Investor Presentaiton
© 2023 Chevron Corporation
Appendix: reconciliation of non-GAAP measures
Cash flow from operations excluding working capital
Free cash flow
Free cash flow excluding working capital
$ millions
Net cash provided by operating activities
FY 2022
49,602
Less: Net decrease (increase) in operating working capital
2,125
Cash Flow from Operations Excluding Working Capital
47,477
Net cash provided by operating activities
Less: Capital expenditures
Free Cash Flow
Price normalization*
Mid-cycle downstream & chemicals margins
Less: Change in operating working capital
Normalized Free Cash Flow Excluding Working Capital
49,602
11,974
37,628
(17,052)
(5,500)
2,125
12,951
* Normalized to $70 Brent, $3.50 Henry Hub, $8 international LNG.
Annual free cash flow estimates with respect to 2025 and 2027 are forward-looking non-GAAP measures. Due to their forward-looking nature,
management cannot reliably predict certain necessary components of the most directly comparable forward-looking GAAP measure and is therefore
unable to provide a quantitative reconciliation.
Chevron
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