Chevron Corp. (NYSE:CVX)

The reviewed financial data indicates notable fluctuations in both current assets and adjusted current assets over the five-year period ending in 2024.

Current assets

The current assets exhibited a general upward trend from 2020 to 2022, increasing significantly from 26,078 million USD to 50,343 million USD. This represents a nearly doubling of current assets over the two-year span. However, after peaking in 2022, the figure declined to 41,128 million USD in 2023 and remained relatively stable at 40,911 million USD in 2024. The decline after 2022 suggests a possible reduction in liquid or short-term asset holdings or changes in working capital management post-2022.

Adjusted current assets

The adjusted current assets follow a similar pattern but consistently show higher values than the unadjusted current assets throughout the period. The adjusted figures rose from 29,111 million USD in 2020 to a peak of 59,861 million USD in 2022, reflecting a substantial gain. Following this peak, the adjusted current assets decreased to 47,884 million USD in 2023 and further to 47,167 million USD in 2024. Despite the decline from the peak, adjusted current assets remain significantly higher than in 2020, indicating an overall growth trend when accounting for adjustments.

In summary, both current and adjusted current assets observed substantial growth reaching their highest levels in 2022, followed by a contraction in the subsequent years. The consistent difference between adjusted and unadjusted current assets suggests ongoing adjustments that enhance the value of current assets beyond their reported totals. The decline after 2022 might reflect asset reallocation, changes in operational efficiency, or market conditions impacting the liquid asset base. Monitoring these trends is essential for understanding short-term liquidity and working capital changes over the examined timeframe.

The financial data over the five-year period reflects overall stability in the total assets and adjusted total assets, with some fluctuations noted across the years.

Total Assets

The total assets showed a slight decline from 239,790 million US$ in 2020 to 239,535 million US$ in 2021. This was followed by a notable increase in 2022, reaching 257,709 million US$, representing a substantial growth compared to the previous years. The upward trend continued slightly into 2023 with total assets rising to 261,632 million US$. However, in 2024 there was a small decrease to 256,938 million US$, indicating a minor contraction but still maintaining a level above the initial years.

Adjusted Total Assets

The adjusted total assets followed a pattern similar to total assets but started at a marginally lower base of 237,537 million US$ in 2020 and slightly increased to 239,767 million US$ in 2021. A more pronounced growth occurred in 2022, reaching 262,722 million US$, closely paralleling the total assets figure. This growth continued into 2023 with adjusted assets further rising to 264,219 million US$, the peak within the period analyzed. In 2024, there was a modest decline to 259,678 million US$, mirroring the trend observed in total assets.

Overall, both total assets and adjusted total assets demonstrate a general upward movement over the five years, with the most significant growth occurring between 2021 and 2023. The slight decreases in 2024 might suggest recent asset revaluation or divestitures, but the figures remain strong relative to the starting point in 2020. The closeness of the adjusted total assets to the reported total assets indicates consistent financial adjustments or provisions over the period, maintaining alignment between reported and adjusted asset values.

The financial data indicates a pattern of gradual reduction in liabilities over the observed period, followed by a moderate uptick in the latter years.

Total Liabilities

Total liabilities show a decreasing trend from US$107,064 million at the end of 2020 to US$97,467 million by the end of 2022. This reduction suggests a conscious effort towards liability management or debt repayment during these years. However, from 2022 onwards, there is a reversal in this trend, with total liabilities increasing to US$103,781 million by the end of 2024, indicating a renewed accumulation of liabilities.

Adjusted Total Liabilities

Adjusted total liabilities mirror the trend of total liabilities with a decline from US$94,025 million in 2020 to US$80,325 million by 2022, reflecting a similar focus on reducing adjusted liabilities. Post-2022, adjusted total liabilities show a modest increase, rising to US$83,654 million in 2024. Although increasing, the adjusted figures remain below the levels observed in 2020, suggesting an overall improvement compared to the initial period.

In summary, the data reflects a period of liability reduction until 2022, followed by a moderate increase, which might imply strategic financial adjustments or shifts in funding requirements during the later years. The adjusted liabilities consistently remain lower than total liabilities, indicating that certain adjustments have a significant impact on the reported liabilities figures.

Total Chevron Corporation stockholders’ equity

The stockholders’ equity has exhibited an overall upward trend from 2020 to 2023, increasing from 131,688 million US dollars in 2020 to a peak of 160,957 million US dollars in 2023. However, this was followed by a notable decline in 2024, where equity decreased to 152,318 million US dollars. Despite this recent reduction, the 2024 figure remains above the 2020 and 2021 levels, indicating net growth over the five-year period.

Adjusted total equity

The adjusted total equity shows a similar pattern to the unadjusted equity figures but at consistently higher levels. It rose from 143,512 million US dollars in 2020 to a high of 183,352 million US dollars in 2023, reflecting a substantial growth trend. In 2024, adjusted total equity also declined to 176,024 million US dollars, mirroring the decrease seen in total stockholders’ equity. Despite the decrease, adjusted equity remains significantly elevated compared to the beginning of the period.

Overall Analysis

Both total stockholders’ equity and adjusted equity demonstrate strong growth from 2020 through 2023, indicating improved financial strength or retained earnings accumulation during these years. The decline observed in 2024 suggests a potential reversal of this growth trend, which could be attributed to increased distributions, asset revaluations, or other financial activities not detailed here. The adjusted total equity staying above total equity by a significant margin may imply the inclusion of additional capital adjustments or remeasurements, reflecting a more comprehensive measure of financial position.

Total Reported Debt

The total reported debt shows a significant downward trend from 44,315 million US dollars at the end of 2020 to 20,836 million US dollars by the end of 2023, marking a substantial reduction in debt levels. However, there is a noticeable increase in 2024, with debt rising to 24,541 million US dollars, suggesting a partial reversal of the prior deleveraging trend.

Total Chevron Corporation Stockholders' Equity

Stockholders’ equity exhibits consistent growth from 131,688 million US dollars in 2020 to a peak of 160,957 million US dollars in 2023, indicating wealth accumulation and retained earnings growth. In 2024, there is a decline to 152,318 million US dollars, which may reflect either dividends, stock repurchases, or operational impacts reducing equity.

Total Reported Capital

Total reported capital, comprising debt and equity, declines slightly from 176,003 million US dollars in 2020 to 170,436 million in 2021, then rises to 182,621 million in 2022, followed by a slight decrease to 176,859 million in 2024. This reflects relative stability in the overall capital employed, despite the fluctuations in debt and equity components.

Adjusted Total Debt

The adjusted total debt follows a trend similar to reported debt, decreasing from 48,221 million US dollars in 2020 to 26,070 million in 2023, signaling improved leverage management. An uptick to 29,611 million in 2024 again hints at increased borrowing or adjusted liabilities that need further examination.

Adjusted Total Equity

Adjusted total equity increases steadily from 143,512 million US dollars in 2020 to a high of 183,352 million in 2023 before dropping slightly to 176,024 million in 2024. This trajectory supports the view of value creation but shows some recent correction or distribution effects.

Adjusted Total Capital

The adjusted total capital shows a rising trend from 191,733 million US dollars in 2020 to 209,767 million in 2022, remaining relatively stable afterward, with a minor decrease to 205,635 million in 2024. This stability indicates a balanced capital structure sustained over the recent years.

Overall Patterns

The data reflects a company actively managing its capital structure, with a clear reduction in debt levels from 2020 through 2023, corresponding growth in equity, and maintaining a relatively stable total capital base. The increase in debt and decline in equity in 2024 suggest a shift in financing strategy or changes in operational results that warrant additional investigation.

Net Income (Loss) Attributable to Chevron Corporation

The net income demonstrated a significant recovery and growth over the observed period. In 2020, the company experienced a substantial loss of $5,543 million. However, this was followed by a strong turnaround in 2021, with net income rising to $15,625 million. The upward trend continued sharply in 2022, reaching $35,465 million, the peak value in the series. In 2023, net income declined to $21,369 million, representing a decrease but still maintaining strong profitability compared to earlier years. The year 2024 shows a further decline to $17,661 million, indicating a softening in earnings after the previous peak but remaining positively profitable.

Adjusted Net Income (Loss)

The adjusted net income follows a similar trajectory to the reported net income but reflects different absolute values, indicating adjustments made for non-recurring items or other accounting effects. Starting with a loss of $11,554 million in 2020, the adjusted net income reversed to a profit of $20,543 million in 2021, surpassing the reported net income for that year. The highest adjusted net income was recorded in 2022 at $42,417 million, exceeding the reported net income, denoting significant positive adjustments. In 2023, adjusted net income fell sharply to $18,804 million, a decline greater in magnitude relative to the reported net income's decline. In 2024, there was a slight increase to $19,673 million, contrasting with the decrease seen in the reported net income, which may imply improved operational performance when considering adjustments.

Overall Trends and Insights

The financial data reveals a volatile but generally upward trend in profitability from 2020 through 2022, followed by a noticeable decline in reported income in subsequent years. The significant losses in 2020 were followed by remarkable gains, suggesting recovery from adverse conditions or restructuring effects. The adjusted net income figures indicate that non-recurring items or accounting adjustments contributed positively to the profit figures, especially evident in 2022. The divergence between reported and adjusted net income trends in 2023 and 2024 suggests variability in extraordinary items impacting the bottom line. Overall, the data points to a company that experienced strong growth and recovery post-2020 but which faced some profitability challenges in the last two years under review.