Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Chevron Corp., solvency ratios
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Chevron Corp. debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Chevron Corp. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Chevron Corp. debt to capital ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Chevron Corp. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Chevron Corp. debt to assets ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Chevron Corp. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Chevron Corp. financial leverage ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Chevron Corp. interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Chevron Corp. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Debt to Equity
Chevron Corp., debt to equity calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 529) | 1,964) | 256) | 1,548) | 3,282) | |
| Long-term debt, excluding debt due within one year | 20,307) | 21,375) | 31,113) | 42,767) | 23,691) | |
| Total debt | 20,836) | 23,339) | 31,369) | 44,315) | 26,973) | |
| Total Chevron Corporation stockholders’ equity | 160,957) | 159,282) | 139,067) | 131,688) | 144,213) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.13 | 0.15 | 0.23 | 0.34 | 0.19 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| ConocoPhillips | 0.38 | 0.35 | 0.44 | 0.51 | 0.43 | |
| Exxon Mobil Corp. | 0.20 | 0.21 | 0.28 | 0.43 | 0.24 | |
| Marathon Petroleum Corp. | 1.12 | 0.96 | 0.97 | 1.42 | 0.86 | |
| Occidental Petroleum Corp. | 0.65 | 0.66 | 1.46 | 1.95 | 1.13 | |
| Pioneer Natural Resources Co. | 0.23 | 0.24 | 0.33 | 0.33 | 0.24 | |
| Valero Energy Corp. | 0.44 | 0.49 | 0.75 | 0.78 | 0.44 | |
| Debt to Equity, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.28 | 0.29 | 0.40 | 0.55 | 0.36 | |
| Debt to Equity, Industry | ||||||
| Energy | 0.29 | 0.30 | 0.42 | 0.57 | 0.37 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Debt to equity = Total debt ÷ Total Chevron Corporation stockholders’ equity
= 20,836 ÷ 160,957 = 0.13
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Chevron Corp. debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Equity (including Operating Lease Liability)
Chevron Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 529) | 1,964) | 256) | 1,548) | 3,282) | |
| Long-term debt, excluding debt due within one year | 20,307) | 21,375) | 31,113) | 42,767) | 23,691) | |
| Total debt | 20,836) | 23,339) | 31,369) | 44,315) | 26,973) | |
| Current lease liabilities, operating leases (included in Accrued liabilities) | 1,538) | 1,111) | 995) | 1,291) | 1,277) | |
| Noncurrent lease liabilities, operating leases (included in Deferred credits and other noncurrent obligations) | 3,696) | 2,920) | 2,508) | 2,615) | 2,608) | |
| Total debt (including operating lease liability) | 26,070) | 27,370) | 34,872) | 48,221) | 30,858) | |
| Total Chevron Corporation stockholders’ equity | 160,957) | 159,282) | 139,067) | 131,688) | 144,213) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.16 | 0.17 | 0.25 | 0.37 | 0.21 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| ConocoPhillips | 0.40 | 0.36 | 0.45 | 0.54 | 0.45 | |
| Exxon Mobil Corp. | 0.23 | 0.24 | 0.31 | 0.46 | 0.27 | |
| Marathon Petroleum Corp. | 1.17 | 1.01 | 1.03 | 1.49 | 0.93 | |
| Occidental Petroleum Corp. | 0.69 | 0.69 | 1.49 | 2.01 | 1.17 | |
| Pioneer Natural Resources Co. | 0.25 | 0.26 | 0.34 | 0.35 | 0.26 | |
| Valero Energy Corp. | 0.48 | 0.54 | 0.82 | 0.84 | 0.50 | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.31 | 0.31 | 0.43 | 0.58 | 0.39 | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Energy | 0.32 | 0.33 | 0.45 | 0.61 | 0.41 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Chevron Corporation stockholders’ equity
= 26,070 ÷ 160,957 = 0.16
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Chevron Corp. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Capital
Chevron Corp., debt to capital calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 529) | 1,964) | 256) | 1,548) | 3,282) | |
| Long-term debt, excluding debt due within one year | 20,307) | 21,375) | 31,113) | 42,767) | 23,691) | |
| Total debt | 20,836) | 23,339) | 31,369) | 44,315) | 26,973) | |
| Total Chevron Corporation stockholders’ equity | 160,957) | 159,282) | 139,067) | 131,688) | 144,213) | |
| Total capital | 181,793) | 182,621) | 170,436) | 176,003) | 171,186) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.11 | 0.13 | 0.18 | 0.25 | 0.16 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| ConocoPhillips | 0.28 | 0.26 | 0.31 | 0.34 | 0.30 | |
| Exxon Mobil Corp. | 0.17 | 0.17 | 0.22 | 0.30 | 0.20 | |
| Marathon Petroleum Corp. | 0.53 | 0.49 | 0.49 | 0.59 | 0.46 | |
| Occidental Petroleum Corp. | 0.39 | 0.40 | 0.59 | 0.66 | 0.53 | |
| Pioneer Natural Resources Co. | 0.19 | 0.19 | 0.25 | 0.25 | 0.19 | |
| Valero Energy Corp. | 0.30 | 0.33 | 0.43 | 0.44 | 0.31 | |
| Debt to Capital, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.22 | 0.22 | 0.28 | 0.35 | 0.26 | |
| Debt to Capital, Industry | ||||||
| Energy | 0.23 | 0.23 | 0.29 | 0.36 | 0.27 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 20,836 ÷ 181,793 = 0.11
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Chevron Corp. debt to capital ratio improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Capital (including Operating Lease Liability)
Chevron Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 529) | 1,964) | 256) | 1,548) | 3,282) | |
| Long-term debt, excluding debt due within one year | 20,307) | 21,375) | 31,113) | 42,767) | 23,691) | |
| Total debt | 20,836) | 23,339) | 31,369) | 44,315) | 26,973) | |
| Current lease liabilities, operating leases (included in Accrued liabilities) | 1,538) | 1,111) | 995) | 1,291) | 1,277) | |
| Noncurrent lease liabilities, operating leases (included in Deferred credits and other noncurrent obligations) | 3,696) | 2,920) | 2,508) | 2,615) | 2,608) | |
| Total debt (including operating lease liability) | 26,070) | 27,370) | 34,872) | 48,221) | 30,858) | |
| Total Chevron Corporation stockholders’ equity | 160,957) | 159,282) | 139,067) | 131,688) | 144,213) | |
| Total capital (including operating lease liability) | 187,027) | 186,652) | 173,939) | 179,909) | 175,071) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.14 | 0.15 | 0.20 | 0.27 | 0.18 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| ConocoPhillips | 0.28 | 0.26 | 0.31 | 0.35 | 0.31 | |
| Exxon Mobil Corp. | 0.19 | 0.19 | 0.24 | 0.32 | 0.22 | |
| Marathon Petroleum Corp. | 0.54 | 0.50 | 0.51 | 0.60 | 0.48 | |
| Occidental Petroleum Corp. | 0.41 | 0.41 | 0.60 | 0.67 | 0.54 | |
| Pioneer Natural Resources Co. | 0.20 | 0.20 | 0.26 | 0.26 | 0.21 | |
| Valero Energy Corp. | 0.32 | 0.35 | 0.45 | 0.46 | 0.33 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.24 | 0.24 | 0.30 | 0.37 | 0.28 | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Energy | 0.24 | 0.25 | 0.31 | 0.38 | 0.29 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 26,070 ÷ 187,027 = 0.14
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Chevron Corp. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Assets
Chevron Corp., debt to assets calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 529) | 1,964) | 256) | 1,548) | 3,282) | |
| Long-term debt, excluding debt due within one year | 20,307) | 21,375) | 31,113) | 42,767) | 23,691) | |
| Total debt | 20,836) | 23,339) | 31,369) | 44,315) | 26,973) | |
| Total assets | 261,632) | 257,709) | 239,535) | 239,790) | 237,428) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.08 | 0.09 | 0.13 | 0.18 | 0.11 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| ConocoPhillips | 0.20 | 0.18 | 0.22 | 0.25 | 0.21 | |
| Exxon Mobil Corp. | 0.11 | 0.11 | 0.14 | 0.20 | 0.13 | |
| Marathon Petroleum Corp. | 0.32 | 0.30 | 0.30 | 0.37 | 0.29 | |
| Occidental Petroleum Corp. | 0.27 | 0.27 | 0.39 | 0.45 | 0.35 | |
| Pioneer Natural Resources Co. | 0.15 | 0.15 | 0.20 | 0.20 | 0.15 | |
| Valero Energy Corp. | 0.18 | 0.19 | 0.24 | 0.28 | 0.18 | |
| Debt to Assets, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.15 | 0.15 | 0.19 | 0.25 | 0.18 | |
| Debt to Assets, Industry | ||||||
| Energy | 0.15 | 0.15 | 0.20 | 0.25 | 0.18 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 20,836 ÷ 261,632 = 0.08
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Chevron Corp. debt to assets ratio improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Assets (including Operating Lease Liability)
Chevron Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 529) | 1,964) | 256) | 1,548) | 3,282) | |
| Long-term debt, excluding debt due within one year | 20,307) | 21,375) | 31,113) | 42,767) | 23,691) | |
| Total debt | 20,836) | 23,339) | 31,369) | 44,315) | 26,973) | |
| Current lease liabilities, operating leases (included in Accrued liabilities) | 1,538) | 1,111) | 995) | 1,291) | 1,277) | |
| Noncurrent lease liabilities, operating leases (included in Deferred credits and other noncurrent obligations) | 3,696) | 2,920) | 2,508) | 2,615) | 2,608) | |
| Total debt (including operating lease liability) | 26,070) | 27,370) | 34,872) | 48,221) | 30,858) | |
| Total assets | 261,632) | 257,709) | 239,535) | 239,790) | 237,428) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.10 | 0.11 | 0.15 | 0.20 | 0.13 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| ConocoPhillips | 0.20 | 0.18 | 0.23 | 0.26 | 0.22 | |
| Exxon Mobil Corp. | 0.13 | 0.13 | 0.16 | 0.22 | 0.15 | |
| Marathon Petroleum Corp. | 0.33 | 0.31 | 0.32 | 0.39 | 0.32 | |
| Occidental Petroleum Corp. | 0.28 | 0.29 | 0.40 | 0.47 | 0.37 | |
| Pioneer Natural Resources Co. | 0.16 | 0.16 | 0.21 | 0.21 | 0.17 | |
| Valero Energy Corp. | 0.20 | 0.21 | 0.26 | 0.31 | 0.20 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.16 | 0.16 | 0.20 | 0.26 | 0.19 | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Energy | 0.17 | 0.17 | 0.21 | 0.27 | 0.20 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 26,070 ÷ 261,632 = 0.10
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Chevron Corp. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
Financial Leverage
Chevron Corp., financial leverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | 261,632) | 257,709) | 239,535) | 239,790) | 237,428) | |
| Total Chevron Corporation stockholders’ equity | 160,957) | 159,282) | 139,067) | 131,688) | 144,213) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 1.63 | 1.62 | 1.72 | 1.82 | 1.65 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| ConocoPhillips | 1.95 | 1.95 | 2.00 | 2.10 | 2.02 | |
| Exxon Mobil Corp. | 1.84 | 1.89 | 2.01 | 2.12 | 1.89 | |
| Marathon Petroleum Corp. | 3.52 | 3.24 | 3.26 | 3.84 | 2.93 | |
| Occidental Petroleum Corp. | 2.45 | 2.41 | 3.69 | 4.31 | 3.19 | |
| Pioneer Natural Resources Co. | 1.58 | 1.59 | 1.61 | 1.66 | 1.57 | |
| Valero Energy Corp. | 2.39 | 2.59 | 3.14 | 2.75 | 2.47 | |
| Financial Leverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.91 | 1.94 | 2.10 | 2.24 | 2.01 | |
| Financial Leverage, Industry | ||||||
| Energy | 1.93 | 1.95 | 2.12 | 2.27 | 2.03 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Financial leverage = Total assets ÷ Total Chevron Corporation stockholders’ equity
= 261,632 ÷ 160,957 = 1.63
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Chevron Corp. financial leverage ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023. |
Interest Coverage
Chevron Corp., interest coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) attributable to Chevron Corporation | 21,369) | 35,465) | 15,625) | (5,543) | 2,924) | |
| Add: Net income attributable to noncontrolling interest | 42) | 143) | 64) | (18) | (79) | |
| Add: Income tax expense | 8,173) | 14,066) | 5,950) | (1,892) | 2,691) | |
| Add: Interest and debt expense | 469) | 516) | 712) | 697) | 798) | |
| Earnings before interest and tax (EBIT) | 30,053) | 50,190) | 22,351) | (6,756) | 6,334) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 64.08 | 97.27 | 31.39 | -9.69 | 7.94 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| ConocoPhillips | 21.88 | 36.07 | 15.38 | -2.90 | 13.24 | |
| Exxon Mobil Corp. | 63.17 | 98.43 | 33.98 | -23.94 | 25.16 | |
| Marathon Petroleum Corp. | 12.06 | 18.13 | 3.22 | -9.21 | 4.50 | |
| Occidental Petroleum Corp. | 7.80 | 14.71 | 3.30 | -10.03 | 1.17 | |
| Pioneer Natural Resources Co. | 41.83 | 78.74 | 18.06 | -1.02 | 9.16 | |
| Valero Energy Corp. | 20.88 | 28.24 | 3.56 | -2.57 | 8.68 | |
| Interest Coverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 28.13 | 43.81 | 13.35 | -10.63 | 9.35 | |
| Interest Coverage, Industry | ||||||
| Energy | 26.62 | 40.78 | 12.71 | -11.34 | 6.72 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 30,053 ÷ 469 = 64.08
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Chevron Corp. interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Fixed Charge Coverage
Chevron Corp., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) attributable to Chevron Corporation | 21,369) | 35,465) | 15,625) | (5,543) | 2,924) | |
| Add: Net income attributable to noncontrolling interest | 42) | 143) | 64) | (18) | (79) | |
| Add: Income tax expense | 8,173) | 14,066) | 5,950) | (1,892) | 2,691) | |
| Add: Interest and debt expense | 469) | 516) | 712) | 697) | 798) | |
| Earnings before interest and tax (EBIT) | 30,053) | 50,190) | 22,351) | (6,756) | 6,334) | |
| Add: Operating lease costs | 2,984) | 2,359) | 2,199) | 2,551) | 2,621) | |
| Earnings before fixed charges and tax | 33,037) | 52,549) | 24,550) | (4,205) | 8,955) | |
| Interest and debt expense | 469) | 516) | 712) | 697) | 798) | |
| Operating lease costs | 2,984) | 2,359) | 2,199) | 2,551) | 2,621) | |
| Fixed charges | 3,453) | 2,875) | 2,911) | 3,248) | 3,419) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 9.57 | 18.28 | 8.43 | -1.29 | 2.62 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| ConocoPhillips | 17.14 | 28.76 | 11.94 | -1.79 | 9.51 | |
| Exxon Mobil Corp. | 13.03 | 20.62 | 9.13 | -5.68 | 5.66 | |
| Marathon Petroleum Corp. | 8.98 | 13.15 | 2.52 | -5.84 | 3.13 | |
| Occidental Petroleum Corp. | 3.09 | 6.42 | 1.78 | -4.00 | 0.91 | |
| Pioneer Natural Resources Co. | 19.82 | 36.67 | 9.50 | 0.07 | 4.07 | |
| Valero Energy Corp. | 12.65 | 17.27 | 2.57 | -1.02 | 4.90 | |
| Fixed Charge Coverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 10.40 | 17.28 | 6.19 | -3.71 | 4.02 | |
| Fixed Charge Coverage, Industry | ||||||
| Energy | 9.63 | 15.71 | 5.78 | -3.83 | 2.98 | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 33,037 ÷ 3,453 = 9.57
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Chevron Corp. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |