Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Analysis of Property, Plant and Equipment

Microsoft Excel

Property, Plant and Equipment Disclosure

Chevron Corp., balance sheet: property, plant and equipment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
United States 117,955 96,590 93,393 96,555 82,117
International 183,996 188,556 202,757 209,846 206,292
Upstream 301,951 285,146 296,150 306,401 288,409
United States 31,192 29,802 26,888 26,499 25,968
International 8,401 8,281 8,134 7,993 7,480
Downstream 39,593 38,083 35,022 34,492 33,448
United States 4,390 4,402 4,729 4,195 4,719
International 147 154 144 144 146
All other 4,537 4,556 4,873 4,339 4,865
Properties, plant and equipment, at cost 346,081 327,785 336,045 345,232 326,722
Accumulated depreciation, depletion and amortization (192,462) (184,194) (189,084) (188,614) (176,228)
Properties, plant and equipment, net 153,619 143,591 146,961 156,618 150,494

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).

Item Description The company
Properties, plant and equipment, at cost Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Chevron Corp. properties, plant and equipment, at cost decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Properties, plant and equipment, net Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Chevron Corp. properties, plant and equipment, net decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Asset Age Ratios (Summary)

Chevron Corp., asset age ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Average age ratio 55.61% 56.19% 56.27% 54.63% 53.94%
Estimated total useful life (years) 20 20 19 18 11
Estimated age, time elapsed since purchase (years) 11 11 11 10 6
Estimated remaining life (years) 9 9 8 8 5

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).

Asset age ratio Description The company
Average age ratio As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient. Chevron Corp. average age ratio of depreciable property, plant and equipment improved from 2021 to 2022 and from 2022 to 2023.
Estimated total useful life Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors. Chevron Corp. estimated total useful life of depreciable property, plant and equipment increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Estimated time elapsed since purchase The approximate age in years of a company fixed assets. Useful for comparison purposes. Chevron Corp. estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Estimated remaining life Chevron Corp. estimated remaining life of depreciable property, plant and equipment increased from 2021 to 2022 and from 2022 to 2023.

Average Age

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation, depletion and amortization 192,462 184,194 189,084 188,614 176,228
Properties, plant and equipment, at cost 346,081 327,785 336,045 345,232 326,722
Asset Age Ratio
Average age1 55.61% 56.19% 56.27% 54.63% 53.94%

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).

2023 Calculations

1 Average age = 100 × Accumulated depreciation, depletion and amortization ÷ Properties, plant and equipment, at cost
= 100 × 192,462 ÷ 346,081 = 55.61%

Asset age ratio Description The company
Average age As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient. Chevron Corp. average age ratio of depreciable property, plant and equipment improved from 2021 to 2022 and from 2022 to 2023.

Estimated Total Useful Life

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Properties, plant and equipment, at cost 346,081 327,785 336,045 345,232 326,722
Depreciation expense 17,326 16,319 17,925 19,508 29,218
Asset Age Ratio (Years)
Estimated total useful life1 20 20 19 18 11

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).

2023 Calculations

1 Estimated total useful life = Properties, plant and equipment, at cost ÷ Depreciation expense
= 346,081 ÷ 17,326 = 20

Asset age ratio Description The company
Estimated total useful life Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors. Chevron Corp. estimated total useful life of depreciable property, plant and equipment increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Estimated Age, Time Elapsed since Purchase

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation, depletion and amortization 192,462 184,194 189,084 188,614 176,228
Depreciation expense 17,326 16,319 17,925 19,508 29,218
Asset Age Ratio (Years)
Time elapsed since purchase1 11 11 11 10 6

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).

2023 Calculations

1 Time elapsed since purchase = Accumulated depreciation, depletion and amortization ÷ Depreciation expense
= 192,462 ÷ 17,326 = 11

Asset age ratio Description The company
Estimated time elapsed since purchase The approximate age in years of a company fixed assets. Useful for comparison purposes. Chevron Corp. estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Estimated Remaining Life

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Properties, plant and equipment, net 153,619 143,591 146,961 156,618 150,494
Depreciation expense 17,326 16,319 17,925 19,508 29,218
Asset Age Ratio (Years)
Estimated remaining life1 9 9 8 8 5

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).

2023 Calculations

1 Estimated remaining life = Properties, plant and equipment, net ÷ Depreciation expense
= 153,619 ÷ 17,326 = 9

Asset age ratio Description The company
Estimated remaining life Chevron Corp. estimated remaining life of depreciable property, plant and equipment increased from 2021 to 2022 and from 2022 to 2023.