Chevron Corp., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Short-term debt	529)	1,964)	256)	1,548)	3,282)
Long-term debt, excluding debt due within one year	20,307)	21,375)	31,113)	42,767)	23,691)
Total debt (carrying amount)	20,836)	23,339)	31,369)	44,315)	26,973)

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Debt item	Description	The company
Total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Chevron Corp. total debt decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Short-term debt, excluding finance lease liabilities	5,012)
Long-term debt, excluding due within one year and finance lease liabilities	13,709)
Finance lease liabilities	634)
Total debt (fair value)	19,355)
Financial Ratio
Debt, fair value to carrying amount ratio	0.93

Weighted-average interest rate on debt: 2.94%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.29%	1,650)	54)
1.72%	4,000)	69)
2.95%	2,250)	66)
2.38%	2,000)	48)
3.85%	600)	23)
3.25%	500)	16)
2.24%	1,500)	34)
8.63%	102)	9)
8.42%	183)	15)
2.98%	293)	9)
6.00%	397)	24)
5.25%	330)	17)
5.05%	222)	11)
4.95%	187)	9)
4.20%	237)	10)
2.76%	1,750)	48)
7.25%	60)	4)
6.60%	20)	1)
4.50%	634)	29)
Total	16,915)	497)
2.94%

¹ US$ in millions

² Weighted-average interest rate = 100 × 497 ÷ 16,915 = 2.94%

Chevron Corp., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest and debt expense	469)	516)	712)	697)	798)
Capitalized interest	148)	114)	63)	38)	19)
Financing interest and debt costs	617)	630)	775)	735)	817)

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Debt item	Description	The company
Interest and debt expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Chevron Corp. interest and debt expense decreased from 2021 to 2022 and from 2022 to 2023.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Chevron Corp. capitalized interest increased from 2021 to 2022 and from 2022 to 2023.
Financing interest and debt costs	Total interest costs incurred during the period and either capitalized or charged against earnings.	Chevron Corp. financing interest and debt costs decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation	21,369)	35,465)	15,625)	(5,543)	2,924)
Add: Net income attributable to noncontrolling interest	42)	143)	64)	(18)	(79)
Add: Income tax expense	8,173)	14,066)	5,950)	(1,892)	2,691)
Add: Interest and debt expense	469)	516)	712)	697)	798)
Earnings before interest and tax (EBIT)	30,053)	50,190)	22,351)	(6,756)	6,334)

Financing interest and debt costs	617)	630)	775)	735)	817)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	64.08	97.27	31.39	-9.69	7.94
Adjusted interest coverage ratio (with capitalized interest)²	48.71	79.67	28.84	-9.19	7.75

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest and debt expense
= 30,053 ÷ 469 = 64.08

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Financing interest and debt costs
= 30,053 ÷ 617 = 48.71

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Chevron Corp. adjusted interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Chevron Corp. (NYSE:CVX)

Analysis of Debt