Chevron Corp., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to Chevron Corporation	21,369)	35,465)	15,625)	(5,543)	2,924)
Net (income) loss attributable to noncontrolling interests	42)	143)	64)	(18)	(79)
Net noncash charges	17,383)	11,869)	14,859)	17,790)	22,975)
Net (increase) decrease in operating working capital	(3,185)	2,125)	(1,361)	(1,652)	1,494)
Net cash provided by operating activities	35,609)	49,602)	29,187)	10,577)	27,314)
Capital expenditures	(15,829)	(11,974)	(8,056)	(8,922)	(14,116)
Net borrowings (repayments) of short-term obligations	135)	263)	(5,572)	651)	(2,821)
Proceeds from issuances of long-term debt	150)	—)	—)	12,308)	—)
Repayments of long-term debt and other financing obligations	(4,340)	(8,742)	(7,364)	(5,489)	(5,025)
Free cash flow to equity (FCFE)	15,725)	29,149)	8,195)	9,125)	5,352)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Chevron Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Chevron Corp. FCFE increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Chevron Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,797,091,325
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	15,725)
FCFE per share	8.75
Current share price (P)	159.60
Valuation Ratio
P/FCFE	18.24
Benchmarks
P/FCFE, Competitors¹
ConocoPhillips	11.70
Exxon Mobil Corp.	15.70
Marathon Petroleum Corp.	4.01
Occidental Petroleum Corp.	7.94
Valero Energy Corp.	5.58
P/FCFE, Sector
Oil, Gas & Consumable Fuels	12.46
P/FCFE, Industry
Energy	12.66

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Chevron Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
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
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	15,725)	29,149)	8,195)	9,125)	5,352)
FCFE per share³	8.47	15.29	4.21	4.74	2.85
Share price^1, 4	154.45	161.93	134.85	102.35	109.01
Valuation Ratio
P/FCFE⁵	18.24	10.59	32.05	21.61	38.28
Benchmarks
P/FCFE, Competitors⁶
ConocoPhillips	11.74	8.93	10.61	497.58	14.36
Exxon Mobil Corp.	12.46	8.73	19.82	13.70	16.01
Marathon Petroleum Corp.	4.75	3.74	65.05	51.11	5.87
Occidental Petroleum Corp.	8.44	18.76	66.22	—	1.84
Valero Energy Corp.	5.77	6.12	12.51	9.57	7.61
P/FCFE, Sector
Oil, Gas & Consumable Fuels	11.39	8.65	20.61	19.80	11.93
P/FCFE, Industry
Energy	11.77	9.32	21.56	19.35	12.49

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 Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 15,725,000,000 ÷ 1,857,269,160 = 8.47

⁴ Closing price as at the filing date of Chevron Corp. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 154.45 ÷ 8.47 = 18.24

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Chevron Corp. P/FCFE ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Chevron Corp. (NYSE:CVX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical