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Operating Segments and Geographic Data (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Sales and Other Operating Revenues | 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.”
Schedule of Segment Assets | 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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