000009341012/312023Q1false00000934102023-01-012023-03-3100000934102023-03-31xbrli:sharesiso4217:USD00000934102022-01-012022-03-31iso4217:USDxbrli:shares00000934102022-12-3100000934102021-12-3100000934102022-03-310000093410us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2021-12-310000093410us-gaap:RetainedEarningsMember2021-12-310000093410us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000093410us-gaap:TreasuryStockCommonMember2021-12-310000093410us-gaap:ParentMember2021-12-310000093410us-gaap:NoncontrollingInterestMember2021-12-310000093410us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-01-012022-03-310000093410us-gaap:ParentMember2022-01-012022-03-310000093410us-gaap:RetainedEarningsMember2022-01-012022-03-310000093410us-gaap:NoncontrollingInterestMember2022-01-012022-03-310000093410us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000093410us-gaap:TreasuryStockCommonMember2022-01-012022-03-310000093410us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-03-310000093410us-gaap:RetainedEarningsMember2022-03-310000093410us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000093410us-gaap:TreasuryStockCommonMember2022-03-310000093410us-gaap:ParentMember2022-03-310000093410us-gaap:NoncontrollingInterestMember2022-03-310000093410us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-12-310000093410us-gaap:RetainedEarningsMember2022-12-310000093410us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000093410us-gaap:TreasuryStockCommonMember2022-12-310000093410us-gaap:ParentMember2022-12-310000093410us-gaap:NoncontrollingInterestMember2022-12-310000093410us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-01-012023-03-310000093410us-gaap:ParentMember2023-01-012023-03-310000093410us-gaap:RetainedEarningsMember2023-01-012023-03-310000093410us-gaap:NoncontrollingInterestMember2023-01-012023-03-310000093410us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000093410us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000093410us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-03-310000093410us-gaap:RetainedEarningsMember2023-03-310000093410us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000093410us-gaap:TreasuryStockCommonMember2023-03-310000093410us-gaap:ParentMember2023-03-310000093410us-gaap:NoncontrollingInterestMember2023-03-310000093410us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310000093410us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310000093410us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310000093410us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000093410us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-03-310000093410us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-03-310000093410us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-03-310000093410us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-03-310000093410us-gaap:AccumulatedTranslationAdjustmentMember2022-03-310000093410us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310000093410us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310000093410us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310000093410us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000093410us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000093410us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310000093410us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000093410us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-03-310000093410us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-310000093410us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-03-310000093410us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-03-310000093410us-gaap:AccumulatedTranslationAdjustmentMember2023-03-310000093410us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310000093410us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-03-310000093410us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-03-310000093410us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-03-310000093410cvx:TengizchevroilLlpMember2023-03-31xbrli:pure0000093410cvx:TengizchevroilLlpMember2023-03-310000093410cvx:TengizchevroilLlpMember2023-01-012023-03-310000093410cvx:TengizchevroilLlpMember2022-01-012022-03-310000093410cvx:ChevronUsaIncMember2023-01-012023-03-310000093410cvx:ChevronUsaIncMember2022-01-012022-03-310000093410cvx:ChevronUsaIncMember2023-03-310000093410cvx:ChevronUsaIncMember2022-12-31cvx:segment0000093410us-gaap:OperatingSegmentsMembercountry:UScvx:UpstreamMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:UpstreamMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:UpstreamMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:UpstreamMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMembercvx:UpstreamMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMembercvx:UpstreamMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:DownstreamMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:DownstreamMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:DownstreamMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:DownstreamMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMembercvx:DownstreamMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMembercvx:DownstreamMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMember2022-01-012022-03-310000093410us-gaap:MaterialReconcilingItemsMember2023-01-012023-03-310000093410us-gaap:MaterialReconcilingItemsMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:UpstreamMember2023-03-