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Operating Segments and Geographic Data (Tables)
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Earnings Earnings by major operating area for the three- and nine-month periods ended September 30, 2021 and 2020, are presented in the following table:
Three Months Ended
September 30
Nine Months Ended
September 30
2021202020212020
Segment Earnings(Millions of dollars)(Millions of dollars)
Upstream
United States$1,962 $116 $4,349 $(1,709)
International3,173 119 6,314 (1,225)
Total Upstream5,135 235 10,663 (2,934)
Downstream
United States1,083 141 1,729 (397)
International227 151 425 782 
Total Downstream1,310 292 2,154 385 
Total Segment Earnings6,445 527 12,817 (2,549)
All Other
Interest expense(160)(153)(517)(471)
Interest income8 28 43 
Other(182)(588)(1,758)(1,901)
Net Income Attributable to Chevron Corporation$6,111 $(207)$10,570 $(4,878)
Segment Assets Segment assets at September 30, 2021, and December 31, 2020, are as follows: 
At September 30,
2021
At December 31,
2020
Segment Assets(Millions of dollars)
Upstream
United States $41,944 $42,431 
International 140,044 144,476 
Goodwill4,402 4,402 
Total Upstream186,390 191,309 
Downstream
United States 25,722 23,490 
International18,135 16,096 
Total Downstream43,857 39,586 
Total Segment Assets230,247 230,895 
All Other
United States 4,412 4,017 
International5,289 4,878 
Total All Other9,701 8,895 
Total Assets — United States72,078 69,938 
Total Assets — International163,468 165,450 
Goodwill4,402 4,402 
Total Assets$239,948 $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- and nine-month periods ended September 30, 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 primarily 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
2021202020212020
Sales and Other Operating Revenues(Millions of dollars)(Millions of dollars)
Upstream
United States$7,374 $3,367 $19,199 $10,377 
International11,262 5,911 29,568 19,478 
Subtotal18,636 9,278 48,767 29,855 
Intersegment Elimination — United States(3,520)(1,916)(9,631)(6,148)
Intersegment Elimination — International(3,141)(1,661)(8,277)(5,223)
Total Upstream11,975 5,701 30,859 18,484 
Downstream
United States15,984 8,147 40,749 24,568 
International15,496 10,649 40,683 29,341 
Subtotal31,480 18,796 81,432 53,909 
Intersegment Elimination — United States(558)(307)(1,524)(1,899)
Intersegment Elimination — International(384)(230)(1,110)(1,001)
Total Downstream30,538 18,259 78,798 51,009 
All Other
United States87 208 321 645 
International1 1 11 
Subtotal88 211 322 656 
Intersegment Elimination — United States(48)(171)(233)(510)
Intersegment Elimination — International(1)(3)(1)(11)
Total All Other39 37 88 135 
Sales and Other Operating Revenues
United States23,445 11,722 60,269 35,590 
International26,759 16,563 70,252 48,830 
Subtotal50,204 28,285 130,521 84,420 
Intersegment Elimination — United States(4,126)(2,394)(11,388)(8,557)
Intersegment Elimination — International(3,526)(1,894)(9,388)(6,235)
Total Sales and Other Operating Revenues$42,552 $23,997 $109,745 $69,628