XML 30 R15.htm IDEA: XBRL DOCUMENT v3.24.3
Operating Segments and Geographic Data
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Operating Segments and Geographic Data Operating Segments and Geographic Data
Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. “All Other” activities of the company include worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies.
The company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM). The segments represent components of the company that engage in activities (a) from which revenues are earned and expenses are incurred; (b) whose operating results are regularly reviewed by the CODM, which makes decisions about resources to be allocated to the segments and assesses their performance; and (c) for which discrete financial information is available.
The company’s primary country of operation is the United States of America, its country of domicile. Other components of the company’s operations are reported as “International” (outside the United States).
Segment Earnings The company evaluates the performance of its operating segments on an after-tax basis, without considering the effects of debt financing interest expense or investment interest income, both of which are managed by the company on a worldwide basis. Corporate administrative costs and assets are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Non-billable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three- and nine-month periods ended September 30, 2024 and 2023, are presented in the following table:
Three Months Ended
September 30		Nine Months Ended
September 30
2024202320242023
Segment Earnings(Millions of dollars)(Millions of dollars)
Upstream
United States$1,946 $2,074 $6,182 $5,495 
International2,643 3,681 8,116 10,357 
Total Upstream4,589 5,755 14,298 15,852 
Downstream
United States146 1,376 879 3,434 
International449 307 1,096 1,556 
Total Downstream595 1,683 1,975 4,990 
Total Segment Earnings5,184 7,438 16,273 20,842 
All Other
Interest expense(146)(104)(358)(321)
Interest income64 103 215 401 
Other(615)(911)(1,708)(1,812)
Net Income Attributable to Chevron Corporation$4,487 $6,526 $14,422 $19,110 
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: 
At September 30,
2024		At December 31,
2023
Segment Assets(Millions of dollars)
Upstream
United States $59,573 $58,750 
International 128,373 131,685 
Goodwill4,370 4,370 
Total Upstream192,316 194,805 
Downstream
United States 34,689 33,066 
International22,516 21,070 
Goodwill352 352 
Total Downstream57,557 54,488 
Total Segment Assets249,873 249,293 
All Other
United States 7,186 10,292 
International2,173 2,047 
Total All Other9,359 12,339 
Total Assets — United States101,448 102,108 
Total Assets — International153,062 154,802 
Goodwill4,722 4,722 
Total Assets$259,232 $261,632 
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.
Three Months Ended
September 30		Nine Months Ended
September 30
2024202320242023
Sales and Other Operating Revenues(Millions of dollars)(Millions of dollars)
Upstream
United States$10,730 $10,278 $33,184 $28,656 
International11,330 10,633 32,334 31,705 
Subtotal22,060 20,911 65,518 60,361 
Intersegment Elimination — United States(7,432)(6,797)(22,911)(18,766)
Intersegment Elimination — International(2,745)(3,256)(8,742)(8,281)
Total Upstream11,883 10,858 33,865 33,314 
Downstream
United States20,167 22,749 61,889 62,394 
International19,488 21,028 58,210 59,499 
Subtotal39,655 43,777 120,099 121,893 
Intersegment Elimination — United States(2,432)(2,278)(7,725)(5,929)
Intersegment Elimination — International(207)(467)(1,246)(1,396)
Total Downstream37,016 41,032 111,128 114,568 
All Other
United States138 149 411 413 
International1 1 2 2 
Subtotal139 150 413 415 
Intersegment Elimination — United States(111)(117)(324)(315)
Intersegment Elimination — International(1)(1)(2)(2)
Total All Other27 32 87 98 
Sales and Other Operating Revenues
United States31,035 33,176 95,484 91,463 
International30,819 31,662 90,546 91,206 
Subtotal61,854 64,838 186,030 182,669 
Intersegment Elimination — United States(9,975)(9,192)(30,960)(25,010)
Intersegment Elimination — International(2,953)(3,724)(9,990)(9,679)
Total Sales and Other Operating Revenues$48,926 $51,922 $145,080 $147,980