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Operating Segments and Geographic Data (Tables)

9 Months Ended

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

X

- 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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