-
Reported earnings of
$6.0 billion ; adjusted earnings of$5.8 billion -
Record Permian Basin production, 11 percent higher than the year-ago period -
Record shareholder distributions of
$7.2 billion -
PDC Energy, Inc. acquisition expected to close in
August 2023
Earnings & Cash Flow Summary
|
|
|
|
|
YTD |
|||||||||||
|
Unit |
2Q 2023 |
1Q 2023 |
2Q 2022 |
2Q 2023 |
2Q 2022 |
||||||||||
Total Earnings / (Loss) |
$ MM |
$ |
6,010 |
|
$ |
6,574 |
|
$ |
11,622 |
|
$ |
12,584 |
|
$ |
17,881 |
|
Upstream |
$ MM |
$ |
4,936 |
|
$ |
5,161 |
|
$ |
8,558 |
|
$ |
10,097 |
|
$ |
15,492 |
|
Downstream |
$ MM |
$ |
1,507 |
|
$ |
1,800 |
|
$ |
3,523 |
|
$ |
3,307 |
|
$ |
3,854 |
|
All Other |
$ MM |
$ |
(433 |
) |
$ |
(387 |
) |
$ |
(459 |
) |
$ |
(820 |
) |
$ |
(1,465 |
) |
Earnings Per Share - Diluted |
$/Share |
$ |
3.20 |
|
$ |
3.46 |
|
$ |
5.95 |
|
$ |
6.66 |
|
$ |
9.17 |
|
Adjusted Earnings (1) |
$ MM |
$ |
5,775 |
|
$ |
6,744 |
|
$ |
11,365 |
|
$ |
12,519 |
|
$ |
17,908 |
|
Adjusted Earnings Per Share - Diluted (1) |
$/Share |
$ |
3.08 |
|
$ |
3.55 |
|
$ |
5.82 |
|
$ |
6.63 |
|
$ |
9.18 |
|
Cash Flow From Operations (CFFO) |
$ B |
$ |
6.3 |
|
$ |
7.2 |
|
$ |
13.8 |
|
$ |
13.5 |
|
$ |
21.8 |
|
|
$ B |
$ |
9.4 |
|
$ |
9.0 |
|
$ |
13.3 |
|
$ |
18.5 |
|
$ |
22.2 |
|
(1) See non-GAAP reconciliation in attachments |
“Our quarterly financial results remain strong, and we returned record cash to shareholders,” said
“Strong execution resulted in record
Financial and Business Highlights
|
|
|
|
|
YTD |
|||||||||||
|
Unit |
2Q 2023 |
1Q 2023 |
2Q 2022 |
2Q 2023 |
2Q 2022 |
||||||||||
Return on Capital Employed (ROCE) |
% |
|
13.4 |
% |
|
14.6 |
% |
|
26.5 |
% |
|
14.1 |
% |
|
20.7 |
% |
Capital Expenditures (Capex) |
$ B |
$ |
3.8 |
|
$ |
3.0 |
|
$ |
3.2 |
|
$ |
6.8 |
|
$ |
5.1 |
|
Affiliate Capex |
$ B |
$ |
1.0 |
|
$ |
0.9 |
|
$ |
0.8 |
|
$ |
1.8 |
|
$ |
1.5 |
|
Free Cash Flow (1) |
$ B |
$ |
2.5 |
|
$ |
4.2 |
|
$ |
10.6 |
|
$ |
6.7 |
|
$ |
16.7 |
|
Free Cash Flow ex. working capital (1) |
$ B |
$ |
5.7 |
|
$ |
6.0 |
|
$ |
10.1 |
|
$ |
11.7 |
|
$ |
17.1 |
|
Debt Ratio (end of period) |
% |
|
12.0 |
% |
|
12.7 |
% |
|
14.6 |
% |
|
12.0 |
% |
|
14.6 |
% |
Net Debt Ratio (1) (end of period) |
% |
|
7.0 |
% |
|
4.4 |
% |
|
8.3 |
% |
|
7.0 |
% |
|
8.3 |
% |
Net Oil-Equivalent Production |
MBOED |
|
2,959 |
|
|
2,979 |
|
|
2,896 |
|
|
2,968 |
|
|
2,978 |
|
(1) See non-GAAP reconciliation in attachments |
Financial Highlights
- Second quarter 2023 earnings decreased compared to second quarter 2022 primarily due to lower upstream realizations and lower margins on refined product sales.
