Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.

Ratios (Summary)
Debt to Equity
Debt to Capital
Interest Coverage

Chevron Corp., debt and solvency ratios (quarterly data)

		Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Debt to equity
	Debt to capital
	Interest coverage

Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Chevron Corp.’s debt-to-equity ratio improved from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Chevron Corp.’s debt-to-capital ratio improved from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

Ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Chevron Corp.’s interest coverage ratio improved from Q3 2018 to Q4 2018 but then slightly deteriorated from Q4 2018 to Q1 2019 not reaching Q3 2018 level.

Chevron Corp., debt to equity calculation (quarterly data)

		Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Selected Financial Data (USD $ in millions)
	Short-term debt
	Long-term debt, excluding debt due within one year
	Total debt
	Total Chevron Corporation stockholders’ equity
	Ratio
	Debt to equity¹

Q1 2019 Calculations

¹ Debt to equity = Total debt ÷ Total Chevron Corporation stockholders’ equity
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Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Chevron Corp.’s debt-to-equity ratio improved from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

Chevron Corp., debt to capital calculation (quarterly data)

		Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Selected Financial Data (USD $ in millions)
	Short-term debt
	Long-term debt, excluding debt due within one year
	Total debt
	Total Chevron Corporation stockholders’ equity
	Total capital
	Ratio
	Debt to capital¹

Q1 2019 Calculations

¹ Debt to capital = Total debt ÷ Total capital
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Ratio	Description	The company
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Chevron Corp.’s debt-to-capital ratio improved from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

Chevron Corp., interest coverage calculation (quarterly data)

		Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Selected Financial Data (USD $ in millions)
	Net income (loss) attributable to Chevron Corporation
	Add: Net income attributable to noncontrolling interest
	Add: Income tax expense
	Add: Interest and debt expense
	Earnings before interest and tax (EBIT)
	Ratio
	Interest coverage¹

Q1 2019 Calculations

¹ Interest coverage = (EBIT_{Q1 2019} + EBIT_{Q4 2018} + EBIT_{Q3 2018} + EBIT_{Q2 2018}) ÷ (Interest expense_{Q1 2019} + Interest expense_{Q4 2018} + Interest expense_{Q3 2018} + Interest expense_{Q2 2018})
= ( hidden + hidden + hidden + hidden ) ÷ ( hidden + hidden + hidden + hidden ) = hidden

Ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Chevron Corp.’s interest coverage ratio improved from Q3 2018 to Q4 2018 but then slightly deteriorated from Q4 2018 to Q1 2019 not reaching Q3 2018 level.

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Chevron Corp. (CVX)

Long-term Debt and Solvency Analysis
Quarterly Data

Ratios (Summary)

Debt to Equity

Debt to Capital

Interest Coverage

Chevron Corp. (CVX)

Long-term Debt and Solvency AnalysisQuarterly Data

Ratios (Summary)

Debt to Equity

Debt to Capital

Interest Coverage

Long-term Debt and Solvency Analysis
Quarterly Data