Chevron Corp., current enterprise value calculation

Current share price (P)	$159.60
No. shares of common stock outstanding	1,797,091,325
US$ in millions
Common equity (market value)¹	286,816)
Add: Preferred stock, $1.00 par value; none issued (per books)	—)
Add: Noncontrolling interests (per books)	806)
Total equity	287,622)
Add: Short-term debt (per books)	529)
Add: Long-term debt, excluding debt due within one year (per books)	20,307)
Total equity and debt	308,458)
Less: Cash and cash equivalents	8,178)
Less: Marketable securities	45)
Enterprise value (EV)	300,235)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 159.60 × 1,797,091,325

Chevron Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$154.45	$161.93	$134.85	$102.35	$109.01
No. shares of common stock outstanding¹	1,857,269,160	1,906,674,044	1,947,553,346	1,926,376,764	1,879,324,765
US$ in millions
Common equity (market value)³	286,855)	308,748)	262,628)	197,165)	204,865)
Add: Preferred stock, $1.00 par value; none issued (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	806)	818)	738)	918)	995)
Total equity	287,661)	309,566)	263,366)	198,083)	205,860)
Add: Short-term debt (book value)	529)	1,964)	256)	1,548)	3,282)
Add: Long-term debt, excluding debt due within one year (book value)	20,307)	21,375)	31,113)	42,767)	23,691)
Total equity and debt	308,497)	332,905)	294,735)	242,398)	232,833)
Less: Cash and cash equivalents	8,178)	17,678)	5,640)	5,596)	5,686)
Less: Marketable securities	45)	223)	35)	31)	63)
Enterprise value (EV)	300,274)	315,004)	289,060)	236,771)	227,084)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Chevron Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 154.45 × 1,857,269,160

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Chevron Corp. EV increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Chevron Corp. (NYSE:CVX)

Enterprise Value (EV)