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Operating Segments and Geographic Data
 3 Months Ended
Mar. 31, 2021
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 the 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-month periods ended March 31, 2021 and 2020, are presented in the following table:
Three Months Ended
March 31
20212020
Segment Earnings(Millions of dollars)
Upstream
United States$941 $241 
International1,409 2,679 
Total Upstream2,350 2,920 
Downstream
United States(130)450 
International135 653 
Total Downstream5 1,103 
Total Segment Earnings2,355 4,023 
All Other
Interest expense(184)(154)
Interest income8 23 
Other(802)(293)
Net Income Attributable to Chevron Corporation$1,377 $3,599 
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at March 31, 2021, and December 31, 2020, are as follows: 
At March 31,
2021		At December 31,
2020
Segment Assets(Millions of dollars)
Upstream
United States $42,093 $42,431 
International 143,420 144,476 
Goodwill4,402 4,402 
Total Upstream189,915 191,309 
Downstream
United States 24,464 23,490 
International17,018 16,096 
Total Downstream41,482 39,586 
Total Segment Assets231,397 230,895 
All Other
United States 3,717 4,017 
International6,531 4,878 
Total All Other10,248 8,895 
Total Assets — United States70,274 69,938 
Total Assets — International166,969 165,450 
Goodwill4,402 4,402 
Total Assets$241,645 $239,790 
Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three-month periods ended March 31, 2021 and 2020, 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
March 31
20212020
Sales and Other Operating Revenues(Millions of dollars)
Upstream
United States$5,791 $4,466 
International8,790 9,013 
Subtotal14,581 13,479 
Intersegment Elimination — United States(2,855)(2,812)
Intersegment Elimination — International(2,375)(2,541)
Total Upstream9,351 8,126 
Downstream
United States10,854 11,186 
International11,582 12,173 
Subtotal22,436 23,359 
Intersegment Elimination — United States(466)(1,260)
Intersegment Elimination — International(269)(585)
Total Downstream21,701 21,514 
All Other
United States24 210 
International— 2 
Subtotal24 212 
Intersegment Elimination — United States— (145)
Intersegment Elimination — International— (2)
Total All Other24 65 
Sales and Other Operating Revenues
United States16,669 15,862 
International20,372 21,188 
Subtotal37,041 37,050 
Intersegment Elimination — United States(3,321)(4,217)
Intersegment Elimination — International(2,644)(3,128)
Total Sales and Other Operating Revenues$31,076 $29,705