How Has Chevron's Story Changed?

Chevron (CVX) stock is currently priced at 20.6 times earnings, compared with 21.9 for the S&P 500. Investors paying that multiple need to understand the company's debt, and executives have recently changed how they frame that burden. During its fiscal 2024 earnings calls, management emphasized the net debt ratio. Today, the company highlights a different measure. So what is the new debt measure.