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Operating Segments and Geographic Data | 9 Months Ended
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Sep. 30, 2024
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; carbon capture and storage; 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. Non-billable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three- and nine-month periods ended September 30, 2024 and 2023, are presented in the following table:
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2024 |  | 2023 |  | 2024 |  | 2023
Segment Earnings | (Millions of dollars) |  | (Millions of dollars)
Upstream |  |  |  |  |  |  |
United States | $ | 1,946 |  |  | $ | 2,074 |  |  | $ | 6,182 |  |  | $ | 5,495 |
International | 2,643 |  |  | 3,681 |  |  | 8,116 |  |  | 10,357 |
Total Upstream | 4,589 |  |  | 5,755 |  |  | 14,298 |  |  | 15,852 |
Downstream |  |  |  |  |  |  |
United States | 146 |  |  | 1,376 |  |  | 879 |  |  | 3,434 |
International | 449 |  |  | 307 |  |  | 1,096 |  |  | 1,556 |
Total Downstream | 595 |  |  | 1,683 |  |  | 1,975 |  |  | 4,990 |
Total Segment Earnings | 5,184 |  |  | 7,438 |  |  | 16,273 |  |  | 20,842 |
All Other |  |  |  |  |  |  |
Interest expense | (146) |  |  | (104) |  |  | (358) |  |  | (321) |
Interest income | 64 |  |  | 103 |  |  | 215 |  |  | 401 |
Other | (615) |  |  | (911) |  |  | (1,708) |  |  | (1,812) |
Net Income Attributable to Chevron Corporation | $ | 4,487 |  |  | $ | 6,526 |  |  | $ | 14,422 |  |  | $ | 19,110 |
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at September 30, 2024, and December 31, 2023, are as follows:
| At September 30, 2024 |  | At December 31, 2023
Segment Assets | (Millions of dollars)
Upstream |  |  |
United States | $ | 59,573 |  |  | $ | 58,750 |
International | 128,373 |  |  | 131,685 |
Goodwill | 4,370 |  |  | 4,370 |
Total Upstream | 192,316 |  |  | 194,805 |
Downstream |  |  |
United States | 34,689 |  |  | 33,066 |
International | 22,516 |  |  | 21,070 |
Goodwill | 352 |  |  | 352 |
Total Downstream | 57,557 |  |  | 54,488 |
Total Segment Assets | 249,873 |  |  | 249,293 |
All Other |  |  |
United States | 7,186 |  |  | 10,292 |
International | 2,173 |  |  | 2,047 |
Total All Other | 9,359 |  |  | 12,339 |
Total Assets — United States | 101,448 |  |  | 102,108 |
Total Assets — International | 153,062 |  |  | 154,802 |
Goodwill | 4,722 |  |  | 4,722 |
Total Assets | $ | 259,232 |  |  | $ | 261,632 |
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, 2024 and 2023, 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
| 2024 |  | 2023 |  | 2024 |  | 2023
Sales and Other Operating Revenues | (Millions of dollars) |  | (Millions of dollars)
Upstream |  |  |  |  |  |  |
United States | $ | 10,730 |  |  | $ | 10,278 |  |  | $ | 33,184 |  |  | $ | 28,656 |
International | 11,330 |  |  | 10,633 |  |  | 32,334 |  |  | 31,705 |
Subtotal | 22,060 |  |  | 20,911 |  |  | 65,518 |  |  | 60,361 |
Intersegment Elimination — United States | (7,432) |  |  | (6,797) |  |  | (22,911) |  |  | (18,766) |
Intersegment Elimination — International | (2,745) |  |  | (3,256) |  |  | (8,742) |  |  | (8,281) |
Total Upstream | 11,883 |  |  | 10,858 |  |  | 33,865 |  |  | 33,314 |
Downstream |  |  |  |  |  |  |
United States | 20,167 |  |  | 22,749 |  |  | 61,889 |  |  | 62,394 |
International | 19,488 |  |  | 21,028 |  |  | 58,210 |  |  | 59,499 |
Subtotal | 39,655 |  |  | 43,777 |  |  | 120,099 |  |  | 121,893 |
Intersegment Elimination — United States | (2,432) |  |  | (2,278) |  |  | (7,725) |  |  | (5,929) |
Intersegment Elimination — International | (207) |  |  | (467) |  |  | (1,246) |  |  | (1,396) |
Total Downstream | 37,016 |  |  | 41,032 |  |  | 111,128 |  |  | 114,568 |
All Other |  |  |  |  |  |  |
United States | 138 |  |  | 149 |  |  | 411 |  |  | 413 |
International | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Subtotal | 139 |  |  | 150 |  |  | 413 |  |  | 415 |
Intersegment Elimination — United States | (111) |  |  | (117) |  |  | (324) |  |  | (315) |
Intersegment Elimination — International | (1) |  |  | (1) |  |  | (2) |  |  | (2) |
Total All Other | 27 |  |  | 32 |  |  | 87 |  |  | 98 |
Sales and Other Operating Revenues |  |  |  |  |  |  |
United States | 31,035 |  |  | 33,176 |  |  | 95,484 |  |  | 91,463 |
International | 30,819 |  |  | 31,662 |  |  | 90,546 |  |  | 91,206 |
Subtotal | 61,854 |  |  | 64,838 |  |  | 186,030 |  |  | 182,669 |
Intersegment Elimination — United States | (9,975) |  |  | (9,192) |  |  | (30,960) |  |  | (25,010) |
Intersegment Elimination — International | (2,953) |  |  | (3,724) |  |  | (9,990) |  |  | (9,679) |
Total Sales and Other Operating Revenues | $ | 48,926 |  |  | $ | 51,922 |  |  | $ | 145,080 |  |  | $ | 147,980 |

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- Definition The entire disclosure for reporting segments including data and tables. 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