-
Sales and other operating revenues in second quarter 2023 were
$47.2 billion , down from$65.4 billion in the year-ago period primarily due to lower commodity prices. -
Worldwide net oil-equivalent production was up 2 percent from the year-ago quarter primarily due to record
Permian Basin production of 772,000 barrels of oil equivalent per day. -
Capex in the second quarter of 2023 was up 18 percent from a year ago primarily due to higher investment in
the United States . -
Quarterly shareholder distributions were a record
$7.2 billion during the quarter, including dividends of$2.8 billion and share repurchases of$4.4 billion (over 27 million shares repurchased during the quarter and nearly 50 million shares year-to-date). -
The company’s Board of Directors declared a quarterly dividend of
one dollar andfifty-one cents ($1.51 ) per share, payableSeptember 11, 2023 , to all holders of common stock as shown on the transfer records of the corporation at the close of business onAugust 18, 2023 .
Business Highlights
-
Announced an agreement to acquire PDC Energy, Inc. in an all-stock transaction, with closing anticipated in
August 2023 . This acquisition is expected to add$1 billion to annual free cash flow. -
Achieved first natural gas production from the Gorgon Stage 2 development in
Australia , supporting long-term energy supply in theAsia-Pacific region . -
Received approvals to extend Block 0 concession in
Angola through 2050. -
Reached final investment decision with partners to build a third gathering pipeline that is expected to increase production capacity from approximately 1.2 to nearly 1.4 billion cubic feet per day at the Leviathan field in
Israel . -
Announced agreements to conduct pilot tests on advanced closed loop geothermal technology in
Japan .
Segment Highlights
Upstream
|
|
|
|
|
YTD |
||||||
|
Unit |
2Q 2023 |
1Q 2023 |
2Q 2022 |
2Q 2023 |
2Q 2022 |
|||||
Earnings / (Loss) |
$ MM |
$ |
1,640 |
$ |
1,781 |
$ |
3,367 |
$ |
3,421 |
$ |
6,605 |
Net Oil-Equivalent Production |
MBOED |
|
1,219 |
|
1,167 |
|
1,172 |
|
1,193 |
|
1,178 |
Liquids Production |
MBD |
|
916 |
|
877 |
|
888 |
|
896 |
|
884 |
Natural Gas Production |
MMCFD |
|
1,817 |
|
1,742 |
|
1,705 |
|
1,780 |
|
1,766 |
Liquids Realization |
$/BBL |
$ |
56 |
$ |
59 |
$ |
89 |
$ |
58 |
$ |
83 |
Natural Gas Realization |
$/MCF |
$ |
1.23 |
$ |
2.58 |
$ |
6.22 |
$ |
1.88 |
$ |
5.13 |
-
U.S. upstream earnings were lower than a year ago, primarily on lower realizations, partially offset by lower operating expenses due to the absence of a 2022 early contract termination and higher sales volumes. -
U.S. net oil-equivalent production was up from second quarter 2022 and set a new quarterly record primarily due to growth in thePermian Basin .
|
|
|
|
|
YTD |
||||||||
International Upstream |
Unit |
2Q 2023 |
1Q 2023 |
|
2Q 2022 |
2Q 2023 |
2Q 2022 |
||||||
Earnings / (Loss) (1) |
$ MM |
$ |
3,296 |
$ |
3,380 |
|
$ |
5,191 |
$ |
6,676 |
$ |
8,887 |
|
Net Oil-Equivalent Production |
MBOED |
|
1,740 |
|
1,812 |
|
|
1,724 |
|
1,775 |
|
1,800 |
|
Liquids Production |
MBD |
|
827 |
|
849 |
|
|
799 |
|
838 |
|
828 |
|
Natural Gas Production |
MMCFD |
|
5,478 |
|
5,775 |
|
|
5,548 |
|
5,624 |
|
5,832 |
|
Liquids Realization |
$/BBL |
$ |
68 |
$ |
69 |
|
$ |
102 |
$ |
68 |
$ |
98 |
|
Natural Gas Realization |
$/MCF |
$ |
7.50 |
$ |
9.00 |
|
$ |
9.23 |
$ |
8.25 |
$ |
9.04 |
|
(1) Includes foreign currency effects |
$ MM |
$ |
10 |
$ |
(56 |
) |
$ |
603 |
$ |
(46) |
$ |
459 |
- International upstream earnings were lower than a year ago primarily due to lower realizations and lower foreign currency effects, partially offset by favorable tax items and higher sales volumes.
