Operating Segments and Geographic Data (Tables)

9 Months Ended

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:

	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	$	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
Interest expense	(146)		(104)		(358)		(321)
Interest income	64		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 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
Goodwill	4,370		4,370
Total Upstream	192,316		194,805
Downstream
United States	34,689		33,066
International	22,516		21,070
Goodwill	352		352
Total Downstream	57,557		54,488
Total Segment Assets	249,873		249,293
All Other
United States	7,186		10,292
International	2,173		2,047
Total All Other	9,359		12,339
Total Assets — United States	101,448		102,108
Total Assets — International	153,062		154,802
Goodwill	4,722		4,722
Total Assets	$	259,232	$	261,632

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.

	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	$	10,730	$	10,278	$	33,184	$	28,656
International	11,330		10,633		32,334		31,705
Subtotal	22,060		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 Upstream	11,883		10,858		33,865		33,314
Downstream
United States	20,167		22,749		61,889		62,394
International	19,488		21,028		58,210		59,499
Subtotal	39,655		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 Downstream	37,016		41,032		111,128		114,568
All Other
United States	138		149		411		413
International	1		1		2		2
Subtotal	139		150		413		415
Intersegment Elimination — United States	(111)		(117)		(324)		(315)
Intersegment Elimination — International	(1)		(1)		(2)		(2)
Total All Other	27		32		87		98
Sales and Other Operating Revenues
United States	31,035		33,176		95,484		91,463
International	30,819		31,662		90,546		91,206
Subtotal	61,854		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