | ||||||||||||||
Total liabilities at fair value | $ | 173 | $ | 74 |
Gain/(Loss) | |||||||||||||
Type of Derivative | Statement of | Year ended December 31 | |||||||||||
Contract | Income Classification | 2019 | 2018 | 2017 | |||||||||
Commodity | Sales and other operating revenues | $ | (291 | ) | $ | 135 | $ | (105 | ) | ||||
Commodity | Purchased crude oil and products | (17 | ) | (33 | ) | (9 | ) | ||||||
Commodity | Other income | (2 | ) | 3 | (2 | ) | |||||||
$ | (310 | ) | $ | 105 | $ | (116 | ) |
Gain/(Loss) | |||||||||||||||||||||||
Type of Derivative | Statement of | Year ended December 31 | |||||||||||||||||||||
Contract | Income Classification | 2020 | 2019 | 2018 | |||||||||||||||||||
Commodity | Sales and other operating revenues | $ | 69 | $ | (291) | $ | 135 | ||||||||||||||||
Commodity | Purchased crude oil and products | (36) | (17) | (33) | |||||||||||||||||||
Commodity | Other income | 7 | (2) | 3 | |||||||||||||||||||
$ | 40 | $ | (310) | $ | 105 |
Gross Amounts Recognized | Gross Amounts Offset | Net Amounts Presented | Gross Amounts Not Offset | Net Amounts | ||||||||||||||||
At December 31, 2019 | ||||||||||||||||||||
Derivative Assets | $ | 656 | $ | 645 | $ | 11 | $ | — | $ | 11 | ||||||||||
Derivative Liabilities | $ | 719 | $ | 645 | $ | 74 | $ | — | $ | 74 | ||||||||||
At December 31, 2018 | ||||||||||||||||||||
Derivative Assets | $ | 3,685 | $ | 3,402 | $ | 283 | $ | — | $ | 283 | ||||||||||
Derivative Liabilities | $ | 3,414 | $ | 3,402 | $ | 12 | $ | — | $ | 12 | ||||||||||
Gross Amounts Recognized | Gross Amounts Offset | Net Amounts Presented | Gross Amounts Not Offset | Net Amounts | ||||||||||||||||||||||||||||
At December 31, 2020 | ||||||||||||||||||||||||||||||||
Derivative Assets | $ | 818 | $ | 744 | $ | 74 | $ | 0 | $ | 74 | ||||||||||||||||||||||
Derivative Liabilities | $ | 917 | $ | 744 | $ | 173 | $ | 0 | $ | 173 | ||||||||||||||||||||||
At December 31, 2019 | ||||||||||||||||||||||||||||||||
Derivative Assets | $ | 656 | $ | 645 | $ | 11 | $ | 0 | $ | 11 | ||||||||||||||||||||||
Derivative Liabilities | $ | 719 | $ | 645 | $ | 74 | $ | 0 | $ | 74 | ||||||||||||||||||||||
Year ended December 31 | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Basic EPS Calculation | ||||||||||||
Earnings available to common stockholders - Basic1 | $ | 2,924 | $ | 14,824 | $ | 9,195 | ||||||
Weighted-average number of common shares outstanding2 | 1,882 | 1,897 | 1,882 | |||||||||
Add: Deferred awards held as stock units | — | 1 | 1 | |||||||||
Total weighted-average number of common shares outstanding | 1,882 | 1,898 | 1,883 | |||||||||
Earnings per share of common stock - Basic | $ | 1.55 | $ | 7.81 | $ | 4.88 | ||||||
Diluted EPS Calculation | ||||||||||||
Earnings available to common stockholders - Diluted1 | $ | 2,924 | $ | 14,824 | $ | 9,195 | ||||||
Weighted-average number of common shares outstanding2 | 1,882 | 1,897 | 1,882 | |||||||||
Add: Deferred awards held as stock units | — | 1 | 1 | |||||||||
Add: Dilutive effect of employee stock-based awards | 13 | 16 | 15 | |||||||||
Total weighted-average number of common shares outstanding | 1,895 | 1,914 | 1,898 | |||||||||
Earnings per share of common stock - Diluted | $ | 1.54 | $ | 7.74 | $ | 4.85 | ||||||
1 There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. | ||||||||||||
2 Millions of shares. |
Year ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Basic EPS Calculation | ||||||||||||||||||||
Earnings available to common stockholders - Basic1 | $ | (5,543) | $ | 2,924 | $ | 14,824 | ||||||||||||||
Weighted-average number of common shares outstanding2 | 1,870 | 1,882 | 1,897 | |||||||||||||||||
Add: Deferred awards held as stock units | 0 | 0 | 1 | |||||||||||||||||
Total weighted-average number of common shares outstanding | 1,870 | 1,882 | 1,898 | |||||||||||||||||
Earnings per share of common stock - Basic | $ | (2.96) | $ | 1.55 | $ | 7.81 | ||||||||||||||
Diluted EPS Calculation | ||||||||||||||||||||
Earnings available to common stockholders - Diluted1 | $ | (5,543) | $ | 2,924 | $ | 14,824 | ||||||||||||||
Weighted-average number of common shares outstanding2 | 1,870 | 1,882 | 1,897 | |||||||||||||||||
Add: Deferred awards held as stock units | 0 | 0 | 1 | |||||||||||||||||
Add: Dilutive effect of employee stock-based awards | 0 | 13 | 16 | |||||||||||||||||
Total weighted-average number of common shares outstanding | 1,870 | 1,895 | 1,914 | |||||||||||||||||
Earnings per share of common stock - Diluted | $ | (2.96) | $ | 1.54 | $ | 7.74 | ||||||||||||||
1 There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. | ||||||||||||||||||||
2 Millions of shares; 1 million shares of employee-based awards were not included in the 2020 diluted EPS calculation as the result would be anti-dilutive. |
Year ended December 31 | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Upstream | ||||||||||||
United States | $ | (5,094 | ) | $ | 3,278 | $ | 3,640 | |||||
International | 7,670 | 10,038 | 4,510 | |||||||||
Total Upstream | 2,576 | 13,316 | 8,150 | |||||||||
Downstream | ||||||||||||
United States | 1,559 | 2,103 | 2,938 | |||||||||
International | 922 | 1,695 | 2,276 | |||||||||
Total Downstream | 2,481 | 3,798 | 5,214 | |||||||||
Total Segment Earnings | 5,057 | 17,114 | 13,364 | |||||||||
All Other | ||||||||||||
Interest expense | (761 | ) | (713 | ) | (264 | ) | ||||||
Interest income | 181 | 137 | 60 | |||||||||
Other | (1,553 | ) | (1,714 | ) | (3,965 | ) | ||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | 2,924 | $ | 14,824 | $ | 9,195 |
Year ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Upstream | ||||||||||||||||||||
United States | $ | (1,608) | $ | (5,094) | $ | 3,278 | ||||||||||||||
International | (825) | 7,670 | 10,038 | |||||||||||||||||
Total Upstream | (2,433) | 2,576 | 13,316 | |||||||||||||||||
Downstream | ||||||||||||||||||||
United States | (571) | 1,559 | 2,103 | |||||||||||||||||
International | 618 | 922 | 1,695 | |||||||||||||||||
Total Downstream | 47 | 2,481 | 3,798 | |||||||||||||||||
Total Segment Earnings | (2,386) | 5,057 | 17,114 | |||||||||||||||||
All Other | ||||||||||||||||||||
Interest expense | (658) | (761) | (713) | |||||||||||||||||
Interest income | 52 | 181 | 137 | |||||||||||||||||
Other | (2,551) | (1,553) | (1,714) | |||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | (5,543) | $ | 2,924 | $ | 14,824 |
At December 31 | ||||||||
2019 | 2018 | |||||||
Upstream | ||||||||
United States | $ | 35,926 | $ | 42,594 | ||||
International | 145,648 | 153,861 | ||||||
Goodwill | 4,463 | 4,518 | ||||||
Total Upstream | 186,037 | 200,973 | ||||||
Downstream | ||||||||
United States | 25,197 | 23,866 | ||||||
International | 16,955 | 15,622 | ||||||
Total Downstream | 42,152 | 39,488 | ||||||
Total Segment Assets | 228,189 | 240,461 | ||||||
All Other | ||||||||
United States | 3,475 | 5,100 | ||||||
International | 5,764 | 8,302 | ||||||
Total All Other | 9,239 | 13,402 | ||||||
Total Assets – United States | 64,598 | 71,560 | ||||||
Total Assets – International | 168,367 | 177,785 | ||||||
Goodwill | 4,463 | 4,518 | ||||||
Total Assets | $ | 237,428 | $ | 253,863 |
At December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Upstream | ||||||||||||||
United States | $ | 42,431 | $ | 35,926 | ||||||||||
International | 144,476 | 145,648 | ||||||||||||
Goodwill | 4,402 | 4,463 | ||||||||||||
Total Upstream | 191,309 | 186,037 | ||||||||||||
Downstream | ||||||||||||||
United States | 23,490 | 25,197 | ||||||||||||
International | 16,096 | 16,955 | ||||||||||||
Total Downstream | 39,586 | 42,152 | ||||||||||||
Total Segment Assets | 230,895 | 228,189 | ||||||||||||
All Other | ||||||||||||||
United States | 4,017 | 3,475 | ||||||||||||
International | 4,878 | 5,764 | ||||||||||||
Total All Other | 8,895 | 9,239 | ||||||||||||
Total Assets – United States | 69,938 | 64,598 | ||||||||||||
Total Assets – International | 165,450 | 168,367 | ||||||||||||
Goodwill | 4,402 | 4,463 | ||||||||||||
Total Assets | $ | 239,790 | $ | 237,428 |
Year ended December 311 | Year ended December 311 | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Upstream | Upstream | |||||||||||||||||||||||||||||||
United States | $ | 23,358 | $ | 22,891 | $ | 13,242 | United States | $ | 14,577 | $ | 23,358 | $ | 22,891 | |||||||||||||||||||
International | 35,628 | 37,822 | 28,680 | International | 26,804 | 35,628 | 37,822 | |||||||||||||||||||||||||
Subtotal | 58,986 | 60,713 | 41,922 | Subtotal | 41,381 | 58,986 | 60,713 | |||||||||||||||||||||||||
Intersegment Elimination — United States | (14,944 | ) | (13,965 | ) | (9,341 | ) | Intersegment Elimination — United States | (8,068) | (14,944) | (13,965) | ||||||||||||||||||||||
Intersegment Elimination — International | (12,335 | ) | (13,679 | ) | (11,471 | ) | Intersegment Elimination — International | (7,002) | (12,335) | (13,679) | ||||||||||||||||||||||
Total Upstream | 31,707 | 33,069 | 21,110 | Total Upstream | 26,311 | 31,707 | 33,069 | |||||||||||||||||||||||||
Downstream | Downstream | |||||||||||||||||||||||||||||||
United States | 55,271 | 59,376 | 53,140 | United States | 32,589 | 55,271 | 59,376 | |||||||||||||||||||||||||
International | 57,654 | 70,095 | 61,395 | International | 38,936 | 57,654 | 70,095 | |||||||||||||||||||||||||
Subtotal | 112,925 | 129,471 | 114,535 | Subtotal | 71,525 | 112,925 | 129,471 | |||||||||||||||||||||||||
Intersegment Elimination — United States | (3,924 | ) | (2,742 | ) | (14 | ) | Intersegment Elimination — United States | (2,150) | (3,924) | (2,742) | ||||||||||||||||||||||
Intersegment Elimination — International | (1,089 | ) | (1,132 | ) | (1,166 | ) | Intersegment Elimination — International | (1,292) | (1,089) | (1,132) | ||||||||||||||||||||||
Total Downstream | 107,912 | 125,597 | 113,355 | Total Downstream | 68,083 | 107,912 | 125,597 | |||||||||||||||||||||||||
All Other | All Other | |||||||||||||||||||||||||||||||
United States | 1,064 | 1,022 | 1,022 | United States | 744 | 1,064 | 1,022 | |||||||||||||||||||||||||
International | 20 | 22 | 26 | International | 15 | 20 | 22 | |||||||||||||||||||||||||
Subtotal | 1,084 | 1,044 | 1,048 | Subtotal | 759 | 1,084 | 1,044 | |||||||||||||||||||||||||
Intersegment Elimination — United States | (818 | ) | (786 | ) | (814 | ) | Intersegment Elimination — United States | (667) | (818) | (786) | ||||||||||||||||||||||
Intersegment Elimination — International | (20 | ) | (22 | ) | (25 | ) | Intersegment Elimination — International | (15) | (20) | (22) | ||||||||||||||||||||||
Total All Other | 246 | 236 | 209 | Total All Other | 77 | 246 | 236 | |||||||||||||||||||||||||
Sales and Other Operating Revenues | Sales and Other Operating Revenues | |||||||||||||||||||||||||||||||
United States | 79,693 | 83,289 | 67,404 | United States | 47,910 | 79,693 | 83,289 | |||||||||||||||||||||||||
International | 93,302 | 107,939 | 90,101 | International | 65,755 | 93,302 | 107,939 | |||||||||||||||||||||||||
Subtotal | 172,995 | 191,228 | 157,505 | Subtotal | 113,665 | 172,995 | 191,228 | |||||||||||||||||||||||||
Intersegment Elimination — United States | (19,686 | ) | (17,493 | ) | (10,169 | ) | Intersegment Elimination — United States | (10,885) | (19,686) | (17,493) | ||||||||||||||||||||||
Intersegment Elimination — International | (13,444 | ) | (14,833 | ) | (12,662 | ) | Intersegment Elimination — International | (8,309) | (13,444) | (14,833) | ||||||||||||||||||||||
Total Sales and Other Operating Revenues | $ | 139,865 | $ | 158,902 | $ | 134,674 | Total Sales and Other Operating Revenues | $ | 94,471 | $ | 139,865 | $ | 158,902 |
Year ended December 31 | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Upstream | ||||||||||||
United States | $ | (1,550 | ) | $ | 811 | $ | (3,538 | ) | ||||
International | 3,492 | 4,687 | 2,249 | |||||||||
Total Upstream | 1,942 | 5,498 | (1,289 | ) | ||||||||
Downstream | ||||||||||||
United States | 392 | 534 | (419 | ) | ||||||||
International | 170 | 328 | 650 | |||||||||
Total Downstream | 562 | 862 | 231 | |||||||||
All Other | 187 | (645 | ) | 1,010 | ||||||||
Total Income Tax Expense (Benefit) | $ | 2,691 | $ | 5,715 | $ | (48 | ) |
Year ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Upstream | ||||||||||||||||||||
United States | $ | (570) | $ | (1,550) | $ | 811 | ||||||||||||||
International | (415) | 3,492 | 4,687 | |||||||||||||||||
Total Upstream | (985) | 1,942 | 5,498 | |||||||||||||||||
Downstream | ||||||||||||||||||||
United States | (192) | 392 | 534 | |||||||||||||||||
International | 253 | 170 | 328 | |||||||||||||||||
Total Downstream | 61 | 562 | 862 | |||||||||||||||||
All Other | (968) | 187 | (645) | |||||||||||||||||
Total Income Tax Expense (Benefit) | $ | (1,892) | $ | 2,691 | $ | 5,715 |
Investments and Advances | Equity in Earnings | ||||||||||||||||||
At December 31 | Year ended December 31 | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2017 | |||||||||||||||
Upstream | |||||||||||||||||||
Tengizchevroil | $ | 20,214 | $ | 16,017 | $ | 3,067 | $ | 3,614 | $ | 2,581 | |||||||||
Petropiar | 1,396 | 1,361 | 80 | 317 | 175 | ||||||||||||||
Petroboscan | 1,139 | 1,315 | (11 | ) | 357 | 154 | |||||||||||||
Caspian Pipeline Consortium | 883 | 1,022 | 155 | 170 | 155 | ||||||||||||||
Angola LNG Limited | 2,423 | 2,496 | (26 | ) | 172 | 27 | |||||||||||||
Other | 881 | 1,541 | (478 | ) | 19 | 104 | |||||||||||||
Total Upstream | 26,936 | 23,752 | 2,787 | 4,649 | 3,196 | ||||||||||||||
Downstream | |||||||||||||||||||
Chevron Phillips Chemical Company LLC | 6,241 | 6,218 | 880 | 1,034 | 723 | ||||||||||||||
GS Caltex Corporation | 3,796 | 3,924 | 13 | 373 | 290 | ||||||||||||||
Other | 1,443 | 1,383 | 288 | 273 | 230 | ||||||||||||||
Total Downstream | 11,480 | 11,525 | 1,181 | 1,680 | 1,243 | ||||||||||||||
All Other | |||||||||||||||||||
Other | (14 | ) | (16 | ) | — | (2 | ) | (1 | ) | ||||||||||
Total equity method | $ | 38,402 | $ | 35,261 | $ | 3,968 | $ | 6,327 | $ | 4,438 | |||||||||
Other non-equity method investments | 286 | 285 | |||||||||||||||||
Total investments and advances | $ | 38,688 | $ | 35,546 | |||||||||||||||
Total United States | $ | 7,203 | $ | 7,500 | $ | 641 | $ | 1,033 | $ | 788 | |||||||||
Total International | $ | 31,485 | $ | 28,046 | $ | 3,327 | $ | 5,294 | $ | 3,650 |
Investments and Advances | Equity in Earnings | ||||||||||||||||||||||||||||
At December 31 | Year ended December 31 | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Upstream | |||||||||||||||||||||||||||||
Tengizchevroil | $ | 22,685 | $ | 20,214 | $ | 1,238 | $ | 3,067 | $ | 3,614 | |||||||||||||||||||
Petropiar | 0 | 1,396 | (1,396) | 80 | 317 | ||||||||||||||||||||||||
Petroboscan | 0 | 1,139 | (1,112) | (11) | 357 | ||||||||||||||||||||||||
Caspian Pipeline Consortium | 835 | 883 | 159 | 155 | 170 | ||||||||||||||||||||||||
Angola LNG Limited | 2,258 | 2,423 | (166) | (26) | 172 | ||||||||||||||||||||||||
Noble Midstream equity affiliates | 895 | 0 | (9) | 0 | 0 | ||||||||||||||||||||||||
Other | 980 | 881 | 146 | (478) | 19 | ||||||||||||||||||||||||
Total Upstream | 27,653 | 26,936 | (1,140) | 2,787 | 4,649 | ||||||||||||||||||||||||
Downstream | |||||||||||||||||||||||||||||
Chevron Phillips Chemical Company LLC | 6,181 | 6,241 | 630 | 880 | 1,034 | ||||||||||||||||||||||||
GS Caltex Corporation | 3,547 | 3,796 | (185) | 13 | 373 | ||||||||||||||||||||||||
Other | 1,389 | 1,443 | 223 | 288 | 273 | ||||||||||||||||||||||||
Total Downstream | 11,117 | 11,480 | 668 | 1,181 | 1,680 | ||||||||||||||||||||||||
All Other | |||||||||||||||||||||||||||||
Other | (14) | (14) | 0 | 0 | (2) | ||||||||||||||||||||||||
Total equity method | $ | 38,756 | $ | 38,402 | $ | (472) | $ | 3,968 | $ | 6,327 | |||||||||||||||||||
Other non-equity method investments | 296 | 286 | |||||||||||||||||||||||||||
Total investments and advances | $ | 39,052 | $ | 38,688 | |||||||||||||||||||||||||
Total United States | $ | 7,978 | $ | 7,203 | $ | 709 | $ | 641 | $ | 1,033 | |||||||||||||||||||
Total International | $ | 31,074 | $ | 31,485 | $ | (1,181) | $ | 3,327 | $ | 5,294 |
Affiliates | Chevron Share | |||||||||||||||||||||||
Year ended December 31 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||
Total revenues | $ | 66,473 | $ | 84,469 | $ | 70,744 | $ | 32,628 | $ | 40,679 | $ | 33,460 | ||||||||||||
Income before income tax expense | 13,197 | 16,693 | 13,487 | 5,954 | 6,755 | 5,712 | ||||||||||||||||||
Net income attributable to affiliates | 9,809 | 13,321 | 10,751 | 4,366 | 6,384 | 4,468 | ||||||||||||||||||
At December 31 | ||||||||||||||||||||||||
Current assets | $ | 30,791 | $ | 32,657 | $ | 33,883 | $ | 12,998 | $ | 12,813 | $ | 13,568 | ||||||||||||
Noncurrent assets | 97,177 | 87,614 | 82,261 | 41,531 | 36,369 | 32,643 | ||||||||||||||||||
Current liabilities | 26,032 | 26,006 | 26,873 | 10,610 | 9,843 | 10,201 | ||||||||||||||||||
Noncurrent liabilities | 21,593 | 20,000 | 21,447 | 5,068 | 4,446 | 4,224 | ||||||||||||||||||
Total affiliates’ net equity | $ | 80,343 | $ | 74,265 | $ | 67,824 | $ | 38,851 | $ | 34,893 | $ | 31,786 |
Affiliates | Chevron Share | |||||||||||||||||||||||||||||||||||||
Year ended December 31 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 49,093 | $ | 66,473 | $ | 84,469 | $ | 21,641 | $ | 32,628 | $ | 40,679 | ||||||||||||||||||||||||||
Income before income tax expense | 5,682 | 13,197 | 16,693 | 2,550 | 5,954 | 6,755 | ||||||||||||||||||||||||||||||||
Net income attributable to affiliates | 4,704 | 9,809 | 13,321 | 2,034 | 4,366 | 6,384 | ||||||||||||||||||||||||||||||||
At December 31 | ||||||||||||||||||||||||||||||||||||||
Current assets | $ | 17,087 | $ | 30,791 | $ | 32,657 | $ | 7,328 | $ | 12,998 | $ | 12,813 | ||||||||||||||||||||||||||
Noncurrent assets | 97,468 | 97,177 | 87,614 | 43,247 | 41,531 | 36,369 | ||||||||||||||||||||||||||||||||
Current liabilities | 12,164 | 26,032 | 26,006 | 5,052 | 10,610 | 9,843 | ||||||||||||||||||||||||||||||||
Noncurrent liabilities | 25,586 | 21,593 | 20,000 | 5,884 | 5,068 | 4,446 | ||||||||||||||||||||||||||||||||
Total affiliates’ net equity | $ | 76,805 | $ | 80,343 | $ | 74,265 | $ | 39,639 | $ | 38,851 | $ | 34,893 |
Income Taxes | Year ended December 31 | |||||||||||
2019 | 2018 | 2017 | ||||||||||
Income tax expense (benefit) | ||||||||||||
U.S. federal | ||||||||||||
Current | $ | (73 | ) | $ | (181 | ) | $ | (382 | ) | |||
Deferred | (1,074 | ) | 738 | (2,561 | ) | |||||||
State and local | ||||||||||||
Current | 153 | 183 | (97 | ) | ||||||||
Deferred | (172 | ) | (16 | ) | 66 | |||||||
Total United States | (1,166 | ) | 724 | (2,974 | ) | |||||||
International | ||||||||||||
Current | 4,577 | 4,662 | 3,634 | |||||||||
Deferred | (720 | ) | 329 | (708 | ) | |||||||
Total International | 3,857 | 4,991 | 2,926 | |||||||||
Total income tax expense (benefit) | $ | 2,691 | $ | 5,715 | $ | (48 | ) |
Income Taxes | Year ended December 31 | |||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Income tax expense (benefit) | ||||||||||||||||||||
