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Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Taxes on Income

Income Taxes			Year ended December 31
			2024									2023						2022
Income tax expense (benefit)
U.S. federal
Current			$	854								$	895					$	1,723
Deferred			748									666						2,240
State and local
Current			275									211						482
Deferred			10									1						39
Total United States			1,887									1,773						4,484
International
Current			7,388									6,745						9,738
Deferred			482									(345)						(156)
Total International			7,870									6,400						9,582
Total income tax expense (benefit)			$	9,757								$	8,173					$	14,066

Schedule of Reconciliation Between the U.S. Statutory Federal Income Tax Rate and the Company's Effective Income Tax Rate

The reconciliation between the U.S. statutory federal income tax rate and the company’s effective income tax rate is detailed in the following table:

			Year ended December 31
			2024									2023						2022
Income (loss) before income taxes
United States			$	8,056								$	8,565					$	21,005
International			19,450									21,019						28,669
Total income (loss) before income taxes			27,506									29,584						49,674
Theoretical tax (at U.S. statutory rate of 21%)			5,776									6,213						10,432
Equity affiliate accounting effect			(845)									(1,072)						(1,678)
Effect of income taxes from international operations			4,742									3,001						5,041
State and local taxes on income, net of U.S. federal income tax benefit			214									252						508
Prior year tax adjustments, claims and settlements 1			(30)									(32)						(90)
Tax credits			(28)									(20)						(6)
Other U.S. 1, 2			(72)									(169)						(141)
Total income tax expense (benefit)			$	9,757								$	8,173					$	14,066
Effective income tax rate 3			35.5		%							27.6		%				28.3		%

1 Includes one-time tax costs (benefits) associated with changes in uncertain tax positions.

2 Includes one-time tax costs (benefits) associated with changes in valuation allowances (2024 - $(12); 2023 - $(84); 2022 - $(36)).

3 The company’s effective tax rate is reflective of equity income reported on an after-tax basis as part of the “Total Income (Loss) Before Income Tax Expense,” in accordance with U.S. Generally Accepted Accounting Principles. Chevron’s share of its equity affiliates’ total income tax expense in 2024 was $1,286.

Schedule of Composition of Deferred Tax Balances

The reported deferred tax balances are composed of the following:

												At December 31
			2024									2023
Deferred tax liabilities
Properties, plant and equipment			$	20,648								$	20,303
Investments and other			5,254									4,263
Total deferred tax liabilities			25,902									24,566
Deferred tax assets
Foreign tax credits			(15,261)									(13,560)
Asset retirement obligations/environmental reserves			(4,220)									(4,543)
Employee benefits			(2,050)									(1,785)
Deferred credits			(292)									(268)
Tax loss carryforwards			(3,034)									(3,492)
Other accrued liabilities			(1,137)									(1,416)
Inventory			(68)									(126)
Operating leases			(1,352)									(1,479)
Miscellaneous			(4,180)									(3,652)
Total deferred tax assets			(31,594)									(30,321)
Deferred tax assets valuation allowance			21,313									20,416
Total deferred income taxes, net			$	15,621								$	14,661

Schedule of Classification of Deferred Taxes

At December 31, 2024 and 2023, deferred taxes were classified on the Consolidated Balance Sheet as follows:

			At December 31
			2024									2023
Deferred charges and other assets			$	(3,516)								$	(4,169)
Noncurrent deferred income taxes			19,137									18,830
Total deferred income taxes, net			$	15,621								$	14,661

Schedule of Unrecognized Tax Benefits Roll Forward

The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022. The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the

differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements. Interest and penalties are not included.

			2024									2023						2022
Balance at January 1			$	5,452								$	5,323					$	5,288
Foreign currency effects			—									(27)						(2)
Additions based on tax positions taken in current year			236									248						30
Additions for tax positions taken in prior years			101									265						234
Reductions based on tax positions taken in current year			(54)									(104)						—
Reductions for tax positions taken in prior years			(883)									(251)						(117)
Settlements with taxing authorities in current year			—									(2)						(110)
Balance at December 31			$	4,852								$	5,452					$	5,323

Schedule of Taxes Other than on Income

Taxes Other Than on Income
			Year ended December 31
			2024									2023						2022
United States
Import duties and other levies			$	8								$	(9)					$	10
Property and other miscellaneous taxes			977									818						609
Payroll taxes			296									286						248
Taxes on production			842									801						989
Total United States			2,123									1,896						1,856
International
Import duties and other levies			90									72						63
Property and other miscellaneous taxes			2,283									2,004						1,789
Payroll taxes			125									121						122
Taxes on production			95									127						202
Total International			2,593									2,324						2,176
Total taxes other than on income			$	4,716								$	4,220					$	4,032

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