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Operating Segments and Geographic Data (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Earnings | Earnings by major operating area are presented in the following table:
|  | Year ended December 31 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Upstream |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 4,148 |  |  | $ | 12,621 |  |  | $ | 7,319 |
International |  |  | 13,290 |  |  |  | 17,663 |  |  |  | 8,499 |
Total Upstream |  |  | 17,438 |  |  |  | 30,284 |  |  |  | 15,818 |
Downstream |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 3,904 |  |  |  | 5,394 |  |  |  | 2,389 |
International |  |  | 2,233 |  |  |  | 2,761 |  |  |  | 525 |
Total Downstream |  |  | 6,137 |  |  |  | 8,155 |  |  |  | 2,914 |
Total Segment Earnings |  |  | 23,575 |  |  |  | 38,439 |  |  |  | 18,732 |
All Other |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | (432 | ) |  |  | (476 | ) |  |  | (662 | )
Interest income |  |  | 491 |  |  |  | 261 |  |  |  | 36 |
Other |  |  | (2,265 | ) |  |  | (2,759 | ) |  |  | (2,481 | )
Net Income (Loss) Attributable to Chevron Corporation |  | $ | 21,369 |  |  | $ | 35,465 |  |  | $ | 15,625 |
Segment Assets | Assets at year-end 2023 and 2022 are as follows:
|  | At December 31 |
|  | 2023 |  |  | 2022 |
Upstream |  |  |  |  |  |  |  |
United States |  | $ | 58,750 |  |  | $ | 44,246 |
International |  |  | 131,685 |  |  |  | 134,489 |
Goodwill |  |  | 4,370 |  |  |  | 4,370 |
Total Upstream |  |  | 194,805 |  |  |  | 183,105 |
Downstream |  |  |  |  |  |  |  |
United States |  |  | 33,066 |  |  |  | 31,676 |
International |  |  | 21,070 |  |  |  | 21,193 |
Goodwill |  |  | 352 |  |  |  | 352 |
Total Downstream |  |  | 54,488 |  |  |  | 53,221 |
Total Segment Assets |  |  | 249,293 |  |  |  | 236,326 |
All Other |  |  |  |  |  |  |  |
United States |  |  | 10,292 |  |  |  | 17,861 |
International |  |  | 2,047 |  |  |  | 3,522 |
Total All Other |  |  | 12,339 |  |  |  | 21,383 |
Total Assets – United States |  |  | 102,108 |  |  |  | 93,783 |
Total Assets – International |  |  | 154,802 |  |  |  | 159,204 |
Goodwill |  |  | 4,722 |  |  |  | 4,722 |
Total Assets |  | $ | 261,632 |  |  | $ | 257,709 |
Segment Sales and Other Operating Revenues | 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 from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. 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.
|  | Year ended December 31* |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Upstream |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 40,115 |  |  | $ | 50,822 |  |  | $ | 29,219 |
International |  |  | 43,805 |  |  |  | 56,156 |  |  |  | 40,921 |
Subtotal |  |  | 83,920 |  |  |  | 106,978 |  |  |  | 70,140 |
Intersegment Elimination — United States |  |  | (26,307 | ) |  |  | (29,870 | ) |  |  | (15,154 | )
Intersegment Elimination — International |  |  | (11,871 | ) |  |  | (13,815 | ) |  |  | (10,994 | )
Total Upstream |  |  | 45,742 |  |  |  | 63,293 |  |  |  | 43,992 |
Downstream |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 83,567 |  |  |  | 91,824 |  |  |  | 57,209 |
International |  |  | 78,058 |  |  |  | 87,741 |  |  |  | 58,098 |
Subtotal |  |  | 161,625 |  |  |  | 179,565 |  |  |  | 115,307 |
Intersegment Elimination — United States |  |  | (8,793 | ) |  |  | (5,529 | ) |  |  | (2,296 | )
Intersegment Elimination — International |  |  | (1,794 | ) |  |  | (1,728 | ) |  |  | (1,521 | )
Total Downstream |  |  | 151,038 |  |  |  | 172,308 |  |  |  | 111,490 |
All Other |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 595 |  |  |  | 515 |  |  |  | 506 |
International |  |  | 2 |  |  |  | 3 |  |  |  | 2 |
Subtotal |  |  | 597 |  |  |  | 518 |  |  |  | 508 |
Intersegment Elimination — United States |  |  | (462 | ) |  |  | (400 | ) |  |  | (382 | )
Intersegment Elimination — International |  |  | (2 | ) |  |  | (2 | ) |  |  | (2 | )
Total All Other |  |  | 133 |  |  |  | 116 |  |  |  | 124 |
Sales and Other Operating Revenues |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 124,277 |  |  |  | 143,161 |  |  |  | 86,934 |
International |  |  | 121,865 |  |  |  | 143,900 |  |  |  | 99,021 |
Subtotal |  |  | 246,142 |  |  |  | 287,061 |  |  |  | 185,955 |
Intersegment Elimination — United States |  |  | (35,562 | ) |  |  | (35,799 | ) |  |  | (17,832 | )
Intersegment Elimination — International |  |  | (13,667 | ) |  |  | (15,545 | ) |  |  | (12,517 | )
Total Sales and Other Operating Revenues |  | $ | 196,913 |  |  | $ | 235,717 |  |  | $ | 155,606 |
* | Other than the United States, no other country accounted for 10 percent or more of the company’s Sales and Other Operating Revenues.
Segment income tax expense | Segment income tax expense for the years 2023, 2022 and 2021 is as follows:
|  | Year ended December 31 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Upstream |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,141 |  |  | $ | 3,678 |  |  | $ | 1,934 |
International |  |  | 5,733 |  |  |  | 9,055 |  |  |  | 4,192 |
Total Upstream |  |  | 6,874 |  |  |  | 12,733 |  |  |  | 6,126 |
Downstream |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 1,109 |  |  |  | 1,515 |  |  |  | 547 |
International |  |  | 519 |  |  |  | 280 |  |  |  | 203 |
Total Downstream |  |  | 1,628 |  |  |  | 1,795 |  |  |  | 750 |
All Other |  |  | (329 | ) |  |  | (462 | ) |  |  | (926 | )
Total Income Tax Expense (Benefit) |  | $ | 8,173 |  |  | $ | 14,066 |  |  | $ | 5,950 |

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