(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | (Address of principal executive offices) (Zip Code) | |||||||||||||||||||||
NONE | ||||||||||||||
(Former name, former address and former fiscal year, if changed since last report.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
☑ | Accelerated filer | ☐ | |||||||||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||||||||||||||
Emerging growth company |
Page No. | ||||||||
FINANCIAL INFORMATION | ||||||||
OTHER INFORMATION | ||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars, except per-share amounts) | |||||||||||||||||||||||
Revenues and Other Income | |||||||||||||||||||||||
Sales and other operating revenues | $ | $ | $ | $ | |||||||||||||||||||
Income (loss) from equity affiliates | |||||||||||||||||||||||
Other income (loss) | |||||||||||||||||||||||
Total Revenues and Other Income | |||||||||||||||||||||||
Costs and Other Deductions | |||||||||||||||||||||||
Purchased crude oil and products | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Exploration expenses | |||||||||||||||||||||||
Depreciation, depletion and amortization | |||||||||||||||||||||||
Taxes other than on income | |||||||||||||||||||||||
Interest and debt expense | |||||||||||||||||||||||
Other components of net periodic benefit costs | |||||||||||||||||||||||
Total Costs and Other Deductions | |||||||||||||||||||||||
Income (Loss) Before Income Tax Expense | |||||||||||||||||||||||
Income Tax Expense (Benefit) | |||||||||||||||||||||||
Net Income (Loss) | |||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | |||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | $ | $ | $ | $ | |||||||||||||||||||
Per Share of Common Stock | |||||||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation | |||||||||||||||||||||||
- Basic | $ | $ | $ | $ | |||||||||||||||||||
- Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted Average Number of Shares Outstanding (000s) | |||||||||||||||||||||||
- Basic | |||||||||||||||||||||||
- Diluted | |||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Net Income (Loss) | $ | $ | $ | $ | |||||||||||||||||||
Currency translation adjustment | ( | ( | ( | ||||||||||||||||||||
Unrealized holding gain (loss) on securities | |||||||||||||||||||||||
Net gain (loss) arising during period | ( | ( | ( | ||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Net derivatives gain (loss) on hedge transactions | ( | ( | ( | ||||||||||||||||||||
Reclassification to net income | |||||||||||||||||||||||
Income taxes on derivatives transactions | ( | ( | |||||||||||||||||||||
Total | ( | ( | |||||||||||||||||||||
Defined benefit plans | |||||||||||||||||||||||
Actuarial gain (loss) | |||||||||||||||||||||||
Amortization to net income of net actuarial loss and settlements | |||||||||||||||||||||||
Actuarial gain (loss) arising during period | |||||||||||||||||||||||
Prior service credits (cost) | |||||||||||||||||||||||
Amortization to net income of net prior service costs and curtailments | ( | ( | ( | ( | |||||||||||||||||||
Prior service (costs) credits arising during period | |||||||||||||||||||||||
Defined benefit plans sponsored by equity affiliates - benefit (cost) | |||||||||||||||||||||||
Income (taxes) benefit on defined benefit plans | ( | ( | ( | ( | |||||||||||||||||||
Total | |||||||||||||||||||||||
Other Comprehensive Gain (Loss), Net of Tax | |||||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive Income (Loss) Attributable to Chevron Corporation | $ | $ | $ | $ |
At September 30, 2024 | At December 31, 2023 | |||||||||||||
(Millions of dollars) | ||||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Time deposits | ||||||||||||||
Marketable securities | ||||||||||||||
Accounts and notes receivable (less allowance: 2024 - $ | ||||||||||||||
Inventories: | ||||||||||||||
Crude oil and products | ||||||||||||||
Chemicals | ||||||||||||||
Materials, supplies and other | ||||||||||||||
Total inventories | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total Current Assets | ||||||||||||||
Long-term receivables (less allowance: 2024 - $ | ||||||||||||||
Investments and advances | ||||||||||||||
Properties, plant and equipment, at cost | ||||||||||||||
Less: Accumulated depreciation, depletion and amortization | ||||||||||||||
Properties, plant and equipment, net | ||||||||||||||
Deferred charges and other assets | ||||||||||||||
Goodwill | ||||||||||||||
Assets held for sale | ||||||||||||||
Total Assets | $ | $ | ||||||||||||
Liabilities and Equity | ||||||||||||||
Short-term debt | $ | $ | ||||||||||||
Accounts payable | ||||||||||||||
Accrued liabilities | ||||||||||||||
Federal and other taxes on income | ||||||||||||||
Other taxes payable | ||||||||||||||
Total Current Liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Deferred credits and other noncurrent obligations | ||||||||||||||
Noncurrent deferred income taxes | ||||||||||||||
Noncurrent employee benefit plans | ||||||||||||||
Total Liabilities* | $ | $ | ||||||||||||
Preferred stock (authorized | ||||||||||||||
Common stock (authorized | ||||||||||||||
Capital in excess of par value | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive losses | ( | ( | ||||||||||||
Deferred compensation and benefit plan trust | ( | ( | ||||||||||||
Treasury stock, at cost ( | ( | ( | ||||||||||||
Total Chevron Corporation Stockholders’ Equity | ||||||||||||||
Noncontrolling interests (includes redeemable noncontrolling interest of $ | ||||||||||||||
Total Equity | ||||||||||||||
Total Liabilities and Equity | $ | $ | ||||||||||||
Nine Months Ended September 30 | |||||||||||
2024 | 2023 | ||||||||||
(Millions of dollars) | |||||||||||
Operating Activities | |||||||||||
Net Income (Loss) | $ | $ | |||||||||
Adjustments | |||||||||||
Depreciation, depletion and amortization | |||||||||||
Dry hole expense | |||||||||||
Distributions more (less) than income from equity affiliates | ( | ( | |||||||||
Net before-tax losses (gains) on asset retirements and sales | ( | ( | |||||||||
Net foreign currency effects | ( | ||||||||||
Deferred income tax provision | |||||||||||
Net decrease (increase) in operating working capital | ( | ( | |||||||||
Decrease (increase) in long-term receivables | |||||||||||
Net decrease (increase) in other deferred charges | ( | ( | |||||||||
Cash contributions to employee pension plans | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net Cash Provided by Operating Activities | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses, net of cash received | |||||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds and deposits related to asset sales and returns of investment | |||||||||||
Net maturities of (investments in) time deposits | ( | ||||||||||
Net sales (purchases) of marketable securities | |||||||||||
Net repayment (borrowing) of loans by equity affiliates | ( | ( | |||||||||
Net Cash Used for Investing Activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Net borrowings (repayments) of short-term obligations | ( | ||||||||||
Proceeds from issuances of long-term debt | |||||||||||
Repayments of long-term debt and other financing obligations | ( | ( | |||||||||
Cash dividends - common stock | ( | ( | |||||||||
Net contributions from (distributions to) noncontrolling interests | ( | ( | |||||||||
Net sales (purchases) of treasury shares | ( | ( | |||||||||
Net Cash Provided by (Used for) Financing Activities | ( | ( | |||||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | ( | ( | |||||||||
Net Change in Cash, Cash Equivalents and Restricted Cash | ( | ( | |||||||||
Cash, Cash Equivalents and Restricted Cash at January 1 | |||||||||||
Cash, Cash Equivalents and Restricted Cash at September 30 | $ | $ | |||||||||
(Millions of dollars) | Accumulated | Treasury | Chevron Corp. | Non- | |||||||||||||||||||
Common | Retained | Other Comp. | Stock | Stockholders’ | Controlling | Total | |||||||||||||||||
Three Months Ended September 30 | Stock(1) | Earnings | Income (Loss) | (at cost) | Equity | Interests | Equity | ||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||
Treasury stock transactions | — | — | — | — | |||||||||||||||||||
PDC Energy, Inc. acquisition | — | — | — | ||||||||||||||||||||
Net income (loss) | — | — | — | ||||||||||||||||||||
Cash dividends ($ | — | ( | — | — | ( | ( | ( | ||||||||||||||||
Stock dividends | — | ( | — | — | ( | — | ( | ||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||
Purchases of treasury shares | — | — | — | ( | ( | — | ( | ||||||||||||||||
Issuances of treasury shares | — | — | — | ||||||||||||||||||||
Other changes, net | ( | ( | — | — | ( | ( | |||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||
Balance at June 30, 2024 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||
Treasury stock transactions | — | — | — | — | |||||||||||||||||||
Net income (loss) | — | — | — | ||||||||||||||||||||
Cash dividends ($ | — | ( | — | — | ( | ( | ( | ||||||||||||||||
Stock dividends | — | ( | — | — | ( | — | ( | ||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||
Purchases of treasury shares(2) | — | — | — | ( | ( | — | ( | ||||||||||||||||
Issuances of treasury shares | ( | — | — | — | |||||||||||||||||||
Other changes, net | — | ( | — | — | ( | ( | ( | ||||||||||||||||
Balance at September 30, 2024 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||
Nine Months Ended September 30 | |||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||
Treasury stock transactions | — | — | — | — | |||||||||||||||||||
PDC Energy, Inc. acquisition | — | — | — | ||||||||||||||||||||
Net income (loss) | — | — | — | ||||||||||||||||||||
Cash dividends ($ | — | ( | — | — | ( | ( | ( | ||||||||||||||||
Stock dividends | — | ( | — | — | ( | — | ( | ||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||
Purchases of treasury shares | — | — | — | ( | ( | — | ( | ||||||||||||||||
Issuances of treasury shares | — | — | — | ||||||||||||||||||||
Other changes, net | ( | ( | — | — | ( | ( | |||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||
Treasury stock transactions | — | — | — | — | |||||||||||||||||||
Net income (loss) | — | — | — | ||||||||||||||||||||
Cash dividends ($ | — | ( | — | — | ( | ( | ( | ||||||||||||||||
Stock dividends | — | ( | — | — | ( | — | ( | ||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||
Purchases of treasury shares(2) | — | — | — | ( | ( | — | ( | ||||||||||||||||
Issuances of treasury shares | ( | — | — | — | |||||||||||||||||||
Other changes, net | — | ( | — | — | ( | ( | ( | ||||||||||||||||
Balance at September 30, 2024 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||
(Number of Shares) | Common Stock - 2024 | Common Stock - 2023 | |||||||||||||||||||||
Three Months Ended September 30 | Issued(3) | Treasury | Outstanding | Issued(3) | Treasury | Outstanding | |||||||||||||||||
Balance at June 30 | ( | ( | |||||||||||||||||||||
Purchases | — | ( | ( | — | ( | ( | |||||||||||||||||
Issuances | — | — | |||||||||||||||||||||
Balance at September 30 | ( | ( | |||||||||||||||||||||
Nine Months Ended September 30 | |||||||||||||||||||||||
Balance at December 31 | ( | ( | |||||||||||||||||||||
Purchases | — | ( | ( | — | ( | ( | |||||||||||||||||
Issuances | — | — | |||||||||||||||||||||
Balance at September 30 | ( | ( |
Currency Translation Adjustment | Unrealized Holding Gains (Losses) on Securities | Derivatives | Defined Benefit Plans | Total | ||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||
Components of Other Comprehensive Income (Loss): | ||||||||||||||||||||||||||||||||
Before Reclassifications | ( | ( | ( | |||||||||||||||||||||||||||||
Reclassifications(2) (3) | ||||||||||||||||||||||||||||||||
Net Other Comprehensive Income (Loss) | ( | ( | ( | |||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||
Balance at December 31, 2023 | $ | ( | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||||||
Components of Other Comprehensive Income (Loss): | ||||||||||||||||||||||||||||||||
Before Reclassifications | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Reclassifications(2) (3) | ||||||||||||||||||||||||||||||||
Net Other Comprehensive Income (Loss) | ( | ( | ||||||||||||||||||||||||||||||
Balance at September 30, 2024 | $ | ( | $ | ( | $ | $ | ( | $ | ( |
Nine Months Ended September 30 | |||||||||||
2024 | 2023 | ||||||||||
(Millions of dollars) | |||||||||||
Distributions more (less) than income from equity affiliates included the following: | |||||||||||
Distributions from equity affiliates | $ | $ | |||||||||
(Income) loss from equity affiliates | ( | ( | |||||||||
Distributions more (less) than income from equity affiliates | $ | ( | $ | ( | |||||||
Net decrease (increase) in operating working capital was composed of the following: | |||||||||||
Decrease (increase) in accounts and notes receivable | $ | $ | ( | ||||||||
Decrease (increase) in inventories | ( | ( | |||||||||
Decrease (increase) in prepaid expenses and other current assets | ( | ||||||||||
Increase (decrease) in accounts payable and accrued liabilities | ( | ||||||||||
Increase (decrease) in income and other taxes payable | ( | ( | |||||||||
Net decrease (increase) in operating working capital | $ | ( | $ | ( | |||||||
Net cash provided by operating activities included the following cash payments: | |||||||||||
Interest on debt (net of capitalized interest) | $ | $ | |||||||||
Income taxes | |||||||||||
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: | |||||||||||
Proceeds and deposits related to asset sales | $ | $ | |||||||||
Returns of investment from equity affiliates | |||||||||||
Proceeds and deposits related to asset sales and returns of investment | $ | $ | |||||||||
Net maturities of (investments in) time deposits consisted of the following gross amounts: | |||||||||||
Investments in time deposits | $ | ( | $ | ||||||||
Maturities of time deposits | |||||||||||
Net maturities of (investments in) time deposits | $ | ( | $ | ||||||||
Net sales (purchases) of marketable securities consisted of the following gross amounts: | |||||||||||
Marketable securities purchased | $ | $ | ( | ||||||||
Marketable securities sold | |||||||||||
Net sales (purchases) of marketable securities | $ | $ | |||||||||
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: | |||||||||||
Borrowing of loans by equity affiliates | $ | ( | $ | ( | |||||||
Repayment of loans by equity affiliates | |||||||||||
Net repayment (borrowing) of loans by equity affiliates | $ | ( | $ | ( | |||||||
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 | ( | ||||||||||
Net borrowings (repayments) of short-term obligations | $ | $ | ( | ||||||||
Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts: | |||||||||||
Distributions to noncontrolling interests | $ | ( | $ | ( | |||||||
Contributions from noncontrolling interests | |||||||||||
Net contributions from (distributions to) noncontrolling interests | $ | ( | $ | ( | |||||||
Net sales (purchases) of treasury shares consisted of the following gross and net amounts: | |||||||||||
Shares issued for share-based compensation plans | $ | $ | |||||||||
Shares purchased under share repurchase and deferred compensation plans | ( | ( | |||||||||
Net sales (purchases) of treasury shares | $ | ( | $ | ( |
Nine Months Ended September 30 | |||||||||||
2024 | 2023 | ||||||||||
(Millions of dollars) | |||||||||||
Additions to properties, plant and equipment | $ | $ | |||||||||
Additions to investments | |||||||||||
Current-year dry hole expenditures | |||||||||||
Payments for other assets and liabilities, net | |||||||||||
Capital expenditures | $ | $ |
At September 30 | At December 31 | ||||||||||||||||||||||
2024 | 2023 | 2023 | 2022 | ||||||||||||||||||||
(Millions of dollars) | (Millions of dollars) | ||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Restricted cash included in “Prepaid expenses and other current assets” | |||||||||||||||||||||||
Restricted cash included in “Deferred charges and other assets” | |||||||||||||||||||||||
Total cash, cash equivalents and restricted cash | $ | $ | $ | $ |
Nine Months Ended September 30 | |||||||||||
2024 | 2023 | ||||||||||
(Millions of dollars) | |||||||||||
Sales and other operating revenues | $ | $ | |||||||||
Costs and other deductions | |||||||||||
Net income attributable to TCO | $ | $ |
Nine Months Ended September 30 | |||||||||||
2024 | 2023 | ||||||||||
(Millions of dollars) | |||||||||||
Sales and other operating revenues | $ | $ | |||||||||
Costs and other deductions | |||||||||||
Net income (loss) attributable to CUSA | $ | $ | |||||||||
At September 30, 2024 | At December 31, 2023 | ||||||||||
(Millions of dollars) | |||||||||||
Current assets | $ | $ | |||||||||
Other assets | |||||||||||
Current liabilities | |||||||||||
Other liabilities | |||||||||||
Total CUSA net equity | $ | $ | |||||||||
Memo: Total debt | $ | $ |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Segment Earnings | (Millions of dollars) | (Millions of dollars) | |||||||||||||||||||||
Upstream | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Total Upstream | |||||||||||||||||||||||
Downstream | |||||||||||||||||||||||
United States | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Total Downstream | |||||||||||||||||||||||
Total Segment Earnings | |||||||||||||||||||||||
All Other | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||
Net Income Attributable to Chevron Corporation | $ | $ | $ | $ |
At September 30, 2024 | At December 31, 2023 | ||||||||||
Segment Assets | (Millions of dollars) | ||||||||||
Upstream | |||||||||||
United States | $ | $ | |||||||||
International | |||||||||||
Goodwill | |||||||||||
Total Upstream | |||||||||||
Downstream | |||||||||||
United States | |||||||||||
International | |||||||||||
Goodwill | |||||||||||
Total Downstream | |||||||||||
Total Segment Assets | |||||||||||
All Other | |||||||||||
United States | |||||||||||
International | |||||||||||
Total All Other | |||||||||||
Total Assets — United States | |||||||||||
Total Assets — International | |||||||||||
Goodwill | |||||||||||
Total Assets | $ | $ | |||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Sales and Other Operating Revenues | (Millions of dollars) | (Millions of dollars) | |||||||||||||||||||||
Upstream | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||
Intersegment Elimination — United States | ( | ( | ( | ( | |||||||||||||||||||
Intersegment Elimination — International | ( | ( | ( | ( | |||||||||||||||||||
Total Upstream | |||||||||||||||||||||||
Downstream | |||||||||||||||||||||||
United States | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||
Intersegment Elimination — United States | ( | ( | ( | ( | |||||||||||||||||||
Intersegment Elimination — International | ( | ( | ( | ( | |||||||||||||||||||
Total Downstream | |||||||||||||||||||||||
All Other | |||||||||||||||||||||||
United States | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||
Intersegment Elimination — United States | ( | ( | ( | ( | |||||||||||||||||||
Intersegment Elimination — International | ( | ( | ( | ( | |||||||||||||||||||
Total All Other | |||||||||||||||||||||||
Sales and Other Operating Revenues | |||||||||||||||||||||||
United States | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||
Intersegment Elimination — United States | ( | ( | ( | ( | |||||||||||||||||||
Intersegment Elimination — International | ( | ( | ( | ( | |||||||||||||||||||
Total Sales and Other Operating Revenues | $ | $ | $ | $ |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars) | (Millions of dollars) | ||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||
United States | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of prior service costs (credits) | |||||||||||||||||||||||
Amortization of actuarial losses (gains) | |||||||||||||||||||||||
Settlement losses | |||||||||||||||||||||||
Total United States | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Service cost | |||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of prior service costs (credits) | |||||||||||||||||||||||
Amortization of actuarial losses (gains) | |||||||||||||||||||||||
Acquisitions / (divestitures) | ( | ||||||||||||||||||||||
Total International | |||||||||||||||||||||||
Net Periodic Pension Benefit Costs | $ | $ | $ | $ | |||||||||||||||||||
Other Benefits* | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Amortization of prior service costs (credits) | ( | ( | ( | ( | |||||||||||||||||||
Amortization of actuarial losses (gains) | ( | ( | ( | ( | |||||||||||||||||||
Net Periodic Other Benefit Costs | $ | $ | $ | $ |
At September 30, 2024 | At December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Marketable Securities | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Derivatives - not designated | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives - designated | |||||||||||||||||||||||||||||||||||||||||||||||
Total Assets at Fair Value | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Derivatives - not designated | |||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities at Fair Value | $ | $ | $ | $ | $ | $ | $ | $ |
At September 30, 2024 | |||||||||||||||||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||||||||||||||
Before-Tax Loss | |||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
Properties, plant and equipment, net (held for sale) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Investments and advances | |||||||||||||||||||||||||||||||||||
Total Assets at Fair Value | $ | $ | $ | $ | $ | $ |
Consolidated Balance Sheet: Fair Value of Derivatives | ||||||||||||||||||||
Type of | At September 30, 2024 | At December 31, 2023 | ||||||||||||||||||
Contract | Balance Sheet Classification | (Millions of dollars) | ||||||||||||||||||
Commodity | Accounts and notes receivable, net | $ | $ | |||||||||||||||||
Commodity | Long-term receivables, net | |||||||||||||||||||
Total Assets at Fair Value | $ | $ | ||||||||||||||||||
Commodity | Accounts payable | $ | $ | |||||||||||||||||
Commodity | Deferred credits and other noncurrent obligations | |||||||||||||||||||
Total Liabilities at Fair Value | $ | $ |
Consolidated Statement of Income: The Effect of Derivatives | ||||||||||||||||||||||||||||||||
Gain / (Loss) Three Months Ended September 30 | Gain / (Loss) Nine Months Ended September 30 | |||||||||||||||||||||||||||||||
Type of | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||
Contract | Statement of Income Classification | (Millions of dollars) | ||||||||||||||||||||||||||||||
Commodity | Sales and other operating revenues | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Commodity | Purchased crude oil and products | ( | ( | |||||||||||||||||||||||||||||
Commodity | Other income (loss) | ( | ( | ( | ||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | ( |
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities | ||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset | Net Amounts Presented | Gross Amounts Not Offset | Net Amount | ||||||||||||||||||||||||||||
At September 30, 2024 | (Millions of dollars) | |||||||||||||||||||||||||||||||
Derivative Assets - not designated | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Derivative Assets - designated | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Derivative Liabilities - not designated | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Derivative Liabilities - designated | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
At December 31, 2023 | ||||||||||||||||||||||||||||||||
Derivative Assets - not designated | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Derivative Assets - designated | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Derivative Liabilities - not designated | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Derivative Liabilities - designated | $ | $ | $ | $ | $ |
2024 | 2023 | ||||||||||
(Millions of dollars) | |||||||||||
Balance at January 1 | $ | $ | |||||||||
Liabilities assumed in the PDC Energy, Inc. acquisition | |||||||||||
Liabilities incurred | |||||||||||
Liabilities settled | ( | ( | |||||||||
Accretion expense | |||||||||||
Revisions in estimated cash flows | ( | ||||||||||
Balance at September 30 | $ | $ |
Earnings by Business Segment | |||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars) | (Millions of dollars) | ||||||||||||||||||||||
Upstream | |||||||||||||||||||||||
United States | $ | 1,946 | $ | 2,074 | $ | 6,182 | $ | 5,495 | |||||||||||||||
International | 2,643 | 3,681 | 8,116 | 10,357 | |||||||||||||||||||
Total Upstream | 4,589 | 5,755 | 14,298 | 15,852 | |||||||||||||||||||
Downstream | |||||||||||||||||||||||
United States | 146 | 1,376 | 879 | 3,434 | |||||||||||||||||||
International | 449 | 307 | 1,096 | 1,556 | |||||||||||||||||||
Total Downstream | 595 | 1,683 | 1,975 | 4,990 | |||||||||||||||||||
Total Segment Earnings | 5,184 | 7,438 | 16,273 | 20,842 | |||||||||||||||||||
All Other | (697) | (912) | (1,851) | (1,732) | |||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation (1) (2) | $ | 4,487 | $ | 6,526 | $ | 14,422 | $ | 19,110 | |||||||||||||||
(1) Includes foreign currency effects. | $ | (44) | $ | 285 | $ | (202) | $ | 255 | |||||||||||||||
(2) Income (loss) net of tax; also referred to as “earnings” in the discussions that follow. |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
Unit (1) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
U.S. Upstream | ||||||||||||||||||||||||||
Earnings | $MM | $ | 1,946 | $ | 2,074 | $ | 6,182 | $ | 5,495 | |||||||||||||||||
Net Oil-Equivalent Production | MBOED | 1,605 | 1,407 | 1,584 | 1,265 | |||||||||||||||||||||
Liquids Production | MBD | 1,156 | 1,028 | 1,139 | 941 | |||||||||||||||||||||
Natural Gas Production | MMCFD | 2,694 | 2,275 | 2,665 | 1,947 | |||||||||||||||||||||
Liquids Realization | $/BBL | $ | 54.86 | $ | 62.42 | $ | 57.33 | $ | 59.40 | |||||||||||||||||
Natural Gas Realization | $/MCF | $ | 0.55 | $ | 1.39 | $ | 0.85 | $ | 1.69 | |||||||||||||||||
(1) MBD — thousands of barrels per day; MMCFD — millions of cubic feet per day; BBL — Barrel; MCF — thousands of cubic feet; MBOED — thousands of barrels of oil-equivalent per day. |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
Unit (2) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
International Upstream | ||||||||||||||||||||||||||
Earnings (1) | $MM | $ | 2,643 | $ | 3,681 | $ | 8,116 | $ | 10,357 | |||||||||||||||||
Net Oil-Equivalent Production | MBOED | 1,759 | 1,739 | 1,750 | 1,763 | |||||||||||||||||||||
Liquids Production | MBD | 834 | 803 | 832 | 826 | |||||||||||||||||||||
Natural Gas Production | MMCFD | 5,550 | 5,616 | 5,513 | 5,621 | |||||||||||||||||||||
Liquids Realization | $/BBL | $ | 70.59 | $ | 75.64 | $ | 72.70 | $ | 70.78 | |||||||||||||||||
Natural Gas Realization | $/MCF | $ | 7.46 | $ | 6.96 | $ | 7.20 | $ | 7.81 | |||||||||||||||||
(1) Includes foreign currency effects | $MM | $ | 13 | $ | 584 | $ | (202) | $ | 538 | |||||||||||||||||
(2) MBD — thousands of barrels per day; MMCFD — millions of cubic feet per day; BBL — Barrel; MCF — thousands of cubic feet; MBOED — thousands of barrels of oil-equivalent per day. |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
Unit * | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
U.S. Downstream | ||||||||||||||||||||||||||
Earnings | $MM | $ | 146 | $ | 1,376 | $ | 879 | $ | 3,434 | |||||||||||||||||
Refinery Crude Unit Inputs | MBD | 995 | 980 | 925 | 965 | |||||||||||||||||||||
Refined Product Sales | MBD | 1,312 | 1,303 | 1,296 | 1,283 | |||||||||||||||||||||
* MBD — thousands of barrels per day. |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
Unit (2) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
International Downstream | ||||||||||||||||||||||||||
Earnings (1) | $MM | $ | 449 | $ | 307 | $ | 1,096 | $ | 1,556 | |||||||||||||||||
Refinery Crude Unit Inputs | MBD | 628 | 637 | 643 | 637 | |||||||||||||||||||||
Refined Product Sales | MBD | 1,507 | 1,431 | 1,473 | 1,448 | |||||||||||||||||||||
(1) Includes foreign currency effects | $MM | $ | (55) | $ | 24 | $ | — | $ | 46 | |||||||||||||||||
(2) MBD — thousands of barrels per day. |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
Unit | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
All Other | ||||||||||||||||||||||||||
Earnings/(Charges)* | $MM | $ | (697) | $ | (912) | $ | (1,851) | $ | (1,732) | |||||||||||||||||
* Includes foreign currency effects | $ | (2) | $ | (323) | $ | — | $ | (329) |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Sales and other operating revenues | $ | 48,926 | $ | 51,922 | $ | 145,080 | $ | 147,980 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Income from equity affiliates | $ | 1,261 | $ | 1,313 | $ | 3,908 | $ | 4,141 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Other income (loss) | $ | 482 | $ | 845 | $ | 1,578 | $ | 1,648 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Purchased crude oil and products | $ | 30,450 | $ | 32,328 | $ | 89,058 | $ | 90,719 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Operating, selling, general and administrative expenses | $ | 7,886 | $ | 7,462 | $ | 23,091 | $ | 21,549 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Exploration expenses | $ | 154 | $ | 301 | $ | 546 | $ | 660 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Depreciation, depletion and amortization | $ | 4,214 | $ | 4,025 | $ | 12,309 | $ | 11,072 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Taxes other than on income | $ | 1,263 | $ | 1,021 | $ | 3,575 | $ | 3,158 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Interest and debt expense | $ | 164 | $ | 114 | $ | 395 | $ | 349 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Other components of net periodic benefit costs | $ | 49 | $ | 91 | $ | 145 | $ | 168 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Income tax expense/(benefit) | $ | 1,993 | $ | 2,183 | $ | 6,957 | $ | 6,926 |
Selected Operating Data (1) (2) | ||||||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
Unit | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
U.S. Upstream | ||||||||||||||||||||||||||
Net crude oil and natural gas liquids production | MBD | 1,156 | 1,028 | 1,139 | 941 | |||||||||||||||||||||
Net natural gas production(3) | MMCFD | 2,694 | 2,275 | 2,665 | 1,947 | |||||||||||||||||||||
Net oil-equivalent production | MBOED | 1,605 | 1,407 | 1,584 | 1,265 | |||||||||||||||||||||
Sales of natural gas | MMCFD | 5,378 | 4,942 | 5,253 | 4,526 | |||||||||||||||||||||
Sales of natural gas liquids | MBD | 481 | 380 | 460 | 326 | |||||||||||||||||||||
Revenue from net production | ||||||||||||||||||||||||||
Crude | $/BBL | $ | 73.04 | $ | 80.40 | $ | 75.30 | $ | 74.56 | |||||||||||||||||
NGLs | $/BBL | $ | 18.34 | $ | 20.15 | $ | 19.33 | $ | 20.63 | |||||||||||||||||
Liquids (weighted average of Crude and NGLs) | $/BBL | $ | 54.86 | $ | 62.42 | $ | 57.33 | $ | 59.40 | |||||||||||||||||
Natural gas | $/MCF | $ | 0.55 | $ | 1.39 | $ | 0.85 | $ | 1.69 | |||||||||||||||||
International Upstream | ||||||||||||||||||||||||||
Net crude oil and natural gas liquids production(4) | MBD | 834 | 803 | 832 | 826 | |||||||||||||||||||||
Net natural gas production(3) | MMCFD | 5,550 | 5,616 | 5,513 | 5,621 | |||||||||||||||||||||
Net oil-equivalent production(4) | MBOED | 1,759 | 1,739 | 1,750 | 1,763 | |||||||||||||||||||||
Sales of natural gas | MMCFD | 5,576 | 5,600 | 5,579 | 5,686 | |||||||||||||||||||||
Sales of natural gas liquids | MBD | 147 | 88 | 132 | 87 | |||||||||||||||||||||
Revenue from liftings | ||||||||||||||||||||||||||
Crude | $/BBL | $ | 72.82 | $ | 78.67 | $ | 75.09 | $ | 73.18 | |||||||||||||||||
NGLs | $/BBL | $ | 27.44 | $ | 20.68 | $ | 23.95 | $ | 23.59 | |||||||||||||||||
Liquids (weighted average of Crude and NGLs) | $/BBL | $ | 70.59 | $ | 75.64 | $ | 72.70 | $ | 70.78 | |||||||||||||||||
Natural gas | $/MCF | $ | 7.46 | $ | 6.96 | $ | 7.20 | $ | 7.81 | |||||||||||||||||
U.S. and International Upstream | ||||||||||||||||||||||||||
Total net oil-equivalent production(4) | MBOED | 3,364 | 3,146 | 3,334 | 3,028 | |||||||||||||||||||||
U.S. Downstream | ||||||||||||||||||||||||||
Gasoline sales(5) | MBD | 684 | 652 | 666 | 644 | |||||||||||||||||||||
Other refined product sales | MBD | 628 | 651 | 630 | 639 | |||||||||||||||||||||
Total refined product sales | MBD | 1,312 | 1,303 | 1,296 | 1,283 | |||||||||||||||||||||
Sales of natural gas | MMCFD | 37 | 32 | 31 | 32 | |||||||||||||||||||||
Sales of natural gas liquids | MBD | 21 | 23 | 22 | 21 | |||||||||||||||||||||
Refinery crude unit inputs | MBD | 995 | 980 | 925 | 965 | |||||||||||||||||||||
International Downstream | ||||||||||||||||||||||||||
Gasoline sales(5) | MBD | 335 | 275 | 335 | 298 | |||||||||||||||||||||
Other refined product sales | MBD | 782 | 756 | 747 | 767 | |||||||||||||||||||||
Share of affiliate sales | MBD | 390 | 400 | 391 | 383 | |||||||||||||||||||||
Total refined product sales | MBD | 1,507 | 1,431 | 1,473 | 1,448 | |||||||||||||||||||||
Sales of natural gas | MMCFD | — | — | — | 1 | |||||||||||||||||||||
Sales of natural gas liquids | MBD | 152 | 174 | 136 | 163 | |||||||||||||||||||||
Refinery crude unit inputs | MBD | 628 | 637 | 643 | 637 | |||||||||||||||||||||
(1) Includes company share of equity affiliates. | ||||||||||||||||||||||||||
(2) MBD — thousands of barrels per day; MMCFD — millions of cubic feet per day; BBL — Barrel; MCF — thousands of cubic feet; oil-equivalent gas conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil; MBOED — thousands of barrels of oil-equivalent per day. | ||||||||||||||||||||||||||
(3) Includes natural gas consumed in operations (MMCFD); 3Q23 recast to include additional own use volumes from PDC acquisition: | ||||||||||||||||||||||||||
United States | 66 | 70 | 61 | 57 | ||||||||||||||||||||||
International | 551 | 529 | 542 | 530 | ||||||||||||||||||||||
(4) Includes net production of synthetic oil: | ||||||||||||||||||||||||||
Canada | 48 | 52 | 49 | 50 | ||||||||||||||||||||||
(5) Includes branded and unbranded gasoline. |
Nine Months Ended September 30, 2024 | Year Ended December 31, 2023 | ||||||||||
(Millions of dollars) (unaudited) | |||||||||||
Sales and other operating revenues | $ | 72,362 | $ | 100,405 | |||||||
Sales and other operating revenues - related party | 32,438 | 44,553 | |||||||||
Total costs and other deductions | 74,815 | 102,773 | |||||||||
Total costs and other deductions - related party | 26,610 | 35,781 | |||||||||
Net income (loss) | $ | 45,620 | $ | 12,190 | |||||||
At September 30, 2024 | At December 31, 2023 | ||||||||||
(Millions of dollars) (unaudited) | |||||||||||
Current assets | $ | 16,467 | $ | 19,006 | |||||||
Current assets - related party | 1,735 | 18,375 | |||||||||
Other assets | 57,991 | 54,558 | |||||||||
Current liabilities | 29,269 | 20,512 | |||||||||
Current liabilities - related party | 40,997 | 132,474 | |||||||||
Other liabilities | 24,512 | 28,849 | |||||||||
Total net equity (deficit) | $ | (18,585) | $ | (89,896) | |||||||
At September 30, 2024 | At December 31, 2023 | |||||||||||||||||||
Current Ratio (1) | 1.1 | 1.3 | ||||||||||||||||||
Debt Ratio | 14.2 | % | 11.5 | % | ||||||||||||||||
Net Debt Ratio (2) | 11.9 | % | 7.3 | % |
Nine Months Ended September 30 | ||||||||||||||
2024 | 2023 | |||||||||||||
(Millions of dollars) | ||||||||||||||
Net cash provided by operating activities | $ | 22,797 | $ | 23,175 | ||||||||||
Less: Capital expenditures | (12,110) | (11,468) | ||||||||||||
Free Cash Flow | $ | 10,687 | $ | 11,707 |
Capex and Affiliate Capex by Business Segment | |||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Capex | (Millions of dollars) | ||||||||||||||||||||||
United States | |||||||||||||||||||||||
Upstream | $ | 2,349 | $ | 3,020 | $ | 7,126 | $ | 7,234 | |||||||||||||||
Downstream | 349 | 408 | 1,116 | 1,118 | |||||||||||||||||||
All Other | 93 | 97 | 274 | 218 | |||||||||||||||||||
Total United States | 2,791 | 3,525 | 8,516 | 8,570 | |||||||||||||||||||
International | |||||||||||||||||||||||
Upstream | 1,212 | 1,080 | 3,462 | 2,742 | |||||||||||||||||||
Downstream | 47 | 66 | 124 | 144 | |||||||||||||||||||
All Other | 5 | 2 | 8 | 12 | |||||||||||||||||||
Total International | 1,264 | 1,148 | 3,594 | 2,898 | |||||||||||||||||||
Capex | $ | 4,055 | $ | 4,673 | $ | 12,110 | $ | 11,468 | |||||||||||||||
Affiliate Capex | |||||||||||||||||||||||
Upstream | $ | 329 | $ | 539 | $ | 1,110 | $ | 1,793 | |||||||||||||||
Downstream | 236 | 300 | 704 | 891 | |||||||||||||||||||
Affiliate Capex | $ | 565 | $ | 839 | $ | 1,814 | $ | 2,684 |
Period | Total Number of Shares Purchased (*) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the 2023 Program (*) (Billions of dollars) | |||||||||||||||||||
July 1 - July 31, 2024 | 7,923,000 | $156.56 | 7,923,000 | $56.6 | |||||||||||||||||||
August 1 - August 31, 2024 | 12,057,000 | $146.20 | 12,057,000 | $54.8 | |||||||||||||||||||
September 1 - September 30, 2024 | 12,229,398 | $142.84 | 12,229,398 | $53.1 | |||||||||||||||||||
Total | 32,209,398 | $147.47 | 32,209,398 |
Exhibit Index | ||||||||
Exhibit Number | Description | |||||||
10.1+* | ||||||||
10.2+* | ||||||||
10.3+* | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
32.2** | ||||||||
101* | Interactive data files (formatted as Inline XBRL) | |||||||
104* | Cover Page Interactive Data File (contained in Exhibit 101) |
CHEVRON CORPORATION (REGISTRANT) | |||||
/S/ ALANA K. KNOWLES | |||||
Alana K. Knowles, Vice President and Controller (Principal Accounting Officer and Duly Authorized Officer) |
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/S/ MICHAEL K. WIRTH | ||
Michael K. Wirth Chairman of the Board and Chief Executive Officer |
/S/ EIMEAR P. BONNER | ||
Eimear P. Bonner Vice President and Chief Financial Officer |
/S/ MICHAEL K. WIRTH | ||
Michael K. Wirth Chairman of the Board and Chief Executive Officer |
/S/ EIMEAR P. BONNER | ||
Eimear P. Bonner Vice President and Chief Financial Officer |
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CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for accounts and notes receivable, current | $ 259 | $ 301 |
Allowance for long-term receivables | $ 354 | $ 340 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 6,000,000,000 | 6,000,000,000 |
Common stock, par value (in dollars per share) | $ 0.75 | $ 0.75 |
Common stock, shares issued (in shares) | 2,442,676,580 | 2,442,676,580 |
Treasury stock (in shares) | 645,585,255 | 577,028,776 |
Redeemable equity | $ 0 | $ 166 |
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Operating Activities | ||
Net Income (Loss) | $ 14,490 | $ 19,168 |
Adjustments | ||
Depreciation, depletion and amortization | 12,309 | 11,072 |
Dry hole expense | 225 | 315 |
Distributions more (less) than income from equity affiliates | (485) | (2,273) |
Net before-tax losses (gains) on asset retirements and sales | (236) | (133) |
Net foreign currency effects | 104 | (135) |
Deferred income tax provision | 1,545 | 1,346 |
Net decrease (increase) in operating working capital | (2,172) | (4,181) |
Decrease (increase) in long-term receivables | 54 | 36 |
Net decrease (increase) in other deferred charges | (765) | (423) |
Cash contributions to employee pension plans | (658) | (893) |
Other | (1,614) | (724) |
Net Cash Provided by Operating Activities | 22,797 | 23,175 |
Investing Activities | ||
Acquisition of businesses, net of cash received | 0 | 55 |
Capital expenditures | (12,110) | (11,468) |
Proceeds and deposits related to asset sales and returns of investment | 620 | 410 |
Net maturities of (investments in) time deposits | (4) | 0 |
Net sales (purchases) of marketable securities | 45 | 84 |
Net repayment (borrowing) of loans by equity affiliates | (157) | (242) |
Net Cash Used for Investing Activities | (11,606) | (11,161) |
Financing Activities | ||
Net borrowings (repayments) of short-term obligations | 5,615 | (33) |
Proceeds from issuances of long-term debt | 403 | 150 |
Repayments of long-term debt and other financing obligations | (1,062) | (4,207) |
Cash dividends - common stock | (8,914) | (8,527) |
Net contributions from (distributions to) noncontrolling interests | (197) | (44) |
Net sales (purchases) of treasury shares | (10,535) | (11,281) |
Net Cash Provided by (Used for) Financing Activities | (14,690) | (23,942) |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (12) | (187) |
Net Change in Cash, Cash Equivalents and Restricted Cash | (3,511) | (12,115) |
Cash, Cash Equivalents and Restricted Cash at January 1 | 9,275 | 19,121 |
Cash, Cash Equivalents and Restricted Cash at September 30 | $ 5,764 | $ 7,006 |
CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - USD ($) $ in Millions |
Total |
Chevron Corp. Stockholders’ Equity |
Common Stock |
Retained Earnings |
Accumulated Other Comp. Income (Loss) |
Treasury Stock (at cost) |
Non-Controlling Interests |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2022 | $ 160,242 | $ 159,282 | $ 20,252 | [1] | $ 190,024 | $ (2,798) | $ (48,196) | $ 960 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Treasury stock transactions | 123 | 123 | 123 | [1] | ||||||||||
PDC Energy, Inc. acquisition | 6,520 | 6,520 | 2,550 | [1] | 3,970 | |||||||||
Net income (loss) | 19,168 | 19,110 | 19,110 | 58 | ||||||||||
Cash dividends | (8,581) | (8,527) | (8,527) | (54) | ||||||||||
Stock dividends | (7) | (7) | (7) | |||||||||||
Other comprehensive income | 201 | 201 | 201 | |||||||||||
Purchases of treasury shares | (11,631) | (11,631) | (11,631) | |||||||||||
Issuances of treasury shares | 237 | 237 | 20 | [1] | $ 217 | |||||||||
Other changes, net | (24) | (43) | $ (36) | [1] | (7) | 19 | ||||||||
Purchases (in shares) | (70,455,234,000,000) | (70,455,234,000,000) | ||||||||||||
Issuances (in shares) | 42,987,556,000,000 | 42,987,556,000,000 | ||||||||||||
Ending balance at Sep. 30, 2023 | 166,248 | 165,265 | $ 22,909 | [1] | 200,593 | (2,597) | $ (55,640) | 983 | ||||||
Beginning balance, shares issued (in shares) at Dec. 31, 2022 | [2] | 2,442,676,580,000,000 | ||||||||||||
Beginning balance, treasury shares (in shares) at Dec. 31, 2022 | (527,460,237,000,000) | |||||||||||||
Beginning balance, shares outstanding (in shares) at Dec. 31, 2022 | 1,915,216,343,000,000 | |||||||||||||
Ending balance, shares issued (in shares) at Sep. 30, 2023 | [2] | 2,442,676,580,000,000 | ||||||||||||
Ending balance, treasury shares (in shares) at Sep. 30, 2023 | (554,927,915,000,000) | |||||||||||||
Ending balance, shares outstanding (in shares) at Sep. 30, 2023 | 1,887,748,665,000,000 | |||||||||||||
Beginning balance at Jun. 30, 2023 | 159,298 | 158,325 | $ 20,350 | [1] | 196,926 | (2,711) | $ (56,240) | 973 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Treasury stock transactions | 43 | 43 | 43 | [1] | ||||||||||
PDC Energy, Inc. acquisition | 6,520 | 6,520 | 2,550 | [1] | 3,970 | |||||||||
Net income (loss) | 6,555 | 6,526 | 6,526 | 29 | ||||||||||
Cash dividends | (2,897) | (2,852) | (2,852) | (45) | ||||||||||
Stock dividends | (6) | (6) | (6) | |||||||||||
Other comprehensive income | 114 | 114 | 114 | |||||||||||
Purchases of treasury shares | (3,424) | (3,424) | (3,424) | |||||||||||
Issuances of treasury shares | 56 | 56 | 2 | [1] | $ 54 | |||||||||
Other changes, net | (11) | (37) | $ (36) | [1] | (1) | 26 | ||||||||
Purchases (in shares) | (20,721,774,000,000) | (20,721,774,000,000) | ||||||||||||
Issuances (in shares) | 41,225,221,000,000 | 41,225,221,000,000 | ||||||||||||
Ending balance at Sep. 30, 2023 | 166,248 | 165,265 | $ 22,909 | [1] | 200,593 | (2,597) | $ (55,640) | 983 | ||||||
Beginning balance, shares issued (in shares) at Jun. 30, 2023 | [2] | 2,442,676,580,000,000 | ||||||||||||
Beginning balance, treasury shares (in shares) at Jun. 30, 2023 | (575,431,362,000,000) | |||||||||||||
Beginning balance, shares outstanding (in shares) at Jun. 30, 2023 | 1,867,245,218,000,000 | |||||||||||||
Ending balance, shares issued (in shares) at Sep. 30, 2023 | [2] | 2,442,676,580,000,000 | ||||||||||||
Ending balance, treasury shares (in shares) at Sep. 30, 2023 | (554,927,915,000,000) | |||||||||||||
Ending balance, shares outstanding (in shares) at Sep. 30, 2023 | 1,887,748,665,000,000 | |||||||||||||
Beginning balance at Dec. 31, 2023 | 161,929 | 160,957 | $ 22,957 | [1] | 200,025 | (2,960) | $ (59,065) | 972 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Treasury stock transactions | 251 | 251 | 251 | [1] | ||||||||||
Net income (loss) | 14,490 | 14,422 | 14,422 | 68 | ||||||||||
Cash dividends | (9,124) | (8,914) | (8,914) | (210) | ||||||||||
Stock dividends | (17) | (17) | (17) | |||||||||||
Other comprehensive income | 135 | 135 | 135 | |||||||||||
Purchases of treasury shares | [3] | (10,833) | (10,833) | (10,833) | ||||||||||
Issuances of treasury shares | 214 | 214 | $ (38) | [1] | $ 252 | |||||||||
Other changes, net | (15) | (13) | (13) | (2) | ||||||||||
Purchases (in shares) | (70,981,509,000,000) | (70,981,509,000,000) | ||||||||||||
Issuances (in shares) | 2,425,030,000,000 | 2,425,030,000,000 | ||||||||||||
Ending balance at Sep. 30, 2024 | $ 157,030 | 156,202 | $ 23,170 | [1] | 205,503 | (2,825) | $ (69,646) | 828 | ||||||
Beginning balance, shares issued (in shares) at Dec. 31, 2023 | 2,442,676,580 | 2,442,676,580,000,000 | [2] | |||||||||||
Beginning balance, treasury shares (in shares) at Dec. 31, 2023 | (577,028,776) | (577,028,776,000,000) | ||||||||||||
Beginning balance, shares outstanding (in shares) at Dec. 31, 2023 | 1,865,647,804,000,000 | |||||||||||||
Ending balance, shares issued (in shares) at Sep. 30, 2024 | 2,442,676,580 | 2,442,676,580,000,000 | [2] | |||||||||||
Ending balance, treasury shares (in shares) at Sep. 30, 2024 | (645,585,255) | (645,585,255,000,000) | ||||||||||||
Ending balance, shares outstanding (in shares) at Sep. 30, 2024 | 1,797,091,325,000,000 | |||||||||||||
Beginning balance at Jun. 30, 2024 | $ 160,263 | 159,233 | $ 23,087 | [1] | 203,960 | (2,924) | $ (64,890) | 1,030 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Treasury stock transactions | 86 | 86 | 86 | [1] | ||||||||||
Net income (loss) | 4,496 | 4,487 | 4,487 | 9 | ||||||||||
Cash dividends | (3,136) | (2,933) | (2,933) | (203) | ||||||||||
Stock dividends | (6) | (6) | (6) | |||||||||||
Other comprehensive income | 99 | 99 | 99 | |||||||||||
Purchases of treasury shares | [3] | (4,797) | (4,797) | (4,797) | ||||||||||
Issuances of treasury shares | 38 | 38 | $ (3) | [1] | $ 41 | |||||||||
Other changes, net | (13) | (5) | (5) | (8) | ||||||||||
Purchases (in shares) | (32,209,398,000,000) | (32,209,398,000,000) | ||||||||||||
Issuances (in shares) | 383,610,000,000 | 383,610,000,000 | ||||||||||||
Ending balance at Sep. 30, 2024 | $ 157,030 | $ 156,202 | $ 23,170 | [1] | $ 205,503 | $ (2,825) | $ (69,646) | $ 828 | ||||||
Beginning balance, shares issued (in shares) at Jun. 30, 2024 | [2] | 2,442,676,580,000,000 | ||||||||||||
Beginning balance, treasury shares (in shares) at Jun. 30, 2024 | (613,759,467,000,000) | |||||||||||||
Beginning balance, shares outstanding (in shares) at Jun. 30, 2024 | 1,828,917,113,000,000 | |||||||||||||
Ending balance, shares issued (in shares) at Sep. 30, 2024 | 2,442,676,580 | 2,442,676,580,000,000 | [2] | |||||||||||
Ending balance, treasury shares (in shares) at Sep. 30, 2024 | (645,585,255) | (645,585,255,000,000) | ||||||||||||
Ending balance, shares outstanding (in shares) at Sep. 30, 2024 | 1,797,091,325,000,000 | |||||||||||||
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CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||||||
Dividends (in dollars per share) | $ 1.63 | $ 1.51 | $ 4.89 | $ 4.53 | ||||
Common stock | $ 1,832 | $ 1,832 | $ 1,832 | $ 1,832 | $ 1,832 | $ 1,832 | $ 1,832 | $ 1,832 |
Benefit Plan Trust | $ (240) | $ (240) | $ (240) | $ (240) | $ (240) | $ (240) | $ (240) | $ (240) |
Number of Chevron share issued held in benefit plan trust for funding obligations (in shares) | 14,168,000 | 14,168,000 | 14,168,000 | 14,168,000 | 14,168,000 | 14,168,000 | 14,168,000 | 14,168,000 |
General |
9 Months Ended |
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Sep. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | 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, 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.
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Changes in Accumulated Other Comprehensive Losses |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Losses | 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, 2024 and 2023, are reflected in the table below. Changes in Accumulated Other Comprehensive Income (Loss) by Component(1)
(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 $177 that are included in employee benefit costs for the nine months ended September 30, 2024. Related income taxes for the same period, totaling $48, are reflected in “Income Tax Expense (Benefit)” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
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Information Relating to the Consolidated Statement of Cash Flows |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information Relating to the Consolidated Statement of Cash Flows | Information Relating to the Consolidated Statement of Cash Flows
The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. The “Other” line in the Operating Activities section includes changes in asset retirement obligations, abandonment and decommissioning obligations associated with previously sold assets, postretirement benefits obligations and other long-term liabilities. Asset retirement obligation payments totaled $1.8 billion in the first nine months of 2024, compared to $1.1 billion in the year-ago period. The company paid dividends of $1.63 per share of common stock in third 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:
The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet:
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New Accounting Standards |
9 Months Ended |
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Sep. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | 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 continues to evaluate 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 continues to evaluate disclosure presentation alternatives.
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Summarized Financial Data - Tengizchevroil LLP |
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Data of Affiliate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Data - Tengizchevroil LLP | 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:
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Summarized Financial Data - Chevron U.S.A. Inc. |
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Summarized Financial Data of Subsidiary One [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Data - Chevron U.S.A. Inc. | 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:
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Operating Segments and Geographic Data |
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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 nine-month periods ended September 30, 2024 and 2023, are presented in the following table:
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at September 30, 2024, and December 31, 2023, are as follows:
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, 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.
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Employee Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefits | Employee Benefits Chevron has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the company’s other investment alternatives. The company also sponsors other postretirement employee benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and the retirees share the costs. For the company’s main U.S. medical plan, the increase to the pre-Medicare company contribution for retiree medical coverage is limited to no more than four percent each year. Certain life insurance benefits are paid by the company. The components of net periodic benefit costs for 2024 and 2023 are as follows:
* Includes costs for U.S. and international OPEB plans. Obligations for plans outside the United States are not significant relative to the company’s total OPEB obligation. Through September 30, 2024, a total of $658 million was contributed to employee pension plans (including $588 million to the U.S. plans). Contribution amounts are dependent upon plan investment returns, changes in pension obligations, regulatory requirements and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. During the first nine months of 2024, the company contributed $115 million to its OPEB plans.
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Assets Held For Sale |
9 Months Ended |
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Sep. 30, 2024 | |
Assets Held For Sale [Abstract] | |
Assets Held For Sale | Assets Held For SaleAt September 30, 2024, the company classified $6.0 billion net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet. These assets are associated with upstream and downstream operations that are anticipated to be sold in the next 12 months. The revenues and earnings contributions of these assets in 2023 and the first nine months of 2024 were not material. |
Income Taxes |
9 Months Ended |
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Sep. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax expense decreased $190 million between quarterly periods from $2.2 billion in 2023 to $2.0 billion in 2024. The company’s income before income tax expense decreased $2.2 billion from $8.7 billion in 2023 to $6.5 billion in 2024, primarily due to lower downstream margins, lower upstream realizations, unfavorable foreign currency effects and higher upstream depreciation, depletion and amortization, partially offset by higher upstream sales volumes. The company’s effective tax rate increased between quarterly periods from 25 percent in 2023 to 31 percent in 2024. The change in effective tax rate was primarily due to the absence of prior period favorable tax items and mix effects, resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions. The income tax expense increased $31 million between the nine-month periods from $6.9 billion in 2023 to $7.0 billion in 2024. The company’s income before income tax expense decreased $4.6 billion from $26.1 billion in 2023 to $21.4 billion in 2024, primarily due to lower downstream margins, higher upstream depreciation, depletion and amortization, higher operating expenses, unfavorable foreign currency effects and lower upstream realizations, partially offset by higher upstream sales volumes and higher downstream affiliate earnings. The company’s effective tax rate increased between nine-month periods from 27 percent in 2023 to 32 percent in 2024. The change in effective tax rate was primarily due to the absence of prior period favorable tax items, current period unfavorable tax items and mix effects, resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions. The company engages in ongoing discussions with tax authorities regarding the resolution of tax matters in various jurisdictions. Both the outcomes for these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. Given the number of years that still remain subject to examination and the number of matters being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits
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Litigation |
9 Months Ended |
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Sep. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation Climate Change Governmental and other plaintiffs in various jurisdictions across the United States have brought legal proceedings against fossil fuel producing companies, including Chevron entities, purporting to seek legal and equitable relief to address alleged impacts of climate change. Chevron entities are or were among the codefendants in 31 separate lawsuits filed by various U.S. cities and counties, four U.S. states, the District of Columbia, the Commonwealth of Puerto Rico, two Native American tribes, and a trade group in both federal and state courts.1 The lawsuits have asserted various causes of action, including public nuisance, private nuisance, failure to warn, fraud, conspiracy to commit fraud, design defect, product defect, trespass, negligence, impairment of public trust, equitable relief for pollution, impairment and destruction of natural resources, unjust enrichment, violations of consumer and environmental protection statutes, violations of unfair competition statutes, violations of a federal antitrust statute, and violations of federal and state RICO statutes, based upon, among other things, the company’s production of oil and gas products and alleged misrepresentations or omissions relating to climate change risks associated with those products. Further such proceedings are likely to be brought by other parties. While defendants have sought to remove cases filed in state court to federal court, most of those cases have been remanded to state court and the U.S. Supreme Court has denied petitions for writ of certiorari on jurisdictional questions to date. The unprecedented legal theories set forth in these proceedings include claims for damages (both compensatory and punitive), injunctive and other forms of equitable relief, including without limitation abatement, contribution to abatement funds, disgorgement of profits and equitable relief for pollution, impairment and destruction of natural resources, civil penalties and liability for fees and costs of suits. Due to the unprecedented nature of the suits, the company is unable to estimate any range of possible liability, but given the uncertainty of litigation there can be no assurance that the cases will not have a material adverse effect on the company’s results of operations and financial condition. Management believes that these proceedings are legally and factually meritless and detract from constructive efforts to address the important policy issues presented by climate change and will vigorously defend against such proceedings. Louisiana Seven coastal parishes and the State of Louisiana have filed lawsuits in Louisiana against numerous oil and gas companies seeking damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA). Chevron entities are defendants in 37 of these cases.2 The lawsuits allege that the defendants’ historical operations were conducted without necessary permits or failed to comply with permits obtained and seek damages and other relief, including the costs of restoring coastal wetlands allegedly impacted by oil field operations. Further such proceedings may be brought by other parties. The Supreme Court denied a petition for writ of certiorari on jurisdictional questions impacting certain of these cases, and those cases have been or will be remanded to Louisiana state court, one of which has been set for trial and is scheduled to begin in March 2025. Federal jurisdictional questions are still being decided for the remaining cases in the United States Court of Appeals for the Fifth Circuit. Due to the unprecedented nature of the suits, the company is unable to estimate any range of possible liability, but given the uncertainty of litigation there can be no assurance that the cases will not have a material adverse effect on the company’s results of operations and financial condition. Management believes that the claims lack legal and factual merit and will continue to vigorously defend against such proceedings.
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Other Contingencies and Commitments |
9 Months Ended |
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Sep. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Contingencies and Commitments | Other Contingencies and Commitments Income Taxes The company calculates its income tax expense and liabilities quarterly. These liabilities generally are subject to audit and are not finalized with the individual taxing authorities until several years after the end of the annual period for which income taxes have been calculated. Settlement of open tax years, as well as other tax issues in countries where the company conducts its businesses, are not expected to have a material effect on the consolidated financial position or liquidity of the company and, in the opinion of management, adequate provision has been made for income taxes for all years under examination or subject to future examination. Guarantees The company and its subsidiaries have certain contingent liabilities with respect to guarantees, direct or indirect, of debt of affiliated companies or third parties. Under the terms of the guarantee arrangements, the company would generally be required to perform should the affiliated company or third party fail to fulfill its obligations under the arrangements. In some cases, the guarantee arrangements may have recourse provisions that would enable the company to recover any payments made under the terms of the guarantees from assets provided as collateral. Indemnifications The company often includes standard indemnification provisions in its arrangements with its partners, suppliers and vendors in the ordinary course of business, the terms of which range in duration and sometimes are not limited. The company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service or other claims made against such parties. Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional purchase obligations and commitments, including throughput and take-or-pay agreements, some of which may relate to suppliers’ financing arrangements. The agreements typically provide goods and services, such as pipeline and storage capacity, utilities, and petroleum products, to be used or sold in the ordinary course of the company’s business. Environmental The company is subject to loss contingencies pursuant to laws, regulations, private claims and legal proceedings related to environmental matters that are subject to legal settlements or that in the future may require the company to take action to correct or ameliorate the effects on the environment of prior release of chemicals or petroleum substances by the company or other parties. Such contingencies may exist for various operating, closed and divested sites, including, but not limited to, U.S. federal Superfund sites and analogous sites under state laws, refineries, chemical plants, marketing facilities, crude oil fields, and mining sites. Although the company has provided for known environmental obligations that are probable and reasonably estimable, it is likely that the company will continue to incur additional liabilities. The amount of additional future costs are not fully determinable due to such factors as the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions that may be required, the determination of the company’s liability in proportion to other responsible parties, and the extent to which such costs are recoverable from third parties. These future costs may be material to results of operations in the period in which they are recognized, but the company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Acquisition and Disposition of Assets The company and its affiliates also continue to review and analyze their operations and may close, retire, sell, exchange, acquire or restructure assets to achieve operational or strategic benefits and to improve competitiveness and profitability. These activities, individually or together, may result in significant gains or losses in future periods. In addition, some assets are sold along with their related liabilities and in certain instances, such transferred obligations have reverted and may in the future revert to the company and result in losses that could be significant. Other Contingencies Chevron receives claims from and submits claims to customers; trading partners; joint venture partners; U.S. federal, state and local regulatory bodies; governments; contractors; insurers; suppliers; and individuals. The amounts of these claims, individually and in the aggregate, may be significant and take lengthy periods to resolve, and may result in gains or losses in future periods.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability are described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract. Level 3: Unobservable inputs. The company does not use Level 3 inputs for any of its recurring fair value measurements. Level 3 inputs may be required for the determination of fair value associated with certain nonrecurring measurements of nonfinancial assets and liabilities. The fair value hierarchy for assets and liabilities measured at fair value at September 30, 2024, and December 31, 2023, is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities The company calculates fair value for its marketable securities based on quoted market prices for identical assets. The fair values reflect the cash that would have been received if the instruments were sold at September 30, 2024. Derivatives The company records most of its derivative instruments — other than any commodity derivative contracts that are accounted for as normal purchase and normal sale — on the Consolidated Balance Sheet at fair value, with the offsetting amount to the Consolidated Statement of Income. The company designates certain derivative instruments as cash flow hedges that, if applicable, are reflected in the table above. Derivatives classified as Level 1 include futures, swaps and options contracts valued using quoted prices from active markets such as the New York Mercantile Exchange. Derivatives classified as Level 2 include swaps, options and forward contracts, the fair values of which are obtained from third-party broker quotes, industry pricing services and exchanges. The company obtains multiple sources of pricing information for the Level 2 instruments. Since this pricing information is generated from observable market data, it has historically been very consistent. The company does not materially adjust this information. Assets and liabilities carried at fair value at September 30, 2024, and December 31, 2023, are as follows: Cash and Cash Equivalents The company holds cash equivalents in U.S. and non-U.S. portfolios. The instruments classified as cash equivalents are primarily bank deposits with maturities of 90 days or less, and money market funds. “Cash and cash equivalents” had carrying/fair values of $4.7 billion and $8.2 billion at September 30, 2024, and December 31, 2023, respectively. The fair values of cash and cash equivalents are classified as Level 1 and reflect the cash that would have been received if the instruments were settled at September 30, 2024. Restricted Cash had a carrying/fair value of $1.1 billion at September 30, 2024 and December 31, 2023. At September 30, 2024, restricted cash is classified as Level 1 and includes primarily restricted funds related to certain upstream decommissioning activities that are reported in “Prepaid expenses and other current assets” and “Deferred charges and other assets” on the Consolidated Balance Sheet. Long-Term Debt had a net carrying value, excluding amounts reclassified from short-term debt, purchase price fair value adjustments and finance lease obligations, of $11.6 billion and $14.6 billion at September 30, 2024, and December 31, 2023, respectively. The fair value of these obligations was $10.9 billion and $13.7 billion at September 30, 2024, and December 31, 2023, respectively, and they primarily include corporate issued bonds. At September 30, 2024, the fair value of these obligations classified as Level 1 is $10.4 billion and Level 2 is $583 million. The carrying values of other short-term financial assets and liabilities on the Consolidated Balance Sheet approximate their fair values. Fair value remeasurements of other financial instruments at September 30, 2024, and December 31, 2023, were not material. The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2024, is as follows: Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Properties, plant and equipment The company did not have any individually material impairments of long-lived assets measured at fair value on a nonrecurring basis to report in third quarter 2024. Investments and advances The company did not have any individually material impairments of investments and advances measured at fair value on a nonrecurring basis to report in third quarter 2024.
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Financial and Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial and Derivative Instruments | Financial and Derivative Instruments The company’s commodity derivative instruments principally include crude oil, natural gas, liquefied natural gas and refined product futures, swaps, options and forward contracts. The company applies cash flow hedge accounting to certain commodity transactions, where appropriate, to manage the market price risk associated with forecasted sales of crude oil. The company’s derivatives are not material to the company’s consolidated financial position, results of operations or liquidity. The company believes it has no material market or credit risks to its operations, financial position or liquidity as a result of its commodities and other derivatives activities. The company uses commodity derivative instruments traded on the New York Mercantile Exchange and on electronic platforms of the Inter-Continental Exchange and Chicago Mercantile Exchange. In addition, the company enters into swap contracts and option contracts principally with major financial institutions and other oil and gas companies in the “over-the-counter” markets, which are governed by International Swaps and Derivatives Association agreements and other master netting arrangements. Derivative instruments measured at fair value at September 30, 2024, and December 31, 2023, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:
The amount reclassified from AOCL to “Sales and other operating revenues” from designated hedges for the first nine months of 2024 was a decrease of $43 million compared with a decrease of $17 million in the same period of the prior year. At September 30, 2024, before-tax deferred gains in AOCL related to outstanding crude oil price hedging contracts were $18 million, of which all is expected to be reclassified into earnings during the next 12 months as the hedged crude oil sales are recognized in earnings. The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 30, 2024, and December 31, 2023.
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Revenue |
9 Months Ended |
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Sep. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue“Sales and other operating revenues” on the Consolidated Statement of Income primarily arise from contracts with customers. Related receivables are included in “Accounts and notes receivable” on the Consolidated Balance Sheet, net of the current expected credit losses. The net balance of these receivables was $13.2 billion and $13.6 billion at September 30, 2024, and December 31, 2023, respectively. Other items included in “Accounts and notes receivable” represent amounts due from partners for their share of joint venture operating and project costs and amounts due from others, primarily related to derivatives, leases, buy/sell arrangements and product exchanges, which are accounted for outside the scope of Accounting Standard Codification (ASC) 606. |
Financial Instruments - Credit Losses |
9 Months Ended |
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Sep. 30, 2024 | |
Receivables [Abstract] | |
Financial Instruments - Credit Losses | Financial Instruments - Credit Losses Chevron’s expected credit loss allowance balance was $613 million and $641 million at September 30, 2024, and December 31, 2023, respectively, with a majority of the allowance relating to non-trade receivable balances. The majority of the company’s receivable balance is concentrated in trade receivables, with a balance of $17.3 billion at September 30, 2024, which reflects the company’s diversified sources of revenues and is dispersed across the company’s broad worldwide customer base. As a result, the company believes the concentration of credit risk is limited. The company routinely assesses the financial strength of its customers. When the financial strength of a customer is not considered sufficient, alternative risk mitigation measures may be deployed, including requiring prepayments, letters of credit or other acceptable forms of collateral. Once credit is extended and a receivable balance exists, the company applies a quantitative calculation to current trade receivable balances that reflects credit risk predictive analysis, including probability of default and loss given default, which takes into consideration current and forward-looking market data as well as the company’s historical loss data. This statistical approach becomes the basis of the company’s expected credit loss allowance for current trade receivables with payment terms that are typically short-term in nature, with most due in less than 90 days. Chevron’s non-trade receivable balance was $3.8 billion at September 30, 2024, which includes receivables from certain governments in their capacity as joint venture partners. Joint venture partner balances that are paid as per contract terms or not yet due are subject to the statistical analysis described above while past due balances are subject to additional qualitative management quarterly review. This management review includes review of reasonable and supportable repayment forecasts. Non-trade receivables also include employee and tax receivables that are deemed immaterial and low risk. Equity affiliate loans are also considered non-trade and an associated allowance of zero and $219 million are included within “Investments and advances” on the Consolidated Balance Sheet at September 30, 2024 and December 31, 2023, respectively.
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Agreement to Acquire Hess Corporation |
9 Months Ended |
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Sep. 30, 2024 | |
Subsequent Events [Abstract] | |
Agreement to Acquire Hess Corporation | Agreement to Acquire Hess Corporation On October 23, 2023, Chevron Corporation announced it had entered into a definitive agreement with Hess Corporation (Hess) to acquire all of its outstanding shares in an all-stock transaction, valued at approximately $53 billion, pursuant to which Hess stockholders will receive 1.0250 shares of Chevron common stock for each Hess share. The transaction was unanimously approved by the Boards of Directors of both companies. On May 28, 2024, a majority of Hess stockholders voted to approve the merger. Following the Federal Trade Commission’s (FTC) review of the transaction, on September 30, 2024, the FTC announced that a majority of the Commission voted to accept a consent agreement among the FTC, Chevron and Hess, resolving the concerns the FTC identified during its review of the transaction. Chevron and Hess haven taken and will continue to take appropriate steps to maintain our ability to close the merger under the Hart-Scott-Rodino Act of 1976, as amended (HSR Act), following satisfactory resolution of the ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement, including filing additional notifications under the HSR Act. The filing of the arbitration relating to the right of first refusal contained in an operating agreement among Hess Guyana Exploration Limited, a wholly owned subsidiary of Hess, affiliates of Exxon Mobil Corporation, and China National Offshore Oil Corporation may cause the transaction to be completed at a later time or to fail to be completed. The arbitration merits hearing about the applicability of the right of first refusal to the transaction has been scheduled for May 2025, with a decision expected in the following three months. Chevron and Hess are working to complete the merger as soon as practicable. However, neither Chevron nor Hess can predict the actual date on which the transaction will be completed, if at all, because it is subject to conditions beyond each company’s control. See Item 1A. Risk Factors for a discussion of risks related to the Hess acquisition.
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Asset Retirement Obligations |
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations | Asset Retirement Obligations The company records the fair value of a liability for an asset retirement obligation (ARO) both as an asset and a liability when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The legal obligation to perform the asset retirement activity is unconditional, even though uncertainty may exist about the timing and/or method of settlement that may be beyond the company’s control. This uncertainty about the timing and/or method of settlement is factored into the measurement of the liability when sufficient information exists to reasonably estimate fair value. The ARO liability is initially recognized at its fair value with a increase to the related asset. Subsequent accretion of the liability and depreciation of the asset is recorded over time. The company evaluates its ARO estimates regularly or when there is significant new information about costs, timing, and duration of asset retirement activity. AROs are primarily recorded for the company’s crude oil and natural gas producing assets. No significant AROs associated with any legal obligations to retire downstream long-lived assets have been recognized, as indeterminate settlement dates for the asset retirements prevent estimation of the fair value of the associated ARO. The company performs periodic reviews of its downstream long-lived assets for any changes in facts and circumstances that might require recognition of a retirement obligation. The following table indicates the changes to the company’s before-tax asset retirement obligations for the nine months ended September 30, 2024 and 2023:
The long-term portion of the $12.4 billion balance at September 30, 2024 was $11.4 billion.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
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Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 4,487 | $ 6,526 | $ 14,422 | $ 19,110 |
Insider Trading Arrangements |
3 Months Ended | 9 Months Ended |
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Sep. 30, 2024
shares
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Sep. 30, 2024
shares
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Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
A. Nigel Hearne [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | A. Nigel Hearne, Executive Vice President, Senior Advisor, entered into a pre-arranged stock trading plan on August 19, 2024. Mr. Hearne’s plan provides for the potential exercise of vested stock options and the associated sale of up to 60,468 shares of Chevron common stock between November 18, 2024, and February 28, 2025. The trading plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and Chevron’s policies regarding transactions in Chevron securities.
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Name | A. Nigel Hearne | |
Title | Executive Vice President, Senior Advisor | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | August 19, 2024 | |
Expiration Date | February 28, 2025 | |
Arrangement Duration | 102 days | |
Aggregate Available | 60,468 | 60,468 |
General (Policies) |
9 Months Ended |
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Sep. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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, 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.
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New Accounting Standards | 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 continues to evaluate 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 continues to evaluate disclosure presentation alternatives.
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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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Fair Value Measurements | The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability are described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract. Level 3: Unobservable inputs. The company does not use Level 3 inputs for any of its recurring fair value measurements. Level 3 inputs may be required for the determination of fair value associated with certain nonrecurring measurements of nonfinancial assets and liabilities.
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Revenue | “Sales and other operating revenues” on the Consolidated Statement of Income primarily arise from contracts with customers. Related receivables are included in “Accounts and notes receivable” on the Consolidated Balance Sheet, net of the current expected credit losses. The net balance of these receivables was $13.2 billion and $13.6 billion at September 30, 2024, and December 31, 2023, respectively. Other items included in “Accounts and notes receivable” represent amounts due from partners for their share of joint venture operating and project costs and amounts due from others, primarily related to derivatives, leases, buy/sell arrangements and product exchanges, which are accounted for outside the scope of Accounting Standard Codification (ASC) 606. |
Changes in Accumulated Other Comprehensive Losses (Tables) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | 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, 2024 and 2023, are reflected in the table below. Changes in Accumulated Other Comprehensive Income (Loss) by Component(1)
(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 $177 that are included in employee benefit costs for the nine months ended September 30, 2024. Related income taxes for the same period, totaling $48, are reflected in “Income Tax Expense (Benefit)” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
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Information Relating to the Consolidated Statement of Cash Flows (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Information Relating to Consolidated Statement of Cash Flows |
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Capital Expenditures | The components of “Capital expenditures” are presented in the following table:
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Schedule of Cash and Cash Equivalents | The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet:
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Restrictions on Cash and Cash Equivalents | The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet:
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Summarized Financial Data - Tengizchevroil LLP (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Data of Affiliate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Data - Tengizchevroil LLP | Summarized financial information for 100 percent of TCO is presented in the following table:
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Summarized Financial Data - Chevron U.S.A. Inc. (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Data of Subsidiary One [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Data - Chevron U.S.A. Inc. | The summarized financial information for CUSA and its consolidated subsidiaries is as follows:
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Summarized Financial Data and its Subsidiary |
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Operating Segments and Geographic Data (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Earnings | Earnings by major operating area for the three- and nine-month periods ended September 30, 2024 and 2023, are presented in the following table:
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Segment Assets | Segment assets at September 30, 2024, and December 31, 2023, are as follows:
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Segment Sales and Other Operating Revenues | 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, 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.
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Employee Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The components of net periodic benefit costs for 2024 and 2023 are as follows:
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The fair value hierarchy for assets and liabilities measured at fair value at September 30, 2024, and December 31, 2023, is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis
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Fair Value Measurements, Nonrecurring | The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2024, is as follows: Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
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Financial and Derivative Instruments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments | Derivative instruments measured at fair value at September 30, 2024, and December 31, 2023, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:
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Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments |
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Schedule of Offsetting Assets | The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 30, 2024, and December 31, 2023.
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Schedule of Offsetting Liabilities | The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 30, 2024, and December 31, 2023.
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Asset Retirement Obligations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Asset Retirement Obligation | The following table indicates the changes to the company’s before-tax asset retirement obligations for the nine months ended September 30, 2024 and 2023:
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Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
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Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 160,263 | $ 159,298 | $ 161,929 | $ 160,242 |
Components of Other Comprehensive Income (Loss): | ||||
Other Comprehensive Gain (Loss), Net of Tax | 99 | 114 | 135 | 201 |
Ending balance | 157,030 | 166,248 | 157,030 | 166,248 |
Related income taxes | 1,993 | 2,183 | 6,957 | 6,926 |
Total | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (2,924) | (2,711) | (2,960) | (2,798) |
Components of Other Comprehensive Income (Loss): | ||||
Before Reclassifications | (37) | 8 | ||
Reclassifications | 172 | 193 | ||
Other Comprehensive Gain (Loss), Net of Tax | 99 | 114 | 135 | 201 |
Ending balance | (2,825) | (2,597) | (2,825) | (2,597) |
Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (192) | (203) | ||
Components of Other Comprehensive Income (Loss): | ||||
Before Reclassifications | (9) | (21) | ||
Reclassifications | 0 | 0 | ||
Other Comprehensive Gain (Loss), Net of Tax | (9) | (21) | ||
Ending balance | (201) | (224) | (201) | (224) |
Unrealized Holding Gains (Losses) on Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (11) | (12) | ||
Components of Other Comprehensive Income (Loss): | ||||
Before Reclassifications | (5) | (4) | ||
Reclassifications | 0 | 0 | ||
Other Comprehensive Gain (Loss), Net of Tax | (5) | (4) | ||
Ending balance | (16) | (16) | (16) | (16) |
Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 5 | (12) | ||
Components of Other Comprehensive Income (Loss): | ||||
Before Reclassifications | (36) | (18) | ||
Reclassifications | 43 | 17 | ||
Other Comprehensive Gain (Loss), Net of Tax | 7 | (1) | ||
Ending balance | 12 | (13) | 12 | (13) |
Defined Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (2,762) | (2,571) | ||
Components of Other Comprehensive Income (Loss): | ||||
Before Reclassifications | 13 | 51 | ||
Reclassifications | 129 | 176 | ||
Other Comprehensive Gain (Loss), Net of Tax | 142 | 227 | ||
Ending balance | $ (2,620) | $ (2,344) | (2,620) | $ (2,344) |
Defined Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income | ||||
Components of Other Comprehensive Income (Loss): | ||||
Employee Benefits for reclassified components | 177 | |||
Related income taxes | $ 48 |
Information Relating to the Consolidated Statement of Cash Flows - Summary of Information (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
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Distributions more (less) than income from equity affiliates included the following: | ||
Distributions from equity affiliates | $ 3,423 | $ 1,868 |
(Income) loss from equity affiliates | (3,908) | (4,141) |
Distributions more (less) than income from equity affiliates | (485) | (2,273) |
Net decrease (increase) in operating working capital was composed of the following: | ||
Decrease (increase) in accounts and notes receivable | 286 | (890) |
Decrease (increase) in inventories | (1,113) | (1,136) |
Decrease (increase) in prepaid expenses and other current assets | 96 | (1,121) |
Increase (decrease) in accounts payable and accrued liabilities | (121) | 1,706 |
Increase (decrease) in income and other taxes payable | (1,320) | (2,740) |
Net decrease (increase) in operating working capital | (2,172) | (4,181) |
Net cash provided by operating activities included the following cash payments: | ||
Interest on debt (net of capitalized interest) | 326 | 292 |
Income taxes | 6,586 | 8,189 |
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: | ||
Proceeds and deposits related to asset sales | 497 | 218 |
Returns of investment from equity affiliates | 123 | 192 |
Proceeds and deposits related to asset sales and returns of investment | 620 | 410 |
Net sales (purchases) of marketable securities consisted of the following gross amounts: | ||
Marketable securities purchased | 0 | (289) |
Marketable securities sold | 45 | 373 |
Net sales (purchases) of marketable securities | 45 | 84 |
Net maturities of (investments in) time deposits consisted of the following gross amounts: | ||
Investments in time deposits | (4) | 0 |
Maturities of time deposits | 0 | 0 |
Net maturities of (investments in) time deposits | (4) | 0 |
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: | ||
Borrowing of loans by equity affiliates | (211) | (296) |
Repayment of loans by equity affiliates | 54 | 54 |
Net repayment (borrowing) of loans by equity affiliates | (157) | (242) |
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: | ||
Proceeds from issuances of short-term debt obligations | 829 | 0 |
Repayments of short-term debt obligations | 0 | 0 |
Net borrowings (repayments) of short-term debt obligations with three months or less maturity | 4,786 | (33) |
Net borrowings (repayments) of short-term obligations | 5,615 | (33) |
Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts: | ||
Distributions to noncontrolling interests | (210) | (54) |
Contributions from noncontrolling interests | 13 | 10 |
Net contributions from (distributions to) noncontrolling interests | (197) | (44) |
Net sales (purchases) of treasury shares consisted of the following gross and net amounts: | ||
Shares issued for share-based compensation plans | 194 | 237 |
Shares purchased under share repurchase and deferred compensation plans | (10,729) | (11,518) |
Net sales (purchases) of treasury shares | (10,535) | (11,281) |
Capital expenditures | ||
Additions to properties, plant and equipment | 11,590 | 10,602 |
Additions to investments | 392 | 636 |
Current-year dry hole expenditures | 128 | 205 |
Payments for other assets and liabilities, net | 0 | 25 |
Capital expenditures | $ 12,110 | $ 11,468 |
Information Relating to the Consolidated Statement of Cash Flows - Additional Information (Details) - USD ($) $ / shares in Units, $ in Billions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Dec. 31, 2023 |
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Supplemental Cash Flow Elements [Abstract] | ||||
Asset retirement obligation payments | $ 1.8 | $ 1.1 | ||
Dividends paid (in dollars per share) | $ 1.63 | $ 1.51 |
Information Relating to the Consolidated Statement of Cash Flows - Cash Balances (Details) - USD ($) $ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 4,699 | $ 8,178 | $ 5,797 | $ 17,678 |
Restricted cash included in “Prepaid expenses and other current assets” | 240 | 275 | 306 | 630 |
Restricted cash included in “Deferred charges and other assets” | 825 | 822 | 903 | 813 |
Total cash, cash equivalents and restricted cash | $ 5,764 | $ 9,275 | $ 7,006 | $ 19,121 |
Summarized Financial Data - Tengizchevroil LLP (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
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Affiliate Statements Captions [Line Items] | ||||
Sales and other operating revenues | $ 48,926 | $ 51,922 | $ 145,080 | $ 147,980 |
Net Income (Loss) | $ 4,496 | $ 6,555 | $ 14,490 | 19,168 |
Tengizchevroil LLP | ||||
Affiliate Statements Captions [Line Items] | ||||
Percentage of affiliate by summarized financial information | 100.00% | 100.00% | ||
Sales and other operating revenues | $ 14,857 | 14,720 | ||
Costs and other deductions | 8,200 | 7,799 | ||
Net Income (Loss) | $ 4,727 | $ 4,918 | ||
Tengizchevroil LLP | ||||
Affiliate Statements Captions [Line Items] | ||||
Equity ownership, percentage | 50.00% | 50.00% |
Summarized Financial Data - Chevron U.S.A. Inc. - Income Statement (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Subsidiary Statements Captions [Line Items] | ||||
Sales and other operating revenues | $ 48,926 | $ 51,922 | $ 145,080 | $ 147,980 |
Costs and other deductions | 44,180 | 45,342 | 129,119 | 127,675 |
Net income attributable to equity method investee | $ 4,487 | $ 6,526 | 14,422 | 19,110 |
Chevron U.S.A. Inc. | ||||
Subsidiary Statements Captions [Line Items] | ||||
Sales and other operating revenues | 112,708 | 113,817 | ||
Costs and other deductions | 107,834 | 106,318 | ||
Net income attributable to equity method investee | $ 4,491 | $ 6,152 |
Summarized Financial Data - Chevron U.S.A. Inc. - Balance Sheet (Details) - USD ($) $ in Millions |
Sep. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|---|---|
Subsidiary Statements Captions [Line Items] | ||||||
Current assets | $ 38,187 | $ 41,128 | ||||
Current liabilities | 35,718 | 32,258 | ||||
Total CUSA net equity | 157,030 | $ 160,263 | 161,929 | $ 166,248 | $ 159,298 | $ 160,242 |
Chevron U.S.A. Inc. | ||||||
Subsidiary Statements Captions [Line Items] | ||||||
Current assets | 18,855 | 19,489 | ||||
Other assets | 57,597 | 54,460 | ||||
Current liabilities | 22,115 | 20,624 | ||||
Other liabilities | 21,748 | 22,227 | ||||
Total CUSA net equity | 32,589 | 31,098 | ||||
Memo: Total debt | $ 9,571 | $ 9,740 |
Operating Segments and Geographic Data - Additional Information (Details) |
9 Months Ended |
---|---|
Sep. 30, 2024
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Number of operating segments | 2 |
Operating Segments and Geographic Data - Earnings by Major Operating Area (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) Attributable to Chevron Corporation | $ 4,487 | $ 6,526 | $ 14,422 | $ 19,110 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) Attributable to Chevron Corporation | 5,184 | 7,438 | 16,273 | 20,842 |
Operating Segments | Upstream | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) Attributable to Chevron Corporation | 4,589 | 5,755 | 14,298 | 15,852 |
Operating Segments | Upstream | United States | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) Attributable to Chevron Corporation | 1,946 | 2,074 | 6,182 | 5,495 |
Operating Segments | Upstream | International | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) Attributable to Chevron Corporation | 2,643 | 3,681 | 8,116 | 10,357 |
Operating Segments | Downstream | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) Attributable to Chevron Corporation | 595 | 1,683 | 1,975 | 4,990 |
Operating Segments | Downstream | United States | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) Attributable to Chevron Corporation | 146 | 1,376 | 879 | 3,434 |
Operating Segments | Downstream | International | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) Attributable to Chevron Corporation | 449 | 307 | 1,096 | 1,556 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense | (146) | (104) | (358) | (321) |
Interest income | 64 | 103 | 215 | 401 |
Other | $ (615) | $ (911) | $ (1,708) | $ (1,812) |
Operating Segments and Geographic Data - Segment Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Segment Assets | ||
Assets | $ 259,232 | $ 261,632 |
Goodwill | 4,722 | 4,722 |
United States | ||
Segment Assets | ||
Assets | 101,448 | 102,108 |
International | ||
Segment Assets | ||
Assets | 153,062 | 154,802 |
Operating Segments | ||
Segment Assets | ||
Assets | 249,873 | 249,293 |
Operating Segments | Upstream | ||
Segment Assets | ||
Assets | 192,316 | 194,805 |
Goodwill | 4,370 | 4,370 |
Operating Segments | Upstream | United States | ||
Segment Assets | ||
Assets | 59,573 | 58,750 |
Operating Segments | Upstream | International | ||
Segment Assets | ||
Assets | 128,373 | 131,685 |
Operating Segments | Downstream | ||
Segment Assets | ||
Assets | 57,557 | 54,488 |
Goodwill | 352 | 352 |
Operating Segments | Downstream | United States | ||
Segment Assets | ||
Assets | 34,689 | 33,066 |
Operating Segments | Downstream | International | ||
Segment Assets | ||
Assets | 22,516 | 21,070 |
All Other | ||
Segment Assets | ||
Assets | 9,359 | 12,339 |
All Other | United States | ||
Segment Assets | ||
Assets | 7,186 | 10,292 |
All Other | International | ||
Segment Assets | ||
Assets | $ 2,173 | $ 2,047 |
Operating Segments and Geographic Data - Segment Revenues (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | $ 48,926 | $ 51,922 | $ 145,080 | $ 147,980 |
Oil and Gas | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 48,926 | 51,922 | 145,080 | 147,980 |
Oil and Gas | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 61,854 | 64,838 | 186,030 | 182,669 |
Oil and Gas | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 139 | 150 | 413 | 415 |
Oil and Gas | Total All Other | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 27 | 32 | 87 | 98 |
Oil and Gas | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 31,035 | 33,176 | 95,484 | 91,463 |
Oil and Gas | United States | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | (111) | (117) | (324) | (315) |
Oil and Gas | United States | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 138 | 149 | 411 | 413 |
Oil and Gas | United States | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | (9,975) | (9,192) | (30,960) | (25,010) |
Oil and Gas | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 30,819 | 31,662 | 90,546 | 91,206 |
Oil and Gas | International | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | (1) | (1) | (2) | (2) |
Oil and Gas | International | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 1 | 1 | 2 | 2 |
Oil and Gas | International | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | (2,953) | (3,724) | (9,990) | (9,679) |
Oil and Gas | Upstream | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 11,883 | 10,858 | 33,865 | 33,314 |
Oil and Gas | Upstream | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 22,060 | 20,911 | 65,518 | 60,361 |
Oil and Gas | Upstream | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 10,730 | 10,278 | 33,184 | 28,656 |
Oil and Gas | Upstream | United States | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | (7,432) | (6,797) | (22,911) | (18,766) |
Oil and Gas | Upstream | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 11,330 | 10,633 | 32,334 | 31,705 |
Oil and Gas | Upstream | International | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | (2,745) | (3,256) | (8,742) | (8,281) |
Oil and Gas | Downstream | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 37,016 | 41,032 | 111,128 | 114,568 |
Oil and Gas | Downstream | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 39,655 | 43,777 | 120,099 | 121,893 |
Oil and Gas | Downstream | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 20,167 | 22,749 | 61,889 | 62,394 |
Oil and Gas | Downstream | United States | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | (2,432) | (2,278) | (7,725) | (5,929) |
Oil and Gas | Downstream | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 19,488 | 21,028 | 58,210 | 59,499 |
Oil and Gas | Downstream | International | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | $ (207) | $ (467) | $ (1,246) | $ (1,396) |
Employee Benefits - Additional Information (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2024
USD ($)
| |
Defined Benefit Plan Disclosure [Line Items] | |
Pre-Medicare company contribution for retiree medical coverage, maximum percent | 4.00% |
Contribution to other post retirement plans | $ 115 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, contributions by employer to employee pension plan | 658 |
Pension Benefits | United States | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, contributions by employer to employee pension plan | $ 588 |
Employee Benefits - Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Pension Benefits | ||||
Net Periodic Benefit Cost | ||||
Net Periodic Other Benefit Costs | $ 137 | $ 179 | $ 412 | $ 427 |
Pension Benefits | United States | ||||
Net Periodic Benefit Cost | ||||
Service cost | 90 | 86 | 268 | 257 |
Interest cost | 116 | 112 | 348 | 336 |
Expected return on plan assets | (149) | (140) | (447) | (419) |
Amortization of prior service costs (credits) | 1 | 1 | 3 | 3 |
Amortization of actuarial losses (gains) | 60 | 51 | 182 | 152 |
Settlement losses | 0 | 53 | 0 | 53 |
Net Periodic Other Benefit Costs | 118 | 163 | 354 | 382 |
Pension Benefits | International | ||||
Net Periodic Benefit Cost | ||||
Service cost | 14 | 15 | 41 | 44 |
Interest cost | 48 | 49 | 143 | 145 |
Expected return on plan assets | (51) | (52) | (148) | (154) |
Amortization of prior service costs (credits) | 3 | 2 | 8 | 6 |
Amortization of actuarial losses (gains) | 5 | 2 | 14 | 6 |
Acquisitions / (divestitures) | 0 | 0 | 0 | (2) |
Net Periodic Other Benefit Costs | 19 | 16 | 58 | 45 |
Other Benefits | ||||
Net Periodic Benefit Cost | ||||
Service cost | 8 | 9 | 25 | 25 |
Interest cost | 24 | 23 | 74 | 72 |
Amortization of prior service costs (credits) | (7) | (6) | (19) | (19) |
Amortization of actuarial losses (gains) | (4) | (5) | (11) | (14) |
Net Periodic Other Benefit Costs | $ 21 | $ 21 | $ 69 | $ 64 |
Assets Held For Sale (Details) - USD ($) $ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Assets Held For Sale [Abstract] | ||
Assets held for sale | $ 5,975 | $ 675 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Income Tax Disclosure [Abstract] | ||||
Increase (decrease) in income tax expense (benefit) | $ (190) | $ 31 | ||
Income tax expense (benefit) | 1,993 | $ 2,183 | 6,957 | $ 6,926 |
Increase (decrease) in income before income tax expense | (4,600) | |||
Income (loss) before income tax expense | $ 6,489 | $ 8,738 | $ 21,447 | $ 26,094 |
Effective tax rates | 31.00% | 25.00% | 32.00% | 27.00% |
Litigation (Details) |
Sep. 30, 2024
parish
State
lawsuit
tribe
|
---|---|
Loss Contingencies [Line Items] | |
Number of native american tribes | tribe | 2 |
Climate Change | Pending Litigation | |
Loss Contingencies [Line Items] | |
Pending lawsuits and claims (in number of claims) | 31 |
Number of defendants, U.S. states | State | 4 |
Coastal Erosion | Pending Litigation | |
Loss Contingencies [Line Items] | |
Pending lawsuits and claims (in number of claims) | 37 |
Number of parishes | parish | 7 |
Fair Value Measurements - Assets and Liabilities at Fair Value, Recurring (Details) - USD ($) $ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Marketable securities | $ 0 | $ 45 |
Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives | 167 | 152 |
Derivatives - not designated | 128 | 262 |
Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives | 18 | 7 |
Derivatives - not designated | 0 | 0 |
Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Marketable securities | 0 | 45 |
Total Assets at Fair Value | 185 | 204 |
Total Liabilities at Fair Value | 128 | 262 |
Recurring Basis | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives | 167 | 152 |
Derivatives - not designated | 128 | 262 |
Recurring Basis | Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives | 18 | 7 |
Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Marketable securities | 0 | 45 |
Total Assets at Fair Value | 113 | 76 |
Total Liabilities at Fair Value | 78 | 160 |
Recurring Basis | Level 1 | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives | 95 | 24 |
Derivatives - not designated | 78 | 160 |
Recurring Basis | Level 1 | Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives | 18 | 7 |
Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Marketable securities | 0 | 0 |
Total Assets at Fair Value | 72 | 128 |
Total Liabilities at Fair Value | 50 | 102 |
Recurring Basis | Level 2 | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives | 72 | 128 |
Derivatives - not designated | 50 | 102 |
Recurring Basis | Level 2 | Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives | 0 | 0 |
Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Marketable securities | 0 | 0 |
Total Assets at Fair Value | 0 | 0 |
Total Liabilities at Fair Value | 0 | 0 |
Recurring Basis | Level 3 | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives | 0 | 0 |
Derivatives - not designated | 0 | 0 |
Recurring Basis | Level 3 | Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives | $ 0 | $ 0 |
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2024 |
Dec. 31, 2023 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 4,700 | $ 8,200 |
Restricted cash | 1,100 | 1,100 |
Level 1 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | 10,400 | |
Level 2 | Other Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | 583 | |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, net carrying value | 11,600 | 14,600 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, net carrying value | $ 10,900 | $ 13,700 |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Maturity period of primarily bank time deposits, maximum, classified as cash equivalents and money market funds (in days) | 90 days |
Fair Value Measurements - Assets and Liabilities at Fair Value, Nonrecurring (Details) - Nonrecurring Basis $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2024
USD ($)
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held for sale) | $ 663 | $ 663 |
Investments and advances | 0 | 0 |
Total Assets at Fair Value | 663 | 663 |
Properties, plant and equipment, net (held for sale) | 145 | 161 |
Investments and advances | 9 | 9 |
Total Assets at Fair Value | 154 | 170 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 0 | 0 |
Total Assets at Fair Value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held for sale) | 663 | 663 |
Investments and advances | 0 | 0 |
Total Assets at Fair Value | 663 | 663 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 0 | 0 |
Total Assets at Fair Value | $ 0 | $ 0 |
Financial and Derivative Instruments - Fair Value of Derivatives (Details) - Commodity - USD ($) $ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Assets at Fair Value | $ 185 | $ 159 |
Total Liabilities at Fair Value | 128 | 262 |
Accounts and notes receivable, net | ||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Assets at Fair Value | 172 | 151 |
Long-term receivables, net | ||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Assets at Fair Value | 13 | 8 |
Accounts payable | ||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Liabilities at Fair Value | 106 | 216 |
Deferred credits and other noncurrent obligations | ||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Liabilities at Fair Value | $ 22 | $ 46 |
Financial and Derivative Instruments - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount reclassified from designated hedges | $ 16 | $ 4 | $ 43 | $ 17 |
Deferred losses in accumulated other comprehensive losses due to outstanding crude oil price hedging contracts | $ (18) | (18) | ||
Cash Flow Hedging | Sales and other operating revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount reclassified from designated hedges | $ 43 | $ 17 |
Financial and Derivative Instruments - Effect of Derivatives (Details) - Commodity - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ||||
Effect of derivatives, gain (loss), net | $ 305 | $ (630) | $ 47 | $ (646) |
Sales and other operating revenues | ||||
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ||||
Effect of derivatives, gain (loss), net | 258 | (420) | 18 | (439) |
Purchased crude oil and products | ||||
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ||||
Effect of derivatives, gain (loss), net | 55 | (202) | 16 | (183) |
Other income (loss) | ||||
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ||||
Effect of derivatives, gain (loss), net | $ (8) | $ (8) | $ 13 | $ (24) |
Financial and Derivative Instruments - Effect of Netting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Not Designated | ||
Offsetting Assets [Abstract] | ||
Derivative Assets, Gross Amounts Recognized | $ 2,453 | $ 2,394 |
Derivative Assets, Gross Amounts Offset | 2,286 | 2,242 |
Derivative Assets, Net Amounts Presented | 167 | 152 |
Derivative Assets, Gross Amounts Not Offset | 5 | 4 |
Derivative Assets, Net Amount | 162 | 148 |
Offsetting Liabilities [Abstract] | ||
Derivative Liabilities, Gross Amounts Recognized | 2,414 | 2,504 |
Derivative Liabilities, Gross Amounts Offset | 2,286 | 2,242 |
Derivative Liabilities, Net Amounts Presented | 128 | 262 |
Derivative Liabilities, Gross Amounts Not Offset | 2 | 15 |
Derivative Liabilities, Net Amount | 126 | 247 |
Designated | ||
Offsetting Assets [Abstract] | ||
Derivative Assets, Gross Amounts Recognized | 20 | 8 |
Derivative Assets, Gross Amounts Offset | 2 | 1 |
Derivative Assets, Net Amounts Presented | 18 | 7 |
Derivative Assets, Gross Amounts Not Offset | 0 | 0 |
Derivative Assets, Net Amount | 18 | 7 |
Offsetting Liabilities [Abstract] | ||
Derivative Liabilities, Gross Amounts Recognized | 2 | 1 |
Derivative Liabilities, Gross Amounts Offset | 2 | 1 |
Derivative Liabilities, Net Amounts Presented | 0 | 0 |
Derivative Liabilities, Gross Amounts Not Offset | 0 | 0 |
Derivative Liabilities, Net Amount | $ 0 | $ 0 |
Revenue (Details) - USD ($) $ in Billions |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Receivables | $ 13.2 | $ 13.6 |
Financial Instruments - Credit Losses (Details) - USD ($) |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Receivables [Abstract] | ||
Allowance for credit loss | $ 613,000,000 | $ 641,000,000 |
Trade receivable | 17,300,000,000 | |
Non-trade receivable | 3,800,000,000 | |
Investments and Advances | ||
Related Party Transaction [Line Items] | ||
Allowance for credit loss | $ 0 | $ 219,000,000 |
Agreement to Acquire Hess Corporation (Details) - Hess Corporation $ / shares in Units, $ in Billions |
Oct. 23, 2023
USD ($)
$ / shares
|
---|---|
Business Acquisition [Line Items] | |
Consideration transferred | $ | $ 53 |
Stock received on acquisition per share (in shares) | $ / shares | $ 1.0250 |
Asset Retirement Obligations - Change in Asset Retirement Obligation (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset retirement obligation, beginning balance | $ 13,833 | $ 12,701 |
Liabilities assumed in the PDC Energy, Inc. acquisition | 0 | 220 |
Liabilities incurred | 38 | 140 |
Liabilities settled | (1,803) | (1,124) |
Accretion expense | 441 | 457 |
Revisions in estimated cash flows | (63) | 316 |
Asset retirement obligation, ending balance | $ 12,446 | $ 12,710 |
Asset Retirement Obligations (Details) - USD ($) $ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Asset Retirement Obligation Disclosure [Abstract] | ||||
Asset retirement obligation | $ 12,446 | $ 13,833 | $ 12,710 | $ 12,701 |
Asset retirement obligations, long-term | $ 11,400 |
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