Chevron Corp., current enterprise value calculation

Current share price (P)	$168.51
No. shares of common stock outstanding	1,760,598,537
US$ in millions
Common equity (market value)¹	296,678)
Add: Preferred stock, $1.00 par value; none issued (per books)	—)
Add: Noncontrolling interests (per books)	839)
Total equity	297,517)
Add: Short-term debt (per books)	4,406)
Add: Long-term debt, excluding debt due within one year (per books)	20,135)
Total equity and debt	322,058)
Less: Cash and cash equivalents	6,781)
Less: Time deposits	4)
Less: Marketable securities	—)
Enterprise value (EV)	315,273)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 168.51 × 1,760,598,537

Chevron Corp., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$156.92	$154.45	$161.93	$134.85	$102.35
No. shares of common stock outstanding¹	1,760,598,537	1,857,269,160	1,906,674,044	1,947,553,346	1,926,376,764
US$ in millions
Common equity (market value)³	276,273)	286,855)	308,748)	262,628)	197,165)
Add: Preferred stock, $1.00 par value; none issued (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	839)	806)	818)	738)	918)
Total equity	277,112)	287,661)	309,566)	263,366)	198,083)
Add: Short-term debt (book value)	4,406)	529)	1,964)	256)	1,548)
Add: Long-term debt, excluding debt due within one year (book value)	20,135)	20,307)	21,375)	31,113)	42,767)
Total equity and debt	301,653)	308,497)	332,905)	294,735)	242,398)
Less: Cash and cash equivalents	6,781)	8,178)	17,678)	5,640)	5,596)
Less: Time deposits	4)	—)	—)	—)	—)
Less: Marketable securities	—)	45)	223)	35)	31)
Enterprise value (EV)	294,868)	300,274)	315,004)	289,060)	236,771)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 156.92 × 1,760,598,537

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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 decreased from 2022 to 2023 and from 2023 to 2024.

Chevron Corp. (NYSE:CVX)

Enterprise Value (EV)