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, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Current assets	41,128)	50,343)	33,738)	26,078)	28,329)
Adjustments
Add: Allowance	301)	457)	303)	284)	746)
Add: LIFO reserve¹	6,455)	9,061)	5,588)	2,749)	4,513)
After Adjustment
Adjusted current assets	47,884)	59,861)	39,629)	29,111)	33,588)

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ LIFO reserve. See details »

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Chevron Corp., adjusted total assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total assets	261,632)	257,709)	239,535)	239,790)	237,428)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowance	301)	457)	303)	284)	746)
Add: LIFO reserve²	6,455)	9,061)	5,588)	2,749)	4,513)
Less: Noncurrent deferred tax assets (included in Deferred charges and other assets)³	4,169)	4,505)	5,659)	5,286)	4,178)
After Adjustment
Adjusted total assets	264,219)	262,722)	239,767)	237,537)	238,509)

Based on: 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), 10-K (reporting date: 2019-12-31).

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, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total liabilities	99,703)	97,467)	99,595)	107,064)	92,220)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Noncurrent deferred income tax liabilities²	18,830)	17,131)	14,665)	12,569)	13,688)
Less: Employee termination benefits	6)	11)	43)	470)	7)
After Adjustment
Adjusted total liabilities	80,867)	80,325)	84,887)	94,025)	78,525)

Based on: 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), 10-K (reporting date: 2019-12-31).

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, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total Chevron Corporation stockholders’ equity	160,957)	159,282)	139,067)	131,688)	144,213)
Adjustments
Less: Deferred taxes, net¹	(14,661)	(12,626)	(9,006)	(7,283)	(9,510)
Add: Allowance	301)	457)	303)	284)	746)
Add: LIFO reserve²	6,455)	9,061)	5,588)	2,749)	4,513)
Add: Employee termination benefits	6)	11)	43)	470)	7)
Add: Redeemable noncontrolling interest	166)	142)	135)	120)	—)
Add: Noncontrolling interests	806)	818)	738)	918)	995)
After Adjustment
Adjusted total equity	183,352)	182,397)	154,880)	143,512)	159,984)

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ Deferred taxes, net. See details »

² LIFO reserve. See details »

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Chevron Corp., adjusted capitalization table

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
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 reported debt	20,836)	23,339)	31,369)	44,315)	26,973)
Total Chevron Corporation stockholders’ equity	160,957)	159,282)	139,067)	131,688)	144,213)
Total reported capital	181,793)	182,621)	170,436)	176,003)	171,186)
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	1,538)	1,111)	995)	1,291)	1,277)
Add: Noncurrent lease liabilities, operating leases (included in Deferred credits and other noncurrent obligations)³	3,696)	2,920)	2,508)	2,615)	2,608)
Adjusted total debt	26,070)	27,370)	34,872)	48,221)	30,858)
Adjustments to Equity
Less: Deferred taxes, net⁴	(14,661)	(12,626)	(9,006)	(7,283)	(9,510)
Add: Allowance	301)	457)	303)	284)	746)
Add: LIFO reserve⁵	6,455)	9,061)	5,588)	2,749)	4,513)
Add: Employee termination benefits	6)	11)	43)	470)	7)
Add: Redeemable noncontrolling interest	166)	142)	135)	120)	—)
Add: Noncontrolling interests	806)	818)	738)	918)	995)
Adjusted total equity	183,352)	182,397)	154,880)	143,512)	159,984)
After Adjustment
Adjusted total capital	209,422)	209,767)	189,752)	191,733)	190,842)

Based on: 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), 10-K (reporting date: 2019-12-31).

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 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, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net income (loss) attributable to Chevron Corporation	21,369)	35,465)	15,625)	(5,543)	2,924)
Adjustments
Add: Deferred income tax expense (benefit)¹	322)	2,123)	700)	(3,608)	(1,966)
Add: Increase (decrease) in allowance	(156)	154)	19)	(462)	(123)
Add: Increase (decrease) in LIFO reserve²	(2,606)	3,473)	2,839)	(1,764)	(621)
Add: Increase (decrease) in employee termination benefits	(5)	(32)	(427)	463)	(12)
Add: Other comprehensive gain (loss), net of tax	(162)	1,091)	1,723)	(622)	(1,446)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	42)	143)	64)	(18)	(79)
After Adjustment
Adjusted net income (loss)	18,804)	42,417)	20,543)	(11,554)	(1,323)

Based on: 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), 10-K (reporting date: 2019-12-31).

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