Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Chevron Corp., solvency ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Chevron Corp. debt to equity ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Chevron Corp. debt to capital ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Chevron Corp. debt to assets ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Chevron Corp. financial leverage ratio increased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Chevron Corp. interest coverage ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Debt to Equity
Chevron Corp., debt to equity calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt | 529) | 440) | 1,269) | 2,931) | 1,964) | 2,221) | 3,230) | 314) | 256) | 291) | 3,497) | 4,841) | 1,548) | 530) | 3,751) | 8,688) | 3,282) | 7,795) | 5,588) | 7,023) | ||||||
| Long-term debt, excluding debt due within one year | 20,307) | 20,119) | 20,245) | 20,275) | 21,375) | 21,420) | 23,005) | 29,019) | 31,113) | 37,056) | 39,521) | 40,599) | 42,767) | 34,280) | 30,302) | 23,663) | 23,691) | 25,056) | 25,061) | 26,064) | ||||||
| Total debt | 20,836) | 20,559) | 21,514) | 23,206) | 23,339) | 23,641) | 26,235) | 29,333) | 31,369) | 37,347) | 43,018) | 45,440) | 44,315) | 34,810) | 34,053) | 32,351) | 26,973) | 32,851) | 30,649) | 33,087) | ||||||
| Total Chevron Corporation stockholders’ equity | 160,957) | 165,265) | 158,325) | 159,449) | 159,282) | 158,680) | 153,554) | 146,219) | 139,067) | 135,862) | 133,182) | 131,888) | 131,688) | 131,774) | 134,118) | 143,930) | 144,213) | 155,841) | 156,395) | 155,045) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity1 | 0.13 | 0.12 | 0.14 | 0.15 | 0.15 | 0.15 | 0.17 | 0.20 | 0.23 | 0.27 | 0.32 | 0.34 | 0.34 | 0.26 | 0.25 | 0.22 | 0.19 | 0.21 | 0.20 | 0.21 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||
| ConocoPhillips | 0.38 | 0.40 | 0.35 | 0.35 | 0.35 | 0.35 | 0.34 | 0.38 | 0.44 | 0.45 | 0.45 | 0.46 | 0.51 | 0.50 | 0.48 | 0.48 | 0.43 | 0.42 | 0.45 | 0.45 | ||||||
| Exxon Mobil Corp. | 0.20 | 0.21 | 0.21 | 0.21 | 0.21 | 0.24 | 0.26 | 0.28 | 0.28 | 0.35 | 0.38 | 0.40 | 0.43 | 0.39 | 0.39 | 0.33 | 0.24 | 0.25 | 0.24 | 0.21 | ||||||
| Marathon Petroleum Corp. | 1.12 | 1.05 | 1.06 | 1.02 | 0.96 | 1.02 | 1.02 | 1.11 | 0.97 | 0.97 | 0.98 | 1.50 | 1.42 | 1.42 | 1.35 | 1.31 | 0.86 | 0.85 | 0.83 | 0.83 | ||||||
| Occidental Petroleum Corp. | 0.65 | 0.68 | 0.68 | 0.67 | 0.66 | 0.73 | 0.80 | 1.06 | 1.46 | 1.68 | 1.97 | 1.97 | 1.95 | 1.94 | 1.65 | 1.23 | 1.13 | 1.32 | 0.48 | 0.49 | ||||||
| Pioneer Natural Resources Co. | 0.21 | 0.22 | 0.24 | 0.27 | 0.22 | 0.23 | 0.24 | 0.24 | 0.30 | 0.30 | 0.31 | 0.34 | 0.29 | 0.28 | 0.19 | 0.22 | 0.19 | 0.19 | 0.19 | 0.19 | ||||||
| Valero Energy Corp. | 0.44 | 0.44 | 0.44 | 0.46 | 0.49 | 0.53 | 0.61 | 0.70 | 0.75 | 0.81 | 0.83 | 0.82 | 0.78 | 0.79 | 0.64 | 0.61 | 0.44 | 0.45 | 0.44 | 0.47 | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to equity = Total debt ÷ Total Chevron Corporation stockholders’ equity
= 20,836 ÷ 160,957 = 0.13
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Chevron Corp. debt to equity ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023. |
Debt to Capital
Chevron Corp., debt to capital calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt | 529) | 440) | 1,269) | 2,931) | 1,964) | 2,221) | 3,230) | 314) | 256) | 291) | 3,497) | 4,841) | 1,548) | 530) | 3,751) | 8,688) | 3,282) | 7,795) | 5,588) | 7,023) | ||||||
| Long-term debt, excluding debt due within one year | 20,307) | 20,119) | 20,245) | 20,275) | 21,375) | 21,420) | 23,005) | 29,019) | 31,113) | 37,056) | 39,521) | 40,599) | 42,767) | 34,280) | 30,302) | 23,663) | 23,691) | 25,056) | 25,061) | 26,064) | ||||||
| Total debt | 20,836) | 20,559) | 21,514) | 23,206) | 23,339) | 23,641) | 26,235) | 29,333) | 31,369) | 37,347) | 43,018) | 45,440) | 44,315) | 34,810) | 34,053) | 32,351) | 26,973) | 32,851) | 30,649) | 33,087) | ||||||
| Total Chevron Corporation stockholders’ equity | 160,957) | 165,265) | 158,325) | 159,449) | 159,282) | 158,680) | 153,554) | 146,219) | 139,067) | 135,862) | 133,182) | 131,888) | 131,688) | 131,774) | 134,118) | 143,930) | 144,213) | 155,841) | 156,395) | 155,045) | ||||||
| Total capital | 181,793) | 185,824) | 179,839) | 182,655) | 182,621) | 182,321) | 179,789) | 175,552) | 170,436) | 173,209) | 176,200) | 177,328) | 176,003) | 166,584) | 168,171) | 176,281) | 171,186) | 188,692) | 187,044) | 188,132) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital1 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.13 | 0.15 | 0.17 | 0.18 | 0.22 | 0.24 | 0.26 | 0.25 | 0.21 | 0.20 | 0.18 | 0.16 | 0.17 | 0.16 | 0.18 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||
| ConocoPhillips | 0.28 | 0.29 | 0.26 | 0.26 | 0.26 | 0.26 | 0.25 | 0.28 | 0.31 | 0.31 | 0.31 | 0.32 | 0.34 | 0.33 | 0.32 | 0.32 | 0.30 | 0.30 | 0.31 | 0.31 | ||||||
| Exxon Mobil Corp. | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.20 | 0.21 | 0.22 | 0.22 | 0.26 | 0.28 | 0.29 | 0.30 | 0.28 | 0.28 | 0.25 | 0.20 | 0.20 | 0.19 | 0.18 | ||||||
| Marathon Petroleum Corp. | 0.53 | 0.51 | 0.51 | 0.50 | 0.49 | 0.50 | 0.50 | 0.53 | 0.49 | 0.49 | 0.49 | 0.60 | 0.59 | 0.59 | 0.58 | 0.57 | 0.46 | 0.46 | 0.45 | 0.45 | ||||||
| Occidental Petroleum Corp. | 0.39 | 0.40 | 0.41 | 0.40 | 0.40 | 0.42 | 0.44 | 0.51 | 0.59 | 0.63 | 0.66 | 0.66 | 0.66 | 0.66 | 0.62 | 0.55 | 0.53 | 0.57 | 0.32 | 0.33 | ||||||
| Pioneer Natural Resources Co. | 0.17 | 0.18 | 0.19 | 0.21 | 0.18 | 0.19 | 0.19 | 0.19 | 0.23 | 0.23 | 0.23 | 0.25 | 0.22 | 0.22 | 0.16 | 0.18 | 0.16 | 0.16 | 0.16 | 0.16 | ||||||
| Valero Energy Corp. | 0.30 | 0.31 | 0.30 | 0.31 | 0.33 | 0.35 | 0.38 | 0.41 | 0.43 | 0.45 | 0.45 | 0.45 | 0.44 | 0.44 | 0.39 | 0.38 | 0.31 | 0.31 | 0.31 | 0.32 | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 20,836 ÷ 181,793 = 0.11
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Chevron Corp. debt to capital ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023. |
Debt to Assets
Chevron Corp., debt to assets calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt | 529) | 440) | 1,269) | 2,931) | 1,964) | 2,221) | 3,230) | 314) | 256) | 291) | 3,497) | 4,841) | 1,548) | 530) | 3,751) | 8,688) | 3,282) | 7,795) | 5,588) | 7,023) | ||||||
| Long-term debt, excluding debt due within one year | 20,307) | 20,119) | 20,245) | 20,275) | 21,375) | 21,420) | 23,005) | 29,019) | 31,113) | 37,056) | 39,521) | 40,599) | 42,767) | 34,280) | 30,302) | 23,663) | 23,691) | 25,056) | 25,061) | 26,064) | ||||||
| Total debt | 20,836) | 20,559) | 21,514) | 23,206) | 23,339) | 23,641) | 26,235) | 29,333) | 31,369) | 37,347) | 43,018) | 45,440) | 44,315) | 34,810) | 34,053) | 32,351) | 26,973) | 32,851) | 30,649) | 33,087) | ||||||