U.S. federal | ||||||||||||||||||||
Current | $ | (182) | $ | (73) | $ | (181) | ||||||||||||||
Deferred | (1,315) | (1,074) | 738 | |||||||||||||||||
State and local | ||||||||||||||||||||
Current | 65 | 153 | 183 | |||||||||||||||||
Deferred | (152) | (172) | (16) | |||||||||||||||||
Total United States | (1,584) | (1,166) | 724 | |||||||||||||||||
International | ||||||||||||||||||||
Current | 1,833 | 4,577 | 4,662 | |||||||||||||||||
Deferred | (2,141) | (720) | 329 | |||||||||||||||||
Total International | (308) | 3,857 | 4,991 | |||||||||||||||||
Total income tax expense (benefit) | $ | (1,892) | $ | 2,691 | $ | 5,715 |
2020 | 2019 | 2018 | ||||||||||||||||||
Income (loss) before income taxes | ||||||||||||||||||||
United States | $ | (5,700) | $ | (5,483) | $ | 4,730 | ||||||||||||||
International | (1,753) | 11,019 | 15,845 | |||||||||||||||||
Total income (loss) before income taxes | (7,453) | 5,536 | 20,575 | |||||||||||||||||
Theoretical tax (at U.S. statutory rate of 21% ) | (1,565) | 1,163 | 4,321 | |||||||||||||||||
Effect of U.S. tax reform | 0 | 3 | (26) | |||||||||||||||||
Equity affiliate accounting effect | 211 | (687) | (1,526) | |||||||||||||||||
Effect of income taxes from international operations* | (39) | 2,196 | 3,132 | |||||||||||||||||
State and local taxes on income, net of U.S. federal income tax benefit | (65) | (18) | 162 | |||||||||||||||||
Prior year tax adjustments, claims and settlements | (236) | 192 | (51) | |||||||||||||||||
Tax credits | (33) | (18) | (163) | |||||||||||||||||
Other U.S.* | (165) | (140) | (134) | |||||||||||||||||
Total income tax expense (benefit) | $ | (1,892) | $ | 2,691 | $ | 5,715 | ||||||||||||||
Effective income tax rate | 25.4 | % | 48.6 | % | 27.8 | % |
2019 | 2018 | 2017 | ||||||||||
Income (loss) before income taxes | ||||||||||||
United States | $ | (5,483 | ) | $ | 4,730 | $ | (441 | ) | ||||
International | 11,019 | 15,845 | 9,662 | |||||||||
Total income (loss) before income taxes | 5,536 | 20,575 | 9,221 | |||||||||
Theoretical tax (at U.S. statutory rate of 21% - 2019 & 2018, 35% - 2017) | 1,163 | 4,321 | 3,227 | |||||||||
Effect of U.S. tax reform | 3 | (26 | ) | (2,020 | ) | |||||||
Equity affiliate accounting effect | (687 | ) | (1,526 | ) | (1,373 | ) | ||||||
Effect of income taxes from international operations* | 2,196 | 3,132 | (130 | ) | ||||||||
State and local taxes on income, net of U.S. federal income tax benefit | (18 | ) | 162 | 39 | ||||||||
Prior year tax adjustments, claims and settlements | 192 | (51 | ) | (39 | ) | |||||||
Tax credits | (18 | ) | (163 | ) | (199 | ) | ||||||
Other U.S.* | (140 | ) | (134 | ) | 447 | |||||||
Total income tax expense (benefit) | $ | 2,691 | $ | 5,715 | $ | (48 | ) | |||||
Effective income tax rate | 48.6 | % | 27.8 | % | (0.5 | )% |
At December 31 | ||||||||
2019 | 2018 | |||||||
Deferred tax liabilities | ||||||||
Properties, plant and equipment | $ | 17,251 | $ | 20,159 | ||||
Investments and other* | 5,372 | 4,943 | ||||||
Total deferred tax liabilities | 22,623 | 25,102 | ||||||
Deferred tax assets | ||||||||
Foreign tax credits | (9,840 | ) | (10,536 | ) | ||||
Asset retirement obligations/environmental reserves | (4,329 | ) | (5,328 | ) | ||||
Employee benefits | (3,454 | ) | (2,787 | ) | ||||
Deferred credits | (1,083 | ) | (1,373 | ) | ||||
Tax loss carryforwards | (5,262 | ) | (4,948 | ) | ||||
Other accrued liabilities | (441 | ) | (595 | ) | ||||
Inventory | (662 | ) | (505 | ) | ||||
Operating leases * | (1,211 | ) | — | |||||
Miscellaneous | (2,796 | ) | (3,481 | ) | ||||
Total deferred tax assets | (29,078 | ) | (29,553 | ) | ||||
Deferred tax assets valuation allowance | 15,965 | 15,973 | ||||||
Total deferred taxes, net | $ | 9,510 | $ | 11,522 |
At December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Deferred tax liabilities | ||||||||||||||
Properties, plant and equipment | $ | 16,603 | $ | 17,251 | ||||||||||
Investments and other | 5,617 | 5,372 | ||||||||||||
Total deferred tax liabilities | 22,220 | 22,623 | ||||||||||||
Deferred tax assets | ||||||||||||||
Foreign tax credits | (10,585) | (9,840) | ||||||||||||
Asset retirement obligations/environmental reserves | (4,721) | (4,329) | ||||||||||||
Employee benefits | (3,856) | (3,454) | ||||||||||||
Deferred credits | (1,056) | (1,083) | ||||||||||||
Tax loss carryforwards | (6,701) | (5,262) | ||||||||||||
Other accrued liabilities | (228) | (441) | ||||||||||||
Inventory | (633) | (662) | ||||||||||||
Operating leases | (1,234) | (1,211) | ||||||||||||
Miscellaneous | (3,685) | (2,796) | ||||||||||||
Total deferred tax assets | (32,699) | (29,078) | ||||||||||||
Deferred tax assets valuation allowance | 17,762 | 15,965 | ||||||||||||
Total deferred taxes, net | $ | 7,283 | $ | 9,510 |
At December 31 | ||||||||
2019 | 2018 | |||||||
Deferred charges and other assets | $ | (4,178 | ) | $ | (4,399 | ) | ||
Noncurrent deferred income taxes | 13,688 | 15,921 | ||||||
Total deferred income taxes, net | $ | 9,510 | $ | 11,522 |
At December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Deferred charges and other assets | $ | (5,286) | $ | (4,178) | ||||||||||
Noncurrent deferred income taxes | 12,569 | 13,688 | ||||||||||||
Total deferred income taxes, net | $ | 7,283 | $ | 9,510 |
2019 | 2018 | 2017 | ||||||||||
Balance at January 1 | $ | 5,070 | $ | 4,828 | $ | 3,031 | ||||||
Foreign currency effects | 1 | (6 | ) | 43 | ||||||||
Additions based on tax positions taken in current year | 94 | 239 | 1,853 | |||||||||
Additions for tax positions taken in prior years | 313 | 153 | 1,166 | |||||||||
Reductions for tax positions taken in prior years | (194 | ) | (131 | ) | (90 | ) | ||||||
Settlements with taxing authorities in current year | (78 | ) | (13 | ) | (1,173 | ) | ||||||
Reductions as a result of a lapse of the applicable statute of limitations | (219 | ) | — | (2 | ) | |||||||
Balance at December 31 | $ | 4,987 | $ | 5,070 | $ | 4,828 |
2020 | 2019 | 2018 | ||||||||||||||||||
Balance at January 1 | $ | 4,987 | $ | 5,070 | $ | 4,828 | ||||||||||||||
Foreign currency effects | 2 | 1 | (6) | |||||||||||||||||
Additions based on tax positions taken in current year | 253 | 94 | 239 | |||||||||||||||||
Additions for tax positions taken in prior years | 437 | 313 | 153 | |||||||||||||||||
Reductions for tax positions taken in prior years | (216) | (194) | (131) | |||||||||||||||||
Settlements with taxing authorities in current year | (429) | (78) | (13) | |||||||||||||||||
Reductions as a result of a lapse of the applicable statute of limitations | (16) | (219) | 0 | |||||||||||||||||
Balance at December 31 | $ | 5,018 | $ | 4,987 | $ | 5,070 |
Taxes Other Than on Income | ||||||||||||
Year ended December 31 | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
United States | ||||||||||||
Excise and similar taxes on products and merchandise* | $ | 4,990 | $ | 4,830 | $ | 4,398 | ||||||
Consumer excise taxes collected on behalf of third parties* | (4,990 | ) | (4,830 | ) | — | |||||||
Import duties and other levies | 2 | 15 | 11 | |||||||||
Property and other miscellaneous taxes | 1,785 | 1,577 | 1,824 | |||||||||
Payroll taxes | 254 | 246 | 241 | |||||||||
Taxes on production | 355 | 325 | 206 | |||||||||
Total United States | 2,396 | 2,163 | 6,680 | |||||||||
International | ||||||||||||
Excise and similar taxes on products and merchandise* | 2,801 | 3,031 | 2,791 | |||||||||
Consumer excise taxes collected on behalf of third parties* | (2,801 | ) | (3,031 | ) | — | |||||||
Import duties and other levies | 35 | 37 | 45 | |||||||||
Property and other miscellaneous taxes | 1,435 | 2,370 | 2,563 | |||||||||
Payroll taxes | 125 | 132 | 137 | |||||||||
Taxes on production | 145 | 165 | 115 | |||||||||
Total International | 1,740 | 2,704 | 5,651 | |||||||||
Total taxes other than on income | $ | 4,136 | $ | 4,867 | $ | 12,331 |
Taxes Other Than on Income | ||||||||||||||||||||
Year ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
United States | ||||||||||||||||||||
Excise and similar taxes on products and merchandise | $ | 4,566 | $ | 4,990 | $ | 4,830 | ||||||||||||||
Consumer excise taxes collected on behalf of third parties | (4,566) | (4,990) | (4,830) | |||||||||||||||||
Import duties and other levies | 7 | 2 | 15 | |||||||||||||||||
Property and other miscellaneous taxes | 2,248 | 1,785 | 1,577 | |||||||||||||||||
Payroll taxes | 235 | 254 | 246 | |||||||||||||||||
Taxes on production | 317 | 355 | 325 | |||||||||||||||||
Total United States | 2,807 | 2,396 | 2,163 | |||||||||||||||||
International | ||||||||||||||||||||
Excise and similar taxes on products and merchandise | 2,367 | 2,801 | 3,031 | |||||||||||||||||
Consumer excise taxes collected on behalf of third parties | (2,367) | (2,801) | (3,031) | |||||||||||||||||
Import duties and other levies | 39 | 35 | 37 | |||||||||||||||||
Property and other miscellaneous taxes | 1,461 | 1,435 | 2,370 | |||||||||||||||||
Payroll taxes | 117 | 125 | 132 | |||||||||||||||||
Taxes on production | 75 | 145 | 165 | |||||||||||||||||
Total International | 1,692 | 1,740 | 2,704 | |||||||||||||||||
Total taxes other than on income | $ | 4,499 | $ | 4,136 | $ | 4,867 | ||||||||||||||
At December 31 | Year ended December 31 | ||||||||||||||||||||||||||||||||||||||||||||||
Gross Investment at Cost | Net Investment | Additions at Cost2 | Depreciation Expense3 | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
Upstream | |||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 96,555 | $ | 82,117 | $ | 88,155 | $ | 38,175 | $ | 31,082 | $ | 39,526 | $ | 13,067 | $ | 7,751 | $ | 6,434 | $ | 6,841 | $ | 15,222 | $ | 5,328 | |||||||||||||||||||||||
International | 209,846 | 206,292 | 215,329 | 102,010 | 102,639 | 113,603 | 11,069 | 3,664 | 4,865 | 11,121 | 12,618 | 12,726 | |||||||||||||||||||||||||||||||||||
Total Upstream | 306,401 | 288,409 | 303,484 | 140,185 | 133,721 | 153,129 | 24,136 | 11,415 | 11,299 | 17,962 | 27,840 | 18,054 | |||||||||||||||||||||||||||||||||||
Downstream | |||||||||||||||||||||||||||||||||||||||||||||||
United States | 26,499 | 25,968 | 24,685 | 11,101 | 11,398 | 10,838 | 638 | 1,452 | 1,259 | 851 | 869 | 751 | |||||||||||||||||||||||||||||||||||
International | 7,993 | 7,480 | 7,237 | 3,395 | 3,114 | 3,023 | 573 | 355 | 278 | 283 | 256 | 282 | |||||||||||||||||||||||||||||||||||
Total Downstream | 34,492 | 33,448 | 31,922 | 14,496 | 14,512 | 13,861 | 1,211 | 1,807 | 1,537 | 1,134 | 1,125 | 1,033 | |||||||||||||||||||||||||||||||||||
All Other | |||||||||||||||||||||||||||||||||||||||||||||||
United States | 4,195 | 4,719 | 4,667 | 1,916 | 2,236 | 2,186 | 194 | 324 | 224 | 403 | 243 | 320 | |||||||||||||||||||||||||||||||||||
International | 144 | 146 | 171 | 21 | 25 | 31 | 5 | 9 | 6 | 9 | 10 | 12 | |||||||||||||||||||||||||||||||||||
Total All Other | 4,339 | 4,865 | 4,838 | 1,937 | 2,261 | 2,217 | 199 | 333 | 230 | 412 | 253 | 332 | |||||||||||||||||||||||||||||||||||
Total United States | 127,249 | 112,804 | 117,507 | 51,192 | 44,716 | 52,550 | 13,899 | 9,527 | 7,917 | 8,095 | 16,334 | 6,399 | |||||||||||||||||||||||||||||||||||
Total International | 217,983 | 213,918 | 222,737 | 105,426 | 105,778 | 116,657 | 11,647 | 4,028 | 5,149 | 11,413 | 12,884 | 13,020 | |||||||||||||||||||||||||||||||||||
Total | $ | 345,232 | $ | 326,722 | $ | 340,244 | $ | 156,618 | $ | 150,494 | $ | 169,207 | $ | 25,546 | $ | 13,555 | $ | 13,066 | $ | 19,508 | $ | 29,218 | $ | 19,419 |
At December 31 | Year ended December 31 | ||||||||||||||||||||||||||||||||||||||
Gross Investment at Cost | Net Investment | Additions at Cost2 | Depreciation Expense3 | ||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||
Upstream | |||||||||||||||||||||||||||||||||||||||
United States | $ | 82,117 | $ | 88,155 | $ | 84,602 | $ | 31,082 | $ | 39,526 | $ | 38,722 | $ | 7,751 | $ | 6,434 | $ | 4,995 | $ | 15,222 | $ | 5,328 | $ | 5,527 | |||||||||||||||
International | 206,292 | 215,329 | 224,211 | 102,639 | 113,603 | 123,191 | 3,664 | 4,865 | 7,934 | 12,618 | 12,726 | 12,096 | |||||||||||||||||||||||||||
Total Upstream | 288,409 | 303,484 | 308,813 | 133,721 | 153,129 | 161,913 | 11,415 | 11,299 | 12,929 | 27,840 | 18,054 | 17,623 | |||||||||||||||||||||||||||
Downstream | |||||||||||||||||||||||||||||||||||||||
United States | 25,968 | 24,685 | 23,598 | 11,398 | 10,838 | 10,346 | 1,452 | 1,259 | 907 | 869 | 751 | 753 | |||||||||||||||||||||||||||
International | 7,480 | 7,237 | 7,094 | 3,114 | 3,023 | 3,074 | 355 | 278 | 306 | 256 | 282 | 282 | |||||||||||||||||||||||||||
Total Downstream | 33,448 | 31,922 | 30,692 | 14,512 | 13,861 | 13,420 | 1,807 | 1,537 | 1,213 | 1,125 | 1,033 | 1,035 | |||||||||||||||||||||||||||
All Other | |||||||||||||||||||||||||||||||||||||||
United States | 4,719 | 4,667 | 4,798 | 2,236 | 2,186 | 2,341 | 324 | 224 | 218 | 243 | 320 | 677 | |||||||||||||||||||||||||||
International | 146 | 171 | 182 | 25 | 31 | 38 | 9 | 6 | 4 | 10 | 12 | 14 | |||||||||||||||||||||||||||
Total All Other | 4,865 | 4,838 | 4,980 | 2,261 | 2,217 | 2,379 | 333 | 230 | 222 | 253 | 332 | 691 | |||||||||||||||||||||||||||
Total United States | 112,804 | 117,507 | 112,998 | 44,716 | 52,550 | 51,409 | 9,527 | 7,917 | 6,120 | 16,334 | 6,399 | 6,957 | |||||||||||||||||||||||||||
Total International | 213,918 | 222,737 | 231,487 | 105,778 | 116,657 | 126,303 | 4,028 | 5,149 | 8,244 | 12,884 | 13,020 | 12,392 | |||||||||||||||||||||||||||
Total | $ | 326,722 | $ | 340,244 | $ | 344,485 | $ | 150,494 | $ | 169,207 | $ | 177,712 | $ | 13,555 | $ | 13,066 | $ | 14,364 | $ | 29,218 | $ | 19,419 | $ | 19,349 |
At December 31 | ||||||||
2019 | 2018 | |||||||
Commercial paper1 | $ | 4,654 | $ | 7,503 | ||||
Notes payable to banks and others with originating terms of one year or less | 228 | 28 | ||||||
Current maturities of long-term debt2 | 5,054 | 4,999 | ||||||
Current maturities of long-term finance leases | 18 | 18 | ||||||
Redeemable long-term obligations | ||||||||
Long-term debt | 3,078 | 3,078 | ||||||
Subtotal | 13,032 | 15,626 | ||||||
Reclassified to long-term debt | (9,750 | ) | (9,900 | ) | ||||
Total short-term debt | $ | 3,282 | $ | 5,726 | ||||
1 Weighted-average interest rates at December 31, 2019 and 2018, were 1.69 percent and 2.43 percent, respectively. | ||||||||
2 Net of unamortized discounts and issuance costs: $0 in 2019 and $1 in 2018. |
At December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Commercial paper1 | $ | 5,612 | $ | 4,654 | ||||||||||
Notes payable to banks and others with originating terms of one year or less | 15 | 228 | ||||||||||||
Current maturities of long-term debt | 2,600 | 5,054 | ||||||||||||
Current maturities of long-term finance leases | 186 | 18 | ||||||||||||
Redeemable long-term obligations | ||||||||||||||
Long-term debt | 2,960 | 3,078 | ||||||||||||
Subtotal | 11,373 | 13,032 | ||||||||||||
Reclassified to long-term debt | (9,825) | (9,750) | ||||||||||||
Total short-term debt | $ | 1,548 | $ | 3,282 | ||||||||||
1 Weighted-average interest rates at December 31, 2020 and 2019, were 0.15% and 1.69%, respectively. | ||||||||||||||
At December 31 | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Weighted Average Interest Rate (%)1 | Range of Interest Rates (%)2 | Principal | Principal | |||||||||||||||||||||||
Notes due 2021 | 2.100 | $ | 1,350 | $ | 1,350 | |||||||||||||||||||||
Floating rate notes due 2021 | 0.913 | 0.751 - 1.171 | 650 | 650 | ||||||||||||||||||||||
Debentures due 2021 | 8.875 | 40 | 40 | |||||||||||||||||||||||
Notes due 2022 | 2.179 | 0.333 - 2.498 | 3,800 | 3,400 | ||||||||||||||||||||||
Floating rate notes due 2022 | 0.594 | 0.324 - 0.762 | 1,000 | 650 | ||||||||||||||||||||||
Notes due 2023 | 2.377 | 0.426 - 7.250 | 4,800 | 3,000 | ||||||||||||||||||||||
Floating rate notes due 2023 | 0.676 | 0.414 - 1.114 | 800 | 0 | ||||||||||||||||||||||
Notes due 2024 | 3.291 | 2.895 - 3.900 | 1,650 | 1,000 | ||||||||||||||||||||||
Notes due 2025 | 1.724 | 0.687 - 3.326 | 4,000 | 750 | ||||||||||||||||||||||
Notes due 2026 | 2.954 | 2,250 | 2,250 | |||||||||||||||||||||||
Notes due 2027 | 2.379 | 1.018 - 8.000 | 2,000 | 0 | ||||||||||||||||||||||
Notes due 2028 | 3.850 | 600 | 0 | |||||||||||||||||||||||
Notes due 2029 | 3.250 | 500 | 0 | |||||||||||||||||||||||
Notes due 2030 | 2.236 | 1,500 | 0 | |||||||||||||||||||||||
Debentures due 2031 | 8.625 | 108 | 108 | |||||||||||||||||||||||
Debentures due 2032 | 8.414 | 8.000 - 8.625 | 222 | 222 | ||||||||||||||||||||||
Notes due 2040 | 2.978 | 500 | 0 | |||||||||||||||||||||||
Notes due 2041 | 6.000 | 850 | 0 | |||||||||||||||||||||||
Notes due 2043 | 5.250 | 1,000 | 0 | |||||||||||||||||||||||
Notes due 2044 | 5.050 | 850 | 0 | |||||||||||||||||||||||
Notes due 2047 | 4.950 | 500 | 0 | |||||||||||||||||||||||
Notes due 2049 | 4.200 | 500 | 0 | |||||||||||||||||||||||
Notes due 2050 | 2.763 | 2.343 - 3.078 | 1,750 | 0 | ||||||||||||||||||||||
Debentures due 2097 | 7.250 | 84 | 0 | |||||||||||||||||||||||
Bank loans due 2021 - 2023 | 1.530 | 1.240 - 2.004 | 1,948 | 0 | ||||||||||||||||||||||
3.400% loan3 | 3.400 | 218 | 218 | |||||||||||||||||||||||
Medium-term notes, maturing from 2021 to 2038 | 6.131 | 0.000 - 8.875 | 37 | 38 | ||||||||||||||||||||||
Notes due 2020 | 0 | 5,054 | ||||||||||||||||||||||||
Total including debt due within one year | 33,507 | 18,730 | ||||||||||||||||||||||||
Debt due within one year | (2,600) | (5,054) | ||||||||||||||||||||||||
Fair market valuation adjustment of Noble long-term debt | 1,690 | 0 | ||||||||||||||||||||||||
Reclassified from short-term debt | 9,825 | 9,750 | ||||||||||||||||||||||||
Unamortized discounts and debt issuance costs | (102) | (17) | ||||||||||||||||||||||||
Finance lease liabilities4 | 447 | 282 | ||||||||||||||||||||||||
Total long-term debt | $ | 42,767 | $ | 23,691 | ||||||||||||||||||||||
1 Weighted-average interest rate at December 31, 2020 | ||||||||||||||||||||||||||
2 Range of interest rates at December 31, 2020. | ||||||||||||||||||||||||||
3 Maturity date is conditional upon the occurrence of certain events. 2022 is the earliest period in which the loan may become payable | ||||||||||||||||||||||||||
At December 31 | ||||||||
2019 | 2018 | |||||||
Principal | Principal | |||||||
3.191% notes due 2023 | $ | 2,250 | $ | 2,250 | ||||
2.954% notes due 2026 | 2,250 | 2,250 | ||||||
2.355% notes due 2022 | 2,000 | 2,000 | ||||||
1.961% notes due 2020 | 1,750 | 1,750 | ||||||
2.100% notes due 2021 | 1,350 | 1,350 | ||||||
2.419% notes due 2020 | 1,250 | 1,250 | ||||||
2.427% notes due 2020 | 1,000 | 1,000 | ||||||
2.895% notes due 2024 | 1,000 | 1,000 | ||||||
2.566% notes due 2023 | 750 | 750 | ||||||
3.326% notes due 2025 | 750 | 750 | ||||||
2.498% notes due 2022 | 700 | 700 | ||||||
2.411% notes due 2022 | 700 | 700 | ||||||
Floating rate notes due 2021 (2.599%)1 | 650 | 650 | ||||||
Floating rate notes due 2022 (2.412%)1 | 650 | 650 | ||||||
1.991% notes due 2020 | 600 | 600 | ||||||
