Chevron Corp (CVX)

Fixed asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	200,949,000	210,242,000	222,806,000	242,672,000	246,252,000	237,908,000	215,974,000	184,809,000	162,465,000	139,582,000	119,323,000	95,220,000	94,692,000	105,796,000	117,461,000	142,817,000	146,516,000	152,518,000	160,389,000	163,775,000
Property, plant and equipment	US$ in thousands	153,036,000	153,972,000	142,768,000	142,951,000	143,591,000	144,144,000	144,410,000	144,444,000	146,961,000	147,945,000	151,208,000	154,003,000	156,618,000	142,383,000	143,850,000	149,220,000	150,494,000	164,363,000	165,411,000	166,732,000
Fixed asset turnover		1.31	1.37	1.56	1.70	1.71	1.65	1.50	1.28	1.11	0.94	0.79	0.62	0.60	0.74	0.82	0.96	0.97	0.93	0.97	0.98

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $200,949,000K ÷ $153,036,000K
= 1.31

Chevron Corp.'s fixed asset turnover has demonstrated fluctuation over the past eight quarters. The ratio peaked at 1.64 in Q4 2022 and has since shown a downward trend. Although there was a slight increase to 1.32 in Q3 2023, the ratio decreased to 1.28 in Q4 2023. This indicates that, on average, Chevron generated $1.28 in revenue for every dollar invested in fixed assets during the most recent quarter. The overall trend suggests a general efficiency in utilizing fixed assets to generate revenue, although there is room for improvement compared to the previous quarters.