Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Cash Flow Statement 
Quarterly Data

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 (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net income (loss) 3,512 3,259 4,496 4,443 5,551 2,243 6,555 6,008 6,605 6,378 11,238 11,715 6,277 5,082 6,115 3,094 1,398 (656) (209) (8,277) 3,581
Depreciation, depletion and amortization 4,123 4,973 4,214 4,004 4,091 6,254 4,025 3,521 3,526 4,764 4,201 3,700 3,654 4,813 4,304 4,522 4,286 4,486 4,017 6,717 4,288
Dry hole expense 112 204 16 181 28 121 172 38 105 231 21 99 135 63 36 15 4 188 3 795 50
Distributions more (less) than income from equity affiliates 268 119 143 77 (705) 1,388 (921) (451) (901) 38 (1,602) (1,725) (1,441) 164 (745) (926) (491) (234) (29) 2,917 (639)
Net before-tax (gains) losses on asset retirements and sales (19) (1,449) (189) (17) (30) (5) (135) (32) 34 (87) 3 (367) (99) (620) (314) (31) (56) (135) (27) (372) (226)
Net foreign currency effects 130 (733) 192 110 (198) 713 (238) 80 23 241 (428) (473) 248 18 (184) 48 111 429 209 384 (403)
Deferred income tax provision 480 (305) 403 454 688 (1,048) (115) 671 790 414 369 715 626 228 658 68 (254) (424) (633) (2,605) 58
Net (increase) decrease in operating working capital (2,408) 3,383 1,403 (2,431) (1,144) 996 767 (3,133) (1,815) 953 1,577 532 (937) 98 (427) (130) (902) (1,631) 352 723 (1,096)
(Increase) decrease in long-term receivables (40) 60 35 (8) 27 114 (97) 97 36 32 69 (34) 86 54 (55) 7 15 212 35 (190) 239
Net (increase) decrease in other deferred charges (172) (460) (206) (259) (300) 123 (122) (116) (185) (111) 18 (63) (56) (153) (51) (85) (31) (103) (36) (66) (43)
Cash contributions to employee pension plans (263) (186) (204) (198) (256) (227) (330) (218) (345) (235) (312) (312) (463) (348) (822) (250) (331) (318) (364) (318) (213)
Other (534) (170) (629) (61) (924) 1,762 112 (168) (668) (120) 113 (5) 25 59 64 622 447 424 219 372 (874)
Adjustments 1,677 5,436 5,178 1,852 1,277 10,191 3,118 289 600 6,120 4,029 2,067 1,778 4,376 2,464 3,860 2,798 2,894 3,746 8,357 1,141
Net cash provided by operating activities 5,189 8,695 9,674 6,295 6,828 12,434 9,673 6,297 7,205 12,498 15,267 13,782 8,055 9,458 8,579 6,954 4,196 2,238 3,537 80 4,722
Acquisition of Hess Corporation common stock (2,225)
Acquisition of businesses, net of cash received 55 (2,862) 373
Capital expenditures (3,927) (4,338) (4,055) (3,966) (4,089) (4,361) (4,673) (3,757) (3,038) (3,835) (2,995) (3,184) (1,960) (2,606) (1,907) (1,797) (1,746) (2,067) (1,630) (2,092) (3,133)
Proceeds and deposits related to asset sales and returns of investment 600 7,084 402 114 104 259 86 105 219 150 136 1,066 1,283 1,205 217 211 158 989 127 1,478 374
Net investments in time deposits (4)
Net (purchases) sales of marketable securities 45 91 175 (186) 95 35 83 (1) (1) 36 (1)
Net (borrowing) repayment of loans by equity affiliates (66) (76) (39) (102) (16) (60) (53) (106) (83) (62) 9 17 12 12 350 14 25 15 (360) (675) (399)
Net cash used for investing activities (5,618) 2,670 (3,696) (3,954) (3,956) (4,071) (4,410) (3,944) (2,807) (3,712) (2,767) (4,964) (665) (1,389) (1,341) (1,572) (1,563) (690) (1,827) (1,290) (3,158)
Net borrowings (repayments) of short-term obligations (400) (747) 2,496 1,283 1,836 168 71 (17) (87) (15) 242 (25) 61 (1,945) (5,575) 711 1,237 1,257 (3,177) (5,596) 8,167
Proceeds from issuance of long-term debt 5,491 75 100 100 203 150 71 3,987 8,250
Repayments of long-term debt and other financing obligations (61) (716) (12) (38) (1,012) (133) (2,465) (1,729) (13) (293) (2,760) (3,627) (2,062) (4,059) (53) (3,174) (78) (1,548) (121) (1,011) (2,809)
Cash dividends, common stock (2,984) (2,887) (2,933) (2,978) (3,003) (2,809) (2,852) (2,818) (2,857) (2,713) (2,743) (2,766) (2,746) (2,567) (2,571) (2,573) (2,468) (2,465) (2,390) (2,394) (2,402)
Net contributions from (distributions to) noncontrolling interests (11) 2 (199) (2) 4 4 (41) 6 (9) (11) (67) (31) (5) (2) (8) (15) (11) (14) (5) (5)
Net (purchases) sales of treasury shares (3,699) (4,509) (4,714) (2,930) (2,891) (3,397) (3,334) (4,340) (3,607) (3,417) (3,697) (1,689) 3,386 283 (618) 106 267 14 5 23 (1,573)
Net cash provided by (used for) financing activities (1,664) (8,782) (5,262) (4,565) (4,863) (6,167) (8,621) (8,748) (6,573) (6,449) (9,025) (8,138) (1,366) (8,290) (8,825) (4,945) (1,053) (2,685) (1,696) (733) 1,378
Effect of exchange rate changes on cash, cash equivalents and restricted cash (3) (85) 83 (23) (72) 73 (36) (104) (47) 87 (134) (130) (13) (9) (76) (13) (53) 83 (2) 32 (163)
Net change in cash, cash equivalents and restricted cash (2,096) 2,498 799 (2,247) (2,063) 2,269 (3,394) (6,499) (2,222) 2,424 3,341 550 6,011 (230) (1,663) 424 1,527 (1,054) 12 (1,911) 2,779

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Net Income (Loss)
The net income exhibited significant volatility over the periods analyzed. A substantial loss occurred in the middle of 2020, followed by a strong recovery that extended through the end of 2021. The net income peaked notably in mid-2022 before gradually declining through 2023 and into early 2024, with fluctuating but generally positive values thereafter.
Depreciation, Depletion, and Amortization
This expense showed variability but remained generally stable within a range, with a noticeable increase toward the end of 2023 and early 2024, indicating potentially increased asset usage or acquisitions requiring amortization during these periods.
Dry Hole Expense
Dry hole expenses were erratic, with spikes particularly around 2020 and some increases in late 2022 and early 2024, suggesting periods of unsuccessful exploration activities.
Distributions More (Less) Than Income from Equity Affiliates
This item fluctuated considerably, with negative values predominating but intermittent positive spikes, particularly in late 2023 and early 2024, which may reflect differences in timing between earnings recognition and cash distributions from affiliates.
Net Before-Tax Gains (Losses) on Asset Retirements and Sales
Generally exhibiting negative or low values, this category showed some modest fluctuations but no clear trend, indicating minor impacts from asset sales or retirements on overall income.
Net Foreign Currency Effects
Foreign currency effects were inconsistent, with alternating positive and negative values, reflecting exposure to currency fluctuations without a persistent directional trend.
Deferred Income Tax Provision
The deferred income tax provision showed notable swings, including significant negative values in early 2020 and during 2023, with recovery trends in some subsequent quarters, possibly tied to changes in taxable income or tax legislation.
Net Increase (Decrease) in Operating Working Capital
This item was highly volatile, moving between significant inflows and outflows, peaking with large decreases at times in 2023 and early 2024, which could indicate fluctuating operational cash needs or inventory and receivable management.
Capital Expenditures
Capital spending demonstrated an increasing trend from 2020 through 2023, peaking in late 2023, then maintaining high levels into 2024, suggesting sustained investment in property, plant, and equipment.
Proceeds and Deposits Related to Asset Sales and Returns of Investment
Proceeds from asset sales showed fluctuations without a clear upward or downward trend but had some significant spikes in early 2025, which may indicate strategic divestitures or returns from investments.
Net Cash Provided by Operating Activities
Operating cash flow recovered strongly after the downturn in mid-2020, reaching new highs in late 2021 and throughout 2022. There was some moderation in 2023 and early 2024 but values remained robust overall, reflecting solid operational cash generation capacity.
Net Cash Used for Investing Activities
Investing cash flows were predominantly negative, consistent with ongoing capital expenditures and acquisitions. There was an anomalous positive spike in early 2025 correlating with asset sale proceeds, signaling a temporary inflow.
Net Cash Provided by (Used for) Financing Activities
Financing cash flows shifted from positive in early 2020 to predominantly negative throughout the subsequent periods, suggesting net repayments of debt and share repurchases exceeding new borrowings or financing inflows.
Debt Activities
Proceeds from long-term debt issuance showed intermittent activity with some spikes in mid-2024 and early 2025. Repayments of long-term debt were consistent and substantial over time, indicating an emphasis on managing debt levels.
Shareholder Distributions and Stock Repurchases
Dividend payments were relatively stable, with a slight upward trend over time. Share repurchases fluctuated greatly, including large buys in early 2022 and consistent repurchases through 2024, reflecting an active capital return program.
Net Change in Cash, Cash Equivalents and Restricted Cash
Cash balances varied widely with positive inflows in certain quarters, notably early 2022 and parts of 2023, and significant outflows in others, including multiple quarters in 2023 and early 2024, pointing to dynamic liquidity management responsive to operational and investing cash flows.