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Operating Segments and Geographic Data
 6 Months Ended
Jun. 30, 2023
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, 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).
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 periods ended June 30, 2023 and 2022, are presented in the following table:
Three Months Ended
June 30		Six Months Ended
June 30
2023202220232022
Segment Earnings(Millions of dollars)(Millions of dollars)
Upstream
United States$1,640 $3,367 $3,421 $6,605 
International3,296 5,191 6,676 8,887 
Total Upstream4,936 8,558 10,097 15,492 
Downstream
United States1,081 2,440 2,058 2,926 
International426 1,083 1,249 928 
Total Downstream1,507 3,523 3,307 3,854 
Total Segment Earnings6,443 12,081 13,404 19,346 
All Other
Interest expense(111)(120)(217)(246)
Interest income146 29 298 39 
Other(468)(368)(901)(1,258)
Net Income Attributable to Chevron Corporation$6,010 $11,622 $12,584 $17,881 
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at June 30, 2023, and December 31, 2022, are as follows: 
At June 30,
2023		At December 31,
2022
Segment Assets(Millions of dollars)
Upstream
United States $45,736 $44,246 
International 133,364 134,489 
Goodwill4,370 4,370 
Total Upstream183,470 183,105 
Downstream
United States 33,403 31,676 
International21,014 21,193 
Goodwill352 352 
Total Downstream54,769 53,221 
Total Segment Assets238,239 236,326 
All Other
United States 11,231 17,861 
International2,309 3,522 
Total All Other13,540 21,383 
Total Assets — United States90,370 93,783 
Total Assets — International156,687 159,204 
Goodwill4,722 4,722 
Total Assets$251,779 $257,709 
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, 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
June 30		Six Months Ended
June 30
2023202220232022
Sales and Other Operating Revenues(Millions of dollars)(Millions of dollars)
Upstream
United States$8,755 $14,232 $18,378 $25,548 
International9,876 14,230 21,072 27,732 
Subtotal18,631 28,462 39,450 53,280 
Intersegment Elimination — United States(6,067)(8,475)(11,969)(15,394)
Intersegment Elimination — International(2,419)(4,138)(5,025)(7,787)
Total Upstream10,145 15,849 22,456 30,099 
Downstream
United States20,255 25,867 39,645 45,638 
International19,366 25,443 38,471 45,050 
Subtotal39,621 51,310 78,116 90,688 
Intersegment Elimination — United States(2,086)(1,343)(3,651)(2,342)
Intersegment Elimination — International(500)(482)(929)(813)
Total Downstream37,035 49,485 73,536 87,533 
All Other
United States156 141 264 224 
International— 1 1 1 
Subtotal156 142 265 225 
Intersegment Elimination — United States(119)(103)(198)(170)
Intersegment Elimination — International(1)(1)(1)(1)
Total All Other36 38 66 54 
Sales and Other Operating Revenues
United States29,166 40,240 58,287 71,410 
International29,242 39,674 59,544 72,783 
Subtotal58,408 79,914 117,831 144,193 
Intersegment Elimination — United States(8,272)(9,921)(15,818)(17,906)
Intersegment Elimination — International(2,920)(4,621)(5,955)(8,601)
Total Sales and Other Operating Revenues$47,216 $65,372 $96,058 $117,686