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Operating Segments and Geographic Data | 9 Months Ended
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Sep. 30, 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 liquified natural gas (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). The acquisition of Hess Corporation (Hess) and the company’s new organizational structure did not result in any change to the company’s reportable or operating segments. Hess results have been fully incorporated into the upstream segment. 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- and nine-month periods ended September 30, 2025 and 2024 are presented in the following tables:
| Upstream | Downstream | Segment Total | All Other | Total
Three months ended September 30, 2025 | U.S. | Int’l. | U.S. | Int’l.
Sales and other operating revenues before elimination | $ | 12,161 |  | $ | 12,118 |  | $ | 18,234 |  | $ | 17,483 |  | $ | 59,996 |  | $ | 136 |  | $ | 60,132 |
Intersegment revenue elimination | (6,538) |  | (2,576) |  | (1,647) |  | (1,090) |  | (11,851) |  | (112) |  | (11,963) |
Sales and Other Operating Revenues | 5,623 |  | 9,542 |  | 16,587 |  | 16,393 |  | 48,145 |  | 24 |  | 48,169 |
Income (loss) from equity affiliates | (8) |  | 707 |  | 212 |  | 71 |  | 982 |  | (1) |  | 981 |
Other income (loss)(1) | 145 |  | 110 |  | 39 |  | 19 |  | 313 |  | 263 |  | 576 |
Total Revenues and Other Income | 5,760 |  | 10,359 |  | 16,838 |  | 16,483 |  | 49,440 |  | 286 |  | 49,726 |
Intersegment product transfers(2) | 6,179 |  | 1,008 |  | (6,687) |  | (278) |  | 222 |  | (222) |  | — |
Less expenses: |  |  |  |  |  |  |
Purchased crude oil and products | 3,768 |  | 3,437 |  | 6,794 |  | 13,399 |  | 27,398 |  | — |  | 27,398 |
Operating and SG&A expenses | 3,276 |  | 1,580 |  | 2,148 |  | 1,489 |  | 8,493 |  | 635 |  | 9,128 |
Depreciation, depletion and amortization | 2,782 |  | 2,583 |  | 280 |  | 74 |  | 5,719 |  | 62 |  | 5,781 |
Other costs and deductions(3) | 466 |  | 356 |  | 169 |  | 624 |  | 1,615 |  | 390 |  | 2,005 |
Total Costs and Other Deductions | 10,292 |  | 7,956 |  | 9,391 |  | 15,586 |  | 43,225 |  | 1,087 |  | 44,312 |
Income Tax Expense (Benefit) | 310 |  | 1,389 |  | 122 |  | 103 |  | 1,924 |  | (123) |  | 1,801 |
Less: Net income (loss) attributable to non-controlling interests | 55 |  | 2 |  | — |  | 17 |  | 74 |  | — |  | 74 |
Net Income (Loss) Attributable to Chevron Corporation | $ | 1,282 |  | $ | 2,020 |  | $ | 638 |  | $ | 499 |  | $ | 4,439 |  | $ | (900) |  | $ | 3,539 |
Values have been adjusted for eliminations, unless otherwise specified.
(1) Includes interest income of $61 in “All Other.”
(2) Valuation of product transfers between operating segments.
(3) Includes interest expense of $329 in “All Other.”
| Upstream | Downstream | Segment Total | All Other | Total
Three months ended September 30, 2024 | U.S. | Int’l. | U.S. | Int’l.
