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Operating Segments and Geographic Data (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Sales and Other Operating Revenues | Segmented income statements for the three- and six-month periods ended June 30, 2025 and 2024 are presented in the following tables:
| Upstream | Downstream | Segment Total | All Other | Total
Three months ended June 30, 2025 | U.S. | Int’l. | U.S. | Int’l.
Sales and other operating revenues before elimination | $ | 10,385 |  | $ | 9,182 |  | $ | 18,708 |  | $ | 18,274 |  | $ | 56,549 |  | $ | 149 |  | $ | 56,698 |
Intersegment revenue elimination | (6,321) |  | (2,178) |  | (1,901) |  | (1,804) |  | (12,204) |  | (119) |  | (12,323) |
Sales and Other Operating Revenues | 4,064 |  | 7,004 |  | 16,807 |  | 16,470 |  | 44,345 |  | 30 |  | 44,375 |
Income (loss) from equity affiliates | (13) |  | 438 |  | 55 |  | 55 |  | 535 |  | 1 |  | 536 |
Other income (loss)(1) | 258 |  | (145) |  | 28 |  | (23) |  | 118 |  | (207) |  | (89) |
Total Revenues and Other Income | 4,309 |  | 7,297 |  | 16,890 |  | 16,502 |  | 44,998 |  | (176) |  | 44,822 |
Intersegment product transfers(2) | 5,415 |  | 782 |  | (6,071) |  | (134) |  | (8) |  | 8 |  | — |
Less expenses: |  |  |  |  |  |  |
Purchased crude oil and products | 3,284 |  | 2,173 |  | 7,787 |  | 13,614 |  | 26,858 |  | — |  | 26,858 |
Operating and SG&A expenses | 2,082 |  | 1,300 |  | 2,137 |  | 1,506 |  | 7,025 |  | 621 |  | 7,646 |
Depreciation, depletion and amortization | 2,142 |  | 1,824 |  | 243 |  | 75 |  | 4,284 |  | 60 |  | 4,344 |
Other costs and deductions(3) | 362 |  | 363 |  | 178 |  | 619 |  | 1,522 |  | 305 |  | 1,827 |
Total Costs and Other Deductions | 7,870 |  | 5,660 |  | 10,345 |  | 15,814 |  | 39,689 |  | 986 |  | 40,675 |
Income Tax Expense (Benefit) | 431 |  | 1,107 |  | 70 |  | 204 |  | 1,812 |  | (180) |  | 1,632 |
Less: Net income (loss) attributable to non-controlling interests | 5 |  | 3 |  | — |  | 17 |  | 25 |  | — |  | 25 |
Net Income (Loss) Attributable to Chevron Corporation | $ | 1,418 |  | $ | 1,309 |  | $ | 404 |  | $ | 333 |  | $ | 3,464 |  | $ | (974) |  | $ | 2,490 |
Values have been adjusted for eliminations, unless otherwise specified.
(1) Includes interest income of $63 in “All Other.”
(2) Valuation of product transfers between operating segments.
(3) Includes interest expense of $250 in “All Other.”
| Upstream | Downstream | Segment Total | All Other | Total
Three months ended June 30, 2024 | U.S. | Int’l. | U.S. | Int’l.
