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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 June 30, 2024
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)
5001 Executive Parkway, Suite 200
Delaware94-0890210San Ramon,California94583-5006
(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: (925) 842-1000
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 filer☑Accelerated filer☐
Non-accelerated filer☐Smaller 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 1,828,917,113 shares of the company’s common stock outstanding on June 30, 2024.

Table of Contents

TABLE OF CONTENTS
 
 Page No.
FINANCIAL INFORMATION
Consolidated Balance Sheet at June 30, 2024 and December 31, 2023
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 lower carbon strategy 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, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous 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 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 conflict in Israel 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, 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 related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the risk that regulatory approvals related to the Hess Corporation (Hess) transaction are not obtained or are obtained subject to conditions that are not anticipated by the company and Hess; potential delays in consummating the Hess transaction, including as a result of regulatory proceedings or the ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement; risks that such ongoing arbitration is not satisfactorily resolved and the potential transaction fails to be consummated; uncertainties as to whether the potential transaction, if consummated, will achieve its anticipated economic benefits, including as a result of regulatory proceedings and risks associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the potential transaction that are not waived or otherwise satisfactorily resolved; 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; changes to the company’s capital allocation strategies; 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 2023 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
June 30		Six Months Ended
June 30
 2024202320242023
 (Millions of dollars, except per-share amounts)
Revenues and Other Income
Sales and other operating revenues$49,574 $47,216 $96,154 $96,058 
Income (loss) from equity affiliates1,206 1,240 2,647 2,828 
Other income (loss)401 440 1,096 803 
Total Revenues and Other Income51,181 48,896 99,897 99,689 
Costs and Other Deductions
Purchased crude oil and products30,867 28,984 58,608 58,391 
Operating expenses6,614 6,057 13,147 12,078 
Selling, general and administrative expenses1,048 1,128 2,058 2,009 
Exploration expenses263 169 392 359 
Depreciation, depletion and amortization4,004 3,521 8,095 7,047 
Taxes other than on income1,188 1,041 2,312 2,137 
Interest and debt expense113 120 231 235 
Other components of net periodic benefit costs48 39 96 77 
Total Costs and Other Deductions44,145 41,059 84,939 82,333 
Income (Loss) Before Income Tax Expense7,036 7,837 14,958 17,356 
Income Tax Expense (Benefit)2,593 1,829 4,964 4,743 
Net Income (Loss)4,443 6,008 9,994 12,613 
Less: Net income (loss) attributable to noncontrolling interests9 (2)59 29 
Net Income (Loss) Attributable to Chevron Corporation$4,434 $6,010 $9,935 $12,584 
Per Share of Common Stock
Net Income (Loss) Attributable to Chevron Corporation
- Basic$2.43 $3.22 $5.42 $6.70 
- Diluted$2.43 $3.20 $5.40 $6.66 
Weighted Average Number of Shares Outstanding (000s)
- Basic1,825,842 1,867,165 1,834,110 1,879,363 
- Diluted1,833,431 1,875,508 1,841,274 1,888,077 
See accompanying notes to consolidated financial statements.
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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
June 30		Six Months Ended
June 30
 2024202320242023
(Millions of dollars)
Net Income (Loss)$4,443 $6,008 $9,994 $12,613 
Currency translation adjustment(12)(7)(32)— 
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period(3)1 (9)(3)
Derivatives
Net derivatives gain (loss) on hedge transactions(17)(4)(51)(2)
Reclassification to net income34 (2)27 13 
Income taxes on derivatives transactions(4)1 5 (3)
Total13 (5)(19)8 
Defined benefit plans
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements62 48 124 96 
Actuarial gain (loss) arising during period— — — — 
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments(3)(4)(5)(7)
Prior service (costs) credits arising during period— — — — 
Defined benefit plans sponsored by equity affiliates - benefit (cost)(2)8 2 14 
 Income (taxes) benefit on defined benefit plans(14)(11)(25)(21)
Total43 41 96 82 
Other Comprehensive Gain (Loss), Net of Tax41 30 36 87 
Comprehensive Income (Loss)4,484 6,038 10,030 12,700 
Comprehensive loss (income) attributable to noncontrolling interests(9)2 (59)(29)
Comprehensive Income (Loss) Attributable to Chevron Corporation$4,475 $6,040 $9,971 $12,671 





See accompanying notes to consolidated financial statements.
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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
At June 30,
2024		At December 31,
2023
(Millions of dollars)
Assets
Cash and cash equivalents$4,008 $8,178 
Marketable securities— 45 
Accounts and notes receivable (less allowance: 2024 - $266; 2023 - $301)
20,752 19,921 
Inventories:
Crude oil and products7,662 6,059 
Chemicals426 406 
Materials, supplies and other2,389 2,147 
Total inventories10,477 8,612 
Prepaid expenses and other current assets4,132 4,372 
Total Current Assets39,369 41,128 
Long-term receivables (less allowance: 2024 - $353; 2023 - $340)
974 942 
Investments and advances47,654 46,812 
Properties, plant and equipment, at cost349,859 346,081 
Less: Accumulated depreciation, depletion and amortization196,856 192,462 
Properties, plant and equipment, net153,003 153,619 
Deferred charges and other assets13,913 13,734 
Goodwill4,722 4,722 
Assets held for sale1,009 675 
Total Assets$260,644 $261,632 
Liabilities and Equity
Short-term debt
$1,735 $529 
Accounts payable21,007 20,423 
Accrued liabilities9,054 7,655 
Federal and other taxes on income893 1,863 
Other taxes payable1,338 1,788 
Total Current Liabilities34,027 32,258 
Long-term debt21,449 20,307 
Deferred credits and other noncurrent obligations21,454 24,226 
Noncurrent deferred income taxes19,509 18,830 
Noncurrent employee benefit plans3,942 4,082 
Total Liabilities*
$100,381 $99,703 
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 June 30, 2024 and December 31, 2023)
1,832 1,832 
Capital in excess of par value21,495 21,365 
Retained earnings203,960 200,025 
Accumulated other comprehensive losses(2,924)(2,960)
Deferred compensation and benefit plan trust(240)(240)
Treasury stock, at cost (613,759,467 and 577,028,776 shares at June 30, 2024 and December 31, 2023, respectively)
(64,890)(59,065)
Total Chevron Corporation Stockholders’ Equity159,233 160,957 
Noncontrolling interests (includes redeemable noncontrolling interest of $177 and $166 at June 30, 2024 and December 31, 2023, respectively)
1,030 972 
Total Equity160,263 161,929 
Total Liabilities and Equity$260,644 $261,632 





See accompanying notes to consolidated financial statements.
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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Six Months Ended
June 30
 20242023
(Millions of dollars)
Operating Activities
Net Income (Loss)$9,994 $12,613 
Adjustments
Depreciation, depletion and amortization8,095 7,047 
Dry hole expense209 143 
Distributions more (less) than income from equity affiliates(628)(1,352)
Net before-tax losses (gains) on asset retirements and sales(47)2 
Net foreign currency effects(88)103 
Deferred income tax provision1,142 1,461 
Net decrease (increase) in operating working capital(3,575)(4,948)
Decrease (increase) in long-term receivables19 133 
Net decrease (increase) in other deferred charges(559)(301)
Cash contributions to employee pension plans(454)(563)
Other(985)(836)
Net Cash Provided by Operating Activities13,123 13,502 
Investing Activities
Capital expenditures(8,055)(6,795)
Proceeds and deposits related to asset sales and returns of investment218 324 
Net sales (purchases) of marketable securities45 (91)
Net repayment (borrowing) of loans by equity affiliates(118)(189)
Net Cash Used for Investing Activities(7,910)(6,751)
Financing Activities
Net borrowings (repayments) of short-term obligations3,119 (104)
Proceeds from issuances of long-term debt303 150 
Repayments of long-term debt and other financing obligations(1,050)(1,742)
Cash dividends - common stock(5,981)(5,675)
Net contributions from (distributions to) noncontrolling interests2 (3)
Net sales (purchases) of treasury shares(5,821)(7,947)
Net Cash Provided by (Used for) Financing Activities(9,428)(15,321)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(95)(151)
Net Change in Cash, Cash Equivalents and Restricted Cash(4,310)(8,721)
Cash, Cash Equivalents and Restricted Cash at January 19,275 19,121 
Cash, Cash Equivalents and Restricted Cash at June 30
$4,965 $10,400 





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 June 30
Stock(1)
EarningsIncome (Loss)(at cost)EquityInterestsEquity
Balance at March 31, 2023$20,306 $193,738 $(2,741)$(51,854)$159,449 $985 $160,434 
Treasury stock transactions42 — — — 42 — 42 
Net income (loss)— 6,010 — — 6,010 (2)6,008 
Cash dividends ($1.51 per share)
— (2,818)— — (2,818)— (2,818)
Stock dividends— — — — — — — 
Other comprehensive income— — 30 — 30 — 30 
Purchases of treasury shares— — — (4,419)(4,419)— (4,419)
Issuances of treasury shares2 — — 33 35 — 35 
Other changes, net— (4)— — (4)(10)(14)
Balance at June 30, 2023$20,350 $196,926 $(2,711)$(56,240)$158,325 $973 $159,298 
Balance at March 31, 2024$23,035 $202,514 $(2,965)$(61,959)$160,625 $1,031 $161,656 
Treasury stock transactions73 — — — 73 — 73 
Net income (loss)— 4,434 — — 4,434 9 4,443 
Cash dividends ($1.63 per share)
— (2,978)— — (2,978)(4)(2,982)
Stock dividends— (5)— — (5)— (5)
Other comprehensive income— — 41 — 41 — 41 
Purchases of treasury shares(2)
— — — (3,030)(3,030)— (3,030)
Issuances of treasury shares(21)— — 99 78 — 78 
Other changes, net — (5)— — (5)(6)(11)
Balance at June 30, 2024$23,087 $203,960 $(2,924)$(64,890)$159,233 $1,030 $160,263 
Six Months Ended June 30
Balance at December 31, 2022$20,252 $190,024 $(2,798)$(48,196)$159,282 $960 $160,242 
Treasury stock transactions80 — — — 80 — 80 
Net income (loss)— 12,584 — — 12,584 29 12,613 
Cash dividends ($3.02 per share)
— (5,675)— — (5,675)(9)(5,684)
Stock dividends— (1)— — (1)— (1)
Other comprehensive income— — 87 — 87 — 87 
Purchases of treasury shares— — — (8,207)(8,207)— (8,207)
Issuances of treasury shares18 — — 163 181 — 181 
Other changes, net— (6)— — (6)(7)(13)
Balance at June 30, 2023$20,350 $196,926 $(2,711)$(56,240)$158,325 $973 $159,298 
Balance at December 31, 2023$22,957 $200,025 $(2,960)$(59,065)$160,957 $972 $161,929 
Treasury stock transactions165 — — — 165 — 165 
Net income (loss)— 9,935 — — 9,935 59 9,994 
Cash dividends ($3.26 per share)
— (5,981)— — (5,981)(7)(5,988)
Stock dividends— (11)— — (11)— (11)
Other comprehensive income— — 36 — 36 — 36 
Purchases of treasury shares(2)
— — — (6,036)(6,036)— (6,036)
Issuances of treasury shares(35)— — 211 176 — 176 
Other changes, net— (8)— — (8)6 (2)
Balance at June 30, 2024$23,087 $203,960 $(2,924)$(64,890)$159,233 $1,030 $160,263 
(Number of Shares)Common Stock - 2024Common Stock - 2023
Three Months Ended June 30
Issued(3)
TreasuryOutstanding
Issued(3)
TreasuryOutstanding
Balance at Mar312,442,676,580 (595,667,547)1,847,009,033 2,442,676,580 (548,461,316)1,894,215,264 
Purchases— (19,034,424)(19,034,424)— (27,314,816)(27,314,816)
Issuances— 942,504 942,504 — 344,770 344,770 
Balance at June 302,442,676,580 (613,759,467)1,828,917,113 2,442,676,580 (575,431,362)1,867,245,218 
Six Months Ended June 30
Balance at December 312,442,676,580 (577,028,776)1,865,647,804 2,442,676,580 (527,460,237)1,915,216,343 
Purchases— (38,772,111)(38,772,111)— (49,733,460)(49,733,460)
Issuances— 2,041,420 2,041,420 — 1,762,335 1,762,335 
Balance at June 302,442,676,580 (613,759,467)1,828,917,113 2,442,676,580 (575,431,362)1,867,245,218 
(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 six-month periods ended June 30, 2024, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron.
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 2023 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 six months ended June 30, 2024 and 2023, are reflected in the table below.
Changes in Accumulated Other Comprehensive Income (Loss) by Component(1)
Currency Translation AdjustmentUnrealized Holding Gains (Losses) on SecuritiesDerivativesDefined Benefit PlansTotal
(Millions of dollars)
Balance at December 31, 2022$(203)$(12)$(12)$(2,571)$(2,798)
Components of Other Comprehensive Income (Loss):
Before Reclassifications— (3)(5)14 6 
Reclassifications(2) (3)
— — 13 68 81 
Net Other Comprehensive Income (Loss)— (3)8 82 87 
Balance at June 30, 2023$(203)$(15)$(4)$(2,489)$(2,711)
Balance at December 31, 2023$(192)$(11)$5 $(2,762)$(2,960)
Components of Other Comprehensive Income (Loss):
Before Reclassifications(32)(9)(46)12 (75)
Reclassifications(2) (3)
— — 27 84 111 
Net Other Comprehensive Income (Loss)(32)(9)(19)96 36 
Balance at June 30, 2024$(224)$(20)$(14)$(2,666)$(2,924)
(1)All amounts are net of tax.
(2)Refer to Note 14 Financial and Derivative Instruments for reclassified components of cash flow hedging.
(3)Refer to Note 8 Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $118 that are included in employee benefit costs for the six months ended June 30, 2024. Related income taxes for the same period, totaling $34, 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
Six Months Ended
June 30
20242023
(Millions of dollars)
Distributions more (less) than income from equity affiliates included the following:
Distributions from equity affiliates$2,019 $1,476 
(Income) loss from equity affiliates(2,647)(2,828)
Distributions more (less) than income from equity affiliates$(628)$(1,352)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable$(928)$1,205 
Decrease (increase) in inventories(1,865)(951)
Decrease (increase) in prepaid expenses and other current assets 44 (1,406)
Increase (decrease) in accounts payable and accrued liabilities 419 (531)
Increase (decrease) in income and other taxes payable(1,245)(3,265)
Net decrease (increase) in operating working capital$(3,575)$(4,948)
Net cash provided by operating activities included the following cash payments:
Interest on debt (net of capitalized interest)$238 $232 
Income taxes4,738 6,616 
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales$103 $171 
Returns of investment from equity affiliates115 153 
Proceeds and deposits related to asset sales and returns of investment$218 $324 
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased$— $(287)
Marketable securities sold45 196 
Net sales (purchases) of marketable securities$45 $(91)
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates$(154)$(222)
Repayment of loans by equity affiliates36 33 
Net repayment (borrowing) of loans by equity affiliates$(118)$(189)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term debt obligations$— $— 
Repayments of short-term debt obligations— — 
Net borrowings (repayments) of short-term debt obligations with three months or less maturity3,119 (104)
Net borrowings (repayments) of short-term obligations$3,119 $(104)
Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts:
Distributions to noncontrolling interests$(7)$(9)
Contributions from noncontrolling interests9 6 
Net contributions from (distributions to) noncontrolling interests$2 $(3)
Net sales (purchases) of treasury shares consisted of the following gross and net amounts:
Shares issued for share-based compensation plans$158 $181 
Shares purchased under share repurchase and deferred compensation plans (5,979)(8,128)
Net sales (purchases) of treasury shares$(5,821)$(7,947)
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 asset retirement obligations, postretirement benefits obligations and other long-term liabilities.
The company paid dividends of $1.63 per share of common stock in second quarter 2024. This compares to dividends of $1.51 per share paid in the year-ago corresponding period.
The components of “Capital expenditures” are presented in the following table:
Six Months Ended
June 30
20242023
(Millions of dollars)
Additions to properties, plant and equipment
$7,678 $6,571 
Additions to investments265 166 
Current-year dry hole expenditures112 58 
Payments for other assets and liabilities, net— — 
Capital expenditures$8,055 $6,795 
The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet:
At June 30At December 31
2024202320232022
(Millions of dollars)(Millions of dollars)
Cash and cash equivalents$4,008 $9,292 $8,178 $17,678 
Restricted cash included in “Prepaid expenses and other current assets”145 234 275 630 
Restricted cash included in “Deferred charges and other assets”812 874 822 813 
Total cash, cash equivalents and restricted cash$4,965 $10,400 $9,275 $19,121 
Additional information related to restricted cash is included in Note 13 Fair Value Measurements under the heading “Restricted Cash.”
Note 4. New Accounting Standards
Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-07, which becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard requires companies to disclose significant segment expenses. The company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.
Income Taxes (Topic 740) Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.
Note 5. 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:
Six Months Ended
June 30
 20242023
 (Millions of dollars)
Sales and other operating revenues$10,108 $10,031 
Costs and other deductions5,392 5,355 
Net income attributable to TCO$3,339 $3,314 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 6. 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.
The summarized financial information for CUSA and its consolidated subsidiaries is as follows:
Six Months Ended
June 30
20242023
(Millions of dollars)
Sales and other operating revenues$75,590 $73,787 
Costs and other deductions72,170 68,982 
Net income (loss) attributable to CUSA$3,057 $3,978 
At June 30,
2024		At December 31,
2023
 (Millions of dollars)
Current assets$22,046 $19,489 
Other assets56,732 54,460 
Current liabilities25,011 20,624 
Other liabilities22,036 22,227 
Total CUSA net equity$31,731 $31,098 
Memo: Total debt$9,888 $9,740 
Note 7. 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).
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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 
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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