Floating rate notes due 2020 (2.116%)2 | 400 | 400 | ||||||
3.400% loan3 | 218 | 218 | ||||||
8.625% debentures due 2032 | 147 | 147 | ||||||
8.625% debentures due 2031 | 108 | 108 | ||||||
8.000% debentures due 2032 | 75 | 75 | ||||||
9.750% debentures due 2020 | 54 | 54 | ||||||
8.875% debentures due 2021 | 40 | 40 | ||||||
Medium-term notes, maturing from 2021 to 2038 (6.431%)1 | 38 | 38 | ||||||
4.950% notes due 2019 | — | 1,500 | ||||||
1.561% notes due 2019 | — | 1,350 | ||||||
Floating rate notes due 2019 | — | 850 | ||||||
2.193% notes due 2019 | — | 750 | ||||||
1.686% notes due 2019 | — | 550 | ||||||
Total including debt due within one year | 18,730 | 23,730 | ||||||
Debt due within one year | (5,054 | ) | (5,000 | ) | ||||
Reclassified from short-term debt | 9,750 | 9,900 | ||||||
Unamortized discounts and debt issuance costs | (17 | ) | (24 | ) | ||||
Finance lease liabilities4 | 282 | 127 | ||||||
Total long-term debt | $ | 23,691 | $ | 28,733 |
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||
Beginning balance at January 1 | $ | 3,563 | $ | 3,702 | $ | 3,540 | Beginning balance at January 1 | $ | 3,041 | $ | 3,563 | $ | 3,702 | |||||||
Additions to capitalized exploratory well costs pending the determination of proved reserves | 244 | 207 | 323 | Additions to capitalized exploratory well costs pending the determination of proved reserves | 28 | 244 | 207 | |||||||||||||
Reclassifications to wells, facilities and equipment based on the determination of proved reserves | (500 | ) | (13 | ) | (113 | ) | Reclassifications to wells, facilities and equipment based on the determination of proved reserves | (102) | (500) | (13) | ||||||||||
Capitalized exploratory well costs charged to expense | (125 | ) | (333 | ) | (39 | ) | Capitalized exploratory well costs charged to expense | (667) | (125) | (333) | ||||||||||
Other reductions* | (141 | ) | — | (9 | ) | |||||||||||||||
Other* | Other* | 212 | (141) | 0 | ||||||||||||||||
Ending balance at December 31 | $ | 3,041 | $ | 3,563 | $ | 3,702 | Ending balance at December 31 | $ | 2,512 | $ | 3,041 | $ | 3,563 |
At December 31 | At December 31 | |||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||
Exploratory well costs capitalized for a period of one year or less | $ | 214 | $ | 202 | $ | 307 | Exploratory well costs capitalized for a period of one year or less | $ | 26 | $ | 214 | $ | 202 | |||||||
Exploratory well costs capitalized for a period greater than one year | 2,827 | 3,361 | 3,395 | Exploratory well costs capitalized for a period greater than one year | 2,486 | 2,827 | 3,361 | |||||||||||||
Balance at December 31 | $ | 3,041 | $ | 3,563 | $ | 3,702 | Balance at December 31 | $ | 2,512 | $ | 3,041 | $ | 3,563 | |||||||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year* | 22 | 30 | 32 | Number of projects with exploratory well costs that have been capitalized for a period greater than one year* | 17 | 22 | 30 |
Aging based on drilling completion date of individual wells: | Amount | Number of wells | |||||
1998-2008 | $ | 244 | 27 | ||||
2009-2013 | 1,166 | 56 | |||||
2014-2018 | 1,417 | 40 | |||||
Total | $ | 2,827 | 123 | ||||
Aging based on drilling completion date of last suspended well in project: | Amount | Number of projects | |||||
2003-2011 | $ | 318 | 4 | ||||
2012-2015 | 1,653 | 11 | |||||
2016-2019 | 856 | 7 | |||||
Total | $ | 2,827 | 22 |
Aging based on drilling completion date of individual wells: | Amount | Number of wells | ||||||||||||
2000-2009 | $ | 342 | 17 | |||||||||||
2010-2014 | 1,457 | 54 | ||||||||||||
2015-2019 | 687 | 18 | ||||||||||||
Total | $ | 2,486 | 89 | |||||||||||
Aging based on drilling completion date of last suspended well in project: | Amount | Number of projects | ||||||||||||
2003-2012 | $ | 371 | 4 | |||||||||||
2013-2016 | 1,627 | 8 | ||||||||||||
2017-2020 | 488 | 5 | ||||||||||||
Total | $ | 2,486 | 17 |
Year ended December 31 | Year ended December 31 | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Expected term in years1 | 6.6 | 6.5 | 6.3 | Expected term in years1 | 6.6 | 6.6 | 6.5 | |||||||||||||||||||||||||||||
Volatility2 | 20.5 | % | 21.2 | % | 21.7 | % | Volatility2 | 20.8 | % | 20.5 | % | 21.2 | % | |||||||||||||||||||||||
Risk-free interest rate based on zero coupon U.S. treasury note | 2.6 | % | 2.6 | % | 2.2 | % | Risk-free interest rate based on zero coupon U.S. treasury note | 1.5 | % | 2.6 | % | 2.6 | % | |||||||||||||||||||||||
Dividend yield | 3.8 | % | 3.8 | % | 4.2 | % | Dividend yield | 4.0 | % | 3.8 | % | 3.8 | % | |||||||||||||||||||||||
Weighted-average fair value per option granted | $ | 15.82 | $ | 18.18 | $ | 15.31 | Weighted-average fair value per option granted | $ | 13.00 | $ | 15.82 | $ | 18.18 |
Shares (Thousands) | Weighted-Average Exercise Price | Averaged Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||
Outstanding at January 1, 2019 | 94,724 | $ | 99.92 | |||||||||
Granted | 5,771 | $ | 113.04 | |||||||||
Exercised | (13,190 | ) | $ | 83.36 | ||||||||
Forfeited | (664 | ) | $ | 111.57 | ||||||||
Outstanding at December 31, 2019 | 86,641 | $ | 103.22 | 4.69 | $ | 1,518 | ||||||
Exercisable at December 31, 2019 | 77,671 | $ | 101.63 | 4.25 | $ | 1,474 |
Shares (Thousands) | Weighted-Average Exercise Price | Averaged Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding at January 1, 2020 | 86,641 | $ | 103.22 | ||||||||||||||||||||
Granted | 8,281 | $ | 150.98 | ||||||||||||||||||||
Exercised | (2,739) | $ | 78.92 | ||||||||||||||||||||
Forfeited | (2,033) | $ | 110.72 | ||||||||||||||||||||
Outstanding at December 31, 2020 | 90,150 | $ | 108.17 | 4.11 | $ | 23 | |||||||||||||||||
Exercisable at December 31, 2020 | 80,860 | $ | 107.65 | 3.59 | $ | 23 |
Pension Benefits | |||||||||||||||||||||||||
2019 | 2018 | Other Benefits | |||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2019 | 2018 | ||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 11,726 | $ | 4,820 | $ | 13,580 | $ | 5,540 | $ | 2,430 | $ | 2,788 | |||||||||||||
Service cost | 406 | 139 | 480 | 141 | 36 | 42 | |||||||||||||||||||
Interest cost | 397 | 199 | 370 | 206 | 96 | 94 | |||||||||||||||||||
Plan participants’ contributions | — | 4 | — | 4 | 72 | 71 | |||||||||||||||||||
Plan amendments | — | 29 | — | 23 | — | 2 | |||||||||||||||||||
Actuarial (gain) loss | 2,922 | 673 | (1,051 | ) | (239 | ) | 125 | (272 | ) | ||||||||||||||||
Foreign currency exchange rate changes | — | 121 | — | (227 | ) | 2 | (9 | ) | |||||||||||||||||
Benefits paid | (1,035 | ) | (302 | ) | (1,653 | ) | (432 | ) | (240 | ) | (237 | ) | |||||||||||||
Divestitures/Acquisitions | 49 | — | — | (196 | ) | (1 | ) | (49 | ) | ||||||||||||||||
Curtailment | — | (3 | ) | — | — | — | — | ||||||||||||||||||
Benefit obligation at December 31 | 14,465 | 5,680 | 11,726 | 4,820 | 2,520 | 2,430 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | 8,532 | 4,142 | 9,948 | 4,766 | — | — | |||||||||||||||||||
Actual return on plan assets | 1,548 | 566 | (566 | ) | (9 | ) | — | — | |||||||||||||||||
Foreign currency exchange rate changes | — | 115 | — | (221 | ) | — | — | ||||||||||||||||||
Employer contributions | 1,096 | 266 | 803 | 232 | 168 | 166 | |||||||||||||||||||
Plan participants’ contributions | — | 4 | — | 4 | 72 | 71 | |||||||||||||||||||
Benefits paid | (1,035 | ) | (302 | ) | (1,653 | ) | (432 | ) | (240 | ) | (237 | ) | |||||||||||||
Divestitures/Acquisitions | 36 | — | — | (198 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at December 31 | 10,177 | 4,791 | 8,532 | 4,142 | — | — | |||||||||||||||||||
Funded status at December 31 | $ | (4,288 | ) | $ | (889 | ) | $ | (3,194 | ) | $ | (678 | ) | $ | (2,520 | ) | $ | (2,430 | ) |
Pension Benefits | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Other Benefits | |||||||||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 14,465 | $ | 5,680 | $ | 11,726 | $ | 4,820 | $ | 2,520 | $ | 2,430 | |||||||||||||||||||||||||||||
Service cost | 497 | 130 | 406 | 139 | 38 | 36 | |||||||||||||||||||||||||||||||||||
Interest cost | 353 | 175 | 397 | 199 | 71 | 96 | |||||||||||||||||||||||||||||||||||
Plan participants’ contributions | 0 | 3 | 0 | 4 | 59 | 72 | |||||||||||||||||||||||||||||||||||
Plan amendments | 0 | 0 | 0 | 29 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | 1,782 | 550 | 2,922 | 673 | 191 | 125 | |||||||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | 0 | 158 | 0 | 121 | (1) | 2 | |||||||||||||||||||||||||||||||||||
Benefits paid | (2,045) | (368) | (1,035) | (302) | (214) | (240) | |||||||||||||||||||||||||||||||||||
Divestitures/Acquisitions | 22 | 0 | 49 | 0 | 0 | (1) | |||||||||||||||||||||||||||||||||||
Curtailment | 92 | (21) | 0 | (3) | (14) | 0 | |||||||||||||||||||||||||||||||||||
Benefit obligation at December 31 | 15,166 | 6,307 | 14,465 | 5,680 | 2,650 | 2,520 | |||||||||||||||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | 10,177 | 4,791 | 8,532 | 4,142 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Actual return on plan assets | 848 | 500 | 1,548 | 566 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | 0 | 174 | 0 | 115 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Employer contributions | 950 | 263 | 1,096 | 266 | 155 | 168 | |||||||||||||||||||||||||||||||||||
Plan participants’ contributions | 0 | 3 | 0 | 4 | 59 | 72 | |||||||||||||||||||||||||||||||||||
Benefits paid | (2,045) | (368) | (1,035) | (302) | (214) | (240) | |||||||||||||||||||||||||||||||||||
Divestitures/Acquisitions | 0 | 0 | 36 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Fair value of plan assets at December 31 | 9,930 | 5,363 | 10,177 | 4,791 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Funded status at December 31 | $ | (5,236) | $ | (944) | $ | (4,288) | $ | (889) | $ | (2,650) | $ | (2,520) |
Pension Benefits | |||||||||||||||||||||||||
2019 | 2018 | Other Benefits | |||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2019 | 2018 | ||||||||||||||||||||
Deferred charges and other assets | $ | 23 | $ | 413 | $ | 17 | $ | 412 | $ | — | $ | — | |||||||||||||
Accrued liabilities | (239 | ) | (71 | ) | (180 | ) | (66 | ) | (174 | ) | (175 | ) | |||||||||||||
Noncurrent employee benefit plans | (4,072 | ) | (1,231 | ) | (3,031 | ) | (1,024 | ) | (2,346 | ) | (2,255 | ) | |||||||||||||
Net amount recognized at December 31 | $ | (4,288 | ) | $ | (889 | ) | $ | (3,194 | ) | $ | (678 | ) | $ | (2,520 | ) | $ | (2,430 | ) |
Pension Benefits | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Other Benefits | |||||||||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Deferred charges and other assets | $ | 24 | $ | 547 | $ | 23 | $ | 413 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||
Accrued liabilities | (258) | (76) | (239) | (71) | (153) | (174) | |||||||||||||||||||||||||||||||||||
Noncurrent employee benefit plans | (5,002) | (1,415) | (4,072) | (1,231) | (2,497) | (2,346) | |||||||||||||||||||||||||||||||||||
Net amount recognized at December 31 | $ | (5,236) | $ | (944) | $ | (4,288) | $ | (889) | $ | (2,650) | $ | (2,520) |
Pension Benefits | |||||||||||||||||||||||||
2019 | 2018 | Other Benefits | |||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2019 | 2018 | ||||||||||||||||||||
Net actuarial loss | $ | 5,135 | $ | 1,269 | $ | 3,694 | $ | 955 | $ | 74 | $ | (56 | ) | ||||||||||||
Prior service (credit) costs | 5 | 102 | 7 | 104 | (228 | ) | (256 | ) | |||||||||||||||||
Total recognized at December 31 | $ | 5,140 | $ | 1,371 | $ | 3,701 | $ | 1,059 | $ | (154 | ) | $ | (312 | ) |
Pension Benefits | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Other Benefits | |||||||||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 5,714 | $ | 1,401 | $ | 5,135 | $ | 1,269 | $ | 260 | $ | 74 | |||||||||||||||||||||||||||||
Prior service (credit) costs | 3 | 86 | 5 | 102 | (186) | (228) | |||||||||||||||||||||||||||||||||||
Total recognized at December 31 | $ | 5,717 | $ | 1,487 | $ | 5,140 | $ | 1,371 | $ | 74 | $ | (154) |
Pension Benefits | ||||||||||||||||
2019 | 2018 | |||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||
Projected benefit obligations | $ | 14,401 | $ | 1,554 | $ | 11,667 | $ | 1,277 | ||||||||
Accumulated benefit obligations | 12,718 | 1,268 | 10,456 | 1,062 | ||||||||||||
Fair value of plan assets | 10,091 | 278 | 8,456 | 198 |
Pension Benefits | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||||||||||
Projected benefit obligations | $ | 15,103 | $ | 2,084 | $ | 14,401 | $ | 1,554 | ||||||||||||||||||
Accumulated benefit obligations | 13,545 | 1,622 | 12,718 | 1,268 | ||||||||||||||||||||||
Fair value of plan assets | 9,842 | 600 | 10,091 | 278 |
Pension Benefits | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | Other Benefits | ||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | U.S. | Int’l. | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||
Service cost | $ | 406 | $ | 139 | $ | 480 | $ | 141 | $ | 489 | $ | 151 | $ | 36 | $ | 42 | $ | 32 | |||||||||||||||
Interest cost | 397 | 199 | 370 | 206 | 366 | 219 | 96 | 94 | 95 | ||||||||||||||||||||||||
Expected return on plan assets | (565 | ) | (231 | ) | (636 | ) | (253 | ) | (597 | ) | (239 | ) | — | — | — | ||||||||||||||||||
Amortization of prior service costs (credits) | 2 | 11 | 2 | 10 | (5 | ) | 13 | (28 | ) | (28 | ) | (28 | ) | ||||||||||||||||||||
Recognized actuarial losses | 239 | 21 | 304 | 29 | 340 | 44 | (3 | ) | 15 | (5 | ) | ||||||||||||||||||||||
Settlement losses | 259 | 3 | 411 | 33 | 436 | 2 | — | — | — | ||||||||||||||||||||||||
Curtailment losses (gains) | — | 16 | — | 3 | — | — | — | — | — | ||||||||||||||||||||||||
Total net periodic benefit cost | 738 | 158 | 931 | 169 | 1,029 | 190 | 101 | 123 | 94 | ||||||||||||||||||||||||
Changes Recognized in Comprehensive Income | |||||||||||||||||||||||||||||||||
Net actuarial (gain) loss during period | 1,939 | 338 | 151 | 12 | 381 | (94 | ) | 128 | (248 | ) | 284 | ||||||||||||||||||||||
Amortization of actuarial loss | (498 | ) | (24 | ) | (715 | ) | (62 | ) | (776 | ) | (46 | ) | 3 | (15 | ) | 5 | |||||||||||||||||
Prior service (credits) costs during period | — | 29 | — | 23 | — | 1 | (1 | ) | 3 | — | |||||||||||||||||||||||
Amortization of prior service (costs) credits | (2 | ) | (30 | ) | (2 | ) | (13 | ) | 5 | (13 | ) | 28 | 28 | 28 | |||||||||||||||||||
Total changes recognized in other comprehensive income | 1,439 | 313 | (566 | ) | (40 | ) | (390 | ) | (152 | ) | 158 | (232 | ) | 317 | |||||||||||||||||||
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $ | 2,177 | $ | 471 | $ | 365 | $ | 129 | $ | 639 | $ | 38 | $ | 259 | $ | (109 | ) | $ | 411 |
Pension Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | Other Benefits | ||||||||||||||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | U.S. | Int’l. | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 497 | $ | 130 | $ | 406 | $ | 139 | $ | 480 | $ | 141 | $ | 38 | $ | 36 | $ | 42 | |||||||||||||||||||||||||||||
Interest cost | 353 | 175 | 397 | 199 | 370 | 206 | 71 | 96 | 94 | ||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (650) | (209) | (565) | (231) | (636) | (253) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Amortization of prior service costs (credits) | 2 | 10 | 2 | 11 | 2 | 10 | (28) | (28) | (28) | ||||||||||||||||||||||||||||||||||||||
Recognized actuarial losses | 385 | 45 | 239 | 21 | 304 | 29 | 3 | (3) | 15 | ||||||||||||||||||||||||||||||||||||||
Settlement losses | 620 | 37 | 259 | 3 | 411 | 33 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Curtailment losses (gains) | 92 | 2 | 0 | 16 | 0 | 3 | (27) | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Total net periodic benefit cost | 1,299 | 190 | 738 | 158 | 931 | 169 | 57 | 101 | 123 | ||||||||||||||||||||||||||||||||||||||
Changes Recognized in Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial (gain) loss during period | 1,584 | 230 | 1,939 | 338 | 151 | 12 | 190 | 128 | (248) | ||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | (1,005) | (98) | (498) | (24) | (715) | (62) | (4) | 3 | (15) | ||||||||||||||||||||||||||||||||||||||
Prior service (credits) costs during period | 0 | 0 | 0 | 29 | 0 | 23 | 0 | (1) | 3 | ||||||||||||||||||||||||||||||||||||||
Amortization of prior service (costs) credits | (2) | (17) | (2) | (30) | (2) | (13) | 42 | 28 | 28 | ||||||||||||||||||||||||||||||||||||||
Total changes recognized in other comprehensive income | 577 | 115 | 1,439 | 313 | (566) | (40) | 228 | 158 | (232) | ||||||||||||||||||||||||||||||||||||||
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $ | 1,876 | $ | 305 | $ | 2,177 | $ | 471 | $ | 365 | $ | 129 | $ | 285 | $ | 259 | $ | (109) |
Pension Benefits | |||||||||||||||||||||||||
2019 | 2018 | 2017 | Other Benefits | ||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | U.S. | Int’l. | 2019 | 2018 | 2017 | |||||||||||||||||
Assumptions used to determine benefit obligations: | |||||||||||||||||||||||||
Discount rate | 3.1 | % | 3.2 | % | 4.2 | % | 4.4 | % | 3.5 | % | 3.9 | % | 3.2 | % | 4.4 | % | 3.8 | % | |||||||
Rate of compensation increase | 4.5 | % | 4.0 | % | 4.5 | % | 4.0 | % | 4.5 | % | 4.0 | % | N/A | N/A | N/A | ||||||||||
Assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Discount rate for service cost | 4.4 | % | 4.4 | % | 3.7 | % | 3.9 | % | 4.2 | % | 4.3 | % | 4.6 | % | 3.9 | % | 4.6 | % | |||||||
Discount rate for interest cost | 3.7 | % | 4.4 | % | 3.0 | % | 3.9 | % | 3.0 | % | 4.3 | % | 4.2 | % | 3.5 | % | 3.8 | % | |||||||
Expected return on plan assets | 6.8 | % | 5.6 | % | 6.8 | % | 5.5 | % | 6.8 | % | 5.5 | % | N/A | N/A | N/A | ||||||||||
Rate of compensation increase | 4.5 | % | 4.0 | % | 4.5 | % | 4.0 | % | 4.5 | % | 4.5 | % | N/A | N/A | N/A |
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | Other Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | U.S. | Int’l. | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||
Assumptions used to determine benefit obligations: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 2.4 | % | 2.4 | % | 3.1 | % | 3.2 | % | 4.2 | % | 4.4 | % | 2.6 | % | 3.2 | % | 4.4 | % | ||||||||||||||||||||||||||||||||
Rate of compensation increase | 4.5 | % | 4.0 | % | 4.5 | % | 4.0 | % | 4.5 | % | 4.0 | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Assumptions used to determine net periodic benefit cost: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate for service cost | 3.3 | % | 3.2 | % | 4.4 | % | 4.4 | % | 3.7 | % | 3.9 | % | 3.5 | % | 4.6 | % | 3.9 | % | ||||||||||||||||||||||||||||||||
Discount rate for interest cost | 2.6 | % | 3.2 | % | 3.7 | % | 4.4 | % | 3.0 | % | 3.9 | % | 3.0 | % | 4.2 | % | 3.5 | % | ||||||||||||||||||||||||||||||||
Expected return on plan assets | 6.5 | % | 4.5 | % | 6.8 | % | 5.6 | % | 6.8 | % | 5.5 | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Rate of compensation increase | 4.5 | % | 4.0 | % | 4.5 | % | 4.0 | % | 4.5 | % | 4.0 | % | N/A | N/A | N/A |
