Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Analysis of Geographic Areas

Microsoft Excel

Area Profit Margin

Chevron Corp., profit margin by geographic area

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
United States 6.48% 12.58% 11.17% -4.55% -4.44%
International 12.74% 14.19% 9.11% -0.31% 9.21%

Based on: 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), 10-K (reporting date: 2019-12-31).

Area profitability ratio Geographic area The company
Area profit margin United States United States area profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
International International area profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Area Profit Margin: United States

Chevron Corp.; United States; area profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment earnings 8,052 18,015 9,708 (2,179) (3,535)
Segment sales and other operating revenues 124,277 143,161 86,934 47,910 79,693
Area Profitability Ratio
Area profit margin1 6.48% 12.58% 11.17% -4.55% -4.44%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Area profit margin = 100 × Segment earnings ÷ Segment sales and other operating revenues
= 100 × 8,052 ÷ 124,277 = 6.48%

Area profitability ratio Geographic area The company
Area profit margin United States United States area profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Area Profit Margin: International

Chevron Corp.; International; area profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment earnings 15,523 20,424 9,024 (207) 8,592
Segment sales and other operating revenues 121,865 143,900 99,021 65,755 93,302
Area Profitability Ratio
Area profit margin1 12.74% 14.19% 9.11% -0.31% 9.21%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Area profit margin = 100 × Segment earnings ÷ Segment sales and other operating revenues
= 100 × 15,523 ÷ 121,865 = 12.74%

Area profitability ratio Geographic area The company
Area profit margin International International area profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Area Return on Assets (Area ROA)

Chevron Corp., ROA by geographic area

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
United States 7.89% 19.21% 13.12% -3.12% -5.47%
International 10.03% 12.83% 5.60% -0.13% 5.10%

Based on: 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), 10-K (reporting date: 2019-12-31).

Area profitability ratio Geographic area The company
Area ROA United States United States area ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
International International area ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Area ROA: United States

Chevron Corp.; United States; area ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment earnings 8,052 18,015 9,708 (2,179) (3,535)
Assets 102,108 93,783 73,992 69,938 64,598
Area Profitability Ratio
Area ROA1 7.89% 19.21% 13.12% -3.12% -5.47%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Area ROA = 100 × Segment earnings ÷ Assets
= 100 × 8,052 ÷ 102,108 = 7.89%

Area profitability ratio Geographic area The company
Area ROA United States United States area ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Area ROA: International

Chevron Corp.; International; area ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment earnings 15,523 20,424 9,024 (207) 8,592
Assets 154,802 159,204 161,158 165,450 168,367
Area Profitability Ratio
Area ROA1 10.03% 12.83% 5.60% -0.13% 5.10%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Area ROA = 100 × Segment earnings ÷ Assets
= 100 × 15,523 ÷ 154,802 = 10.03%

Area profitability ratio Geographic area The company
Area ROA International International area ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Area Asset Turnover

Chevron Corp., asset turnover by geographic area

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
United States 1.22 1.53 1.17 0.69 1.23
International 0.79 0.90 0.61 0.40 0.55

Based on: 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), 10-K (reporting date: 2019-12-31).

Area activity ratio Geographic area The company
Area asset turnover United States United States area asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
International International area asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Area Asset Turnover: United States

Chevron Corp.; United States; area asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment sales and other operating revenues 124,277 143,161 86,934 47,910 79,693
Assets 102,108 93,783 73,992 69,938 64,598
Area Activity Ratio
Area asset turnover1 1.22 1.53 1.17 0.69 1.23

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Area asset turnover = Segment sales and other operating revenues ÷ Assets
= 124,277 ÷ 102,108 = 1.22

Area activity ratio Geographic area The company
Area asset turnover United States United States area asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Area Asset Turnover: International

Chevron Corp.; International; area asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment sales and other operating revenues 121,865 143,900 99,021 65,755 93,302
Assets 154,802 159,204 161,158 165,450 168,367
Area Activity Ratio
Area asset turnover1 0.79 0.90 0.61 0.40 0.55

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Area asset turnover = Segment sales and other operating revenues ÷ Assets
= 121,865 ÷ 154,802 = 0.79

Area activity ratio Geographic area The company
Area asset turnover International International area asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Segment earnings

Chevron Corp., segment earnings by geographic area

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
United States 8,052 18,015 9,708 (2,179) (3,535)
International 15,523 20,424 9,024 (207) 8,592
Total 23,575 38,439 18,732 (2,386) 5,057

Based on: 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), 10-K (reporting date: 2019-12-31).


Assets

Chevron Corp., assets by geographic area

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
United States 102,108 93,783 73,992 69,938 64,598
International 154,802 159,204 161,158 165,450 168,367
Goodwill 4,722 4,722 4,385 4,402 4,463
Total 261,632 257,709 239,535 239,790 237,428

Based on: 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), 10-K (reporting date: 2019-12-31).


Segment sales and other operating revenues

Chevron Corp., segment sales and other operating revenues by geographic area

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
United States 124,277 143,161 86,934 47,910 79,693
International 121,865 143,900 99,021 65,755 93,302
Total 246,142 287,061 185,955 113,665 172,995

Based on: 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), 10-K (reporting date: 2019-12-31).