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Operating Segments and Geographic Data (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Earnings

Earnings by major operating area for the three-month periods ended March 31, 2021 and 2020, are presented in the following table:

									Three Months Ended March 31
															2021						2020
Segment Earnings									(Millions of dollars)
Upstream
United States															$	941					$	241
International															1,409						2,679
Total Upstream															2,350						2,920
Downstream
United States															(130)						450
International															135						653
Total Downstream															5						1,103
Total Segment Earnings															2,355						4,023
All Other
Interest expense															(184)						(154)
Interest income															8						23
Other															(802)						(293)
Net Income Attributable to Chevron Corporation															$	1,377					$	3,599

Segment Assets

Segment assets at March 31, 2021, and December 31, 2020, are as follows: 

			At March 31, 2021						At December 31, 2020
Segment Assets			(Millions of dollars)
Upstream
United States			$	42,093					$	42,431
International			143,420						144,476
Goodwill			4,402						4,402
Total Upstream			189,915						191,309
Downstream
United States			24,464						23,490
International			17,018						16,096
Total Downstream			41,482						39,586
Total Segment Assets			231,397						230,895
All Other
United States			3,717						4,017
International			6,531						4,878
Total All Other			10,248						8,895
Total Assets — United States			70,274						69,938
Total Assets — International			166,969						165,450
Goodwill			4,402						4,402
Total Assets			$	241,645					$	239,790

Segment Sales and Other Operating Revenues

Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three-month periods ended March 31, 2021 and 2020, 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 March 31
															2021						2020
Sales and Other Operating Revenues									(Millions of dollars)
Upstream
United States															$	5,791					$	4,466
International															8,790						9,013
Subtotal															14,581						13,479
Intersegment Elimination — United States															(2,855)						(2,812)
Intersegment Elimination — International															(2,375)						(2,541)
Total Upstream															9,351						8,126
Downstream
United States															10,854						11,186
International															11,582						12,173
Subtotal															22,436						23,359
Intersegment Elimination — United States															(466)						(1,260)
Intersegment Elimination — International															(269)						(585)
Total Downstream															21,701						21,514
All Other
United States															24						210
International															—						2
Subtotal															24						212
Intersegment Elimination — United States															—						(145)
Intersegment Elimination — International															—						(2)
Total All Other															24						65
Sales and Other Operating Revenues
United States															16,669						15,862
International															20,372						21,188
Subtotal															37,041						37,050
Intersegment Elimination — United States															(3,321)						(4,217)
Intersegment Elimination — International															(2,644)						(3,128)
Total Sales and Other Operating Revenues															$	31,076					$	29,705

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- Definition

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

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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.

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+ References

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