1 Percent Increase | 1 Percent Decrease | ||||||
Effect on total service and interest cost components | $ | 20 | $ | (15 | ) | ||
Effect on postretirement benefit obligation | $ | 224 | $ | (176 | ) |
U.S. | Int’l. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | NAV | Total | Level 1 | Level 2 | Level 3 | NAV | |||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S.1 | $ | 1,769 | $ | 1,769 | $ | 0 | $ | 0 | $ | 0 | $ | 471 | $ | 471 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||||
International | 1,958 | 1,958 | 0 | 0 | 0 | 422 | 421 | 0 | 1 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 1,079 | 52 | 0 | 0 | 1,027 | 184 | 6 | 0 | 0 | 178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government | 523 | 0 | 523 | 0 | 0 | 265 | 144 | 121 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | 1,444 | 0 | 1,444 | 0 | 0 | 493 | 0 | 490 | 3 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans | 120 | 0 | 113 | 7 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage/Asset Backed | 1 | 0 | 1 | 0 | 0 | 4 | 0 | 4 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 963 | 0 | 0 | 0 | 963 | 2,230 | 5 | 0 | 0 | 2,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed Funds3 | 0 | 0 | 0 | 0 | 0 | 84 | 7 | 77 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate4 | 1,089 | 0 | 0 | 0 | 1,089 | 277 | 0 | 0 | 55 | 222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Alternative Investments | 924 | 0 | 0 | 0 | 924 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 235 | 228 | 7 | 0 | 0 | 338 | 334 | 2 | 0 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other5 | 72 | (5) | 29 | 44 | 4 | 23 | 0 | 21 | 2 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total at December 31, 2019 | $ | 10,177 | $ | 4,002 | $ | 2,117 | $ | 51 | $ | 4,007 | $ | 4,791 | $ | 1,388 | $ | 715 | $ | 61 | $ | 2,627 | ||||||||||||||||||||||||||||||||||||||||||
At December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S.1 | $ | 2,286 | $ | 2,286 | $ | 0 | $ | 0 | $ | 0 | $ | 443 | $ | 443 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||||
International | 2,211 | 2,210 | 0 | 1 | 0 | 373 | 373 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 1,107 | 48 | 0 | 0 | 1,059 | 192 | 7 | 0 | 0 | 185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government | 231 | 0 | 231 | 0 | 0 | 240 | 125 | 115 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | 778 | 0 | 778 | 0 | 0 | 578 | 10 | 568 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans | 129 | 0 | 127 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage/Asset Backed | 1 | 0 | 1 | 0 | 0 | 4 | 0 | 4 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 1,901 | 13 | 0 | 0 | 1,888 | 2,520 | 4 | 0 | 0 | 2,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed Funds3 | 0 | 0 | 0 | 0 | 0 | 127 | 38 | 89 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate4 | 1,018 | 0 | 0 | 0 | 1,018 | 448 | 0 | 0 | 45 | 403 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Alternative Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 221 | 209 | 12 | 0 | 0 | 417 | 408 | 3 | 0 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other5 | 47 | (19) | 22 | 41 | 3 | 21 | (2) | 19 | 4 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total at December 31, 2020 | $ | 9,930 | $ | 4,747 | $ | 1,171 | $ | 44 | $ | 3,968 | $ | 5,363 | $ | 1,406 | $ | 798 | $ | 49 | $ | 3,110 |
U.S. | Int’l. | |||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | NAV | Total | Level 1 | Level 2 | Level 3 | NAV | |||||||||||||||||||||||||||||||
At December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||||||||
U.S.1 | $ | 1,110 | $ | 1,110 | $ | — | $ | — | $ | — | $ | 520 | $ | 520 | $ | — | $ | — | $ | — | ||||||||||||||||||||
International | 1,631 | 1,630 | 1 | — | — | 521 | 520 | — | 1 | — | ||||||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 893 | 21 | — | — | 872 | 152 | 9 | — | — | 143 | ||||||||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||||||||||
Government | 225 | — | 225 | — | — | 254 | 97 | 157 | — | — | ||||||||||||||||||||||||||||||
Corporate | 1,382 | — | 1,382 | — | — | 409 | — | 389 | 20 | — | ||||||||||||||||||||||||||||||
Bank Loans | 119 | — | 114 | 5 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Mortgage/Asset Backed | 1 | — | 1 | — | — | 6 | — | 6 | — | — | ||||||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 877 | — | — | — | 877 | 1,521 | 15 | — | — | 1,506 | ||||||||||||||||||||||||||||||
Mixed Funds3 | — | — | — | — | — | 74 | 3 | 71 | — | — | ||||||||||||||||||||||||||||||
Real Estate4 | 1,065 | — | — | — | 1,065 | 378 | — | — | 56 | 322 | ||||||||||||||||||||||||||||||
Alternative Investments5 | 941 | — | — | — | 941 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 212 | 208 | 4 | — | — | 287 | 277 | 2 | — | 8 | ||||||||||||||||||||||||||||||
Other6 | 76 | (4 | ) | 31 | 44 | 5 | 20 | — | 17 | 3 | — | |||||||||||||||||||||||||||||
Total at December 31, 2018 | $ | 8,532 | $ | 2,965 | $ | 1,758 | $ | 49 | $ | 3,760 | $ | 4,142 | $ | 1,441 | $ | 642 | $ | 80 | $ | 1,979 | ||||||||||||||||||||
At December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||||||||
U.S.1 | $ | 1,769 | $ | 1,769 | $ | — | $ | — | $ | — | $ | 471 | $ | 471 | $ | — | $ | — | $ | — | ||||||||||||||||||||
International | 1,958 | 1,958 | — | — | — | 422 | 421 | — | 1 | — | ||||||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 1,079 | 52 | — | — | 1,027 | 184 | 6 | — | — | 178 | ||||||||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||||||||||
Government | 523 | — | 523 | — | — | 265 | 144 | 121 | — | — | ||||||||||||||||||||||||||||||
Corporate | 1,444 | — | 1,444 | — | — | 493 | — | 490 | 3 | — | ||||||||||||||||||||||||||||||
Bank Loans | 120 | — | 113 | 7 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Mortgage/Asset Backed | 1 | — | 1 | — | — | 4 | — | 4 | — | — | ||||||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 963 | — | — | — | 963 | 2,230 | 5 | — | — | 2,225 | ||||||||||||||||||||||||||||||
Mixed Funds3 | — | — | — | — | — | 84 | 7 | 77 | — | — | ||||||||||||||||||||||||||||||
Real Estate4 | 1,089 | — | — | — | 1,089 | 277 | — | — | 55 | 222 | ||||||||||||||||||||||||||||||
Alternative Investments5 | 924 | — | — | — | 924 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 235 | 228 | 7 | — | — | 338 | 334 | 2 | — | 2 | ||||||||||||||||||||||||||||||
Other6 | 72 | (5 | ) | 29 | 44 | 4 | 23 | — | 21 | 2 | — | |||||||||||||||||||||||||||||
Total at December 31, 2019 | $ | 10,177 | $ | 4,002 | $ | 2,117 | $ | 51 | $ | 4,007 | $ | 4,791 | $ | 1,388 | $ | 715 | $ | 61 | $ | 2,627 |
Equity | Fixed Income | |||||||||||||||||||||||||
International | Corporate | Bank Loans | Real Estate | Other | Total | |||||||||||||||||||||
Total at December 31, 2017 | $ | — | $ | 30 | $ | 11 | $ | 56 | $ | 46 | $ | 143 | ||||||||||||||
Actual Return on Plan Assets: | ||||||||||||||||||||||||||
Assets held at the reporting date | 4 | (2 | ) | — | 13 | — | 15 | |||||||||||||||||||
Assets sold during the period | (4 | ) | — | — | — | — | (4 | ) | ||||||||||||||||||
Purchases, Sales and Settlements | — | (7 | ) | (4 | ) | (13 | ) | — | (24 | ) | ||||||||||||||||
Transfers in and/or out of Level 3 | 1 | — | (2 | ) | — | — | (1 | ) | ||||||||||||||||||
Total at December 31, 2018 | $ | 1 | $ | 21 | $ | 5 | $ | 56 | $ | 46 | $ | 129 | ||||||||||||||
Actual Return on Plan Assets: | �� | |||||||||||||||||||||||||
Assets held at the reporting date | (1 | ) | 1 | — | — | (1 | ) | (1 | ) | |||||||||||||||||
Assets sold during the period | — | — | — | — | — | — | ||||||||||||||||||||
Purchases, Sales and Settlements | — | (19 | ) | — | (1 | ) | 1 | (19 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | 1 | — | 2 | — | — | 3 | ||||||||||||||||||||
Total at December 31, 2019 | $ | 1 | $ | 3 | $ | 7 | $ | 55 | $ | 46 | $ | 112 |
Equity | Fixed Income | ||||||||||||||||||||||||||||||||||||||||||||||
International | Corporate | Bank Loans | Real Estate | Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Total at December 31, 2018 | $ | 1 | $ | 21 | $ | 5 | $ | 56 | $ | 46 | $ | 129 | |||||||||||||||||||||||||||||||||||
Actual Return on Plan Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Assets held at the reporting date | (1) | 1 | 0 | 0 | (1) | (1) | |||||||||||||||||||||||||||||||||||||||||
Assets sold during the period | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Purchases, Sales and Settlements | 0 | (19) | 0 | (1) | 1 | (19) | |||||||||||||||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | 1 | 0 | 2 | 0 | 0 | 3 | |||||||||||||||||||||||||||||||||||||||||
Total at December 31, 2019 | $ | 1 | $ | 3 | $ | 7 | $ | 55 | $ | 46 | $ | 112 | |||||||||||||||||||||||||||||||||||
Actual Return on Plan Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Assets held at the reporting date | 0 | 0 | 0 | 0 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||
Assets sold during the period | 0 | 0 | 0 | (10) | 0 | (10) | |||||||||||||||||||||||||||||||||||||||||
Purchases, Sales and Settlements | 0 | (3) | (5) | 0 | (2) | (10) | |||||||||||||||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Total at December 31, 2020 | $ | 1 | $ | 0 | $ | 2 | $ | 45 | $ | 45 | $ | 93 |
Pension Benefits | Other | ||||||||||
U.S. | Int’l. | Benefits | |||||||||
2020 | $ | 1,262 | $ | 280 | $ | 174 | |||||
2021 | $ | 1,176 | $ | 602 | $ | 170 | |||||
2022 | $ | 1,160 | $ | 224 | $ | 165 | |||||
2023 | $ | 1,150 | $ | 234 | $ | 161 | |||||
2024 | $ | 1,134 | $ | 255 | $ | 156 | |||||
2024-2028 | $ | 5,232 | $ | 1,434 | $ | 725 |
Pension Benefits | Other | ||||||||||||||||
U.S. | Int’l. | Benefits | |||||||||||||||
2021 | $ | 1,779 | $ | 658 | $ | 153 | |||||||||||
2022 | 919 | 220 | 162 | ||||||||||||||
2023 | 1,069 | 225 | 158 | ||||||||||||||
2024 | 1,097 | 243 | 154 | ||||||||||||||
2025 | 1,068 | 250 | 151 | ||||||||||||||
2026-2030 | 4,856 | 1,400 | 706 |
2019 | 2018 | 2017 | ||||||||||
Balance at January 1 | $ | 14,050 | $ | 14,214 | $ | 14,243 | ||||||
Liabilities incurred | 32 | 96 | 684 | |||||||||
Liabilities settled | (1,694 | ) | (830 | ) | (1,721 | ) | ||||||
Accretion expense | 628 | 654 | 668 | |||||||||
Revisions in estimated cash flows | (184 | ) | (84 | ) | 340 | |||||||
Balance at December 31 | $ | 12,832 | $ | 14,050 | $ | 14,214 |
2020 | 2019 | 2018 | ||||||||||||||||||
Balance at January 1 | $ | 12,832 | $ | 14,050 | $ | 14,214 | ||||||||||||||
Liabilities assumed in the Noble acquisition | 630 | 0 | 0 | |||||||||||||||||
Liabilities incurred | 10 | 32 | 96 | |||||||||||||||||
Liabilities settled | (1,661) | (1,694) | (830) | |||||||||||||||||
Accretion expense | 560 | 628 | 654 | |||||||||||||||||
Revisions in estimated cash flows | 1,245 | (184) | (84) | |||||||||||||||||
Balance at December 31 | $ | 13,616 | $ | 12,832 | $ | 14,050 |
Other financial information is as follows: | Other financial information is as follows: | |||||||||||||||||||||||||||||||
Year ended December 31 | Year ended December 31 | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Total financing interest and debt costs | $ | 817 | $ | 921 | $ | 902 | Total financing interest and debt costs | $ | 735 | $ | 817 | $ | 921 | |||||||||||||||||||
Less: Capitalized interest | 19 | 173 | 595 | Less: Capitalized interest | 38 | 19 | 173 | |||||||||||||||||||||||||
Interest and debt expense | $ | 798 | $ | 748 | $ | 307 | Interest and debt expense | $ | 697 | $ | 798 | $ | 748 | |||||||||||||||||||
Research and development expenses | $ | 500 | $ | 453 | $ | 433 | Research and development expenses | $ | 435 | $ | 500 | $ | 453 | |||||||||||||||||||
Excess of replacement cost over the carrying value of inventories (LIFO method) | $ | 4,513 | $ | 5,134 | $ | 3,937 | Excess of replacement cost over the carrying value of inventories (LIFO method) | $ | 2,749 | $ | 4,513 | $ | 5,134 | |||||||||||||||||||
LIFO profits (losses) on inventory drawdowns included in earnings | $ | (9 | ) | $ | 26 | $ | (5 | ) | LIFO profits (losses) on inventory drawdowns included in earnings | $ | (147) | $ | (9) | $ | 26 | |||||||||||||||||
Foreign currency effects* | $ | (304 | ) | $ | 611 | $ | (446 | ) | Foreign currency effects* | $ | (645) | $ | (304) | $ | 611 |
Year ended December 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Sales and other operating revenues | $ | 8,407 | $ | 9,333 | $ | 11,310 | |||||||||||
Costs and other deductions | 7,221 | 7,863 | 9,812 | ||||||||||||||
Net income attributable to CPChem | 1,260 | 1,760 | 2,069 |
At December 31 | |||||||||||
2020 | 2019 | ||||||||||
Current assets | $ | 2,816 | $ | 2,554 | |||||||
Other assets | 14,210 | 14,314 | |||||||||
Current liabilities | 1,394 | 1,247 | |||||||||
Other liabilities | 3,380 | 3,174 | |||||||||
Total CPChem net equity | $ | 12,252 | $ | 12,447 |
Year ended December 31 | |||||||||||
2019 | 2018 | 2017 | |||||||||
Sales and other operating revenues | $ | 9,333 | $ | 11,310 | $ | 9,063 | |||||
Costs and other deductions | 7,863 | 9,812 | 8,126 | ||||||||
Net income attributable to CPChem | 1,760 | 2,069 | 1,446 |
At December 31 | |||||||
2019 | 2018 | ||||||
Current assets | $ | 2,554 | $ | 2,820 | |||
Other assets | 14,314 | 13,790 | |||||
Current liabilities | 1,247 | 1,281 | |||||
Other liabilities | 3,174 | 2,892 | |||||
Total CPChem net equity | $ | 12,447 | $ | 12,437 |
Amounts Before Tax | |||||
Balance at January 1, 2020 | $ | 7 | |||
Accruals/Adjustments | 859 | ||||
Payments | (396) | ||||
Balance at December 31, 2020 | $ | 470 |
At October 5, 2020 | ||||||||||||||
Current assets | $ | 1,105 | ||||||||||||
Investments and long-term receivables | 1,282 | |||||||||||||
Properties (includes $14,935 for oil and gas properties) | 16,703 | |||||||||||||
Other assets | 607 | |||||||||||||
Total assets acquired | 19,697 | |||||||||||||
Current liabilities | 1,829 | |||||||||||||
Long-term debt and finance leases | 9,231 | |||||||||||||
Deferred income taxes | 2,355 | |||||||||||||
Other liabilities | 1,394 | |||||||||||||
Total liabilities assumed | 14,809 | |||||||||||||
Noncontrolling interest and redeemable noncontrolling interest | 779 | |||||||||||||
Net assets acquired | $ | 4,109 | ||||||||||||
Year ended December 31 | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Sales and other operating revenues | $ | 96,980 | $ | 144,303 | |||||||||||||
Net income | $ | (9,890) | $ | 1,412 | |||||||||||||
Millions of dollars, except per-share amounts | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||
Statement of Income Data | ||||||||||||||||||||||||||||||||||||||
Revenues and Other Income | ||||||||||||||||||||||||||||||||||||||
Total sales and other operating revenues* | $ | 94,471 | $ | 139,865 | $ | 158,902 | $ | 134,674 | $ | 110,215 | ||||||||||||||||||||||||||||
Income from equity affiliates and other income | 221 | 6,651 | 7,437 | 7,048 | 4,257 | |||||||||||||||||||||||||||||||||
Total Revenues and Other Income | 94,692 | 146,516 | 166,339 | 141,722 | 114,472 | |||||||||||||||||||||||||||||||||
Total Costs and Other Deductions | 102,145 | 140,980 | 145,764 | 132,501 | 116,632 | |||||||||||||||||||||||||||||||||
Income (Loss) Before Income Tax Expense | (7,453) | 5,536 | 20,575 | 9,221 | (2,160) | |||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit) | (1,892) | 2,691 | 5,715 | (48) | (1,729) | |||||||||||||||||||||||||||||||||
Net Income (Loss) | (5,561) | 2,845 | 14,860 | 9,269 | (431) | |||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (18) | (79) | 36 | 74 | 66 | |||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | (5,543) | $ | 2,924 | $ | 14,824 | $ | 9,195 | $ | (497) | ||||||||||||||||||||||||||||
Per Share of Common Stock | ||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron | ||||||||||||||||||||||||||||||||||||||
– Basic | $ | (2.96) | $ | 1.55 | $ | 7.81 | $ | 4.88 | $ | (0.27) | ||||||||||||||||||||||||||||
– Diluted | $ | (2.96) | $ | 1.54 | $ | 7.74 | $ | 4.85 | $ | (0.27) | ||||||||||||||||||||||||||||
Cash Dividends Per Share | $ | 5.16 | $ | 4.76 | $ | 4.48 | $ | 4.32 | $ | 4.29 | ||||||||||||||||||||||||||||
Balance Sheet Data (at December 31) | ||||||||||||||||||||||||||||||||||||||
Current assets | $ | 26,078 | $ | 28,329 | $ | 34,021 | $ | 28,560 | $ | 29,619 | ||||||||||||||||||||||||||||
Noncurrent assets | 213,712 | 209,099 | 219,842 | 225,246 | 230,459 | |||||||||||||||||||||||||||||||||
Total Assets | 239,790 | 237,428 | 253,863 | 253,806 | 260,078 | |||||||||||||||||||||||||||||||||
Short-term debt | 1,548 | 3,282 | 5,726 | 5,192 | 10,840 | |||||||||||||||||||||||||||||||||
Other current liabilities | 20,635 | 23,248 | 21,445 | 22,545 | 20,945 | |||||||||||||||||||||||||||||||||
Long-term debt | 42,767 | 23,691 | 28,733 | 33,571 | 35,286 | |||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 42,114 | 41,999 | 42,317 | 43,179 | 46,285 | |||||||||||||||||||||||||||||||||
Total Liabilities | 107,064 | 92,220 | 98,221 | 104,487 | 113,356 | |||||||||||||||||||||||||||||||||
Total Chevron Corporation Stockholders’ Equity | $ | 131,688 | $ | 144,213 | $ | 154,554 | $ | 148,124 | $ | 145,556 | ||||||||||||||||||||||||||||
Noncontrolling interests | 1,038 | 995 | 1,088 | 1,195 | 1,166 | |||||||||||||||||||||||||||||||||
Total Equity | $ | 132,726 | $ | 145,208 | $ | 155,642 | $ | 149,319 | $ | 146,722 | ||||||||||||||||||||||||||||
* Includes excise, value-added and similar taxes: | $ | — | $ | — | $ | — | $ | 7,189 | $ | 6,905 | ||||||||||||||||||||||||||||
Millions of dollars, except per-share amounts | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||
Statement of Income Data | ||||||||||||||||||||||
Revenues and Other Income | ||||||||||||||||||||||
Total sales and other operating revenues* | $ | 139,865 | $ | 158,902 | $ | 134,674 | $ | 110,215 | $ | 129,925 | ||||||||||||
Income from equity affiliates and other income | 6,651 | 7,437 | 7,048 | 4,257 | 8,552 | |||||||||||||||||
Total Revenues and Other Income | 146,516 | 166,339 | 141,722 | 114,472 | 138,477 | |||||||||||||||||
Total Costs and Other Deductions | 140,980 | 145,764 | 132,501 | 116,632 | 133,635 | |||||||||||||||||
Income Before Income Tax Expense (Benefit) | 5,536 | 20,575 | 9,221 | (2,160 | ) | 4,842 | ||||||||||||||||
Income Tax Expense (Benefit) | 2,691 | 5,715 | (48 | ) | (1,729 | ) | 132 | |||||||||||||||
Net Income | 2,845 | 14,860 | 9,269 | (431 | ) | 4,710 | ||||||||||||||||
Less: Net income attributable to noncontrolling interests | (79 | ) | 36 | 74 | 66 | 123 | ||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | 2,924 | $ | 14,824 | $ | 9,195 | $ | (497 | ) | $ | 4,587 | |||||||||||
Per Share of Common Stock | ||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron | ||||||||||||||||||||||
– Basic | $ | 1.55 | $ | 7.81 | $ | 4.88 | $ | (0.27 | ) | $ | 2.46 | |||||||||||
– Diluted | $ | 1.54 | $ | 7.74 | $ | 4.85 | $ | (0.27 | ) | $ | 2.45 | |||||||||||
Cash Dividends Per Share | $ | 4.76 | $ | 4.48 | $ | 4.32 | $ | 4.29 | $ | 4.28 | ||||||||||||
