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Operating Segments and Geographic Data
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Operating Segments and Geographic Data
Operating Segments and Geographic Data
Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil, refined products and lubricants; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. All Other activities of the company include worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology activities.
The company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM). The segments represent components of the company that engage in activities (a) from which revenues are earned and expenses are incurred; (b) whose operating results are regularly reviewed by the CODM, which makes decisions about resources to be allocated to the segments and assesses their performance; and (c) for which discrete financial information is available.
The company’s primary country of operation is the United States of America, its country of domicile. Other components of the company’s operations are reported as “International” (outside the United States).
Segment Earnings The company evaluates the performance of its operating segments on an after-tax basis, without considering the effects of debt financing interest expense or investment interest income, both of which are managed by the company on a worldwide basis. Corporate administrative costs are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Non billable costs remain at the corporate level in “All Other.” Earnings by major operating area are presented in the following table:
Year ended December 31
202020192018
Upstream
United States$(1,608)$(5,094)$3,278 
International(825)7,670 10,038 
Total Upstream(2,433)2,576 13,316 
Downstream
United States(571)1,559 2,103 
International618 922 1,695 
Total Downstream47 2,481 3,798 
Total Segment Earnings(2,386)5,057 17,114 
All Other
Interest expense(658)(761)(713)
Interest income52 181 137 
Other(2,551)(1,553)(1,714)
Net Income (Loss) Attributable to Chevron Corporation
$(5,543)$2,924 $14,824 
Segment Assets Segment assets do not include intercompany investments or receivables. Assets at year-end 2020 and 2019 are as follows:
At December 31
20202019
Upstream
United States$42,431 $35,926 
International144,476 145,648 
Goodwill4,402 4,463 
Total Upstream191,309 186,037 
Downstream
United States23,490 25,197 
International16,096 16,955 
Total Downstream39,586 42,152 
Total Segment Assets230,895 228,189 
All Other
United States4,017 3,475 
International4,878 5,764 
Total All Other8,895 9,239 
Total Assets – United States69,938 64,598 
Total Assets – International165,450 168,367 
Goodwill4,402 4,463 
Total Assets$239,790 $237,428 
Segment Sales and Other Operating Revenues Operating segment sales and other operating revenues, including internal transfers, for the years 2020, 2019 and 2018, are presented in the table on the next page. 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.
Year ended December 311
202020192018
Upstream
United States
$14,577 $23,358 $22,891 
International
26,804 35,628 37,822 
Subtotal
41,381 58,986 60,713 
Intersegment Elimination — United States
(8,068)(14,944)(13,965)
Intersegment Elimination — International
(7,002)(12,335)(13,679)
Total Upstream26,311 31,707 33,069 
Downstream
United States
32,589 55,271 59,376 
International
38,936 57,654 70,095 
Subtotal
71,525 112,925 129,471 
Intersegment Elimination — United States
(2,150)(3,924)(2,742)
Intersegment Elimination — International
(1,292)(1,089)(1,132)
Total Downstream68,083 107,912 125,597 
All Other
United States
744 1,064 1,022 
International
15 20 22 
Subtotal
759 1,084 1,044 
Intersegment Elimination — United States
(667)(818)(786)
Intersegment Elimination — International
(15)(20)(22)
Total All Other77 246 236 
Sales and Other Operating Revenues
United States
47,910 79,693 83,289 
International
65,755 93,302 107,939 
Subtotal
113,665 172,995 191,228 
Intersegment Elimination — United States
(10,885)(19,686)(17,493)
Intersegment Elimination — International
(8,309)(13,444)(14,833)
Total Sales and Other Operating Revenues
$94,471 $139,865 $158,902 
1 Other than the United States, no other country accounted for 10 percent or more of the company’s Sales and Other Operating Revenues.
Segment Income Taxes Segment income tax expense for the years 2020, 2019 and 2018 is as follows:
Year ended December 31
202020192018
Upstream
United States$(570)$(1,550)$811 
International(415)3,492 4,687 
Total Upstream(985)1,942 5,498 
Downstream
United States(192)392 534 
International253 170 328 
Total Downstream61 562 862 
All Other(968)187 (645)
Total Income Tax Expense (Benefit)$(1,892)$2,691 $5,715 
Other Segment Information Additional information for the segmentation of major equity affiliates is contained in Note 13, on page 77. Information related to properties, plant and equipment by segment is contained in Note 16, on page 82.