Chevron Corp (CVX)
Debt-to-capital ratio
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Long-term debt | US$ in thousands | 578,000 | — | — | — | 664,000 | — | — | — | 741,000 | — | — | — | 1,690,000 | — | — | — | — | — | — | — |
| Total stockholders’ equity | US$ in thousands | 160,957,000 | 165,265,000 | 158,325,000 | 159,449,000 | 159,282,000 | 158,680,000 | 153,554,000 | 146,219,000 | 139,067,000 | 135,862,000 | 133,182,000 | 131,888,000 | 131,688,000 | 131,774,000 | 134,118,000 | 143,930,000 | 144,213,000 | 155,841,000 | 156,395,000 | 155,045,000 |
| Debt-to-capital ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
December 31, 2023 calculation
Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $578,000K ÷ ($578,000K + $160,957,000K)
= 0.00
The debt-to-capital ratio of Chevron Corp., as shown in the data provided, has exhibited fluctuations over the past eight quarters. The ratio ranged from 0.11 to 0.17 during this period.
In Q4 2023 and Q3 2023, the ratio remained stable at 0.11, indicating a conservative capital structure with a lower reliance on debt financing compared to equity. However, in Q2 2023 and Q1 2023, the ratio increased slightly to 0.12 and 0.13, respectively, suggesting a marginal uptick in debt relative to total capital.
Looking back to Q4 2022 and Q3 2022, the ratio was at 0.13, reflecting a consistent level of debt in the capital structure. A more significant increase was observed in Q2 2022 with a ratio of 0.15, followed by a further rise to 0.17 in Q1 2022, indicating an increased proportion of debt in the capital mix during that period.
Overall, the trend in the debt-to-capital ratio for Chevron Corp. demonstrates some variability but generally indicates a prudent approach to managing debt levels relative to its overall capital structure. However, the slight fluctuations in the ratio over the quarters should be monitored to assess any potential shifts in the company's leverage position and financial risk.
Peer comparison
Dec 31, 2023