Balance Sheet Data (at December 31) | ||||||||||||||||||||||
Current assets | $ | 28,329 | $ | 34,021 | $ | 28,560 | $ | 29,619 | $ | 34,430 | ||||||||||||
Noncurrent assets | 209,099 | 219,842 | 225,246 | 230,459 | 230,110 | |||||||||||||||||
Total Assets | 237,428 | 253,863 | 253,806 | 260,078 | 264,540 | |||||||||||||||||
Short-term debt | 3,282 | 5,726 | 5,192 | 10,840 | 4,927 | |||||||||||||||||
Other current liabilities | 23,248 | 21,445 | 22,545 | 20,945 | 20,540 | |||||||||||||||||
Long-term debt | 23,691 | 28,733 | 33,571 | 35,286 | 33,622 | |||||||||||||||||
Other noncurrent liabilities | 41,999 | 42,317 | 43,179 | 46,285 | 51,565 | |||||||||||||||||
Total Liabilities | 92,220 | 98,221 | 104,487 | 113,356 | 110,654 | |||||||||||||||||
Total Chevron Corporation Stockholders’ Equity | $ | 144,213 | $ | 154,554 | $ | 148,124 | $ | 145,556 | $ | 152,716 | ||||||||||||
Noncontrolling interests | 995 | 1,088 | 1,195 | 1,166 | 1,170 | |||||||||||||||||
Total Equity | $ | 145,208 | $ | 155,642 | $ | 149,319 | $ | 146,722 | $ | 153,886 | ||||||||||||
* Includes excise, value-added and similar taxes: | $ | — | $ | — | $ | 7,189 | $ | 6,905 | $ | 7,359 | ||||||||||||
Consolidated Companies | Affiliated Companies | |||||||||||||||||||||||||||||||
Other | Australia/ | |||||||||||||||||||||||||||||||
Millions of dollars | U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO | Other | |||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Exploration | ||||||||||||||||||||||||||||||||
Wells | $ | 190 | $ | 181 | $ | 1 | $ | 8 | $ | 1 | $ | — | $ | 381 | $ | — | $ | — | ||||||||||||||
Geological and geophysical | 83 | 29 | 58 | 3 | 12 | — | 185 | — | — | |||||||||||||||||||||||
Other | 125 | 77 | 42 | 22 | 39 | 2 | 307 | — | — | |||||||||||||||||||||||
Total exploration | 398 | 287 | 101 | 33 | 52 | 2 | 873 | — | — | |||||||||||||||||||||||
Property acquisitions2 | ||||||||||||||||||||||||||||||||
Proved - Noble | 3,463 | — | 438 | 7,945 | — | — | 11,846 | — | — | |||||||||||||||||||||||
Proved - Other | 23 | — | 2 | 56 | — | — | 81 | — | — | |||||||||||||||||||||||
Unproved - Noble | 2,845 | 2 | 113 | 129 | — | — | 3,089 | — | — | |||||||||||||||||||||||
Unproved - Other | 35 | — | 10 | — | — | — | 45 | — | — | |||||||||||||||||||||||
Total property acquisitions | 6,366 | 2 | 563 | 8,130 | — | — | 15,061 | — | — | |||||||||||||||||||||||
Development3 | 4,622 | 740 | 386 | 1,034 | 753 | 37 | 7,572 | 2,998 | 81 | |||||||||||||||||||||||
Total Costs Incurred4 | $ | 11,386 | $ | 1,029 | $ | 1,050 | $ | 9,197 | $ | 805 | $ | 39 | $ | 23,506 | $ | 2,998 | $ | 81 | ||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Exploration | ||||||||||||||||||||||||||||||||
Wells | $ | 571 | $ | 44 | $ | 9 | $ | 2 | $ | 4 | $ | 4 | $ | 634 | $ | — | $ | — | ||||||||||||||
Geological and geophysical | 82 | 118 | 21 | 5 | 11 | 1 | 238 | — | — | |||||||||||||||||||||||
Other | 140 | 52 | 35 | 29 | 44 | 6 | 306 | — | 8 | |||||||||||||||||||||||
Total exploration | 793 | 214 | 65 | 36 | 59 | 11 | 1,178 | — | 8 | |||||||||||||||||||||||
Property acquisitions2 | ||||||||||||||||||||||||||||||||
Proved | 81 | 34 | — | 93 | — | — | 208 | — | — | |||||||||||||||||||||||
Unproved | 68 | 150 | — | 17 | 1 | — | 236 | — | — | |||||||||||||||||||||||
Total property acquisitions | 149 | 184 | — | 110 | 1 | — | 444 | — | — | |||||||||||||||||||||||
Development3 | 7,072 | 1,216 | 279 | 1,020 | 518 | 199 | 10,304 | 5,112 | 158 | |||||||||||||||||||||||
Total Costs Incurred4 | $ | 8,014 | $ | 1,614 | $ | 344 | $ | 1,166 | $ | 578 | $ | 210 | $ | 11,926 | $ | 5,112 | $ | 166 | ||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||||
Exploration | ||||||||||||||||||||||||||||||||
Wells | $ | 508 | $ | 74 | $ | 25 | $ | 55 | $ | — | $ | 14 | $ | 676 | $ | — | $ | — | ||||||||||||||
Geological and geophysical | 84 | 41 | 4 | 5 | 7 | 1 | 142 | — | — | |||||||||||||||||||||||
Other | 190 | 46 | 35 | 33 | 49 | 23 | 376 | — | — | |||||||||||||||||||||||
Total exploration | 782 | 161 | 64 | 93 | 56 | 38 | 1,194 | — | — | |||||||||||||||||||||||
Property acquisitions2 | ||||||||||||||||||||||||||||||||
Proved | 160 | — | 7 | 117 | — | — | 284 | — | — | |||||||||||||||||||||||
Unproved | 52 | 494 | 2 | 27 | — | — | 575 | — | — | |||||||||||||||||||||||
Total property acquisitions | 212 | 494 | 9 | 144 | — | — | 859 | — | — | |||||||||||||||||||||||
Development3 | 6,245 | 856 | 711 | 1,095 | 845 | 278 | 10,030 | 4,963 | 200 | |||||||||||||||||||||||
Total Costs Incurred4 | $ | 7,239 | $ | 1,511 | $ | 784 | $ | 1,332 | $ | 901 | $ | 316 | $ | 12,083 | $ | 4,963 | $ | 200 |
1 | Includes costs incurred whether capitalized or expensed. Excludes general support equipment expenditures. Includes capitalized amounts related to asset retirement obligations. See Note 23, “Asset Retirement Obligations,” on page 94. | ||||||||||||||||||||||
2 | Includes wells, equipment and facilities associated with proved reserves. Does not include properties acquired in nonmonetary transactions. | ||||||||||||||||||||||
3 | Includes $897, $246 and $114 of costs incurred on major capital projects prior to assignment of proved reserves for consolidated companies in 2020, 2019, and 2018, respectively. | ||||||||||||||||||||||
4 | Reconciliation of consolidated and affiliated companies total cost incurred to Upstream capital and exploratory (C&E) expenditures - $ billions: | ||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Total cost incurred | $ | 26.6 | $ | 17.2 | $ | 17.2 | |||||||||||||||||
Noble acquisition | (14.9) | — | — | ||||||||||||||||||||
Non-oil and gas activities | — | 0.3 | 0.6 | (Primarily; LNG and transportation activities.) | |||||||||||||||||||
ARO reduction/(build) | (0.8) | 0.3 | (0.1) | ||||||||||||||||||||
Upstream C&E | $ | 10.9 | $ | 17.8 | $ | 17.7 | Reference page 44 Upstream total |
Consolidated Companies | Affiliated Companies | |||||||||||||||||||||||||||
Other | Australia/ | |||||||||||||||||||||||||||
Millions of dollars | U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO4 | Other | |||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||
Exploration | ||||||||||||||||||||||||||||
Wells | $ | 571 | $ | 44 | $ | 9 | $ | 2 | $ | 4 | $ | 4 | $ | 634 | $ | — | $ | — | ||||||||||
Geological and geophysical | 82 | 118 | 21 | 5 | 11 | 1 | 238 | — | — | |||||||||||||||||||
Other | 140 | 52 | 35 | 29 | 44 | 6 | 306 | — | 8 | |||||||||||||||||||
Total exploration | 793 | 214 | 65 | 36 | 59 | 11 | 1,178 | — | 8 | |||||||||||||||||||
Property acquisitions2 | ||||||||||||||||||||||||||||
Proved | 81 | 34 | — | 93 | — | — | 208 | — | — | |||||||||||||||||||
Unproved | 68 | 150 | — | 17 | 1 | — | 236 | — | — | |||||||||||||||||||
Total property acquisitions | 149 | 184 | — | 110 | 1 | — | 444 | — | — | |||||||||||||||||||
Development3 | 7,072 | 1,216 | 279 | 1,020 | 518 | 199 | 10,304 | 5,112 | 158 | |||||||||||||||||||
Total Costs Incurred5 | $ | 8,014 | $ | 1,614 | $ | 344 | $ | 1,166 | $ | 578 | $ | 210 | $ | 11,926 | $ | 5,112 | $ | 166 | ||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||||||
Exploration | ||||||||||||||||||||||||||||
Wells | $ | 508 | $ | 74 | $ | 25 | $ | 55 | $ | — | $ | 14 | $ | 676 | $ | — | $ | — | ||||||||||
Geological and geophysical | 84 | 41 | 4 | 5 | 7 | 1 | 142 | — | — | |||||||||||||||||||
Other | 190 | 46 | 35 | 33 | 49 | 23 | 376 | — | — | |||||||||||||||||||
Total exploration | 782 | 161 | 64 | 93 | 56 | 38 | 1,194 | — | — | |||||||||||||||||||
Property acquisitions2 | ||||||||||||||||||||||||||||
Proved | 160 | — | 7 | 117 | — | — | 284 | — | — | |||||||||||||||||||
Unproved | 52 | 494 | 2 | 27 | — | — | 575 | — | — | |||||||||||||||||||
Total property acquisitions | 212 | 494 | 9 | 144 | — | — | 859 | — | — | |||||||||||||||||||
Development3 | 6,245 | 856 | 711 | 1,095 | 845 | 278 | 10,030 | 4,963 | 200 | |||||||||||||||||||
Total Costs Incurred5 | $ | 7,239 | $ | 1,511 | $ | 784 | $ | 1,332 | $ | 901 | $ | 316 | $ | 12,083 | $ | 4,963 | $ | 200 | ||||||||||
Year Ended December 31, 2017 | ||||||||||||||||||||||||||||
Exploration | ||||||||||||||||||||||||||||
Wells | $ | 479 | $ | 3 | $ | 1 | $ | 36 | $ | — | $ | 15 | $ | 534 | $ | — | $ | — | ||||||||||
Geological and geophysical | 93 | 46 | 4 | 3 | 33 | 5 | 184 | — | — | |||||||||||||||||||
Other | 157 | 32 | 52 | 60 | 46 | 128 | 475 | — | — | |||||||||||||||||||
Total exploration | 729 | 81 | 57 | 99 | 79 | 148 | 1,193 | — | — | |||||||||||||||||||
Property acquisitions2 | ||||||||||||||||||||||||||||
Proved | 64 | — | — | 93 | — | — | 157 | — | — | |||||||||||||||||||
Unproved | 77 | — | 40 | 18 | 1 | — | 136 | — | — | |||||||||||||||||||
Total property acquisitions | 141 | — | 40 | 111 | 1 | — | 293 | — | — | |||||||||||||||||||
Development3 | 4,346 | 944 | 1,136 | 1,324 | 2,580 | 121 | 10,451 | 3,683 | 147 | |||||||||||||||||||
Total Costs Incurred5 | $ | 5,216 | $ | 1,025 | $ | 1,233 | $ | 1,534 | $ | 2,660 | $ | 269 | $ | 11,937 | $ | 3,683 | $ | 147 |
1 | Includes costs incurred whether capitalized or expensed. Excludes general support equipment expenditures. Includes capitalized amounts related to asset retirement obligations. See Note 23, “Asset Retirement Obligations,” on page 89. | ||||||||||||
2 | Does not include properties acquired in nonmonetary transactions. | ||||||||||||
3 | Includes $246, $114 and $84 of costs incurred on major capital projects prior to assignment of proved reserves for consolidated companies in 2019, 2018, and 2017, respectively. | ||||||||||||
4 | 2017 and 2018 conformed to 2019 presentation | ||||||||||||
5 | Reconciliation of consolidated and affiliated companies total cost incurred to Upstream capital and exploratory (C&E) expenditures - $ billions: | ||||||||||||
2019 | 2018 | 2017 | |||||||||||
Total cost incurred | $ | 17.2 | $ | 17.2 | $ | 15.7 | |||||||
Non-oil and gas activities | 0.3 | 0.6 | 1.3 | (Primarily; LNG and transportation activities.) | |||||||||
ARO reduction/(build) | 0.3 | (0.1 | ) | (0.6 | ) | ||||||||
Upstream C&E | $ | 17.8 | $ | 17.7 | $ | 16.4 | Reference page 39 Upstream total |
Table II - Capitalized Costs Related to Oil and Gas Producing Activities | ||||||||||||||||||||||||||||||||
Consolidated Companies | Affiliated Companies | |||||||||||||||||||||||||||||||
Other | Australia/ | |||||||||||||||||||||||||||||||
Millions of dollars | U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO | Other | |||||||||||||||||||||||
At December 31, 2020 | ||||||||||||||||||||||||||||||||
Unproved properties | $ | 3,519 | $ | 2,438 | $ | 188 | $ | 984 | $ | 1,987 | $ | — | $ | 9,116 | $ | 108 | $ | — | ||||||||||||||
Proved properties and related producing assets | 81,573 | 24,108 | 46,637 | 58,086 | 22,321 | 2,117 | 234,842 | 11,326 | 1,548 | |||||||||||||||||||||||
Support equipment | 1,882 | 197 | 1,087 | 2,042 | 18,898 | — | 24,106 | 2,023 | — | |||||||||||||||||||||||
Deferred exploratory wells | 411 | 142 | 202 | 505 | 1,144 | 108 | 2,512 | — | — | |||||||||||||||||||||||
Other uncompleted projects | 5,549 | 582 | 1,030 | 803 | 1,157 | 20 | 9,141 | 18,806 | 23 | |||||||||||||||||||||||
Gross Capitalized Costs | 92,934 | 27,467 | 49,144 | 62,420 | 45,507 | 2,245 | 279,717 | 32,263 | 1,571 | |||||||||||||||||||||||
Unproved properties valuation | 179 | 1,471 | 126 | 856 | 110 | — | 2,742 | 67 | — | |||||||||||||||||||||||
Proved producing properties – Depreciation and depletion | 55,839 | 13,141 | 35,899 | 42,354 | 7,541 | 498 | 155,272 | 6,746 | 493 | |||||||||||||||||||||||
Support equipment depreciation | 1,002 | 159 | 742 | 1,644 | 2,965 | — | 6,512 | 1,169 | — | |||||||||||||||||||||||
Accumulated provisions | 57,020 | 14,771 | 36,767 | 44,854 | 10,616 | 498 | 164,526 | 7,982 | 493 | |||||||||||||||||||||||
Net Capitalized Costs | $ | 35,914 | $ | 12,696 | $ | 12,377 | $ | 17,566 | $ | 34,891 | $ | 1,747 | $ | 115,191 | $ | 24,281 | $ | 1,078 | ||||||||||||||
At December 31, 2019 | ||||||||||||||||||||||||||||||||
Unproved properties | $ | 4,620 | $ | 2,492 | $ | 151 | $ | 1,081 | $ | 1,986 | $ | — | $ | 10,330 | $ | 108 | $ | — | ||||||||||||||
Proved properties and related producing assets | 82,199 | 24,189 | 45,756 | 56,648 | 22,032 | 2,082 | 232,906 | 10,757 | 4,311 | |||||||||||||||||||||||
Support equipment | 2,287 | 311 | 1,098 | 2,075 | 18,610 | — | 24,381 | 1,981 | — | |||||||||||||||||||||||
Deferred exploratory wells | 533 | 147 | 405 | 513 | 1,322 | 121 | 3,041 | — | — | |||||||||||||||||||||||
Other uncompleted projects | 5,080 | 505 | 1,176 | 926 | 1,023 | 15 | 8,725 | 16,503 | 743 | |||||||||||||||||||||||
Gross Capitalized Costs | 94,719 | 27,644 | 48,586 | 61,243 | 44,973 | 2,218 | 279,383 | 29,349 | 5,054 | |||||||||||||||||||||||
Unproved properties valuation | 3,964 | 1,271 | 120 | 842 | 109 | — | 6,306 | 65 | — | |||||||||||||||||||||||
Proved producing properties – Depreciation and depletion | 56,911 | 12,644 | 33,613 | 44,871 | 6,064 | 404 | 154,507 | 6,018 | 1,912 | |||||||||||||||||||||||
Support equipment depreciation | 1,635 | 226 | 772 | 1,605 | 2,272 | — | 6,510 | 1,053 | — | |||||||||||||||||||||||
Accumulated provisions | 62,510 | 14,141 | 34,505 | 47,318 | 8,445 | 404 | 167,323 | 7,136 | 1,912 | |||||||||||||||||||||||
Net Capitalized Costs | $ | 32,209 | $ | 13,503 | $ | 14,081 | $ | 13,925 | $ | 36,528 | $ | 1,814 | $ | 112,060 | $ | 22,213 | $ | 3,142 | ||||||||||||||
At December 31, 2018 | ||||||||||||||||||||||||||||||||
Unproved properties | $ | 4,687 | $ | 2,463 | $ | 201 | $ | 1,299 | $ | 1,986 | $ | — | $ | 10,636 | $ | 108 | $ | — | ||||||||||||||
Proved properties and related producing assets | 75,013 | 21,796 | 44,876 | 57,168 | 22,047 | 12,634 | 233,534 | 9,892 | 4,336 | |||||||||||||||||||||||
Support equipment | 2,216 | 317 | 1,096 | 2,149 | 17,712 | 124 | 23,614 | 1,858 | — | |||||||||||||||||||||||
Deferred exploratory wells | 782 | 160 | 405 | 632 | 1,323 | 261 | 3,563 | — | — | |||||||||||||||||||||||
Other uncompleted projects | 4,730 | 3,704 | 1,744 | 1,292 | 1,462 | 300 | 13,232 | 12,311 | 605 | |||||||||||||||||||||||
Gross Capitalized Costs | 87,428 | 28,440 | 48,322 | 62,540 | 44,530 | 13,319 | 284,579 | 24,169 | 4,941 | |||||||||||||||||||||||
Unproved properties valuation | 820 | 694 | 164 | 623 | 107 | — | 2,408 | 61 | — | |||||||||||||||||||||||
Proved producing properties – Depreciation and depletion | 45,712 | 12,984 | 31,102 | 43,735 | 4,631 | 10,014 | 148,178 | 5,276 | 1,730 | |||||||||||||||||||||||
Support equipment depreciation | 1,466 | 220 | 738 | 1,674 | 1,531 | 119 | 5,748 | 947 | — | |||||||||||||||||||||||
Accumulated provisions | 47,998 | 13,898 | 32,004 | 46,032 | 6,269 | 10,133 | 156,334 | 6,284 | 1,730 | |||||||||||||||||||||||
Net Capitalized Costs | $ | 39,430 | $ | 14,542 | $ | 16,318 | $ | 16,508 | $ | 38,261 | $ | 3,186 | $ | 128,245 | $ | 17,885 | $ | 3,211 |
Table II - Capitalized Costs Related to Oil and Gas Producing Activities | ||||||||||||||||||||||||||||
Consolidated Companies | Affiliated Companies | |||||||||||||||||||||||||||
Other | Australia/ | |||||||||||||||||||||||||||
Millions of dollars | U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO* | Other | |||||||||||||||||||
At December 31, 2019 | ||||||||||||||||||||||||||||
Unproved properties | $ | 4,620 | $ | 2,492 | $ | 151 | $ | 1,081 | $ | 1,986 | $ | — | $ | 10,330 | $ | 108 | $ | — | ||||||||||
Proved properties and related producing assets | 82,199 | 24,189 | 45,756 | 56,648 | 22,032 | 2,082 | 232,906 | 10,757 | 4,311 | |||||||||||||||||||
Support equipment | 2,287 | 311 | 1,098 | 2,075 | 18,610 | — | 24,381 | 1,981 | — | |||||||||||||||||||
Deferred exploratory wells | 533 | 147 | 405 | 513 | 1,322 | 121 | 3,041 | — | — | |||||||||||||||||||
Other uncompleted projects | 5,080 | 505 | 1,176 | 926 | 1,023 | 15 | 8,725 | 16,503 | 743 | |||||||||||||||||||
Gross Capitalized Costs | 94,719 | 27,644 | 48,586 | 61,243 | 44,973 | 2,218 | 279,383 | 29,349 | 5,054 | |||||||||||||||||||
Unproved properties valuation | 3,964 | 1,271 | 120 | 842 | 109 | — | 6,306 | 65 | — | |||||||||||||||||||
Proved producing properties – Depreciation and depletion | 56,911 | 12,644 | 33,613 | 44,871 | 6,064 | 404 | 154,507 | 6,018 | 1,912 | |||||||||||||||||||
Support equipment depreciation | 1,635 | 226 | 772 | 1,605 | 2,272 | — | 6,510 | 1,053 | — | |||||||||||||||||||
Accumulated provisions | 62,510 | 14,141 | 34,505 | 47,318 | 8,445 | 404 | 167,323 | 7,136 | 1,912 | |||||||||||||||||||
Net Capitalized Costs | $ | 32,209 | $ | 13,503 | $ | 14,081 | $ | 13,925 | $ | 36,528 | $ | 1,814 | $ | 112,060 | $ | 22,213 | $ | 3,142 | ||||||||||
At December 31, 2018 | ||||||||||||||||||||||||||||
Unproved properties | $ | 4,687 | $ | 2,463 | $ | 201 | $ | 1,299 | $ | 1,986 | $ | — | $ | 10,636 | $ | 108 | $ | — | ||||||||||
Proved properties and related producing assets | 75,013 | 21,796 | 44,876 | 57,168 | 22,047 | 12,634 | 233,534 | 9,892 | 4,336 | |||||||||||||||||||
Support equipment | 2,216 | 317 | 1,096 | 2,149 | 17,712 | 124 | 23,614 | 1,858 | — | |||||||||||||||||||
Deferred exploratory wells | 782 | 160 | 405 | 632 | 1,323 | 261 | 3,563 | — | — | |||||||||||||||||||
Other uncompleted projects | 4,730 | 3,704 | 1,744 | 1,292 | 1,462 | 300 | 13,232 | 12,311 | 605 | |||||||||||||||||||
Gross Capitalized Costs | 87,428 | 28,440 | 48,322 | 62,540 | 44,530 | 13,319 | 284,579 | 24,169 | 4,941 | |||||||||||||||||||
Unproved properties valuation | 820 | 694 | 164 | 623 | 107 | — | 2,408 | 61 | — | |||||||||||||||||||
Proved producing properties – Depreciation and depletion | 45,712 | 12,984 | 31,102 | 43,735 | 4,631 | 10,014 | 148,178 | 5,276 | 1,730 | |||||||||||||||||||
Support equipment depreciation | 1,466 | 220 | 738 | 1,674 | 1,531 | 119 | 5,748 | 947 | — | |||||||||||||||||||
Accumulated provisions | 47,998 | 13,898 | 32,004 | 46,032 | 6,269 | 10,133 | 156,334 | 6,284 | 1,730 | |||||||||||||||||||
Net Capitalized Costs | $ | 39,430 | $ | 14,542 | $ | 16,318 | $ | 16,508 | $ | 38,261 | $ | 3,186 | $ | 128,245 | $ | 17,885 | $ | 3,211 | ||||||||||
At December 31, 2017 | ||||||||||||||||||||||||||||
Unproved properties | $ | 6,466 | $ | 2,314 | $ | 240 | $ | 1,420 | $ | 1,986 | $ | 23 | $ | 12,449 | $ | 108 | $ | — | ||||||||||
Proved properties and related producing assets | 66,390 | 20,696 | 43,656 | 55,616 | 21,544 | 10,697 | 218,599 | 8,956 | 4,346 | |||||||||||||||||||
Support equipment | 2,248 | 337 | 1,104 | 2,050 | 15,599 | 132 | 21,470 | 1,731 | — | |||||||||||||||||||
Deferred exploratory wells | 969 | 181 | 406 | 562 | 1,323 | 261 | 3,702 | — | — | |||||||||||||||||||
Other uncompleted projects | 8,333 | 3,624 | 2,528 | 1,889 | 3,238 | 1,966 | 21,578 | 8,408 | 457 | |||||||||||||||||||
Gross Capitalized Costs | 84,406 | 27,152 | 47,934 | 61,537 | 43,690 | 13,079 | 277,798 | 19,203 | 4,803 | |||||||||||||||||||
Unproved properties valuation | 977 | 855 | 162 | 535 | 107 | 23 | 2,659 | 58 | — | |||||||||||||||||||
Proved producing properties – Depreciation and depletion | 43,286 | 11,795 | 27,916 | 40,234 | 3,193 | 9,306 | 135,730 | 4,674 | 1,468 | |||||||||||||||||||
Support equipment depreciation | 1,359 | 227 | 712 | 1,584 | 870 | 123 | 4,875 | 846 | — | |||||||||||||||||||
Accumulated provisions | 45,622 | 12,877 | 28,790 | 42,353 | 4,170 | 9,452 | 143,264 | 5,578 | 1,468 | |||||||||||||||||||
Net Capitalized Costs | $ | 38,784 | $ | 14,275 | $ | 19,144 | $ | 19,184 | $ | 39,520 | $ | 3,627 | $ | 134,534 | $ | 13,625 | $ | 3,335 |
Consolidated Companies | Affiliated Companies | |||||||||||||||||||||||||||||||
Other | Australia/ | |||||||||||||||||||||||||||||||
Millions of dollars | U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO | Other | |||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Revenues from net production | ||||||||||||||||||||||||||||||||
Sales | $ | 1,665 | $ | 505 | $ | 473 | $ | 5,629 | $ | 3,010 | $ | 149 | $ | 11,431 | $ | 3,088 | $ | 288 | ||||||||||||||
Transfers | 7,711 | 1,683 | 3,378 | 1,092 | 1,830 | — | 15,694 | — | — | |||||||||||||||||||||||
Total | 9,376 | 2,188 | 3,851 | 6,721 | 4,840 | 149 | 27,125 | 3,088 | 288 | |||||||||||||||||||||||
Production expenses excluding taxes | (3,933) | (981) | (1,485) | (2,408) | (589) | (64) | (9,460) | (419) | (98) | |||||||||||||||||||||||
Taxes other than on income | (597) | (62) | (77) | (11) | (121) | (2) | (870) | (190) | (30) | |||||||||||||||||||||||
Proved producing properties: | ||||||||||||||||||||||||||||||||
Depreciation and depletion | (6,482) | (1,221) | (2,323) | (3,466) | (2,192) | (92) | (15,776) | (879) | (146) | |||||||||||||||||||||||
Accretion expense2 | (165) | (22) | (136) | (120) | (62) | (10) | (515) | (9) | (6) | |||||||||||||||||||||||
Exploration expenses | (457) | (314) | (431) | (67) | (231) | (15) | (1,515) | — | 1 | |||||||||||||||||||||||
Unproved properties valuation | (58) | (215) | (6) | (8) | (1) | — | (288) | — | — | |||||||||||||||||||||||
Other income (expense)3 | 51 | (8) | (11) | 1,053 | (2) | (9) | 1,074 | (29) | (2,103) | |||||||||||||||||||||||
Results before income taxes | (2,265) | (635) | (618) | 1,694 | 1,642 | (43) | (225) | 1,562 | (2,094) | |||||||||||||||||||||||
Income tax (expense) benefit | 558 | (5) | 888 | (353) | (558) | 12 | 542 | (471) | 161 | |||||||||||||||||||||||
Results of Producing Operations | $ | (1,707) | $ | (640) | $ | 270 | $ | 1,341 | $ | 1,084 | $ | (31) | $ | 317 | $ | 1,091 | $ | (1,933) | ||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Revenues from net production | ||||||||||||||||||||||||||||||||
Sales | $ | 2,259 | $ | 863 | $ | 668 | $ | 7,410 | $ | 4,332 | $ | 592 | $ | 16,124 | $ | 5,603 | $ | 780 | ||||||||||||||
Transfers | 11,043 | 2,160 | 6,534 | 1,311 | 2,596 | 655 | 24,299 | — | — | |||||||||||||||||||||||
Total | 13,302 | 3,023 | 7,202 | 8,721 | 6,928 | 1,247 | 40,423 | 5,603 | 780 | |||||||||||||||||||||||
Production expenses excluding taxes | (3,567) | (1,020) | (1,460) | (2,703) | (616) | (343) | (9,709) | (475) | (247) | |||||||||||||||||||||||
Taxes other than on income | (595) | (64) | (101) | (16) | (221) | (2) | (999) | (57) | (10) | |||||||||||||||||||||||
Proved producing properties: | ||||||||||||||||||||||||||||||||
Depreciation and depletion | (11,659) | (1,380) | (2,548) | (3,165) | (2,192) | (85) | (21,029) | (870) | (211) | |||||||||||||||||||||||
Accretion expense2 | (191) | (21) | (148) | (133) | (53) | (37) | (583) | (5) | (8) | |||||||||||||||||||||||
Exploration expenses | (293) | (211) | (73) | (93) | (60) | (10) | (740) | — | (8) | |||||||||||||||||||||||
Unproved properties valuation | (3,268) | (591) | (2) | (388) | (2) | — | (4,251) | (4) | — | |||||||||||||||||||||||
Other income (expense)3 | (51) | (44) | (121) | 413 | 53 | 1,373 | 1,623 | 1 | (157) | |||||||||||||||||||||||
Results before income taxes | (6,322) | (308) | 2,749 | 2,636 | 3,837 | 2,143 | 4,735 | 4,193 | 139 | |||||||||||||||||||||||
Income tax (expense) benefit | 1,311 | (27) | (1,731) | (1,212) | (1,161) | (311) | (3,131) | (1,261) | (73) | |||||||||||||||||||||||
Results of Producing Operations | $ | (5,011) | $ | (335) | $ | 1,018 | $ | 1,424 | $ | 2,676 | $ | 1,832 | $ | 1,604 | $ | 2,932 | $ | 66 |
Consolidated Companies | Affiliated Companies | |||||||||||||||||||||||||||
Other | Australia/ | |||||||||||||||||||||||||||
Millions of dollars | U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO2 | Other | |||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||
Revenues from net production | ||||||||||||||||||||||||||||
Sales | $ | 2,259 | $ | 863 | $ | 668 | $ | 7,410 | $ | 4,332 | $ | 592 | $ | 16,124 | $ | 5,603 | $ | 780 | ||||||||||
Transfers | 11,043 | 2,160 | 6,534 | 1,311 | 2,596 | 655 | 24,299 | — | — | |||||||||||||||||||
Total | 13,302 | 3,023 | 7,202 | 8,721 | 6,928 | 1,247 | 40,423 | 5,603 | 780 | |||||||||||||||||||
Production expenses excluding taxes | (3,567 | ) | (1,020 | ) | (1,460 | ) | (2,703 | ) | (616 | ) | (343 | ) | (9,709 | ) | (475 | ) | (247 | ) | ||||||||||
Taxes other than on income | (595 | ) | (64 | ) | (101 | ) | (16 | ) | (221 | ) | (2 | ) | (999 | ) | (57 | ) | (10 | ) | ||||||||||
Proved producing properties: | ||||||||||||||||||||||||||||
Depreciation and depletion | (11,659 | ) | (1,380 | ) | (2,548 | ) | (3,165 | ) | (2,192 | ) | (85 | ) | (21,029 | ) | (870 | ) | (211 | ) | ||||||||||
Accretion expense3 | (191 | ) | (21 | ) | (148 | ) | (133 | ) | (53 | ) | (37 | ) | (583 | ) | (5 | ) | (8 | ) | ||||||||||
Exploration expenses | (293 | ) | (211 | ) | (73 | ) | (93 | ) | (60 | ) | (10 | ) | (740 | ) | — | (8 | ) | |||||||||||
Unproved properties valuation | (3,268 | ) | (591 | ) | (2 | ) | (388 | ) | (2 | ) | — | (4,251 | ) | (4 | ) | — | ||||||||||||
Other income (expense)4 | (51 | ) | (44 | ) | (121 | ) | 413 | 53 | 1,373 | 1,623 | 1 | (157 | ) | |||||||||||||||
Results before income taxes | (6,322 | ) | (308 | ) | 2,749 | 2,636 | 3,837 | 2,143 | 4,735 | 4,193 | 139 | |||||||||||||||||
Income tax (expense) benefit | 1,311 | (27 | ) | (1,731 | ) | (1,212 | ) | (1,161 | ) | (311 | ) | (3,131 | ) | (1,261 | ) | (73 | ) | |||||||||||
Results of Producing Operations | $ | (5,011 | ) | $ | (335 | ) | $ | 1,018 | $ | 1,424 | $ | 2,676 | $ | 1,832 | $ | 1,604 | $ | 2,932 | $ | 66 | ||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||||||
Revenues from net production | ||||||||||||||||||||||||||||
Sales | $ | 2,162 | $ | 1,008 | $ | 829 | $ | 5,880 | $ | 4,229 | $ | 619 | $ | 14,727 | $ | 5,987 | $ | 1,369 | ||||||||||
Transfers | 11,645 | 1,808 | 7,829 | 3,206 | 3,413 | 1,071 | 28,972 | — | — | |||||||||||||||||||
Total | 13,807 | 2,816 | 8,658 | 9,086 | 7,642 | 1,690 | 43,699 | 5,987 | 1,369 | |||||||||||||||||||
Production expenses excluding taxes | (3,203 | ) | (1,009 | ) | (1,564 | ) | (2,653 | ) | (557 | ) | (424 | ) | (9,410 | ) | (447 | ) | (295 | ) | ||||||||||
Taxes other than on income | (540 | ) | (70 | ) | (112 | ) | (22 | ) | (250 | ) | (2 | ) | (996 | ) | 160 | (210 | ) | |||||||||||
Proved producing properties: | ||||||||||||||||||||||||||||
Depreciation and depletion | (4,583 | ) | (998 | ) | (3,368 | ) | (3,714 | ) | (2,103 | ) | (411 | ) | (15,177 | ) | (711 | ) | (306 | ) | ||||||||||
Accretion expense3 | (186 | ) | (26 | ) | (149 | ) | (146 | ) | (50 | ) | (52 | ) | (609 | ) | (4 | ) | (3 | ) | ||||||||||
Exploration expenses | (777 | ) | (191 | ) | (52 | ) | (58 | ) | (56 | ) | (41 | ) | (1,175 | ) | (3 | ) | (6 | ) | ||||||||||
Unproved properties valuation | (516 | ) | (42 | ) | (3 | ) | (135 | ) | — | — | (696 | ) | — | — | ||||||||||||||
Other income (expense)4 | 336 | 4 | 97 | (33 | ) | 31 | (161 | ) | 274 | 70 | (280 | ) | ||||||||||||||||
Results before income taxes | 4,338 | 484 | 3,507 | 2,325 | 4,657 | 599 | 15,910 | 5,052 | 269 | |||||||||||||||||||
Income tax (expense) benefit | (886 | ) | (400 | ) | (2,131 | ) | (1,088 | ) | (1,415 | ) | (233 | ) | (6,153 | ) | (1,519 | ) | 341 | |||||||||||
Results of Producing Operations | $ | 3,452 | $ | 84 | $ | 1,376 | $ | 1,237 | $ | 3,242 | $ | 366 | $ | 9,757 | $ | 3,533 | $ | 610 |
Consolidated Companies | Affiliated Companies | |||||||||||||||||||||||||||||||
Other | Australia/ | |||||||||||||||||||||||||||||||
Millions of dollars | U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO | Other | |||||||||||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||||
Revenues from net production | ||||||||||||||||||||||||||||||||
Sales | $ | 2,162 | $ | 1,008 | $ | 829 | $ | 5,880 | $ | 4,229 | $ | 619 | $ | 14,727 | $ | 5,987 | $ | 1,369 | ||||||||||||||
Transfers | 11,645 | 1,808 | 7,829 | 3,206 | 3,413 | 1,071 | 28,972 | — | — | |||||||||||||||||||||||
Total | 13,807 | 2,816 | 8,658 | 9,086 | 7,642 | 1,690 | 43,699 | 5,987 | 1,369 | |||||||||||||||||||||||
Production expenses excluding taxes | (3,203) | (1,009) | (1,564) | (2,653) | (557) | (424) | (9,410) | (447) | (295) | |||||||||||||||||||||||
Taxes other than on income | (540) | (70) | (112) | (22) | (250) | (2) | (996) | 160 | (210) | |||||||||||||||||||||||
Proved producing properties: | ||||||||||||||||||||||||||||||||
Depreciation and depletion | (4,583) | (998) | (3,368) | (3,714) | (2,103) | (411) | (15,177) | (711) | (306) | |||||||||||||||||||||||
Accretion expense2 | (186) | (26) | (149) | (146) | (50) | (52) | (609) | (4) | (3) | |||||||||||||||||||||||
Exploration expenses | (777) | (191) | (52) | (58) | (56) | (41) | (1,175) | (3) | (6) | |||||||||||||||||||||||
Unproved properties valuation | (516) | (42) | (3) | (135) | — | — | (696) | — | — | |||||||||||||||||||||||
Other income (expense)3 | 336 | 4 | 97 | (33) | 31 | (161) | 274 | 70 | (280) | |||||||||||||||||||||||
Results before income taxes | 4,338 | 484 | 3,507 | 2,325 | 4,657 | 599 | 15,910 | 5,052 | 269 | |||||||||||||||||||||||
Income tax (expense) benefit | (886) | (400) | (2,131) | (1,088) | (1,415) | (233) | (6,153) | (1,519) | 341 | |||||||||||||||||||||||
Results of Producing Operations | $ | 3,452 | $ | 84 | $ | 1,376 | $ | 1,237 | $ | 3,242 | $ | 366 | $ | 9,757 | $ | 3,533 | $ | 610 |
Consolidated Companies | Affiliated Companies | |||||||||||||||||||||||||||
Other | Australia/ | |||||||||||||||||||||||||||
Millions of dollars | U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO2 | Other | |||||||||||||||||||
Year Ended December 31, 2017 | ||||||||||||||||||||||||||||
Revenues from net production | ||||||||||||||||||||||||||||
Sales | $ | 1,548 | $ | 999 | $ | 487 | $ | 5,381 | $ | 2,061 | $ | 372 | $ | 10,848 | $ | 4,509 | $ | 1,218 | ||||||||||
Transfers | 7,610 | 1,371 | 6,533 | 2,966 | 937 | 1,246 | 20,663 | — | — | |||||||||||||||||||
Total | 9,158 | 2,370 | 7,020 | 8,347 | 2,998 | 1,618 | 31,511 | 4,509 | 1,218 | |||||||||||||||||||
Production expenses excluding taxes | (3,160 | ) | (1,021 | ) | (1,521 | ) | (2,670 | ) | (304 | ) | (415 | ) | (9,091 | ) | (425 | ) | (306 | ) | ||||||||||
Taxes other than on income | (403 | ) | (85 | ) | (115 | ) | (11 | ) | (183 | ) | (3 | ) | (800 | ) | 118 | (121 | ) | |||||||||||
Proved producing properties: | ||||||||||||||||||||||||||||
Depreciation and depletion | (5,092 | ) | (1,046 | ) | (3,531 | ) | (4,134 | ) | (1,176 | ) | (668 | ) | (15,647 | ) | (645 | ) | (365 | ) | ||||||||||
Accretion expense3 | (212 | ) | (23 | ) | (144 | ) | (155 | ) | (40 | ) | (60 | ) | (634 | ) | (3 | ) | (16 | ) | ||||||||||
Exploration expenses | (299 | ) | (126 | ) | (65 | ) | (108 | ) | (85 | ) | (149 | ) | (832 | ) | — | — | ||||||||||||
Unproved properties valuation | (204 | ) | (259 | ) | (3 | ) | (52 | ) | — | — | (518 | ) | (3 | ) | — | |||||||||||||
Other income (expense)4 | 580 | (87 | ) | 259 | 273 | 170 | (170 | ) | 1,025 | 25 | (14 | ) | ||||||||||||||||
Results before income taxes | 368 | (277 | ) | 1,900 | 1,490 | 1,380 | 153 | 5,014 | 3,576 | 396 | ||||||||||||||||||
Income tax (expense) benefit | (88 | ) | (64 | ) | (1,199 | ) | (616 | ) | (413 | ) | (174 | ) | (2,554 | ) | (1,076 | ) | 20 | |||||||||||
Results of Producing Operations | $ | 280 | $ | (341 | ) | $ | 701 | $ | 874 | $ | 967 | $ | (21 | ) | $ | 2,460 | $ | 2,500 | $ | 416 |
2Represents accretion of ARO liability. Refer to Note 23, “Asset Retirement Obligations,” on page 94. 3Includes foreign currency gains and losses, gains and losses on property dispositions and other miscellaneous income and expenses. |
Consolidated Companies | Affiliated Companies | |||||||||||||||||||||||||||||||
Other | Australia/ | |||||||||||||||||||||||||||||||
U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO | Other | ||||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Average sales prices | ||||||||||||||||||||||||||||||||
Liquids, per barrel | $ | 30.53 | $ | 35.41 | $ | 38.06 | $ | 39.77 | $ | 38.03 | $ | 34.20 | $ | 34.12 | $ | 24.25 | $ | 24.07 | ||||||||||||||
Natural gas, per thousand cubic feet | 0.96 | 2.20 | 1.61 | 4.30 | 5.42 | 1.07 | 3.68 | 0.54 | 0.61 | |||||||||||||||||||||||
Average production costs, per barrel2 | 10.01 | 14.27 | 13.19 | 11.24 | 4.02 | 13.23 | 10.07 | 3.17 | 3.91 | |||||||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Average sales prices | ||||||||||||||||||||||||||||||||
Liquids, per barrel | $ | 48.54 | $ | 54.85 | $ | 62.27 | $ | 59.53 | $ | 60.15 | $ | 61.80 | $ | 54.47 | $ | 49.14 | $ | 45.25 | ||||||||||||||
Natural gas, per thousand cubic feet | 1.07 | 2.24 | 1.84 | 4.73 | 7.54 | 4.43 | 4.86 | 0.79 | 0.99 | |||||||||||||||||||||||
Average production costs, per barrel2 | 10.48 | 15.97 | 11.90 | 12.74 | 4.08 | 14.28 | 10.62 | 3.53 | 7.93 | |||||||||||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||||
Average sales prices | ||||||||||||||||||||||||||||||||
Liquids, per barrel | $ | 58.17 | $ | 58.27 | $ | 69.75 | $ | 63.55 | $ | 68.78 | $ | 66.31 | $ | 62.45 | $ | 56.20 | $ | 56.41 | ||||||||||||||
Natural gas, per thousand cubic feet | 1.86 | 2.62 | 2.55 | 4.48 | 8.78 | 7.54 | 5.54 | 0.77 | 3.19 | |||||||||||||||||||||||
Average production costs, per barrel2 | 11.18 | 17.32 | 11.29 | 12.15 | 3.95 | 14.21 | 10.78 | 3.59 | 9.29 |
Consolidated Companies | Affiliated Companies | |||||||||||||||||||||||||||
Other | Australia/ | |||||||||||||||||||||||||||
U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO | Other | ||||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||
Average sales prices | ||||||||||||||||||||||||||||
Liquids, per barrel | $ | 48.54 | $ | 54.85 | $ | 62.27 | $ | 59.53 | $ | 60.15 | $ | 61.80 | $ | 54.47 | $ | 49.14 | $ | 45.25 | ||||||||||
Natural gas, per thousand cubic feet | 1.07 | 2.24 | 1.84 | 4.73 | 7.54 | 4.43 | 4.86 | 0.79 | 0.99 | |||||||||||||||||||
Average production costs, per barrel2 | 10.48 | 15.97 | 11.90 | 12.74 | 4.08 | 14.28 | 10.62 | 3.53 | 7.93 | |||||||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||||||
Average sales prices | ||||||||||||||||||||||||||||
Liquids, per barrel | $ | 58.17 | $ | 58.27 | $ | 69.75 | $ | 63.55 | $ | 68.78 | $ | 66.31 | $ | 62.45 | $ | 56.20 | $ | 56.41 | ||||||||||
Natural gas, per thousand cubic feet | 1.86 | 2.62 | 2.55 | 4.48 | 8.78 | 7.54 | 5.54 | 0.77 | 3.19 | |||||||||||||||||||
Average production costs, per barrel2 | 11.18 | 17.32 | 11.29 | 12.15 | 3.95 | 14.21 | 10.78 | 3.59 | 9.29 | |||||||||||||||||||
Year Ended December 31, 2017 | ||||||||||||||||||||||||||||
Average sales prices | ||||||||||||||||||||||||||||
Liquids, per barrel | $ | 44.53 | $ | 51.26 | $ | 52.12 | $ | 48.45 | $ | 52.32 | $ | 51.15 | $ | 48.61 | $ | 41.47 | $ | 48.68 | ||||||||||
Natural gas, per thousand cubic feet | 2.11 | 3.15 | 1.77 | 4.12 | 5.75 | 5.55 | 4.07 | 0.88 | 2.38 | |||||||||||||||||||
Average production costs, per barrel2 | 12.83 | 18.64 | 10.88 | 11.30 | 3.60 | 11.95 | 11.41 | 3.34 | 8.51 |
2019 | 2018 | 2017 | ||||||||||||||||||||||||
Liquids in Millions of Barrels | ||||||||||||||||||||||||||
Natural Gas in Billions of Cubic Feet | Crude Oil Condensate | SyntheticOil | NGL | Natural Gas | Crude Oil Condensate | SyntheticOil | NGL | Natural Gas | Crude Oil Condensate | SyntheticOil | NGL | Natural Gas | ||||||||||||||
Proved Developed | ||||||||||||||||||||||||||
Consolidated Companies | ||||||||||||||||||||||||||
U.S. | 1,121 | — | 258 | 2,998 | 1,061 | — | 179 | 2,396 | 909 | — | 122 | 2,096 | ||||||||||||||
Other Americas | 174 | 540 | 5 | 397 | 156 | 545 | 3 | 393 | 99 | 543 | 2 | 398 | ||||||||||||||
Africa | 525 | — | 67 | 1,472 | 568 | — | 60 | 1,316 | 610 | — | 54 | 1,276 | ||||||||||||||
Asia | 406 | — | — | 3,382 | 470 | — | — | 4,021 | 529 | — | — | 4,463 | ||||||||||||||
Australia/Oceania | 136 | — | 4 | 10,697 | 127 | — | 5 | 10,084 | 121 | — | 5 | 9,907 | ||||||||||||||
Europe | 21 | — | — | 8 | 81 | — | 3 | 205 | 80 | — | 3 | 215 | ||||||||||||||
Total Consolidated | 2,383 | 540 | 334 | 18,954 | 2,463 | 545 | 250 | 18,415 | 2,348 | 543 | 186 | 18,355 | ||||||||||||||
Affiliated Companies | ||||||||||||||||||||||||||
TCO | 584 | — | 59 | 1,135 | 638 | — | 62 | 1,179 | 716 | — | 71 | 1,300 | ||||||||||||||
Other | 114 | — | 10 | 308 | 65 | 55 | 11 | 308 | 74 | 66 | 10 | 270 | ||||||||||||||
Total Consolidated and Affiliated Companies | 3,081 | 540 | 403 | 20,397 | 3,166 | 600 | 323 | 19,902 | 3,138 | 609 | 267 | 19,925 | ||||||||||||||
Proved Undeveloped | ||||||||||||||||||||||||||
Consolidated Companies | ||||||||||||||||||||||||||
U.S. | 807 | — | 244 | 1,730 | 813 | — | 349 | 4,313 | 664 | — | 221 | 3,084 | ||||||||||||||
Other Americas | 146 | — | 11 | 339 | 185 | — | 19 | 470 | 181 | — | 15 | 397 | ||||||||||||||
Africa | 88 | — | 33 | 1,286 | 110 | — | 38 | 1,499 | 133 | — | 42 | 1,630 | ||||||||||||||
Asia | 107 | — | — | 299 | 109 | — | — | 289 | 102 | — | — | 310 | ||||||||||||||
Australia/Oceania | 30 | — | — | 3,961 | 29 | — | — | 3,647 | 32 | — | 1 | 3,652 | ||||||||||||||
Europe | 48 | — | — | 18 | 65 | — | — | 100 | 62 | — | — | 86 | ||||||||||||||
Total Consolidated | 1,226 | — | 288 | 7,633 | 1,311 | — | 406 | 10,318 | 1,174 | — | 279 | 9,159 | ||||||||||||||
Affiliated Companies | ||||||||||||||||||||||||||
TCO | 889 | — | 44 | 869 | 866 | — | 39 | 755 | 914 | — | 48 | 883 | ||||||||||||||
Other | 45 | — | 5 | 558 | 2 | 72 | 5 | 601 | 9 | 93 | 11 | 769 | ||||||||||||||
Total Consolidated and Affiliated Companies | 2,160 | — | 337 | 9,060 | 2,179 | 72 | 450 | 11,674 | 2,097 | 93 | 338 | 10,811 | ||||||||||||||
Total Proved Reserves | 5,241 | 540 | 740 | 29,457 | 5,345 | 672 | 773 | 31,576 | 5,235 | 702 | 605 | 30,736 |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||
Liquids in Millions of Barrels | ||||||||||||||||||||||||||||||||||||||||||||
Natural Gas in Billions of Cubic Feet | Crude Oil Condensate | SyntheticOil | NGL | Natural Gas | Crude Oil Condensate | SyntheticOil | NGL | Natural Gas | Crude Oil Condensate | SyntheticOil | NGL | Natural Gas | ||||||||||||||||||||||||||||||||
Proved Developed | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated Companies | ||||||||||||||||||||||||||||||||||||||||||||
U.S. | 1,157 | — | 346 | 2,503 | 1,121 | — | 258 | 2,998 | 1,061 | — | 179 | 2,396 | ||||||||||||||||||||||||||||||||
