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Operating Segments and Geographic Data
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Operating Segments and Geographic Data Operating Segments and Geographic Data
Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with LNG; transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. “All Other” activities of the company include worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology activities.
The company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM), which is comprised of the company’s Executive Committee, as referenced under “Item 10. Directors, Executive Officers and Corporate Governance” on page 32 of the company’s 2024 Annual Report on Form 10-K.
The segments represent components of the company that engage in activities from which revenues are earned and expenses are incurred. Each segment has discrete financial information available. The CODM regularly reviews the operating results of these segments to assess their performance and make decisions about resources to be allocated to the segments. The company's primary country of operation is the United States of America, its country of domicile, while other components of the company's operations are reported as “International” (outside the United States).
Segment Sales and Other Operating Revenues Products are transferred between operating segments at internal product values that approximate market prices. Revenues for the upstream segment are derived primarily from the production and sale of crude oil, natural gas and natural gas liquids (NGLs), 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, renewable fuels, 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.
Segment Expenses Purchased crude oil and products, operating and selling, general and administrative (SG&A) expense, and depreciation, depletion and amortization are the company’s significant segment expenses. Operating and SG&A expenses include transportation, employee costs, service and fees, fuel and utilities, materials and supplies, SG&A expenses, and other components of net periodic benefit costs. Other costs and deductions primarily represent taxes other than on income, exploration expense, and interest and debt expenses.
Segment Earnings The company evaluates the performance of its operating segments on an after-tax basis, without considering the effects of debt financing interest expense or investment interest income, both of which are managed by the company on a worldwide basis. Corporate administrative costs are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Non-billable costs remain at the corporate level in “All Other.”
Segmented income statements for the three months ended March 31, 2025 and 2024 are presented below:
UpstreamDownstreamSegment TotalAll OtherTotal
Three Months Ended March 31, 2025U.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 Revenues4,403 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 Income4,421 8,952 17,016 16,823 47,212 398 47,610 
Intersegment product transfers2
6,461 369 (6,978)63 (85)85 — 
Less expenses:
Purchased crude oil and products3,909 2,802 7,262 14,637 28,610 — 28,610 
Operating and SG&A expenses2,123 1,257 2,255 1,264 6,899 741 7,640 
Depreciation, depletion and amortization2,023 1,697 242 74 4,036 87 4,123 
Other costs and deductions3
386 257 171 562 1,376 278 1,654 
Total Costs and Other Deductions8,441 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 interests5 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.”
UpstreamDownstreamSegment TotalAll OtherTotal
Three Months Ended March 31, 2024U.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 Revenues3,578 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 Income3,621 9,304 17,885 17,700 48,510 206 48,716 
Intersegment product transfers2
6,423 945 (6,691)(653)24 (24)— 
Less expenses:
Purchased crude oil and products3,337 1,904 8,008 14,492 27,741 — 27,741 
Operating and SG&A expenses1,751 1,524 2,239 1,528 7,042 549 7,591 
Depreciation, depletion and amortization1,835 1,900 218 76 4,029 62 4,091 
Other costs and deductions3
435 159 148 449 1,191 180 1,371 
Total Costs and Other Deductions7,358 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 interests7 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.”
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. 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 
Goodwill4,216 4,226 
Total Upstream187,008 188,483 
Downstream
United States 34,805 34,253 
International21,910 22,165 
Goodwill352 352 
Total Downstream57,067 56,770 
Total Segment Assets244,075 245,253 
All Other
United States 10,535 8,382 
International1,787 3,303 
Total All Other12,322 11,685 
Total Assets — United States106,577 103,549 
Total Assets — International145,252 148,811 
Goodwill4,568 4,578 
Total Assets$256,397 $256,938