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:UpstreamMember2022-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:UpstreamMember2023-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:UpstreamMember2022-12-310000093410us-gaap:OperatingSegmentsMembercvx:UpstreamMember2023-03-310000093410us-gaap:OperatingSegmentsMembercvx:UpstreamMember2022-12-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:DownstreamMember2023-03-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:DownstreamMember2022-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:DownstreamMember2023-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:DownstreamMember2022-12-310000093410us-gaap:OperatingSegmentsMembercvx:DownstreamMember2023-03-310000093410us-gaap:OperatingSegmentsMembercvx:DownstreamMember2022-12-310000093410us-gaap:OperatingSegmentsMember2023-03-310000093410us-gaap:OperatingSegmentsMember2022-12-310000093410country:USus-gaap:MaterialReconcilingItemsMember2023-03-310000093410country:USus-gaap:MaterialReconcilingItemsMember2022-12-310000093410us-gaap:NonUsMemberus-gaap:MaterialReconcilingItemsMember2023-03-310000093410us-gaap:NonUsMemberus-gaap:MaterialReconcilingItemsMember2022-12-310000093410us-gaap:MaterialReconcilingItemsMember2023-03-310000093410us-gaap:MaterialReconcilingItemsMember2022-12-310000093410country:US2023-03-310000093410country:US2022-12-310000093410us-gaap:NonUsMember2023-03-310000093410us-gaap:NonUsMember2022-12-310000093410us-gaap:OperatingSegmentsMembercountry:USus-gaap:OilAndGasMembercvx:UpstreamMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMembercountry:USus-gaap:OilAndGasMembercvx:UpstreamMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMemberus-gaap:OilAndGasMembercvx:UpstreamMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMemberus-gaap:OilAndGasMembercvx:UpstreamMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:OilAndGasMembercvx:UpstreamMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:OilAndGasMembercvx:UpstreamMember2022-01-012022-03-310000093410country:USus-gaap:OilAndGasMemberus-gaap:IntersegmentEliminationMembercvx:UpstreamMember2023-01-012023-03-310000093410country:USus-gaap:OilAndGasMemberus-gaap:IntersegmentEliminationMembercvx:UpstreamMember2022-01-012022-03-310000093410us-gaap:NonUsMemberus-gaap:OilAndGasMemberus-gaap:IntersegmentEliminationMembercvx:UpstreamMember2023-01-012023-03-310000093410us-gaap:NonUsMemberus-gaap:OilAndGasMemberus-gaap:IntersegmentEliminationMembercvx:UpstreamMember2022-01-012022-03-310000093410us-gaap:OilAndGasMembercvx:UpstreamMember2023-01-012023-03-310000093410us-gaap:OilAndGasMembercvx:UpstreamMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMembercountry:USus-gaap:OilAndGasMembercvx:DownstreamMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMembercountry:USus-gaap:OilAndGasMembercvx:DownstreamMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMemberus-gaap:OilAndGasMembercvx:DownstreamMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMemberus-gaap:OilAndGasMembercvx:DownstreamMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:OilAndGasMembercvx:DownstreamMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:OilAndGasMembercvx:DownstreamMember2022-01-012022-03-310000093410country:USus-gaap:OilAndGasMemberus-gaap:IntersegmentEliminationMembercvx:DownstreamMember2023-01-012023-03-310000093410country:USus-gaap:OilAndGasMemberus-gaap:IntersegmentEliminationMembercvx:DownstreamMember2022-01-012022-03-310000093410us-gaap:NonUsMemberus-gaap:OilAndGasMemberus-gaap:IntersegmentEliminationMembercvx:DownstreamMember2023-01-012023-03-310000093410us-gaap:NonUsMemberus-gaap:OilAndGasMemberus-gaap:IntersegmentEliminationMembercvx:DownstreamMember2022-01-012022-03-310000093410us-gaap:OilAndGasMembercvx:DownstreamMember2023-01-012023-03-310000093410us-gaap:OilAndGasMembercvx:DownstreamMember2022-01-012022-03-310000093410country:USus-gaap:OilAndGasMemberus-gaap:CorporateNonSegmentMember2023-01-012023-03-310000093410country:USus-gaap:OilAndGasMemberus-gaap:CorporateNonSegmentMember2022-01-012022-03-310000093410us-gaap:NonUsMemberus-gaap:OilAndGasMemberus-gaap:CorporateNonSegmentMember2023-01-012023-03-310000093410us-gaap:NonUsMemberus-gaap:OilAndGasMemberus-gaap:CorporateNonSegmentMember2022-01-012022-03-310000093410us-gaap:OilAndGasMemberus-gaap:CorporateNonSegmentMember2023-01-012023-03-310000093410us-gaap:OilAndGasMemberus-gaap:CorporateNonSegmentMember2022-01-012022-03-310000093410country:USus-gaap:OilAndGasMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310000093410country:USus-gaap:OilAndGasMemberus-gaap:IntersegmentEliminationMember2022-01-012022-03-310000093410us-gaap:NonUsMemberus-gaap:OilAndGasMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310000093410us-gaap:NonUsMemberus-gaap:OilAndGasMemberus-gaap:IntersegmentEliminationMember2022-01-012022-03-310000093410cvx:CorporateAndEliminationsMemberus-gaap:OilAndGasMember2023-01-012023-03-310000093410cvx:CorporateAndEliminationsMemberus-gaap:OilAndGasMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMembercountry:USus-gaap:OilAndGasMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMembercountry:USus-gaap:OilAndGasMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMemberus-gaap:OilAndGasMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMemberus-gaap:OilAndGasMember2022-01-012022-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:OilAndGasMember2023-01-012023-03-310000093410us-gaap:OperatingSegmentsMemberus-gaap:OilAndGasMember2022-01-012022-03