Other Americas | 168 | 597 | 6 | 222 | 174 | 540 | 5 | 397 | 156 | 545 | 3 | 393 | ||||||||||||||||||||||||||||||||
Africa | 497 | — | 68 | 1,629 | 525 | — | 67 | 1,472 | 568 | — | 60 | 1,316 | ||||||||||||||||||||||||||||||||
Asia | 358 | — | — | 7,864 | 406 | — | — | 3,382 | 470 | — | — | 4,021 | ||||||||||||||||||||||||||||||||
Australia/Oceania | 115 | — | 4 | 8,951 | 136 | — | 4 | 10,697 | 127 | — | 5 | 10,084 | ||||||||||||||||||||||||||||||||
Europe | 23 | — | — | 8 | 21 | — | — | 8 | 81 | — | 3 | 205 | ||||||||||||||||||||||||||||||||
Total Consolidated | 2,318 | 597 | 424 | 21,177 | 2,383 | 540 | 334 | 18,954 | 2,463 | 545 | 250 | 18,415 | ||||||||||||||||||||||||||||||||
Affiliated Companies | ||||||||||||||||||||||||||||||||||||||||||||
TCO | 565 | — | 53 | 1,057 | 584 | — | 59 | 1,135 | 638 | — | 62 | 1,179 | ||||||||||||||||||||||||||||||||
Other | 2 | — | 12 | 322 | 114 | — | 10 | 308 | 65 | 55 | 11 | 308 | ||||||||||||||||||||||||||||||||
Total Consolidated and Affiliated Companies | 2,885 | 597 | 489 | 22,556 | 3,081 | 540 | 403 | 20,397 | 3,166 | 600 | 323 | 19,902 | ||||||||||||||||||||||||||||||||
Proved Undeveloped | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated Companies | ||||||||||||||||||||||||||||||||||||||||||||
U.S. | 593 | — | 247 | 1,747 | 807 | — | 244 | 1,730 | 813 | — | 349 | 4,313 | ||||||||||||||||||||||||||||||||
Other Americas | 92 | — | 2 | 107 | 146 | — | 11 | 339 | 185 | — | 19 | 470 | ||||||||||||||||||||||||||||||||
Africa | 57 | — | 36 | 1,208 | 88 | — | 33 | 1,286 | 110 | — | 38 | 1,499 | ||||||||||||||||||||||||||||||||
Asia | 45 | — | — | 319 | 107 | — | — | 299 | 109 | — | — | 289 | ||||||||||||||||||||||||||||||||
Australia/Oceania | 26 | — | — | 2,434 | 30 | — | — | 3,961 | 29 | — | — | 3,647 | ||||||||||||||||||||||||||||||||
Europe | 38 | — | — | 14 | 48 | — | — | 18 | 65 | — | — | 100 | ||||||||||||||||||||||||||||||||
Total Consolidated | 851 | — | 285 | 5,829 | 1,226 | — | 288 | 7,633 | 1,311 | — | 406 | 10,318 | ||||||||||||||||||||||||||||||||
Affiliated Companies | ||||||||||||||||||||||||||||||||||||||||||||
TCO | 985 | — | 49 | 961 | 889 | — | 44 | 869 | 866 | — | 39 | 755 | ||||||||||||||||||||||||||||||||
Other | 1 | — | 5 | 576 | 45 | — | 5 | 558 | 2 | 72 | 5 | 601 | ||||||||||||||||||||||||||||||||
Total Consolidated and Affiliated Companies | 1,837 | — | 339 | 7,366 | 2,160 | — | 337 | 9,060 | 2,179 | 72 | 450 | 11,674 | ||||||||||||||||||||||||||||||||
Total Proved Reserves | 4,722 | 597 | 828 | 29,922 | 5,241 | 540 | 740 | 29,457 | 5,345 | 672 | 773 | 31,576 |
Proved Undeveloped Reserves (Millions of BOE) | 2020 | ||||
Quantity at January 1 | 4,007 | ||||
Revisions | (699) | ||||
Improved Recovery | 1 | ||||
Extension & Discoveries | 123 | ||||
Purchases | 329 | ||||
Sales | (95) | ||||
Transfers to Proved Developed | (262) | ||||
Quantity at December 31 | 3,404 |
Consolidated Companies | Affiliated Companies | Total Consolidated | ||||||||||||||||||||||||
Other | Australia/ | Synthetic | Synthetic | and Affiliated | ||||||||||||||||||||||
Millions of barrels | U.S. | Americas1 | Africa | Asia | Oceania | Europe | Oil2 | Total | TCO | Oil | Other3 | Companies | ||||||||||||||
Reserves at January 1, 2017 | 1,244 | 219 | 782 | 720 | 152 | 135 | 604 | 3,856 | 1,781 | 170 | 93 | 5,900 | ||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||
Revisions | 209 | 22 | 73 | (17 | ) | 10 | 29 | (42 | ) | 284 | (52 | ) | — | (4 | ) | 228 | ||||||||||
Improved recovery | 9 | — | 7 | 1 | — | — | — | 17 | — | — | 3 | 20 | ||||||||||||||
Extensions and discoveries | 323 | 63 | 4 | — | — | — | — | 390 | — | — | — | 390 | ||||||||||||||
Purchases | 4 | — | 2 | 33 | — | — | — | 39 | — | — | — | 39 | ||||||||||||||
Sales | (51 | ) | (1 | ) | — | (2 | ) | — | — | — | (54 | ) | — | — | — | (54 | ) | |||||||||
Production | (165 | ) | (23 | ) | (125 | ) | (104 | ) | (9 | ) | (22 | ) | (19 | ) | (467 | ) | (99 | ) | (11 | ) | (9 | ) | (586 | ) | ||
Reserves at December 31, 20174 | 1,573 | 280 | 743 | 631 | 153 | 142 | 543 | 4,065 | 1,630 | 159 | 83 | 5,937 | ||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||
Revisions | 121 | 59 | 61 | 37 | 17 | 19 | 21 | 335 | (28 | ) | (23 | ) | (7 | ) | 277 | |||||||||||
Improved recovery | 5 | — | — | 1 | — | 4 | — | 10 | — | — | — | 10 | ||||||||||||||
Extensions and discoveries | 359 | 31 | 1 | — | — | — | — | 391 | — | — | — | 391 | ||||||||||||||
Purchases | 31 | — | — | — | — | — | — | 31 | — | — | — | 31 | ||||||||||||||
Sales | (26 | ) | — | (5 | ) | — | — | — | — | (31 | ) | — | — | — | (31 | ) | ||||||||||
Production | (189 | ) | (29 | ) | (122 | ) | (90 | ) | (14 | ) | (19 | ) | (19 | ) | (482 | ) | (98 | ) | (9 | ) | (9 | ) | (598 | ) | ||
Reserves at December 31, 20184 | 1,874 | 341 | 678 | 579 | 156 | 146 | 545 | 4,319 | 1,504 | 127 | 67 | 6,017 | ||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||
Revisions | (153 | ) | (25 | ) | 42 | 19 | 25 | 6 | 14 | (72 | ) | 75 | (126 | ) | 105 | (18 | ) | |||||||||
Improved recovery | 7 | — | — | — | — | — | — | 7 | — | — | — | 7 | ||||||||||||||
Extensions and discoveries | 394 | 39 | 1 | 1 | 1 | 2 | — | 438 | — | — | — | 438 | ||||||||||||||
Purchases | 19 | 2 | — | — | — | — | — | 21 | — | — | — | 21 | ||||||||||||||
Sales | — | (4 | ) | — | — | — | (69 | ) | — | (73 | ) | — | — | — | (73 | ) | ||||||||||
Production | (213 | ) | (33 | ) | (108 | ) | (86 | ) | (16 | ) | (16 | ) | (19 | ) | (491 | ) | (106 | ) | (1 | ) | (13 | ) | (611 | ) | ||
Reserves at December 31, 20194 | 1,928 | 320 | 613 | 513 | 166 | 69 | 540 | 4,149 | 1,473 | — | 159 | 5,781 |
Consolidated Companies | Affiliated Companies | Total Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Other | Australia/ | Synthetic | Synthetic | and Affiliated | ||||||||||||||||||||||||||||||||||||||||
Millions of barrels | U.S. | Americas1 | Africa | Asia | Oceania | Europe | Oil2 | Total | TCO | Oil | Other3 | Companies | ||||||||||||||||||||||||||||||||
Reserves at January 1, 2018 | 1,573 | 280 | 743 | 631 | 153 | 142 | 543 | 4,065 | 1,630 | 159 | 83 | 5,937 | ||||||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||||||||
Revisions | 121 | 59 | 61 | 37 | 17 | 19 | 21 | 335 | (28) | (23) | (7) | 277 | ||||||||||||||||||||||||||||||||
Improved recovery | 5 | — | — | 1 | — | 4 | — | 10 | — | — | — | 10 | ||||||||||||||||||||||||||||||||
Extensions and discoveries | 359 | 31 | 1 | — | — | — | — | 391 | — | — | — | 391 | ||||||||||||||||||||||||||||||||
Purchases | 31 | — | — | — | — | — | — | 31 | — | — | — | 31 | ||||||||||||||||||||||||||||||||
Sales | (26) | — | (5) | — | — | — | — | (31) | — | — | — | (31) | ||||||||||||||||||||||||||||||||
Production | (189) | (29) | (122) | (90) | (14) | (19) | (19) | (482) | (98) | (9) | (9) | (598) | ||||||||||||||||||||||||||||||||
Reserves at December 31, 20184 | 1,874 | 341 | 678 | 579 | 156 | 146 | 545 | 4,319 | 1,504 | 127 | 67 | 6,017 | ||||||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||||||||
Revisions | (153) | (25) | 42 | 19 | 25 | 6 | 14 | (72) | 75 | (126) | 105 | (18) | ||||||||||||||||||||||||||||||||
Improved recovery | 7 | — | — | — | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||
Extensions and discoveries | 394 | 39 | 1 | 1 | 1 | 2 | — | 438 | — | — | — | 438 | ||||||||||||||||||||||||||||||||
Purchases | 19 | 2 | — | — | — | — | — | 21 | — | — | — | 21 | ||||||||||||||||||||||||||||||||
Sales | — | (4) | — | — | — | (69) | — | (73) | — | — | — | (73) | ||||||||||||||||||||||||||||||||
Production | (213) | (33) | (108) | (86) | (16) | (16) | (19) | (491) | (106) | (1) | (13) | (611) | ||||||||||||||||||||||||||||||||
Reserves at December 31, 20194 | 1,928 | 320 | 613 | 513 | 166 | 69 | 540 | 4,149 | 1,473 | — | 159 | 5,781 | ||||||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||||||||
Revisions | (279) | (25) | 11 | 74 | (11) | (4) | 77 | (157) | 180 | — | (149) | (126) | ||||||||||||||||||||||||||||||||
Improved recovery | 1 | 1 | — | — | — | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||
Extensions and discoveries | 105 | 3 | 1 | — | 1 | — | — | 110 | — | — | — | 110 | ||||||||||||||||||||||||||||||||
Purchases | 227 | — | 21 | 10 | — | — | — | 258 | — | — | — | 258 | ||||||||||||||||||||||||||||||||
Sales | (11) | — | — | (99) | — | — | — | (110) | — | — | — | (110) | ||||||||||||||||||||||||||||||||
Production | (221) | (39) | (92) | (95) | (15) | (4) | (20) | (486) | (103) | — | (7) | (596) | ||||||||||||||||||||||||||||||||
Reserves at December 31, 20204 | 1,750 | 260 | 554 | 403 | 141 | 61 | 597 | 3,766 | 1,550 | — | 3 | 5,319 |
Consolidated Companies | Affiliated Companies | Total Consolidated | ||||||||||||||||||||
Other | Australia/ | and Affiliated | ||||||||||||||||||||
Millions of barrels | U.S. | Americas1 | Africa | Asia | Oceania | Europe | Total | TCO | Other2 | Companies | ||||||||||||
Reserves at January 1, 2017 | 168 | 4 | 94 | — | 6 | 3 | 275 | 128 | 25 | 428 | ||||||||||||
Changes attributable to: | ||||||||||||||||||||||
Revisions | 71 | 3 | 6 | — | 1 | 1 | 82 | (1 | ) | (1 | ) | 80 | ||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Extensions and discoveries | 135 | 11 | — | — | — | — | 146 | — | — | 146 | ||||||||||||
Purchases | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Sales | (6 | ) | — | — | — | — | — | (6 | ) | — | — | (6 | ) | |||||||||
Production | (25 | ) | (1 | ) | (4 | ) | — | (1 | ) | (1 | ) | (32 | ) | (8 | ) | (3 | ) | (43 | ) | |||
Reserves at December 31, 20173 | 343 | 17 | 96 | — | 6 | 3 | 465 | 119 | 21 | 605 | ||||||||||||
Changes attributable to: | ||||||||||||||||||||||
Revisions | 34 | 1 | 7 | — | — | 1 | 43 | (11 | ) | (3 | ) | 29 | ||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Extensions and discoveries | 173 | 5 | — | — | — | — | 178 | — | — | 178 | ||||||||||||
Purchases | 19 | — | — | — | — | — | 19 | — | — | 19 | ||||||||||||
Sales | (6 | ) | — | — | — | — | — | (6 | ) | — | — | (6 | ) | |||||||||
Production | (35 | ) | (1 | ) | (5 | ) | — | (1 | ) | (1 | ) | (43 | ) | (7 | ) | (2 | ) | (52 | ) | |||
Reserves at December 31, 20183 | 528 | 22 | 98 | — | 5 | 3 | 656 | 101 | 16 | 773 | ||||||||||||
Changes attributable to: | ||||||||||||||||||||||
Revisions | (120 | ) | (4 | ) | 6 | — | — | — | (118 | ) | 10 | 2 | (106 | ) | ||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Extensions and discoveries | 140 | — | — | — | — | — | 140 | — | — | 140 | ||||||||||||
Purchases | 5 | — | — | — | — | — | 5 | — | — | 5 | ||||||||||||
Sales | — | — | — | — | — | (2 | ) | (2 | ) | — | — | (2 | ) | |||||||||
Production | (51 | ) | (2 | ) | (4 | ) | — | (1 | ) | (1 | ) | (59 | ) | (8 | ) | (3 | ) | (70 | ) | |||
Reserves at December 31, 20193 | 502 | 16 | 100 | — | 4 | — | 622 | 103 | 15 | 740 |
Consolidated Companies | Affiliated Companies | Total Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Companies | Affiliated Companies | Total Consolidated | Other | Australia/ | and Affiliated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Australia/ | and Affiliated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Billions of cubic feet (BCF) | U.S. | Americas1 | Africa | Asia | Oceania | Europe | Total | TCO | Other2 | Companies | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves at January 1, 2017 | 3,676 | 647 | 2,827 | 5,533 | 12,515 | 234 | 25,432 | 2,242 | 1,086 | 28,760 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Millions of barrels | Millions of barrels | U.S. | Americas1 | Africa | Asia | Oceania | Europe | Total | TCO | Other2 | Companies | |||||||||||||||||||||||||||||||||||||||||||||||||
Reserves at January 1, 2018 | Reserves at January 1, 2018 | 343 | 17 | 96 | — | 6 | 3 | 465 | 119 | 21 | 605 | |||||||||||||||||||||||||||||||||||||||||||||||||
Changes attributable to: | Changes attributable to: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revisions | 670 | 39 | 184 | 65 | 1,545 | 143 | 2,646 | 87 | 48 | 2,781 | Revisions | 34 | 1 | 7 | — | — | 1 | 43 | (11) | (3) | 29 | |||||||||||||||||||||||||||||||||||||||
Improved recovery | 3 | — | — | — | — | — | 3 | — | — | 3 | Improved recovery | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Extensions and discoveries | 1,361 | 319 | — | 2 | — | — | 1,682 | — | — | 1,682 | Extensions and discoveries | 173 | 5 | — | — | — | — | 178 | — | — | 178 | |||||||||||||||||||||||||||||||||||||||
Purchases | 1 | — | 2 | 46 | — | — | 49 | — | — | 49 | Purchases | 19 | — | — | — | — | — | 19 | — | — | 19 | |||||||||||||||||||||||||||||||||||||||
Sales | (177 | ) | (129 | ) | — | (31 | ) | — | — | (337 | ) | — | — | (337 | ) | Sales | (6) | — | — | — | — | — | (6) | — | — | (6) | ||||||||||||||||||||||||||||||||||
Production3 | (354 | ) | (81 | ) | (107 | ) | (842 | ) | (501 | ) | (76 | ) | (1,961 | ) | (146 | ) | (95 | ) | (2,202 | ) | ||||||||||||||||||||||||||||||||||||||||
Reserves at December 31, 20174 | 5,180 | 795 | 2,906 | 4,773 | 13,559 | 301 | 27,514 | 2,183 | 1,039 | 30,736 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production | Production | (35) | (1) | (5) | — | (1) | (1) | (43) | (7) | (2) | (52) | |||||||||||||||||||||||||||||||||||||||||||||||||
Reserves at December 31, 20183 | Reserves at December 31, 20183 | 528 | 22 | 98 | — | 5 | 3 | 656 | 101 | 16 | 773 | |||||||||||||||||||||||||||||||||||||||||||||||||
Changes attributable to: | Changes attributable to: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revisions | 258 | (3 | ) | 25 | 347 | 1,012 | 68 | 1,707 | (108 | ) | (38 | ) | 1,561 | Revisions | (120) | (4) | 6 | — | — | — | (118) | 10 | 2 | (106) | ||||||||||||||||||||||||||||||||||||
Improved recovery | 2 | 2 | — | — | 1 | — | 5 | — | — | 5 | Improved recovery | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Extensions and discoveries | 1,627 | 138 | — | 5 | — | 1 | 1,771 | — | 3 | 1,774 | Extensions and discoveries | 140 | — | — | — | — | — | 140 | — | — | 140 | |||||||||||||||||||||||||||||||||||||||
Purchases | 144 | — | 1 | — | — | — | 145 | — | — | 145 | Purchases | 5 | — | — | — | — | — | 5 | — | — | 5 | |||||||||||||||||||||||||||||||||||||||
Sales | (125 | ) | — | (5 | ) | — | — | — | (130 | ) | — | — | (130 | ) | Sales | — | — | — | — | — | (2) | (2) | — | — | (2) | |||||||||||||||||||||||||||||||||||
Production3 | (377 | ) | (69 | ) | (112 | ) | (815 | ) | (841 | ) | (65 | ) | (2,279 | ) | (141 | ) | (95 | ) | (2,515 | ) | ||||||||||||||||||||||||||||||||||||||||
Reserves at December 31, 20184 | 6,709 | 863 | 2,815 | 4,310 | 13,731 | 305 | 28,733 | 1,934 | 909 | 31,576 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production | Production | (51) | (2) | (4) | — | (1) | (1) | (59) | (8) | (3) | (70) | |||||||||||||||||||||||||||||||||||||||||||||||||
Reserves at December 31, 20193 | Reserves at December 31, 20193 | 502 | 16 | 100 | — | 4 | — | 622 | 103 | 15 | 740 | |||||||||||||||||||||||||||||||||||||||||||||||||
Changes attributable to: | Changes attributable to: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revisions | (2,565 | ) | (107 | ) | 46 | 165 | 1,732 | 3 | (726 | ) | 223 | 39 | (464 | ) | Revisions | (71) | (7) | (3) | — | — | — | (81) | 8 | 5 | (68) | |||||||||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | Improved recovery | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Extensions and discoveries | 1,008 | 49 | — | 5 | 93 | 1 | 1,156 | — | 20 | 1,176 | Extensions and discoveries | 60 | 1 | — | — | — | — | 61 | — | — | 61 | |||||||||||||||||||||||||||||||||||||||
Purchases | 24 | — | — | — | — | — | 24 | — | — | 24 | Purchases | 198 | — | 12 | — | — | — | 210 | — | — | 210 | |||||||||||||||||||||||||||||||||||||||
Sales | (1 | ) | (2 | ) | — | — | — | (240 | ) | (243 | ) | — | — | (243 | ) | Sales | (27) | — | — | — | — | (27) | — | — | (27) | |||||||||||||||||||||||||||||||||||
Production3 | (447 | ) | (67 | ) | (103 | ) | (799 | ) | (898 | ) | (43 | ) | (2,357 | ) | (153 | ) | (102 | ) | (2,612 | ) | ||||||||||||||||||||||||||||||||||||||||
Reserves at December 31, 20194 | 4,728 | 736 | 2,758 | 3,681 | 14,658 | 26 | 26,587 | 2,004 | 866 | 29,457 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production | Production | (69) | (2) | (5) | — | — | — | (76) | (9) | (3) | (88) | |||||||||||||||||||||||||||||||||||||||||||||||||
Reserves at December 31, 20203 | Reserves at December 31, 20203 | 593 | 8 | 104 | — | 4 | — | 709 | 102 | 17 | 828 |
1Reserves associated with North America. 2Reserves associated with Africa. 3Year-end reserve quantities related to production-sharing contracts (PSC) (refer to page E-7 for the definition of a PSC) are not material for 2020, 2019 and |
Consolidated Companies | Affiliated Companies | Total Consolidated | ||||||||||||||||||||||||||||||||||||
Other | Australia/ | and Affiliated | ||||||||||||||||||||||||||||||||||||
Billions of cubic feet (BCF) | U.S. | Americas1 | Africa | Asia | Oceania | Europe | Total | TCO | Other2 | Companies | ||||||||||||||||||||||||||||
Reserves at January 1, 2018 | 5,180 | 795 | 2,906 | 4,773 | 13,559 | 301 | 27,514 | 2,183 | 1,039 | 30,736 | ||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||
Revisions | 258 | (3) | 25 | 347 | 1,012 | 68 | 1,707 | (108) | (38) | 1,561 | ||||||||||||||||||||||||||||
Improved recovery | 2 | 2 | — | — | 1 | — | 5 | — | — | 5 | ||||||||||||||||||||||||||||
Extensions and discoveries | 1,627 | 138 | — | 5 | — | 1 | 1,771 | — | 3 | 1,774 | ||||||||||||||||||||||||||||
Purchases | 144 | — | 1 | — | — | — | 145 | — | — | 145 | ||||||||||||||||||||||||||||
Sales | (125) | — | (5) | — | — | — | (130) | — | — | (130) | ||||||||||||||||||||||||||||
Production3 | (377) | (69) | (112) | (815) | (841) | (65) | (2,279) | (141) | (95) | (2,515) | ||||||||||||||||||||||||||||
Reserves at December 31, 20184 | 6,709 | 863 | 2,815 | 4,310 | 13,731 | 305 | 28,733 | 1,934 | 909 | 31,576 | ||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||
Revisions | (2,565) | (107) | 46 | 165 | 1,732 | 3 | (726) | 223 | 39 | (464) | ||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Extensions and discoveries | 1,008 | 49 | — | 5 | 93 | 1 | 1,156 | — | 20 | 1,176 | ||||||||||||||||||||||||||||
Purchases | 24 | — | — | — | — | — | 24 | — | — | 24 | ||||||||||||||||||||||||||||
Sales | (1) | (2) | — | — | — | (240) | (243) | — | — | (243) | ||||||||||||||||||||||||||||
Production3 | (447) | (67) | (103) | (799) | (898) | (43) | (2,357) | (153) | (102) | (2,612) | ||||||||||||||||||||||||||||
Reserves at December 31, 20194 | 4,728 | 736 | 2,758 | 3,681 | 14,658 | 26 | 26,587 | 2,004 | 866 | 29,457 | ||||||||||||||||||||||||||||
Changes attributable to: | ||||||||||||||||||||||||||||||||||||||
Revisions | (509) | (178) | (229) | 169 | (2,455) | (2) | (3,204) | 162 | 138 | (2,904) | ||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Extensions and discoveries | 385 | 8 | 2 | — | 58 | — | 453 | — | — | 453 | ||||||||||||||||||||||||||||
Purchases | 1,548 | — | 441 | 5,350 | — | — | 7,339 | — | — | 7,339 | ||||||||||||||||||||||||||||
