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Operating Segments and Geographic Data (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Earnings | Earnings by major operating area for the three- and nine-month periods ended September 30, 2023 and 2022, are presented in the following table:
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2023 |  | 2022 |  | 2023 |  | 2022
Segment Earnings | (Millions of dollars) |  | (Millions of dollars)
Upstream |  |  |  |  |  |  |
United States | $ | 2,074 |  |  | $ | 3,398 |  |  | $ | 5,495 |  |  | $ | 10,004 |
International | 3,681 |  |  | 5,909 |  |  | 10,357 |  |  | 14,794 |
Total Upstream | 5,755 |  |  | 9,307 |  |  | 15,852 |  |  | 24,798 |
Downstream |  |  |  |  |  |  |
United States | 1,376 |  |  | 1,288 |  |  | 3,434 |  |  | 4,214 |
International | 307 |  |  | 1,242 |  |  | 1,556 |  |  | 2,169 |
Total Downstream | 1,683 |  |  | 2,530 |  |  | 4,990 |  |  | 6,383 |
Total Segment Earnings | 7,438 |  |  | 11,837 |  |  | 20,842 |  |  | 31,181 |
All Other |  |  |  |  |  |  |
Interest expense | (104) |  |  | (117) |  |  | (321) |  |  | (363) |
Interest income | 103 |  |  | 77 |  |  | 401 |  |  | 116 |
Other | (911) |  |  | (566) |  |  | (1,812) |  |  | (1,822) |
Net Income Attributable to Chevron Corporation | $ | 6,526 |  |  | $ | 11,231 |  |  | $ | 19,110 |  |  | $ | 29,112 |
Segment Assets | Segment assets at September 30, 2023, and December 31, 2022, are as follows:
| At September 30, 2023 |  | At December 31, 2022
Segment Assets | (Millions of dollars)
Upstream |  |  |
United States | $ | 59,326 |  |  | $ | 44,246 |
International | 133,879 |  |  | 134,489 |
Goodwill | 4,370 |  |  | 4,370 |
Total Upstream | 197,575 |  |  | 183,105 |
Downstream |  |  |
United States | 33,466 |  |  | 31,676 |
International | 22,546 |  |  | 21,193 |
Goodwill | 352 |  |  | 352 |
Total Downstream | 56,364 |  |  | 53,221 |
Total Segment Assets | 253,939 |  |  | 236,326 |
All Other |  |  |
United States | 7,744 |  |  | 17,861 |
International | 2,244 |  |  | 3,522 |
Total All Other | 9,988 |  |  | 21,383 |
Total Assets — United States | 100,536 |  |  | 93,783 |
Total Assets — International | 158,669 |  |  | 159,204 |
Goodwill | 4,722 |  |  | 4,722 |
Total Assets | $ | 263,927 |  |  | $ | 257,709 |
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, 2023 and 2022, 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
| 2023 |  | 2022 |  | 2023 |  | 2022
Sales and Other Operating Revenues | (Millions of dollars) |  | (Millions of dollars)
Upstream |  |  |  |  |  |  |
United States | $ | 10,278 |  |  | $ | 13,183 |  |  | $ | 28,656 |  |  | $ | 38,731 |
International | 10,633 |  |  | 15,286 |  |  | 31,705 |  |  | 43,018 |
Subtotal | 20,911 |  |  | 28,469 |  |  | 60,361 |  |  | 81,749 |
Intersegment Elimination — United States | (6,797) |  |  | (7,138) |  |  | (18,766) |  |  | (22,532) |
Intersegment Elimination — International | (3,256) |  |  | (3,102) |  |  | (8,281) |  |  | (10,889) |
Total Upstream | 10,858 |  |  | 18,229 |  |  | 33,314 |  |  | 48,328 |
Downstream |  |  |  |  |  |  |
United States | 22,749 |  |  | 24,063 |  |  | 62,394 |  |  | 69,701 |
International | 21,028 |  |  | 22,666 |  |  | 59,499 |  |  | 67,716 |
Subtotal | 43,777 |  |  | 46,729 |  |  | 121,893 |  |  | 137,417 |
Intersegment Elimination — United States | (2,278) |  |  | (1,051) |  |  | (5,929) |  |  | (3,393) |
Intersegment Elimination — International | (467) |  |  | (431) |  |  | (1,396) |  |  | (1,244) |
Total Downstream | 41,032 |  |  | 45,247 |  |  | 114,568 |  |  | 132,780 |
All Other |  |  |  |  |  |  |
United States | 149 |  |  | 137 |  |  | 413 |  |  | 361 |
International | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Subtotal | 150 |  |  | 138 |  |  | 415 |  |  | 363 |
Intersegment Elimination — United States | (117) |  |  | (106) |  |  | (315) |  |  | (276) |
Intersegment Elimination — International | (1) |  |  | — |  |  | (2) |  |  | (1) |
Total All Other | 32 |  |  | 32 |  |  | 98 |  |  | 86 |
Sales and Other Operating Revenues |  |  |  |  |  |  |
United States | 33,176 |  |  | 37,383 |  |  | 91,463 |  |  | 108,793 |
International | 31,662 |  |  | 37,953 |  |  | 91,206 |  |  | 110,736 |
Subtotal | 64,838 |  |  | 75,336 |  |  | 182,669 |  |  | 219,529 |
Intersegment Elimination — United States | (9,192) |  |  | (8,295) |  |  | (25,010) |  |  | (26,201) |
Intersegment Elimination — International | (3,724) |  |  | (3,533) |  |  | (9,679) |  |  | (12,134) |
Total Sales and Other Operating Revenues | $ | 51,922 |  |  | $ | 63,508 |  |  | $ | 147,980 |  |  | $ | 181,194 |

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