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Operating Segments and Geographic Data
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Operating Segments and Geographic Data
 
Note 14
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 activities.
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 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 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
 
Segment assets do not include intercompany investments or receivables. 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
 
Operating segment sales and other operating revenues, including internal transfers, for the years 2023, 2022 and 2021, are presented in the table on the next page. 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 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 Taxes
 
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  
Other Segment Information
Additional information for the segmentation of major equity affiliates is contained in
. Information related to properties, plant and equipment by segment is contained in
.