Sales and other operating revenues before elimination | $ | 10,730 |  | $ | 11,330 |  | $ | 20,167 |  | $ | 19,488 |  | $ | 61,715 |  | $ | 139 |  | $ | 61,854 |
Intersegment revenue elimination | (7,432) |  | (2,745) |  | (2,432) |  | (207) |  | (12,816) |  | (112) |  | (12,928) |
Sales and Other Operating Revenues | 3,298 |  | 8,585 |  | 17,735 |  | 19,281 |  | 48,899 |  | 27 |  | 48,926 |
Income (loss) from equity affiliates | (12) |  | 903 |  | 368 |  | 2 |  | 1,261 |  | — |  | 1,261 |
Other income (loss)(1) | 86 |  | 183 |  | 82 |  | 10 |  | 361 |  | 121 |  | 482 |
Total Revenues and Other Income | 3,372 |  | 9,671 |  | 18,185 |  | 19,293 |  | 50,521 |  | 148 |  | 50,669 |
Intersegment product transfers(2) | 6,292 |  | 1,043 |  | (6,477) |  | (930) |  | (72) |  | 72 |  | — |
Less expenses: |  |  |  |  |  |  |
Purchased crude oil and products | 3,066 |  | 2,903 |  | 8,892 |  | 15,589 |  | 30,450 |  | — |  | 30,450 |
Operating and SG&A expenses | 1,837 |  | 1,524 |  | 2,315 |  | 1,536 |  | 7,212 |  | 723 |  | 7,935 |
Depreciation, depletion and amortization | 1,815 |  | 2,025 |  | 229 |  | 90 |  | 4,159 |  | 55 |  | 4,214 |
Other costs and deductions(3) | 433 |  | 245 |  | 138 |  | 574 |  | 1,390 |  | 191 |  | 1,581 |
Total Costs and Other Deductions | 7,151 |  | 6,697 |  | 11,574 |  | 17,789 |  | 43,211 |  | 969 |  | 44,180 |
Income Tax Expense (Benefit) | 561 |  | 1,373 |  | (12) |  | 123 |  | 2,045 |  | (52) |  | 1,993 |
Less: Net income (loss) attributable to non-controlling interests | 6 |  | 1 |  | — |  | 2 |  | 9 |  | — |  | 9 |
Net Income (Loss) Attributable to Chevron Corporation | $ | 1,946 |  | $ | 2,643 |  | $ | 146 |  | $ | 449 |  | $ | 5,184 |  | $ | (697) |  | $ | 4,487 |
Values have been adjusted for eliminations, unless otherwise specified.
(1) Includes interest income of $64 in “All Other.”
(2) Valuation of product transfers between operating segments.
(3) Includes interest expense of $146 in “All Other.”
| Upstream | Downstream | Segment Total | All Other | Total
Nine Months Ended September 30, 2025 | U.S. | Int'l. | U.S. | Int'l.
Sales and other operating revenues before elimination | $ | 34,061 |  | $ | 31,271 |  | $ | 55,647 |  | $ | 53,023 |  | $ | 174,002 |  | $ | 405 |  | $ | 174,407 |
Intersegment revenue elimination | (19,971) |  | (6,707) |  | (5,436) |  | (3,316) |  | (35,430) |  | (332) |  | (35,762) |
Sales and Other Operating Revenues | 14,090 |  | 24,564 |  | 50,211 |  | 49,707 |  | 138,572 |  | 73 |  | 138,645 |
Income (loss) from equity affiliates | (29) |  | 1,859 |  | 417 |  | 98 |  | 2,345 |  | (8) |  | 2,337 |
Other income (loss)(1) | 429 |  | 185 |  | 116 |  | 3 |  | 733 |  | 443 |  | 1,176 |
Total Revenues and Other Income | 14,490 |  | 26,608 |  | 50,744 |  | 49,808 |  | 141,650 |  | 508 |  | 142,158 |
Intersegment product transfers(2) | 18,055 |  | 2,159 |  | (19,736) |  | (349) |  | 129 |  | (129) |  | — |
Less expenses: |  |  |  |  |  |  |
Purchased crude oil and products | 10,961 |  | 8,412 |  | 21,843 |  | 41,650 |  | 82,866 |  | — |  | 82,866 |
Operating and SG&A expenses | 7,481 |  | 4,137 |  | 6,540 |  | 4,259 |  | 22,417 |  | 1,997 |  | 24,414 |
Depreciation, depletion and amortization | 6,947 |  | 6,104 |  | 765 |  | 223 |  | 14,039 |  | 209 |  | 14,248 |
Other costs and deductions(3) | 1,214 |  | 976 |  | 518 |  | 1,805 |  | 4,513 |  | 973 |  | 5,486 |
Total Costs and Other Deductions | 26,603 |  | 19,629 |  | 29,666 |  | 47,937 |  | 123,835 |  | 3,179 |  | 127,014 |
Income Tax Expense (Benefit) | 1,319 |  | 3,902 |  | 197 |  | 429 |  | 5,847 |  | (343) |  | 5,504 |
Less: Net income (loss) attributable to non-controlling interests | 65 |  | 7 |  | — |  | 39 |  | 111 |  | — |  | 111 |
Net Income (Loss) Attributable to Chevron Corporation | $ | 4,558 |  | $ | 5,229 |  | $ | 1,145 |  | $ | 1,054 |  | $ | 11,986 |  | $ | (2,457) |  | $ | 9,529 |
Values have been adjusted for eliminations, unless otherwise specified.
