Chevron Corp., FCFE calculation

US$ in millions

12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Net income (loss) attributable to Chevron Corporation	14,824	9,195	(497)	4,587	19,241
Net income attributable to noncontrolling interests	36	74	66	123	69
Net noncash charges	16,476	10,770	13,827	16,725	12,705
Net (increase) decrease in operating working capital	(718)	476	(550)	(1,979)	(540)
Net cash provided by operating activities	30,618	20,515	12,846	19,456	31,475
Capital expenditures	(13,792)	(13,404)	(18,109)	(29,504)	(35,407)
Net borrowings (repayments) of short-term obligations	2,021	(5,142)	2,130	(335)	3,431
Proceeds from issuances of long-term debt	218	3,991	6,924	11,091	4,000
Repayments of long-term debt and other financing obligations	(6,741)	(6,310)	(1,584)	(32)	(43)
Free cash flow to equity (FCFE)	12,324	(350)	2,207	676	3,456

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Chevron Corp.’s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Chevron Corp.’s FCFE declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

Chevron Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,898,418,471
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)	12,324
FCFE per share	6.49
Current share price (P)	124.18
Ratio
P/FCFE	19.13
Benchmarks
P/FCFE, Competitors¹
ConocoPhillips	29.33
EOG Resources Inc.	35.18
Exxon Mobil Corp.	26.76
Occidental Petroleum Corp.	10.53
Phillips 66	7.73
P/FCFE, Sector
Oil & Gas Producers	20.15
P/FCFE, Industry
Oil & Gas	20.73

¹ Click competitor name to see calculations.

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Chevron Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
No. shares of common stock outstanding¹	1,900,062,760	1,910,253,256	1,893,102,970	1,883,156,295	1,880,180,422
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)²	12,324	(350)	2,207	676	3,456
FCFE per share³	6.49	-0.18	1.17	0.36	1.84
Share price^1, 4	119.39	109.89	111.02	85.30	108.60
Ratio
P/FCFE⁵	18.41	—	95.23	237.62	59.08
Benchmarks
P/FCFE, Competitors⁶
ConocoPhillips	34.71	7.60	18.81	21.77	39.53
EOG Resources Inc.	40.59	—	—	—	131.44
Exxon Mobil Corp.	29.23	23.57	32.86	25.82	19.65
Occidental Petroleum Corp.	15.74	37.42	38.51	—	—
Phillips 66	7.41	27.96	29.60	220.02	19.18
P/FCFE, Sector
Oil & Gas Producers	21.61	31.06	41.35	46.00	30.20
P/FCFE, Industry
Oil & Gas	22.09	35.48	45.00	28.84	24.21

¹ Data adjusted for splits and stock dividends.

³ 2018 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 12,324,000,000 ÷ 1,900,062,760 = 6.49

⁴ Close price on the filing date of Chevron Corp.’s Annual Report.

⁵ 2018 Calculation
P/FCFE = Share price ÷ FCFE per share
= 119.39 ÷ 6.49 = 18.41

⁶ Click competitor name to see calculations.

Ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Chevron Corp.’s P/FCFE ratio declined from 2016 to 2017 but then slightly increased from 2017 to 2018.

Chevron Corp. (CVX)

Price to FCFE (P/FCFE)