Chevron (CVX) 10-K Summary — Year Ended Dec 31, 2023
Chevron Corporation manages investments in subsidiaries and affiliates that operate in integrated energy and chemicals, including upstream exploration and production of oil and natural gas, as well as downstream refining and marketing. The company reported a decline in annual revenue compared to the prior year, while net income and operating cash flow remained substantial.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Chevron Corporation manages investments in subsidiaries and affiliates that operate in integrated energy and chemicals, including upstream exploration and production of oil and natural gas, as well as downstream refining and marketing. The company reported a decline in annual revenue compared to the prior year, while net income and operating cash flow remained substantial.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$196.9B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$21.4B
Net income reported for the year.
Operating cash flow
$35.6B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $155.6B | n/a |
| Dec 31, 2022 | $235.7B | +51.5% |
| Dec 31, 2023 | $196.9B | -16.5% |
Business overview
Chevron's upstream operations involve exploring for, developing, producing, and transporting crude oil and natural gas, along with liquefied natural gas processing and carbon capture. Downstream operations include refining crude oil into products, marketing crude oil and refined products, manufacturing renewable fuels, and producing commodity petrochemicals and plastics. The company also provides administrative, financial, and technology support to its U.S. and international subsidiaries.
Financial performance
Revenue for the reported year decreased compared to the prior year, following a significant increase in the year before. Net income and operating cash flow were reported at levels that reflect the company's scale, though specific operating income was not provided. The trend indicates a decline from the prior year's higher revenue.
Material risks
The filing notes that the petroleum industry's operations and profitability are influenced by supply and demand factors, including production levels from OPEC and Russia. Forward-looking statements in the report are based on management's current expectations and projections about the petroleum, chemicals, and other energy-related industries, which are subject to uncertainties. No other specific material risks were detailed in the supplied context.
Liquidity and capital
The filing references a stock repurchase program as part of the company's liquidity and capital resources, but no further details on capital allocation or liquidity themes were provided in the supplied context.
What to watch
Monitor changes in revenue trends and the company's ability to sustain operating cash flow given the decline from the prior year.