Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Chevron Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Sales and other operating revenues	193,414)	196,913)	235,717)	155,606)	94,471)
Income (loss) from equity affiliates	4,596)	5,131)	8,585)	5,657)	(472)
Other income (loss)	4,782)	(1,095)	1,950)	1,202)	693)
Revenues and other income	202,792)	200,949)	246,252)	162,465)	94,692)
Purchased crude oil and products	(119,206)	(119,196)	(145,416)	(89,372)	(50,488)
Operating expenses	(27,464)	(24,887)	(24,714)	(20,726)	(20,323)
Selling, general and administrative expenses	(4,834)	(4,141)	(4,312)	(4,014)	(4,213)
Exploration expenses	(995)	(914)	(974)	(549)	(1,537)
Depreciation, depletion and amortization	(17,282)	(17,326)	(16,319)	(17,925)	(19,508)
Taxes other than on income	(4,716)	(4,220)	(4,032)	(6,840)	(4,499)
Operating income (loss)	28,295)	30,265)	50,485)	23,039)	(5,876)
Interest and debt expense	(594)	(469)	(516)	(712)	(697)
Other components of net periodic benefit costs	(195)	(212)	(295)	(688)	(880)
Income (loss) before income tax (expense) benefit	27,506)	29,584)	49,674)	21,639)	(7,453)
Income tax (expense) benefit	(9,757)	(8,173)	(14,066)	(5,950)	1,892)
Net income (loss)	17,749)	21,411)	35,608)	15,689)	(5,561)
Net (income) loss attributable to noncontrolling interests	(88)	(42)	(143)	(64)	18)
Net income (loss) attributable to Chevron Corporation	17,661)	21,369)	35,465)	15,625)	(5,543)

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 notable fluctuations and trends across several key financial metrics over the analyzed period.

Sales and Revenues: Sales and other operating revenues increased significantly from 2020 to 2022, peaking at 235,717 million US dollars. However, a decline occurred in 2023 and continued marginally into 2024, decreasing to 193,414 million US dollars. This pattern is similarly reflected in total revenues and other income, which followed an upward trend until 2022, reaching 246,252 million US dollars, then falling to 200,949 million US dollars in 2023 before stabilizing near 2024 levels.
Income from Equity Affiliates and Other Income: There was a substantial turnaround in income from equity affiliates, transitioning from a loss of 472 million US dollars in 2020 to gains exceeding 8,500 million US dollars in 2022, although this declined somewhat in the following years. Other income demonstrated variability, increasing in 2021 and 2022 but dropping sharply to a loss in 2023, before recovering strongly in 2024.
Costs and Expenses: Purchased crude oil and products expenses increased markedly from 50,488 million US dollars in 2020 to a high in 2022 of 145,416 million US dollars, followed by a reduction in subsequent years yet remaining significantly elevated compared to 2020. Operating expenses increased steadily over time, with 2024 figures reaching the highest at 27,464 million US dollars. Selling, general and administrative expenses showed modest fluctuations but generally remained stable. Exploration expenses showed a decreasing trend in 2021 but rose again modestly in the last two years. Depreciation, depletion, and amortization expenses decreased initially but rebounded slightly toward 2024. Taxes other than income experienced variability, with a peak in 2021, followed by a drop in 2022 and slight increases thereafter.
Profitability Metrics: Operating income reversed a loss position in 2020 to solid gains in 2021 and reached a peak of 50,485 million US dollars in 2022. However, operating income noticeably decreased in 2023 and 2024 but remained positive. Income before taxes mirrored this trend closely. Income tax expenses shifted from a benefit in 2020 to significant expenses in the following years, increasing over time and thereby reducing net income.
Net Income: Net income attributable to the corporation turned positive sharply after 2020, rising to a maximum of 35,465 million US dollars in 2022 before declining each subsequent year, settling at 17,661 million US dollars in 2024. This indicates that while the company experienced strong profitability recovery and growth up to 2022, subsequent years showed a reduction in net profitability. Noncontrolling interests had minor effects on overall net income.
Interest and Benefit Costs: Interest and debt expenses remained relatively stable throughout the period, with a slight decrease in the middle years followed by a minor increase in 2024. Other components of net periodic benefit costs showed a clear downward trend, decreasing from 880 million US dollars in 2020 to 195 million US dollars in 2024, suggesting lower pension or similar benefit-related expenses.

In summary, the company experienced rapid growth in sales and profitability from 2020 to 2022, followed by a contraction or stabilization phase in 2023 and 2024. Despite the decline post-2022 peak, the company maintained positive operating and net income levels. Cost management indicators suggest steady increases in operating expenses and crude oil purchase costs, which potentially impacted profitability margins in the later periods.

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Chevron Corp. (NYSE:CVX)

Income Statement