Sales and other operating revenues before elimination | $ | 11,287 |  | $ | 10,221 |  | $ | 21,482 |  | $ | 20,631 |  | $ | 63,621 |  | $ | 153 |  | $ | 63,774 |
Intersegment revenue elimination | (7,890) |  | (3,072) |  | (2,586) |  | (532) |  | (14,080) |  | (120) |  | (14,200) |
Sales and Other Operating Revenues | 3,397 |  | 7,149 |  | 18,896 |  | 20,099 |  | 49,541 |  | 33 |  | 49,574 |
Income (loss) from equity affiliates | (15) |  | 987 |  | 233 |  | — |  | 1,205 |  | 1 |  | 1,206 |
Other income (loss)(1) | 10 |  | 199 |  | 98 |  | (11) |  | 296 |  | 105 |  | 401 |
Total Revenues and Other Income | 3,392 |  | 8,335 |  | 19,227 |  | 20,088 |  | 51,042 |  | 139 |  | 51,181 |
Intersegment product transfers(2) | 6,499 |  | 1,405 |  | (7,154) |  | (822) |  | (72) |  | 72 |  | — |
Less expenses: |  |  |  |  |  |  |
Purchased crude oil and products | 3,089 |  | 1,941 |  | 9,092 |  | 16,745 |  | 30,867 |  | — |  | 30,867 |
Operating and SG&A expenses | 1,815 |  | 1,520 |  | 2,262 |  | 1,515 |  | 7,112 |  | 598 |  | 7,710 |
Depreciation, depletion and amortization | 1,797 |  | 1,832 |  | 226 |  | 76 |  | 3,931 |  | 73 |  | 4,004 |
Other costs and deductions(3) | 397 |  | 372 |  | 137 |  | 508 |  | 1,414 |  | 150 |  | 1,564 |
Total Costs and Other Deductions | 7,098 |  | 5,665 |  | 11,717 |  | 18,844 |  | 43,324 |  | 821 |  | 44,145 |
Income Tax Expense (Benefit) | 625 |  | 1,764 |  | 76 |  | 105 |  | 2,570 |  | 23 |  | 2,593 |
Less: Net income (loss) attributable to non-controlling interests | 7 |  | 2 |  | — |  | — |  | 9 |  | — |  | 9 |
Net Income (Loss) Attributable to Chevron Corporation | $ | 2,161 |  | $ | 2,309 |  | $ | 280 |  | $ | 317 |  | $ | 5,067 |  | $ | (633) |  | $ | 4,434 |
Values have been adjusted for eliminations, unless otherwise specified.
(1) Includes interest income of $66 in “All Other.”
(2) Valuation of product transfers between operating segments.
(3) Includes interest expense of $103 in “All Other.”
| Upstream | Downstream | Segment Total | All Other | Total
Six Months Ended June 30, 2025 | U.S. | Int'l. | U.S. | Int'l.
Sales and other operating revenues before elimination | $ | 21,900 |  | $ | 19,153 |  | $ | 37,413 |  | $ | 35,540 |  | $ | 114,006 |  | $ | 269 |  | $ | 114,275 |
Intersegment revenue elimination | (13,433) |  | (4,131) |  | (3,789) |  | (2,226) |  | (23,579) |  | (220) |  | (23,799) |
Sales and Other Operating Revenues | 8,467 |  | 15,022 |  | 33,624 |  | 33,314 |  | 90,427 |  | 49 |  | 90,476 |
Income (loss) from equity affiliates | (21) |  | 1,152 |  | 205 |  | 27 |  | 1,363 |  | (7) |  | 1,356 |
Other income (loss)(1) | 284 |  | 75 |  | 77 |  | (16) |  | 420 |  | 180 |  | 600 |
Total Revenues and Other Income | 8,730 |  | 16,249 |  | 33,906 |  | 33,325 |  | 92,210 |  | 222 |  | 92,432 |
Intersegment product transfers(2) | 11,876 |  | 1,151 |  | (13,049) |  | (71) |  | (93) |  | 93 |  | — |
Less expenses: |  |  |  |  |  |  |
Purchased crude oil and products | 7,193 |  | 4,975 |  | 15,049 |  | 28,251 |  | 55,468 |  | — |  | 55,468 |
Operating and SG&A expenses | 4,205 |  | 2,557 |  | 4,392 |  | 2,770 |  | 13,924 |  | 1,362 |  | 15,286 |
Depreciation, depletion and amortization | 4,165 |  | 3,521 |  | 485 |  | 149 |  | 8,320 |  | 147 |  | 8,467 |
Other costs and deductions(3) | 748 |  | 620 |  | 349 |  | 1,181 |  | 2,898 |  | 583 |  | 3,481 |
Total Costs and Other Deductions | 16,311 |  | 11,673 |  | 20,275 |  | 32,351 |  | 80,610 |  | 2,092 |  | 82,702 |
Income Tax Expense (Benefit) | 1,009 |  | 2,513 |  | 75 |  | 326 |  | 3,923 |  | (220) |  | 3,703 |
Less: Net income (loss) attributable to non-controlling interests | 10 |  | 5 |  | — |  | 22 |  | 37 |  | — |  | 37 |
Net Income (Loss) Attributable to Chevron Corporation | $ | 3,276 |  | $ | 3,209 |  | $ | 507 |  | $ | 555 |  | $ | 7,547 |  | $ | (1,557) |  | $ | 5,990 |
Values have been adjusted for eliminations, unless otherwise specified.
(1) Includes interest income of $132 in “All Other.”
(2) Valuation of product transfers between operating segments.
(3) Includes interest expense of $442 in “All Other.”
| Upstream | Downstream | Segment Total | All Other | Total
Six Months Ended June 30, 2024 | U.S. | Int’l. | U.S. | Int’l.
Sales and other operating revenues before elimination | $ | 22,454 |  | $ | 21,004 |  | $ | 41,722 |  | $ | 38,722 |  | $ | 123,902 |  | $ | 274 |  | $ | 124,176 |
Intersegment revenue elimination | (15,479) |  | (5,997) |  | (5,293) |  | (1,039) |  | (27,808) |  | (214) |  | (28,022) |
Sales and Other Operating Revenues | 6,975 |  | 15,007 |  | 36,429 |  | 37,683 |  | 96,094 |  | 60 |  | 96,154 |
Income (loss) from equity affiliates | (35) |  | 2,095 |  | 495 |  | 93 |  | 2,648 |  | (1) |  | 2,647 |
Other income (loss)(1) | 73 |  | 537 |  | 188 |  | 12 |  | 810 |  | 286 |  | 1,096 |
Total Revenues and Other Income | 7,013 |  | 17,639 |  | 37,112 |  | 37,788 |  | 99,552 |  | 345 |  | 99,897 |
Intersegment product transfers(2) | 12,922 |  | 2,350 |  | (13,845) |  | (1,475) |  | (48) |  | 48 |  | — |
Less expenses: |  |  |  |  |  |  |
Purchased crude oil and products | 6,426 |  | 3,845 |  | 17,100 |  | 31,237 |  | 58,608 |  | — |  | 58,608 |
Operating and SG&A expenses | 3,566 |  | 3,044 |  | 4,501 |  | 3,043 |  | 14,154 |  | 1,147 |  | 15,301 |
Depreciation, depletion and amortization | 3,632 |  | 3,732 |  | 444 |  | 152 |  | 7,960 |  | 135 |  | 8,095 |
Other costs and deductions(3) | 832 |  | 531 |  | 285 |  | 957 |  | 2,605 |  | 330 |  | 2,935 |
Total Costs and Other Deductions | 14,456 |  | 11,152 |  | 22,330 |  | 35,389 |  | 83,327 |  | 1,612 |  | 84,939 |
Income Tax Expense (Benefit) | 1,229 |  | 3,360 |  | 204 |  | 236 |  | 5,029 |  | (65) |  | 4,964 |
Less: Net income (loss) attributable to non-controlling interests | 14 |  | 4 |  | — |  | 41 |  | 59 |  | — |  | 59 |
Net Income (Loss) Attributable to Chevron Corporation | $ | 4,236 |  | $ | 5,473 |  | $ | 733 |  | $ | 647 |  | $ | 11,089 |  | $ | (1,154) |  | $ | 9,935 |
Values have been adjusted for eliminations, unless otherwise specified.
(1) Includes interest income of $151 in “All Other.”
(2) Valuation of product transfers between operating segments.
(3) Includes interest expense of $212 in “All Other.”
Schedule of Segment Assets | Segment assets at June 30, 2025, and December 31, 2024, are as follows:
| At June 30, 2025 |  | At December 31, 2024
Segment Assets | (Millions of dollars)
Upstream |  |  |
United States | $ | 60,473 |  |  | $ | 60,914 |
International | 118,496 |  |  | 123,343 |
Goodwill | 4,216 |  |  | 4,226 |
Total Upstream | 183,185 |  |  | 188,483 |
Downstream |  |  |
United States | 34,298 |  |  | 34,253 |
International | 21,541 |  |  | 22,165 |
Goodwill | 352 |  |  | 352 |
Total Downstream | 56,191 |  |  | 56,770 |
Total Segment Assets | 239,376 |  |  | 245,253 |
All Other |  |  |
United States | 10,331 |  |  | 8,382 |
International | 1,113 |  |  | 3,303 |
Total All Other | 11,444 |  |  | 11,685 |
Total Assets — United States | 105,102 |  |  | 103,549 |
Total Assets — International | 141,150 |  |  | 148,811 |
Goodwill | 4,568 |  |  | 4,578 |
Total Assets | $ | 250,820 |  |  | $ | 256,938 |

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