Operating Segments and Geographic Data (Tables)

3 Months Ended

Mar. 31, 2025

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 transfers2	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 deductions3	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 transfers2	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 deductions3	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.”

Segment assets at March 31, 2025, and December 31, 2024, are as follows: