CHEVRON CORPCVX

CHEVRON CORP Debt Disclosure

10-KFiled Feb 26, 20242 min read
Long-Term Debt
Total long-term debt including finance lease liabilities at December 31, 2023, was $20,307. The company’s long-term debt outstanding at year-end 2023 and 2022 was as follows:
At December 31
20232022
Weighted Average Interest Rate (%)1
Range of Interest Rates (%)2
PrincipalPrincipal
Notes due 20243.291
2.895 - 3.900
$1,650 $1,650 
Notes due 20251.724
0.687 - 3.326
4,000 4,000 
Notes due 20262.9542,250 2,250 
Notes due 20272.379
1.018 - 8.000
2,000 2,000 
Notes due 20283.850600 600 
Notes due 20293.250500 500 
Notes due 20302.2361,500 1,500 
Debentures due 20318.625102 102 
Debentures due 20328.416
8.000 - 8.625
183 183 
Notes due 20402.978293 293 
Notes due 20416.000397 397 
Notes due 20435.250330 330 
Notes due 20445.050222 222 
Notes due 20474.950187 187 
Notes due 20494.200237 237 
Notes due 20502.763
2.343 - 3.078
1,750 1,750 
Debentures due 20977.25060 60 
Bank loans due 2023
  -
— 91 
Medium-term notes, maturing from 2023 to 20386.599
5.331 - 7.840
20 23 
Notes due 2023— 2,600 
Total including debt due within one year16,281 18,975 
Debt due within one year(1,650)(2,694)
Fair market value adjustment for debt acquired in the Noble acquisition578 664 
Reclassified from short-term debt4,543 4,050 
Unamortized discounts and debt issuance costs(19)(23)
Finance lease liabilities3
574 403 
Total long-term debt$20,307 $21,375 
1 Weighted-average interest rate at December 31, 2023.
2 Range of interest rates at December 31, 2023.
3 For details on finance lease liabilities, see Note 5 Lease Commitments.
    
Long-term debt excluding finance lease liabilities with a principal balance of $16,281 matures as follows: 2024 – $1,650; 2025 – $4,000; 2026 – $2,250; 2027 – $2,000; 2028 – $600; and after 2028 – $5,781.
During the third quarter of 2023, the company assumed $1.5 billion of debt in conjunction with the PDC acquisition, including balances outstanding under the revolving credit facility, PDC’s 6.125% notes due 2024 (2024 notes) and PDC’s 5.75% notes due 2026 (2026 notes). The outstanding balances under the revolving credit facility and the 2024 notes were repaid during third quarter 2023. The company also irrevocably deposited sufficient U.S. Treasury securities with U.S. Bank Trust Company, N.A., as trustee, to fund the redemption of the 2026 notes, resulting in the indenture being satisfied and discharged.
See Note 9 Fair Value Measurements for information concerning the fair value of the company’s long-term debt.

Historical Timeline

Fiscal YearFiled
2023Feb 26, 2024Showing above
2022Feb 23, 2023
2021Feb 24, 2022
2020Feb 25, 2021
2019Feb 21, 2020
2018Feb 22, 2019
2017Feb 22, 2018
2016Feb 23, 2017
2015Feb 25, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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