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Operating Segments and Geographic Data (Tables)

12 Months Ended

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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