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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, 2020
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
Delaware94-0890210San Ramon,California94583-2324
(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 classTrading SymbolName of each exchange on which registered
Common stock, par value $.75 per shareCVXNew 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 filerAccelerated filer
Non-accelerated filerSmaller 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 1,867,323,448 shares of the Company’s common stock outstanding on September 30, 2020.


Table of Contents

TABLE OF CONTENTS
 
 Page No.
FINANCIAL INFORMATION
OTHER INFORMATION
Item 5.
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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,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this 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 in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s ability to successfully integrate the operations of Chevron and Noble Energy and achieve the anticipated benefits from the acquisition of Noble Energy; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 21 of the company’s 2019 Annual Report on Form 10-K, on pages 41 to 42 of this report 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.
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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
 2020201920202019
 (Millions of dollars, except per-share amounts)
Revenues and Other Income
Sales and other operating revenues$23,997 $34,779 $69,628 $105,291 
Income (loss) from equity affiliates510 1,172 (1,040)3,430 
Other income (loss)(56)165 858 1,445 
Total Revenues and Other Income24,451 36,116 69,446 110,166 
Costs and Other Deductions
Purchased crude oil and products13,448 19,882 37,101 60,420 
Operating expenses4,604 5,325 15,425 15,398 
Selling, general and administrative expenses832 954 3,084 3,014 
Exploration expenses117 168 1,170 498 
Depreciation, depletion and amortization4,017 4,361 15,022 12,789 
Taxes other than on income1,091 1,059 3,223 3,167 
Interest and debt expense164 197 498 620 
Other components of net periodic benefit costs222 121 419 319 
Total Costs and Other Deductions24,495 32,067 75,942 96,225 
Income (Loss) Before Income Tax Expense(44)4,049 (6,496)13,941 
Income Tax Expense (Benefit)165 1,469 (1,591)4,429 
Net Income (Loss)(209)2,580 (4,905)9,512 
Less: Net income (loss) attributable to noncontrolling interests(2) (27)(22)
Net Income (Loss) Attributable to Chevron Corporation$(207)$2,580 $(4,878)$9,534 
Per Share of Common Stock
Net Income (Loss) Attributable to Chevron Corporation
- Basic$(0.12)$1.38 $(2.63)$5.06 
- Diluted$(0.12)$1.36 $(2.63)$5.02 
Weighted Average Number of Shares Outstanding (000s)
- Basic1,853,533 1,880,607 1,856,363 1,885,931 
- Diluted1,853,533 1,893,928 1,856,363 1,899,193 
See accompanying notes to consolidated financial statements.

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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
September 30
Nine Months Ended
September 30
 2020201920202019
(Millions of dollars)
Net Income (Loss)$(209)$2,580 $(4,905)$9,512 
Currency translation adjustment17 (33)5 (32)
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period(1)2 (5)2 
Derivatives
Net derivatives loss on hedge transactions   (1)
Reclassification to net income of net realized gain    
Income taxes on derivatives transactions 3  3 
Total 3  2 
Defined benefit plans
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements293 150 628 400 
Actuarial gain (loss) arising during period   (4)
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments(5)(4)(13)(11)
Prior service (costs) credits arising during period   1 
Defined benefit plans sponsored by equity affiliates - benefit (cost) 5 3 14 8 
Income (taxes) benefit on defined benefit plans(66)(33)(146)(91)
Total227 116 483 303 
Other Comprehensive Gain (Loss), Net of Tax243 88 483 275 
Comprehensive Income (Loss)34 2,668 (4,422)9,787 
Comprehensive loss (income) attributable to noncontrolling interests2  27 22 
Comprehensive Income (Loss) Attributable to Chevron Corporation$36 $2,668 $(4,395)$9,809 
See accompanying notes to consolidated financial statements.

