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Operating Segments and Geographic Data (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Earnings

Earnings by major operating area for the three- and nine-month periods ended September 30, 2022 and 2021, are presented in the following table:

			Three Months Ended September 30												Nine Months Ended September 30
			2022						2021						2022						2021
Segment Earnings			(Millions of dollars)												(Millions of dollars)
Upstream
United States			$	3,398					$	1,962					$	10,004					$	4,349
International			5,909						3,173						14,794						6,314
Total Upstream			9,307						5,135						24,798						10,663
Downstream
United States			1,288						1,083						4,214						1,729
International			1,242						227						2,169						425
Total Downstream			2,530						1,310						6,383						2,154
Total Segment Earnings			11,837						6,445						31,181						12,817
All Other
Interest expense			(117)						(160)						(363)						(517)
Interest income			77						8						116						28
Other			(566)						(182)						(1,822)						(1,758)
Net Income Attributable to Chevron Corporation			$	11,231					$	6,111					$	29,112					$	10,570

Segment Assets

Segment assets at September 30, 2022, and December 31, 2021, are as follows: 

			At September 30, 2022						At December 31, 2021
Segment Assets			(Millions of dollars)
Upstream
United States			$	43,446					$	41,870
International			137,638						138,157
Goodwill			4,370						4,385
Total Upstream			185,454						184,412
Downstream
United States			31,870						26,376
International			22,975						18,848
Goodwill			293						—
Total Downstream			55,138						45,224
Total Segment Assets			240,592						229,636
All Other
United States			14,932						5,746
International			4,211						4,153
Total All Other			19,143						9,899
Total Assets — United States			90,248						73,992
Total Assets — International			164,824						161,158
Goodwill			4,663						4,385
Total Assets			$	259,735					$	239,535

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, 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 September 30												Nine Months Ended September 30
			2022						2021						2022						2021
Sales and Other Operating Revenues			(Millions of dollars)												(Millions of dollars)
Upstream
United States			$	13,183					$	7,374					$	38,731					$	19,199
International			15,286						11,262						43,018						29,568
Subtotal			28,469						18,636						81,749						48,767
Intersegment Elimination — United States			(7,138)						(3,520)						(22,532)						(9,631)
Intersegment Elimination — International			(3,102)						(3,141)						(10,889)						(8,277)
Total Upstream			18,229						11,975						48,328						30,859
Downstream
United States			24,063						15,984						69,701						40,749
International			22,666						15,496						67,716						40,683
Subtotal			46,729						31,480						137,417						81,432
Intersegment Elimination — United States			(1,051)						(558)						(3,393)						(1,524)
Intersegment Elimination — International			(431)						(384)						(1,244)						(1,110)
Total Downstream			45,247						30,538						132,780						78,798
All Other
United States			137						87						361						321
International			1						1						2						1
Subtotal			138						88						363						322
Intersegment Elimination — United States			(106)						(48)						(276)						(233)
Intersegment Elimination — International			—						(1)						(1)						(1)
Total All Other			32						39						86						88
Sales and Other Operating Revenues
United States			37,383						23,445						108,793						60,269
International			37,953						26,759						110,736						70,252
Subtotal			75,336						50,204						219,529						130,521
Intersegment Elimination — United States			(8,295)						(4,126)						(26,201)						(11,388)
Intersegment Elimination — International			(3,533)						(3,526)						(12,134)						(9,388)
Total Sales and Other Operating Revenues			$	63,508					$	42,552					$	181,194					$	109,745

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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.

+ References

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+ References

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-Publisher FASB
-Name Accounting Standards Codification
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