Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Reported Income

Chevron Corp., adjusted current assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Current assets	40,911)	41,128)	50,343)	33,738)	26,078)
Adjustments
Add: Allowance	259)	301)	457)	303)	284)
Add: LIFO reserve¹	5,997)	6,455)	9,061)	5,588)	2,749)
After Adjustment
Adjusted current assets	47,167)	47,884)	59,861)	39,629)	29,111)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ LIFO reserve. See details »

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Chevron Corp., adjusted total assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total assets	256,938)	261,632)	257,709)	239,535)	239,790)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowance	259)	301)	457)	303)	284)
Add: LIFO reserve²	5,997)	6,455)	9,061)	5,588)	2,749)
Less: Noncurrent deferred tax assets (included in Deferred charges and other assets)³	3,516)	4,169)	4,505)	5,659)	5,286)
After Adjustment
Adjusted total assets	259,678)	264,219)	262,722)	239,767)	237,537)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² LIFO reserve. See details »

³ Noncurrent deferred tax assets (included in Deferred charges and other assets). See details »

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Chevron Corp., adjusted total liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total liabilities	103,781)	99,703)	97,467)	99,595)	107,064)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Noncurrent deferred income tax liabilities²	19,137)	18,830)	17,131)	14,665)	12,569)
Less: Accrued severance liability	990)	6)	11)	43)	470)
After Adjustment
Adjusted total liabilities	83,654)	80,867)	80,325)	84,887)	94,025)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Noncurrent deferred income tax liabilities. See details »

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Chevron Corp., adjusted total Chevron Corporation stockholders’ equity

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total Chevron Corporation stockholders’ equity	152,318)	160,957)	159,282)	139,067)	131,688)
Adjustments
Less: Deferred income taxes, net¹	(15,621)	(14,661)	(12,626)	(9,006)	(7,283)
Add: Allowance	259)	301)	457)	303)	284)
Add: LIFO reserve²	5,997)	6,455)	9,061)	5,588)	2,749)
Add: Accrued severance liability	990)	6)	11)	43)	470)
Add: Redeemable noncontrolling interest	—)	166)	142)	135)	120)
Add: Noncontrolling interests	839)	806)	818)	738)	918)
After Adjustment
Adjusted total equity	176,024)	183,352)	182,397)	154,880)	143,512)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Deferred income taxes, net. See details »

² LIFO reserve. See details »

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Chevron Corp., adjusted capitalization table

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Short-term debt	4,406)	529)	1,964)	256)	1,548)
Long-term debt, excluding debt due within one year	20,135)	20,307)	21,375)	31,113)	42,767)
Total reported debt	24,541)	20,836)	23,339)	31,369)	44,315)
Total Chevron Corporation stockholders’ equity	152,318)	160,957)	159,282)	139,067)	131,688)
Total reported capital	176,859)	181,793)	182,621)	170,436)	176,003)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current lease liabilities, operating leases (included in Accrued liabilities)²	1,519)	1,538)	1,111)	995)	1,291)
Add: Noncurrent lease liabilities, operating leases (included in Deferred credits and other noncurrent obligations)³	3,551)	3,696)	2,920)	2,508)	2,615)
Adjusted total debt	29,611)	26,070)	27,370)	34,872)	48,221)
Adjustments to Equity
Less: Deferred income taxes, net⁴	(15,621)	(14,661)	(12,626)	(9,006)	(7,283)
Add: Allowance	259)	301)	457)	303)	284)
Add: LIFO reserve⁵	5,997)	6,455)	9,061)	5,588)	2,749)
Add: Accrued severance liability	990)	6)	11)	43)	470)
Add: Redeemable noncontrolling interest	—)	166)	142)	135)	120)
Add: Noncontrolling interests	839)	806)	818)	738)	918)
Adjusted total equity	176,024)	183,352)	182,397)	154,880)	143,512)
After Adjustment
Adjusted total capital	205,635)	209,422)	209,767)	189,752)	191,733)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current lease liabilities, operating leases (included in Accrued liabilities). See details »

³ Noncurrent lease liabilities, operating leases (included in Deferred credits and other noncurrent obligations). See details »

⁴ Deferred income taxes, net. See details »

⁵ LIFO reserve. See details »

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Chevron Corp., adjusted net income (loss) attributable to Chevron Corporation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Net income (loss) attributable to Chevron Corporation	17,661)	21,369)	35,465)	15,625)	(5,543)
Adjustments
Add: Deferred income tax expense (benefit)¹	1,240)	322)	2,123)	700)	(3,608)
Add: Increase (decrease) in allowance	(42)	(156)	154)	19)	(462)
Add: Increase (decrease) in LIFO reserve²	(458)	(2,606)	3,473)	2,839)	(1,764)
Add: Increase (decrease) in accrued severance liability	984)	(5)	(32)	(427)	463)
Add: Other comprehensive gain (loss), net of tax	200)	(162)	1,091)	1,723)	(622)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	88)	42)	143)	64)	(18)
After Adjustment
Adjusted net income (loss)	19,673)	18,804)	42,417)	20,543)	(11,554)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Deferred income tax expense (benefit). See details »

² Increase (decrease) in LIFO reserve. See details »

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Chevron Corp. (NYSE:CVX)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Reported Income