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Operating Segments and Geographic Data (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Sales and Other Operating Revenues | Segmented income statements for the years ended December 31, 2024, 2023 and 2022 are presented below:
| Upstream | Downstream | Segment Total | All Other | Total
Year Ended December 31, 2024 | U.S. | Int'l. | U.S. | Int'l.
Sales and other operating revenues before elimination | $ | 44,302 |  | $ | 43,466 |  | $ | 80,417 |  | $ | 77,430 |  | $ | 245,615 |  | $ | 617 |  | $ | 246,232 |
Intersegment revenue elimination | (29,662) |  | (11,258) |  | (9,745) |  | (1,668) |  | (52,333) |  | (485) |  | (52,818) |
Sales and Other Operating Revenues | 14,640 |  | 32,208 |  | 70,672 |  | 75,762 |  | 193,282 |  | 132 |  | 193,414 |
Income (loss) from equity affiliates | (62) |  | 3,642 |  | 1,010 |  | 10 |  | 4,600 |  | (4) |  | 4,596 |
Other income (loss)1 | 346 |  | 3,460 |  | 358 |  | 96 |  | 4,260 |  | 522 |  | 4,782 |
Total Revenues and Other Income | 14,924 |  | 39,310 |  | 72,040 |  | 75,868 |  | 202,142 |  | 650 |  | 202,792 |
Intersegment product transfers 2 | 25,305 |  | 4,190 |  | (26,845) |  | (2,833) |  | (183) |  | 183 |  | — |
Less expenses: |  |  |  |  |  |  |
Purchased crude oil and products | 13,326 |  | 9,445 |  | 33,514 |  | 62,921 |  | 119,206 |  | — |  | 119,206 |
Operating and SG&A expenses | 7,708 |  | 6,412 |  | 9,425 |  | 6,034 |  | 29,579 |  | 2,914 |  | 32,493 |
Depreciation, depletion and amortization | 7,562 |  | 7,935 |  | 1,091 |  | 360 |  | 16,948 |  | 334 |  | 17,282 |
Other costs and deductions 3 | 1,805 |  | 1,156 |  | 550 |  | 2,071 |  | 5,582 |  | 723 |  | 6,305 |
Total Costs and Other Deductions | 30,401 |  | 24,948 |  | 44,580 |  | 71,386 |  | 171,315 |  | 3,971 |  | 175,286 |
Income Tax Expense (Benefit) | 2,198 |  | 7,548 |  | 84 |  | 397 |  | 10,227 |  | (470) |  | 9,757 |
Less: Net income (loss) attributable to non-controlling interests | 28 |  | 4 |  | — |  | 56 |  | 88 |  | — |  | 88 |
Net Income (Loss) Attributable to Chevron Corporation | $ | 7,602 |  | $ | 11,000 |  | $ | 531 |  | $ | 1,196 |  | $ | 20,329 |  | $ | (2,668) |  | $ | 17,661 |
Values have been adjusted for eliminations, unless otherwise specified.
1 Includes interest income of $296 in “All Other.”
2 Valuation of product transfers between operating segments.
3 Includes interest expense of $539 in “All Other.”
| Upstream | Downstream | Segment Total | All Other | Total
Year ended December 31, 2023 | U.S. | Int'l. | U.S. | Int'l.
Sales and other operating revenues before elimination | $ | 40,115 |  | $ | 43,805 |  | $ | 83,567 |  | $ | 78,058 |  | $ | 245,545 |  | $ | 597 |  | $ | 246,142 |
Intersegment revenue elimination | (26,307) |  | (11,871) |  | (8,793) |  | (1,794) |  | (48,765) |  | (464) |  | (49,229) |
Sales and Other Operating Revenues | 13,808 |  | 31,934 |  | 74,774 |  | 76,264 |  | 196,780 |  | 133 |  | 196,913 |
Income (loss) from equity affiliates | (387) |  | 4,272 |  | 736 |  | 519 |  | 5,140 |  | (9) |  | 5,131 |
Other income (loss)1 | (2,536) |  | 776 |  | 444 |  | 39 |  | (1,277) |  | 182 |  | (1,095) |
Total Revenues and Other Income | 10,885 |  | 36,982 |  | 75,954 |  | 76,822 |  | 200,643 |  | 306 |  | 200,949 |
Intersegment product transfers 2 | 23,665 |  | 4,274 |  | (23,887) |  | (4,184) |  | (132) |  | 132 |  | — |
Less expenses: |  |  |  |  |  |  |
Purchased crude oil and products | 13,019 |  | 7,270 |  | 37,176 |  | 61,731 |  | 119,196 |  | — |  | 119,196 |
Operating and SG&A expenses | 6,879 |  | 5,837 |  | 8,432 |  | 6,058 |  | 27,206 |  | 2,034 |  | 29,240 |
Depreciation, depletion and amortization | 7,666 |  | 8,109 |  | 931 |  | 301 |  | 17,007 |  | 319 |  | 17,326 |
Other costs and deductions 3 | 1,676 |  | 1,010 |  | 515 |  | 1,782 |  | 4,983 |  | 620 |  | 5,603 |
Total Costs and Other Deductions | 29,240 |  | 22,226 |  | 47,054 |  | 69,872 |  | 168,392 |  | 2,973 |  | 171,365 |
Income Tax Expense (Benefit) | 1,141 |  | 5,733 |  | 1,109 |  | 519 |  | 8,502 |  | (329) |  | 8,173 |
Less: Net income (loss) attributable to non-controlling interests | 21 |  | 7 |  | — |  | 14 |  | 42 |  | — |  | 42 |
Net Income (Loss) Attributable to Chevron Corporation | $ | 4,148 |  | $ | 13,290 |  | $ | 3,904 |  | $ | 2,233 |  | $ | 23,575 |  | $ | (2,206) |  | $ | 21,369 |
Values have been adjusted for eliminations, unless otherwise specified.