Sales | (1,314) | (177) | — | (264) | — | — | (1,755) | — | — | (1,755) | ||||||||||||||||||||||||||||
Production3 | (588) | (60) | (135) | (753) | (876) | (2) | (2,414) | (148) | (106) | (2,668) | ||||||||||||||||||||||||||||
Reserves at December 31, 20204 | 4,250 | 329 | 2,837 | 8,183 | 11,385 | 22 | 27,006 | 2,018 | 898 | 29,922 |
Consolidated Companies | Affiliated Companies | Total Consolidated | ||||||||||||||||||||||||||||||||||||
Other | Australia/ | and Affiliated | ||||||||||||||||||||||||||||||||||||
Millions of dollars | U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO | Other | Companies | ||||||||||||||||||||||||||||
At December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Future cash inflows from production | $ | 74,671 | $ | 29,605 | $ | 27,521 | $ | 49,265 | $ | 53,241 | $ | 2,304 | $ | 236,607 | $ | 53,309 | $ | 1,070 | $ | 290,986 | ||||||||||||||||||
Future production costs | (30,359) | (15,410) | (15,364) | (12,784) | (11,036) | (1,336) | (86,289) | (19,525) | (426) | (106,240) | ||||||||||||||||||||||||||||
Future development costs | (10,492) | (2,366) | (3,017) | (2,274) | (3,205) | (522) | (21,876) | (7,138) | (38) | (29,052) | ||||||||||||||||||||||||||||
Future income taxes | (5,874) | (3,131) | (6,197) | (17,543) | (11,700) | (178) | (44,623) | (7,994) | (212) | (52,829) | ||||||||||||||||||||||||||||
Undiscounted future net cash flows | 27,946 | 8,698 | 2,943 | 16,664 | 27,300 | 268 | 83,819 | 18,652 | 394 | 102,865 | ||||||||||||||||||||||||||||
10 percent midyear annual discount for timing of estimated cash flows | (10,456) | (4,652) | (582) | (7,856) | (11,774) | (56) | (35,376) | (8,803) | (149) | (44,328) | ||||||||||||||||||||||||||||
Standardized Measure Net Cash Flows | $ | 17,490 | $ | 4,046 | $ | 2,361 | $ | 8,808 | $ | 15,526 | $ | 212 | $ | 48,443 | $ | 9,849 | $ | 245 | $ | 58,537 | ||||||||||||||||||
At December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Future cash inflows from production | $ | 122,012 | $ | 45,701 | $ | 45,706 | $ | 43,386 | $ | 95,845 | $ | 4,466 | $ | 357,116 | $ | 85,179 | $ | 12,309 | $ | 454,604 | ||||||||||||||||||
Future production costs | (32,349) | (18,324) | (17,982) | (14,646) | (14,141) | (1,428) | (98,870) | (22,302) | (2,487) | (123,659) | ||||||||||||||||||||||||||||
Future development costs | (15,987) | (4,219) | (3,643) | (5,070) | (5,458) | (341) | (34,718) | (14,340) | (705) | (49,763) | ||||||||||||||||||||||||||||
Future income taxes | (15,780) | (6,491) | (17,562) | (11,147) | (22,874) | (1,078) | (74,932) | (14,561) | (3,855) | (93,348) | ||||||||||||||||||||||||||||
Undiscounted future net cash flows | 57,896 | 16,667 | 6,519 | 12,523 | 53,372 | 1,619 | 148,596 | 33,976 | 5,262 | 187,834 | ||||||||||||||||||||||||||||
10 percent midyear annual discount for timing of estimated cash flows | (26,422) | (9,312) | (1,629) | (3,652) | (26,536) | (650) | (68,201) | (16,990) | (2,096) | (87,287) | ||||||||||||||||||||||||||||
Standardized Measure Net Cash Flows | $ | 31,474 | $ | 7,355 | $ | 4,890 | $ | 8,871 | $ | 26,836 | $ | 969 | $ | 80,395 | $ | 16,986 | $ | 3,166 | $ | 100,547 | ||||||||||||||||||
At December 31, 2018 | ||||||||||||||||||||||||||||||||||||||
Future cash inflows from production | $ | 132,512 | $ | 52,470 | $ | 56,856 | $ | 54,012 | $ | 109,116 | $ | 11,959 | $ | 416,925 | $ | 100,518 | $ | 16,928 | $ | 534,371 | ||||||||||||||||||
Future production costs | (34,679) | (20,691) | (18,850) | (17,359) | (16,296) | (6,609) | (114,484) | (24,580) | (4,665) | (143,729) | ||||||||||||||||||||||||||||
Future development costs | (17,322) | (5,106) | (4,112) | (5,494) | (7,757) | (1,393) | (41,184) | (14,069) | (1,692) | (56,945) | ||||||||||||||||||||||||||||
Future income taxes | (17,369) | (7,553) | (23,593) | (14,514) | (25,519) | (1,676) | (90,224) | (18,561) | (4,496) | (113,281) | ||||||||||||||||||||||||||||
Undiscounted future net cash flows | 63,142 | 19,120 | 10,301 | 16,645 | 59,544 | 2,281 | 171,033 | 43,308 | 6,075 | 220,416 | ||||||||||||||||||||||||||||
10 percent midyear annual discount for timing of estimated cash flows | (29,103) | (11,136) | (2,646) | (4,822) | (28,276) | (419) | (76,402) | (22,025) | (2,662) | (101,089) | ||||||||||||||||||||||||||||
Standardized Measure Net Cash Flows | $ | 34,039 | $ | 7,984 | $ | 7,655 | $ | 11,823 | $ | 31,268 | $ | 1,862 | $ | 94,631 | $ | 21,283 | $ | 3,413 | $ | 119,327 |
Consolidated Companies | Affiliated Companies | Total Consolidated | ||||||||||||||||||||||||||||||
Other | Australia/ | and Affiliated | ||||||||||||||||||||||||||||||
Millions of dollars | U.S. | Americas | Africa | Asia | Oceania | Europe | Total | TCO | Other | Companies | ||||||||||||||||||||||
At December 31, 2019 | ||||||||||||||||||||||||||||||||
Future cash inflows from production | $ | 122,012 | $ | 45,701 | $ | 45,706 | $ | 43,386 | $ | 95,845 | $ | 4,466 | $ | 357,116 | $ | 85,179 | $ | 12,309 | $ | 454,604 | ||||||||||||
Future production costs | (32,349 | ) | (18,324 | ) | (17,982 | ) | (14,646 | ) | (14,141 | ) | (1,428 | ) | (98,870 | ) | (22,302 | ) | (2,487 | ) | (123,659 | ) | ||||||||||||
Future development costs | (15,987 | ) | (4,219 | ) | (3,643 | ) | (5,070 | ) | (5,458 | ) | (341 | ) | (34,718 | ) | (14,340 | ) | (705 | ) | (49,763 | ) | ||||||||||||
Future income taxes | (15,780 | ) | (6,491 | ) | (17,562 | ) | (11,147 | ) | (22,874 | ) | (1,078 | ) | (74,932 | ) | (14,561 | ) | (3,855 | ) | (93,348 | ) | ||||||||||||
Undiscounted future net cash flows | 57,896 | 16,667 | 6,519 | 12,523 | 53,372 | 1,619 | 148,596 | 33,976 | 5,262 | 187,834 | ||||||||||||||||||||||
10 percent midyear annual discount for timing of estimated cash flows | (26,422 | ) | (9,312 | ) | (1,629 | ) | (3,652 | ) | (26,536 | ) | (650 | ) | (68,201 | ) | (16,990 | ) | (2,096 | ) | (87,287 | ) | ||||||||||||
Standardized Measure Net Cash Flows | $ | 31,474 | $ | 7,355 | $ | 4,890 | $ | 8,871 | $ | 26,836 | $ | 969 | $ | 80,395 | $ | 16,986 | $ | 3,166 | $ | 100,547 | ||||||||||||
At December 31, 2018 | ||||||||||||||||||||||||||||||||
Future cash inflows from production | $ | 132,512 | $ | 52,470 | $ | 56,856 | $ | 54,012 | $ | 109,116 | $ | 11,959 | $ | 416,925 | $ | 100,518 | $ | 16,928 | $ | 534,371 | ||||||||||||
Future production costs | (34,679 | ) | (20,691 | ) | (18,850 | ) | (17,359 | ) | (16,296 | ) | (6,609 | ) | (114,484 | ) | (24,580 | ) | (4,665 | ) | (143,729 | ) | ||||||||||||
Future development costs | (17,322 | ) | (5,106 | ) | (4,112 | ) | (5,494 | ) | (7,757 | ) | (1,393 | ) | (41,184 | ) | (14,069 | ) | (1,692 | ) | (56,945 | ) | ||||||||||||
Future income taxes | (17,369 | ) | (7,553 | ) | (23,593 | ) | (14,514 | ) | (25,519 | ) | (1,676 | ) | (90,224 | ) | (18,561 | ) | (4,496 | ) | (113,281 | ) | ||||||||||||
Undiscounted future net cash flows | 63,142 | 19,120 | 10,301 | 16,645 | 59,544 | 2,281 | 171,033 | 43,308 | 6,075 | 220,416 | ||||||||||||||||||||||
10 percent midyear annual discount for timing of estimated cash flows | (29,103 | ) | (11,136 | ) | (2,646 | ) | (4,822 | ) | (28,276 | ) | (419 | ) | (76,402 | ) | (22,025 | ) | (2,662 | ) | (101,089 | ) | ||||||||||||
Standardized Measure Net Cash Flows | $ | 34,039 | $ | 7,984 | $ | 7,655 | $ | 11,823 | $ | 31,268 | $ | 1,862 | $ | 94,631 | $ | 21,283 | $ | 3,413 | $ | 119,327 | ||||||||||||
At December 31, 2017 | ||||||||||||||||||||||||||||||||
Future cash inflows from production | $ | 94,086 | $ | 43,175 | $ | 47,828 | $ | 47,809 | $ | 77,557 | $ | 8,800 | $ | 319,255 | $ | 80,090 | $ | 13,632 | $ | 412,977 | ||||||||||||
Future production costs | (29,049 | ) | (20,044 | ) | (18,124 | ) | (18,640 | ) | (12,315 | ) | (6,345 | ) | (104,517 | ) | (22,050 | ) | (4,635 | ) | (131,202 | ) | ||||||||||||
Future development costs | (10,849 | ) | (5,102 | ) | (3,808 | ) | (4,755 | ) | (6,682 | ) | (1,114 | ) | (32,310 | ) | (17,564 | ) | (1,760 | ) | (51,634 | ) | ||||||||||||
Future income taxes | (10,803 | ) | (5,158 | ) | (17,845 | ) | (10,901 | ) | (17,568 | ) | (615 | ) | (62,890 | ) | (12,143 | ) | (3,250 | ) | (78,283 | ) | ||||||||||||
Undiscounted future net cash flows | 43,385 | 12,871 | 8,051 | 13,513 | 40,992 | 726 | 119,538 | 28,333 | 3,987 | 151,858 | ||||||||||||||||||||||
10 percent midyear annual discount for timing of estimated cash flows | (19,781 | ) | (8,483 | ) | (2,058 | ) | (3,846 | ) | (19,730 | ) | 207 | (53,691 | ) | (16,310 | ) | (1,844 | ) | (71,845 | ) | |||||||||||||
Standardized Measure Net Cash Flows | $ | 23,604 | $ | 4,388 | $ | 5,993 | $ | 9,667 | $ | 21,262 | $ | 933 | $ | 65,847 | $ | 12,023 | $ | 2,143 | $ | 80,013 |
Total Consolidated and | ||||||||||||||||||||||||||
Millions of dollars | Consolidated Companies | Affiliated Companies | Affiliated Companies | |||||||||||||||||||||||
Present Value at January 1, 2018 | $ | 65,847 | $ | 14,166 | $ | 80,013 | ||||||||||||||||||||
Sales and transfers of oil and gas produced net of production costs | (33,535) | (6,813) | (40,348) | |||||||||||||||||||||||
Development costs incurred | 9,723 | 5,044 | 14,767 | |||||||||||||||||||||||
Purchases of reserves | 99 | — | 99 | |||||||||||||||||||||||
Sales of reserves | (622) | — | (622) | |||||||||||||||||||||||
Extensions, discoveries and improved recovery less related costs | 5,503 | 14 | 5,517 | |||||||||||||||||||||||
Revisions of previous quantity estimates | 15,480 | (2,255) | 13,225 | |||||||||||||||||||||||
Net changes in prices, development and production costs | 39,241 | 17,251 | 56,492 | |||||||||||||||||||||||
Accretion of discount | 9,413 | 2,084 | 11,497 | |||||||||||||||||||||||
Net change in income tax | (16,518) | (4,795) | (21,313) | |||||||||||||||||||||||
Net Change for 2018 | 28,784 | 10,530 | 39,314 | |||||||||||||||||||||||
Present Value at December 31, 2018 | $ | 94,631 | $ | 24,696 | $ | 119,327 | ||||||||||||||||||||
Sales and transfers of oil and gas produced net of production costs | (29,436) | (5,823) | (35,259) | |||||||||||||||||||||||
Development costs incurred | 10,497 | 5,120 | 15,617 | |||||||||||||||||||||||
Purchases of reserves | 406 | — | 406 | |||||||||||||||||||||||
Sales of reserves | (579) | — | (579) | |||||||||||||||||||||||
Extensions, discoveries and improved recovery less related costs | 5,697 | 43 | 5,740 | |||||||||||||||||||||||
Revisions of previous quantity estimates | 621 | 2,122 | 2,743 | |||||||||||||||||||||||
Net changes in prices, development and production costs | (25,056) | (11,637) | (36,693) | |||||||||||||||||||||||
Accretion of discount | 13,538 | 3,584 | 17,122 | |||||||||||||||||||||||
Net change in income tax | 10,077 | 2,046 | 12,123 | |||||||||||||||||||||||
Net Change for 2019 | (14,235) | (4,545) | (18,780) | |||||||||||||||||||||||
Present Value at December 31, 2019 | $ | 80,396 | $ | 20,151 | $ | 100,547 | ||||||||||||||||||||
Sales and transfers of oil and gas produced net of production costs | (16,621) | (2,322) | (18,943) | |||||||||||||||||||||||
Development costs incurred | 6,301 | 2,892 | 9,193 | |||||||||||||||||||||||
Purchases of reserves | 10,295 | — | 10,295 | |||||||||||||||||||||||
Sales of reserves | (803) | — | (803) | |||||||||||||||||||||||
Extensions, discoveries and improved recovery less related costs | 2,066 | — | 2,066 | |||||||||||||||||||||||
Revisions of previous quantity estimates | (1,293) | 4,033 | 2,740 | |||||||||||||||||||||||
Net changes in prices, development and production costs | (62,788) | (22,925) | (85,713) | |||||||||||||||||||||||
Accretion of discount | 11,274 | 2,948 | 14,222 | |||||||||||||||||||||||
Net change in income tax | 19,616 | 5,317 | 24,933 | |||||||||||||||||||||||
Net Change for 2020 | (31,953) | (10,057) | (42,010) | |||||||||||||||||||||||
Present Value at December 31, 2020 | $ | 48,443 | $ | 10,094 | $ | 58,537 |
Total Consolidated and | ||||||||||||||
Millions of dollars | Consolidated Companies | Affiliated Companies | Affiliated Companies | |||||||||||
Present Value at January 1, 2017 | $ | 42,355 | $ | 9,714 | $ | 52,069 | ||||||||
Sales and transfers of oil and gas produced net of production costs | (21,505 | ) | (5,234 | ) | (26,739 | ) | ||||||||
Development costs incurred | 9,417 | 3,721 | 13,138 | |||||||||||
Purchases of reserves | 105 | — | 105 | |||||||||||
Sales of reserves | (1,148 | ) | — | (1,148 | ) | |||||||||
Extensions, discoveries and improved recovery less related costs | 3,716 | — | 3,716 | |||||||||||
Revisions of previous quantity estimates | 11,132 | (1,085 | ) | 10,047 | ||||||||||
Net changes in prices, development and production costs | 28,754 | 8,013 | 36,767 | |||||||||||
Accretion of discount | 6,116 | 1,398 | 7,514 | |||||||||||
Net change in income tax | (13,095 | ) | (2,361 | ) | (15,456 | ) | ||||||||
Net Change for 2017 | 23,492 | 4,452 | 27,944 | |||||||||||
Present Value at December 31, 2017 | $ | 65,847 | $ | 14,166 | $ | 80,013 | ||||||||
Sales and transfers of oil and gas produced net of production costs | (33,535 | ) | (6,813 | ) | (40,348 | ) | ||||||||
Development costs incurred | 9,723 | 5,044 | 14,767 | |||||||||||
Purchases of reserves | 99 | — | 99 | |||||||||||
Sales of reserves | (622 | ) | — | (622 | ) | |||||||||
Extensions, discoveries and improved recovery less related costs | 5,503 | 14 | 5,517 | |||||||||||
Revisions of previous quantity estimates | 15,480 | (2,255 | ) | 13,225 | ||||||||||
Net changes in prices, development and production costs | 39,241 | 17,251 | 56,492 | |||||||||||
Accretion of discount | 9,413 | 2,084 | 11,497 | |||||||||||
Net change in income tax | (16,518 | ) | (4,795 | ) | (21,313 | ) | ||||||||
Net Change for 2018 | 28,784 | 10,530 | 39,314 | |||||||||||
Present Value at December 31, 2018 | $ | 94,631 | $ | 24,696 | $ | 119,327 | ||||||||
Sales and transfers of oil and gas produced net of production costs | (29,436 | ) | (5,823 | ) | (35,259 | ) | ||||||||
Development costs incurred | 10,497 | 5,120 | 15,617 | |||||||||||
Purchases of reserves | 406 | — | 406 | |||||||||||
Sales of reserves | (579 | ) | — | (579 | ) | |||||||||
Extensions, discoveries and improved recovery less related costs | 5,697 | 43 | 5,740 | |||||||||||
Revisions of previous quantity estimates | 621 | 2,122 | 2,743 | |||||||||||
Net changes in prices, development and production costs | (25,056 | ) | (11,637 | ) | (36,693 | ) | ||||||||
Accretion of discount | 13,538 | 3,584 | 17,122 | |||||||||||
Net change in income tax | 10,077 | 2,046 | 12,123 | |||||||||||
Net Change for 2019 | (14,235 | ) | (4,545 | ) | (18,780 | ) | ||||||||
Present Value at December 31, 2019 | $ | 80,396 | $ | 20,151 | $ | 100,547 |
Page(s) | |||||
Year ended December 31 | |||||||||||||||||
Millions of Dollars | 2020 | 2019 | 2018 | ||||||||||||||
Employee Termination Benefits | |||||||||||||||||
Balance at January 1 | $ | 7 | $ | 19 | $ | 62 | |||||||||||
Additions (reductions) charged to expense | 859 | 6 | 5 | ||||||||||||||
Payments | (396) | (18) | (48) | ||||||||||||||
Balance at December 31 | $ | 470 | $ | 7 | $ | 19 | |||||||||||
Expected Credit Losses | |||||||||||||||||
Beginning allowance balance for expected credit losses | $ | 849 | $ | 980 | $ | 606 | |||||||||||
Current period provision | 573 | (128) | 379 | ||||||||||||||
Write-offs charged against the allowance, if any | (751) | (3) | (5) | ||||||||||||||
Recoveries of amounts previously written-off, if any | 0 | 0 | 0 | ||||||||||||||
Balance at December 31 | $ | 671 | $ | 849 | $ | 980 | |||||||||||
Deferred Income Tax Valuation Allowance1 | |||||||||||||||||
Balance at January 1 | $ | 15,965 | $ | 15,973 | $ | 16,574 | |||||||||||
Additions to deferred income tax expense2 | 2,892 | 1,336 | 2,000 | ||||||||||||||
Reduction of deferred income tax expense | (1,095) | (1,344) | (2,601) | ||||||||||||||
Balance at December 31 | $ | 17,762 | $ | 15,965 | $ | 15,973 |
Year ended December 31 | |||||||||
Millions of Dollars | 2019 | 2018 | 2017 | ||||||
Employee Termination Benefits | |||||||||
Balance at January 1 | $ | 19 | $ | 62 | $ | 111 | |||
Additions (reductions) charged to expense | 6 | 5 | 20 | ||||||
Payments | (18 | ) | (48 | ) | (69 | ) | |||
Balance at December 31 | $ | 7 | $ | 19 | $ | 62 | |||
Allowance for Doubtful Accounts | |||||||||
Balance at January 1 | $ | 980 | $ | 606 | $ | 487 | |||
Additions (reductions) | (128 | ) | 379 | 128 | |||||
Bad debt write-offs | (3 | ) | (5 | ) | (9 | ) | |||
Balance at December 31 | $ | 849 | $ | 980 | $ | 606 | |||
Deferred Income Tax Valuation Allowance* | |||||||||
Balance at January 1 | $ | 15,973 | $ | 16,574 | $ | 16,069 | |||
Additions to deferred income tax expense | 1,336 | 2,000 | 2,681 | ||||||
Reduction of deferred income tax expense | (1,344 | ) | (2,601 | ) | (2,176 | ) | |||
Balance at December 31 | $ | 15,965 | $ | 15,973 | $ | 16,574 |
Exhibit No. | Description | ||||
3.1 | |||||
3.2 | |||||
4.1 | Indenture, dated as of June 15, 1995, filed as Exhibit 4.1 to Chevron Corporation’s Amendment Number 1 to Registration Statement on Form S-3 filed June 14, 1995, and incorporated herein by reference. | ||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
10.1+ | |||||
10.2+ | |||||
10.3+ | |||||
10.4+ | |||||
10.5+* | |||||
10.6+* | |||||
10.8+ | |||||
10.9+ | |||||
10.10+ | |||||
10.11+ | |||||
10.12+ | |||||
Exhibit No. | Description | ||||
10.13+ |
, filed as Exhibit | |||||
10.14+ | |||||
10.15+ | |||||
10.16+ | |||||
10.17+ | |||||
10.18+ | |||||
10.19+ | |||||
10.20+ | |||||
21.1* | |||||
22.1 | |||||
23.1* | |||||
23.2* | |||||
23.3* | |||||
24.1* | |||||
31.1* | |||||
31.2* | |||||
32.1** | |||||
32.2** | |||||
99.1* | |||||
99.2* | |||||
99.3* | |||||
101.SCH* | iXBRL Schema Document. | ||||
101.CAL* | iXBRL Calculation Linkbase Document. | ||||
101.DEF* | iXBRL Definition Linkbase Document. | ||||
101.LAB* | iXBRL Label Linkbase Document. | ||||
101.PRE* | iXBRL Presentation Linkbase Document. | ||||
104* | Cover Page Interactive Data File (contained in Exhibit 101) |
Chevron Corporation | |||||
By: | /s/ MICHAEL K. WIRTH | ||||
Michael K. Wirth, Chairman of the Board and Chief Executive Officer |
Principal Executive Officer | |||||
(and Director) | |||||
/s/ MICHAEL K. WIRTH Michael K. Wirth, Chairman of the Board and Chief Executive Officer | |||||
Principal Financial Officer | |||||
/s/ PIERRE R. BREBER Pierre R. Breber, Vice President and Chief Financial Officer | |||||
Principal Accounting Officer | |||||
/s/ DAVID A. INCHAUSTI David A. Inchausti, Vice President and | |||||
*By: /s/ MARY A. FRANCIS Mary A. Francis, Attorney-in-Fact |
Directors | ||
WANDA M. AUSTIN* Wanda M. Austin | ||
JOHN B. FRANK* John B. Frank | ||
ALICE P. GAST* Alice P. Gast | ||
ENRIQUE HERNANDEZ, JR.* Enrique Hernandez, Jr. | ||
MARILLYN A. HEWSON* Marillyn A. Hewson | ||
JON M. HUNTSMAN JR.* Jon M. Huntsman Jr. | ||
CHARLES W. MOORMAN IV* Charles W. Moorman IV | ||
DAMBISA F. MOYO* Dambisa F. Moyo | ||
DEBRA REED-KLAGES* Debra Reed-Klages | ||
RONALD D. SUGAR* Ronald D. Sugar | ||
D. JAMES UMPLEBY III* D. James Umpleby III | ||