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Chevron Corp CVX

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Morningstar’s Analysis

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Chevron's Earnings Deteriorate in Q4, but Outlook Improved as Dividend Safe; Shares Undervalued

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

Chevron reported a loss of $665 million during the fourth quarter compared with a loss of $6.6 billion the year before, which included $10.4 billion in impairments. Earnings worsened from a loss of $207 million in the third quarter as downstream and corporate segment losses increased and offset higher profits from the upstream segment.

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Company Profile

Business Description

Chevron is an integrated energy company with exploration, production, and refining operations worldwide. Chevron is the second- largest oil company in the U.S. with production of 2.8 million of barrels of oil equivalent a day, including 6.8 million cubic feet a day of natural gas and 1.7 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries in the U.S. and Asia have a total refining capacity of 1.7 million barrels of oil a day. Proven reserves at year-end 2019 stood at 11.4 billion barrels of oil equivalent, including 6.5 billion barrels of liquids and 29.5 trillion cubic feet of natural gas.

Contact
6001 Bollinger Canyon Road
San Ramon, CA, 94583-2324
T +1 925 842-1000
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 13,379

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