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Operating Segments and Geographic Data
 6 Months Ended
Jun. 30, 2024
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; carbon capture and storage; 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. Non-billable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three- and six-month periods ended June 30, 2024 and 2023, are presented in the following table:
Three Months Ended
June 30		Six Months Ended
June 30
2024202320242023
Segment Earnings(Millions of dollars)(Millions of dollars)
Upstream
United States$2,161 $1,640 $4,236 $3,421 
International2,309 3,296 5,473 6,676 
Total Upstream4,470 4,936 9,709 10,097 
Downstream
United States280 1,081 733 2,058 
International317 426 647 1,249 
Total Downstream597 1,507 1,380 3,307 
Total Segment Earnings5,067 6,443 11,089 13,404 
All Other
Interest expense(103)(111)(212)(217)
Interest income66 146 151 298 
Other(596)(468)(1,093)(901)
Net Income Attributable to Chevron Corporation$4,434 $6,010 $9,935 $12,584 
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at June 30, 2024, and December 31, 2023, are as follows: 
At June 30,
2024		At December 31,
2023
Segment Assets(Millions of dollars)
Upstream
United States $59,542 $58,750 
International 129,758 131,685 
Goodwill4,370 4,370 
Total Upstream193,670 194,805 
Downstream
United States 35,508 33,066 
International22,623 21,070 
Goodwill352 352 
Total Downstream58,483 54,488 
Total Segment Assets252,153 249,293 
All Other
United States 6,526 10,292 
International1,965 2,047 
Total All Other8,491 12,339 
Total Assets — United States101,576 102,108 
Total Assets — International154,346 154,802 
Goodwill4,722 4,722 
Total Assets$260,644 $261,632 
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, 2024 and 2023, 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
2024202320242023
Sales and Other Operating Revenues(Millions of dollars)(Millions of dollars)
Upstream
United States$11,287 $8,755 $22,454 $18,378 
International10,221 9,876 21,004 21,072 
Subtotal21,508 18,631 43,458 39,450 
Intersegment Elimination — United States(7,890)(6,067)(15,479)(11,969)
Intersegment Elimination — International(3,072)(2,419)(5,997)(5,025)
Total Upstream10,546 10,145 21,982 22,456 
Downstream
United States21,482 20,255 41,722 39,645 
International20,631 19,366 38,722 38,471 
Subtotal42,113 39,621 80,444 78,116 
Intersegment Elimination — United States(2,586)(2,086)(5,293)(3,651)
Intersegment Elimination — International(532)(500)(1,039)(929)
Total Downstream38,995 37,035 74,112 73,536 
All Other
United States153 156 273 264 
International— — 1 1 
Subtotal153 156 274 265 
Intersegment Elimination — United States(120)(119)(213)(198)
Intersegment Elimination — International— (1)(1)(1)
Total All Other33 36 60 66 
Sales and Other Operating Revenues
United States32,922 29,166 64,449 58,287 
International30,852 29,242 59,727 59,544 
Subtotal63,774 58,408 124,176 117,831 
Intersegment Elimination — United States(10,596)(8,272)(20,985)(15,818)
Intersegment Elimination — International(3,604)(2,920)(7,037)(5,955)
Total Sales and Other Operating Revenues$49,574 $47,216 $96,154 $96,058