(1) Includes interest income of $193 in “All Other.”
(2) Valuation of product transfers between operating segments.
(3) Includes interest expense of $771 in “All Other.”
| Upstream | Downstream | Segment Total | All Other | Total
Nine Months Ended September 30, 2024 | U.S. | Int’l. | U.S. | Int’l.
Sales and other operating revenues before elimination | $ | 33,184 |  | $ | 32,334 |  | $ | 61,889 |  | $ | 58,210 |  | $ | 185,617 |  | $ | 413 |  | $ | 186,030 |
Intersegment revenue elimination | (22,911) |  | (8,742) |  | (7,725) |  | (1,246) |  | (40,624) |  | (326) |  | (40,950) |
Sales and Other Operating Revenues | 10,273 |  | 23,592 |  | 54,164 |  | 56,964 |  | 144,993 |  | 87 |  | 145,080 |
Income (loss) from equity affiliates | (47) |  | 2,998 |  | 863 |  | 95 |  | 3,909 |  | (1) |  | 3,908 |
Other income (loss)(1) | 159 |  | 720 |  | 270 |  | 22 |  | 1,171 |  | 407 |  | 1,578 |
Total Revenues and Other Income | 10,385 |  | 27,310 |  | 55,297 |  | 57,081 |  | 150,073 |  | 493 |  | 150,566 |
Intersegment product transfers(2) | 19,214 |  | 3,393 |  | (20,322) |  | (2,405) |  | (120) |  | 120 |  | — |
Less expenses: |  |  |  |  |  |  |
Purchased crude oil and products | 9,492 |  | 6,748 |  | 25,992 |  | 46,826 |  | 89,058 |  | — |  | 89,058 |
Operating and SG&A expenses | 5,403 |  | 4,568 |  | 6,816 |  | 4,579 |  | 21,366 |  | 1,870 |  | 23,236 |
Depreciation, depletion and amortization | 5,447 |  | 5,757 |  | 673 |  | 242 |  | 12,119 |  | 190 |  | 12,309 |
Other costs and deductions(3) | 1,265 |  | 776 |  | 423 |  | 1,531 |  | 3,995 |  | 521 |  | 4,516 |
Total Costs and Other Deductions | 21,607 |  | 17,849 |  | 33,904 |  | 53,178 |  | 126,538 |  | 2,581 |  | 129,119 |
Income Tax Expense (Benefit) | 1,790 |  | 4,733 |  | 192 |  | 359 |  | 7,074 |  | (117) |  | 6,957 |
Less: Net income (loss) attributable to non-controlling interests | 20 |  | 5 |  | — |  | 43 |  | 68 |  | — |  | 68 |
Net Income (Loss) Attributable to Chevron Corporation | $ | 6,182 |  | $ | 8,116 |  | $ | 879 |  | $ | 1,096 |  | $ | 16,273 |  | $ | (1,851) |  | $ | 14,422 |
Values have been adjusted for eliminations, unless otherwise specified.
(1) Includes interest income of $215 in “All Other.”
(2) Valuation of product transfers between operating segments.
(3) Includes interest expense of $358 in “All Other.”
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at September 30, 2025, and December 31, 2024, are as follows:
| At September 30, 2025 |  | At December 31, 2024
Segment Assets | (Millions of dollars)
Upstream |  |  |
United States | $ | 88,074 |  |  | $ | 60,914 |
International | 168,746 |  |  | 123,343 |
Goodwill | 4,216 |  |  | 4,226 |
Total Upstream | 261,036 |  |  | 188,483 |
Downstream |  |  |
United States | 34,224 |  |  | 34,253 |
International | 21,346 |  |  | 22,165 |
Goodwill | 352 |  |  | 352 |
Total Downstream | 55,922 |  |  | 56,770 |
Total Segment Assets | 316,958 |  |  | 245,253 |
All Other |  |  |
United States | 8,138 |  |  | 8,382 |
International | 1,405 |  |  | 3,303 |
Total All Other | 9,543 |  |  | 11,685 |
Total Assets — United States | 130,436 |  |  | 103,549 |
Total Assets — International | 191,497 |  |  | 148,811 |
Goodwill | 4,568 |  |  | 4,578 |
Total Assets | $ | 326,501 |  |  | $ | 256,938 |

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- Definition The entire disclosure for reporting segments including data and tables. 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