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Operating Segments and Geographic Data (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Sales and Other Operating Revenues | Segmented income statements for the three months ended March 31, 2025 and 2024 are presented below:
| Upstream | Downstream | Segment Total | All Other | Total
Three Months Ended March 31, 2025 | U.S. | Int'l. | U.S. | Int'l.
Sales and other operating revenues before elimination | $ | 11,515 |  | $ | 9,971 |  | $ | 18,705 |  | $ | 17,266 |  | $ | 57,457 |  | $ | 120 |  | $ | 57,577 |
Intersegment revenue elimination | (7,112) |  | (1,953) |  | (1,888) |  | (422) |  | (11,375) |  | (101) |  | (11,476) |
Sales and Other Operating Revenues | 4,403 |  | 8,018 |  | 16,817 |  | 16,844 |  | 46,082 |  | 19 |  | 46,101 |
Income (loss) from equity affiliates | (8) |  | 714 |  | 150 |  | (28) |  | 828 |  | (8) |  | 820 |
Other income (loss)1 | 26 |  | 220 |  | 49 |  | 7 |  | 302 |  | 387 |  | 689 |
Total Revenues and Other Income | 4,421 |  | 8,952 |  | 17,016 |  | 16,823 |  | 47,212 |  | 398 |  | 47,610 |
Intersegment product transfers 2 | 6,461 |  | 369 |  | (6,978) |  | 63 |  | (85) |  | 85 |  | — |
Less expenses: |  |  |  |  |  |  |
Purchased crude oil and products | 3,909 |  | 2,802 |  | 7,262 |  | 14,637 |  | 28,610 |  | — |  | 28,610 |
Operating and SG&A expenses | 2,123 |  | 1,257 |  | 2,255 |  | 1,264 |  | 6,899 |  | 741 |  | 7,640 |
Depreciation, depletion and amortization | 2,023 |  | 1,697 |  | 242 |  | 74 |  | 4,036 |  | 87 |  | 4,123 |
Other costs and deductions 3 | 386 |  | 257 |  | 171 |  | 562 |  | 1,376 |  | 278 |  | 1,654 |
Total Costs and Other Deductions | 8,441 |  | 6,013 |  | 9,930 |  | 16,537 |  | 40,921 |  | 1,106 |  | 42,027 |
Income Tax Expense (Benefit) | 578 |  | 1,406 |  | 5 |  | 122 |  | 2,111 |  | (40) |  | 2,071 |
Less: Net income (loss) attributable to non-controlling interests | 5 |  | 2 |  | — |  | 5 |  | 12 |  | — |  | 12 |
Net Income (Loss) Attributable to Chevron Corporation | $ | 1,858 |  | $ | 1,900 |  | $ | 103 |  | $ | 222 |  | $ | 4,083 |  | $ | (583) |  | $ | 3,500 |
Values have been adjusted for eliminations, unless otherwise specified.
1 Includes interest income of $69 in “All Other.”
2 Valuation of product transfers between operating segments.
3 Includes interest expense of $192 in “All Other.”
| Upstream | Downstream | Segment Total | All Other | Total
Three Months Ended March 31, 2024 | U.S. | Int'l. | U.S. | Int'l.
Sales and other operating revenues before elimination | $ | 11,167 |  | $ | 10,783 |  | $ | 20,240 |  | $ | 18,091 |  | $ | 60,281 |  | $ | 121 |  | $ | 60,402 |
Intersegment revenue elimination | (7,589) |  | (2,925) |  | (2,707) |  | (507) |  | (13,728) |  | (94) |  | (13,822) |
Sales and Other Operating Revenues | 3,578 |  | 7,858 |  | 17,533 |  | 17,584 |  | 46,553 |  | 27 |  | 46,580 |
Income (loss) from equity affiliates | (20) |  | 1,108 |  | 262 |  | 93 |  | 1,443 |  | (2) |  | 1,441 |
Other income (loss)1 | 63 |  | 338 |  | 90 |  | 23 |  | 514 |  | 181 |  | 695 |
Total Revenues and Other Income | 3,621 |  | 9,304 |  | 17,885 |  | 17,700 |  | 48,510 |  | 206 |  | 48,716 |
Intersegment product transfers 2 | 6,423 |  | 945 |  | (6,691) |  | (653) |  | 24 |  | (24) |  | — |
Less expenses: |  |  |  |  |  |  |
Purchased crude oil and products | 3,337 |  | 1,904 |  | 8,008 |  | 14,492 |  | 27,741 |  | — |  | 27,741 |
Operating and SG&A expenses | 1,751 |  | 1,524 |  | 2,239 |  | 1,528 |  | 7,042 |  | 549 |  | 7,591 |
Depreciation, depletion and amortization | 1,835 |  | 1,900 |  | 218 |  | 76 |  | 4,029 |  | 62 |  | 4,091 |
Other costs and deductions 3 | 435 |  | 159 |  | 148 |  | 449 |  | 1,191 |  | 180 |  | 1,371 |
Total Costs and Other Deductions | 7,358 |  | 5,487 |  | 10,613 |  | 16,545 |  | 40,003 |  | 791 |  | 40,794 |
Income Tax Expense (Benefit) | 604 |  | 1,596 |  | 128 |  | 131 |  | 2,459 |  | (88) |  | 2,371 |
Less: Net income (loss) attributable to non-controlling interests | 7 |  | 2 |  | — |  | 41 |  | 50 |  | — |  | 50 |
Net Income (Loss) Attributable to Chevron Corporation | $ | 2,075 |  | $ | 3,164 |  | $ | 453 |  | $ | 330 |  | $ | 6,022 |  | $ | (521) |  | $ | 5,501 |
Values have been adjusted for eliminations, unless otherwise specified.
1 Includes interest income of $85 in “All Other.”
2 Valuation of product transfers between operating segments.
3 Includes interest expense of $109 in “All Other.”
Schedule of Segment Assets | Segment assets at March 31, 2025, and December 31, 2024, are as follows:
| At March 31, 2025 |  | At December 31, 2024
Segment Assets | (Millions of dollars)
Upstream |  |  |
United States | $ | 61,237 |  |  | $ | 60,914 |
International | 121,555 |  |  | 123,343 |
Goodwill | 4,216 |  |  | 4,226 |
Total Upstream | 187,008 |  |  | 188,483 |
Downstream |  |  |
United States | 34,805 |  |  | 34,253 |
International | 21,910 |  |  | 22,165 |
Goodwill | 352 |  |  | 352 |
Total Downstream | 57,067 |  |  | 56,770 |
Total Segment Assets | 244,075 |  |  | 245,253 |
All Other |  |  |
United States | 10,535 |  |  | 8,382 |
International | 1,787 |  |  | 3,303 |
Total All Other | 12,322 |  |  | 11,685 |
Total Assets — United States | 106,577 |  |  | 103,549 |
Total Assets — International | 145,252 |  |  | 148,811 |
Goodwill | 4,568 |  |  | 4,578 |
Total Assets | $ | 256,397 |  |  | $ | 256,938 |

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