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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 June 30, 2021
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 1,933,911,944 shares of the Company’s common stock outstanding on June 30, 2021.


Table of Contents

TABLE OF CONTENTS
 
 Page No.
FINANCIAL INFORMATION
OTHER INFORMATION
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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,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “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 (OPEC) 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 undertaken or 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 achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; 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, taxes and tax audits, 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 23 of the company’s 2020 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.
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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
June 30
Six Months Ended
June 30
 2021202020212020
 (Millions of dollars, except per-share amounts)
Revenues and Other Income
Sales and other operating revenues$36,117 $15,926 $67,193 $45,631 
Income (loss) from equity affiliates1,442 (2,515)2,353 (1,550)
Other income (loss)38 83 80 914 
Total Revenues and Other Income37,597 13,494 69,626 44,995 
Costs and Other Deductions
Purchased crude oil and products20,629 8,144 38,197 23,653 
Operating expenses4,899 5,530 9,866 10,821 
Selling, general and administrative expenses1,096 1,569 2,086 2,252 
Exploration expenses113 895 199 1,053 
Depreciation, depletion and amortization4,522 6,717 8,808 11,005 
Taxes other than on income1,566 965 2,986 2,132 
Interest and debt expense185 172 383 334 
Other components of net periodic benefit costs165 99 502 197 
Total Costs and Other Deductions33,175 24,091 63,027 51,447 
Income (Loss) Before Income Tax Expense4,422 (10,597)6,599 (6,452)
Income Tax Expense (Benefit)1,328 (2,320)2,107 (1,756)
Net Income (Loss)3,094 (8,277)4,492 (4,696)
Less: Net income (loss) attributable to noncontrolling interests12 (7)33 (25)
Net Income (Loss) Attributable to Chevron Corporation$3,082 $(8,270)$4,459 $(4,671)
Per Share of Common Stock
Net Income (Loss) Attributable to Chevron Corporation
- Basic$1.61 $(4.44)$2.33 $(2.51)
- Diluted$1.60 $(4.44)$2.32 $(2.51)
Weighted Average Number of Shares Outstanding (000s)
- Basic1,917,536 1,853,313 1,915,243 1,857,793 
- Diluted1,921,958 1,853,313 1,918,940 1,857,793 
See accompanying notes to consolidated financial statements.

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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
June 30
Six Months Ended
June 30
 2021202020212020
(Millions of dollars)
Net Income (Loss)$3,094 $(8,277)$4,492 $(4,696)
Currency translation adjustment3 7 (16)(12)
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period5 (1)2 (4)
Derivatives
Net derivatives loss on hedge transactions(2) (2) 
  Total(2) (2) 
Defined benefit plans
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements242 169 677 335 
Actuarial gain (loss) arising during period110  1,017  
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments(4)(5)(8)(8)
Prior service (costs) credits arising during period3  3  
Defined benefit plans sponsored by equity affiliates - benefit (cost)29 7 40 9 
   Income (taxes) benefit on defined benefit plans(95)(43)(396)(80)
  Total 285 128 1,333 256 
Other Comprehensive Gain (Loss), Net of Tax291 134 1,317 240 
Comprehensive Income (Loss)3,385 (8,143)5,809 (4,456)
Comprehensive loss (income) attributable to noncontrolling interests(12)7 (33)25 
Comprehensive Income (Loss) Attributable to Chevron Corporation$3,373 $(8,136)$5,776 $(4,431)





See accompanying notes to consolidated financial statements.
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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
At June 30,
2021
At December 31,
2020
(Millions of dollars)
Assets
Cash and cash equivalents$7,527 $5,596 
Marketable securities34 31 
Accounts and notes receivable (less allowance: 2021 - $281; 2020 - $284)
15,705 11,471 
Inventories:
Crude oil and petroleum products4,093 3,576 
Chemicals556 457 
Materials, supplies and other1,590 1,643 
Total inventories6,239 5,676 
Prepaid expenses and other current assets3,468 3,304 
Total Current Assets32,973 26,078 
Long-term receivables (less allowance: 2021 - $418; 2020 - $387)
566 589 
Investments and advances40,551 39,052 
Properties, plant and equipment, at cost342,157 345,232 
Less: Accumulated depreciation, depletion and amortization190,949 188,614 
Properties, plant and equipment, net151,208 156,618 
Deferred charges and other assets11,744 11,950 
Goodwill4,402 4,402 
Assets held for sale1,362 1,101 
Total Assets$242,806 $239,790 
Liabilities and Equity
Short-term debt
$3,497 $1,548 
Accounts payable14,719 10,950 
Accrued liabilities7,680 7,812 
Federal and other taxes on income1,212 921 
Other taxes payable1,039 952 
Total Current Liabilities28,147 22,183 
Long-term debt39,521 42,767 
Deferred credits and other noncurrent obligations20,437 20,328 
Noncurrent deferred income taxes13,140 12,569 
Noncurrent employee benefit plans7,650 9,217 
Total Liabilities*
$108,895 $107,064 
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 June 30, 2021 and December 31, 2020)
1,832 1,832 
Capital in excess of par value17,044 16,829 
Retained earnings159,640 160,377 
Accumulated other comprehensive losses(4,295)(5,612)
Deferred compensation and benefit plan trust(240)(240)
Treasury stock, at cost (508,764,636 and 517,490,263 shares at June 30, 2021 and December 31, 2020, respectively)
(40,799)(41,498)
Total Chevron Corporation Stockholders’ Equity133,182 131,688 
Noncontrolling interests (includes redeemable noncontrolling interest of $127 and $120 at June 30, 2021 and December 31, 2020, respectively)
729 1,038 
Total Equity133,911 132,726 
Total Liabilities and Equity$242,806 $239,790 
* Refer to Note 12, “Other Contingencies and Commitments” beginning on page 17.





See accompanying notes to consolidated financial statements.
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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Six Months Ended
June 30
 20212020
(Millions of dollars)
Operating Activities
Net Income (Loss)$4,492 $(4,696)
Adjustments
Depreciation, depletion and amortization8,808 11,005 
Dry hole expense19 845 
Distributions more (less) than income from equity affiliates(1,417)2,278 
Net before-tax losses (gains) on asset retirements and sales(87)(598)
Net foreign currency effects159 (19)
Deferred income tax provision(186)(2,547)
Net decrease (increase) in operating working capital(1,032)(373)
Decrease (increase) in long-term receivables22 49 
Net decrease (increase) in other deferred charges(116)(109)
Cash contributions to employee pension plans(581)(531)
Other1,069 (502)
Net Cash Provided by Operating Activities11,150 4,802 
Investing Activities
Capital expenditures(3,543)(5,225)
Proceeds and deposits related to asset sales and returns of investment369 1,852 
Net sales (purchases) of marketable securities (1)
Net repayment (borrowing) of loans by equity affiliates39 (1,074)
Net Cash Used for Investing Activities(3,135)(4,448)
Financing Activities
Net borrowings (repayments) of short-term obligations1,948 2,571 
Proceeds from issuances of long-term debt 8,250 
Repayments of long-term debt and other financing obligations(3,252)(3,820)
Cash dividends - common stock(5,041)(4,796)
Distributions to noncontrolling interests(26)(10)
Net sales (purchases) of treasury shares373 (1,550)
Net Cash Provided by (Used for) Financing Activities(5,998)645 
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(66)(131)
Net Change in Cash, Cash Equivalents and Restricted Cash1,951 868 
Cash, Cash Equivalents and Restricted Cash at January 16,737 6,911 
Cash, Cash Equivalents and Restricted Cash at June 30
$8,688 $7,779 





