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Long-Term Debt | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Total long-term debt including finance lease liabilities at December 31, 2020, was $42,767. The company’s long-term debt outstanding at year-end 2020 and 2019 was as follows:
|  |  |  |  | At December 31
|  |  |  |  | 2020 |  |  | 2019
| Weighted Average Interest Rate (%)1 |  | Range of Interest Rates (%)2 |  | Principal |  |  | Principal
Notes due 2021 |  |  | 2.100 |  | $ | 1,350 |  |  |  | $ | 1,350 |
Floating rate notes due 2021 | 0.913 |  | 0.751 - 1.171 |  | 650 |  |  |  | 650 |
Debentures due 2021 |  |  | 8.875 |  | 40 |  |  |  | 40 |
Notes due 2022 | 2.179 |  | 0.333 - 2.498 |  | 3,800 |  |  |  | 3,400 |
Floating rate notes due 2022 | 0.594 |  | 0.324 - 0.762 |  | 1,000 |  |  |  | 650 |
Notes due 2023 | 2.377 |  | 0.426 - 7.250 |  | 4,800 |  |  |  | 3,000 |
Floating rate notes due 2023 | 0.676 |  | 0.414 - 1.114 |  | 800 |  |  |  | — |
Notes due 2024 | 3.291 |  | 2.895 - 3.900 |  | 1,650 |  |  |  | 1,000 |
Notes due 2025 | 1.724 |  | 0.687 - 3.326 |  | 4,000 |  |  |  | 750 |
Notes due 2026 |  |  | 2.954 |  | 2,250 |  |  |  | 2,250 |
Notes due 2027 | 2.379 |  | 1.018 - 8.000 |  | 2,000 |  |  |  | — |
Notes due 2028 |  |  | 3.850 |  | 600 |  |  |  | — |
Notes due 2029 |  |  | 3.250 |  | 500 |  |  |  | — |
Notes due 2030 |  |  | 2.236 |  | 1,500 |  |  |  | — |
Debentures due 2031 |  |  | 8.625 |  | 108 |  |  |  | 108 |
Debentures due 2032 | 8.414 |  | 8.000 - 8.625 |  | 222 |  |  |  | 222 |
Notes due 2040 |  |  | 2.978 |  | 500 |  |  |  | — |
Notes due 2041 |  |  | 6.000 |  | 850 |  |  |  | — |
Notes due 2043 |  |  | 5.250 |  | 1,000 |  |  |  | — |
Notes due 2044 |  |  | 5.050 |  | 850 |  |  |  | — |
Notes due 2047 |  |  | 4.950 |  | 500 |  |  |  | — |
Notes due 2049 |  |  | 4.200 |  | 500 |  |  |  | — |
Notes due 2050 | 2.763 |  | 2.343 - 3.078 |  | 1,750 |  |  |  | — |
Debentures due 2097 |  |  | 7.250 |  | 84 |  |  |  | — |
Bank loans due 2021 - 2023 | 1.530 |  | 1.240 - 2.004 |  | 1,948 |  |  |  | — |
3.400% loan 3 |  |  | 3.400 |  | 218 |  |  |  | 218 |
Medium-term notes, maturing from 2021 to 2038 | 6.131 |  | 0.000 - 8.875 |  | 37 |  |  |  | 38 |
Notes due 2020 |  |  |  |  | — |  |  |  | 5,054 |
Total including debt due within one year |  |  |  |  | 33,507 |  |  |  | 18,730 |
Debt due within one year |  |  |  |  | (2,600) |  |  |  | (5,054) |
Fair market valuation adjustment of Noble long-term debt |  |  |  |  | 1,690 |  |  |  | — |
Reclassified from short-term debt |  |  |  |  | 9,825 |  |  |  | 9,750 |
Unamortized discounts and debt issuance costs |  |  |  |  | (102) |  |  |  | (17) |
Finance lease liabilities 4 |  |  |  |  | 447 |  |  |  | 282 |
Total long-term debt |  |  |  |  | $ | 42,767 |  |  |  | $ | 23,691 |
1 Weighted-average interest rate at December 31, 2020 |  |  |  |  |  |  |  |
2 Range of interest rates at December 31, 2020. |  |  |  |  |  |  |  |
3 Maturity date is conditional upon the occurrence of certain events. 2022 is the earliest period in which the loan may become payable
4 For details on finance lease liabilities, see Note 5 beginning on page 69 |  |  |  |  |  |  |
Chevron has an automatic shelf registration statement that expires in August 2023. This registration statement is for an unspecified amount of nonconvertible debt securities issued or guaranteed by Chevron Corporation or CUSA. Long-term debt excluding finance lease liabilities with a principal balance of $33,507 matures as follows: 2021 – $2,600; 2022 – $5,548; 2023 – $6,475; 2024 – $1,650; 2025 – $4,000; and after 2025 – $13,234. The company completed bond issuances of $8,000 and $4,000 in May and August 2020, respectively. Chevron also assumed total debt, including finance lease obligations, with a fair value of approximately $9,400, associated with the acquisition of Noble on October 5, 2020. Included in the debt assumed from Noble were senior notes, with an aggregate principal amount of $5,800, with interest rates ranging from 3.250 percent to 8.000 percent and maturity dates ranging from 2023 to 2049. On January 6, 2021, Chevron announced that the aggregate principal amount of $5,697 of prior Noble senior notes were exchanged for new senior notes issued by CUSA, guaranteed by Chevron, and having the same interest rates and maturity dates as the Noble senior notes. The aggregate principal amount of $5,697 prior Noble notes were validly tendered and accepted and subsequently terminated. Following such termination, $103 aggregate principal amount remains outstanding across ten series of senior notes issued by Noble, for which Chevron provided no guarantee, and the indentures were modified to eliminate any financial reporting or credit rating requirements. In February 2021, the indenture governing Noble’s 7.250 percent senior debentures due 2097 was modified to provide a guarantee by Chevron and eliminate any financial reporting or credit rating requirements.See Note 7, beginning on page 71, for information concerning the fair value of the company’s long-term debt.

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