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Operating Segments and Geographic Data
 6 Months Ended
Jun. 30, 2022
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; manufacturing and marketing of renewable fuels; 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 companies.
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 and assets are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Nonbillable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three- and six-month periods ended June 30, 2022 and 2021, are presented in the following table:
Three Months Ended
June 30		Six Months Ended
June 30
2022202120222021
Segment Earnings(Millions of dollars)(Millions of dollars)
Upstream
United States$3,367 $1,446 $6,605 $2,387 
International5,191 1,732 8,887 3,141 
Total Upstream8,558 3,178 15,492 5,528 
Downstream
United States2,440 776 2,926 646 
International1,083 63 928 198 
Total Downstream3,523 839 3,854 844 
Total Segment Earnings12,081 4,017 19,346 6,372 
All Other
Interest expense(120)(173)(246)(357)
Interest income29 12 39 20 
Other(368)(774)(1,258)(1,576)
Net Income Attributable to Chevron Corporation$11,622 $3,082 $17,881 $4,459 
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at June 30, 2022, and December 31, 2021, are as follows: 
At June 30,
2022		At December 31,
2021
Segment Assets(Millions of dollars)
Upstream
United States $42,954 $41,870 
International 137,550 138,157 
Goodwill4,370 4,385 
Total Upstream184,874 184,412 
Downstream
United States 33,094 26,376 
International23,829 18,848 
Goodwill293 — 
Total Downstream57,216 45,224 
Total Segment Assets242,090 229,636 
All Other
United States 11,615 5,746 
International4,231 4,153 
Total All Other15,846 9,899 
Total Assets — United States87,663 73,992 
Total Assets — International165,610 161,158 
Goodwill4,663 4,385 
Total Assets$257,936 $239,535 
Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and six-month periods ended June 30, 2022 and 2021, 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, other products derived from crude oil, and manufacturing and marketing of renewable fuels. 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
June 30		Six Months Ended
June 30
2022202120222021
Sales and Other Operating Revenues(Millions of dollars)(Millions of dollars)
Upstream
United States$14,232 $6,034 $25,548 $11,825 
International14,230 9,516 27,732 18,306 
Subtotal28,462 15,550 53,280 30,131 
Intersegment Elimination — United States(8,475)(3,256)(15,394)(6,111)
Intersegment Elimination — International(4,138)(2,761)(7,787)(5,136)
Total Upstream15,849 9,533 30,099 18,884 
Downstream
United States25,867 13,911 45,638 24,765 
International25,443 13,605 45,050 25,187 
Subtotal51,310 27,516 90,688 49,952 
Intersegment Elimination — United States(1,343)(500)(2,342)(966)
Intersegment Elimination — International(482)(457)(813)(726)
Total Downstream49,485 26,559 87,533 48,260 
All Other
United States141 210 224 234 
International1 — 1 — 
Subtotal142 210 225 234 
Intersegment Elimination — United States(103)(185)(170)(185)
Intersegment Elimination — International(1)— (1)— 
Total All Other38 25 54 49 
Sales and Other Operating Revenues
United States40,240 20,155 71,410 36,824 
International39,674 23,121 72,783 43,493 
Subtotal79,914 43,276 144,193 80,317 
Intersegment Elimination — United States(9,921)(3,941)(17,906)(7,262)
Intersegment Elimination — International(4,621)(3,218)(8,601)(5,862)
Total Sales and Other Operating Revenues$65,372 $36,117 $117,686 $67,193