| Total assets | 261,632) | 263,927) | 251,779) | 255,886) | 257,709) | 259,735) | 257,936) | 249,048) | 239,535) | 239,948) | 242,806) | 241,645) | 239,790) | 223,063) | 223,403) | 236,677) | 237,428) | 256,537) | 255,878) | 256,809) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets1 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.12 | 0.13 | 0.16 | 0.18 | 0.19 | 0.18 | 0.16 | 0.15 | 0.14 | 0.11 | 0.13 | 0.12 | 0.13 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||
| ConocoPhillips | 0.20 | 0.20 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.20 | 0.22 | 0.23 | 0.23 | 0.24 | 0.25 | 0.24 | 0.24 | 0.23 | 0.21 | 0.21 | 0.21 | 0.21 | ||||||
| Exxon Mobil Corp. | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.14 | 0.17 | 0.18 | 0.19 | 0.20 | 0.19 | 0.19 | 0.17 | 0.13 | 0.13 | 0.13 | 0.11 | ||||||
| Marathon Petroleum Corp. | 0.32 | 0.30 | 0.32 | 0.31 | 0.30 | 0.30 | 0.28 | 0.29 | 0.30 | 0.31 | 0.30 | 0.37 | 0.37 | 0.38 | 0.38 | 0.37 | 0.29 | 0.29 | 0.29 | 0.29 | ||||||
| Occidental Petroleum Corp. | 0.27 | 0.28 | 0.28 | 0.28 | 0.27 | 0.29 | 0.30 | 0.36 | 0.39 | 0.42 | 0.45 | 0.45 | 0.45 | 0.46 | 0.43 | 0.38 | 0.35 | 0.38 | 0.23 | 0.23 | ||||||
| Pioneer Natural Resources Co. | 0.13 | 0.14 | 0.15 | 0.16 | 0.14 | 0.15 | 0.15 | 0.15 | 0.19 | 0.18 | 0.19 | 0.20 | 0.17 | 0.17 | 0.12 | 0.14 | 0.12 | 0.13 | 0.13 | 0.12 | ||||||
| Valero Energy Corp. | 0.18 | 0.18 | 0.19 | 0.19 | 0.19 | 0.20 | 0.20 | 0.22 | 0.24 | 0.26 | 0.26 | 0.27 | 0.28 | 0.29 | 0.26 | 0.24 | 0.18 | 0.19 | 0.18 | 0.19 | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 20,836 ÷ 261,632 = 0.08
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Chevron Corp. debt to assets ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023. |
Financial Leverage
Chevron Corp., financial leverage calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Total assets | 261,632) | 263,927) | 251,779) | 255,886) | 257,709) | 259,735) | 257,936) | 249,048) | 239,535) | 239,948) | 242,806) | 241,645) | 239,790) | 223,063) | 223,403) | 236,677) | 237,428) | 256,537) | 255,878) | 256,809) | ||||||
| Total Chevron Corporation stockholders’ equity | 160,957) | 165,265) | 158,325) | 159,449) | 159,282) | 158,680) | 153,554) | 146,219) | 139,067) | 135,862) | 133,182) | 131,888) | 131,688) | 131,774) | 134,118) | 143,930) | 144,213) | 155,841) | 156,395) | 155,045) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Financial leverage1 | 1.63 | 1.60 | 1.59 | 1.60 | 1.62 | 1.64 | 1.68 | 1.70 | 1.72 | 1.77 | 1.82 | 1.83 | 1.82 | 1.69 | 1.67 | 1.64 | 1.65 | 1.65 | 1.64 | 1.66 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||
| ConocoPhillips | 1.95 | 1.96 | 1.89 | 1.91 | 1.95 | 1.93 | 1.87 | 1.90 | 2.00 | 1.98 | 1.93 | 1.94 | 2.10 | 2.05 | 2.00 | 2.08 | 2.02 | 2.00 | 2.16 | 2.18 | ||||||
| Exxon Mobil Corp. | 1.84 | 1.86 | 1.82 | 1.86 | 1.89 | 1.99 | 2.07 | 2.10 | 2.01 | 2.10 | 2.13 | 2.13 | 2.12 | 2.02 | 2.01 | 1.95 | 1.89 | 1.89 | 1.88 | 1.86 | ||||||
| Marathon Petroleum Corp. | 3.52 | 3.48 | 3.36 | 3.24 | 3.24 | 3.41 | 3.68 | 3.79 | 3.26 | 3.16 | 3.26 | 4.01 | 3.84 | 3.74 | 3.56 | 3.58 | 2.93 | 2.91 | 2.83 | 2.84 | ||||||
| Occidental Petroleum Corp. | 2.45 | 2.45 | 2.45 | 2.42 | 2.41 | 2.51 | 2.67 | 2.98 | 3.69 | 4.01 | 4.38 | 4.34 | 4.31 | 4.25 | 3.83 | 3.25 | 3.19 | 3.48 | 2.10 | 2.09 | ||||||