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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
At September 30,
2020
At December 31,
2019
(Millions of dollars)
Assets
Cash and cash equivalents$6,866 $5,686 
Marketable securities28 63 
Accounts and notes receivable, net9,722 13,325 
Inventories:
Crude oil and petroleum products3,588 3,722 
Chemicals409 492 
Materials, supplies and other1,684 1,634 
Total inventories5,681 5,848 
Prepaid expenses and other current assets2,506 3,407 
Total Current Assets24,803 28,329 
Long-term receivables, net780 1,511 
Investments and advances37,655 38,688 
Properties, plant and equipment, at cost325,131 326,722 
Less: Accumulated depreciation, depletion and amortization182,748 176,228 
Properties, plant and equipment, net142,383 150,494 
Deferred charges and other assets11,227 10,532 
Goodwill4,416 4,463 
Assets held for sale1,799 3,411 
Total Assets$223,063 $237,428 
Liabilities and Equity
Short-term debt
$530 $3,282 
Accounts payable9,537 14,103 
Accrued liabilities7,944 6,589 
Federal and other taxes on income788 1,554 
Other taxes payable865 1,002 
Total Current Liabilities19,664 26,530 
Long-term debt34,280 23,691 
Deferred credits and other noncurrent obligations19,267 20,445 
Noncurrent deferred income taxes10,625 13,688 
Noncurrent employee benefit plans7,189 7,866 
Total Liabilities*
$91,025 $92,220 
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, 2020 and December 31, 2019)
1,832 1,832 
Capital in excess of par value17,318 17,265 
Retained earnings163,509 174,945 
Accumulated other comprehensive losses(4,507)(4,990)
Deferred compensation and benefit plan trust(240)(240)
Treasury stock, at cost (575,353,132 and 560,508,479 shares at September 30, 2020 and December 31, 2019, respectively)
(46,138)(44,599)
Total Chevron Corporation Stockholders’ Equity131,774 144,213 
Noncontrolling interests264 995 
Total Equity132,038 145,208 
Total Liabilities and Equity$223,063 $237,428 
___________________________
* Refer to Note 13, Other Contingencies and Commitments beginning on page 16.
See accompanying notes to consolidated financial statements.

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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30
 20202019
(Millions of dollars)
Operating Activities
Net Income (Loss)$(4,905)$9,512 
Adjustments
Depreciation, depletion and amortization15,022 12,789 
Dry hole expense848 137 
Distributions more (less) than income from equity affiliates2,249 (1,897)
Net before-tax losses (gains) on asset retirements and sales(625)(106)
Net foreign currency effects190 54 
Deferred income tax provision(3,180)986 
Net decrease (increase) in operating working capital(21)1,126 
Decrease (increase) in long-term receivables84 426 
Net decrease (increase) in other deferred charges(145)(144)
Cash contributions to employee pension plans(895)(1,204)
Other(283)(22)
Net Cash Provided by Operating Activities8,339 21,657 
Investing Activities
Capital expenditures(6,855)(9,906)
Proceeds and deposits related to asset sales and returns of investment1,979 1,088 
Net maturities of (investments in) time deposits 950 
Net sales (purchases) of marketable securities35 2 
Net repayment (borrowing) of loans by equity affiliates(1,434)(970)
Net Cash Used for Investing Activities(6,275)(8,836)
Financing Activities
Net borrowings (repayments) of short-term obligations(606)1,973 
Proceeds from issuances of long-term debt12,237  
Repayments of long-term debt and other financing obligations(3,941)(3,868)
Cash dividends - common stock(7,186)(6,731)
Distributions to noncontrolling interests(10)(16)
Net sales (purchases) of treasury shares(1,545)(1,845)
Net Cash Provided by (Used for) Financing Activities(1,051)(10,487)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
(133)5 
Net Change in Cash, Cash Equivalents and Restricted Cash880 2,339 
Cash, Cash Equivalents and Restricted Cash at January 16,911 10,481 
Cash, Cash Equivalents and Restricted Cash at September 30$7,791 $12,820 
See accompanying notes to consolidated financial statements.