-310000093410country:USus-gaap:OilAndGasMembersrt:GeographyEliminationsMember2023-01-012023-03-310000093410country:USus-gaap:OilAndGasMembersrt:GeographyEliminationsMember2022-01-012022-03-310000093410us-gaap:NonUsMemberus-gaap:OilAndGasMembersrt:GeographyEliminationsMember2023-01-012023-03-310000093410us-gaap:NonUsMemberus-gaap:OilAndGasMembersrt:GeographyEliminationsMember2022-01-012022-03-310000093410us-gaap:OilAndGasMember2023-01-012023-03-310000093410us-gaap:OilAndGasMember2022-01-012022-03-310000093410us-gaap:PensionPlansDefinedBenefitMembercountry:US2023-01-012023-03-310000093410us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-01-012022-03-310000093410us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-03-310000093410us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-03-310000093410us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-03-310000093410us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-03-310000093410us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-03-310000093410us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-03-310000093410us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2023-03-310000093410cvx:EcuadorLitigationMemberus-gaap:PendingLitigationMember1991-01-011991-12-310000093410cvx:EcuadorLitigationMemberus-gaap:PendingLitigationMember2011-02-012011-02-280000093410cvx:ClimateChangeMemberus-gaap:PendingLitigationMember2023-03-31cvx:lawsuit0000093410cvx:ClimateChangeMember2023-01-012023-03-310000093410cvx:CoastalErosionMemberus-gaap:PendingLitigationMember2023-03-310000093410us-gaap:FairValueMeasurementsRecurringMember2023-03-310000093410us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000093410us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000093410us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000093410us-gaap:FairValueMeasurementsRecurringMember2022-12-310000093410us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000093410us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000093410us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2023-03-310000093410us-gaap:FairValueInputsLevel1Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000093410us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000093410us-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2022-12-310000093410us-gaap:FairValueInputsLevel1Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000093410us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000093410us-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-03-310000093410us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-03-310000093410us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-03-310000093410us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-03-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000093410us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000093410us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000093410us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000093410srt:MaximumMember2023-01-012023-03-310000093410us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-03-310000093410us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000093410us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000093410us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000093410us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-03-310000093410us-gaap:OtherLongTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2023-03-310000093410us-gaap:CommodityContractMembercvx:AccountsAndNotesReceivableNetMember2023-03-310000093410us-gaap:CommodityContractMembercvx:AccountsAndNotesReceivableNetMember2022-12-310000093410cvx:LongTermReceivablesNetMemberus-gaap:CommodityContractMember2023-03-310000093410cvx:LongTermReceivablesNetMemberus-gaap:CommodityContractMember2022-12-310000093410us-gaap:CommodityContractMember2023-03-310000093410us-gaap:CommodityContractMember2022-12-310000093410us-gaap:CommodityContractMemberus-gaap:AccountsPayableMember2023-03-310000093410us-gaap:CommodityContractMemberus-gaap:AccountsPayableMember2022-12-310000093410us-gaap:CommodityContractMembercvx:DeferredCreditsAndOtherNoncurrentObligationsMember2023-03-310000093410us-gaap:CommodityContractMembercvx:DeferredCreditsAndOtherNoncurrentObligationsMember2022-12-310000093410us-gaap:SalesMemberus-gaap:CommodityContractMember2023-01-012023-03-310000093410us-gaap:SalesMemberus-gaap:CommodityContractMember2022-01-012022-03-310000093410cvx:PurchasedCrudeOilAndProductsMemberus-gaap:CommodityContractMember2023-01-012023-03-310000093410cvx:PurchasedCrudeOilAndProductsMemberus-gaap:CommodityContractMember2022-01-012022-03-310000093410us-gaap:OtherIncomeMemberus-gaap:CommodityContractMember2023-01-012023-03-310000093410us-gaap:OtherIncomeMemberus-gaap:CommodityContractMember2022-01-012022-03-310000093410us-gaap:CommodityContractMember2023-01-012023-03-310000093410us-gaap:CommodityContractMember2022-01-012022-03-310000093410us-gaap:SalesMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310000093410us-gaap:SalesMemberus-gaap:CashFlowHedgingMember2022-01-012022-03-310000093410us-gaap:NondesignatedMember2023-03-310000093410us-gaap:DesignatedAsHedgingInstrumentMember2023-03-310000093410us-gaap:NondesignatedMember2022-12-310000093410us-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000093410cvx:InvestmentsInAndAdvanceToAffiliatesSubsidiariesAssociatesAndJointVenturesMember2023-03-310000093410cvx:InvestmentsInAndAdvanceToAffiliatesSubsidiariesAssociatesAndJointVenturesMember2022-12-31

