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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-00368
Chevron Corporation
(Exact name of registrant as specified in its charter)

 

 
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)
 
Registrant’s telephone number, including area code: (925842-1000
 
 
NONE
 
 
 
(Former name, former address and former fiscal year, if changed since last report.)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common stock, par value $.75 per share
 
CVX
 
New York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes          No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes          No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.       
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes         No  

There were 1,890,872,188 shares of the Company's common stock outstanding on September 30, 2019.
 


Table of Contents


TABLE OF CONTENTS
 
 
 
Page No.
 
FINANCIAL INFORMATION
 
 
 
 
 
 
 
OTHER INFORMATION
Item 5.
Other Information

1

Table of Contents


CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This quarterly report on Form 10-Q of Chevron Corporation contains forward-looking statements relating to Chevron’s operations that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those projected in the forward-looking statements are: changing crude oil and natural gas prices; changing refining, marketing and chemicals margins; the company's ability to realize anticipated cost savings and expenditure reductions; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats and terrorist acts, crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries, or other natural or human causes beyond the company's control; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 21 of the company’s 2018 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.

2

Table of Contents


PART I.
FINANCIAL INFORMATION
 
Item 1.
Consolidated Financial Statements
CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
 
 
Three Months Ended
September 30
 
Nine Months Ended
September 30
 
2019
 
2018
 
2019
 
2018
 
(Millions of dollars, except per-share amounts)
Revenues and Other Income
 
 
 
 
 
Sales and other operating revenues
$
34,779

 
$
42,105

 
$
105,291

 
$
118,564

Income from equity affiliates
1,172

 
1,555

 
3,430

 
4,685

Other income (loss)
165

 
327

 
1,445

 
738

Total Revenues and Other Income
36,116

 
43,987

 
110,166

 
123,987

Costs and Other Deductions
 
 
 
 
 
 
 
Purchased crude oil and products
19,882

 
24,681

 
60,420

 
70,658

Operating expenses
5,325

 
4,985

 
15,398

 
14,899

Selling, general and administrative expenses
954

 
1,018

 
3,014

 
2,758

Exploration expenses
168

 
625

 
498

 
960

Depreciation, depletion and amortization
4,361

 
5,380

 
12,789

 
14,167

Taxes other than on income
1,059

 
1,259

 
3,167

 
3,966

Interest and debt expense
197

 
182

 
620

 
558

Other components of net periodic benefit costs
121

 
158

 
319

 
344

Total Costs and Other Deductions
32,067

 
38,288

 
96,225

 
108,310

Income Before Income Tax Expense
4,049

 
5,699

 
13,941

 
15,677

Income Tax Expense
1,469

 
1,643

 
4,429

 
4,540

Net Income
2,580

 
4,056

 
9,512

 
11,137

Less: Net income (loss) attributable to noncontrolling interests

 
9

 
(22
)
 
43

Net Income Attributable to Chevron Corporation
$
2,580

 
$
4,047

 
$
9,534

 
$
11,094

Per Share of Common Stock:
 
 
 
 
 
 
 
Net Income Attributable to Chevron Corporation
 
 
 
 
 
 
 
— Basic
$
1.38

 
$
2.13

 
$
5.06

 
$
5.84

— Diluted
$
1.36

 
$
2.11

 
$
5.02

 
$
5.79

Weighted Average Number of Shares Outstanding (000s)
 
 
 
 
 
 
 
— Basic
1,880,607

 
1,900,717

 
1,885,931

 
1,899,044

— Diluted
1,893,928

 
1,917,474

 
1,899,193

 
1,916,562

 
 
 
 
 
 
 
 
 
 
 
 


See accompanying notes to consolidated financial statements.

3


Table of Contents


CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)

 
Three Months Ended
September 30
 
Nine Months Ended
September 30
 
2019
 
2018
 
2019
 
2018
 
(Millions of dollars)
Net Income
$
2,580

 
$
4,056

 
$
9,512

 
$
11,137

Currency translation adjustment
(33
)
 
(2
)
 
(32
)
 
(12
)
Unrealized holding gain (loss) on securities:
 
 
 
 
 
 
 
Net gain (loss) arising during period
2

 
1

 
2

 
(6
)
Derivatives:
 
 
 
 
 
 
 
Net derivatives loss on hedge transactions

 

 
(1
)
 

Income tax benefit on derivatives transactions
3

 

 
3

 

Total
3

 

 
2

 

Defined benefit plans:
 
 
 
 
 
 
 
Actuarial gain (loss):
 
 
 
 
 
 
 
Amortization to net income of net actuarial and settlement losses
150

 
214

 
400

 
522

Actuarial gain (loss) arising during period

 
(92
)
 
(4
)
 
(94
)
Prior service cost:
 
 
 
 
 
 
 
Amortization to net income of net prior service costs (credits)
(4
)
 
(2
)
 
(11
)
 
(9
)
Prior service cost arising during period

 

 
1

 

Defined benefit plans sponsored by equity affiliates
3

 
5

 
8

 
18

Income tax expense on defined benefit plans
(33
)
 
(21
)
 
(91
)
 
(95
)
Total
116

 
104

 
303

 
342

Other Comprehensive Gain, Net of Tax
88

 
103

 
275

 
324

Comprehensive Income
2,668

 
4,159

 
9,787

 
11,461

Comprehensive loss (income) attributable to noncontrolling interests

 
(9
)
 
22

 
(43
)
Comprehensive Income Attributable to Chevron Corporation
$
2,668

 
$
4,150

 
$
9,809

 
$
11,418


See accompanying notes to consolidated financial statements.

4


Table of Contents


CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
 
 
At September 30,
2019
 
At December 31,
2018
 
 
(Millions of dollars)
ASSETS
Cash and cash equivalents
 
$
11,697

 
$
9,342

Time deposits
 

 
950

Marketable securities
 
58

 
53

Accounts and notes receivable, net
 
12,966

 
15,050

Inventories
 
 
 
 
Crude oil and petroleum products
 
3,722

 
3,383

Chemicals
 
480

 
487

Materials, supplies and other
 
1,749

 
1,834

Total inventories
 
5,951

 
5,704

Prepaid expenses and other current assets 
 
3,316

 
2,922

Total Current Assets
 
33,988

 
34,021

Long-term receivables, net
 
1,584

 
1,942

Investments and advances
 
38,327

 
35,546

Properties, plant and equipment, at cost
 
338,699

 
340,244

Less: Accumulated depreciation, depletion and amortization
 
174,336

 
171,037

Properties, plant and equipment, net
 
164,363

 
169,207

Deferred charges and other assets 
 
10,716

 
6,766

Goodwill
 
4,507

 
4,518

Assets held for sale
 
3,052

 
1,863

Total Assets
 
$
256,537

 
$
253,863

LIABILITIES AND EQUITY
Short-term debt 
 
$
7,795

 
$
5,726

Accounts payable
 
13,230

 
13,953

Accrued liabilities
 
6,523

 
4,927

Federal and other taxes on income 
 
1,542

 
1,628

Other taxes payable
 
1,143

 
937

Total Current Liabilities
 
30,233

 
27,171

Long-term debt 
 
25,056

 
28,733

Deferred credits and other noncurrent obligations
 
21,555

 
19,742

Noncurrent deferred income taxes 
 
17,100

 
15,921

Noncurrent employee benefit plans
 
5,701

 
6,654

Total Liabilities*
 
99,645

 
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 September 30, 2019, and December 31, 2018)
 
1,832

 
1,832

Capital in excess of par value
 
17,235

 
17,112

Retained earnings
 
183,783

 
180,987

Accumulated other comprehensive loss
 
(3,269
)
 
