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Pay vs Performance Disclosure
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
pay versus performance table
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation
S-K,
we are providing the following information about the relationship between executive Compensation Actually Paid (“CAP”) and certain financial performance of the Company. For further information concerning the Company’s variable
pay-for-performance
philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation–Compensation Discussion and Analysis” starting on page 48.
 
Year
 
  
CEO pay
 
  
Other NEO pay
 
  
Value of initial fixed
$100 investment
based on
 
  
Other performance
measures
 
 
Summary
compensation
table total for
CEO
(1)
 
  
CAP
for CEO
(2)
 
  
Average
summary
compensation
table total for
non-CEO
NEOs
(3)
 
  
Average
CAP to non-CEO

NEOs
(4)
 
  
Total
stockholder
return
(5)
 
  
Peer group
total
stockholder
return
(5)(6)
 
  
Net income
(billions)
(7)
 
  
Return on
capital
employed
(ROCE)
(8)
 
2022
     $ 23,573,925     $ 86,746,262     $ 7,990,849     $ 25,084,341     $ 171     $ 145     $ 35.5       20.3%   
2021
     $ 22,610,285     $ 54,351,572     $ 8,654,188     $ 17,681,842     $ 108     $ 92     $ 15.6       9.4%   
2020
 
     $
 
  29,017,031
 
 
     $
 
 7,582,335
 
 
     $
 
 9,053,126
 
 
     $
 
 2,548,051
 
 
     $
 
 74
 
 
     $
 
 66
 
 
     $
 
 (5.5
 
 )
 
      
 
 (2.8)%
 
  
 
 
(1)
Represents amounts reported for Mr. Wirth for each corresponding year in the “Summary Compensation Table” in the “Total” column.
 
(2)
Amounts for each fiscal year do not reflect the actual amount of compensation earned by or paid to Mr. Wirth during the applicable year. In accordance with SEC rules, the amounts reported in this column for each fiscal year were calculated by making the following adjustments to amounts reported for Mr. Wirth in the “Summary Compensation Table” in the “Total” column:
 
Year
 
  
Reported
summary
compensation
table total for
CEO
 
  
Less reported
value of equity
awards
(a)
 
  
Plus equity
award
adjustments
(b)
 
  
Less reported
change in the
actuarial
present
value of
pension
benefits
(c)
 
  
Plus pension
benefit
adjustments
(d)
 
  
CAP
to CEO
 
2022
   $23,573,925   $(16,910,025)   $79,239,311   –   $843,051   $86,746,262
2021
   $22,610,285   $(16,108,661)   $46,947,253   –   $902,695   $54,351,572
2020
 
   $29,017,031
 
   $(15,123,491)
 
   $ 4,379,437
 
   $(11,414,991)
 
   $724,349
 
   $ 7,582,335
 
 
  (a)
Represents, for each applicable year, the sum of the amounts reported in the “Summary Compensation Table” in the “Stock Awards” and “Option Awards” columns.
 
 
  (b)
Represents, for each applicable year, the following adjustments: (i) the addition of year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the addition (or subtraction if negative) of the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the addition of the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the addition (or subtraction if negative) of the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the addition of the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. Equity award values are calculated in accordance with ASC Topic 718. The amounts deducted or added in calculating the equity award adjustments are as follows:
 
Year
 
  
Year-end fair
value of equity
awards
granted in the
year and
unvested at
year-end
 
  
Year over year
change in fair
value of
outstanding and
unvested equity
awards
 
  
Fair value as of
vesting date of
equity awards
granted and
vested in the
year
 
  
Year over year
change in fair
value of equity
awards granted
in prior years
that vested in
the year
 
  
Fair value at the
end of the prior
year of equity
awards that
failed to meet
vesting
conditions in the
year
 
  
Value of
dividends or
other earnings
paid on stock or
option awards
not otherwise
reflected in fair
value or total
compensation
 
  
Total equity
award
adjustments
 
2022
     $ 30,594,291     $ 36,161,003       –     $ 12,484,017       –       –     $ 79,239,311
2021
     $ 27,256,713     $ 13,067,714       –     $ 6,622,826       –       –     $ 46,947,253
2020
 
     $
 
 12,861,536
 
 
     $
 
 (6,444,643
 
 )
 
      
 
 –
 
 
     $
 
 (2,037,456
 
 )
 
      
 
 –
 
 
      
 
 –
 
 
     $
 
 4,379,437
 
 
 
  (c)
Represents, for each applicable year, the amount reported in the “Summary Compensation Table” in the “Change in Pension Values and Nonqualified Deferred Compensation Earnings” column.
 
  (d)
Represents, for each applicable year, the aggregate of two components: (i) the actuarially determined service cost under the CRP and RRP for services rendered by Mr. Wirth during the applicable year (the “service cost”); and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “prior service cost”), in each case, calculated in accordance with U.S. GAAP. The amounts deducted or added in calculating the pension benefit adjustments are as follows:
 
Year
 
  
Service cost
 
  
Prior service cost
 
  
Total pension benefit adjustments
 
2022
     $ 843,051       –     $ 843,051
2021
     $ 902,695       –     $ 902,695
2020
 
     $
 
 724,349
 
 
      
 
 –
 
 
     $
 
 724,349
 
 
 
(3)
Represents, for each applicable year, the average of the amounts reported in the “Summary Compensation Table” in the “Total” column for the NEOs as a group (excluding Mr. Wirth). Each NEO (excluding Mr. Wirth) included for purposes of calculating the average amounts in each applicable year are as follows: for 2022, Messrs. Breber, Johnson, Nelson, and Pate; and for 2021 and 2020, Messrs. Breber, Johnson, Geagea, and Nelson.
 
(4)
Amounts for each fiscal year do not reflect the actual average of reported amounts of compensation earned by or paid to the NEOs as a group (excluding Mr. Wirth) during the applicable year. In accordance with SEC rules, the amounts reported in this column for each fiscal year were calculated by making the following adjustments to average total compensation for the NEOs as a group (excluding Mr. Wirth), using the same methodology described above in footnote 2:
 
Year
 
  
Average
reported summary
compensation
table total for
non-CEO NEOs
 
  
Less average
reported
value of equity
awards
 
  
Plus average
equity award
adjustments
(a)
 
  
Less average
reported
change in the
actuarial present
value of pension
benefits
 
  
Plus average
pension
benefit
adjustments
(b)
 
  
Average
CAP to
non-CEO NEOs
 
2022
     $ 7,990,849     $ (4,619,625 )     $ 21,421,388     $ (130,517 )     $ 422,246     $ 25,084,341
2021
     $ 8,654,188     $ (4,870,013 )     $ 13,843,622     $ (492,800 )     $ 546,845     $ 17,681,842
2020
 
     $
 
 9,053,126
 
 
     $
 
 (4,197,231
 
 )
 
     $
 
 976,591
 
 
     $
 
 (3,697,618
 
 )
 
     $
 
 413,183
 
 
     $
 
 2,548,051
 
 
 
 
  (a)
The amounts deducted or added in calculating the total average equity award adjustments are as follows:
 
Year
 
  
Average year-
end fair value of
equity awards
granted in the
year and unvested
at year-end
 
  
Year over year
average change
in fair value of
outstanding and
unvested equity
awards
 
  
Average fair
value as of
vesting date of
equity awards
granted and
vested in the
year
 
  
Year over year
average
change in fair
value of equity
awards granted
in prior years
that vested in
the year
 
  
Average fair
value at the end
of the prior
year of equity
awards that
failed to meet
vesting
conditions in
the year
 
  
Average value
of dividends or
other earnings
paid on stock or
option awards
not otherwise
reflected in fair
value or total
compensation
 
  
Total average
equity award
adjustments
 
2022
     $ 8,358,349     $ 9,477,848       —     $ 3,585,191       —       —     $ 21,421,388
2021
     $ 8,122,449     $ 3,842,401       —     $ 1,878,772       —       —     $ 13,843,622
2020
 
     $
 
 3,569,368
 
 
     $
 
 (1,968,912
 
 )
 
      
 
 —
 
 
     $
 
 (623,865
 
 )
 
      
 
 —
 
 
      
 
 —
 
 
     $
 
 976,591
 
 
 
  (b)
The amounts deducted or added in calculating the total pension benefit adjustments are as follows:
 
Year
 
  
Average service cost
 
  
Average prior service cost
 
  
Total average pension benefit
adjustments
 
2022
     $ 422,246       —     $ 422,246
2021
     $ 546,845       —     $ 546,845
2020
 
     $
 
 413,183
 
 
      
 
 —
 
 
     $
 
 413,183
 
 
 
(5)
Represents, for each applicable year, cumulative total stockholder return beginning December 31, 2019, at market close.
 
(6)
Competitor Peer Group refers to BP, ExxonMobil, Shell, and TotalEnergies. The average cumulative TSR is weighted by each peer’s market cap as of the beginning of each year.
 
(7)
Figures rounded.
 
(8)
ROCE is calculated by dividing earnings (adjusted for after-tax interest expense, noncontrolling interests) by the average of total debt, noncontrolling interests, and Chevron Corporation stockholders’ equity for the year.
     
Company Selected Measure Name   ROCE    
Named Executive Officers, Footnote   for 2022, Messrs. Breber, Johnson, Nelson, and Pate; and for 2021 and 2020, Messrs. Breber, Johnson, Geagea, and Nelson.    
Peer Group Issuers, Footnote Competitor Peer Group refers to BP, ExxonMobil, Shell, and TotalEnergies. The average cumulative TSR is weighted by each peer’s market cap as of the beginning of each year.      
PEO Total Compensation Amount   $ 23,573,925 $ 22,610,285 $ 29,017,031
PEO Actually Paid Compensation Amount   86,746,262 54,351,572 7,582,335
Adjustment To PEO Compensation, Footnote
(2)
Amounts for each fiscal year do not reflect the actual amount of compensation earned by or paid to Mr. Wirth during the applicable year. In accordance with SEC rules, the amounts reported in this column for each fiscal year were calculated by making the following adjustments to amounts reported for Mr. Wirth in the “Summary Compensation Table” in the “Total” column:
 
Year
 
  
Reported
summary
compensation
table total for
CEO
 
  
Less reported
value of equity
awards
(a)
 
  
Plus equity
award
adjustments
(b)
 
  
Less reported
change in the
actuarial
present
value of
pension
benefits
(c)
 
  
Plus pension
benefit
adjustments
(d)
 
  
CAP
to CEO
 
2022
   $23,573,925   $(16,910,025)   $79,239,311   –   $843,051   $86,746,262
2021
   $22,610,285   $(16,108,661)   $46,947,253   –   $902,695   $54,351,572
2020
 
   $29,017,031
 
   $(15,123,491)
 
   $ 4,379,437
 
   $(11,414,991)
 
   $724,349
 
   $ 7,582,335
 
 
  (a)
Represents, for each applicable year, the sum of the amounts reported in the “Summary Compensation Table” in the “Stock Awards” and “Option Awards” columns.
     
Non-PEO NEO Average Total Compensation Amount   7,990,849 8,654,188 9,053,126
Non-PEO NEO Average Compensation Actually Paid Amount   25,084,341 17,681,842 2,548,051
Adjustment to Non-PEO NEO Compensation Footnote
(4)
Amounts for each fiscal year do not reflect the actual average of reported amounts of compensation earned by or paid to the NEOs as a group (excluding Mr. Wirth) during the applicable year. In accordance with SEC rules, the amounts reported in this column for each fiscal year were calculated by making the following adjustments to average total compensation for the NEOs as a group (excluding Mr. Wirth), using the same methodology described above in footnote 2:
 
Year
 
  
Average
reported summary
compensation
table total for
non-CEO NEOs
 
  
Less average
reported
value of equity
awards
 
  
Plus average
equity award
adjustments
(a)
 
  
Less average
reported
change in the
actuarial present
value of pension
benefits
 
  
Plus average
pension
benefit
adjustments
(b)
 
  
Average
CAP to
non-CEO NEOs
 
2022
     $ 7,990,849     $ (4,619,625 )     $ 21,421,388     $ (130,517 )     $ 422,246     $ 25,084,341
2021
     $ 8,654,188     $ (4,870,013 )     $ 13,843,622     $ (492,800 )     $ 546,845     $ 17,681,842
2020
 
     $
 
 9,053,126
 
 
     $
 
 (4,197,231
 
 )
 
     $
 
 976,591
 
 
     $
 
 (3,697,618
 
 )
 
     $
 
 413,183
 
 
     $
 
 2,548,051
 
 
      
Compensation Actually Paid vs. Total Shareholder Return
 
      
Compensation Actually Paid vs. Net Income
 
      
Compensation Actually Paid vs. Company Selected Measure
 
      
Total Shareholder Return Vs Peer Group
     
Tabular List, Table
financial performance measures
The three measures listed below are important financial performance measures used by the Company to link CAP to the NEOs, for the most recently completed fiscal year, to the Company’s performance. These financial measures are part of our short-term and long-term incentive plan design that reflects the Company’s philosophy to pay for absolute and competitive performance, in alignment with stockholder returns. For additional details, please refer to the “Executive Compensation–Compensation Discussion and Analysis–Annual Incentive Plan (Chevron Incentive Plan)” and “Executive Compensation–Compensation Discussion and Analysis–Long-term Incentive Plan” on pages 59 to 68.
 
•  
Earnings
1
•  
ROCE
2
•  
Cash flow from operations
3
 
Notes:
 
1
Net Income in the Pay Versus Performance Table is the same as “Earnings” listed in the “Compensation Discussion and Analysis – Annual Incentive Plan (Chevron Incentive Plan)–2022 CIP Corporate Performance Rating.”
 
2
ROCE is calculated by dividing earnings (adjusted for after-tax interest expense, noncontrolling interests) by the average of total debt, noncontrolling interests and Chevron Corporation stockholders’ equity for the year.
 
3
Cash Flow From Operations as reported in the Net Cash Provided by Operating Activities line of the 2022 Consolidated Statement of Cash Flows.
     
Total Shareholder Return Amount   171 108 74
Peer Group Total Shareholder Return Amount   145 92 66
Net Income (Loss) $ 21,369 $ 35,465 $ 15,625 $ (5,500)
Company Selected Measure Amount   20.3 9.4 (2.8)
PEO Name   Mr. Wirth    
Measure:: 1        
Pay vs Performance Disclosure        
Name   Earnings    
Measure:: 2        
Pay vs Performance Disclosure        
Name   ROCE    
Measure:: 3        
Pay vs Performance Disclosure        
Name   Cash flow from operations    
Equity Award Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   $ 21,421,388 $ 13,843,622 $ 976,591
Year end fair value of equity awards granted in the year and unvested at year end        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   8,358,349 8,122,449 3,569,368
Year Over Year Change In Fair Value Of Outstanding And Unvested Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   9,477,848 3,842,401 (1,968,912)
Fair Value As Of Vesting Date Of Equity Awards Granted And Vested In The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   0 0 0
Year Over Year Change In Fair Value Of Equity Awards In Prior Years That Vested In The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   3,585,191 1,878,772 (623,865)
Fair Value At The End Of The Prior Year Of Equity Awards That Failed To Meet Vesting Conditions In The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   0 0 0
Value Of Dividends Or Other Earnings Paid On Stock Or Option Awards No Otherwise Reflected In Fair Value Or Total Compensation [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   0 0 0
Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   422,246 546,845 413,183
Prior Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   0 0 0
PEO | Reported Value Of Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (16,910,025) (16,108,661) (15,123,491)
PEO | Equity Award Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   79,239,311 46,947,253 4,379,437
PEO | Reported Change in the Actuarial Present Value of Pension Benefits [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   0 0 (11,414,991)
PEO | Pension Benefit Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   843,051 902,695 724,349
PEO | Year end fair value of equity awards granted in the year and unvested at year end        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   30,594,291 27,256,713 12,861,536
PEO | Year Over Year Change In Fair Value Of Outstanding And Unvested Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   36,161,003 13,067,714 (6,444,643)
PEO | Fair Value As Of Vesting Date Of Equity Awards Granted And Vested In The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   0 0 0
PEO | Year Over Year Change In Fair Value Of Equity Awards In Prior Years That Vested In The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   12,484,017 6,622,826 (2,037,456)
PEO | Fair Value At The End Of The Prior Year Of Equity Awards That Failed To Meet Vesting Conditions In The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   0 0 0
PEO | Value Of Dividends Or Other Earnings Paid On Stock Or Option Awards No Otherwise Reflected In Fair Value Or Total Compensation [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   0 0 0
PEO | Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   843,051 902,695 724,349
PEO | Prior Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   0 0 0
Non-PEO NEO        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   422,246 546,845 413,183
Non-PEO NEO | Reported Value Of Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (4,619,625) (4,870,013) (4,197,231)
Non-PEO NEO | Equity Award Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   21,421,388 13,843,622 976,591
Non-PEO NEO | Reported Change in the Actuarial Present Value of Pension Benefits [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (130,517) (492,800) (3,697,618)
Non-PEO NEO | Pension Benefit Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   $ 422,246 $ 546,845 $ 413,183