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 June 30
Stock(1)
EarningsIncome (Loss)(at cost)EquityInterestsEquity
Balance at March 31, 2020$18,867 $176,113 $(4,884)$(46,166)$143,930 $984 $144,914 
Treasury stock transactions22 — — — 22 — 22 
Net income (loss)— (8,270)— — (8,270)(7)(8,277)
Cash dividends— (2,394)— — (2,394)(5)(2,399)
Stock dividends—  — —  —  
Other comprehensive income— — 134 — 134 — 134 
Purchases of treasury shares— — — —  —  
Issuances of treasury shares— — — 23 23 — 23 
Other changes, net— 673 — — 673 (704)(31)
Balance at June 30, 2020$18,889 $166,122 $(4,750)$(46,143)$134,118 $268 $134,386 
Balance at March 31, 2021$18,458 $159,285 $(4,586)$(41,269)$131,888 $1,045 $132,933 
Treasury stock transactions40 — — — 40 — 40 
NBLX Acquisition138 (148)— 377 367 (321)46 
Net income (loss)— 3,082 — — 3,082 12 3,094 
Cash dividends— (2,573)— — (2,573)(14)(2,587)
Stock dividends— — — —  —  
Other comprehensive income— — 291 — 291 — 291 
Purchases of treasury shares— — — (2)(2)— (2)
Issuances of treasury shares— — — 95 95 — 95 
Other changes, net — (6)— — (6)7 1 
Balance at June 30, 2021$18,636 $159,640 $(4,295)$(40,799)$133,182 $729 $133,911 
Six Months Ended June 30
Balance at December 31, 2019$18,857 $174,945 $(4,990)$(44,599)$144,213 $995 $145,208 
Treasury stock transactions32 — — — 32 — 32 
Net income (loss)— (4,671)— — (4,671)(25)(4,696)
Cash dividends— (4,796)— — (4,796)(10)(4,806)
Stock dividends— (1)— — (1)— (1)
Other comprehensive income— — 240 — 240 — 240 
Purchases of treasury shares— — — (1,751)(1,751)— (1,751)
Issuances of treasury shares— — — 207 207 — 207 
Other changes, net— 645 — — 645 (692)(47)
Balance at June 30, 2020$18,889 $166,122 $(4,750)$(46,143)$134,118 $268 $134,386 
Balance at December 31, 2020$18,421 $160,377 $(5,612)$(41,498)$131,688 $1,038 $132,726 
Treasury stock transactions77 — — — 77 — 77 
NBLX Acquisition138 (148)— 377 367 (321)46 
Net income (loss)— 4,459 — — 4,459 33 4,492 
Cash dividends— (5,041)— — (5,041)(26)(5,067)
Stock dividends— (1)— — (1)— (1)
Other comprehensive income— — 1,317 — 1,317 — 1,317 
Purchases of treasury shares— — — (8)(8)— (8)
Issuances of treasury shares— — — 330 330 — 330 
Other changes, net— (6)— — (6)5 (1)
Balance at June 30, 2021$18,636 $159,640 $(4,295)$(40,799)$133,182 $729 $133,911 
(Number of Shares)Common Stock - 2021Common Stock - 2020
Three Months Ended June 30
Issued(2)
TreasuryOutstanding
Issued(2)
TreasuryOutstanding
Balance at March 312,442,676,580 (514,624,401)1,928,052,179 2,442,676,580 (575,697,930)1,866,978,650 
Purchases— (6,593)(6,593)— (224)(224)
Issuances— 5,866,358 5,866,358 — 289,406 289,406 
Balance at June 302,442,676,580 (508,764,636)1,933,911,944 2,442,676,580 (575,408,748)1,867,267,832 
Six Months Ended June 30
Balance at December 312,442,676,580 (517,490,263)1,925,186,317 2,442,676,580 (560,508,479)1,882,168,101 
Purchases— (73,596)(73,596)— (17,501,326)(17,501,326)
Issuances— 8,799,223 8,799,223 — 2,601,057 2,601,057 
Balance at June 302,442,676,580 (508,764,636)1,933,911,944 2,442,676,580 (575,408,748)1,867,267,832 
(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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Table of Contents
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 six-month periods ended June 30, 2021, 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 2020 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 caused a significant decline in the demand for our products and 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 throughout 2020. While demand and commodity prices have largely recovered, demand is not back to pre-pandemic levels, and financial results could continue to be challenged in future quarters. There continues to be uncertainty and unpredictability around the extent to which the COVID-19 pandemic may impact our results, which could be material.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 2. Information Relating to the Consolidated Statement of Cash Flows
Six Months Ended
June 30
20212020
(Millions of dollars)
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates$936 $728 
(Income) loss from equity affiliates(2,353)1,550 
Distributions more (less) than income from equity affiliates$(1,417)$2,278 
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable$(4,725)$4,769 
Decrease (increase) in inventories(471)371 
Decrease (increase) in prepaid expenses and other current assets (1)392 
Increase (decrease) in accounts payable and accrued liabilities 3,751 (4,812)
Increase (decrease) in income and other taxes payable414 (1,093)
Net decrease (increase) in operating working capital$(1,032)$(373)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)$355 $328 
Income taxes1,939 2,142 
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales$352 $1,821 
Returns of investment from equity affiliates17 31 
Proceeds and deposits related to asset sales and returns of investment$369 $1,852 
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased$(3)$(1)
Marketable securities sold3  
Net sales (purchases) of marketable securities$ $(1)
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates$ $(1,100)
Repayment of loans by equity affiliates39 26 
Net repayment (borrowing) of loans by equity affiliates$39 $(1,074)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations$4,449 $7,922 
Repayments of short-term obligations (3,910)(2,150)
Net borrowings (repayments) of short-term obligations with three months or less maturity1,409 (3,201)
Net borrowings (repayments) of short-term obligations$1,948 $2,571 
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans$381 $201 
Shares purchased under share repurchase and deferred compensation plans (8)(1,751)
Net sales (purchases) of treasury shares