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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(Unaudited)
(Millions of dollars)AccumulatedTreasuryChevron Corp.Non-
    CommonRetainedOther Comp.StockStockholders’ControllingTotal
Three Months Ended September 30
     Stock(1)
EarningsIncome (Loss)(at cost)EquityInterestsEquity
Balance at June 30, 2019$18,776 $183,442 $(3,357)$(42,466)$156,395 $1,056 $157,451 
Treasury stock transactions51 — — — 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 
Balance at June 30, 2020$18,889 $166,122 $(4,750)$(46,143)$134,118 $268 $134,386 
Treasury stock transactions21 — — — 21 — 21 
Net income (loss)— (207)— — (207)(2)(209)
Cash dividends— (2,390)— — (2,390) (2,390)
Stock dividends— (1)— — (1)— (1)
Other comprehensive income— — 243 — 243 — 243 
Purchases of treasury shares— — — —  —  
Issuances of treasury shares— — — 5 5 — 5 
Other changes, net — (15)— — (15)(2)(17)
Balance at September 30, 2020$18,910 $163,509 $(4,507)$(46,138)$131,774 $264 $132,038 
Nine Months Ended September 30
Balance at December 31, 2018$18,704 $180,987 $(3,544)$(41,593)$154,554 $1,088 $155,642 
Treasury stock transactions123 — — — 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 
Balance at December 31, 2019$18,857 $174,945 $(4,990)$(44,599)$144,213 $995 $145,208 
Treasury stock transactions53 — — — 53 — 53 
Net income (loss)— (4,878)— — (4,878)(27)(4,905)
Cash dividends— (7,186)— — (7,186)(10)(7,196)
Stock dividends— (2)— — (2)— (2)
Other comprehensive income— — 483 — 483 — 483 
Purchases of treasury shares— — — (1,751)(1,751)— (1,751)
Issuances of treasury shares— — — 212 212 — 212 
Other changes, net— 630 — — 630 (694)(64)
Balance at September 30, 2020$18,910 $163,509 $(4,507)$(46,138)$131,774 $264 $132,038 
(Number of Shares)Common Stock - 2020Common Stock - 2019
Three Months Ended September 30
Issued(2)
TreasuryOutstanding
Issued(2)
TreasuryOutstanding
Balance at June 302,442,676,580 (575,408,748)1,867,267,832 2,442,676,580 (544,258,109)1,898,418,471 
Purchases— (2,220)(2,220)— (10,302,969)(10,302,969)
Issuances— 57,836 57,836 — 2,756,686 2,756,686 
Balance at September 302,442,676,580 (575,353,132)1,867,323,448 2,442,676,580 (551,804,392)1,890,872,188 
Nine Months Ended September 30
Balance at December 312,442,676,580 (560,508,479)1,882,168,101 2,442,676,580 (539,838,890)1,902,837,690 
Purchases— (17,503,545)(17,503,545)— (23,342,737)(23,342,737)
Issuances— 2,658,892 2,658,892 — 11,377,235 11,377,235 
Balance at September 302,442,676,580 (575,353,132)1,867,323,448 2,442,676,580 (551,804,392)1,890,872,188 
_________________________________________________
(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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. General
Basis of Presentation 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, 2020, 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 2019 Annual Report on Form 10-K.
Impact of the Coronavirus Disease 2019 (COVID-19) Pandemic The outbreak of COVID-19 and decreases in commodity prices resulting from oversupply, government-imposed travel restrictions and other constraints on economic activity have caused a significant decrease in the demand for our products and has created disruptions and volatility in the global marketplace beginning late in the first quarter 2020, which negatively affected our results of operations and cash flows. These conditions persisted throughout the third quarter and continue to negatively affect our results of operations and cash flows. While demand and commodity prices have shown signs of recovery, they are not back to pre-pandemic levels, and financial results are likely to continue to be challenged in future quarters. Due to the changing environment, there continues to be uncertainty and unpredictability around the extent to which the COVID-19 pandemic will impact our results, which could be material.
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, 2020 and 2019 are reflected in the table below.
Changes in Accumulated Other Comprehensive Income (Loss) by Component(1)
(Millions of dollars)
Currency Translation AdjustmentUnrealized Holding Gains (Losses) on SecuritiesDerivativesDefined Benefit PlansTotal
Balance at December 31, 2018$(124)$(10)$(2)$(3,408)$(3,544)
Components of Other Comprehensive Income (Loss):
Before Reclassifications
(32)2 2 1 (27)
Reclassifications
   302 302 
Net Other Comprehensive Income (Loss)
(32)2 2 303 275 
Balance at September 30, 2019$(156)$(8)$ $(3,105)$(3,269)
Balance at December 31, 2019$(142)$(8)$ $(4,840)$(4,990)
Components of Other Comprehensive Income (Loss):
Before Reclassifications
5 (5) 9 9 
Reclassifications(2)
   474 474 
Net Other Comprehensive Income (Loss)
5 (5) 483 483 
Balance at September 30, 2020$(137)$(13)$ $(4,357)$(4,507)
_______________________________

(1)All amounts are net of tax.
(2)Refer to Note 9, Employee Benefits for reclassified components totaling $615 million that are included in employee benefit costs for the nine months ended September 30, 2020. Related income taxes for the same period, totaling $141 million, are reflected in “Income Tax Expense” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Note 3. Information Relating to the Consolidated Statement of Cash Flows
Nine Months Ended
September 30
20202019
(Millions of dollars)
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates$1,209 $1,533 
(Income) loss from equity affiliates1,040 (3,430)
Distributions more (less) than income from equity affiliates$2,249 $(1,897)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable$3,601 $2,254 
Decrease (increase) in inventories201 (20)
Decrease (increase) in prepaid expenses and other current assets 632 (286)
Increase (decrease) in accounts payable and accrued liabilities (3,609)(981)
Increase (decrease) in income and other taxes payable(846)159