• Chevron average debt/equity ratio for 2023 was 0.13, a 13.33% decline from 2022.
• Chevron average debt/equity ratio for 2022 was 0.15, a 46.43% decline from 2021.
• Chevron average debt/equity ratio for 2021 was 0.28, a 16.67% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.