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Operating Segments and Geographic Data
 9 Months Ended
Sep. 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 nine-month periods ended September 30, 2016, and 2015, are presented in the following table:
 
Three Months Ended
September 30
 
Nine Months Ended
September 30
Segment Earnings
2016
 
2015
 
2016
 
2015
 
(Millions of dollars)
Upstream
 
 
 
 
 
 
 
United States
$
(212
)
 
$
(603
)
 
$
(2,175
)
 
$
(2,101
)
International
666

 
662

 
(1,292
)
 
1,501

Total Upstream
454

 
59

 
(3,467
)
 
(600
)
Downstream
 
 
 
 
 
 
 
United States
523

 
1,249

 
1,307

 
2,686

International
542

 
962

 
1,771

 
3,904

Total Downstream
1,065

 
2,211

 
3,078

 
6,590

Total Segment Earnings
1,519

 
2,270

 
(389
)
 
5,990

All Other
 
 
 
 
 
 
 
Interest expense
(53
)
 
—

 
(120
)
 
—

Interest income
15

 
16

 
47

 
49

Other
(198
)
 
(249
)
 
(450
)
 
(864
)
Net Income (Loss) Attributable to Chevron Corporation
$
1,283

 
$
2,037

 
$
(912
)
 
$
5,175


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 September 30, 2016, and December 31, 2015, are as follows: 
Segment Assets
At September 30
2016
 
At December 31
2015
 
(Millions of dollars)
Upstream
 
 
 
United States 1
$
42,914

 
$
46,383

International 1
163,681

 
162,030

Goodwill
4,581

 
4,588

Total Upstream
211,176

 
213,001

Downstream
 
 
 
United States 1
21,416

 
21,404

International
15,887

 
14,982

Total Downstream
37,303

 
36,386

Total Segment Assets
248,479

 
249,387

All Other
 
 
 
United States 1,2
5,125

 
4,728

International
6,259

 
10,425

Total All Other
11,384

 
15,153

Total Assets — United States
69,455

 
72,515

Total Assets — International
185,827

 
187,437

Goodwill
4,581

 
4,588

Total Assets
$
259,863

 
$
264,540

____________________
 
 
 
1 2015 adjusted to conform to ASU 2015-17. Refer to Note 10, "Income Taxes" beginning on page 14.
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 nine-month periods ended September 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
September 30
 
Nine Months Ended
September 30
 Sales and Other Operating Revenues
2016
 
2015
 
2016
 
2015
 
(Millions of dollars)
Upstream
 
 
 
 
 
 
 
United States
$
2,847

 
$
3,207

 
$
7,386

 
$
10,089

International
5,927

 
6,540

 
16,325

 
21,163

Subtotal
8,774

 
9,747

 
23,711

 
31,252

Intersegment Elimination — United States
(1,979
)
 
(2,165
)
 
(5,120
)
 
(6,829
)
Intersegment Elimination — International
(2,742
)
 
(2,774
)
 
(6,949
)
 
(9,047
)
Total Upstream
4,053

 
4,808

 
11,642

 
15,376

Downstream
 
 
 
 
 
 
 
United States
11,958

 
13,795

 
32,841

 
41,336

International
13,415

 
14,484

 
36,262

 
46,326

Subtotal
25,373

 
28,279

 
69,103

 
87,662

Intersegment Elimination — United States
(4
)
 
(6
)
 
(12
)
 
(20
)
Intersegment Elimination — International
(303
)
 
(360
)
 
(762
)
 
(1,222
)
Total Downstream
25,066

 
27,913

 
68,329

 
86,420

All Other
 
 
 
 
 
 
 
United States
280

 
413

 
825

 
1,176

International
10

 
13

 
29

 
30

Subtotal
290

 
426

 
854

 
1,206

Intersegment Elimination — United States
(240
)
 
(368
)
 
(724
)
 
(1,065
)
Intersegment Elimination — International
(10
)
 
(12
)
 
(28
)
 
(26
)
Total All Other
40

 
46

 
102

 
115

Sales and Other Operating Revenues
 
 
 
 
 
 
 
United States
15,085

 
17,415

 
41,052

 
52,601

International
19,352

 
21,037

 
52,616

 
67,519

Subtotal
34,437

 
38,452

 
93,668

 
120,120

Intersegment Elimination — United States
(2,223
)
 
(2,539
)
 
(5,856
)
 
(7,914
)
Intersegment Elimination — International
(3,055
)
 
(3,146
)
 
(7,739
)
 
(10,295
)
Total Sales and Other Operating Revenues
$
29,159

 
$
32,767

 
$
80,073

 
$
101,911