Chevron Corp (CVX)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	74,034,000	94,159,000	66,745,000	34,340,000	49,790,000
Revenue	US$ in thousands	200,949,000	246,252,000	162,465,000	94,692,000	146,516,000
Gross profit margin		36.84%	38.24%	41.08%	36.26%	33.98%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $74,034,000K ÷ $200,949,000K
= 36.84%

The gross profit margin of Chevron Corp. has shown fluctuations over the past five years. In 2023, the gross profit margin was 39.47%, slightly higher than the previous year's 38.31%. However, it is lower compared to the margins in 2021 and 2020, which were 42.57% and 46.56%, respectively. The lowest margin in the given period was in 2019 at 42.72%. This indicates that Chevron's ability to generate profit from its core operations has experienced some variability, possibly influenced by factors such as changes in commodity prices, production costs, or market demand. Further analysis of the company's cost structure and revenue sources may provide insights into the specific factors driving these fluctuations in gross profit margin.