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-00368
Chevron Corporation
(Exact name of registrant as specified in its charter)
6001 Bollinger Canyon Road
Delaware94-0890210San Ramon,California94583-2324
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (925842-1000
NONE
(Former name, former address and former fiscal year, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $.75 per shareCVXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes          No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes          No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes         No  

There were 1,894,215,264 shares of the company’s common stock outstanding on March 31, 2023.


Table of Contents

TABLE OF CONTENTS
 
 Page No.
FINANCIAL INFORMATION
OTHER INFORMATION
1

Table of Contents

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This quarterly report on Form 10-Q of Chevron Corporation contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 26 of the company's 2022 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.
2

Table of Contents

PART I.
FINANCIAL INFORMATION
 
Item 1.Consolidated Financial Statements
CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
 
 Three Months Ended
March 31
 20232022
 (Millions of dollars, except per-share amounts)
Revenues and Other Income
Sales and other operating revenues$48,842 $52,314 
Income (loss) from equity affiliates1,588 2,085 
Other income (loss)363 (26)
Total Revenues and Other Income50,793 54,373 
Costs and Other Deductions
Purchased crude oil and products29,407 33,411 
Operating expenses6,021 5,638 
Selling, general and administrative expenses881 967 
Exploration expenses190 209 
Depreciation, depletion and amortization3,526 3,654 
Taxes other than on income1,096 1,240 
Interest and debt expense115 136 
Other components of net periodic benefit costs38 64 
Total Costs and Other Deductions41,274 45,319 
Income (Loss) Before Income Tax Expense9,519 9,054 
Income Tax Expense (Benefit)2,914 2,777 
Net Income (Loss)6,605 6,277 
Less: Net income (loss) attributable to noncontrolling interests31 18 
Net Income (Loss) Attributable to Chevron Corporation$6,574 $6,259 
Per Share of Common Stock
Net Income (Loss) Attributable to Chevron Corporation
- Basic$3.48 $3.23 
- Diluted$3.46 $3.22 
Weighted Average Number of Shares Outstanding (000s)
- Basic1,891,695 1,935,668 
- Diluted1,900,785 1,944,542 
See accompanying notes to consolidated financial statements.
3

Table of Contents

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
March 31
 20232022
(Millions of dollars)
Net Income (Loss)$6,605 $6,277 
Currency translation adjustment7 (11)
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period(4) 
Derivatives
Net derivatives gain (loss) on hedge transactions2 2 
Reclassification to net income15  
Income taxes on derivatives transactions(4) 
Total13 2 
Defined benefit plans
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements48 158 
Actuarial gain (loss) arising during period 139 
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments(3)(4)
Prior service (costs) credits arising during period  
Defined benefit plans sponsored by equity affiliates - benefit (cost)6 6 
 Income (taxes) benefit on defined benefit plans(10)(53)
Total41 246 
Other Comprehensive Gain (Loss), Net of Tax57 237 
Comprehensive Income (Loss)6,662 6,514 
Comprehensive loss (income) attributable to noncontrolling interests(31)(18)
Comprehensive Income (Loss) Attributable to Chevron Corporation$6,631 $6,496 





See accompanying notes to consolidated financial statements.
4

Table of Contents

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
At March 31,
2023
At December 31,
2022
(Millions of dollars)
Assets
Cash and cash equivalents$15,668 $17,678 
Marketable securities130 223 
Accounts and notes receivable (less allowance: 2023 - $447; 2022 - $457)
19,021 20,456 
Inventories:
Crude oil and products6,268 5,866 
Chemicals553 515 
Materials, supplies and other2,411 1,866 
Total inventories9,232 8,247 
Prepaid expenses and other current assets4,300 3,739 
Total Current Assets48,351 50,343 
Long-term receivables (less allowance: 2023 - $504; 2022 - $552)
1,036 1,069 
Investments and advances46,248 45,238 
Properties, plant and equipment, at cost330,409 327,785 
Less: Accumulated depreciation, depletion and amortization187,458 184,194 
Properties, plant and equipment, net142,951 143,591 
Deferred charges and other assets12,146 12,310 
Goodwill4,722 4,722 
Assets held for sale432 436 
Total Assets$255,886 $257,709 
Liabilities and Equity
Short-term debt
$2,931 $1,964 
Accounts payable17,942 18,955 
Accrued liabilities6,658 7,486 
Federal and other taxes on income4,883 4,381 
Other taxes payable1,321 1,422 
Total Current Liabilities33,735 34,208 
Long-term debt20,275 21,375 
Deferred credits and other noncurrent obligations19,606 20,396 
Noncurrent deferred income taxes17,736 17,131 
Noncurrent employee benefit plans4,100 4,357 
Total Liabilities*
$95,452 $97,467 
Preferred stock (authorized 100,000,000 shares; $1.00 par value; none issued)
  
Common stock (authorized 6,000,000,000 shares, $0.75 par value; 2,442,676,580 shares issued at March 31, 2023 and December 31, 2022)
1,832 1,832 
Capital in excess of par value18,714 18,660 
Retained earnings193,738 190,024 
Accumulated other comprehensive losses(2,741)(2,798)
Deferred compensation and benefit plan trust(240)(240)
Treasury stock, at cost (548,461,316 and 527,460,237 shares at March 31, 2023 and December 31, 2022, respectively)
(51,854)(48,196)
Total Chevron Corporation Stockholders’ Equity159,449 159,282 
Noncontrolling interests (includes redeemable noncontrolling interest of $145 and $142 at March 31, 2023 and December 31, 2022)
985 960 
Total Equity160,434 160,242 
Total Liabilities and Equity$255,886 $257,709 





See accompanying notes to consolidated financial statements.
5

Table of Contents

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31
 20232022
(Millions of dollars)
Operating Activities
Net Income (Loss)$6,605 $6,277 
Adjustments
Depreciation, depletion and amortization3,526 3,654 
Dry hole expense105 135 
Distributions more (less) than income from equity affiliates(901)(1,441)
Net before-tax losses (gains) on asset retirements and sales34 (99)
Net foreign currency effects23 248 
Deferred income tax provision790 626 
Net decrease (increase) in operating working capital(1,815)(937)
Decrease (increase) in long-term receivables36 86 
Net decrease (increase) in other deferred charges(185)(56)
Cash contributions to employee pension plans(345)(463)
Other(668)25 
Net Cash Provided by Operating Activities7,205 8,055 
Investing Activities
Capital expenditures(3,038)(1,960)
Proceeds and deposits related to asset sales and returns of investment219 1,283 
Net sales (purchases) of marketable securities95  
Net repayment (borrowing) of loans by equity affiliates(83)12 
Net Cash Used for Investing Activities(2,807)(665)
Financing Activities
Net borrowings (repayments) of short-term obligations(87)61 
Repayments of long-term debt and other financing obligations(13)(2,062)
Cash dividends - common stock(2,857)(2,746)
Net contributions from (distributions to) noncontrolling interests(9)(5)
Net sales (purchases) of treasury shares(3,607)3,386 
Net Cash Provided by (Used for) Financing Activities(6,573)(1,366)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(47)(13)
Net Change in Cash, Cash Equivalents and Restricted Cash(2,222)6,011 
Cash, Cash Equivalents and Restricted Cash at January 119,121 6,795 
Cash, Cash Equivalents and Restricted Cash at March 31
$16,899 $12,806 





See accompanying notes to consolidated financial statements.
6

Table of Contents

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(Unaudited)
(Millions of dollars)AccumulatedTreasuryChevron Corp.Non-
CommonRetainedOther Comp.StockStockholders’ControllingTotal
Three Months Ended March 31
Stock(1)
EarningsIncome (Loss)(at cost)EquityInterestsEquity
Balance at December 31, 2021$18,874 $165,546 $(3,889)$(41,464)$139,067 $873 $139,940 
Treasury stock transactions16 — — — 16 — 16 
Net income (loss)— 6,259 — — 6,259 18 6,277 
Cash dividends ($1.42 per share)
— (2,746)— — (2,746)(5)(2,751)
Stock dividends— — — —  —  
Other comprehensive income— — 237 — 237 — 237 
Purchases of treasury shares— — — (1,255)(1,255)— (1,255)
Issuances of treasury shares1,080 — — 3,561 4,641 — 4,641 
Other changes, net— — — —  (5)(5)
Balance at March 31, 2022$19,970 $169,059 $(3,652)$(39,158)$146,219 $881 $147,100 
Balance at December 31, 2022$20,252 $190,024 $(2,798)$(48,196)$159,282 $960 $160,242 
Treasury stock transactions38 — — — 38 — 38 
Net income (loss)— 6,574 — — 6,574 31 6,605 
Cash dividends ($1.51 per share)
— (2,857)— — (2,857)(9)(2,866)
Stock dividends— (1)— — (1)— (1)
Other comprehensive income— — 57 — 57 — 57 
Purchases of treasury shares(2)
— — — (3,788)(3,788)— (3,788)
Issuances of treasury shares16 — — 130 146 — 146 
Other changes, net — (2)— — (2)3 1 
Balance at March 31, 2023$20,306 $193,738 $(2,741)$(51,854)$159,449 $985 $160,434 
(Number of Shares)Common Stock - 2023Common Stock - 2022
Three Months Ended March 31
Issued(3)
TreasuryOutstanding
Issued(3)
TreasuryOutstanding
Balance at December 312,442,676,580 (527,460,237)1,915,216,343 2,442,676,580 (512,870,523)1,929,806,057 
Purchases— (22,418,644)(22,418,644)— (8,897,011)(8,897,011)
Issuances— 1,417,565 1,417,565 — 43,904,410 43,904,410 
Balance at March 312,442,676,580 (548,461,316)1,894,215,264 2,442,676,580 (477,863,124)1,964,813,456 
(1) Beginning and ending balances for all periods include capital in excess of par, common stock issued at par for $1,832, and $(240) associated with Chevron’s Benefit Plan Trust. Changes reflect capital in excess of par.
(2) Includes excise tax on share repurchases.
(3) Beginning and ending total issued share balances include 14,168,000 shares associated with Chevron’s Benefit Plan Trust for all periods.





See accompanying notes to consolidated financial statements.
7

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. General
Basis of Presentation The accompanying consolidated financial statements of Chevron Corporation and its subsidiaries (together, Chevron or the company) have not been audited by an independent registered public accounting firm. In the opinion of the company’s management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. These adjustments were of a normal recurring nature. The results for the three-month period ended March 31, 2023, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron. Prior years’ data have been reclassified in certain cases to conform to the 2023 presentation basis.
Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the company’s 2022 Annual Report on Form 10-K.

Note 2. Changes in Accumulated Other Comprehensive Losses
The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the three months ended March 31, 2023 and 2022 are reflected in the table below.
Changes in Accumulated Other Comprehensive Income (Loss) by Component(1)
(Millions of dollars)
Currency Translation AdjustmentUnrealized Holding Gains (Losses) on SecuritiesDerivativesDefined Benefit PlansTotal
Balance at December 31, 2021$(162)$(11)$ $(3,716)$(3,889)
Components of Other Comprehensive Income (Loss):
Before Reclassifications(11) 2 117 108 
Reclassifications(2) (3)
   129 129 
Net Other Comprehensive Income (Loss)(11) 2 246 237 
Balance at March 31, 2022$(173)$(11)$2 $(3,470)$(3,652)
Balance at December 31, 2022$(203)$(12)$(12)$(2,571)$(2,798)
Components of Other Comprehensive Income (Loss):
Before Reclassifications7 (4)(2)6 7 
Reclassifications(2) (3)
  15 35 50 
Net Other Comprehensive Income (Loss)7 (4)13 41 57 
Balance at March 31, 2023$(196)$(16)$1 $(2,530)$(2,741)
(1)All amounts are net of tax.
(2)Refer to Note 13 Financial and Derivative Instruments for reclassified components of cash flow hedging.
(3)Refer to Note 7 Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $45 that are included in employee benefit costs for the three months ended March 31, 2023. Related income taxes for the same period, totaling $10, are reflected in “Income Tax Expense” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
8

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 3. Information Relating to the Consolidated Statement of Cash Flows
Three Months Ended
March 31
20232022
(Millions of dollars)
Distributions more (less) than income from equity affiliates included the following:
Distributions from equity affiliates$687 $644 
(Income) loss from equity affiliates(1,588)(2,085)
Distributions more (less) than income from equity affiliates$(901)$(1,441)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable$1,458 $(5,289)
Decrease (increase) in inventories(985)(222)
Decrease (increase) in prepaid expenses and other current assets (822)137 
Increase (decrease) in accounts payable and accrued liabilities (1,849)3,768 
Increase (decrease) in income and other taxes payable383 669 
Net decrease (increase) in operating working capital$(1,815)$(937)
Net cash provided by operating activities included the following cash payments:
Interest on debt (net of capitalized interest)$53 $47 
Income taxes1,830 1,071 
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales$131 $747 
Returns of investment from equity affiliates88 536 
Proceeds and deposits related to asset sales and returns of investment$219 $1,283 
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased$ $(2)
Marketable securities sold95 2 
Net sales (purchases) of marketable securities$95 $ 
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates$(103)$ 
Repayment of loans by equity affiliates20 12 
Net repayment (borrowing) of loans by equity affiliates$(83)$12 
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term debt obligations$ $ 
Repayments of short-term debt obligations  
Net borrowings (repayments) of short-term debt obligations with three months or less maturity(87)61 
Net borrowings (repayments) of short-term obligations$(87)$61 
Net sales (purchases) of treasury shares consisted of the following gross and net amounts:
Shares issued for share-based compensation plans$146 $4,641 
Shares purchased under share repurchase and deferred compensation plans (3,753)(1,255)
Net sales (purchases) of treasury shares$(3,607)$3,386 
Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts:
Distributions to noncontrolling interests$(9)$(5)
Contributions from noncontrolling interests  
Net contributions from (distributions to) noncontrolling interests$(9)$(5)
The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash.
9

