Chevron Corp. (NYSE:CVX)

The financial data shows clear fluctuations and some recovery trends over the observed periods. Key areas of focus are income metrics, expense categories, and overall profitability ratios as a percentage of sales and operating revenues.

Income from equity affiliates

This item exhibits volatility with a notable negative trough early in the period, followed by a recovery and stabilization around a range close to 2% to 4% of sales in most recent quarters. This indicates variable performance or investment results from affiliated entities but some resilience in later periods.

Other income (loss)

This component fluctuates frequently between gains and losses, including occasional sharp negative deviations, particularly in the quarter ending December 2023. Such variability suggests non-operating or incidental income streams that are unpredictable and can impact overall results materially in certain quarters.

Revenues and other income

Revenues remain relatively stable, consistently exceeding base sales (100%) by approximately 3% to 6% through most quarters. A dip to around 96% was spotted in late 2023, but revenue levels generally rebound, showing underlying strength in top-line generation inclusive of other income components.

Purchased crude oil and products

Cost of purchased crude oil and products consistently consumes a substantial portion of revenues, ranging mostly in a negative 56% to 62% band. Some improvement appeared to manifest by mid-2025, with costs falling below 57%, which can positively influence gross margins.

Operating expenses

Operating expenses show a decreasing trend early on, from near -35% down to around -10%, but then stabilize mostly in the -10% to -15% range in later quarters. This suggests efforts at cost control and efficiency gains after initial large expense periods.

Selling, general and administrative expenses

These expenses decline sharply from almost -10% to below -2% as a percentage of sales, with minor fluctuations thereafter, highlighting tighter controls or reallocation of administrative costs relative to revenue.

Exploration expenses

Exploration costs remain low relative to sales, generally below -1%, with occasional minor fluctuations, indicating a limited but stable ongoing investment in exploration activities.

Depreciation, depletion and amortization

This expense fluctuates widely, with a peak in early periods approaching -42%, then settling mostly below -13%, occasionally dipping near -6%, before rising again up to around -12% by late 2025. Variability reflects asset base changes or adjustments in amortization schedules.

Taxes other than on income

These taxes show a steady decline early in the timeline from roughly -6% to near -2%, with occasional slight reversals but mostly stabilizing around -2% to -3%. An atypical positive value was noted once, likely due to a one-off adjustment.

Operating income (loss)

Operating income displays significant volatility, with large losses early in 2020, dropping to nearly -65%, then recovering strongly with peaks near 25%. Most recent quarters maintain positive operating income in the 10% to nearly 20% range, demonstrating operational profitability recovery and sustainability.

Interest and debt expense

Interest expenses steadily decrease over the time frame from about -1.08% to around -0.22%, then exhibit a slight increase toward the end, reaching roughly -0.77%, suggesting fluctuating debt levels or interest rates.

Other components of net periodic benefit costs

These costs are relatively small and mostly negative, ranging between roughly -0.02% and -1.86%, implying minor impact on overall results.

Income before income tax expense (benefit)

This metric follows the operating income pattern, showing initial decline to negative values, then a strong and sustained recovery reaching above 20% in mid-periods, before moderating to stable positive levels around 10% to 17% in the latest reports. This trajectory indicates improved earnings before tax obligations.

Income tax expense (benefit)

Tax expenses show typical variability aligned with income fluctuations, including anomalous positive tax benefits in some quarters suggesting tax credits or adjustments. Generally, the tax rate hovers between -6% and -2%, with some variability likely reflecting changes in taxable income, rates, or tax planning outcomes.

Net income (loss)

Net income follows the trend of income before tax, with initial losses early in the period transitioning toward consistent profitability. Margins improve from negative or near zero to peaks around 18%, then somewhat decline but stay positive near 6% to 13% in recent quarters. This pattern shows a successful overall recovery from downturns to stable profit generation.

Net income attributable to Chevron Corporation

The income attributable directly to the corporation mirrors the consolidated net income trend closely, with consistent positive margins after early losses, affirming the corporation’s reestablished profitability and shareholder value creation.

In summary, the data depicts a significant impact on profitability and income metrics in the early quarters, with notable losses and cost pressures. Over time, there is a marked recovery, improved cost control, and stabilization of revenues and profits. Expense management appears effective, particularly in operating and administrative costs. The fluctuations in other income and taxes suggest sensitivity to non-recurring items and tax strategies. Ultimately, the company demonstrates resilience with a return to consistent profitability and positive net income margins by the end of the observed timeframe.