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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 September 30, 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 1,887,748,665 shares of the company’s common stock outstanding on September 30, 2023.


Table of Contents

TABLE OF CONTENTS
 
 Page No.
FINANCIAL INFORMATION
Consolidated Balance Sheet at September 30, 2023 and December 31, 2022
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, market and political conditions, including the military conflict between Russia and Ukraine, the war between Israel and Hamas and the global response to these hostilities; 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; 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 (including the war between Israel and Hamas and related military operations), 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 ability to successfully integrate the operations of the company and PDC Energy, Inc. and achieve the anticipated benefits from the transaction, including the expected incremental annual free cash flow; the risk that Hess Corporation (Hess) stockholders do not approve the potential transaction, and the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by the company and Hess; potential delays in consummating the potential transaction, including as a result of regulatory proceedings; the company’s ability to integrate Hess’ operations in a successful manner and in the expected time period; the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period; 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.
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PART I.
FINANCIAL INFORMATION
 
Item 1.Consolidated Financial Statements
CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
 
 Three Months Ended
September 30
Nine Months Ended
September 30
 2023202220232022
 (Millions of dollars, except per-share amounts)
Revenues and Other Income
Sales and other operating revenues$51,922 $63,508 $147,980 $181,194 
Income (loss) from equity affiliates1,313 2,410 4,141 6,962 
Other income (loss)845 726 1,648 1,623 
Total Revenues and Other Income54,080 66,644 153,769 189,779 
Costs and Other Deductions
Purchased crude oil and products32,328 38,751 90,719 112,846 
Operating expenses6,299 6,357 18,377 18,313 
Selling, general and administrative expenses1,163 1,028 3,172 2,858 
Exploration expenses301 116 660 521 
Depreciation, depletion and amortization4,025 4,201 11,072 11,555 
Taxes other than on income1,021 1,046 3,158 3,168 
Interest and debt expense114 128 349 393 
Other components of net periodic benefit costs91 208 168 259 
Total Costs and Other Deductions45,342 51,835 127,675 149,913 
Income (Loss) Before Income Tax Expense8,738 14,809 26,094 39,866 
Income Tax Expense (Benefit)2,183 3,571 6,926 10,636 
Net Income (Loss)6,555 11,238 19,168 29,230 
Less: Net income (loss) attributable to noncontrolling interests29 7 58 118 
Net Income (Loss) Attributable to Chevron Corporation$6,526 $11,231 $19,110 $29,112 
Per Share of Common Stock
Net Income (Loss) Attributable to Chevron Corporation
- Basic$3.48 $5.81 $10.18 $15.02 
- Diluted$3.48 $5.78 $10.14 $14.95 
Weighted Average Number of Shares Outstanding (000s)
- Basic1,870,963 1,932,238 1,876,532 1,938,524 
- Diluted1,877,104 1,940,002 1,884,407 1,947,201 
See accompanying notes to consolidated financial statements.
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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
September 30
Nine Months Ended
September 30
 2023202220232022
(Millions of dollars)
Net Income (Loss)$6,555 $11,238 $19,168 $29,230 
Currency translation adjustment(21)(49)(21)(97)
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period(1)(3)(4)(3)
Derivatives
Net derivatives gain (loss) on hedge transactions(16)49 (18)80 
Reclassification to net income4 (29)17 (31)
Income taxes on derivatives transactions3 (4) (11)
Total(9)16 (1)38 
Defined benefit plans
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements101 296 197 533 
Actuarial gain (loss) arising during period49 159 49 442 
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments(3)(5)(10)(14)
Prior service (costs) credits arising during period    
Defined benefit plans sponsored by equity affiliates - benefit (cost) 7 14 25 
 Income (taxes) benefit on defined benefit plans(2)(103)(23)(208)
Total145 354 227 778 
Other Comprehensive Gain (Loss), Net of Tax114 318 201 716 
Comprehensive Income (Loss)6,669 11,556 19,369 29,946 
Comprehensive loss (income) attributable to noncontrolling interests(29)(7)(58)(118)
Comprehensive Income (Loss) Attributable to Chevron Corporation$6,640 $11,549 $19,311 $29,828 





See accompanying notes to consolidated financial statements.
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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
At September 30,
2023
At December 31,
2022
(Millions of dollars)
Assets
Cash and cash equivalents$5,797 $17,678 
Marketable securities141 223 
Accounts and notes receivable (less allowance: 2023 - $393; 2022 - $457)
21,993 20,456 
Inventories:
Crude oil and products6,665 5,866 
Chemicals455 515 
Materials, supplies and other2,308 1,866 
Total inventories9,428 8,247 
Prepaid expenses and other current assets4,373 3,739 
Total Current Assets41,732 50,343 
Long-term receivables (less allowance: 2023 - $331; 2022 - $552)
1,055 1,069 
Investments and advances48,123 45,238 
Properties, plant and equipment, at cost342,522 327,785 
Less: Accumulated depreciation, depletion and amortization188,550 184,194 
Properties, plant and equipment, net153,972 143,591 
Deferred charges and other assets13,672 12,310 
Goodwill4,722 4,722 
Assets held for sale651 436 
Total Assets$263,927 $257,709 
Liabilities and Equity
Short-term debt
$440 $1,964 
Accounts payable21,649 18,955 
Accrued liabilities7,618 7,486 
Federal and other taxes on income1,927 4,381 
Other taxes payable1,629 1,422 
Total Current Liabilities33,263 34,208 
Long-term debt20,119 21,375 
Deferred credits and other noncurrent obligations20,884 20,396 
Noncurrent deferred income taxes19,637 17,131 
Noncurrent employee benefit plans3,776 4,357 
Total Liabilities*
$97,679 $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 September 30, 2023 and December 31, 2022)
1,832 1,832 
Capital in excess of par value21,317 18,660 
Retained earnings200,593 190,024 
Accumulated other comprehensive losses(2,597)(2,798)
Deferred compensation and benefit plan trust(240)(240)
Treasury stock, at cost (554,927,915 and 527,460,237 shares at September 30, 2023 and December 31, 2022, respectively)
(55,640)(48,196)
Total Chevron Corporation Stockholders’ Equity165,265 159,282 
Noncontrolling interests (includes redeemable noncontrolling interest of $150 and $142 at September 30, 2023 and December 31, 2022)
983 960 
Total Equity166,248 160,242 
Total Liabilities and Equity$263,927 $257,709 





See accompanying notes to consolidated financial statements.
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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30
 20232022
(Millions of dollars)
Operating Activities
Net Income (Loss)$19,168 $29,230 
Adjustments
Depreciation, depletion and amortization11,072 11,555 
Dry hole expense315 255 
Distributions more (less) than income from equity affiliates(2,273)(4,768)
Net before-tax losses (gains) on asset retirements and sales(133)(463)
Net foreign currency effects(135)(653)
Deferred income tax provision1,346 1,710 
Net decrease (increase) in operating working capital(4,181)1,172 
Decrease (increase) in long-term receivables36 121 
Net decrease (increase) in other deferred charges(423)(101)
Cash contributions to employee pension plans(893)(1,087)
Other(724)133 
Net Cash Provided by Operating Activities23,175 37,104 
Investing Activities
Acquisition of businesses, net of cash received55 (2,862)
Capital expenditures(11,468)(8,139)
Proceeds and deposits related to asset sales and returns of investment410 2,485 
Net sales (purchases) of marketable securities84 82 
Net repayment (borrowing) of loans by equity affiliates(242)38 
Net Cash Used for Investing Activities(11,161)(8,396)
Financing Activities
Net borrowings (repayments) of short-term obligations(33)278 
Proceeds from issuances of long-term debt150  
Repayments of long-term debt and other financing obligations(4,207)(8,449)
Cash dividends - common stock(8,527)(8,255)
Net contributions from (distributions to) noncontrolling interests(44)(103)
Net sales (purchases) of treasury shares(11,281)(2,000)
Net Cash Provided by (Used for) Financing Activities(23,942)(18,529)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(187)(277)
Net Change in Cash, Cash Equivalents and Restricted Cash(12,115)9,902 
Cash, Cash Equivalents and Restricted Cash at January 119,121 6,795 
Cash, Cash Equivalents and Restricted Cash at September 30
$7,006 $16,697 





See accompanying notes to consolidated financial statements.
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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(Unaudited)
(Millions of dollars)AccumulatedTreasuryChevron Corp.Non-
CommonRetainedOther Comp.StockStockholders’ControllingTotal
Three Months Ended September 30
Stock(1)
EarningsIncome (Loss)(at cost)EquityInterestsEquity
Balance at June 30, 2022$20,151 $177,909 $(3,491)$(41,015)$153,554 $1,008 $154,562 
Treasury stock transactions19 — — — 19 — 19 
Net income (loss)— 11,231 — — 11,231 7 11,238 
Cash dividends ($1.42 per share)
— (2,743)— — (2,743)(71)(2,814)
Stock dividends— (2)— — (2)— (2)
Other comprehensive income— — 318 — 318 — 318 
Purchases of treasury shares— — — (3,750)(3,750)— (3,750)
Issuances of treasury shares9 — — 45 54 — 54 
Other changes, net— (1)— — (1)3 2 
Balance at September 30, 2022$20,179 $186,394 $(3,173)$(44,720)$158,680 $947 $159,627 
Balance at June 30, 2023$20,350 $196,926 $(2,711)$(56,240)$158,325 $973 $159,298 
Treasury stock transactions43 — — — 43 — 43 
PDC Energy, Inc. acquisition2,550 — — 3,970 6,520 — 6,520 
Net income (loss)— 6,526 — — 6,526 29 6,555 
Cash dividends ($1.51 per share)
— (2,852)— — (2,852)(45)(2,897)
Stock dividends— (6)— — (6)— (6)
Other comprehensive income— — 114 — 114 — 114 
Purchases of treasury shares(2)
— — — (3,424)(3,424)— (3,424)
Issuances of treasury shares2 — — 54 56 — 56 
Other changes, net (36)(1)— — (37)26 (11)
Balance at September 30, 2023$22,909 $200,593 $(2,597)$(55,640)$165,265 $983 $166,248 
Nine Months Ended September 30
Balance at December 31, 2021$18,874 $165,546 $(3,889)$(41,464)$139,067 $873 $139,940 
Treasury stock transactions49 — — — 49 — 49 
Net income (loss)— 29,112 — — 29,112 118 29,230 
Cash dividends ($4.26 per share)
— (8,255)— — (8,255)(107)(8,362)
Stock dividends— (3)— — (3)— (3)
Other comprehensive income— — 716 — 716 — 716 
Purchases of treasury shares— — — (7,505)(7,505)— (7,505)
Issuances of treasury shares1,256 — — 4,249 5,505 — 5,505 
Other changes, net— (6)— — (6)63 57 
Balance at September 30, 2022$20,179 $186,394 $(3,173)$(44,720)$158,680 $947 $159,627 
Balance at December 31, 2022$20,252 $190,024 $(2,798)$(48,196)$159,282 $960 $160,242 
Treasury stock transactions123 — — — 123 — 123 
PDC Energy, Inc. acquisition2,550 — — 3,970 6,520 — 6,520 
Net income (loss)— 19,110 — — 19,110 58 19,168 
Cash dividends ($4.53 per share)
— (8,527)— — (8,527)(54)(8,581)
Stock dividends— (7)— — (7)— (7)
Other comprehensive income— — 201 — 201 — 201 
Purchases of treasury shares(2)
— — — (11,631)(11,631)— (11,631)
Issuances of treasury shares20 — — 217 237 — 237 
Other changes, net(36)(7)— — (43)19 (24)
Balance at September 30, 2023$22,909 $200,593 $(2,597)$(55,640)$165,265 $983 $166,248 
(Number of Shares)Common Stock - 2023Common Stock - 2022
Three Months Ended September 30
Issued(3)
TreasuryOutstanding
Issued(3)
TreasuryOutstanding
Balance at June 302,442,676,580 (575,431,362)1,867,245,218 2,442,676,580 (485,241,766)1,957,434,814 
Purchases— (20,721,774)(20,721,774)— (24,324,584)(24,324,584)
Issuances— 41,225,221 41,225,221 — 528,316 528,316 
Balance at September 302,442,676,580 (554,927,915)1,887,748,665 2,442,676,580 (509,038,034)1,933,638,546 
Nine Months Ended September 30
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— (70,455,234)(70,455,234)— (48,390,222)(48,390,222)
Issuances— 42,987,556 42,987,556 — 52,222,711 52,222,711 
Balance at September 302,442,676,580 (554,927,915)1,887,748,665 2,442,676,580 (509,038,034)1,933,638,546 
(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.
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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- and nine-month periods ended September 30, 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 nine months ended September 30, 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(97)(3)69 384 353 
Reclassifications(2) (3)
  (31)394 363 
Net Other Comprehensive Income (Loss)(97)(3)38 778 716 
Balance at September 30, 2022$(259)$(14)$38 $(2,938)$(3,173)
Balance at December 31, 2022$(203)$(12)$(12)$(2,571)$(2,798)
Components of Other Comprehensive Income (Loss):
Before Reclassifications(21)(4)(18)51 8 
Reclassifications(2) (3)
  17 176 193 
Net Other Comprehensive Income (Loss)(21)(4)(1)227 201 
Balance at September 30, 2023$(224)$(16)$(13)$(2,344)$(2,597)
(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 $187 that are included in employee benefit costs for the nine months ended September 30, 2023. Related income taxes for the same period, totaling $11, are reflected in “Income Tax Expense (Benefit)” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 3. Information Relating to the Consolidated Statement of Cash Flows
Nine Months Ended
September 30
20232022
(Millions of dollars)
Distributions more (less) than income from equity affiliates included the following:
Distributions from equity affiliates$1,868 $2,194 
(Income) loss from equity affiliates(4,141)(6,962)
Distributions more (less) than income from equity affiliates$(2,273)$(4,768)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable$(890)$(4,428)
Decrease (increase) in inventories(1,136)(2,170)
Decrease (increase) in prepaid expenses and other current assets (1,121)(479)
Increase (decrease) in accounts payable and accrued liabilities 1,706 5,282 
Increase (decrease) in income and other taxes payable(2,740)2,967 
Net decrease (increase) in operating working capital$(4,181)$1,172 
Net cash provided by operating activities included the following cash payments:
Interest on debt (net of capitalized interest)$292 $320 
Income taxes8,189 6,750 
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales$218 $1,406 
Returns of investment from equity affiliates192 1,079 
Proceeds and deposits related to asset sales and returns of investment$410 $2,485 
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased$(289)$(9)
Marketable securities sold373 91 
Net sales (purchases) of marketable securities$84 $82 
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates$(296)$(27)
Repayment of loans by equity affiliates54 65 
Net repayment (borrowing) of loans by equity affiliates$(242)$38 
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term debt obligations$ $ 
Repayments of short-term debt obligations  
Net borrowings (repayments) of short-term debt obligations with three months or less maturity(33)278 
Net borrowings (repayments) of short-term obligations$(33)$278 
Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts:
Distributions to noncontrolling interests$(54)$(107)
Contributions from noncontrolling interests10 4 
Net contributions from (distributions to) noncontrolling interests$(44)$(103)
Net sales (purchases) of treasury shares consisted of the following gross and net amounts:
Shares issued for share-based compensation plans$237 $5,505 
Shares purchased under share repurchase and deferred compensation plans (11,518)(7,505)
Net sales (purchases) of treasury shares$(11,281)$(2,000)
The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash.
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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 third 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:
Nine Months Ended
September 30
20232022
(Millions of dollars)
Additions to properties, plant and equipment
$10,602 $6,901 
Additions to investments636 932 
Current-year dry hole expenditures205 137 
Payments for other assets and liabilities, net25 169 
Capital expenditures$11,468 $8,139 
The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet:
At September 30At December 31
2023202220222021
(Millions of dollars)(Millions of dollars)
Cash and cash equivalents$5,797 $15,164 $17,678 $5,640 
Restricted cash included in “Prepaid expenses and other current assets”306 742 630 333 
Restricted cash included in “Deferred charges and other assets”903 791 813 822 
Total cash, cash equivalents and restricted cash$7,006 $16,697 $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:
Nine Months Ended
September 30
 20232022
 (Millions of dollars)
Sales and other operating revenues$14,720 $18,682 
Costs and other deductions7,799 9,003 
Net income attributable to TCO$4,918 $6,779 
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 liquids and natural gas 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.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The summarized financial information for CUSA and its consolidated subsidiaries is as follows:
Nine Months Ended
September 30
20232022
(Millions of dollars)
Sales and other operating revenues$113,817 $142,407 
Costs and other deductions106,318 129,704 
Net income (loss) attributable to CUSA$6,152 $10,601 
At September 30,
2023
At December 31,
2022
 (Millions of dollars)
Current assets$21,351 $18,704 
Other assets54,613 50,153 
Current liabilities23,253 22,452 
Other liabilities19,413 19,274 
Total CUSA net equity$33,298 $27,131 
Memo: Total debt$9,641 $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).
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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. Non-billable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three- and nine-month periods ended September 30, 2023 and 2022, are presented in the following table:
Three Months Ended
September 30
Nine Months Ended
September 30
2023202220232022
Segment Earnings(Millions of dollars)(Millions of dollars)
Upstream
United States$2,074 $3,398 $5,495 $10,004 
International3,681 5,909 10,357 14,794 
Total Upstream5,755 9,307 15,852 24,798 
Downstream
United States1,376 1,288 3,434 4,214 
International307 1,242 1,556 2,169 
Total Downstream1,683 2,530 4,990 6,383 
Total Segment Earnings7,438 11,837 20,842 31,181 
All Other
Interest expense(104)(117)(321)(363)
Interest income103 77 401 116 
Other(911)(566)(1,812)(1,822)
Net Income Attributable to Chevron Corporation$6,526 $11,231 $19,110 $29,112 
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at September 30, 2023, and December 31, 2022, are as follows: 
At September 30,
2023
At December 31,
2022
Segment Assets(Millions of dollars)
Upstream
United States $59,326 $44,246 
International 133,879 134,489 
Goodwill4,370 4,370 
Total Upstream197,575 183,105 
Downstream
United States 33,466 31,676 
International22,546 21,193 
Goodwill352 352 
Total Downstream56,364 53,221 
Total Segment Assets253,939 236,326 
All Other
United States 7,744 17,861 
International2,244 3,522 
Total All Other9,988 21,383 
Total Assets — United States100,536 93,783 
Total Assets — International158,669 159,204 
Goodwill4,722 4,722 
Total Assets$263,927 $257,709 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

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, 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
September 30
Nine Months Ended
September 30
2023202220232022
Sales and Other Operating Revenues(Millions of dollars)(Millions of dollars)
Upstream
United States$10,278 $13,183 $28,656 $38,731 
International10,633 15,286 31,705 43,018 
Subtotal20,911 28,469 60,361 81,749 
Intersegment Elimination — United States(6,797)(7,138)(18,766)(22,532)
Intersegment Elimination — International(3,256)(3,102)(8,281)(10,889)
Total Upstream10,858 18,229 33,314 48,328 
Downstream
United States22,749 24,063 62,394 69,701 
International21,028 22,666 59,499 67,716 
Subtotal43,777 46,729 121,893 137,417 
Intersegment Elimination — United States(2,278)(1,051)(5,929)(3,393)
Intersegment Elimination — International(467)(431)(1,396)(1,244)
Total Downstream41,032 45,247 114,568 132,780 
All Other
United States149 137 413 361 
International1 1 2 2 
Subtotal150 138