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The “Other” line in the Operating Activities section includes changes in postretirement benefits obligations and other long-term liabilities.
The company paid dividends of $1.51 per share of common stock in first quarter 2023. This compares to dividends of $1.42 per share paid in the year-ago corresponding period.
The components of “Capital expenditures” are presented in the following table:
Three Months Ended
March 31
20232022
(Millions of dollars)
Additions to properties, plant and equipment
$2,907 $1,732 
Additions to investments111 158 
Current-year dry hole expenditures20 70 
Payments for other assets and liabilities, net  
Capital expenditures$3,038 $1,960 
The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet:
At March 31At December 31
2023202220222021
(Millions of dollars)(Millions of dollars)
Cash and cash equivalents$15,668 $11,671 $17,678 $5,640 
Restricted cash included in “Prepaid expenses and other current assets”357 317 630 333 
Restricted cash included in “Deferred charges and other assets”874 818 813 822 
Total cash, cash equivalents and restricted cash$16,899 $12,806 $19,121 $6,795 
Additional information related to restricted cash is included in Note 12 Fair Value Measurements under the heading “Restricted Cash.”
Note 4. Summarized Financial Data — Tengizchevroil LLP
Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Summarized financial information for 100 percent of TCO is presented in the following table:
Three Months Ended
March 31
 20232022
 (Millions of dollars)
Sales and other operating revenues$4,999 $6,187 
Costs and other deductions2,665 2,978 
Net income attributable to TCO$1,658 $2,233 
Note 5. Summarized Financial Data — Chevron U.S.A. Inc.
Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas and natural gas liquids and those associated with refining, marketing, and supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical LLC (CPChem) joint venture, which is accounted for using the equity method.
10

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The summarized financial information for CUSA and its consolidated subsidiaries is as follows:
Three Months Ended
March 31
20232022
(Millions of dollars)
Sales and other operating revenues$37,729 $41,502 
Costs and other deductions35,522 39,636 
Net income (loss) attributable to CUSA$1,830 $1,754 
At March 31,
2023
At December 31,
2022
 (Millions of dollars)
Current assets$18,348 $18,704 
Other assets50,969 50,153 
Current liabilities20,756 22,452 
Other liabilities19,582 19,274 
Total CUSA net equity$28,979 $27,131 
Memo: Total debt$10,628 $10,800 
Note 6. 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 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, 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 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).
11

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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 period ended March 31, 2023 and 2022, are presented in the following table:
Three Months Ended
March 31
20232022
Segment Earnings(Millions of dollars)
Upstream
United States$1,781 $3,238 
International3,380 3,696 
Total Upstream5,161 6,934 
Downstream
United States977 486 
International823 (155)
Total Downstream1,800 331 
Total Segment Earnings6,961 7,265 
All Other
Interest expense(106)(126)
Interest income152 10 
Other(433)(890)
Net Income Attributable to Chevron Corporation$6,574 $6,259 
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at March 31, 2023, and December 31, 2022, are as follows: 
At March 31,
2023
At December 31,
2022
Segment Assets(Millions of dollars)
Upstream
United States $44,621 $44,246 
International 132,891 134,489 
Goodwill4,370 4,370 
Total Upstream181,882 183,105 
Downstream
United States 32,075 31,676 
International22,114 21,193 
Goodwill352 352 
Total Downstream54,541 53,221 
Total Segment Assets236,423 236,326 
All Other
United States 14,084 17,861 
International5,379 3,522 
Total All Other19,463 21,383 
Total Assets — United States90,780 93,783 
Total Assets — International160,384 159,204 
Goodwill4,722 4,722 
Total Assets$255,886 $257,709 
12

Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three-month period ended March 31, 2023 and 2022, 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 primarily from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils, other products derived from crude oil, and manufacturing and marketing of renewable fuels. 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
20232022
Sales and Other Operating Revenues(Millions of dollars)
Upstream
United States$9,623 $11,316 
International11,196 13,502 
Subtotal20,819 24,818 
Intersegment Elimination — United States(5,902)(6,919)
Intersegment Elimination — International(2,606)(3,649)
Total Upstream12,311 14,250 
Downstream
United States19,390 19,771 
International19,105 19,607 
Subtotal38,495 39,378 
Intersegment Elimination — United States(