UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2022

Chevron Corporation

(Exact name of registrant as specified in its charter)

Delaware	001-00368			94-0890210		
(State or other jurisdiction			(Commission File Number)		(I.R.S. Employer	
of incorporation )					Identification No.)	
6001 Bollinger Canyon Road, San Ramon,	CA	94583		
(Address of Principal Executive Offices)					(Zip Code)		

Registrant’s telephone number, including area code: (925) 842-1000

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.

Item 2.02	Results of Operations and Financial Condition

On April 29, 2022, Chevron Corporation issued a press release announcing unaudited first quarter 2022 earnings of $6.3 billion. The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information included herein and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibits.

Exhibit Number	Description	
99.1		Press release issued April 29, 2022.		
104		Cover Page Interactive Data File (contained in Exhibit 101)	

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 29, 2022

CHEVRON CORPORATION

By	/s/ David A. Inchausti	
	David A. Inchausti	
	Vice President and Controller	
	(Principal Accounting Officer and	
	Duly Authorized Officer)	

news release

EXHIBIT 99.1

FOR RELEASE AT 3:15 AM PT

APRIL 29, 2022

Chevron Announces First Quarter 2022 Results

•	Reported earnings of $6.3 billion; adjusted earnings of $6.5 billion

•	Cash flow from operations of $8.1 billion; free cash flow of $6.1 billion

•	Record Permian Basin unconventional production

San Ramon, Calif., April 29, 2022 – Chevron Corporation (NYSE: CVX) today reported earnings of $6.3 billion ($3.22 per share - diluted) for first quarter 2022, compared with $1.4 billion ($0.72 per share - diluted) in first quarter 2021. Included in the current quarter were pension settlement costs of $66 million. Foreign currency effects decreased earnings by $218 million. Adjusted earnings of $6.5 billion ($3.36 per share - diluted) in first quarter 2022 compares to adjusted earnings of $1.7 billion ($0.90 per share - diluted) in first quarter 2021.

Sales and other operating revenues in first quarter 2022 were $52 billion, compared to $31 billion in the year-ago period.

Earnings Summary

	Three Months Ended	
	March 31		
Millions of dollars	2022	2021	
Earnings by business segment			
Upstream	$6,934	$2,350	
Downstream	331	5	
All Other	(1,006)	(978)	
Total (1)(2)	$6,259	$1,377	
(1) Includes foreign currency effects	$(218)	$(2)	
(2)	Net income attributable to Chevron Corporation (See Attachment 1)

“First quarter financial performance saw return on capital employed increase to 14.7 percent and our balance sheet strengthen further,” said Mike Wirth, Chevron’s chairman and chief executive officer. The company’s debt ratio and net debt ratio declined to 16.7 and 10.8 percent, respectively.

“Chevron is doing its part to grow domestic supply with U.S. oil and gas production up 10 percent over first quarter last year,” Wirth continued. Chevron’s worldwide net oil equivalent production in the first quarter was 3.06 million barrels per day. Permian Basin unconventional production grew to a record 692,000 barrels of oil equivalent per day in the first quarter, as the company raised its 2022 guidance to 700,000 - 750,000 barrels per day, an increase of over 15 percent from 2021.

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“Consistent with our plans, we’re investing to grow both traditional and new energy business lines,” Wirth added. The company’s capital expenditures during the quarter increased to $2.8 billion, 10 percent higher than last year. The total of full-year capital spending and announced acquisitions is expected to be more than 50 percent higher than 2021.

Chevron accelerated plans to grow its renewable fuels business with the announced agreement to acquire Renewable Energy Group, Inc. and the signing of definitive transaction agreements with Bunge North America, Inc. The company also advanced its hydrogen, carbon capture and offsets businesses with an agreement with Iwatani Corporation of America to build 30 hydrogen fueling stations in California, an investment in Carbon Clean, a global leader in cost-effective industrial carbon capture, and an agreement with Restore the Earth Foundation, Inc. on a carbon offsets reforestation project of up to 8,800 acres in Louisiana.

The company also closed its previously announced agreement with Neste Corporation to acquire its Group III base oil business and NEXBASETM brand on April 1, 2022, strengthening its position as a leading supplier of premium base oils.

“While we continue to respond to the energy-related challenges of today, we are deeply saddened by the tragic events in Ukraine and hope for a peaceful resolution soon,” Wirth concluded.

UPSTREAM

Worldwide net oil-equivalent production was 3.06 million barrels per day in first quarter 2022. International production decreased 8 percent, while U.S. production increased 10 percent compared to the same period a year ago.

U.S. Upstream

Three Months Ended
March 31

Millions of dollars	2022	2021	
Earnings	$3,238	$941	

U.S. upstream operations earned $3.24 billion in first quarter 2022, compared with $941 million a year earlier. The improvement was primarily due to higher realizations and higher sales volumes.

The company’s average sales price per barrel of crude oil and natural gas liquids was $77 in first quarter 2022, up from $48 a year earlier. The average sales price of natural gas was $4.10 per thousand cubic feet in first quarter 2022, up from $2.15 in last year’s first quarter.

Net oil-equivalent production of 1.18 million barrels per day in first quarter 2022 was up 109,000 barrels per day from a year earlier. The increase was primarily due to net production increases in the Permian Basin and the absence of impacts from winter storm Uri. The net liquids component of oil-equivalent production in first quarter 2022 increased 10 percent to 880,000 barrels per day, and net natural gas production increased 11 percent to 1.83 billion cubic feet per day, compared to last year’s first quarter.

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International Upstream

	Three Months Ended	
	March 31		
Millions of dollars	2022	2021	
Earnings*	$3,696	$1,409	
*Includes foreign currency effects	$(144)	$(52)	

International upstream operations earned $3.70 billion in first quarter 2022, compared with $1.41 billion a year ago. The increase in earnings was primarily due to higher realizations, which were partially offset by lower sales volumes. Foreign currency effects had an unfavorable impact on earnings of $92 million between periods.

The average sales price for crude oil and natural gas liquids in first quarter 2022 was $93 per barrel, up from $56 a year earlier. The average sales price of natural gas was $8.87 per thousand cubic feet in the first quarter, up from $4.72 in last year’s first quarter.

Net oil-equivalent production of 1.88 million barrels per day in first quarter 2022 was down 170,000 barrels per day from first quarter 2021. The decrease was primarily due to normal field declines, the absence of production following expiration of the Rokan concession in Indonesia and unfavorable entitlement effects due to higher prices, partially offset by the absence of curtailments. The net liquids component of oil-equivalent production decreased 16 percent to 856,000 barrels per day in first quarter 2022, while net natural gas production of 6.12 billion cubic feet per day was largely unchanged compared to last year's first quarter.

DOWNSTREAM

U.S. Downstream

Three Months Ended
March 31

Millions of dollars	2022	2021	
Earnings	$486	$(130)	

U.S. downstream operations reported earnings of $486 million in first quarter 2022, compared with a loss of $130 million a year earlier. The increase was mainly due to higher margins on refined product sales and higher earnings from the 50 percent-owned Chevron Phillips Chemical Company.

Refinery crude oil input in first quarter 2022 increased 4 percent to 915,000 barrels per day from the year-ago period, as the company increased refinery runs in response to higher demand.

Refined product sales of 1.22 million barrels per day were up 16 percent from the year-ago period, mainly due to higher gasoline and jet fuel demand as travel restrictions associated with the pandemic continue to ease.

International Downstream

	Three Months Ended	
	March 31		
Millions of dollars	2022	2021	
Earnings*	$(155)	$135	
*Includes foreign currency effects	$23	$59	

International downstream operations reported a loss of $155 million in first quarter 2022, compared with earnings of $135 million a year earlier. The decrease was mainly due to higher operating expenses, lower margins on refined product sales, and a $36 million unfavorable swing in foreign currency impacts between periods.

Refinery crude oil input of 619,000 barrels per day in first quarter 2022 increased 15 percent from the year-ago period due to higher demand.

Refined product sales of 1.33 million barrels per day in first quarter 2022 increased 5 percent from the year-ago period, mainly due to higher demand for gasoline and jet fuel as restrictions from the pandemic continue to ease.

ALL OTHER

	Three Months Ended	
	March 31		
Millions of dollars	2022	2021	
Net Charges*	$(1,006)	$(978)	
*Includes foreign currency effects	$(97)	$(9)	

All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.

Net charges in first quarter 2022 were $1.01 billion, compared to $978 million a year earlier. The increase in net charges between periods was mainly due to an unfavorable swing in foreign currency effects and higher employee benefit costs, partially offset by lower pension expenses.

CASH FLOW FROM OPERATIONS

Cash flow from operations in the first three months of 2022 was $8.1 billion, compared with $4.2 billion in 2021. Excluding working capital effects, cash flow from operations in the first three months of 2022 was $9.0 billion, compared with $5.1 billion in 2021.

CAPITAL AND EXPLORATORY EXPENDITURES

Capital and exploratory expenditures in the first three months of 2022 were $2.8 billion, compared with $2.5 billion in 2021. The amounts included $725 million in 2022 and $678 million in 2021 for the company’s share of expenditures by affiliates, which did not require cash outlays by the company. Expenditures for upstream represented 88 percent of the company-wide total in 2022.

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

# # #

Contact: Braden Reddall -- +1 925-842-2209

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NOTICE

Chevron’s discussion of first quarter 2022 earnings with security analysts will take place on Friday, April 29, 2022, at 8:00 a.m. PT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 3:30 a.m. PT and located under “Events and Presentations” in the “Investors” section on the Chevron website.

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 Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

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 Chevron often discloses important information about the company, its business, and its results of operations.

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 U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 5.

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 cash capital expenditures, and 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 cash capital expenditures and 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. A reconciliation 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 Chevron Corporation stockholders’ equity, which indicates the company’s leverage, net of its cash balances. The company believes this measure is useful to monitor the strength of the company’s balance sheet. A reconciliation of net debt ratio is shown in Attachment 2.

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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 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,” “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, 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 the company’s 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; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s

global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the

competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly 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 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 implement capital allocation strategies, including future stock repurchase programs and dividend payments; 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 20 through 25 of the company's 2021 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 news release could also have material adverse effects on forward-looking statements.

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	CHEVRON CORPORATION - FINANCIAL REVIEW					Attachment 1		
			(Millions of Dollars, Except Per-Share Amounts)							
			(unaudited)							
CONSOLIDATED STATEMENT OF INCOME					Three Months		
										
							Ended March 31		
REVENUES AND OTHER INCOME		2022			2021		
Sales and other operating revenues	$	52,314		$	31,076		
Income (loss) from equity affiliates		2,085			911		
Other income (loss)		(26)			42		
Total Revenues and Other Income		54,373			32,029		
COSTS AND OTHER DEDUCTIONS		32,649					
Purchased crude oil and products					17,568		
Operating expenses *		6,669			6,294		
Exploration expenses		209			86		
Depreciation, depletion and amortization		3,654			4,286		
Taxes other than on income		2,002			1,420		
Interest and debt expense		136			198		
Total Costs and Other Deductions		45,319			29,852		
Income (Loss) Before Income Tax Expense		9,054			2,177		
Income tax expense (benefit)		2,777			779		
Net Income (Loss)		6,277			1,398		
Less: Net income (loss) attributable to noncontrolling interests		18			21		
NET INCOME (LOSS) ATTRIBUTABLE TO	$	6,259		$	1,377		
CHEVRON CORPORATION							
PER-SHARE OF COMMON STOCK								
								
Net Income (Loss) Attributable to Chevron Corporation							
- Basic	$	3.23		$	0.72		
- Diluted	$	3.22		$	0.72		
Weighted Average Number of Shares Outstanding (000's)							
- Basic		1,935,668			1,912,925		
- Diluted		1,944,542			1,915,889		
EARNINGS BY MAJOR OPERATING AREA					Three Months		
				Ended March 31		
										
