Operating Segments and Geographic Data (Tables)

12 Months Ended

Dec. 31, 2024

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 transfers2	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 deductions3	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 transfers2	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 deductions3	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 transfers2	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 deductions3	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.”

Assets at year-end 2024 and 2023 are as follows: