Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Common-Size Income Statement 

Chevron Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Sales and other operating revenues 100.00 100.00 100.00 100.00 100.00
Income (loss) from equity affiliates 2.38 2.61 3.64 3.64 -0.50
Other income (loss) 2.47 -0.56 0.83 0.77 0.73
Revenues and other income 104.85% 102.05% 104.47% 104.41% 100.23%
Purchased crude oil and products -61.63 -60.53 -61.69 -57.43 -53.44
Operating expenses -14.20 -12.64 -10.48 -13.32 -21.51
Selling, general and administrative expenses -2.50 -2.10 -1.83 -2.58 -4.46
Exploration expenses -0.51 -0.46 -0.41 -0.35 -1.63
Depreciation, depletion and amortization -8.94 -8.80 -6.92 -11.52 -20.65
Taxes other than on income -2.44 -2.14 -1.71 -4.40 -4.76
Operating income (loss) 14.63% 15.37% 21.42% 14.81% -6.22%
Interest and debt expense -0.31 -0.24 -0.22 -0.46 -0.74
Other components of net periodic benefit costs -0.10 -0.11 -0.13 -0.44 -0.93
Income (loss) before income tax (expense) benefit 14.22% 15.02% 21.07% 13.91% -7.89%
Income tax (expense) benefit -5.04 -4.15 -5.97 -3.82 2.00
Net income (loss) 9.18% 10.87% 15.11% 10.08% -5.89%
Net (income) loss attributable to noncontrolling interests -0.05 -0.02 -0.06 -0.04 0.02
Net income (loss) attributable to Chevron Corporation 9.13% 10.85% 15.05% 10.04% -5.87%

Based on: 10-K (reporting date: 2024-12-31), 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).

The financial data indicates several notable trends and changes across the examined periods.

Revenues and operating performance
The total revenues and other income show an overall increase, rising from approximately 100.23% of sales in 2020 to peaks above 104% in 2021, 2022, and 2024. This suggests a growth in total income relative to baseline sales levels.
Operating income improved markedly from a loss of -6.22% in 2020 to gains exceeding 14% in the years thereafter, peaking in 2022 at 21.42%. However, there is some decline after 2022, indicating a slight contraction in operational profitability after the peak year.
Cost components
Purchased crude oil and products expenses increased as a percentage of sales from -53.44% in 2020 to stabilize around -61.5% in the latter years. This indicates higher procurement costs relative to sales.
Operating expenses experienced a sharp decline from -21.51% in 2020 down to around -10.5% in 2022, then slightly rose again to -14.2% by 2024. This pattern suggests initial cost-cutting or operational efficiencies followed by a moderate rise in expenses.
Selling, general and administrative expenses steadily decreased from -4.46% in 2020 to around -1.83% in 2022, slightly increasing afterward but remaining under -2.5%, indicating better control or reduction in overhead costs over time.
Exploration expenses showed a consistent minor decrease from -1.63% in 2020 to about -0.51% in 2024, reflecting reduced expenditures in exploration activities.
Depreciation, depletion, and amortization percentages significantly dropped from -20.65% in 2020 to under -7% by 2022, with a slight increase afterward but staying below -9%. This may indicate asset base changes or revised accounting estimates in amortization schedules.
Taxes other than on income showed a pronounced decrease from -4.76% in 2020 to about -1.7% in 2022, followed by a moderate increase but not returning to initial levels, suggesting a favorable shift in these tax-related expenses relative to sales.
Income and tax expenses
Income (loss) from equity affiliates moved from a negative contribution (-0.5%) in 2020 to positive contributions above 2.3% in subsequent years, indicating improved performance of equity investments.
Other income (loss) remained positive and relatively stable near 0.7-0.8% until 2022, then dipped to a negative -0.56% in 2023, before surging to 2.47% in 2024, showing volatility in non-operating income sources.
Income tax expense, after a positive benefit of 2% in 2020, turned negative from 2021 onward, reaching near -6% in 2022, signifying higher tax expenses or fewer tax benefits during these years, which reduced net income.
Profitability and net income attribution
Net income attributable to the corporation showed a strong turnaround from a negative -5.87% of sales in 2020 to over 15% in 2022, followed by declines to approximately 9.13% by 2024. This pattern reflects an overall recovery and improvement in profitability with a peak in 2022, followed by a downtrend.
The net (income) loss attributable to noncontrolling interests was marginal and fluctuated slightly, suggesting limited impact from minority interest holders on the net results.
Operational expenses relative to sales
Interest and debt expense steadily decreased from -0.74% in 2020 to around -0.22% in 2022, indicating reduced financing costs, followed by a slight uptick but remaining moderate.
Other components of net periodic benefit costs consistently declined from -0.93% in 2020 down to about -0.10% in 2024, showing reduced expenses related to employee benefits or pension obligations.