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Operating Segments and Geographic Data
 9 Months Ended
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:
UpstreamDownstreamSegment TotalAll OtherTotal
Three months ended September 30, 2025U.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 Revenues5,623 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 Income5,760 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 products3,768 3,437 6,794 13,399 27,398 — 27,398 
Operating and SG&A expenses3,276 1,580 2,148 1,489 8,493 635 9,128 
Depreciation, depletion and amortization2,782 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 Deductions10,292 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 interests55 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.”
UpstreamDownstreamSegment TotalAll OtherTotal
Three months ended September 30, 2024U.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 Revenues3,298 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 Income3,372 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 products3,066 2,903 8,892 15,589 30,450 — 30,450 
Operating and SG&A expenses1,837 1,524 2,315 1,536 7,212 723 7,935 
Depreciation, depletion and amortization1,815 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 Deductions7,151 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 interests6 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.”
UpstreamDownstreamSegment TotalAll OtherTotal
Nine Months Ended September 30, 2025U.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 Revenues14,090 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 Income14,490 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 products10,961 8,412 21,843 41,650 82,866 — 82,866 
Operating and SG&A expenses7,481 4,137 6,540 4,259 22,417 1,997 24,414 
Depreciation, depletion and amortization6,947 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 Deductions26,603 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 interests65 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.”
UpstreamDownstreamSegment TotalAll OtherTotal
Nine Months Ended September 30, 2024U.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 Revenues10,273 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 Income10,385 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 products9,492 6,748 25,992 46,826 89,058 — 89,058 
Operating and SG&A expenses5,403 4,568 6,816 4,579 21,366 1,870 23,236 
Depreciation, depletion and amortization5,447 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 Deductions21,607 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 interests20 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 
Goodwill4,216 4,226 
Total Upstream261,036 188,483 
Downstream
United States 34,224 34,253 
International21,346 22,165 
Goodwill352 352 
Total Downstream55,922 56,770 
Total Segment Assets316,958 245,253 
All Other
United States 8,138 8,382 
International1,405 3,303 
Total All Other9,543 11,685 
Total Assets — United States130,436 103,549 
Total Assets — International191,497 148,811 
Goodwill4,568 4,578 
Total Assets$326,501 $256,938