| Pioneer Natural Resources Co. | 1.58 | 1.60 | 1.61 | 1.65 | 1.59 | 1.56 | 1.57 | 1.56 | 1.61 | 1.62 | 1.62 | 1.67 | 1.66 | 1.63 | 1.53 | 1.56 | 1.57 | 1.52 | 1.52 | 1.50 | ||||||
| Valero Energy Corp. | 2.39 | 2.43 | 2.35 | 2.41 | 2.59 | 2.71 | 3.07 | 3.21 | 3.14 | 3.13 | 3.14 | 3.01 | 2.75 | 2.69 | 2.47 | 2.53 | 2.47 | 2.43 | 2.44 | 2.44 | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Financial leverage = Total assets ÷ Total Chevron Corporation stockholders’ equity
= 261,632 ÷ 160,957 = 1.63
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Chevron Corp. financial leverage ratio increased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Interest Coverage
Chevron Corp., interest coverage calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) attributable to Chevron Corporation | 2,259) | 6,526) | 6,010) | 6,574) | 6,353) | 11,231) | 11,622) | 6,259) | 5,055) | 6,111) | 3,082) | 1,377) | (665) | (207) | (8,270) | 3,599) | (6,610) | 2,580) | 4,305) | 2,649) | ||||||
| Add: Net income attributable to noncontrolling interest | (16) | 29) | (2) | 31) | 25) | 7) | 93) | 18) | 27) | 4) | 12) | 21) | 9) | (2) | (7) | (18) | (57) | —) | (15) | (7) | ||||||
| Add: Income tax expense | 1,247) | 2,183) | 1,829) | 2,914) | 3,430) | 3,571) | 4,288) | 2,777) | 1,903) | 1,940) | 1,328) | 779) | (301) | 165) | (2,320) | 564) | (1,738) | 1,469) | 1,645) | 1,315) | ||||||
| Add: Interest and debt expense | 120) | 114) | 120) | 115) | 123) | 128) | 129) | 136) | 155) | 174) | 185) | 198) | 199) | 164) | 172) | 162) | 178) | 197) | 198) | 225) | ||||||
| Earnings before interest and tax (EBIT) | 3,610) | 8,852) | 7,957) | 9,634) | 9,931) | 14,937) | 16,132) | 9,190) | 7,140) | 8,229) | 4,607) | 2,375) | (758) | 120) | (10,425) | 4,307) | (8,227) | 4,246) | 6,133) | 4,182) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Interest coverage1 | 64.08 | 77.06 | 87.36 | 102.29 | 97.27 | 86.49 | 68.50 | 44.87 | 31.39 | 19.12 | 8.50 | -11.85 | -9.69 | -21.04 | -14.24 | 8.79 | 7.94 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||
| ConocoPhillips | 21.88 | 24.35 | 28.69 | 33.08 | 36.07 | 33.30 | 28.10 | 22.60 | 15.38 | 9.41 | 4.77 | 1.17 | -2.90 | 0.04 | 5.13 | 8.06 | 13.24 | — | — | — | ||||||
| Exxon Mobil Corp. | 63.17 | 74.98 | 85.62 | 108.93 | 94.68 | 88.00 | 68.10 | 42.27 | 33.98 | -5.84 | -14.48 | -20.45 | -23.94 | 4.96 | 10.25 | 18.27 | 25.16 | — | — | — | ||||||
| Occidental Petroleum Corp. | 7.80 | 8.59 | 9.99 | 15.23 | 14.71 | 12.90 | 9.58 | 5.07 | 3.30 | 1.15 | -2.26 | -8.10 | -10.03 | -9.54 | -7.01 | -1.05 | 1.17 | — | — | — | ||||||
| Pioneer Natural Resources Co. | 41.83 | 47.09 | 58.69 | 76.18 | 78.74 | 65.81 | 53.42 | 34.89 | 18.06 | 12.44 | 3.34 | -4.04 | -1.02 | 2.23 | 5.55 | 8.58 | 9.16 | — | — | — | ||||||
| Valero Energy Corp. | 20.88 | 25.95 | 26.87 | 33.17 | 28.24 | 22.38 | 16.53 | 6.90 | 3.56 | 0.45 | -1.73 | 0.30 | -2.57 | 1.46 | 4.55 | 2.92 | 8.68 | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Interest coverage
= (EBITQ4 2023
+ EBITQ3 2023
+ EBITQ2 2023
+ EBITQ1 2023)
÷ (Interest expenseQ4 2023
+ Interest expenseQ3 2023
+ Interest expenseQ2 2023
+ Interest expenseQ1 2023)
= (3,610 + 8,852 + 7,957 + 9,634)
÷ (120 + 114 + 120 + 115)
= 64.08
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Chevron Corp. interest coverage ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |