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Operating Segments and Geographic Data (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Earnings

Earnings by major operating area for the three- and nine-month periods ended September 30, 2019 and 2018, are presented in the following table:

	Three Months Ended September 30								Nine Months Ended September 30
Segment Earnings	2019				2018				2019				2018
	(Millions of dollars)
Upstream
United States	$	727			$	828			$	2,371			$	2,314
International	1,977				2,551				6,939				7,712
Total Upstream	2,704				3,379				9,310				10,026
Downstream
United States	389				748				1,071				1,847
International	439				625				738				1,092
Total Downstream	828				1,373				1,809				2,939
Total Segment Earnings	3,532				4,752				11,119				12,965
All Other
Interest expense	(187		)		(171		)		(591		)		(524		)
Interest income	48				37				142				84
Other	(813		)		(571		)		(1,136		)		(1,431		)
Net Income Attributable to Chevron Corporation	$	2,580			$	4,047			$	9,534			$	11,094

Segment Assets

Segment assets at September 30, 2019, and December 31, 2018, are as follows: 

Segment Assets	At September 30, 2019				At December 31, 2018
	(Millions of dollars)
Upstream
United States	$	45,689			$	42,594
International	149,424				153,861
Goodwill	4,507				4,518
Total Upstream	199,620				200,973
Downstream
United States	25,111				23,866
International	16,771				15,622
Total Downstream	41,882				39,488
Total Segment Assets	241,502				240,461
All Other
United States	4,542				5,100
International	10,493				8,302
Total All Other	15,035				13,402
Total Assets — United States	75,342				71,560
Total Assets — International	176,688				177,785
Goodwill	4,507				4,518
Total Assets	$	256,537			$	253,863

Segment Sales and Other Operating Revenues

Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and nine-month periods ended September 30, 2019 and 2018, are presented in the following table. Products are transferred between operating segments at internal product values that approximate market prices. Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies.

	Three Months Ended September 30								Nine Months Ended September 30
Sales and Other Operating Revenues	2019				2018				2019				2018
	(Millions of dollars)
Upstream
United States	$	5,602			$	6,784			$	17,411			$	16,405
International	8,607				10,312				26,953				27,848
Subtotal	14,209				17,096				44,364				44,253
Intersegment Elimination — United States	(3,686		)		(4,277		)		(11,070		)		(10,219		)
Intersegment Elimination — International	(3,015		)		(4,045		)		(9,411		)		(10,681		)
Total Upstream	7,508				8,774				23,883				23,353
Downstream
United States	14,224				16,405				41,467				45,137
International	14,230				18,568				43,438				52,571
Subtotal	28,454				34,973				84,905				97,708
Intersegment Elimination — United States	(1,017		)		(1,360		)		(3,006		)		(1,804		)
Intersegment Elimination — International	(227		)		(339		)		(678		)		(869		)
Total Downstream	27,210				33,274				81,221				95,035
All Other
United States	270				264				763				759
International	5				6				12				16
Subtotal	275				270				775				775
Intersegment Elimination — United States	(209		)		(207		)		(576		)		(583		)
Intersegment Elimination — International	(5		)		(6		)		(12		)		(16		)
Total All Other	61				57				187				176
Sales and Other Operating Revenues
United States	20,096				23,453				59,641				62,301
International	22,842				28,886				70,403				80,435
Subtotal	42,938				52,339				130,044				142,736
Intersegment Elimination — United States	(4,912		)		(5,844		)		(14,652		)		(12,606		)
Intersegment Elimination — International	(3,247		)		(4,390		)		(10,101		)		(11,566		)
Total Sales and Other Operating Revenues	$	34,779			$	42,105			$	105,291			$	118,564

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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

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Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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