1 Includes interest income of $491 in “All Other.”
2 Valuation of product transfers between operating segments.
3 Includes interest expense of $432 in “All Other.”
| Upstream | Downstream | Segment Total | All Other | Total
Year Ended December 31, 2022 | U.S. | Int'l. | U.S. | Int'l.
Sales and other operating revenues before elimination | $ | 50,822 |  | $ | 56,156 |  | $ | 91,824 |  | $ | 87,741 |  | $ | 286,543 |  | $ | 518 |  | $ | 287,061 |
Intersegment revenue elimination | (29,870) |  | (13,815) |  | (5,529) |  | (1,728) |  | (50,942) |  | (402) |  | (51,344) |
Sales and Other Operating Revenues | 20,952 |  | 42,341 |  | 86,295 |  | 86,013 |  | 235,601 |  | 116 |  | 235,717 |
Income (loss) from equity affiliates | (22) |  | 6,648 |  | 1,003 |  | 962 |  | 8,591 |  | (6) |  | 8,585 |
Other income (loss)1 | 103 |  | 1,272 |  | 527 |  | (8) |  | 1,894 |  | 56 |  | 1,950 |
Total Revenues and Other Income | 21,033 |  | 50,261 |  | 87,825 |  | 86,967 |  | 246,086 |  | 166 |  | 246,252 |
Intersegment product transfers 2 | 29,801 |  | 7,078 |  | (31,245) |  | (5,706) |  | (72) |  | 72 |  | — |
Less expenses: |  |  |  |  |  |  |
Purchased crude oil and products | 21,008 |  | 12,717 |  | 40,483 |  | 71,208 |  | 145,416 |  | — |  | 145,416 |
Operating and SG&A expenses | 6,799 |  | 6,810 |  | 7,829 |  | 5,094 |  | 26,532 |  | 2,789 |  | 29,321 |
Depreciation, depletion and amortization | 5,012 |  | 9,830 |  | 913 |  | 311 |  | 16,066 |  | 253 |  | 16,319 |
Other costs and deductions 3 | 1,699 |  | 1,230 |  | 446 |  | 1,515 |  | 4,890 |  | 632 |  | 5,522 |
Total Costs and Other Deductions | 34,518 |  | 30,587 |  | 49,671 |  | 78,128 |  | 192,904 |  | 3,674 |  | 196,578 |
Income Tax Expense (Benefit) | 3,678 |  | 9,055 |  | 1,515 |  | 280 |  | 14,528 |  | (462) |  | 14,066 |
Less: Net income (loss) attributable to non-controlling interests | 17 |  | 34 |  | — |  | 92 |  | 143 |  | — |  | 143 |
Net Income (Loss) Attributable to Chevron Corporation | $ | 12,621 |  | $ | 17,663 |  | $ | 5,394 |  | $ | 2,761 |  | $ | 38,439 |  | $ | (2,974) |  | $ | 35,465 |
Values have been adjusted for eliminations, unless otherwise specified.
1 Includes interest income of $261 in “All Other.”
2 Valuation of product transfers between operating segments.
3 Includes interest expense of $476 in “All Other.”
Schedule of Segment Assets | Assets at year-end 2024 and 2023 are as follows:
| At December 31
| 2024 |  |  | 2023
Upstream |  |  |  |
United States | $ | 60,914 |  |  |  | $ | 58,750 |
International | 123,343 |  |  |  | 131,685 |
Goodwill | 4,226 |  |  |  | 4,370 |
Total Upstream | 188,483 |  |  |  | 194,805 |
Downstream |  |  |  |
United States | 34,253 |  |  |  | 33,066 |
International | 22,165 |  |  |  | 21,070 |
Goodwill | 352 |  |  |  | 352 |
Total Downstream | 56,770 |  |  |  | 54,488 |
Total Segment Assets | 245,253 |  |  |  | 249,293 |
All Other |  |  |  |
United States | 8,382 |  |  |  | 10,292 |
International | 3,303 |  |  |  | 2,047 |
Total All Other | 11,685 |  |  |  | 12,339 |
Total Assets – United States | 103,549 |  |  |  | 102,108 |
Total Assets – International | 148,811 |  |  |  | 154,802 |
Goodwill | 4,578 |  |  |  | 4,722 |
Total Assets | $ | 256,938 |  |  |  | $ | 261,632 |

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