-
Net oil-equivalent production was up 16,000 barrels per day from a year earlier primarily due to lower impacts from turnarounds in
Australia , partially offset by shutdowns inCanada due to wildfires.
Downstream
|
|
|
|
|
YTD |
||||||
|
Unit |
2Q 2023 |
1Q 2023 |
2Q 2022 |
2Q 2023 |
2Q 2022 |
|||||
Earnings / (Loss) |
$ MM |
$ |
1,081 |
$ |
977 |
$ |
2,440 |
$ |
2,058 |
$ |
2,926 |
Refinery Crude Oil Inputs |
MBD |
|
962 |
|
890 |
|
881 |
|
926 |
|
898 |
Refined Product Sales |
MBD |
|
1,295 |
|
1,252 |
|
1,210 |
|
1,274 |
|
1,214 |
-
U.S. downstream earnings were lower compared to a year ago primarily due to lower margins on refined product sales and higher operating expenses. -
Refinery crude oil inputs increased 9 percent compared to a year ago, primarily due to the absence of 2022 turnaround activity at the
Richmond, California refinery . - Refinery product sales were up 7 percent from a year ago, primarily due to higher renewable fuel sales following the Renewable Energy Group, Inc. acquisition and higher demand for gasoline and jet fuel.
|
|
|
|
|
YTD |
||||||
International Downstream |
Unit |
2Q 2023 |
1Q 2023 |
2Q 2022 |
2Q 2023 |
2Q 2022 |
|||||
Earnings / (Loss) (1) |
$ MM |
$ |
426 |
$ |
823 |
$ |
1,083 |
$ |
1,249 |
$ |
928 |
Refinery Crude Oil Inputs |
MBD |
|
623 |
|
628 |
|
634 |
|
625 |
|
626 |
Refined Product Sales |
MBD |
|
1,453 |
|
1,460 |
|
1,337 |
|
1,456 |
|
1,332 |
(1) Includes foreign currency effects |
$ MM |
$ |
4 |
$ |
18 |
$ |
145 |
$ |
22 |
$ |
168 |
- International downstream earnings were lower compared to a year ago primarily due to lower margins on refined product sales and lower foreign currency effects.
- Refinery crude oil inputs decreased 2 percent from the year-ago period as refinery runs decreased due to planned turnarounds.
-
Refined product sales increased 9 percent from the year-ago period, primarily due to higher demand for jet fuel as air travel increased in
Asia .
All Other
|
|
|
|
|
YTD |
|||||||||||
All Other |
Unit |
2Q 2023 |
1Q 2023 |
2Q 2022 |
2Q 2023 |
2Q 2022 |
||||||||||
Net charges (1) |
$ MM |
$ |
(433 |
) |
$ |
(387 |
) |
$ |
(459 |
) |
|
(820 |
) |
|
(1,465 |
) |
(1) Includes foreign currency effects |
$ MM |
$ |
(4 |
) |
$ |
(2 |
) |
$ |
(80 |
) |
$ |
(6 |
) |
$ |
(177 |
) |
- All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.
- Net charges decreased slightly compared to a year ago primarily due to higher interest income and a favorable swing in foreign currency effects, partially offset by higher employee benefit costs.
NOTICE
Chevron’s discussion of second quarter 2023 earnings with security analysts will take place on
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to
Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where
Non-GAAP Financial Measures - This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, severance costs, gains on asset sales, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. We believe it is useful for investors to consider this measure in comparing the underlying performance of our business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with
This news release also includes cash flow from operations excluding working capital, free cash flow and free cash flow excluding working capital. Cash flow from operations excluding working capital is defined as net cash provided by operating activities less net changes in operating working capital, and represents cash generated by operating activities excluding the timing impacts of working capital. Free cash flow is defined as net cash provided by operating activities less capital expenditures and generally represents the cash available to creditors and investors after investing in the business. Free cash flow excluding working capital is defined as net cash provided by operating activities excluding working capital less capital expenditures and generally represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. Reconciliations of cash flow from operations excluding working capital, free cash flow and free cash flow excluding working capital are shown in Attachment 3.
This news release also includes net debt ratio. Net debt ratio is defined as total debt less cash and cash equivalents and marketable securities as a percentage of total debt less cash and cash equivalents and marketable securities, plus
Expected incremental annual free cash flow of
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required,
Among 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 the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the
Attachment 1 |
||||||||||||
(Millions of Dollars, Except Per-Share Amounts) |
||||||||||||
(unaudited) |
||||||||||||
CONSOLIDATED STATEMENT OF INCOME(1) |
|
|
||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
REVENUES AND OTHER INCOME |
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||
Sales and other operating revenues |
$ |
47,216 |
|
|
$ |
65,372 |
|
$ |
96,058 |
|
$ |
117,686 |
Income (loss) from equity affiliates |
|
1,240 |
|
|
|
2,467 |
|
|
2,828 |
|
|
4,552 |
Other income (loss) |
|
440 |
|
|
|
923 |
|
|
803 |
|
|
897 |
Total Revenues and Other Income |
|
48,896 |
|
|
|
68,762 |
|
|
99,689 |
|
|
123,135 |
COSTS AND OTHER DEDUCTIONS |
|
|
|
|
|
|
|
|||||
Purchased crude oil and products |
|
28,984 |
|
|
|
40,684 |
|
|
58,391 |
|
|
74,095 |
Operating expenses (2) |
|
7,224 |
|
|
|
7,168 |
|
|
14,164 |
|
|
13,837 |
Exploration expenses |
|
169 |
|
|
|
196 |
|
|
359 |
|
|
405 |
Depreciation, depletion and amortization |
|
3,521 |
|
|
|
3,700 |
|
|
7,047 |
|
|
7,354 |
Taxes other than on income |
|
1,041 |
|
|
|
882 |
|
|
2,137 |
|
|
2,122 |
Interest and debt expense |
|
120 |
|
|
|
129 |
|
|
235 |
|
|
265 |
Total Costs and Other Deductions |
|
41,059 |
|
|
|
52,759 |
|
|
82,333 |
|
|
98,078 |
Income (Loss) Before Income Tax Expense |
|
7,837 |
|
|
|
16,003 |
|
|
17,356 |
|
|
25,057 |
Income tax expense (benefit) |
|
1,829 |
|
|
|
4,288 |
|
|
4,743 |
|
|
7,065 |
Net Income (Loss) |
|
6,008 |
|
|
|
11,715 |
|
|
12,613 |
|
|
17,992 |
Less: Net income (loss) attributable to noncontrolling interests |
|
(2 |
) |
|
|
93 |
|
|
29 |
|
|
111 |
NET INCOME (LOSS) ATTRIBUTABLE TO
|
$ |
6,010 |
|
|
$ |
11,622 |
|
$ |
12,584 |
|
$ |
17,881 |
|
|
|
|
|
|
|
|
|||||
(1) Prior year data has been reclassified in certain cases to conform to the 2023 presentation basis. |
||||||||||||
(2) Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs. |
||||||||||||
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||
PER SHARE OF COMMON STOCK |
|
|
|
|
|
|
|
|||||
Net Income (Loss) Attributable to |
|
|
|
|
|
|
||||||
- Basic |
$ |
3.22 |
|
|
$ |
5.98 |
|
$ |
6.70 |
|
$ |
9.21 |
- Diluted |
$ |
3.20 |
|
|
$ |
5.95 |
|
$ |
6.66 |
|
$ |
9.17 |
Weighted Average Number of Shares Outstanding (000's) |
|
|
|
|
||||||||
- Basic |
|
1,867,165 |
|
|
|
1,947,703 |
|
|
1,879,363 |
|
|
1,941,719 |
- Diluted |
|
1,875,508 |
|
|
|
1,957,109 |
|
|
1,888,077 |
|
|
1,950,860 |
|
|
|
|
|
|
|
|
|||||
Note: Shares outstanding (excluding 14 million associated with Chevron’s |
EARNINGS BY MAJOR OPERATING AREA |
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Upstream |
|
|
|
|
|
|
|
||||||||
|
$ |
1,640 |
|
|
$ |
3,367 |
|
|
$ |
3,421 |
|
|
$ |
6,605 |
|
International |
|
3,296 |
|
|
|
5,191 |
|
|
|
6,676 |
|
|
|
8,887 |
|
Total Upstream |
|
4,936 |
|
|
|
8,558 |
|
|
|
10,097 |
|
|
|
15,492 |
|
Downstream |
|
|
|
|
|
|
|
||||||||
|
|
1,081 |
|
|
|
2,440 |
|
|
|
2,058 |
|
|
|
2,926 |
|
International |
|
426 |
|
|
|
1,083 |
|
|
|
1,249 |
|
|
|
928 |
|
Total Downstream |
|
1,507 |
|
|
|
3,523 |
|
|
|
3,307 |
|
|
|
3,854 |
|
All Other |
|
(433 |
) |
|
|
(459 |
) |
|
|
(820 |
) |
|
|
(1,465 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO
|
$ |
6,010 |
|
|
$ |
11,622 |
|
|
$ |
12,584 |
|
$ |
17,881 |
Attachment 2 |
|||||||||||
|
|||||||||||
(Millions of Dollars) |
|||||||||||
(unaudited) |
|||||||||||
SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary) |
|
|
|
|
|||||||
Cash and cash equivalents |
|
|
|
|
$ |
9,292 |
|
|
$ |
17,678 |
|
Marketable securities |
|
|
|
|
$ |
318 |
|
|
$ |
223 |
|
Total assets |
|
|
|
|
$ |
251,779 |
|
|
$ |
257,709 |
|
Total debt |
|
|
|
|
$ |
21,514 |
|
|
$ |
23,339 |
|
|
|
|
|
|
$ |
158,325 |
|
|
$ |
159,282 |
|
Noncontrolling interests |
|
|
|
|
$ |
973 |
|
|
$ |
960 |
|
|
|
|
|
|
|
|
|
||||
SELECTED FINANCIAL RATIOS |
|
|
|
|
|||||||
Total debt plus total stockholders’ equity |
|
$ |
179,839 |
|
|
$ |
182,621 |
|
|||
Debt ratio (Total debt / Total debt plus stockholders’ equity) |
|
|
|
|
|
12.0 |
% |
|
|
12.8 |
% |
|
|
|
|
|
|
|
|
||||
Adjusted debt (Total debt less cash and cash equivalents and marketable securities) |
|
$ |
11,904 |
|
|
$ |
5,438 |
|
|||
Adjusted debt plus total stockholders’ equity |
|
$ |
170,229 |
|
|
$ |
164,720 |
|
|||
Net debt ratio (Adjusted debt / Adjusted debt plus total stockholders’ equity) |
|
|
7.0 |
% |
|
|
3.3 |
% |
RETURN ON CAPITAL EMPLOYED (ROCE) |
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Total reported earnings |
$ |
6,010 |
|
|
$ |
11,622 |
|
|
$ |
12,584 |
|
|
$ |
17,881 |
|
Non-controlling interest |
|
(2 |
) |
|
|
93 |
|
|
|
29 |
|
|
|
111 |
|
Interest expense (A/T) |
|
111 |
|
|
|
120 |
|
|
|
217 |
|
|
|
246 |
|
ROCE earnings |
|
6,119 |
|
|
|
11,835 |
|
|
|
12,830 |
|
|
|
18,238 |
|
Annualized ROCE earnings |
|
24,476 |
|
|
|
47,340 |
|
|
|
25,660 |
|
|
|
36,476 |
|
Average capital employed* |
|
182,226 |
|
|
|
178,615 |
|
|
|
182,197 |
|
|
|
176,053 |
|
ROCE |
|
13.4 |
% |
|
|
26.5 |
% |
|
|
14.1 |
% |
|
|
20.7 |
% |
*Capital employed is the sum of |
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
CAPEX BY SEGMENT |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
|
|
|
|
|
|
|
||||
Upstream |
$ |
2,296 |
|
$ |
1,549 |
|
$ |
4,214 |
|
$ |
2,836 |
Downstream |
|
379 |
|
|
715 |
|
|
710 |
|
|
838 |
Other |
|
90 |
|
|
86 |
|
|
121 |
|
|
128 |
Total |
|
2,765 |
|
|
2,350 |
|
|
5,045 |
|
|
3,802 |
|
|
|
|
|
|
|
|
||||
International |
|
|
|
|
|
|
|
||||
Upstream |
|
940 |
|
|
621 |
|
|
1,662 |
|
|
1,101 |
Downstream |
|
48 |
|
|
208 |
|
|
78 |
|
|
235 |
Other |
|
4 |
|
|
5 |
|
|
10 |
|
|
6 |
|
|
992 |
|
|
834 |
|
|
1,750 |
|
|
1,342 |
CAPEX |
$ |
3,757 |
|
$ |
3,184 |
|
$ |
6,795 |
|
$ |
5,144 |
|
|
|
|
|
|
|
|
||||
AFFILIATE CAPEX (not included above): |
|
|
|
|
|
|
|
||||
Upstream |
$ |
615 |
|
$ |
602 |
|
$ |
1,254 |
|
$ |
1,179 |
Downstream |
|
361 |
|
|
207 |
|
|
591 |
|
|
355 |
AFFILIATE CAPEX |
$ |
976 |
|
$ |
809 |
|
$ |
1,845 |
|
$ |
1,534 |
Attachment 3 |
|||||||||||||||
|
|||||||||||||||
(Billions of Dollars) |
|||||||||||||||
(unaudited) |
|||||||||||||||
SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary)(1) |
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
||||||||||||||
OPERATING ACTIVITIES |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net Income (Loss) |
$ |
6.0 |
|
|
$ |
11.7 |
|
|
$ |
12.6 |
|
|
$ |
18.0 |
|
Adjustments |
|
|
|
|
|
|
|
||||||||
Depreciation, depletion and amortization |
|
3.5 |
|
|
|
3.7 |
|
|
|
7.0 |
|
|
|
7.4 |
|
Distributions more (less) than income from equity affiliates |
|
(0.5 |
) |
|
|
(1.7 |
) |
|
|
(1.4 |
) |
|
|
(3.2 |
) |
Loss (gain) on asset retirements and sales |
|
— |
|
|
|
(0.4 |
) |
|
|
— |
|
|
|
(0.5 |
) |
Net foreign currency effects |
|
0.1 |
|
|
|
(0.5 |
) |
|
|
0.1 |
|
|
|
(0.2 |
) |
Deferred income tax provision |
|
0.7 |
|
|
|
0.7 |
|
|
|
1.5 |
|
|
|
1.3 |
|
Net decrease (increase) in operating working capital |
|
(3.1 |
) |
|
|
0.5 |
|
|
|
(4.9 |
) |
|
|
(0.4 |
) |
Other operating activity |
|
(0.4 |
) |
|
|
(0.3 |
) |
|
|
(1.4 |
) |
|
|
(0.6 |
) |
Net Cash Provided by Operating Activities |
$ |
6.3 |
|
|
$ |
13.8 |
|
|
$ |
13.5 |
|
|
$ |
21.8 |
|
|
|
|
|
|
|
|
|
||||||||
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
||||||||
Acquisition of businesses, net of cash acquired |
|
— |
|
|
|
(2.9 |
) |
|
|
— |
|
|
|
(2.9 |
) |
Capital expenditures (Capex) |
|
(3.8 |
) |
|
|
(3.2 |
) |
|
|
(6.8 |
) |
|
|
(5.1 |
) |
Proceeds and deposits related to asset sales and returns of investment |
|
0.1 |
|
|
|
1.1 |
|
|
|
0.3 |
|
|
|
2.3 |
|
Other investing activity |
|
(0.3 |
) |
|
|
— |
|
|
|
(0.3 |
) |
|
|
— |
|
|
$ |
(3.9 |
) |
|
$ |
(5.0 |
) |
|
$ |
(6.8 |
) |
|
$ |
(5.6 |
) |
|
|
|
|
|
|
|
|
||||||||
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
||||||||
Net change in debt |
|
(1.6 |
) |
|
|
(3.7 |
) |
|
|
(1.7 |
) |
|
|
(5.7 |
) |
Cash dividends — common stock |
|
(2.8 |
) |
|
|
(2.8 |
) |
|
|
(5.7 |
) |
|
|
(5.5 |
) |
Shares issued for share-based compensation |
|
— |
|
|
|
0.8 |
|
|
|
0.2 |
|
|
|
5.5 |
|
Shares repurchased |
|
(4.4 |
) |
|
|
(2.5 |
) |
|
|
(8.1 |
) |
|
|
(3.8 |
) |
Distributions to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net Cash Provided by (Used for) Financing Activities |
$ |
(8.7 |
) |
|
$ |
(8.1 |
) |
|
$ |
(15.3 |
) |
|
$ |
(9.5 |
) |
|
|
|
|
|
|
|
|
||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(0.1 |
) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
$ |
(6.5 |
) |
|
$ |
0.6 |
|
|
$ |
(8.7 |
) |
|
$ |
6.6 |
|
|
|
|
|
|
|
|
|
||||||||
RECONCILIATION OF NON-GAAP MEASURES (1) |
|
|
|
|
|
|
|
||||||||
Net Cash Provided by Operating Activities |
$ |
6.3 |
|
|
$ |
13.8 |
|
|
$ |
13.5 |
|
|
$ |
21.8 |
|
Less: Net decrease (increase) in operating working capital |
|
(3.1 |
) |
|
|
0.5 |
|
|
|
(4.9 |
) |
|
|
(0.4 |
) |
Cash Flow from |
$ |
9.4 |
|
|
$ |
13.3 |
|
|
$ |
18.5 |
|
|
$ |
22.2 |
|
|
|
|
|
|
|
|
|
||||||||
Net Cash Provided by Operating Activities |
$ |
6.3 |
|
|
$ |
13.8 |
|
|
$ |
13.5 |
|
|
$ |
21.8 |
|
Less: Capital expenditures |
|
3.8 |
|
|
|
3.2 |
|
|
|
6.8 |
|
|
|
5.1 |
|
Free Cash Flow |
$ |
2.5 |
|
|
$ |
10.6 |
|
|
$ |
6.7 |
|
|
$ |
16.7 |
|
Less: Net decrease (increase) in operating working capital |
|
(3.1 |
) |
|
|
0.5 |
|
|
|
(4.9 |
) |
|
|
(0.4 |
) |
|
$ |
5.7 |
|
|
$ |
10.1 |
|
|
$ |
11.7 |
|
|
$ |
17.1 |
|
(1) Totals may not match sum of parts due to presentation in billions. |
Attachment 4 |
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
(Millions of Dollars) |
||||||||||||||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
|
|
|
|
||||||||||||||||||||||||||||||||
|
|
Three Months Ended
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||||||
|
REPORTED EARNINGS |
Pre-
|
Income
|
After-
|
|
Pre-
|
Income
|
After-
|
|
Pre-
|
Income
|
After-
|
|
Pre-
|
Income
|
After-
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
$ |
1,640 |
|
|
|
|
$ |
3,367 |
|
|
|
|
$ |
3,421 |
|
|
|
|
$ |
6,605 |
|
|||||||||||||
Int'l Upstream |
|
|
|
3,296 |
|
|
|
|
|
5,191 |
|
|
|
|
|
6,676 |
|
|
|
|
|
8,887 |
|
|||||||||||||
|
|
|
|
1,081 |
|
|
|
|
|
2,440 |
|
|
|
|
|
2,058 |
|
|
|
|
|
2,926 |
|
|||||||||||||
Int'l Downstream |
|
|
|
426 |
|
|
|
|
|
1,083 |
|
|
|
|
|
1,249 |
|
|
|
|
|
928 |
|
|||||||||||||
All Other |
|
|
|
(433 |
) |
|
|
|
|
(459 |
) |
|
|
|
|
(820 |
) |
|
|
|
|
(1,465 |
) |
|||||||||||||
Net Income (Loss) Attributable to |
$ |
6,010 |
|
|
|
|
$ |
11,622 |
|
|
|
|
$ |
12,584 |
|
|
|
|
$ |
17,881 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
SPECIAL ITEMS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Early contract termination |
$ |
— |
$ |
— |
$ |
— |
|
|
$ |
(765 |
) |
$ |
165 |
|
$ |
(600 |
) |
|
$ |
— |
$ |
— |
$ |
— |
|
|
$ |
(765 |
) |
$ |
165 |
|
$ |
(600 |
) |
Int'l Upstream |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Asset sale gains |
|
— |
|
— |
|
— |
|
|
|
328 |
|
|
(128 |
) |
|
200 |
|
|
|
— |
|
— |
|
— |
|
|
|
328 |
|
|
(128 |
) |
|
200 |
|
|
Tax items |
|
— |
|
225 |
|
225 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
95 |
|
95 |
|
|
|
— |
|
|
— |
|
|
— |
|
All Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Pension settlement costs |
|
— |
|
— |
|
— |
|
|
|
(12 |
) |
|
1 |
|
|
(11 |
) |
|
|
— |
|
— |
|
— |
|
|
|
(98 |
) |
|
21 |
|
|
(77 |
) |
Total Special Items |
$ |
— |
$ |
225 |
$ |
225 |
|
|
$ |
(449 |
) |
$ |
38 |
|
$ |
(411 |
) |
|
$ |
— |
$ |
95 |
$ |
95 |
|
|
$ |
(535 |
) |
$ |
58 |
|
$ |
(477 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
FOREIGN CURRENCY EFFECTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Int'l Upstream |
|
|
$ |
10 |
|
|
|
|
$ |
603 |
|
|
|
|
$ |
(46 |
) |
|
|
|
$ |
459 |
|
|||||||||||||
Int'l Downstream |
|
|
|
4 |
|
|
|
|
|
145 |
|
|
|
|
|
22 |
|
|
|
|
|
168 |
|
|||||||||||||
All Other |
|
|
|
(4 |
) |
|
|
|
|
(80 |
) |
|
|
|
|
(6 |
) |
|
|
|
|
(177 |
) |
|||||||||||||
Total Foreign Currency Effects |
|
$ |
10 |
|
|
|
|
$ |
668 |
|
|
|
|
$ |
(30 |
) |
|
|
|
$ |
450 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
ADJUSTED EARNINGS/(LOSS) * |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
$ |
1,640 |
|
|
|
|
$ |
3,967 |
|
|
|
|
$ |
3,421 |
|
|
|
|
$ |
7,205 |
|
|||||||||||||
Int'l Upstream |
|
|
|
3,061 |
|
|
|
|
|
4,388 |
|
|
|
|
|
6,627 |
|
|
|
|
|
8,228 |
|
|||||||||||||
|
|
|
|
1,081 |
|
|
|
|
|
2,440 |
|
|
|
|
|
2,058 |
|
|
|
|
|
2,926 |
|
|||||||||||||
Int'l Downstream |
|
|
|
422 |
|
|
|
|
|
938 |
|
|
|
|
|
1,227 |
|
|
|
|
|
760 |
|
|||||||||||||
All Other |
|
|
|
(429 |
) |
|
|
|
|
(368 |
) |
|
|
|
|
(814 |
) |
|
|
|
|
(1,211 |
) |
|||||||||||||
Total Adjusted Earnings/(Loss) |
$ |
5,775 |
|
|
|
|
$ |
11,365 |
|
|
|
|
$ |
12,519 |
|
|
|
|
$ |
17,908 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total Adjusted Earnings/(Loss) per share |
$ |
3.08 |
|
|
|
|
$ |
5.82 |
|
|
|
|
$ |
6.63 |
|
|
|
|
$ |
9.18 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
* Adjusted Earnings/(Loss) is defined as Net Income (loss) attributable to |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230728977202/en/
Source: