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What changed in Chevron Corporation's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Chevron Corporation's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+573 added−586 removedSource: 10-K (2025-02-21) vs 10-K (2024-02-26)

Top changes in Chevron Corporation's 2024 10-K

573 paragraphs added · 586 removed · 470 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

201 edited+47 added−49 removed72 unchanged
Biggest changeComponents of Oil-Equivalent Oil-Equivalent Crude Oil Natural Gas Liquids Natural Gas Thousands of barrels per day (MBD) (MBD) 1 (MBD) 2 (MBD) (MMCFD) Millions of cubic feet per day (MMCFD) 2023 2022 2023 2022 2023 2022 2023 2022 United States 1,349 1,181 710 650 287 238 2,112 1,758 Other Americas Argentina 43 40 37 35 — — 36 34 Canada 3 132 139 109 109 5 7 110 135 Total Other Americas 175 179 146 144 5 7 146 169 Africa Angola 67 70 55 57 4 4 48 49 Equatorial Guinea 49 56 11 12 5 7 198 223 Nigeria 147 152 104 101 5 6 227 266 Republic of Congo 30 31 28 28 — 1 9 11 Total Africa 293 309 198 198 14 18 482 549 Asia Bangladesh 104 118 3 2 — — 610 696 China 30 28 9 10 — — 126 109 Indonesia 4 3 3 1 1 — — 11 18 Israel 95 101 1 1 — — 566 602 Kazakhstan 45 40 26 24 — — 114 96 Kurdistan Region of Iraq — 1 — 1 — — — — Myanmar 15 17 — — — — 87 94 Partitioned Zone 61 60 60 58 — — 6 7 Thailand 5 42 67 10 18 — — 192 298 Total Asia 395 435 110 115 — — 1,712 1,920 Australia Australia 488 482 40 42 2 — 2,678 2,643 Total Australia 488 482 40 42 2 — 2,678 2,643 Europe United Kingdom 14 14 12 13 — — 11 9 Total Europe 14 14 12 13 — — 11 9 Total Consolidated Companies 2,714 2,600 1,216 1,162 308 263 7,141 7,048 Affiliates 6 406 399 281 278 25 16 603 629 Total Including Affiliates 7 3,120 2,999 1,497 1,440 333 279 7,744 7,677 1 Oil-equivalent conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil. 2 Includes crude oil, condensate and synthetic oil. 3 Includes synthetic oil: 51 45 51 45 — — — — 4 Indonesia Deepwater Assets were sold in 2023. 5 Chevron concessions expired in 2022. 6 Volumes represent Chevron’s share of production by affiliates, including Tengizchevroil in Kazakhstan and Angola LNG in Angola. 7 Volumes include natural gas consumed in operations of 596 million and 570 million cubic feet per day in 2023 and 2022, respectively.
Biggest changeComponents of Oil-Equivalent Oil-Equivalent Crude Oil Natural Gas Liquids Natural Gas Thousands of barrels per day (MBD) (MBD) 1 (MBD) 2 (MBD) (MMCFD) Millions of cubic feet per day (MMCFD) 2024 2023 2024 2023 2024 2023 2024 2023 United States 1,599 1,349 782 710 370 287 2,684 2,112 Other Americas Argentina 51 43 43 37 — — 47 36 Canada 3,4 132 132 104 109 6 5 131 110 Total Other Americas 183 175 147 146 6 5 178 146 Africa Angola 64 67 52 55 4 4 48 48 Equatorial Guinea 46 49 9 11 5 5 191 198 Nigeria 129 147 96 104 3 5 183 227 Republic of Congo 28 30 26 28 — — 10 9 Total Africa 267 293 183 198 12 14 432 482 Asia Bangladesh 99 104 3 3 — — 577 610 China 29 30 7 9 — — 132 126 Indonesia 5 — 3 — 1 — — — 11 Israel 100 95 1 1 — — 592 566 Kazakhstan 45 45 26 26 — — 113 114 Myanmar 6 4 15 — — — — 22 87 Partitioned Zone 61 61 60 60 — — 5 6 Thailand 47 42 14 10 — — 200 192 Total Asia 385 395 111 110 — — 1,641 1,712 Australia Australia 479 488 40 40 2 2 2,625 2,678 Total Australia 479 488 40 40 2 2 2,625 2,678 Europe United Kingdom 12 14 11 12 — — 7 11 Total Europe 12 14 11 12 — — 7 11 Total Consolidated Companies 2,925 2,714 1,274 1,216 390 308 7,567 7,141 Affiliates 7 413 406 286 281 25 25 611 603 Total Including Affiliates 8 3,338 3,120 1,560 1,497 415 333 8,178 7,744 1 Oil-equivalent conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil. 2 Includes crude oil, condensate and synthetic oil. 3 Includes synthetic oil: 46 51 46 51 — — — — 4 Canada Duvernay shale and AOSP assets were sold in December 2024. 5 Indonesia Deepwater assets were sold in 2023. 6 Chevron withdrew from Myanmar in April 2024. 7 Volumes represent Chevron’s share of production by affiliates, including Tengizchevroil in Kazakhstan and Angola LNG in Angola. 8 Volumes include natural gas consumed in operations of 609 million and 596 million cubic feet per day in 2024 and 2023, respectively.
Item 1. Business General Development of Business Summary Description of Chevron Chevron Corporation, * a Delaware corporation, manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries that engage in integrated energy and chemicals operations.
Item 1. Business General Development of Business Summary Description of Chevron Chevron Corporation 1 , a Delaware corporation, manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries that engage in integrated energy and chemicals operations.
Additionally, the company offers long-standing employee support programs such as Ombuds, an independent resource designed to equip employees with options to address and resolve workplace issues; a company hotline, where employees can report concerns to the Corporate Compliance department; and an Employee Assistance Program, a confidential consulting service that can help employees resolve a broad range of personal, family and work-related concerns. 5 Table of Contents Description of Business and Properties The upstream and downstream activities of the company and its equity affiliates are widely dispersed geographically, with operations and projects * in North America, South America, Europe, Africa, Asia and Australia.
Additionally, the company offers long-standing employee support programs such as Ombuds, an independent resource designed to equip employees with options to address and resolve workplace issues; a company hotline, where employees can report concerns to the Corporate Compliance department; and an Employee Assistance Program, a confidential consulting service that can help employees resolve a broad range of personal, family and work-related concerns. 5 Table of Contents Description of Business and Properties The upstream and downstream activities of the company and its equity affiliates are widely dispersed geographically, with operations and projects 2 in North America, South America, Europe, Africa, Asia and Australia.
These cyber threat actors, whether internal or external to Chevron, are becoming more sophisticated and coordinated in their attempts to access the company’s information technology (IT) systems and data, including the IT systems of cloud providers and other third parties with whom the company conducts business through, without limitation, malicious software; data privacy breaches by employees, insiders or others with authorized access; cyber or phishing-attacks; ransomware; attempts to gain unauthorized access to our data and systems; and other electronic security breaches.
These cyber threat actors, whether internal or external to Chevron, are becoming more sophisticated and coordinated in their attempts to access the company’s information technology (IT) systems and data, including the IT systems of cloud providers and other third parties with whom the company conducts business through, without limitation, malicious software; data breaches by employees, insiders or others with authorized access; cyber or phishing-attacks; ransomware; attempts to gain unauthorized access to our data and systems; and other electronic security breaches.
This is the world’s first liquefied natural gas (LNG) plant supplied with associated gas, where the natural gas is a byproduct of crude oil production. Feedstock for the plant originates from multiple fields and operators. Chevron owns a 31 percent nonoperated working interest in the New Gas Consortium Project (NGC).
This is the world’s first LNG plant supplied with associated gas, where the natural gas is a byproduct of crude oil production. Feedstock for the plant originates from multiple fields and operators. Chevron owns a 31 percent nonoperated working interest in the New Gas Consortium Project (NGC).
A list of the company’s significant subsidiaries is presented in Exhibit 21.1 . Overview of Petroleum Industry Petroleum industry operations and profitability are influenced by many factors. Prices for crude oil, natural gas, liquefied natural gas, petroleum products and petrochemicals are generally determined by supply and demand.
A list of the company’s significant subsidiaries is presented in Exhibit 21.1 . Overview of Petroleum Industry Petroleum industry operations and profitability are influenced by many factors. Prices for crude oil, natural gas, liquefied natural gas (LNG), petroleum products and petrochemicals are generally determined by supply and demand.
Phase 1 of the Tamar Optimization Project includes installation of a new pipeline to increase delivery capacity to the processing platform, allowing for production at the platform to increase from approximately 1 to 1.2 billion cubic feet per day. This project is scheduled for completion in 2025.
Phase 1 of the Tamar Optimization Project includes installation of a new pipeline to increase delivery capacity to the processing platform, allowing for production at the platform to increase from approximately 1.0 billion to 1.2 billion cubic feet per day. This project is scheduled for completion in 2025.
Net oil equivalent production for the United Kingdom can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table. Chevron holds a 19.4 percent nonoperated working interest in the Clair field, located west of the Shetland Islands.
United Kingdom Acreage can be found in the Acreage table. Net oil equivalent production for the United Kingdom can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table. Chevron holds a 19.4 percent nonoperated working interest in the Clair Field, located west of the Shetland Islands.
United States Upstream activities in the United States are primarily located in Texas, New Mexico, Colorado, California, and the Gulf of Mexico. Acreage for the United States can be found in the Acreage table. Net daily oil-equivalent production in the United States can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.
United States Upstream activities in the United States are primarily located in Texas, New Mexico, Colorado, California and the Gulf of America. Acreage for the United States can be found in the Acreage table. Net daily oil-equivalent production in the United States can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.
All of these terms are used for convenience only and are not intended as a precise description of the term “project” as it relates to any specific governmental law or regulation. 6 Table of Contents Average Sales Prices and Production Costs per Unit of Production Refer to Table IV for the company’s average sales price per barrel of crude (including crude oil and condensate) and natural gas liquids (NGLs) and per thousand cubic feet of natural gas produced, and the average production cost per oil-equivalent barrel for 2023, 2022 and 2021.
All of these terms are used for convenience only and are not intended as a precise description of the term “project” as it relates to any specific governmental law or regulation. 6 Table of Contents Average Sales Prices and Production Costs per Unit of Production Refer to Table IV for the company’s average sales price per barrel of crude (including crude oil and condensate) and natural gas liquids (NGLs) and per thousand cubic feet of natural gas produced, and the average production cost per oil-equivalent barrel for 2024, 2023 and 2022.
Further, the ultimate impact of GHG emissions and climate change-related agreements, legislation, regulation, and government actions on the company’s financial performance is highly uncertain because the company is unable to predict with certainty, for a multitude of individual jurisdictions, the outcome of political decision-making processes, including the actual laws and regulations enacted, the variables and trade-offs that inevitably occur in connection with such processes, and market conditions, including the responses of consumers to such changes.
Further, the ultimate impact of GHG emissions and climate change-related agreements, legislation, regulation, and government actions on the company’s financial performance is highly uncertain because the company is unable to predict with certainty, for a multitude of individual jurisdictions, the outcome of political decision-making processes and legal challenges, including the actual laws and regulations enacted, the variables and trade-offs that inevitably occur in connection with such processes, and market conditions, including the responses of consumers to such changes.
Outside the United States, substantially all of the natural gas sales from the company’s producing interests are from operations in Angola, Australia, Bangladesh, Canada, Equatorial Guinea, Kazakhstan, Indonesia, Israel, Nigeria and Thailand.
Outside the United States, substantially all of the natural gas sales from the company’s producing interests are from operations in Angola, Australia, Bangladesh, Canada, Equatorial Guinea, Kazakhstan, Israel, Nigeria and Thailand.
The most significant factor that affects the company’s results of operations is the price of crude oil, which can be influenced by general economic conditions and level of economic growth, including low or negative growth; industry production and inventory levels; technology advancements, including those in pursuit of a lower carbon economy; production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries or other producers; weather-related damage and disruptions due to other natural or human causes beyond our control; competing fuel prices; geopolitical risks; the pace of energy transition; customer and consumer preferences and the use of 20 Table of Contents substitutes; and governmental regulations, policies and other actions regarding the development of oil and gas reserves, as well as greenhouse gas emissions and climate change.
The most significant factor that affects the company’s results of operations are the prices of crude oil, natural gas, and natural gas liquids, which can be influenced by general economic conditions and level of economic 20 Table of Contents growth, including low or negative growth; industry production and inventory levels; technology advancements, including those in pursuit of a lower carbon economy; production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries or other producers; weather-related damage and disruptions due to other natural or human causes beyond our control; competing fuel prices; geopolitical risks; the pace of energy transition; customer and consumer preferences and the use of substitutes; and governmental regulations, policies and other actions regarding the development of oil and gas reserves, as well as greenhouse gas emissions and climate change.
Such factors include, among others, the sectors covered, the GHG emissions reductions required, standardized carbon accounting, the extent to which Chevron would be able to receive, generate, or purchase credits, the price and availability of credits and the extent to which the company is able to recover, or continue to recover, the costs incurred through the pricing of the company’s products in the competitive marketplace.
Such factors include, among others, the sectors covered, the GHG emissions reductions required, the use of standardized carbon accounting, the extent to which Chevron would be able to receive, generate, purchase, or retire credits, the price and availability of credits and the extent to which the company is able to recover, or continue to recover, the costs incurred through the pricing of the company’s products in the competitive marketplace.
This manufacturing-style process, combined with advantaged acreage holdings and technological advancements, have enabled productivity improvements across unique geological locations throughout the basin. Acreage transactions enabling longer laterals and the company’s diversified land assets via non-operated joint ventures and royalty positions have also contributed to higher returns in the Permian Basin.
This manufacturing-style process, combined with advantaged acreage holdings and technological advancements, have enabled productivity improvements across unique geological locations throughout the basin. Acreage transactions enabling longer laterals and the company’s diversified land assets via non-operated joint ventures and royalty positions have also contributed to higher returns.
Equatorial Guinea Chevron has a 38 percent-owned and operated interest in the Aseng and the Yolanda fields in Block I and a 45 percent-owned and operated interest in the Alen Field in Block O.
Equatorial Guinea Chevron has a 38 percent-owned and operated interest in the Aseng Field and the Yolanda Field in Block I and a 45 percent-owned and operated interest in the Alen Field in Block O.
Refer to the Review of Ongoing Exploration and Production Activities in Key Areas for a discussion of the company’s major crude oil and natural gas development projects. Acreage At December 31, 2023, the company owned or had under lease or similar agreements undeveloped and developed crude oil and natural gas properties throughout the world.
Refer to the Review of Ongoing Exploration and Production Activities in Key Areas for a discussion of the company’s major crude oil and natural gas development projects. Acreage At December 31, 2024, the company owned or had under lease or similar agreements undeveloped and developed crude oil and natural gas properties throughout the world.
The company’s operations are therefore subject to disruption from natural or human causes beyond its control, including risks from hurricanes, severe storms, floods, heat waves, other forms of severe weather, wildfires, ambient temperature increases, sea level rise, war or other military conflicts such as the war between Israel and Hamas and the military conflict between Russia and Ukraine, accidents, civil unrest, political events, fires, earthquakes, system failures, cyber threats, terrorist acts and epidemic or pandemic diseases, some of which may be impacted by climate change and any of which could result in suspension of operations or harm to people or the natural environment.
The company’s operations are therefore subject to disruption from natural or human causes beyond its control, including risks from hurricanes, severe storms, floods, heat waves, and other forms of severe weather; wildfires; ambient temperature increases; sea level rise; war or other military conflicts such as the conflict in the Middle East and the military conflict between Russia and Ukraine; accidents; civil unrest; political events; fires; earthquakes; system failures; cyber threats; terrorist acts; and epidemic or pandemic diseases, some of which may be impacted by climate change and any of which could result in suspension of operations or harm to people or the natural environment.
Chevron’s 2023 key upstream activities, some of which are also discussed in the section Management’s Discussion and Analysis of Financial Condition and Results of Operations , are presented below. The comments include references to “total production” and “net production,” which are defined under “Production” in Exhibit 99.1 .
Chevron’s 2024 key upstream activities, some of which are also discussed in the section Management’s Discussion and Analysis of Financial Condition and Results of Operations , are presented below. The comments include references to “total production” and “net production,” which are defined under “Production” in Exhibit 99.1 .
The company’s leadership regularly reviews metrics on employee training and development programs, which are refined on an ongoing basis to meet the needs of our business. The company invests in developing leadership at every level, including coaching programs for frontline supervisors, managers and individual contributors.
The company’s leadership reviews metrics on employee training and development programs, which are refined on an ongoing basis to meet the needs of the business. The company invests in developing leadership at every level, including coaching programs for frontline supervisors, managers and individual contributors.
The company believes it can satisfy these contracts from quantities available from production of the company’s proved developed reserves in these countries. Development Activities Refer to Table I for details associated with the company’s development expenditures and costs of proved property acquisitions for 2023, 2022 and 2021.
The company believes it can satisfy these contracts from quantities available from production of the company’s proved developed reserves in these countries. Development Activities Refer to Table I for details associated with the company’s development expenditures and costs of proved property acquisitions for 2024, 2023 and 2022.
Increasing attention to environmental, social, and governance (ESG) matters impacts our company Increasing attention to ESG matters, including those related to climate change and sustainability, increasing societal, investor and legislative pressure on companies to address ESG matters, and potential customer and consumer use of substitutes to Chevron’s products have resulted and may continue to result in changes to the portfolio and company activities, increased costs, reduced demand for our products, reduced profits, increased investigations and litigation or threats thereof, negative impacts on our stock price and access to capital markets, impaired participation in public discourse and debate by the company relating to mandatory and voluntary standards and regulations, and damage to our reputation.
Attention to environmental, social, and governance (ESG) matters impacts our company Attention to ESG matters, including those related to climate change and sustainability, evolving societal, investor and governmental pressure on companies to address ESG matters, and potential customer and consumer use of substitutes to Chevron’s products have resulted and may continue to result in changes to the portfolio and company activities, increased costs, reduced demand for our products, reduced profits, increased investigations and litigation or threats thereof, negative impacts on our stock price and access to capital markets, impaired participation in public discourse and debate by the company relating to mandatory and voluntary standards and regulations, and damage to our reputation.
Net daily oil-equivalent production can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.
Acreage can be found in the Acreage table. Net daily oil-equivalent production can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.
In addition to the company’s own managed funds, Chevron also makes investments indirectly through the following funds: the Oil and Gas Climate Initiative (OGCI) Climate Investments’ Catalyst Fund I, which targets decarbonization within the oil and gas, industrial, built environments and commercial transportation sectors; Emerald funds, one of which targets 19 Table of Contents energy, water, food, mobility, industrial IT and advanced materials and another that focuses on sustainable packaging; Carbon Direct Capital, a growth equity investor in carbon management technologies; and the HX Venture Fund that targets Houston, Texas high-growth start-up companies.
In addition to the company’s own managed funds, Chevron also makes investments indirectly through the following funds: the Oil and Gas Climate Initiative (OGCI) Climate Investments’ Catalyst Fund I, which targets decarbonization within the oil and gas, industrial, built environments and commercial transportation sectors; Emerald funds, one of which targets energy, water, food, mobility, industrial IT and advanced materials and another that focuses on sustainable packaging; Carbon Direct Capital, a growth equity investor in carbon management technologies; and the HX Venture Fund 1 that targets Houston, Texas high-growth start-up companies.
In addition, litigation or changes in national, state or local environmental regulations or laws, including those designed to stop or impede the development or production of oil and gas, such as those related to the use of hydraulic fracturing or bans on drilling, or any law or regulation that impacts the demand for our products, could adversely affect the company’s current or anticipated future operations and profitability.
In addition, litigation or changes in national, state or local environmental regulations or laws, including those 23 Table of Contents designed to stop or impede the development or production of oil and gas, such as those related to the use of hydraulic fracturing or bans on drilling, or any law or regulation that impacts the demand for our products, could adversely affect the company’s current or anticipated future operations and profitability.
Cyber threat actors could compromise the company’s operational technology networks or other 21 Table of Contents critical systems and infrastructure, resulting in disruptions to its business operations, injury to people, harm to the environment or its assets, disruptions in access to its financial reporting systems, or loss, misuse or corruption of its critical data and proprietary information, including without limitation its intellectual property and business information and that of its employees, customers, partners and other third parties.
Cyber threat actors could compromise the company’s operational technology networks or other critical systems and infrastructure, resulting in disruptions to its business operations, injury to people, harm to the environment or its assets, disruptions in access to its financial reporting systems, or loss, misuse or corruption of its critical data and proprietary information, including without limitation its intellectual property and business information and that of its employees, customers, partners and other third parties.
The company is a founding member of the Marine Well Containment Company, whose primary mission is to expediently deploy containment equipment and systems to capture and contain crude oil in the unlikely event of a future loss of control of a deepwater well in the Gulf of Mexico.
The company is a founding member of the Marine Well Containment Company, whose primary mission is to expediently deploy containment equipment and systems to capture and contain crude oil in the unlikely event of a future loss of control of a deepwater well in the Gulf of America.
Cyberattacks targeting Chevron’s operational technology networks or other digital infrastructure could have a material adverse impact on the company’s business and results of operations There are numerous and evolving risks to Chevron’s cybersecurity and privacy from cyber threat actors, including criminal hackers, state-sponsored intrusions, industrial espionage and employee malfeasance.
Cyberattacks and events affecting Chevron’s operational technology networks or other digital infrastructure could have a material adverse impact on the company’s business and results of operations There are numerous and evolving risks to Chevron’s cybersecurity and privacy from cyber threat actors, including criminal hackers, state-sponsored intrusions, industrial espionage and employee malfeasance.
Net wells represent the sum of Chevron’s ownership interest in gross wells. Exploration Activities Refer to Table I for detail on the company’s exploration expenditures and costs of unproved property acquisitions for 2023, 2022 and 2021.
Net wells represent the sum of Chevron’s ownership interest in gross wells. Exploration Activities Refer to Table I for detail on the company’s exploration expenditures and costs of unproved property acquisitions for 2024, 2023 and 2022.
Additionally, evolving expectations on various ESG matters, including biodiversity, waste and water, have increased, and may continue to increase, costs, require changes in how we operate and lead to negative stakeholder sentiment.
Additionally, evolving expectations on various ESG matters, including human rights, biodiversity, waste and water, have increased, and may continue to increase costs, require changes in how we operate and lead to negative stakeholder sentiment.
Our objective is to safely deliver higher returns, lower carbon and superior shareholder value in any business environment. We are building on our capabilities, assets and customer relationships as we aim to lead in lower carbon intensity oil, products and natural gas, as well as advance new products and solutions that reduce the carbon emissions of major industries.
Our objective is to safely deliver higher returns, lower carbon and superior shareholder value in any business environment. We are leveraging our capabilities, assets and customer relationships as we aim to lead in lower carbon intensity oil, products and natural gas, as well as advance new products and solutions that reduce the carbon emissions of major industries.
Chevron’s individual ambitions, future performance or policies may differ from the ambitions of such organizations or the individual ambitions of other participants in these various initiatives, campaigns, and other projects, and Chevron may unilaterally change its individual ambitions, aspirations and goals.
Chevron’s individual ambitions, future performance or policies may differ from the ambitions of such organizations or the individual ambitions of other participants in these various initiatives, campaigns, and other projects, and Chevron may unilaterally change its individual ambitions.
Difficulties in integrating PDC and Hess may result in the failure to realize anticipated synergies in the expected timeframes, in operational challenges, and in the diversion of management’s attention from ongoing business concerns, as well as in unforeseen expenses associated with the acquisitions, which may have an adverse impact on the company’s financial results.
Difficulties in integrating Hess may result in the failure to realize anticipated synergies in the expected timeframes, in operational challenges, and in the diversion of management’s attention from ongoing business concerns, as well as in unforeseen expenses associated with the acquisition, which may have an adverse impact on the company’s financial results.
In addition, leadership regularly reviews the talent pipeline, identifies and develops succession candidates, and builds succession plans for key positions. The Board of Directors provides oversight of CEO and executive succession planning. Management routinely reviews the retention of its professional population, which includes executives, all levels of management, and the majority of its regular employee population.
In addition, leadership reviews the talent pipeline, identifies and develops succession candidates, and builds succession plans for key positions. The Board of Directors provides oversight of CEO and executive succession planning. Management routinely reviews the retention of its professional population, executives, all levels of management, and the majority of its regular employee population.
The following table summarizes the company’s net interest in productive and dry development wells completed in each of the past three years, and the status of the company’s development wells drilling at December 31, 2023.
The following table summarizes the company’s net interest in productive and dry development wells completed in each of the past three years, and the status of the company’s development wells drilling at December 31, 2024.
The company believes it can 8 Table of Contents satisfy these contracts through a combination of equity production from the company’s proved developed U.S. reserves and third-party purchases. These commitments are primarily based on contracts with indexed pricing terms.
The company believes it can satisfy these contracts through a combination of equity production from the company’s proved developed U.S. reserves and third-party purchases. These commitments are primarily based on contracts with indexed pricing terms.
In September 2023, Chevron acquired a majority interest in ACES Delta, LLC, a joint venture developing the Advanced Clean Energy Storage (ACES Delta) Project in Delta, Utah. The project, currently under construction, is designed to produce hydrogen made from renewable energy, store that hydrogen in two salt caverns and deliver it as needed to hydrogen-capable gas turbines to generate power.
Chevron owns a majority interest in ACES Delta, LLC, a joint venture developing the Advanced Clean Energy Storage Project in Delta, Utah. The project, currently under construction, is designed to produce hydrogen made from renewable energy, store that hydrogen in two salt caverns, and deliver it as needed to hydrogen-capable gas turbines to generate power.
The ultimate effect of international agreements; national, regional, and state legislation and regulation; and government and private actions related to GHG emissions and climate change on the company’s financial performance, and the timing of 24 Table of Contents these effects, will depend on a number of factors.
The ultimate effect of international agreements; national, regional, and state legislation and regulation; and government and private actions related to GHG emissions and climate change on the company’s financial performance, and the timing of these effects, will depend on a number of factors.
In addition, some stakeholders, including some of our investors, have divergent and evolving views on our ESG-related strategies and priorities, vis-à-vis our lines of business, calling for focus on increased production of oil and gas products rather than new business lines and climate-related targets.
In addition, some stakeholders, including some of our investors, have divergent and evolving views on our ESG-related strategies and priorities, vis-à-vis our lines of business, calling for focus on increased production of oil and gas products rather than lower carbon business lines and climate-related targets.
GHG emissions that may be directly regulated through such efforts include, among others, those associated with the company’s exploration and production of hydrocarbons; the upgrading of production from oil sands into synthetic oil; power generation; the conversion of crude oil, natural gas and biofeedstocks into refined hydrocarbon products; the processing, liquefaction, and regasification of natural gas; the transportation of crude oil, natural gas, and other products; and customers’ and consumers’ use of the company’s hydrocarbon products.
GHG emissions that may be directly regulated through such efforts include, among others, those associated with the company’s exploration and production of hydrocarbons; power generation; the conversion of crude oil, natural gas and biofeedstocks into refined hydrocarbon products; the processing, liquefaction, and regasification of natural gas; the transportation of crude oil, natural gas, and other products; and customers’ and consumers’ use of the company’s hydrocarbon products.
Achievement of or efforts to achieve aspirations, targets, goals and objectives such as the foregoing and future internal climate-related initiatives has, and may continue to, increase costs, and, in addition, may require purchase of carbon credits, or limit or impact the company’s business plans, operations and financial results, potentially resulting in the reduction to the economic end-of-life of certain assets, impairing the associated net book value, among other material adverse impacts.
Achievement of or efforts to achieve ambitions such as the foregoing and future internal climate-related initiatives has, and may continue to, increase costs, and, in addition, may require purchase of carbon credits, or limit or impact the company’s business plans, operations and financial results, potentially resulting in reduction to the economic end-of-life of certain assets, impairing the associated net book value, among other material adverse impacts.
Dry United States — — — 2 3 2 2 2 Other Americas — — — — 1 1 — — Africa 1 — — — 1 — — — Asia 3 2 1 — 2 — — — Australia — — — — — — — — Europe — — — — — — — — Total Consolidated Companies 4 2 1 2 7 3 2 2 Affiliates — — — — — — — — Total Including Affiliates 4 2 1 2 7 3 2 2 * Gross wells represent the total number of wells in which Chevron has an ownership interest.
Dry United States 2 1 5 2 — 2 3 2 Other Americas — — 1 — — — 1 1 Africa 1 — 1 1 — — 1 — Asia — — 3 2 1 — 2 — Australia — — — — — — — — Europe — — — — — — — — Total Consolidated Companies 3 1 10 5 1 2 7 3 Affiliates — — — — — — — — Total Including Affiliates 3 1 10 5 1 2 7 3 * Gross wells represent the total number of wells in which Chevron has an ownership interest.
As of December 31, 2023, no proved reserves are recognized for these interests. In 2023, the company conducted activities in Venezuela consistent with the authorization provided pursuant to general licenses issued by the United States government.
As of December 31, 2024, no proved reserves are recognized for these interests. In 2024, the company conducted activities in Venezuela consistent with the authorization provided pursuant to licenses issued by the United States government.
The company aims to lower the carbon intensity of its oil and gas operations and comply with the greenhouse gas-related laws and regulations to which it is subject. Refer to Item 1A. Risk Factors for further discussion of greenhouse gas regulation and climate change and the associated risks to Chevron’s business.
The company aims to lower the carbon intensity of its oil and gas operations and comply with the related laws and regulations to which it is subject. Refer to Item 1A. Risk Factors for further discussion of government action with respect to greenhouse gas and climate change and the associated risks to Chevron’s business.
Total “as sold” natural gas volumes were 7,148 million and 7,107 million cubic feet per day for 2023 and 2022, respectively. Delivery Commitments The company sells crude oil, NGLs and natural gas from its producing operations under a variety of contractual obligations.
Total “as sold” natural gas volumes were 7,569 million and 7,148 million cubic feet per day for 2024 and 2023, respectively. Delivery Commitments The company sells crude oil, natural gas, and NGLs from its producing operations under a variety of contractual obligations.
The company is focused on technologies that are ready to adopt and scale today, as well as breakthrough technologies in support of its traditional and new energy businesses, including shale and tight recovery, deepwater development, lowering the carbon intensity of heavy oil, advancing facilities of the future, renewable fuels, carbon capture utilization and storage, hydrogen and geothermal energy.
The company is focused on technologies that are ready to adopt and scale today, as well as breakthrough technologies in support of its oil, natural gas and products and new energies businesses, including shale and tight recovery, deepwater development, lowering the carbon intensity of heavy oil, advancing facilities of the future, renewable fuels, carbon capture utilization and storage, hydrogen and geothermal energy.
A “development well” is a well drilled within the known area of a crude oil or natural gas reservoir to the depth of a stratigraphic horizon known to be productive. Wells Drilling* Net Wells Completed at 12/31/23 2023 2022 2021 Gross Net Prod. Dry Prod. Dry Prod.
A “development well” is a well drilled within the known area of a crude oil or natural gas reservoir to the depth of a stratigraphic horizon known to be productive. Wells Drilling* Net Wells Completed at 12/31/24 2024 2023 2022 Gross Net Prod. Dry Prod. Dry Prod.
Chevron leverages its in-house expertise to undertake internal research and development to advance energy solutions. The company holds more than 4,400 patents for new technologies, with over 3,200 additional patents pending, making Chevron one of the leading patent holders in the industry. Collaboration is increasingly important to close innovation gaps and integrate emerging technologies into existing energy value chains.
Chevron leverages its in-house expertise to undertake internal research and development to advance energy solutions. The company holds more than 4,000 patents for new technologies, with nearly 3,400 additional patents pending, making Chevron one of the leading U.S. patent holders in the industry. Collaboration is increasingly important to close innovation gaps and integrate emerging technologies into existing energy value chains.
Chevron has a 30 percent interest in Petropiar, which operates the heavy oil Huyapari Field under an agreement expiring in 2033 and a 35.8 percent interest in Petroindependencia, which includes the Carabobo 3 heavy oil project located in three blocks in the Orinoco Belt under a contract expiring in 2035.
Chevron has a 30 percent interest in Petropiar, which operates the heavy oil Huyapari Field under an agreement expiring in 2047, and a 35.8 percent interest in Petroindependencia, which includes the Carabobo 3 heavy oil project located in three blocks in the Orinoco Belt under a contract expiring in 2050.
NGC is an offshore gas concession in which the Quiluma and Maboqueiro (Q&M) fields will be the first to be developed with first production expected in 2026 . The Q&M development includes two wellhead platforms and an onshore gas treatment plant with connections to the Angola LNG plant. Proved reserves have not been recognized for this project.
NGC is an offshore gas concession in which the Quiluma and Maboqueiro (Q&M) fields will be the first to be developed, with first production expected in 2026 . The Q&M development includes two wellhead platforms and an onshore gas treatment plant with connections to the Angola LNG plant. Proved reserves were recognized for this project in 2024.
For example, liability or delays could result from an accidental, unlawful discharge or from new conclusions about the effects of the company’s operations on human health or the environment.
For example, liability or delays could result from an accidental, unlawful discharge or from new conclusions about the effects of the company’s current or former operations or products on human health or the environment.
CPChem produces olefins, polyolefins and alpha olefins and is a supplier of aromatics and polyethylene pipe, in addition to participating in the specialty chemical and specialty plastics markets. At the end of 2023, CPChem owned or had joint-venture interests in 30 manufacturing facilities and two research and development centers around the world.
CPChem produces olefins, polyolefins and alpha olefins and is a supplier of aromatics and polyethylene pipe, in addition to participating in the 18 Table of Contents specialty chemical and specialty plastics markets. At the end of 2024, CPChem owned or had joint-venture interests in 30 manufacturing facilities and two research and development centers around the world.
For example, increasing attention to ESG matters, including climate change, may result in demand shifts for our hydrocarbon products and additional litigation and governmental investigations, or threats thereof, against the company. For instance, we have received investigative requests and demands from the U.S.
For example, increasing attention to ESG matters, including climate change, has resulted and may result in the future in shifting demand for our hydrocarbon products, and have resulted in additional litigation and governmental investigations, or threats thereof, against the company. For instance, we have received investigative requests and demands from the U.S.
These base chemicals are used to produce a range of products, including adhesives, plastics and textile fibers. GSC also produces olefins such as ethylene, polyethylene and polypropylene, which are used to make automotive and home appliance parts, food packaging, laboratory equipment, building materials, adhesives, paint and textiles.
These base chemicals are used to produce a range of products, including adhesives, plastics and textile fibers. GSC also produces olefins, which are used to make automotive and home appliance parts, food packaging, laboratory equipment, building materials, adhesives, paint and textiles.
Chevron also holds a 27 percent nonoperated interest in OML 139 and OML 154 and the company continues to work with the operator to evaluate development options for the multiple deepwater discoveries in the Usan area, including 13 Table of Contents the Owowo field, which straddles OML 139 and OML 154.
Chevron also holds a 27 percent nonoperated working interest in OML 139 and OML 154, and the company continues to work with the operator to evaluate development options for the multiple deepwater discoveries in the Usan area, including the Owowo Field, which straddles OML 139 and OML 154.
Information Technology The company’s information technology organization integrates computing, data management and analytics, cybersecurity and other key infrastructure technologies to provide a digital foundation to enable Chevron’s global operations and business processes.
CTC includes the company’s information technology organization, which integrates computing, data management and analytics, cybersecurity and other key infrastructure technologies to provide a digital foundation to enable Chevron’s global operations, projects and business processes.
Net acres represent the sum of Chevron’s ownership interest in gross acres. 2 The gross undeveloped acres that will expire in 2024, 2025 and 2026 if production is not established by certain required dates are 3,333, 394, and 676, respectively. 3 Includes gross 405 and net 143 undeveloped and gross 19 and net 5 developed acreage for interests accounted for by the non-equity method. 7 Table of Contents Net Production of Crude Oil, Natural Gas Liquids and Natural Gas The following table summarizes the net production of crude oil, NGLs and natural gas for 2023 and 2022 by the company and its affiliates.
Net acres represent the sum of Chevron’s ownership interest in gross acres. 2 The gross undeveloped acres that will expire in 2025, 2026 and 2027 if production is not established by certain required dates are 2,951, 1,149, and 733, respectively. 3 Includes gross 405 and net 143 undeveloped and gross 19 and net 5 developed acreage for interests accounted for by the non-equity method. 7 Table of Contents Net Production of Crude Oil, Natural Gas Liquids and Natural Gas The following table summarizes the net production of crude oil, NGLs and natural gas for 2024 and 2023 by the company and its affiliates.
The company is collaborating with other Carnarvon Basin participants to assess the possibility of developing Clio and Acme through shared utilization of existing infrastructure. Chevron holds nonoperated working interests ranging from 20 to 50 percent, in three greenhouse gas assessment permits to evaluate the potential of carbon storage.
The company is collaborating with other Carnarvon Basin participants to assess the possibility of developing Clio and Acme through shared utilization of existing infrastructure. Chevron holds operated and nonoperated working interests ranging from 20 to 70 percent, in five greenhouse gas assessment permits to evaluate the potential of carbon dioxide storage.
Chevron has a 50 percent operated interest in the Jack Field, a 51 percent operated interest in the St. Malo Field and a 40.6 percent operated interest in the production host facility used for the joint development of both fields, all located in the 10 Table of Contents Walker Ridge area.
Chevron has a 50 percent-owned and operated interest in the Jack Field, a 51 percent-owned and operated interest in the St. Malo Field and a 40.6 percent-owned and operated interest in the production host facility used for the joint development of both fields, all located in the Walker Ridge area. In 2024, the St.
Net wells represent the sum of Chevron’s ownership interest in gross wells. 2 Includes gross 1,354 and net 459 productive oil wells for interests accounted for by the non-equity method.
Net wells represent the sum of Chevron’s ownership interest in gross wells. 2 Includes gross 1,381 and net 466 productive oil wells for interests accounted for by the non-equity method.
Progress on the Jansz-Io Compression project continued during 2023 with first gas expected in 2027, and proved reserves have been recognized for this project. Gorgon’s estimated remaining economic life exceeds 40 years. 15 Table of Contents Chevron holds an 80.2 percent interest in the offshore licenses and a 64.1 percent-owned and operated interest in the LNG facilities associated with Wheatstone.
Progress on the Jansz-Io Compression project continued during 2024 with first gas expected in 2028. Proved reserves have been recognized for this project. Gorgon’s estimated remaining economic life exceeds 40 years. Chevron holds an 80.2 percent interest in the offshore licenses and a 64.1 percent-owned and operated interest in the LNG facilities associated with Wheatstone.
Refer to Management’s Discussion and Analysis of Financial Conditions and Results of Operations Business Environment and Outlook on pages 34 through 36 for further discussion of climate change related trends and uncertainties.
Refer to Management’s Discussion and Analysis of Financial Conditions and Results of Operations Business Environment and Outlook on pages 35 through 37 for further discussion of climate change related trends and uncertainties.
As has occurred in the past, actions could be taken by governments to increase public ownership of the company’s partially or wholly owned businesses, to force contract renegotiations, or to impose additional taxes or royalties.
As has occurred in the past, actions could be taken by governments to increase public ownership of the company’s partially or wholly owned businesses, to force contract renegotiations, or to impose additional taxes, tariffs, royalties, fees, penalties or other costs.
Our failure or perceived failure to pursue or fulfill such aspirations, targets, goals and objectives or to satisfy various reporting standards within the timelines we announce, or at all, could have a negative impact on the company’s reputation, investor sentiment, ratings outcomes for evaluating the company’s approach to ESG matters, stock price, and cost of capital and expose us to government enforcement actions and private litigation, among other material adverse impacts.
Our failure or 26 Table of Contents perceived failure to pursue or fulfill such ambitions within the timelines we announce, or at all, or to satisfy various reporting standards and regulations could have a negative impact on the company’s reputation, investor sentiment, ratings outcomes for evaluating the company’s approach to ESG matters, stock price, and cost of capital and expose us to government enforcement actions and private litigation, among other material adverse impacts.
Asia In Asia, the company is engaged in upstream activities in Bangladesh, China, Cyprus, Indonesia, Israel, Kazakhstan, Kurdistan Region of Iraq, Myanmar, the Partitioned Zone between Saudi Arabia and Kuwait, Russia and Thailand. Acreage for Asia can be found in the Acreage table.
Asia In Asia, the company is engaged in upstream activities in Bangladesh, China, Cyprus, Indonesia, Israel, Kazakhstan, the Partitioned Zone between Saudi Arabia and Kuwait, Russia and Thailand. Acreage for Asia can be found in the Acreage table.
The following table summarizes the company’s net interests in productive and dry exploratory wells completed in each of the last three years, and the number of exploratory wells drilling at December 31, 2023.
The following table summarizes the company’s net interests in productive and dry exploratory wells completed in each of the past three years, and the number of exploratory wells drilling at December 31, 2024.
CPChem has two major integrated polymer projects under construction, the Golden Triangle Polymers Project in Orange, Texas, for which CPChem holds a 51 percent-owned and operated interest and the Ras Laffan Petrochemical Project in Ras Laffan, Qatar, for which CPChem holds a 30 percent nonoperated working interest.
CPChem has two major integrated polymer projects under construction, the Golden Triangle Polymers Project in Orange, Texas, for which CPChem holds a 51 percent-owned and operated interest and the Ras Laffan Petrochemical Project in Ras Laffan, Qatar, for which CPChem holds a 30 percent nonoperated working interest. Start-up for both projects is targeted for 2026.
Regardless of the precise method or form, cyber events could result in significant financial losses, legal or regulatory violations, reputational harm, and legal liability and could ultimately have a material adverse effect on the company’s business and results of operations.
Regardless of the precise method or form, events affecting our networks or digital infrastructure could result in significant financial losses, legal or regulatory violations, reputational harm, and legal liability and could ultimately have a material adverse effect on the company’s business and results of operations.
We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies. Information about the company is available on the company’s website at www.chevron.com .
We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow new businesses in renewable fuels, carbon capture and offsets, hydrogen, power generation for data centers, and emerging technologies. Information about the company is available on the company’s website at www.chevron.com .
Areas requiring significant estimates and assumptions by management include impairments to property, plant and equipment and investments in affiliates; estimates of crude oil and natural gas recoverable reserves; accruals for estimated liabilities, including litigation reserves; and measurement of benefit obligations for pension and other postretirement benefit plans.
Areas requiring significant estimates and assumptions by management include impairments to property, plant and equipment and investments in affiliates; estimates of crude oil and natural gas recoverable reserves; accruals for estimated liabilities, including litigation reserves; estimates for decommissioning obligations, including for previously divested assets; and measurement of benefit obligations for pension and other post-employment benefit plans.
Hiring, Development and Retention The company’s approach to attracting, developing and retaining a global, diverse workforce of high-performing talent is anchored in a long-term employment model that fosters an environment of personal growth and engagement. The company’s philosophy is to offer compelling career opportunities and a competitive total compensation and benefits package linked to individual and enterprise performance.
Hiring, Development and Retention The company’s approach to attracting, developing and retaining a global, diverse workforce of high-performing talent is anchored by an environment of personal growth and engagement. The company’s philosophy is to offer compelling career opportunities and a competitive total compensation and benefits package linked to individual and enterprise performance.
Angola-Democratic Republic of Congo (DRC) Joint Development Area In December 2023, Chevron signed a production sharing agreement (PSA) with the Angola and DRC governments to explore Block 14/23 located in the Zone of Common Interest established between the Republic of Angola and DRC maritime area. Chevron has a 31 percent-owned and operated working interest under the PSA.
Angola-Democratic Republic of Congo (DRC) Joint Development Area Chevron has a 31 percent interest in a production sharing agreement (PSA) with the Angola and DRC governments to explore Block 14/23 located in the Zone of Common Interest established between the Republic of Angola and DRC maritime area.
As one of the largest producers in the Permian Basin, Chevron continues to develop its advantaged portfolio in west Texas and southeast New Mexico and is expected to achieve one million barrels of net oil-equivalent production per day in 2025.
As one of the largest producers in the Permian Basin, Chevron continues to develop its advantaged portfolio of 1,780,000 net acres in the Delaware and Midland basins in west Texas and southeast New Mexico and is expected to achieve one million barrels of net oil-equivalent production per day in 2025.
Outside the United States, the company is contractually committed to deliver a total of 2.9 tr illion cubic feet of natural gas to third parties and affiliates from 2024 through 2026 from operations in Australia and Israel.
Outside the United States, the company is contractually committed to deliver a total of 3.2 tr illion cubic feet of natural gas to third parties and affiliates from 2025 through 2027 mainly from operations in Australia and Israel.
For example, the company is currently subject to implemented programs in certain jurisdictions, such as the Renewable Fuel Standard program in the U.S., California’s Cap-and-Trade Program and Low Carbon Fuel Standard, and newly approved mandates such as the California Air Resources Board Advanced Clean Cars II regulations, as well as other indirect regulation of GHG emissions, which may, among other things, ban or restrict technologies or products that use the company’s products.
For example, the company operates in jurisdictions with developing or existing programs, such as the Renewable Fuel Standard program in the U.S., California’s Cap-and-Trade Program and Low Carbon Fuel Standard, and mandates such as the California Air Resources Board Advanced Clean Cars II regulations, as well as other indirect regulation of GHG emissions, which may, among other things, ban or restrict technologies or products that use the company’s products.
The standards and regulations for tracking, reporting, marketing and advertising related to ESG matters are relatively new, have not been harmonized and continue to evolve. Our selection of disclosure frameworks that seek to align with various voluntary reporting standards may change from time to time and may result in a lack of comparative data from period to period.
The standards and regulations for tracking, reporting, disclosing, marketing and advertising related to ESG matters are relatively new, have not been harmonized and continue to evolve. Further, our selection of disclosure frameworks that seek to align with various voluntary reporting standards may change from time to time.
Further, voluntary carbon-related and target-setting frameworks have developed, and continue to develop, that limit the ability of certain sectors, including the oil and gas sector, from participating, and may result in exclusion of the company’s equity from being included as an investment option in portfolios.
Further, voluntary carbon-related and target-setting frameworks have been developed that may limit the ability of certain sectors, including the oil and gas sector, from accessing capital, and may result in exclusion of the company’s equity or debt from being included as an investment option in portfolios.
Refer to Selected Operating Data in Management’s Discussion and Analysis of Financial Condition and Results of Operations, for further information on the company’s sales volumes of NGLs and natural gas. Refer also to Delivery Commitments for information related to the company’s delivery commitments for the sale of crude oil and natural gas.
Refer to Selected Operating Data in Management’s Discussion and Analysis of Financial Condition and Results of Operations, for further information on the company’s sales volumes of NGLs and natural gas.
At December 31, 2023, 38 percent of the company’s net proved oil-equivalent reserves were located in the United States, 15 percent were located in Australia and 13 percent were located in Kazakhstan.
At December 31, 2024, 41 percent of the company’s net proved oil-equivalent reserves were located in the United States, 16 percent were located in Australia and 13 percent were located in Kazakhstan.
Unfavorable ESG ratings and investment community divestment initiatives, among other actions, may lead to negative investor sentiment toward Chevron and to the diversion of investment to other industries, which could have a negative impact on our stock price and our access to and costs of capital.
Such ratings are used by some investors to inform their investment and voting decisions. Unfavorable ESG ratings and investment community divestment initiatives, among other actions, may lead to negative investor sentiment toward Chevron and to the diversion of investment to other industries, which could have a negative impact on our stock price and our access to and costs of capital.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

254 edited+48 added−57 removed166 unchanged
Biggest changeAmericas Africa Asia Australia Europe Total TCO Other At December 31, 2023 Unproved properties $ 2,541 $ 1,666 $ 265 $ 536 $ 1,882 $ — $ 6,890 $ 108 $ — Proved properties and related producing assets 100,680 23,867 47,635 30,387 23,842 2,228 228,639 23,139 1,609 Support equipment 2,121 191 1,555 688 19,118 — 23,673 673 — Deferred exploratory wells — 73 205 178 1,119 74 1,649 — — Other uncompleted projects 10,872 734 1,271 1,121 1,469 52 15,519 15,438 130 Gross Capitalized Costs 116,214 26,531 50,931 32,910 47,430 2,354 276,370 39,358 1,739 Unproved properties valuation 168 1,214 183 533 5 — 2,103 77 — Proved producing properties – Depreciation and depletion 65,055 14,009 39,921 18,941 12,082 834 150,842 10,279 866 Support equipment depreciation 1,295 155 1,202 529 5,478 — 8,659 478 — Accumulated provisions 66,518 15,378 41,306 20,003 17,565 834 161,604 10,834 866 Net Capitalized Costs $ 49,696 $ 11,153 $ 9,625 $ 12,907 $ 29,865 $ 1,520 $ 114,766 $ 28,524 $ 873 At December 31, 2022 Unproved properties $ 2,541 $ 2,176 $ 265 $ 970 $ 1,987 $ — $ 7,939 $ 108 $ — Proved properties and related producing assets 83,525 22,867 46,950 31,179 22,926 2,186 209,633 15,793 1,552 Support equipment 2,146 194 1,543 696 19,107 — 23,686 646 — Deferred exploratory wells 43 56 116 40 1,119 74 1,448 — — Other uncompleted projects 8,213 610 1,095 914 1,869 30 12,731 20,590 54 Gross Capitalized Costs 96,468 25,903 49,969 33,799 47,008 2,290 255,437 37,137 1,606 Unproved properties valuation 178 1,589 146 969 110 — 2,992 74 — Proved producing properties – Depreciation and depletion 58,253 12,974 38,543 19,051 10,689 720 140,230 9,441 654 Support equipment depreciation 1,302 155 1,166 500 4,644 — 7,767 424 — Accumulated provisions 59,733 14,718 39,855 20,520 15,443 720 150,989 9,939 654 Net Capitalized Costs $ 36,735 $ 11,185 $ 10,114 $ 13,279 $ 31,565 $ 1,570 $ 104,448 $ 27,198 $ 952 At December 31, 2021 Unproved properties $ 3,302 $ 2,382 $ 191 $ 982 $ 1,987 $ — $ 8,844 $ 108 $ — Proved properties and related producing assets 80,821 22,031 47,030 46,379 22,235 2,156 220,652 14,635 1,558 Support equipment 2,134 198 1,096 906 18,918 — 23,252 582 — Deferred exploratory wells 328 121 196 246 1,144 74 2,109 — — Other uncompleted projects 6,581 431 1,096 903 1,586 24 10,621 19,382 31 Gross Capitalized Costs 93,166 25,163 49,609 49,416 45,870 2,254 265,478 34,707 1,589 Unproved properties valuation 289 1,536 131 855 110 — 2,921 70 — Proved producing properties – Depreciation and depletion 55,064 11,745 37,657 33,300 8,920 602 147,288 8,461 514 Support equipment depreciation 1,681 155 778 623 3,724 — 6,961 362 — Accumulated provisions 57,034 13,436 38,566 34,778 12,754 602 157,170 8,893 514 Net Capitalized Costs $ 36,132 $ 11,727 $ 11,043 $ 14,638 $ 33,116 $ 1,652 $ 108,308 $ 25,814 $ 1,075 103 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents Table III - Results of Operations for Oil and Gas Producing Activities 1 The company’s results of operations from oil and gas producing activities for the years 2023, 2022 and 2021 are shown in the following table.
Biggest changeAmericas Africa Asia Australia Europe Total TCO Other At December 31, 2024 Unproved properties $ 2,473 $ 1,545 $ 287 $ 536 $ 1,882 $ — $ 6,723 $ 108 $ — Proved properties and related producing assets 109,147 15,739 48,391 29,265 24,310 2,283 229,135 35,374 1,612 Support equipment 2,075 213 1,565 698 19,134 — 23,685 733 — Deferred exploratory wells 17 69 204 179 1,119 74 1,662 — — Other uncompleted projects 8,918 650 1,756 1,040 1,814 69 14,247 4,634 — Gross Capitalized Costs 122,630 18,216 52,203 31,718 48,259 2,426 275,452 40,849 1,612 Unproved properties valuation 119 1,119 213 533 5 — 1,989 80 — Proved producing properties – Depreciation and depletion 69,545 10,314 41,485 18,251 14,038 956 154,589 11,441 1,014 Support equipment depreciation 1,265 152 1,231 556 6,375 — 9,579 535 — Accumulated provisions 70,929 11,585 42,929 19,340 20,418 956 166,157 12,056 1,014 Net Capitalized Costs $ 51,701 $ 6,631 $ 9,274 $ 12,378 $ 27,841 $ 1,470 $ 109,295 $ 28,793 $ 598 At December 31, 2023 Unproved properties $ 2,541 $ 1,666 $ 265 $ 536 $ 1,882 $ — $ 6,890 $ 108 $ — Proved properties and related producing assets 100,680 23,867 47,635 30,387 23,842 2,228 228,639 23,139 1,609 Support equipment 2,121 191 1,555 688 19,118 — 23,673 673 — Deferred exploratory wells — 73 205 178 1,119 74 1,649 — — Other uncompleted projects 10,872 734 1,271 1,121 1,469 52 15,519 15,438 130 Gross Capitalized Costs 116,214 26,531 50,931 32,910 47,430 2,354 276,370 39,358 1,739 Unproved properties valuation 168 1,214 183 533 5 — 2,103 77 — Proved producing properties – Depreciation and depletion 65,055 14,009 39,921 18,941 12,082 834 150,842 10,279 866 Support equipment depreciation 1,295 155 1,202 529 5,478 — 8,659 478 — Accumulated provisions 66,518 15,378 41,306 20,003 17,565 834 161,604 10,834 866 Net Capitalized Costs $ 49,696 $ 11,153 $ 9,625 $ 12,907 $ 29,865 $ 1,520 $ 114,766 $ 28,524 $ 873 At December 31, 2022 Unproved properties $ 2,541 $ 2,176 $ 265 $ 970 $ 1,987 $ — $ 7,939 $ 108 $ — Proved properties and related producing assets 83,525 22,867 46,950 31,179 22,926 2,186 209,633 15,793 1,552 Support equipment 2,146 194 1,543 696 19,107 — 23,686 646 — Deferred exploratory wells 43 56 116 40 1,119 74 1,448 — — Other uncompleted projects 8,213 610 1,095 914 1,869 30 12,731 20,590 54 Gross Capitalized Costs 96,468 25,903 49,969 33,799 47,008 2,290 255,437 37,137 1,606 Unproved properties valuation 178 1,589 146 969 110 — 2,992 74 — Proved producing properties – Depreciation and depletion 58,253 12,974 38,543 19,051 10,689 720 140,230 9,441 654 Support equipment depreciation 1,302 155 1,166 500 4,644 — 7,767 424 — Accumulated provisions 59,733 14,718 39,855 20,520 15,443 720 150,989 9,939 654 Net Capitalized Costs $ 36,735 $ 11,185 $ 10,114 $ 13,279 $ 31,565 $ 1,570 $ 104,448 $ 27,198 $ 952 105 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents Table III - Results of Operations for Oil and Gas Producing Activities 1 The company’s results of operations from oil and gas producing activities for the years 2024, 2023 and 2022 are shown in the following table.
Further such proceedings are likely to be brought by other parties. While defendants have sought to remove cases filed in state court to federal court, most of those cases have been remanded to state court and the U.S. Supreme Court has denied petitions for writ of certiorari on jurisdictional questions to date.
Further such proceedings are likely to be brought by other parties. While defendants have sought to remove cases filed in state court to federal court, most of those cases have been remanded to state court and the U.S. Supreme Court has denied petitions for writ of certiorari on jurisdictional questions to date. The U.S.
Due to the unprecedented nature of the suits, the company is unable to estimate any range of possible liability, but given the uncertainty of litigation there can be no assurance that the cases will not have a material adverse effect on the company’s results of operations and financial condition.
Due to the unprecedented nature of the suits, the company is unable to estimate any range of possible liability, but given the uncertainty of litigation there can be no assurance that the cases will not have a material adverse effect on the company’s results of operations and financial condition.
The company’s annual reserves activity is also reviewed with the Board Audit Committee and the Board of Directors. If major changes to reserves were to occur between the annual reviews, those matters would also be discussed with the Board. RAC sub-teams also conduct in-depth reviews during the year of many of the fields that have large proved reserves quantities.
The company’s annual reserves activity is also reviewed with the company’s Audit Committee and Board of Directors. If major changes to reserves were to occur between the annual reviews, those matters would also be discussed with the Board. RAC sub-teams also conduct in-depth reviews during the year of many of the fields that have large proved reserves quantities.
The following table summarizes the provisional fair values assigned to assets acquired and liabilities assumed: At August 7, 2023 Current assets $ 630 Properties, plant and equipment 10,487 Other assets 118 Total assets acquired 11,235 Current liabilities 1,376 Long-term debt 1,473 Deferred income tax 1,397 Other liabilities 469 Total liabilities assumed 4,715 Purchase Price $ 6,520 Pro forma financial information is not disclosed as the acquisition was deemed not to have a material impact on the company’s results of operations.
The following table summarizes the fair values assigned to assets acquired and liabilities assumed: At August 7, 2023 Current assets $ 630 Properties, plant and equipment 10,487 Other assets 118 Total assets acquired 11,235 Current liabilities 1,376 Long-term debt 1,473 Deferred income tax 1,397 Other liabilities 469 Total liabilities assumed 4,715 Purchase Price $ 6,520 Pro forma financial information is not disclosed as the acquisition was deemed not to have a material impact on the company’s results of operations.
The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant.
The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with LNG; transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant.
For awards issued on or after May 25, 2022, no more than 48 million of those shares may be issued in the form of full value awards such as share-settled restricted stock, share-settled restricted stock units and other share-settled awards that do not require full payment in cash or property for shares underlying such awards by the award recipient.
For awards issued on or after May 25, 2022, no more than 48 million of those shares may be issued in the form of full value awards such as share-settled restricted stock, share-settled restricted stock units, share-settled performance shares and other share-settled awards that do not require full payment in cash or property for shares underlying such awards by the award recipient.
The fair value of the liability recorded for the vested portion of these instruments was $32. Note 23 Employee Benefit Plans The company has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages.
The fair value of the liability recorded for the vested portion of these instruments was $23. Note 23 Employee Benefit Plans The company has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages.
Int’l. 2023 2022 2021 Assumptions used to determine benefit obligations: Discount rate 5.0 % 5.5 % 5.2 % 5.8 % 2.8 % 2.8 % 5.1 % 5.3 % 2.9 % Rate of compensation increase 4.5 % 3.9 % 4.5 % 4.2 % 4.5 % 4.1 % N/A N/A N/A Assumptions used to determine net periodic benefit cost: Discount rate for service cost 5.2 % 5.8 % 3.6 % 2.8 % 3.0 % 2.4 % 5.4 % 3.1 % 3.0 % Discount rate for interest cost 5.0 % 5.8 % 2.8 % 2.8 % 1.9 % 2.4 % 5.2 % 2.4 % 2.1 % Expected return on plan assets 7.0 % 6.1 % 6.6 % 3.9 % 6.5 % 3.5 % N/A N/A N/A Rate of compensation increase 4.5 % 4.2 % 4.5 % 4.1 % 4.5 % 4.0 % N/A N/A N/A Expected Return on Plan Assets The company’s estimated long-term rates of return on pension assets are driven primarily by actual historical asset-class returns, an assessment of expected future performance, advice from external actuarial firms and the incorporation of specific asset-class risk factors.
Int’l. 2024 2023 2022 Assumptions used to determine benefit obligations: Discount rate 5.7 % 6.0 % 5.0 % 5.5 % 5.2 % 5.8 % 5.7 % 5.1 % 5.3 % Rate of compensation increase 4.5 % 3.9 % 4.5 % 3.9 % 4.5 % 4.2 % N/A N/A N/A Assumptions used to determine net periodic benefit cost: Discount rate for service cost 5.0 % 5.5 % 5.2 % 5.8 % 3.6 % 2.8 % 5.2 % 5.4 % 3.1 % Discount rate for interest cost 4.8 % 5.5 % 5.0 % 5.8 % 2.8 % 2.8 % 5.1 % 5.2 % 2.4 % Expected return on plan assets 7.0 % 5.9 % 7.0 % 6.1 % 6.6 % 3.9 % N/A N/A N/A Rate of compensation increase 4.5 % 3.9 % 4.5 % 4.2 % 4.5 % 4.1 % N/A N/A N/A Expected Return on Plan Assets The company’s estimated long-term rates of return on pension assets are driven primarily by actual historical asset-class returns, an assessment of expected future performance, advice from external actuarial firms and the incorporation of specific asset-class risk factors.
Such contingencies may exist for various operating, closed and divested sites, including, but not limited to, U.S. federal Superfund sites and analogous sites under state laws, refineries, chemical plants, marketing facilities, crude oil fields, and mining sites. 97 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Although the company has provided for known environmental obligations that are probable and reasonably estimable, it is likely that the company will continue to incur additional liabilities.
Such contingencies may exist for various operating, closed and divested sites, including, but not limited to, U.S. federal Superfund sites and analogous sites under state laws, refineries, chemical plants, marketing facilities, crude oil fields and mining sites. 99 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Although the company has provided for known environmental obligations that are probable and reasonably estimable, it is likely that the company will continue to incur additional liabilities.
Assets include those related to the exploration and production of crude oil, natural gas liquids and natural gas and those associated with the refining, marketing, supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron.
Assets include those related to the exploration and production of crude oil, natural gas, and natural gas liquids (NGLs) and those associated with the refining, marketing, supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron.
This includes using the average of first-day-of-the-month oil and gas prices for the 12-month period prior to the end of the reporting period, estimated future development and production costs assuming the continuation of existing economic conditions, estimated costs for asset retirement obligations (includes costs to retire existing wells and facilities in addition to those future wells and facilities necessary to produce proved undeveloped reserves), and estimated future income taxes based on appropriate statutory tax rates.
This includes using the unweighted arithmetic average of the first-day-of-the-month oil and gas prices for the 12-month period prior to the end of the reporting period, estimated future development and production costs assuming the continuation of existing economic conditions, estimated costs for asset retirement obligations (includes costs to retire existing wells and facilities in addition to those future wells and facilities necessary to produce proved undeveloped reserves), and estimated future income taxes based on appropriate statutory tax rates.
Ct.) . 83 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Louisiana Seven coastal parishes and the State of Louisiana have filed lawsuits in Louisiana against numerous oil and gas companies seeking damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA).
Ct.) . 85 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Louisiana Seven coastal parishes and the State of Louisiana have filed lawsuits in Louisiana against numerous oil and gas companies seeking damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA).
The company manages environmental liabilities under specific sets of regulatory requirements, which in the United States include the Resource Conservation and Recovery Act and various state and local regulations. No single remediation site at year-end 2023 had a recorded liability that was material to the company’s results of operations, consolidated financial position or liquidity.
The company manages environmental liabilities under specific sets of regulatory requirements, which in the United States include the Resource Conservation and Recovery Act and various state and local regulations. No single remediation site at year-end 2024 had a recorded liability that was material to the company’s results of operations, consolidated financial position or liquidity.
Sales In 2022, sales of 35 million barrels in the United States were primarily from the divestment of the Eagle Ford shale assets and some properties in the Midland and Delaware basins. 110 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents Net Proved Reserves of Natural Gas Liquids Consolidated Companies Affiliated Companies Total Consolidated Other and Affiliated Millions of barrels U.S.
Sales In 2022, sales of 35 million barrels in the United States were primarily from the divestment of the Eagle Ford shale assets and some properties in the Midland and Delaware basins. 112 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents Net Proved Reserves of Natural Gas Liquids Consolidated Companies Affiliated Companies Total Consolidated Other and Affiliated Millions of barrels U.S.
“Materials, supplies and other” inventories are primarily stated at cost or net realizable value. 67 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and production activities.
“Materials, supplies and other” inventories are primarily stated at cost or net realizable value. 69 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and production activities.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. As disclosed by management, variables impacting the Company’s estimated volumes of proved crude oil and natural gas reserves include field performance, available technology, commodity prices, and development, production and carbon costs.
Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. As disclosed by management, variables impacting the Company’s estimated volumes of proved crude oil, natural gas liquids (NGLs) and natural gas reserves include field performance, available technology, commodity prices, and development, production and carbon costs.
Management believes that the claims lack legal and factual merit and will continue to vigorously defend against such proceedings. 2 The cases are: Jefferson Parish v. Atlantic Richfield Company, et al ., No. 732-768 (24th Jud. Dist. Ct., Jefferson Par.); Jefferson Parish v. Chevron U.S.A. Holdings, Inc., et al. , No. 732-769 (24th Jud. Dist.
Management believes that the claims lack legal and factual merit and will continue to vigorously defend against such proceedings. 4 The cases are: Jefferson Parish v. Atlantic Richfield Company, et al ., No. 732-768 (24th Jud. Dist. Ct., Jefferson Par.); Jefferson Parish v. Chevron U.S.A. Holdings, Inc., et al. , No. 732-769 (24th Jud. Dist.
The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the 86 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements.
The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the 88 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements.
Risk Factors for a discussion of risks related to the Hess acquisition. 101 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents In accordance with FASB and SEC disclosure requirements for oil and gas producing activities, this section provides supplemental information on oil and gas exploration and producing activities of the company in seven separate tables.
Risk Factors for a discussion of risks related to the Hess acquisition. 103 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents In accordance with FASB and SEC disclosure requirements for oil and gas producing activities, this section provides supplemental information on oil and gas exploration and producing activities of the company in seven separate tables.
Included in the investment balance is a loan with a principal balance of $387 to fund a portion of the Golden Triangle Polymers Project in Orange, Texas, in which Chevron Phillips Chemical Company LLC owns 51 percent. GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy in South Korea.
Included in the investment balance is a loan with a principal balance of $669 to fund a portion of the Golden Triangle Polymers Project in Orange, Texas, in which Chevron Phillips Chemical Company LLC owns 51 percent. GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy in South Korea.
At year-end 2023, the trust contained 14.2 million shares of Chevron treasury stock. The trust will sell the shares or use the dividends from the shares to pay benefits only to the extent that the company does not pay such benefits. The company intends to continue to pay its obligations under the benefit plans.
At year-end 2024, the trust contained 14.2 million shares of Chevron treasury stock. The trust will sell the shares or use the dividends from the shares to pay benefits only to the extent that the company does not pay such benefits. The company intends to continue to pay its obligations under the benefit plans.
In Australia, approximately 235 million BOE remain undeveloped for five years or more related to the Gorgon and Wheatstone Projects. Further field development to convert the remaining proved undeveloped reserves is scheduled to occur in line with operating constraints, reservoir depletion and infrastructure optimization.
In Australia, approximately 223 million BOE remain undeveloped for five years or more related to the Gorgon and Wheatstone Projects. Further field development to convert the remaining proved undeveloped reserves is scheduled to occur in line with operating constraints, reservoir depletion and infrastructure optimization.
See accompanying Notes to the Consolidated Financial Statements. 66 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Note 1 Summary of Significant Accounting Policies General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America.
See accompanying Notes to the Consolidated Financial Statements. 68 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Note 1 Summary of Significant Accounting Policies General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Although the company uses its best estimates and judgments, actual results could differ from these estimates as circumstances change and additional information becomes known. Prior years’ data have been reclassified in certain cases to conform to the 2023 presentation basis.
Although the company uses its best estimates and judgments, actual results could differ from these estimates as circumstances change and additional information becomes known. Prior years’ data have been reclassified in certain cases to conform to the 2024 presentation basis.
The lease term includes the committed lease term identified in the contract, taking into account renewal and termination options that management is 68 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts reasonably certain to exercise.
The lease term includes the committed lease term identified in the contract, taking into account renewal and termination options that management is 70 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts reasonably certain to exercise.
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 year ended December 31, 2023, are reflected in the table below.
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 year ended December 31, 2024, are reflected in the table below.
The company recognizes the overfunded or underfunded status of each of its defined benefit pension and OPEB plans as an asset or liability on the Consolidated Balance Sheet. The funded status of the company’s pension and OPEB plans for 2023 and 2022 follows: Pension Benefits 2023 2022 Other Benefits U.S. Int’l. U.S.
The company recognizes the overfunded or underfunded status of each of its defined benefit pension and OPEB plans as an asset or liability on the Consolidated Balance Sheet. The funded status of the company’s pension and OPEB plans for 2024 and 2023 follows: Pension Benefits 2024 2023 Other Benefits U.S. Int’l. U.S.
These reviews include an examination of the proved reserve records and documentation of their compliance with the Chevron Corporation Reserves Manual . Technologies Used in Establishing Proved Reserves Additions In 2023, additions to Chevron’s proved reserves were based on a wide range of geologic and engineering technologies.
These reviews include an examination of the proved reserve records and documentation of their compliance with the Chevron Corporation Reserves Manual . Technologies Used in Establishing Proved Reserves Additions In 2024, additions to Chevron’s proved reserves were based on a wide range of geologic and engineering technologies.
We also have audited the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
We also have audited the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Net income (loss) from exploration and production activities as reported on page 79 reflects income taxes computed on an effective rate basis. Income taxes in Table III are based on statutory tax rates, reflecting allowable deductions and tax credits.
Net income (loss) from exploration and production activities as reported on page 81 reflects income taxes computed on an effective rate basis. Income taxes in Table III are based on statutory tax rates, reflecting allowable deductions and tax credits.
In 2022, extensions and discoveries in the Midland, Delaware and DJ basins, and approval of the Ballymore Project in the Gulf of Mexico, were primarily responsible for the 264 million barrels increase in the United States. In Other Americas, the 32 million barrels of extensions and discoveries were from Argentina and Canada.
Extensions and Discoveries In 2022, extensions and discoveries in the Midland, Delaware and DJ basins, and approval of the Ballymore Project in the Gulf of America, were primarily responsible for the 264 million barrels increase in the United States. In Other Americas, the 32 million barrels of extensions and discoveries were from Argentina and Canada.
Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
The company’s management has evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, the effectiveness of the company’s disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2023.
The company’s management has evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, the effectiveness of the company’s disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2024.
Interest income and expense are excluded from the results reported in Table III and from the upstream net income amounts on page 79. Consolidated Companies Affiliated Companies Other Millions of dollars U.S.
Interest income and expense are excluded from the results reported in Table III and from the upstream net income amounts on page 81. Consolidated Companies Affiliated Companies Other Millions of dollars U.S.
Knowles Chairman of the Board Vice President Vice President and Chief Executive Officer and Chief Financial Officer and Controller February 26, 2024 59 Financial Table of Contents Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Chevron Corporation Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheet of Chevron Corporation and its subsidiaries (the “Company”) as of December 31, 2023 and 2022, and the related consolidated statements of income, of comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).
Knowles Chairman of the Board Vice President Vice President and Chief Executive Officer and Chief Financial Officer and Controller February 21, 2025 61 Financial Table of Contents Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Chevron Corporation Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheet of Chevron Corporation and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of income, of comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).
This statistical approach becomes the basis of the company’s expected credit loss allowance for current trade receivables with payment terms that are typically short-term in nature, with most due in less than 90 days. Chevron’s non-trade receivable balance was $3,864 at December 31, 2023, which includes receivables from certain governments in their capacity as joint venture partners.
This statistical approach becomes the basis of the company’s expected credit loss allowance for current trade receivables with payment terms that are typically short-term in nature, with most due in less than 90 days. Chevron’s non-trade receivable balance was $3,835 at December 31, 2024, which includes receivables from certain governments in their capacity as joint venture partners.
The company and its affiliates also continue to review and analyze their operations and may close, retire, sell, exchange, acquire or restructure assets to achieve operational or strategic benefits and to improve competitiveness and profitability. These activities, individually or together, may result in significant gains or losses in future periods.
Other Contingencies The company and its affiliates continue to review and analyze their operations and may close, retire, sell, exchange, acquire or restructure assets to achieve operational or strategic benefits and to improve competitiveness and profitability. These activities, individually or together, may result in significant gains or losses in future periods.
Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2023 and 2022, was: Pension Benefits 2023 2022 U.S. Int’l. U.S. Int’l.
Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2024 and 2023, was: Pension Benefits 2024 2023 U.S. Int’l. U.S. Int’l.
During this period, the company continued its practice of issuing treasury shares upon exercise of these awards. As of December 31, 2023, there was $181 of total unrecognized before-tax compensation cost related to nonvested share-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average period of 1.9 years.
During this period, the company continued its practice of issuing treasury shares upon exercise of these awards. As of December 31, 2024, there was $320 of total unrecognized before-tax compensation cost related to nonvested share-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average period of 1.9 years.
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2023 and 2022.
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2024 and 2023.
Actual contribution amounts are dependent upon investment returns, changes in pension obligations, regulatory environments, tax law changes and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. The company anticipates paying OPEB benefits of approximately $150 in 2024; $159 was paid in 2023.
Actual contribution amounts are dependent upon investment returns, changes in pension obligations, regulatory environments, tax law changes and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. The company anticipates paying OPEB benefits of approximately $150 in 2025; $148 was paid in 2024.
The Manager of Global Reserves has more than 30 years of experience working in the oil and gas industry and holds both undergraduate and graduate degrees in geoscience.
The Manager of Global Reserves has more than 35 years of experience working in the oil and gas industry and holds both undergraduate and graduate degrees in geoscience.
Plan Assets and Investment Strategy The fair value measurements of the company’s pension plans for 2023 and 2022 are as follows: U.S. Int’l.
Plan Assets and Investment Strategy The fair value measurements of the company’s pension plans for 2024 and 2023 are as follows: U.S. Int’l.
Guarantees The company has one guarantee to an equity affiliate totaling $135. This guarantee is associated with certain payments under a terminal use agreement entered into by an equity affiliate. Over the approximate 4-year remaining term of this guarantee, the maximum guarantee amount will be reduced as certain fees are paid by the affiliate.
Guarantees The company has one guarantee to an equity affiliate totaling $98. This guarantee is associated with certain payments under a terminal use agreement entered into by an equity affiliate. Over the approximate 3-year remaining term of this guarantee, the maximum guarantee amount will be reduced as certain fees are paid by the affiliate.
These future costs may be material to results of operations in the period in which they are recognized, but the company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Chevron’s environmental reserve as of December 31, 2023, was $936.
These future costs may be material to results of operations in the period in which they are recognized, but the company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Chevron’s environmental reserve as of December 31, 2024, was $945.
Asset allocations are periodically updated using pension plan asset/liability studies, and the company’s estimated long-term rates of return are consistent with these studies. For 2023, the company used an expected long-term rate of return of 7.0 percent for U.S. pension plan assets, which account for 71 percent of the company’s pension plan assets at the beginning of the year.
Asset allocations are periodically updated using pension plan asset/liability studies, and the company’s estimated long-term rates of return are consistent with these studies. For 2024, the company used an expected long-term rate of return of 7.0 percent for U.S. pension plan assets, which account for 73 percent of the company’s pension plan assets at the beginning of the year.
The company also sponsors other postretirement benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and retirees share the costs.
The company also sponsors other post-employment benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and retirees share the costs.
For a discussion of credit risk on trade receivables, see Note 28 Financial Instruments - Credit Losses . Note 11 Assets Held for Sale At December 31, 2023, the company classifie d $675 of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet.
For a discussion of credit risk on trade receivables, see Note 28 Financial Instruments - Credit Losses . Note 11 Assets Held for Sale At December 31, 2024, the company classifie d $481 of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet.
On the Consolidated Statement of Income, the company reports interest and penalties related to liabilities for uncertain tax positions as “Income Tax Expense (Benefit).” As of December 31, 2023, accrued expense of $229 for anticipated interest and penalties was included on the Consolidated Balance Sheet, compared with accrued benefit of $112 as of year-end 2022.
On the Consolidated Statement of Income, the company reports interest and penalties related to liabilities for uncertain tax positions as “Income Tax Expense (Benefit).” As of December 31, 2024, accrued expense of $268 for anticipated interest and penalties was included on the Consolidated Balance Sheet, compared with accrued expense of $229 as of year-end 2023.
Included in this balance was $232 related to remediation activities at sites for which the company had been identified as a potentially responsible party under the provisions of the U.S. federal Superfund law which provide for joint and several liability for all responsible parties.
Included in this balance was $220 related to remediation activities at sites for which the company has been identified as a potentially responsible party under the provisions of the U.S. federal Superfund law which provide for joint and several liability for all responsible parties.
The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021.
The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022.
At December 31, 2023, the company’s carrying value of its investment in TCO was about $80 higher than the amount of underlying equity in TCO’s net assets. This difference results from Chevron acquiring a portion of its interest in TCO at a value greater than the underlying book value for that portion of TCO’s net assets.
At December 31, 2024, the company’s carrying value of its investment in TCO was about $73 higher than the amount of underlying equity in TCO’s net assets. This difference results from Chevron acquiring a portion of its interest in TCO at a value greater than the underlying book value for that portion of TCO’s net assets.
Employee Incentive Plans The Chevron Incentive Plan is an annual cash bonus plan for eligible employees that links awards to corporate and individual performance in the prior year. Charges to expense for cash bonuses were $809, $1,169 and $1,165 in 2023, 2022 and 2021, respectively.
Employee Incentive Plans The Chevron Incentive Plan is an annual cash bonus plan for eligible employees that links awards to corporate and individual performance in the prior year. Charges to expense for cash bonuses were $965, $809 and $1,169 in 2024, 2023 and 2022, respectively.
Related income taxes for the same period, totaling $25, are reflected in Income Tax Expense on the Consolidated Statement of Income.
Related income taxes for the same period, totaling $62, are reflected in Income Tax Expense on the Consolidated Statement of Income.
Fair Value and Assumptions The fair market values of stock options and stock appreciation rights granted in 2023, 2022 and 2021 were measured on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year ended December 31 2023 2022 2021 Expected term in years 1 6.4 6.9 6.8 Volatility 2 32.5 % 31.3 % 31.1 % Risk-free interest rate based on zero coupon U.S. treasury note 3.43 % 1.79 % 0.71 % Dividend yield 3.5 % 5.0 % 6.0 % Weighted-average fair value per option granted $ 45.82 $ 23.56 $ 12.22 1 Expected term is based on historical exercise and post-vesting cancellation data. 2 Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term.
Fair Value and Assumptions The fair market values of stock options and stock appreciation rights granted in 2024, 2023 and 2022 were measured on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year ended December 31 2024 2023 2022 Expected term in years 1 6.5 6.4 6.9 Volatility 2 33.0 % 32.5 % 31.3 % Risk-free interest rate based on zero coupon U.S. treasury note 3.98 % 3.43 % 1.79 % Dividend yield 4.1 % 3.5 % 5.0 % Weighted-average fair value per option granted $ 38.00 $ 45.82 $ 23.56 1 Expected term is based on historical exercise and post-vesting cancellation data. 2 Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term.
While progress was being made on all 13 projects, the decision on the recognition of proved reserves under SEC rules in some cases may not occur for several years because of the complexity, scale and negotiations associated with the projects. Approximately three-quarters of these decisions are expected to occur in the next five years.
While progress was being made on all 14 projects, the decision on the recognition of proved reserves under SEC rules in some cases may not occur for several years because of the complexity, scale and negotiations associated with the projects. Approximately half of these decisions are expected to occur in the next five years.
Chevron entities are defendants in 39 of these cases. 2 The lawsuits allege that the defendants’ historical operations were conducted without necessary permits or failed to comply with permits obtained and seek damages and other relief, including the costs of restoring coastal wetlands allegedly impacted by oil field operations. Further such proceedings may be filed by other parties.
Chevron entities are defendants in 37 of these cases. 4 The lawsuits allege that the defendants’ historical operations were conducted without necessary permits or failed to comply with permits obtained and seek damages and other relief, including the costs of restoring coastal wetlands allegedly impacted by oil field operations. Further such proceedings may be brought by other parties.
If either condition is not met or if the company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense. 89 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2023: 2023 2022 2021 Beginning balance at January 1 $ 1,627 $ 2,109 $ 2,512 Additions to capitalized exploratory well costs pending the determination of proved reserves 88 72 56 Reclassifications to wells, facilities and equipment based on the determination of proved reserves — (481) (425) Capitalized exploratory well costs charged to expense (67) (73) (34) Ending balance at December 31 $ 1,648 $ 1,627 $ 2,109 The following table provides an aging of capitalized well costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling: At December 31 2023 2022 2021 Exploratory well costs capitalized for a period of one year or less $ 78 $ 73 $ 65 Exploratory well costs capitalized for a period greater than one year 1,570 1,554 2,044 Balance at December 31 $ 1,648 $ 1,627 $ 2,109 Number of projects with exploratory well costs that have been capitalized for a period greater than one year * 13 12 15 * Certain projects have multiple wells or fields or both.
If either condition is not met or if the company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense. 91 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2024: 2024 2023 2022 Beginning balance at January 1 $ 1,648 $ 1,627 $ 2,109 Additions to capitalized exploratory well costs pending the determination of proved reserves 14 88 72 Reclassifications to wells, facilities and equipment based on the determination of proved reserves — — (481) Capitalized exploratory well costs charged to expense — (67) (73) Ending balance at December 31 $ 1,662 $ 1,648 $ 1,627 The following table provides an aging of capitalized well costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling: At December 31 2024 2023 2022 Exploratory well costs capitalized for a period of one year or less $ 17 $ 78 $ 73 Exploratory well costs capitalized for a period greater than one year 1,645 1,570 1,554 Balance at December 31 $ 1,662 $ 1,648 $ 1,627 Number of projects with exploratory well costs that have been capitalized for a period greater than one year * 14 13 12 * Certain projects have multiple wells or fields or both.
The $726 balance is related to six projects in areas requiring a major capital expenditure before production could begin and for which additional drilling efforts were not underway or firmly planned for the near future.
The $798 balance is related to seven projects in areas requiring a major capital expenditure before production could begin and for which additional drilling efforts were not underway or firmly planned for the near future.
Loans to equity affiliates and non-equity investees are also considered non-trade and associated allowances of $219 and $560 at December 31, 2023 and December 31, 2022, respectively, are included within “Investments and advances” on the Consolidated Balance Sheet. 100 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Note 29 Acquisition of PDC Energy, Inc.
Loans to equity affiliates and non-equity investees are also considered non-trade and associated allowances of zero and $219 at December 31, 2024, and December 31, 2023, respectively, are included within “Investments and advances” on the Consolidated Balance Sheet. 102 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Note 29 Acquisition of PDC Energy, Inc.
Does not include properties acquired in nonmonetary transactions. 3 Includes $208, $186 and $298 of costs incurred on major capital projects prior to assignment of proved reserves for consolidated companies in 2023, 2022, and 2021, respectively. 4 Reconciliation of consolidated companies total cost incurred to Upstream Capex - $ billions: 2023 2022 2021 Total cost incurred by Consolidated Companies $ 24.6 $ 9.8 $ 7.4 PDC Energy, Inc.
Does not include properties acquired in nonmonetary transactions. 3 Includes $59, $208 and $186 of costs incurred on major capital projects prior to assignment of proved reserves for consolidated companies in 2024, 2023, and 2022, respectively. 4 Reconciliation of consolidated companies total cost incurred to Upstream Capex - $ billions: 2024 2023 2022 Total cost incurred by Consolidated Companies $ 14.6 $ 24.6 $ 9.8 PDC Energy, Inc.
(PDC) acquisition (10.5) — — Expensed exploration costs (0.5) (0.5) (0.4) (Geological and geophysical and other exploration costs) Non-oil and gas activities 1.4 0.6 0.2 (Primarily LNG and transportation activities) ARO reduction/(build) (1.3) (0.3) (0.4) Upstream Capex $ 13.7 $ 9.6 $ 6.8 Reference page 48 Upstream Capex 102 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents proved reserves, and changes in estimated discounted future net cash flows.
(PDC) acquisition — (10.5) — Expensed exploration costs (0.6) (0.5) (0.5) (Geological and geophysical and other exploration costs) Non-oil and gas activities 0.6 1.4 0.6 (Primarily LNG and transportation activities) ARO reduction/(build) (0.3) (1.3) (0.3) Upstream Capex $ 14.3 $ 13.7 $ 9.6 Reference page 50 Upstream Capex 104 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents proved reserves, and changes in estimated discounted future net cash flows.
Compensation expense for the ESIP totaled $320, $283 and $252 in 2023, 2022 and 2021, respectively. 96 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Benefit Plan Trusts Prior to its acquisition by Chevron, Texaco established a benefit plan trust for funding obligations under some of its benefit plans.
Compensation expense for the ESIP totaled $330, $320 and $283 in 2024, 2023 and 2022, respectively. 98 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Benefit Plan Trusts Prior to its acquisition by Chevron, Texaco established a benefit plan trust for funding obligations under some of its benefit plans.
The projects for the $726 referenced above had the following activities associated with assessing the reserves and the projects’ economic viability: (a) $311 (four projects) – undergoing front-end engineering and design with final investment decision expected within four years; (b) $415 (two projects) – development alternatives under review.
The projects for the $798 referenced above had the following activities associated with assessing the reserves and the projects’ economic viability: (a) $383 (five projects) – undergoing front-end engineering and design with final investment decision expected within four years; (b) $415 (two projects) – development alternatives under review.
Ct.); City of San Francisco v. BP P.L.C., et al. , No. CGC-17-561370 (Cal. Super. Ct.); County of San Mateo v. Chevron Corp., et al. , No. 17-CIV-03222 (Cal. Super. Ct.); City of Santa Cruz v. Chevron Corp., et al. , No. 17-cv-03243 (Cal. Super. Ct.); County of Santa Cruz v. Chevron Corp., et al ., No. 17-cv-03242 (Cal. Super.
Ct.); City of Richmond v. Chevron Corp., et al. , No. C18-00055 (Cal. Super. Ct.); City of San Francisco v. BP P.L.C., et al. , No. CGC-17-561370 (Cal. Super. Ct.); County of San Mateo v. Chevron Corp., et al. , No. 17-CIV-03222 (Cal. Super. Ct.); City of Santa Cruz v. Chevron Corp., et al. , No. 17-CV-03243 (Cal. Super.
Actual tax benefits realized for the tax deductions from option exercises were $20, $216 and $(15) for 2023, 2022 and 2021, respectively. Cash paid to settle performance shares, restricted stock units and stock appreciation rights was $566, $556 and $163 for 2023, 2022 and 2021, respectively. On May 25, 2022, stockholders approved the Chevron 2022 Long-Term Incentive Plan (2022 LTIP).
Actual tax benefits realized for the tax deductions from option exercises were $24, $20 and $216 for 2024, 2023 and 2022, respectively. Cash paid to settle performance shares, restricted stock units and stock appreciation rights was $395, $566 and $556 for 2024, 2023 and 2022, respectively. On May 25, 2022, stockholders approved the Chevron 2022 Long-Term Incentive Plan (2022 LTIP).
In Other Americas, entitlement effects primarily contributed to an increase of 42 million barrels of synthetic oil at the Athabasca Oil Sands project in Canada. In Asia, reservoir performance, mainly in the Partitioned Zone of Saudi Arabia/Kuwait, was responsible for the 48 million barrels increase. Reservoir performance in Nigeria was mainly responsible for the 37 million barrels increase in Africa.
In Other Americas, entitlement effects primarily contributed to an increase of 42 million barrels of synthetic oil at the Athabasca Oil Sands project in Canada. In Asia, reservoir performance, mainly in the Partitioned Zone between Saudi Arabia and Kuwait (the Partitioned Zone), was responsible for the 48 million barrels increase.
PSC-related reserve quantities are 7 percent, 8 percent and 8 percent for consolidated companies for 2023, 2022 and 2021, respectively. 5 Reserve quantities include natural gas projected to be consumed in operations of 2,655, 2,737 and 2,505 billions of cubic feet as of December 31, 2023, 2022 and 2021, respectively. 112 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents Table VI - Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and Gas Reserves The standardized measure of discounted future net cash flows is calculated in accordance with SEC and FASB requirements.
PSC-related reserve quantities were 6 percent, 7 percent and 8 percent for consolidated companies for 2024, 2023 and 2022, respectively. 5 Reserve quantities include natural gas projected to be consumed in operations of 2,462, 2,655 and 2,737 billions of cubic feet as of December 31, 2024, 2023 and 2022, respectively. 114 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents Table VI - Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and Gas Reserves The standardized measure of discounted future net cash flows is calculated in accordance with SEC and FASB requirements.
Any borrowings under the facility would be unsecured indebtedness at interest rates based on the Secured Overnight Financing Rate (SOFR), or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under this facility at December 31, 2023.
Any borrowings under these facilities would be unsecured indebtedness at interest rates based on the Secured Overnight Financing Rate (SOFR), or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under these facilities at December 31, 2024.
Included in the investment is a loan to TCO to fund the development of the FGP/WPMP with a principal balance of $4,500. Caspian Pipeline Consortium Chevron has a 15 percent interest in the Caspian Pipeline Consortium, which provides the critical export route for crude oil from both TCO and Karachaganak.
Included in the investment is a loan to TCO to fund the development of the Wellhead Pressure Management Project (WPMP) and Future Growth Project (FGP) with a principal balance of $4,500. Caspian Pipeline Consortium Chevron has a 15 percent interest in the Caspian Pipeline Consortium, which provides the critical export route for crude oil from both TCO and Karachaganak.
A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the 60 Financial Table of Contents transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. 62 Financial Table of Contents Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
OPEB plan, the assumed health care cost-trend rates start with 8.4 percent in 2024 and gradually decline to 4.5 percent for 2033 and beyond. For this measurement at December 31, 2022, the assumed health care cost-trend rates started with 6.6 percent in 2023 and gradually declined to 4.5 percent for 2032 and beyond.
OPEB plan, the assumed health care cost-trend rates start with 8.4 percent in 2025 and gradually decline to 4.5 percent for 2034 and beyond. For this measurement at December 31, 2023, the assumed health care cost-trend rates started with 8.4 percent in 2024 and gradually declined to 4.5 percent for 2033 and beyond.
In 2023, the acquisition of PDC in the DJ and Delaware basins was primarily responsible for the 207 million barrels increase in the United States.
Purchases In 2023, the acquisition of PDC in the DJ and Delaware basins was primarily responsible for the 262 million barrels increase in the United States.
No significant stock-based compensation cost was capitalized at December 31, 2023, or December 31, 2022. 90 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Cash received in payment for option exercises under all share-based payment arrangements for 2023, 2022 and 2021 was $263, $5,835 and $1,274, respectively.
No significant stock-based compensation cost was capitalized at December 31, 2024, or December 31, 2023. 92 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Cash received in payment for option exercises under all share-based payment arrangements for 2024, 2023 and 2022 was $356, $263 and $5,835, respectively.
Earnings in 2023 included after-tax charges of approximately $1,950 for abandonment and decommissioning obligations from previously sold oil and gas production assets in the U.S. Gulf of Mexico and $1,765 for upstream impairments, mainly in California, and several tax items with a net benefit of $655 .
Earnings in 2023 included after-tax charges of approximately $1,950 for decommissioning obligations from previously divested oil and gas production assets in the U.S. Upstream Gulf of America, $1,765 for U.S. Upstream impairments, mainly in California, and several tax items with a net benefit of $655 in International Upstream.
At December 31, 2023, before-tax deferred gains in AOCL related to outstanding crude oil price hedging contracts were $7, all of which is expected to be reclassified into earnings during the next 12 months as the hedged crude oil sales are recognized in earnings.
At December 31, 2024, before-tax deferred losses in AOCL related to outstanding crude oil price hedging contracts were $17, all of which is expected to be reclassified into earnings during the next 12 months as the hedged crude oil sales are recognized in earnings.
The long-term portion of the $13,833 balance at the end of 2023 was $12,122. Note 26 Revenue Revenue from contracts with customers is presented in “Sales and other operating revenues” along with some activity that is accounted for outside the scope of Accounting Standard Codification (ASC) 606, which is not material to this line, on the Consolidated Statement of Income.
The long-term portion of the $12,667 balance at the end of 2024 was $11,429. Note 26 Revenue Revenue from contracts with customers is presented in “Sales and other operating revenues” along with some activity that is accounted for outside the scope of Accounting Standard Codification (ASC) 606, which is not material to this line, on the Consolidated Statement of Income.
Note 28 Financial Instruments - Credit Losses Chevron’s expected credit loss allowance balance was $641 and $1,009 at December 31, 2023 and December 31, 2022, respectively, with a majority of the allowance relating to non-trade receivable balances.
Note 28 Financial Instruments - Credit Losses Chevron’s expected credit loss allowance balance was $611 and $641 at December 31, 2024, and December 31, 2023, respectively, with a majority of the allowance relating to non-trade receivable balances.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

11 edited+2 added−2 removed9 unchanged
Biggest changeChevron has invested in broad cybersecurity awareness and required training to educate those with access to Chevron’s networks on company policy and best practices. The company conducts regular phishing tests to train and assess its workforce’s ability to identify malicious emails. Chevron’s Corporate Audit Department has a dedicated team responsible for IT and information security (including cybersecurity) audits.
Biggest changeThe company conducts regular phishing tests to train and assess its workforce’s ability to identify malicious emails. Chevron’s Corporate Audit Department has a dedicated team responsible for IT and information security (including cybersecurity) audits. Chevron also leverages external resources to reinforce its cybersecurity capabilities. On a regular basis, external consultants provide a maturity assessment of the company’s cybersecurity program.
This program is integrated within the company’s Enterprise Risk Management (ERM) process, which is the company’s systematic approach to identifying, managing and assessing major risks and safeguards, 26 Table of Contents including cybersecurity risks. Chevron uses a risk-based information security process aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework to identify, prioritize and mitigate cyber risks.
This program is integrated within the company’s Enterprise Risk Management (ERM) process, which is the company’s systematic approach to identifying, managing and assessing major risks and safeguards, including cybersecurity risks. Chevron uses a risk-based information security process aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework to identify, prioritize and mitigate cyber risks.
In support of the Board’s oversight of the company’s policies and processes with respect to risk management and the company’s major financial risk exposures, including cybersecurity, the Audit Committee meets with Chevron’s CISO and CIO at least twice a year to review cybersecurity risks and implications, including the results of 27 Table of Contents independent third-party assessments.
In support of the Board’s oversight of the company’s policies and processes with respect to risk management and the company’s major financial risk exposures, including cybersecurity, the Audit Committee meets with Chevron’s CISO and CIO at least twice a year to review cybersecurity risks and implications, including the results of independent third-party assessments.
Cross-functional teams also conduct regular multidisciplinary exercises, including an expansive cybersecurity exercise in 2023, to test and improve response plans. The Board provides oversight of Chevron’s cybersecurity program, receives reports from management on cybersecurity risks in connection with Chevron’s operations and projects, and also reviews cybersecurity risks as part of the company’s broader annual ERM process.
Cross-functional teams also conduct regular multidisciplinary exercises to test and improve response plans. The Board provides oversight of Chevron’s cybersecurity program, receives reports from management on cybersecurity risks in connection with Chevron’s operations and projects, and also reviews cybersecurity risks as part of the company’s broader annual ERM process.
Chevron operates four Cyber Intelligence Centers around the world, some co-located with critical assets, with cyber professionals who monitor and respond to cyber threats 24 hours a day, 365 days a year, to limit the scope and impact of cyber incidents in its networks.
Chevron’s Chief Information Security Officer (CISO) reports to the CIO and leads a global cybersecurity team. 27 Table of Contents Chevron operates four Cyber Intelligence Centers around the world, some co-located with critical assets, with cyber professionals who monitor and respond to cyber threats 24 hours a day, 365 days a year, to limit the scope and impact of cyber incidents in its networks.
The OEMS provides a systematic process that enables the company to manage risk and implement safeguards and foster a culture of learning across different focus areas for Chevron’s business, including cybersecurity.
The company’s approach to managing risks, including cybersecurity risks, is embedded within the enterprise Operational Excellence (OE) Management System (OEMS). The OEMS provides a systematic process that enables the company to manage risk and implement safeguards and foster a culture of learning across different focus areas for Chevron’s business, including cybersecurity.
The CISO and CIO present cybersecurity matters to the Board of Directors at least annually. The CISO and CIO also provide new Board members with a cybersecurity briefing as part of the onboarding process. In 2023, the Audit Committee hosted an external expert to discuss cybersecurity and digital risk management topics.
The CISO and CIO present cybersecurity matters to the Board of Directors at least annually. The CISO and CIO also provide new Board members with a cybersecurity briefing as part of the onboarding process.
As third-party risks increase, the company’s approach to third-party supplier risk management and qualification continues to evolve, including the ongoing expansion of its current supplier risk management program beyond IT vendors to other high-risk, third-party vendors. Chevron’s Chief Information Security Officer (CISO) leads a global cybersecurity team that operationalizes and manages the company’s cybersecurity program and strategy.
As third-party risks increase, the company’s approach to third-party supplier risk management and qualification continues to evolve, including the ongoing expansion of its current supplier risk management program beyond IT vendors to other high-risk, third-party vendors.
Status updates on incidents are provided to senior management and to the Board, as appropriate. The company’s dedicated cyber risk organization meets regularly with business units to raise cyber risk awareness and keep diverse cybersecurity skill sets connected across the enterprise.
The company’s dedicated cyber risk organization meets regularly with business units to raise cyber risk awareness and keep diverse cybersecurity skill sets connected across the enterprise. Chevron has invested in broad cybersecurity awareness and required training to educate those with access to Chevron’s networks on company policy and best practices.
Chevron’s CISO regularly receives cybersecurity operations reports detailing prevention, detection, mitigation and remediation efforts associated with cyber incidents, both on Chevron’s networks and third-party supplier networks. The CISO has authority to mobilize a cross-functional cyber incident response team, including outside cybersecurity experts, to drive mitigation and remediation actions.
The cybersecurity organization provides the IT leadership, which includes Chevron’s CIO, with regular cybersecurity operations reports detailing prevention, detection, mitigation and remediation efforts associated with cyber incidents, both on Chevron’s networks and third-party supplier networks.
Chevron’s CISO reports to the Chief Information Officer (CIO) who is responsible for Chevron’s broader IT program, including resiliency and ability to remediate and recover from a cybersecurity incident to minimize impacts to the business and operations. He has more than 30 years of experience in IT and the oil and gas industry.
Chevron’s Chief Information Officer (CIO) oversees Chevron’s broader IT program, which includes the company’s cybersecurity program and its ability to remediate and recover from a cybersecurity incident to minimize business and operational impacts.
Removed
Chevron’s CISO has more than 20 years of cybersecurity experience and is responsible for providing a single and consolidated view of the company’s enterprise cybersecurity risk. Before joining Chevron, he held a leadership role in cyber threat analysis with the U.S. Department of State’s Bureau of Diplomatic Security.
Added
Chevron’s CIO joined Chevron in 2024, bringing more than 20 years of experience leading global innovation initiatives in digital, data, full supply chains, vehicle commerce, energy, and IT operations for technology and automotive companies.
Removed
Chevron also leverages external resources to reinforce its cybersecurity capabilities. On a regular basis, external consultants provide a maturity assessment of the company’s cybersecurity program. The company’s approach to managing risks, including cybersecurity risks, is embedded within the enterprise Operational Excellence (OE) Management System (OEMS).
Added
The leadership of the cybersecurity organization has authority to mobilize a cross-functional cyber incident response team, including outside cybersecurity experts, to drive mitigation and remediation actions. Status updates on incidents are provided to senior management and to the Board, as appropriate.

Item 2. Properties

Properties — owned and leased real estate

1 edited+0 added−0 removed1 unchanged
Biggest changeInformation required by Subpart 1200 of Regulation S-K (“Disclosure by Registrants Engaged in Oil and Gas Producing Activities”) is also contained in Item 1 and in Tables I through VII on pages 102 through 114 and Note 18 Properties, Plant and Equipment .
Biggest changeInformation required by Subpart 1200 of Regulation S-K (“Disclosure by Registrants Engaged in Oil and Gas Producing Activities”) is also contained in Item 1 and in Tables I through VII on pages 104 through 114 and Note 18 Properties, Plant and Equipment . 28 Table of Contents

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+6 added−8 removed1 unchanged
Biggest changeChevron is negotiating a potential resolution of the NOVs with CDFW, OSPR. Resolution of the alleged violations will result in the payment of a civil penalty of $1.0 million or more.
Biggest changeThe parties began negotiating a resolution of the violation in October 2024. Resolution of the violation may result in the payment of a civil penalty of $1.0 million or more.
Removed
As previously disclosed, Chevron received correspondence from California’s Bay Area Air Quality Management District (BAAQMD) seeking to resolve certain Notices of Violation (NOVs) related to alleged violations that occurred at Chevron’s refinery in Richmond, California, between 2019 and 2022.
Added
As previously disclosed, on May 20, 2024, the New Mexico Environment Department issued a Notice of Violation (NOV) to Chevron for alleged violations of state and federal regulations of air quality between October 2022 and September 2023 at different Chevron facilities in New Mexico.
Removed
The parties negotiated a resolution of the NOVs, including additional NOVs from the first half of 2023, in a settlement effective February 12, 2024. Resolution of these alleged violations will result in the payment of a civil penalty of $20 million.
Added
Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more. On May 26, 2023, Chevron’s refinery in El Segundo, California notified the U.S. EPA that it had inadvertently overstated the number of biofuel credits generated by co-processing in 2022 in violation of the Renewable Fuel Standard program.
Removed
As previously disclosed, the California Department of Fish and Wildlife, Office of Spill Prevention and Response (CDFW, OSPR) issued a Complaint - NOV to Chevron for alleged violations related to oil spills and impacted habitat and species occurring between January 2018 and May 2022 at different Chevron fields within Kern County, California.
Added
On October 31, 2024, California’s Bay Area Air District (formerly Bay Area Air Quality Management District) issued two NOVs for the alleged noncompliance with permit conditions that governed operation of certain equipment associated with low-NOx burners at the thermal oxidizers and stack gas heaters for sulfur recovery units 1 & 2 at Chevron’s refinery in Richmond, California.
Removed
As previously disclosed, the California Department of Conservation, California Geologic Energy Management Division (CalGEM) (previously known as the Division of Oil, Gas and Geothermal Resources) promulgated revised rules pursuant to the Underground Injection Control program that took effect April 1, 2019.
Added
Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more. As previously disclosed, in April 2015, Noble Energy, Inc. (Noble) entered into a joint consent decree (Consent Decree) with the United States Department of Justice, the U.S.
Removed
Subsequent to that date, CalGEM issued NOVs and two orders to Chevron related to seeps that occurred in the Cymric Oil Field in Kern County, California. An October 2, 2019 CalGEM order seeks a civil penalty of approximately $2.7 million. Chevron has filed an appeal of this order.
Added
EPA, and the State of Colorado to improve emission control systems at a number of condensate storage tanks within the Denver-Julesburg (DJ) Basin. The associated civil penalty was paid by Noble previously, and Chevron paid $1.5 million in stipulated penalties for noncompliance with the Consent Decree in August 2024.
Removed
Chevron is currently in discussions with CalGEM regarding a settlement to resolve the order and all past and present seeps in the Cymric Field, which will increase the amount of penalty paid.
Added
On December 20, 2024, the parties entered a joint stipulation terminating the Consent Decree, which was approved by the U.S. District Court. Accordingly, the Consent Decree has been terminated and no outstanding obligations remain. Please see information related to other legal proceedings in Note 16 Litigation .
Removed
On March 17, 2022, the Texas Commission on Environmental Quality and Harris County, Texas filed a civil lawsuit alleging violations of the Texas Clean Air Act in connection with a fire at Chevron’s Pasadena, Texas refinery. The Pasadena refinery is currently negotiating a potential resolution that may result in the payment of a civil penalty of $1.0 million or more.
Removed
Please see information related to other legal proceedings in Note 16 Litigation .

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

2 edited+0 added−0 removed1 unchanged
Biggest changeChevron Corporation Issuer Purchases of Equity Securities for Quarter Ended December 31, 2023 Total Number Average Total Number of Shares Approximate Dollar Values of Shares that of Shares Price Paid Purchased as Part of Publicly May Yet be Purchased Under the Program Period Purchased * per Share Announced Program (Billions of dollars) * October 1 – October 31, 2023 9,396,099 $162.01 9,396,099 $65.7 November 1 – November 30, 2023 6,818,060 $144.50 6,818,060 $64.7 December 1 – December 31, 2023 6,180,512 $147.74 6,180,512 $63.8 Total October 1 – December 31, 2023 22,394,671 $152.74 22,394,671 *Refer to Liquidity and Capital Resources for additional detail regarding the company's authorized stock repurchase program.
Biggest changeChevron Corporation Issuer Purchases of Equity Securities for Quarter Ended December 31, 2024 Total Number Average Total Number of Shares Approximate Dollar Values of Shares that of Shares Price Paid Purchased as Part of Publicly May Yet be Purchased Under the Program Period Purchased 1, 2 per Share Announced Program (Billions of dollars) 2 October 1 - October 31, 2024 9,521,027 $ 150.02 9,520,248 $51.7 November 1 - November 30, 2024 7,067,420 $ 158.89 7,067,420 $50.5 December 1 - December 31, 2024 12,874,652 $ 151.37 12,874,652 $48.6 Total October 1 - December 31, 2024 29,463,099 $ 152.74 29,462,320 1 Includes common shared repurchased from participants in the company’s deferred compensation plans for personal income tax withholdings. 2 Refer to Liquidity and Capital Resources for additional detail regarding the company's authorized stock repurchase program.
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The company’s common stock is listed on the New York Stock Exchange (trading symbol: CVX). As of February 9, 2024, stockholders of record numbered approximately 100,000. There are no restrictions on the company’s ability to pay dividends.
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The company’s common stock is listed on the New York Stock Exchange (trading symbol: CVX). As of February 7, 2025, stockholders of record numbered approximately 95,000. There are no restrictions on the company’s ability to pay dividends.

Other CVX 10-K year-over-year comparisons