Upstream		2022			2021		
	$	3,238					
United States				$	941		
International		3,696			1,409		
Total Upstream		6,934			2,350		
Downstream		486					
United States					(130)		
International		(155)			135		
Total Downstream		331			5		
All Other		(1,006)			(978)		
NET INCOME (LOSS) ATTRIBUTABLE TO	$	6,259		$	1,377		
CHEVRON CORPORATION							

*	Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs

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	CHEVRON CORPORATION - FINANCIAL REVIEW								Attachment 2		
		(Millions of Dollars)												
		(unaudited)												
SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary)			Mar. 31, 2022				Dec. 31, 2021		
Cash and cash equivalents												
	$	11,671			$			5,640			
Marketable securities	$	33	$			35			
Total assets	$	249,048	$			239,535			
Total debt	$	29,333	$			31,369			
Total Chevron Corporation stockholders' equity	$	146,219	$			139,067			
SELECTED FINANCIAL RATIOS	$	175,552									
											
Total debt plus total stockholders’ equity			$			170,436			
Debt ratio (Total debt / Total debt plus stockholders’equity)		16.7 %					18.4 %			
Adjusted debt (Total debt less cash and cash equivalents and marketable securities)	$	17,629	$			25,694			
Adjusted debt plus total stockholders’ equity	$	163,848	$			164,761			
Net debt ratio (Adjusted debt / Adjusted debt plus total stockholders’ equity)		10.8 %					15.6 %			
											Three Months		
										Ended March 31		
CAPITAL AND EXPLORATORY EXPENDITURES *				2022			2021		
United States													
			$	1,300						
Upstream				$	1,049			
Downstream				246			242			
Other				42			52			
Total United States				1,588			1,343			
International				1,118						
Upstream							1,059			
Downstream				50			98			
Other				1			4			
Total International				1,169			1,161			
Worldwide			$	2,757		$	2,504			

*	Includes interest in affiliates:

United States	$	125		$	86		
International		600			592		
Total							
	$	725		$	678		

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CHEVRON CORPORATION - FINANCIAL REVIEW			Attachment 3		
(Billions of Dollars)							
(unaudited)							
SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary)(1)							
						Three Mont		
				Ended March		
OPERATING ACTIVITIES		2022			20		
Net Income (Loss)	$	6.3		$	1		
Adjustments		3.7					
Depreciation, depletion and amortization					4		
Distributions more (less) than income from equity affiliates		(1.4)			(0		
Loss (gain) on asset retirements and sales		(0.1)			(0		
Net foreign currency effects		0.2			0		
Deferred income tax provision		0.6			(0		
Net decrease (increase) in operating working capital		(0.9)			(0		
Other operating activity		(0.3)			0		
Net Cash Provided by Operating Activities	$	8.1		$	4		
INVESTING ACTIVITIES		(2.0)					
Capital expenditures					(1		
Proceeds and deposits related to asset sales and returns of investment		1.3			0		
Other investing activity(2)		—					
Net Cash Used for Investing Activities	$	(0.7)		$	(1		
FINANCING ACTIVITIES		(2.0)					
Net change in debt					1		
Cash dividends — common stock		(2.7)			(2		
Shares issued for share-based compensation		4.6			0		
Shares repurchased		(1.3)					
Distributions to noncontrolling interests		—					
Net Cash Provided by (Used for) Financing Activities	$	(1.4)		$	(1		
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND		—			(0		
RESTRICTED CASH							
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	$	6.0	$	1		
RECONCILIATION OF NON-GAAP MEASURES (1)	$	8.1					
Net Cash Provided by Operating Activities				$	4		
Less: Net decrease (increase) in operating working capital		(0.9)			(0		
Cash Flow from Operations Excluding Working Capital	$	9.0		$	5		
Net Cash Provided by Operating Activities	$	8.1	$	4		
Less: Capital expenditures		2.0			1		
Free Cash Flow	$	6.1		$	2		
Less: Net decrease (increase) in operating working capital		(0.9)			(0		
Free Cash Flow Excluding Working Capital	$	7.0		$	3		

(1)	Totals may not match sum of parts due to presentation in billions.

