Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share Basic earnings per share (EPS) is based upon “Net Income (Loss) Attributable to Chevron Corporation” (“earnings”) and includes the effects of deferrals of salary and other compensation awards that are invested in Chevron stock units by certain officers and employees of the company. Diluted EPS includes the effects of these items as well as the dilutive effects of outstanding stock options awarded under the company’s stock option programs (refer to Note 22 Stock Options and Other Share-Based Compensation). The table below sets forth the computation of basic and diluted EPS:

	Year ended December 31
	2022		2021		2020
Basic EPS Calculation
Earnings available to common stockholders - Basic1	$	35,465	$	15,625	$	(5,543)
Weighted-average number of common shares outstanding2	1,931		1,916		1,870
Add: Deferred awards held as stock units	—		—		—
Total weighted-average number of common shares outstanding	1,931		1,916		1,870
Earnings per share of common stock - Basic	$	18.36	$	8.15	$	(2.96)
Diluted EPS Calculation
Earnings available to common stockholders - Diluted1	$	35,465	$	15,625	$	(5,543)
Weighted-average number of common shares outstanding2	1,931		1,916		1,870
Add: Deferred awards held as stock units	—		—		—
Add: Dilutive effect of employee stock-based awards	9		4		—
Total weighted-average number of common shares outstanding	1,940		1,920		1,870
Earnings per share of common stock - Diluted	$	18.28	$	8.14	$	(2.96)
1 There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.
2 Millions of shares; 1 million shares of employee-based awards were not included in the 2020 diluted EPS calculation as the result would be anti-dilutive.