Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Chevron Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss)	17,749)	21,411)	35,608)	15,689)	(5,561)
Depreciation, depletion and amortization	17,282)	17,326)	16,319)	17,925)	19,508)
Dry hole expense	429)	436)	486)	118)	1,036)
Distributions (less) more than income from equity affiliates	(366)	(885)	(4,730)	(1,998)	2,015)
Net before-tax gains on asset retirements and sales	(1,685)	(138)	(550)	(1,021)	(760)
Net foreign currency effects	(629)	578)	(412)	(7)	619)
Deferred income tax provision	1,240)	298)	2,124)	700)	(3,604)
(Increase) decrease in accounts and notes receivable	(932)	1,187)	(2,317)	(7,548)	2,423)
(Increase) decrease in inventories	(574)	(320)	(930)	(530)	284)
(Increase) decrease in prepaid expenses and other current assets	(16)	(1,202)	(226)	19)	(87)
Increase (decrease) in accounts payable and accrued liabilities	2,569)	(49)	2,750)	5,475)	(3,576)
Increase (decrease) in income and other taxes payable	164)	(2,801)	2,848)	1,223)	(696)
Net (increase) decrease in operating working capital	1,211)	(3,185)	2,125)	(1,361)	(1,652)
(Increase) decrease in long-term receivables	114)	150)	153)	21)	296)
Net (increase) decrease in other deferred charges	(1,225)	(300)	(212)	(320)	(248)
Cash contributions to employee pension plans	(844)	(1,120)	(1,322)	(1,751)	(1,213)
Other	(1,784)	1,038)	13)	1,192)	141)
Adjustments	13,743)	14,198)	13,994)	13,498)	16,138)
Net cash provided by operating activities	31,492)	35,609)	49,602)	29,187)	10,577)
Acquisition of businesses, net of cash received	—)	55)	(2,862)	—)	373)
Capital expenditures	(16,448)	(15,829)	(11,974)	(8,056)	(8,922)
Proceeds and deposits related to asset sales and returns of investment	7,704)	669)	2,635)	1,791)	2,968)
Net investments in time deposits	(4)	—)	—)	—)	—)
Net (purchases) sales of marketable securities	45)	175)	117)	(1)	35)
Net (borrowing) repayment of loans by equity affiliates	(233)	(302)	(24)	401)	(1,419)
Net cash used for investing activities	(8,936)	(15,232)	(12,108)	(5,865)	(6,965)
Net borrowings (repayments) of short-term obligations	4,868)	135)	263)	(5,572)	651)
Proceeds from issuances of long-term debt	478)	150)	—)	—)	12,308)
Repayments of long-term debt and other financing obligations	(1,778)	(4,340)	(8,742)	(7,364)	(5,489)
Cash dividends, common stock	(11,801)	(11,336)	(10,968)	(10,179)	(9,651)
Net distributions to noncontrolling interests	(195)	(40)	(114)	(36)	(24)
Net (purchases) sales of treasury shares	(15,044)	(14,678)	(5,417)	38)	(1,531)
Net cash used for financing activities	(23,472)	(30,109)	(24,978)	(23,113)	(3,736)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(97)	(114)	(190)	(151)	(50)
Net change in cash, cash equivalents and restricted cash	(1,013)	(9,846)	12,326)	58)	(174)
Cash, cash equivalents and restricted cash at January 1	9,275)	19,121)	6,795)	6,737)	6,911)
Cash, cash equivalents and restricted cash at December 31	8,262)	9,275)	19,121)	6,795)	6,737)

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).

Net Income (Loss): The net income displayed a substantial recovery from a significant loss of $-5561 million in 2020 to positive earnings in subsequent years. The peak was reached in 2022 with net income of $35608 million, followed by a decline to $21411 million in 2023 and $17749 million in 2024, indicating some volatility but overall profitability after 2020.
Depreciation, Depletion, and Amortization: This expense decreased from $19508 million in 2020 to $16319 million in 2022, with a slight rebound in 2023 and stability in 2024 around $17282 million. The trend shows a gradual reduction followed by minor fluctuations in capital asset costs over the period.
Dry Hole Expense: There was a strong decline in dry hole expenses from $1036 million in 2020 to $118 million in 2021. This expense remained relatively low and stable afterward, suggesting improved drilling success or cost control in exploration.
Distributions (Less) More than Income from Equity Affiliates: Initially positive in 2020 at $2015 million, distributions turned negative in 2021 and thereafter became less negative over time, reflecting variability in income flows from equity affiliates but an improving trend toward stabilization.
Net Before-Tax Gains on Asset Retirements and Sales: Gains were negative and fluctuated between -$760 million and -$1685 million, indicating consistent losses on asset retirements and sales, with the most significant loss occurring in 2024.
Net Foreign Currency Effects: Volatility characterized this item, shifting from positive $619 million in 2020 to negative effects of varying magnitude in later years, reflecting currency exchange impact fluctuations on financial results.
Deferred Income Tax Provision: The provision moved from a tax benefit of -$3604 million in 2020 to tax expenses in following years, peaking at $2124 million in 2022 before declining but remaining positive, indicating changes in tax liabilities aligned with income fluctuations.
Working Capital Changes: Accounts and notes receivable showed large decreases in 2021 and 2022, improving in 2023 but declining again in 2024. Inventories primarily decreased over the period though less steeply in later years. Accounts payable and accrued liabilities significantly increased in 2021 and 2022 but moderated afterward. Income and other taxes payable increased until 2022 but dropped sharply in 2023, with some recovery in 2024. Overall, operating working capital exhibited fluctuating patterns with some large swings indicating changes in operational efficiency and short-term asset-liability management.
Cash Contributions to Employee Pension Plans: These contributions declined steadily from $-1213 million in 2020 to $-844 million in 2024, reflecting possible changes in pension obligations or funding strategies.
Net Cash Provided by Operating Activities: Operating cash flow showed strong growth from $10577 million in 2020 to a peak of $49602 million in 2022, followed by declines to $35609 million and $31492 million in subsequent years, indicating robust cash generation capacity with some recent slowdown.
Investing Activities: Capital expenditures increased significantly from $8922 million in 2020 to $16448 million in 2024, demonstrating intensified investment in assets. Proceeds from asset sales varied with a notable increase in 2024 to $7704 million. Net cash used in investing activities followed the rise in capital expenditures, peaking in 2023 and then decreasing in 2024, reflecting changing investment and divestment dynamics.
Financing Activities: Net cash used for financing activities escalated in magnitude from $-3736 million in 2020 to $-30109 million in 2023 then declined to $-23472 million in 2024. Significant repayments of long-term debt characterized the period, reduced notably in 2024, while short-term borrowings fluctuated, including a large inflow in 2024 of $4868 million. Cash dividends showed steady increases year-over-year, implying a commitment to shareholder returns despite varying profitability. Substantial purchases of treasury shares occurred particularly in 2023 and 2024, indicating significant capital return or share buyback activities.
Cash and Cash Equivalents: Cash levels experienced a notable increase in 2022, reaching $19121 million from $6795 million in 2021, followed by sharp declines in 2023 and 2024, resulting in ending balances decreasing from $19121 million to $8262 million, indicating significant cash usage or investment in operating or financing activities during latter years.

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Chevron Corp. (NYSE:CVX)

Cash Flow Statement