(3,544
)
Deferred compensation and benefit plan trust
 
(240
)
 
(240
)
Treasury stock, at cost (551,804,392 and 539,838,890 shares at September 30, 2019, and December 31, 2018, respectively)
 
(43,500
)
 
(41,593
)
Total Chevron Corporation Stockholders’ Equity
 
155,841

 
154,554

Noncontrolling interests
 
1,051

 
1,088

Total Equity
 
156,892

 
155,642

Total Liabilities and Equity
 
$
256,537

 
$
253,863

___________________________
 
 
 
 
* Refer to Note 13, "Other Contingencies and Commitments" beginning on page 21.

See accompanying notes to consolidated financial statements.

5


Table of Contents


CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)

 
Nine Months Ended
September 30
 
2019
 
2018
 
(Millions of dollars)
Operating Activities
 
 
 
Net Income (Loss)
$
9,512

 
$
11,137

Adjustments
 
 
 
Depreciation, depletion and amortization
12,789

 
14,167

Dry hole expense
137

 
596

Distributions less than income from equity affiliates
(1,897
)
 
(2,526
)
Net before-tax loss (gain) on asset retirements and sales
(106
)
 
(560
)
Net foreign currency effects
54

 
330

Deferred income tax provision
986

 
806

Net decrease (increase) in operating working capital
1,126

 
(1,882
)
Decrease (increase) in long-term receivables
426

 
363

Net decrease (increase) in other deferred charges
(144
)
 
(60
)
Cash contributions to employee pension plans
(1,204
)
 
(941
)
Other
(22
)
 
37

Net Cash Provided by Operating Activities
21,657

 
21,467

Investing Activities
 
 
 
Capital expenditures
(9,906
)
 
(9,801
)
Proceeds and deposits related to asset sales and returns of investment
1,088

 
2,116

Net maturities of (investments in) time deposits
950

 

Net sales (purchases) of marketable securities
2

 
(51
)
Net repayment (borrowing) of loans by equity affiliates
(970
)
 
78

Net Cash Used for Investing Activities
(8,836
)
 
(7,658
)
Financing Activities
 
 
 
Net borrowings (repayments) of short-term obligations
1,973

 
2,199

Proceeds from issuance of long-term debt

 
217

Repayments of long-term debt and other financing obligations
(3,868
)
 
(5,227
)
Cash dividends — common stock
(6,731
)
 
(6,382
)
Distributions to noncontrolling interests
(16
)
 
(87
)
Net sales (purchases) of treasury shares
(1,845
)
 
337

Net Cash Used for Financing Activities
(10,487
)
 
(8,943
)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
5

 
(68
)
Net Change in Cash, Cash Equivalents and Restricted Cash
2,339

 
4,798

Cash, Cash Equivalents and Restricted Cash at January 1
10,481

 
5,943

Cash, Cash Equivalents and Restricted Cash at September 30
$
12,820

 
$
10,741

 
 
 
 


See accompanying notes to consolidated financial statements.

6


Table of Contents


CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(Unaudited)
(Millions of dollars)
 
 
Accumulated
Treasury
Chevron Corp.
Non-
 
 
    Common
Retained
Other Comp.
Stock
Stockholders'
Controlling
Total
Three Months Ended September 30
     Stock(1)
Earnings
Income (Loss)
(at cost)
Equity
Interests
Equity
Balance at June 30, 2018
$
18,632

$
176,899

$
(3,368
)
$
(39,965
)
$
152,198

$
1,182

$
153,380

Treasury stock transactions
40




40


40

Net income (loss)

4,047



4,047

9

4,056

Cash dividends

(2,129
)


(2,129
)
(32
)
(2,161
)
Stock dividends

(1
)


(1
)

(1
)
Other comprehensive income


103


103


103

Purchases of treasury shares



(750
)
(750
)

(750
)
Issuances of treasury shares



67

67


67

Other changes, net





(61
)
(61
)
Balance at September 30, 2018
$
18,672

$
178,816

$
(3,265
)
$
(40,648
)
$
153,575

$
1,098

$
154,673

 
 
 
 
 
 
 
 
Balance at June 30, 2019
$
18,776

$
183,442

$
(3,357
)
$
(42,466
)
$
156,395

$
1,056

$
157,451

Treasury stock transactions
51




51


51

Net income (loss)

2,580



2,580


2,580

Cash dividends

(2,237
)


(2,237
)
(8
)
(2,245
)
Stock dividends

(1
)


(1
)

(1
)
Other comprehensive income


88


88


88

Purchases of treasury shares



(1,250
)
(1,250
)

(1,250
)
Issuances of treasury shares



216

216


216

Other changes, net

(1
)


(1
)
3

2

Balance at September 30, 2019
$
18,827

$
183,783

$
(3,269
)
$
(43,500
)
$
155,841

$
1,051

$
156,892

 
 
 
 
 
 
 
 
Nine Months Ended September 30
 
 
 
 
 
 
 
Balance at December 31, 2017
$
18,440

$
174,106

$
(3,589
)
$
(40,833
)
$
148,124

$
1,195

$
149,319

Treasury stock transactions
232




232


232

Net income (loss)

11,094



11,094

43

11,137

Cash dividends

(6,382
)


(6,382
)
(87
)
(6,469
)
Stock dividends

(2
)


(2
)

(2
)
Other comprehensive income


324


324


324

Purchases of treasury shares



(751
)
(751
)

(751
)
Issuances of treasury shares



936

936


936

Other changes, net





(53
)
(53
)
Balance at September 30, 2018
$
18,672

$
178,816

$
(3,265
)
$
(40,648
)
$
153,575

$
1,098

$
154,673

 
 
 
 
 
 
 
 
Balance at December 31, 2018
$
18,704

$
180,987

$
(3,544
)
$
(41,593
)
$
154,554

$
1,088

$
155,642

Treasury stock transactions
123




123


123

Net income (loss)

9,534



9,534

(22
)
9,512

Cash dividends

(6,731
)


(6,731
)
(16
)
(6,747
)
Stock dividends

(2
)


(2
)

(2
)
Other comprehensive income


275


275


275

Purchases of treasury shares



(2,789
)
(2,789
)

(2,789
)
Issuances of treasury shares



882

882


882

Other changes, net

(5
)


(5
)
1

(4
)
Balance at September 30, 2019
$
18,827

$
183,783

$
(3,269
)
$
(43,500
)
$
155,841

$
1,051

$
156,892

 
 
 
 
 
 
 
 
(Number of Shares)
Common Stock - 2019
 
Common Stock - 2018
Three Months Ended September 30
Issued(2)

Treasury

Outstanding

 
Issued(2)

Treasury

Outstanding

Balance at June 30
2,442,676,580

(544,258,109
)
1,898,418,471

 
2,442,676,580

(526,529,480
)
1,916,147,100

Purchases

(10,302,969
)
(10,302,969
)
 

(6,255,290
)
(6,255,290
)
Issuances

2,756,686

2,756,686

 

882,559

882,559

Balance at September 30
2,442,676,580

(551,804,392
)
1,890,872,188

 
2,442,676,580

(531,902,211
)
1,910,774,369

 
 
 
 
 
 
 
 
Nine Months Ended September 30
 
 
 
 
 
 
 
Balance at December 31
2,442,676,580

(539,838,890
)
1,902,837,690

 
2,442,676,580

(537,974,695
)
1,904,701,885

Purchases

(23,342,737
)
(23,342,737
)
 

(6,262,987
)
(6,262,987
)
Issuances

11,377,235

11,377,235

 

12,335,471

12,335,471

Balance at September 30
2,442,676,580

(551,804,392
)
1,890,872,188

 
2,442,676,580

(531,902,211
)
1,910,774,369

_________________________________________________
(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 for all periods.

See accompanying notes to consolidated financial statements.

7


Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Note 1. Interim Financial Statements
The accompanying consolidated financial statements of Chevron Corporation and its subsidiaries (together, Chevron or the company) have not been audited by an independent registered public accounting firm. In the opinion of the company’s management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. These adjustments were of a normal recurring nature. The results for the three- and nine-month periods ended September 30, 2019, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron.
Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the company’s 2018 Annual Report on Form 10-K.
Note 2. Changes in Accumulated Other Comprehensive Losses
The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the nine months ended September 30, 2019 and 2018 are reflected in the table below.
Changes in Accumulated Other Comprehensive Income (Loss) by Component(1) 
(Millions of dollars)
 
 
 
 
 
Currency Translation Adjustment
 
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):
 
 
 
 
 
 
Before Reclassifications
 
(12
)
 
(6
)
 

 
(53
)
 
(71
)
Reclassifications
 

 

 

 
395

 
395

Net Other Comprehensive Income (Loss)
 
(12
)
 
(6
)
 

 
342

 
324

Balance at September 30, 2018
 
$
(117
)
 
$
(11
)
 
$
(2
)
 
$
(3,135
)
 
$
(3,265
)
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
 
$
(124
)
 
$
(10
)
 
$
(2
)
 
$
(3,408
)
 
$
(3,544
)
Components of Other Comprehensive Income (Loss):
 
 
 
 
 
 
Before Reclassifications
 
(32
)
 
2

 
2

 
1

 
(27
)
Reclassifications(2)
 

 

 

 
302

 
302

Net Other Comprehensive Income (Loss)
 
(32
)
 
2

 
2

 
303

 
275

Balance at September 30, 2019
 
$
(156
)
 
$
(8
)
 
$

 
$
(3,105
)
 
$
(3,269
)
_______________________________
(1) 
All amounts are net of tax.
(2) 
Refer to Note 9, Employee Benefits for reclassified components totaling $389 million that are included in employee benefit costs for the nine months ended September 30, 2019. Related income taxes for the same period, totaling $87 million, are reflected in "Income Tax Expense" on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
Note 3. New Accounting Standards
Leases (Topic 842) Effective January 1, 2019, Chevron adopted Accounting Standards Update (ASU) 2016-02 and its related amendments. For additional information on the company's leases, refer to Note 10 beginning on page 14.
Financial Instruments - Credit Losses (Topic 326) In June 2016, the FASB issued ASU 2016-13, which becomes effective for the company beginning January 1, 2020. The standard requires companies to use forward-looking information to calculate credit loss estimates. The company's implementation efforts are currently focused on accounting policy and disclosure updates and work process changes necessary to meet the standard's requirements. The company does not expect the implementation of the standard to have a material effect on its consolidated financial statements.

8

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)


Note 4. Information Relating to the Consolidated Statement of Cash Flows
 
Nine Months Ended
September 30
(Millions of dollars)
2019

 
2018

Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable
$
2,254

 
$
(1,741
)
Decrease (increase) in inventories
(20
)
 
(749
)
Decrease (increase) in prepaid expenses and other current assets
(286
)
 
(310
)
Increase (decrease) in accounts payable and accrued liabilities
(981
)
 
887

Increase (decrease) in income and other taxes payable
159

 
31

Net decrease (increase) in operating working capital
$
1,126

 
$
(1,882
)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)
$
579

 
$
502

Income taxes
$
3,516

 
$
3,526

Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
 
 
 
Proceeds and deposits related to asset sales
$
1,021

 
$
1,872

Returns of investment from equity affiliates
67

 
244

Proceeds and deposits related to asset sales and returns of investment
$
1,088

 
$
2,116

Net maturities of (investments in) time deposits consisted of the following gross amounts:
Investments in time deposits
$

 
$

Maturities of time deposits
950

 

Net maturities of (investments in) time deposits
$
950