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Operating Segments and Geographic Data
 6 Months Ended
Jun. 30, 2016
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 and producing crude oil and natural gas; liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil and refined products; 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 companies.
The company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM). The segments represent components of the company that engage in activities (a) from which revenues are earned and expenses are incurred; (b) whose operating results are regularly reviewed by the CODM, which makes decisions about resources to be allocated to the segments and assesses their performance; and (c) for which discrete financial information is available.
The company’s primary country of operation is the United States of America, its country of domicile. Other components of the company’s operations are reported as “International” (outside the United States).
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 and assets are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Nonbillable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three- and six-month period ended June 30, 2016, and 2015, are presented in the following table:
 
Three Months Ended
June 30
 
Six Months Ended
June 30
Segment Earnings
2016
 
2015
 
2016
 
2015
 
(Millions of dollars)
Upstream
 
 
 
 
 
 
 
United States
$
(1,113
)
 
$
(1,038
)
 
$
(1,963
)
 
$
(1,498
)
International
(1,349
)
 
(1,181
)
 
(1,958
)
 
839

Total Upstream
(2,462
)
 
(2,219
)
 
(3,921
)
 
(659
)
Downstream
 
 
 
 
 
 
 
United States
537

 
731

 
784

 
1,437

International
741

 
2,225

 
1,229

 
2,942

Total Downstream
1,278

 
2,956

 
2,013

 
4,379

Total Segment Earnings
(1,184
)
 
737

 
(1,908
)
 
3,720

All Other
 
 
 
 
 
 
 
Interest Income
17

 
16

 
32

 
32

Other
(303
)
 
(182
)
 
(319
)
 
(614
)
Net Income (Loss) Attributable to Chevron Corporation
$
(1,470
)
 
$
571

 
$
(2,195
)
 
$
3,138


Segment Assets Segment assets do not include intercompany investments or intercompany receivables. “All Other” assets consist primarily of worldwide cash, cash equivalents, time deposits and marketable securities; real estate; information systems; technology companies; and assets of the corporate administrative functions. Segment assets at June 30, 2016, and December 31, 2015, are as follows: 
Segment Assets
At June 30
2016
 
At December 31
2015
 
(Millions of dollars)
Upstream
 
 
 
United States 1
$
43,992

 
$
46,383

International 1
162,142

 
162,030

Goodwill
4,581

 
4,588

Total Upstream
210,715

 
213,001

Downstream
 
 
 
United States 1
21,949

 
21,404

International
15,868

 
14,982

Total Downstream
37,817

 
36,386

Total Segment Assets
248,532

 
249,387

All Other
 
 
 
United States 1,2
5,043

 
4,728

International
7,903

 
10,425

Total All Other
12,946

 
15,153

Total Assets — United States
70,984

 
72,515

Total Assets — International
185,913

 
187,437

Goodwill
4,581

 
4,588

Total Assets
$
261,478

 
$
264,540

____________________
 
 
 
1 2015 adjusted to conform to ASU 2015-17. Refer to Note 9, "Income Taxes" beginning on page 13.
2 2015 adjusted to conform to ASU 2015-03. Refer to Note 5, "New Accounting Standards" on page 10.

Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and six-month period ended June 30, 2016, and 2015, are presented in the following table. 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 and natural gas, 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 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.
 
Three Months Ended
June 30
 
Six Months Ended
June 30
 Sales and Other Operating Revenues
2016
 
2015
 
2016
 
2015
 
(Millions of dollars)
Upstream
 
 
 
 
 
 
 
United States
$
2,467

 
$
3,533

 
$
4,539

 
$
6,882

International
5,377

 
7,408

 
10,398

 
14,623

Subtotal
7,844

 
10,941

 
14,937

 
21,505

Intersegment Elimination — United States
(1,810
)
 
(2,553
)
 
(3,141
)
 
(4,664
)
Intersegment Elimination — International
(2,278
)
 
(3,281
)
 
(4,207
)
 
(6,273
)
Total Upstream
3,756

 
5,107

 
7,589

 
10,568

Downstream
 
 
 
 
 
 
 
United States
11,716

 
15,107

 
20,883

 
27,541

International
12,539

 
16,978

 
22,847

 
31,842

Subtotal
24,255

 
32,085

 
43,730

 
59,383

Intersegment Elimination — United States
(4
)
 
(8
)
 
(8
)
 
(14
)
Intersegment Elimination — International
(196
)
 
(388
)
 
(459
)
 
(862
)
Total Downstream
24,055

 
31,689

 
43,263

 
58,507

All Other
 
 
 
 
 
 
 
United States
296

 
438

 
545

 
763

International
11

 
10

 
19

 
17

Subtotal
307

 
448

 
564

 
780

Intersegment Elimination — United States
(264
)
 
(407
)
 
(484
)
 
(697
)
Intersegment Elimination — International
(10
)
 
(8
)
 
(18
)
 
(14
)
Total All Other
33

 
33

 
62

 
69

Sales and Other Operating Revenues
 
 
 
 
 
 
 
United States
14,479

 
19,078

 
25,967

 
35,186

International
17,927

 
24,396

 
33,264

 
46,482

Subtotal
32,406

 
43,474

 
59,231

 
81,668

Intersegment Elimination — United States
(2,078
)
 
(2,968
)
 
(3,633
)
 
(5,375
)
Intersegment Elimination — International
(2,484
)
 
(3,677
)
 
(4,684
)
 
(7,149
)
Total Sales and Other Operating Revenues
$
27,844

 
$
36,829

 
$
50,914

 
$
69,144