Operating Segments and Geographic Data (Tables)

12 Months Ended

Dec. 31, 2023

Earnings by major operating area are presented in the following table:


	Year ended December 31
	2023		2022		2021
Upstream
United States	$	4,148	$	12,621	$	7,319
International	13,290		17,663		8,499
Total Upstream	17,438		30,284		15,818
Downstream
United States	3,904		5,394		2,389
International	2,233		2,761		525
Total Downstream	6,137		8,155		2,914
Total Segment Earnings	23,575		38,439		18,732
All Other
Interest expense	(432)		(476)		(662)
Interest income	491		261		36
Other	(2,265)		(2,759)		(2,481)
Net Income (Loss) Attributable to Chevron Corporation	$	21,369	$	35,465	$	15,625

Segment Assets

Assets at year-end 2023 and 2022 are as follows:


	At December 31
	2023		2022
Upstream
United States	$	58,750	$	44,246
International	131,685		134,489
Goodwill	4,370		4,370
Total Upstream	194,805		183,105
Downstream
United States	33,066		31,676
International	21,070		21,193
Goodwill	352		352
Total Downstream	54,488		53,221
Total Segment Assets	249,293		236,326
All Other
United States	10,292		17,861
International	2,047		3,522
Total All Other	12,339		21,383
Total Assets – United States	102,108		93,783
Total Assets – International	154,802		159,204
Goodwill	4,722		4,722
Total Assets	$	261,632	$	257,709

Segment Sales and Other Operating Revenues

Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies.


	Year ended December 31*
	2023		2022		2021
Upstream
United States	$	40,115	$	50,822	$	29,219
International	43,805		56,156		40,921
Subtotal	83,920		106,978		70,140
Intersegment Elimination — United States	(26,307)		(29,870)		(15,154)
Intersegment Elimination — International	(11,871)		(13,815)		(10,994)
Total Upstream	45,742		63,293		43,992
Downstream
United States	83,567		91,824		57,209
International	78,058		87,741		58,098
Subtotal	161,625		179,565		115,307
Intersegment Elimination — United States	(8,793)		(5,529)		(2,296)
Intersegment Elimination — International	(1,794)		(1,728)		(1,521)
Total Downstream	151,038		172,308		111,490
All Other
United States	595		515		506
International	2		3		2
Subtotal	597		518		508
Intersegment Elimination — United States	(462)		(400)		(382)
Intersegment Elimination — International	(2)		(2)		(2)
Total All Other	133		116		124
Sales and Other Operating Revenues
United States	124,277		143,161		86,934
International	121,865		143,900		99,021
Subtotal	246,142		287,061		185,955
Intersegment Elimination — United States	(35,562)		(35,799)		(17,832)
Intersegment Elimination — International	(13,667)		(15,545)		(12,517)
Total Sales and Other Operating Revenues	$	196,913	$	235,717	$	155,606

*Other than the United States, no other country accounted for 10 percent or more of the company’s Sales and Other Operating Revenues.

Segment income tax expense

Segment income tax expense for the years 2023, 2022 and 2021 is as follows:


	Year ended December 31
	2023		2022		2021
Upstream
United States	$	1,141	$	3,678	$	1,934
International	5,733		9,055		4,192
Total Upstream	6,874		12,733		6,126
Downstream
United States	1,109		1,515		547
International	519		280		203
Total Downstream	1,628		1,795		750
All Other	(329)		(462)		(926)
Total Income Tax Expense (Benefit)	$	8,173	$	14,066	$	5,950