Operating Segments and Geographic Data (Tables)

6 Months Ended

Jun. 30, 2020

Earnings by major operating area for the three- and six-month periods ended June 30, 2020 and 2019, are presented in the following table:


	Three Months Ended June 30						Six Months Ended June 30
	2020		2019		2020		2019
Segment Earnings	(Millions of dollars)						(Millions of dollars)
Upstream
United States	$	(2,066)	$	896	$	(1,825)	$	1,644
International	(4,023)		2,587		(1,344)		4,962
Total Upstream	(6,089)		3,483		(3,169)		6,606
Downstream
United States	(988)		465		(538)		682
International	(22)		264		631		299
Total Downstream	(1,010)		729		93		981
Total Segment Earnings	(7,099)		4,212		(3,076)		7,587
All Other
Interest expense	(164)		(189)		(318)		(404)
Interest income	13		43		36		94
Other	(1,020)		239		(1,313)		(323)
Net Income Attributable to Chevron Corporation	$	(8,270)	$	4,305	$	(4,671)	$	6,954

Segment Assets

Segment assets at June 30, 2020, and December 31, 2019, are as follows:


	At June 30, 2020		At December 31, 2019
Segment Assets	(Millions of dollars)
Upstream
United States	$	33,869	$	35,926
International	136,075		145,648
Goodwill	4,416		4,463
Total Upstream	174,360		186,037
Downstream
United States	23,001		25,197
International	15,849		16,955
Total Downstream	38,850		42,152
Total Segment Assets	213,210		228,189
All Other
United States	4,975		3,475
International	5,218		5,764
Total All Other	10,193		9,239
Total Assets — United States	61,845		64,598
Total Assets — International	157,142		168,367
Goodwill	4,416		4,463
Total Assets	$	223,403	$	237,428

Segment Sales and Other Operating Revenues

Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and six-month periods ended June 30, 2020 and 2019, 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
	2020		2019		2020		2019
Sales and Other Operating Revenues	(Millions of dollars)						(Millions of dollars)
Upstream
United States	$	2,544	$	5,927	$	7,010	$	11,809
International	4,554		8,977		13,567		18,346
Subtotal	7,098		14,904		20,577		30,155
Intersegment Elimination — United States	(1,420)		(3,865)		(4,232)		(7,384)
Intersegment Elimination — International	(1,021)		(3,104)		(3,562)		(6,396)
Total Upstream	4,657		7,935		12,783		16,375
Downstream
United States	5,235		14,855		16,421		27,243
International	6,519		14,701		18,692		29,208
Subtotal	11,754		29,556		35,113		56,451
Intersegment Elimination — United States	(332)		(1,042)		(1,592)		(1,989)
Intersegment Elimination — International	(186)		(186)		(771)		(451)
Total Downstream	11,236		28,328		32,750		54,011
All Other
United States	227		271		437		493
International	6		5		8		7
Subtotal	233		276		445		500
Intersegment Elimination — United States	(194)		(211)		(339)		(367)
Intersegment Elimination — International	(6)		(5)		(8)		(7)
Total All Other	33		60		98		126
Sales and Other Operating Revenues
United States	8,006		21,053		23,868		39,545
International	11,079		23,683		32,267		47,561
Subtotal	19,085		44,736		56,135		87,106
Intersegment Elimination — United States	(1,946)		(5,118)		(6,163)		(9,740)
Intersegment Elimination — International	(1,213)		(3,295)		(4,341)		(6,854)
Total Sales and Other Operating Revenues	$	15,926	$	36,323	$	45,631	$	70,512