(2)	Primarily (borrowings) repayments of loans by equity affiliates.

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	CHEVRON CORPORATION - FINANCIAL REVIEW			Attachment 4		
	(unaudited)					
OPERATING STATISTICS (1)		Three Months		
	Ended March 31		
						
NET LIQUIDS PRODUCTION (MB/D): (2)					
	2022	2021		
United States	880		802		
International	856	1,024		
Worldwide	1,736		1,826		
NET NATURAL GAS PRODUCTION (MMCF/D): (3)					
	1,828				
United States		1,643		
International	6,119	6,127		
Worldwide	7,947		7,770		
TOTAL NET OIL-EQUIVALENT PRODUCTION (MB/D): (4)					
	1,184				
United States		1,075		
International	1,876	2,046		
Worldwide	3,060		3,121		
SALES OF NATURAL GAS (MMCF/D):					
	4,461				
United States		3,911		
International	4,875	5,430		
Worldwide	9,336		9,341		
SALES OF NATURAL GAS LIQUIDS (MB/D):					
	300				
United States		198		
International	217	152		
Worldwide	517		350		
SALES OF REFINED PRODUCTS (MB/D):					
	1,217				
United States		1,050		
International (5)	1,327	1,267		
Worldwide	2,544		2,317		
REFINERY INPUT (MB/D):					
	915				
United States		881		
International	619	536		
Worldwide	1,534		1,417		

(1)	Includes interest in affiliates; totals may not match sum of parts due to rounding.

(2)	Includes net production of synthetic oil:

Canada	39	60	
(3)  Includes natural gas consumed in operations (MMCF/D):			
United States	57	45	
International	551	558	

(4)	Oil-equivalent production is the sum of net liquids production, net natural gas production and synthetic production. The oil-equivalent gas conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil.

(5) Includes share of affiliate sales (MB/D):	353	340	

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						CHEVRON CORPORATION - FINANCIAL REVIEW							Attachment 5		
							(Millions of Dollars)														
							(unaudited)														
RECONCILIATION OF NON-GAAP MEASURES														
									Three Months Ended March 31,			Three Months Ended March 31,		
												2022							2021			
	REPORTED EARNINGS				Pre-	Income	After-Tax			Pre-Tax		Income	After-Tax		
					Tax	Tax						Tax			
																						
U.S. Upstream						$	3,238						$	941			
Int'l Upstream							3,696							1,409			
U.S. Downstream							486							(130)			
Int'l Downstream							(155)							135			
All Other							(1,006)							(978)			
																						
Net Income (Loss) Attributable to Chevron						$	6,259						$	1,377			
SPECIAL ITEMS																	
																	
U.S. Downstream																		
	Legal reserves	$	— $	— $	—	$	(140)	$	30	$	(110)			
All Other																	
	Pension settlement costs				(86)	20		(66)			(317)		76		(241)			
																				
Total Special Items			$	(86) $	20	$	(66)		$	(457)	$	106	$	(351)			
FOREIGN CURRENCY EFFECTS																		
																		
Int'l Upstream						$	(144)						$	(52)			
Int'l Downstream							23							59			
All Other							(97)							(9)			
																						
Total Foreign Currency Effects						$	(218)						$	(2)			
ADJUSTED EARNINGS/(LOSS) *																	
																	
U.S. Upstream							$	3,238						$	941			
Int'l Upstream							3,840							1,461			
U.S. Downstream							486							(20)			
Int'l Downstream							(178)							76			
All Other							(843)							(728)			
																						
Total Adjusted Earnings/(Loss)						$	6,543						$	1,730			
																						
Total Adjusted Earnings/(Loss) per share						$	3.36						$	0.90			

*	Adjusted Earnings/(Loss) is defined as Net Income (loss) attributable to Chevron Corporation excluding special items and foreign currency effects.