Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure [Table]

Pay vs Performance [Table Text Block]

pay versus performance table

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive Compensation Actually Paid (“CAP”) and certain financial performance of the Company. For further information concerning the Company’s variable pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation–Compensation Discussion and Analysis” starting on page 48.

 

Year	CEO pay						Other NEO pay						Value of initial fixed $100 investment based on						Other performance measures
	Summary compensation table total for CEO(1)			CAP for CEO(2)			Average summary compensation table total for non-CEO NEOs(3)			Average CAP to non-CEO NEOs(4)			Total stockholder return(5)			Peer group total stockholder return(5)(6)			Net income (billions)(7)				Return on capital employed (ROCE)(8)
2022		$	23,573,925		$	86,746,262		$	7,990,849		$	25,084,341		$	171		$	145		$	35.5			20.3%
2021		$	22,610,285		$	54,351,572		$	8,654,188		$	17,681,842		$	108		$	92		$	15.6			9.4%
2020		$	29,017,031		$	7,582,335		$	9,053,126		$	2,548,051		$	74		$	66		$	(5.5	)		(2.8)%

(1) Represents amounts reported for Mr. Wirth for each corresponding year in the “Summary Compensation Table” in the “Total” column.

(2) Amounts for each fiscal year do not reflect the actual amount of compensation earned by or paid to Mr. Wirth during the applicable year. In accordance with SEC rules, the amounts reported in this column for each fiscal year were calculated by making the following adjustments to amounts reported for Mr. Wirth in the “Summary Compensation Table” in the “Total” column:

Year	Reported summary compensation table total for CEO	Less reported value of equity awards(a)	Plus equity award adjustments(b)	Less reported change in the actuarial present value of pension benefits(c)	Plus pension benefit adjustments(d)	CAP to CEO
2022	$23,573,925	$(16,910,025)	$79,239,311	–	$843,051	$86,746,262
2021	$22,610,285	$(16,108,661)	$46,947,253	–	$902,695	$54,351,572
2020	$29,017,031	$(15,123,491)	$  4,379,437	$(11,414,991)	$724,349	$  7,582,335

(a) Represents, for each applicable year, the sum of the amounts reported in the “Summary Compensation Table” in the “Stock Awards” and “Option Awards” columns.

(b) Represents, for each applicable year, the following adjustments: (i) the addition of year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the addition (or subtraction if negative) of the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the addition of the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the addition (or subtraction if negative) of the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the addition of the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. Equity award values are calculated in accordance with ASC Topic 718. The amounts deducted or added in calculating the equity award adjustments are as follows:

Year	Year-end fair value of equity awards granted in the year and unvested at year-end			Year over year change in fair value of outstanding and unvested equity awards				Fair value as of vesting date of equity awards granted and vested in the year		Year over year change in fair value of equity awards granted in prior years that vested in the year				Fair value at the end of the prior year of equity awards that failed to meet vesting conditions in the year		Value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation		Total equity award adjustments
2022		$	30,594,291		$	36,161,003			–		$	12,484,017			–		–		$	79,239,311
2021		$	27,256,713		$	13,067,714			–		$	6,622,826			–		–		$	46,947,253
2020		$	12,861,536		$	(6,444,643	)		–		$	(2,037,456	)		–		–		$	4,379,437

(c) Represents, for each applicable year, the amount reported in the “Summary Compensation Table” in the “Change in Pension Values and Nonqualified Deferred Compensation Earnings” column.

(d) Represents, for each applicable year, the aggregate of two components: (i) the actuarially determined service cost under the CRP and RRP for services rendered by Mr. Wirth during the applicable year (the “service cost”); and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “prior service cost”), in each case, calculated in accordance with U.S. GAAP. The amounts deducted or added in calculating the pension benefit adjustments are as follows:

Year	Service cost			Prior service cost		Total pension benefit adjustments
2022		$	843,051		–		$	843,051
2021		$	902,695		–		$	902,695
2020		$	724,349		–		$	724,349

(3) Represents, for each applicable year, the average of the amounts reported in the “Summary Compensation Table” in the “Total” column for the NEOs as a group (excluding Mr. Wirth). Each NEO (excluding Mr. Wirth) included for purposes of calculating the average amounts in each applicable year are as follows: for 2022, Messrs. Breber, Johnson, Nelson, and Pate; and for 2021 and 2020, Messrs. Breber, Johnson, Geagea, and Nelson.

(4) Amounts for each fiscal year do not reflect the actual average of reported amounts of compensation earned by or paid to the NEOs as a group (excluding Mr. Wirth) during the applicable year. In accordance with SEC rules, the amounts reported in this column for each fiscal year were calculated by making the following adjustments to average total compensation for the NEOs as a group (excluding Mr. Wirth), using the same methodology described above in footnote 2:

Year	Average reported summary compensation table total for non-CEO NEOs			Less average reported value of equity awards				Plus average equity award adjustments(a)			Less average reported change in the actuarial present value of pension benefits				Plus average pension benefit adjustments(b)			Average CAP to non-CEO NEOs
2022		$	7,990,849		$	(4,619,625	)		$	21,421,388		$	(130,517	)		$	422,246		$	25,084,341
2021		$	8,654,188		$	(4,870,013	)		$	13,843,622		$	(492,800	)		$	546,845		$	17,681,842
2020		$	9,053,126		$	(4,197,231	)		$	976,591		$	(3,697,618	)		$	413,183		$	2,548,051

Chevron Corporation 2023 Proxy Statement

(a) The amounts deducted or added in calculating the total average equity award adjustments are as follows:

Year	Average year- end fair value of equity awards granted in the year and unvested at year-end			Year over year average change in fair value of outstanding and unvested equity awards				Average fair value as of vesting date of equity awards granted and vested in the year		Year over year average change in fair value of equity awards granted in prior years that vested in the year				Average fair value at the end of the prior year of equity awards that failed to meet vesting conditions in the year		Average value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation		Total average equity award adjustments
2022		$	8,358,349		$	9,477,848			—		$	3,585,191			—		—		$	21,421,388
2021		$	8,122,449		$	3,842,401			—		$	1,878,772			—		—		$	13,843,622
2020		$	3,569,368		$	(1,968,912	)		—		$	(623,865	)		—		—		$	976,591

(b) The amounts deducted or added in calculating the total pension benefit adjustments are as follows:

Year	Average service cost			Average prior service cost		Total average pension benefit adjustments
2022		$	422,246		—		$	422,246
2021		$	546,845		—		$	546,845
2020		$	413,183		—		$	413,183

(5) Represents, for each applicable year, cumulative total stockholder return beginning December 31, 2019, at market close.

(6) Competitor Peer Group refers to BP, ExxonMobil, Shell, and TotalEnergies. The average cumulative TSR is weighted by each peer’s market cap as of the beginning of each year. 

(7) Figures rounded.

(8) ROCE is calculated by dividing earnings (adjusted for after-tax interest expense, noncontrolling interests) by the average of total debt, noncontrolling interests, and Chevron Corporation stockholders’ equity for the year.

Company Selected Measure Name

ROCE

Named Executive Officers, Footnote [Text Block]

for 2022, Messrs. Breber, Johnson, Nelson, and Pate; and for 2021 and 2020, Messrs. Breber, Johnson, Geagea, and Nelson.

Peer Group Issuers, Footnote [Text Block]

Competitor Peer Group refers to BP, ExxonMobil, Shell, and TotalEnergies. The average cumulative TSR is weighted by each peer’s market cap as of the beginning of each year

PEO Total Compensation Amount

$ 23,573,925

$ 22,610,285

$ 29,017,031

PEO Actually Paid Compensation Amount

$ 86,746,262

54,351,572

7,582,335

Adjustment To PEO Compensation, Footnote [Text Block]

(2) Amounts for each fiscal year do not reflect the actual amount of compensation earned by or paid to Mr. Wirth during the applicable year. In accordance with SEC rules, the amounts reported in this column for each fiscal year were calculated by making the following adjustments to amounts reported for Mr. Wirth in the “Summary Compensation Table” in the “Total” column:

Year	Reported summary compensation table total for CEO	Less reported value of equity awards(a)	Plus equity award adjustments(b)	Less reported change in the actuarial present value of pension benefits(c)	Plus pension benefit adjustments(d)	CAP to CEO
2022	$23,573,925	$(16,910,025)	$79,239,311	–	$843,051	$86,746,262
2021	$22,610,285	$(16,108,661)	$46,947,253	–	$902,695	$54,351,572
2020	$29,017,031	$(15,123,491)	$  4,379,437	$(11,414,991)	$724,349	$  7,582,335

(a) Represents, for each applicable year, the sum of the amounts reported in the “Summary Compensation Table” in the “Stock Awards” and “Option Awards” columns.

(b) Represents, for each applicable year, the following adjustments: (i) the addition of year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the addition (or subtraction if negative) of the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the addition of the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the addition (or subtraction if negative) of the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the addition of the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. Equity award values are calculated in accordance with ASC Topic 718. The amounts deducted or added in calculating the equity award adjustments are as follows:

Year	Year-end fair value of equity awards granted in the year and unvested at year-end			Year over year change in fair value of outstanding and unvested equity awards				Fair value as of vesting date of equity awards granted and vested in the year		Year over year change in fair value of equity awards granted in prior years that vested in the year				Fair value at the end of the prior year of equity awards that failed to meet vesting conditions in the year		Value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation		Total equity award adjustments
2022		$	30,594,291		$	36,161,003			–		$	12,484,017			–		–		$	79,239,311
2021		$	27,256,713		$	13,067,714			–		$	6,622,826			–		–		$	46,947,253
2020		$	12,861,536		$	(6,444,643	)		–		$	(2,037,456	)		–		–		$	4,379,437

(c) Represents, for each applicable year, the amount reported in the “Summary Compensation Table” in the “Change in Pension Values and Nonqualified Deferred Compensation Earnings” column.

(d) Represents, for each applicable year, the aggregate of two components: (i) the actuarially determined service cost under the CRP and RRP for services rendered by Mr. Wirth during the applicable year (the “service cost”); and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “prior service cost”), in each case, calculated in accordance with U.S. GAAP. The amounts deducted or added in calculating the pension benefit adjustments are as follows:

Year	Service cost			Prior service cost		Total pension benefit adjustments
2022		$	843,051		–		$	843,051
2021		$	902,695		–		$	902,695
2020		$	724,349		–		$	724,349

Non-PEO NEO Average Total Compensation Amount

$ 7,990,849

8,654,188

9,053,126

Non-PEO NEO Average Compensation Actually Paid Amount

$ 25,084,341

17,681,842

2,548,051

Adjustment to Non-PEO NEO Compensation Footnote [Text Block]

(4) Amounts for each fiscal year do not reflect the actual average of reported amounts of compensation earned by or paid to the NEOs as a group (excluding Mr. Wirth) during the applicable year. In accordance with SEC rules, the amounts reported in this column for each fiscal year were calculated by making the following adjustments to average total compensation for the NEOs as a group (excluding Mr. Wirth), using the same methodology described above in footnote 2:

Year	Average reported summary compensation table total for non-CEO NEOs			Less average reported value of equity awards				Plus average equity award adjustments(a)			Less average reported change in the actuarial present value of pension benefits				Plus average pension benefit adjustments(b)			Average CAP to non-CEO NEOs
2022		$	7,990,849		$	(4,619,625	)		$	21,421,388		$	(130,517	)		$	422,246		$	25,084,341
2021		$	8,654,188		$	(4,870,013	)		$	13,843,622		$	(492,800	)		$	546,845		$	17,681,842
2020		$	9,053,126		$	(4,197,231	)		$	976,591		$	(3,697,618	)		$	413,183		$	2,548,051

Chevron Corporation 2023 Proxy Statement

(a) The amounts deducted or added in calculating the total average equity award adjustments are as follows:

Year	Average year- end fair value of equity awards granted in the year and unvested at year-end			Year over year average change in fair value of outstanding and unvested equity awards				Average fair value as of vesting date of equity awards granted and vested in the year		Year over year average change in fair value of equity awards granted in prior years that vested in the year				Average fair value at the end of the prior year of equity awards that failed to meet vesting conditions in the year		Average value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation		Total average equity award adjustments
2022		$	8,358,349		$	9,477,848			—		$	3,585,191			—		—		$	21,421,388
2021		$	8,122,449		$	3,842,401			—		$	1,878,772			—		—		$	13,843,622
2020		$	3,569,368		$	(1,968,912	)		—		$	(623,865	)		—		—		$	976,591

(b) The amounts deducted or added in calculating the total pension benefit adjustments are as follows:

Year	Average service cost			Average prior service cost		Total average pension benefit adjustments
2022		$	422,246		—		$	422,246
2021		$	546,845		—		$	546,845
2020		$	413,183		—		$	413,183

Compensation Actually Paid vs. Total Shareholder Return [Text Block]

Compensation Actually Paid vs. Net Income [Text Block]

Compensation Actually Paid vs. Company Selected Measure [Text Block]

Total Shareholder Return Vs Peer Group [Text Block]

Tabular List [Table Text Block]

financial performance measures

The three measures listed below are important financial performance measures used by the Company to link CAP to the NEOs, for the most recently completed fiscal year, to the Company’s performance. These financial measures are part of our short-term and long-term incentive plan design that reflects the Company’s philosophy to pay for absolute and competitive performance, in alignment with stockholder returns. For additional details, please refer to the “Executive Compensation–Compensation Discussion and Analysis–Annual Incentive Plan (Chevron Incentive Plan)” and “Executive Compensation–Compensation Discussion and Analysis–Long-term Incentive Plan” on pages 59 to 68.

• Earnings1

• ROCE2

• Cash flow from operations3  

Notes:

1 Net Income in the Pay Versus Performance Table is the same as “Earnings” listed in the “Compensation Discussion and Analysis – Annual Incentive Plan (Chevron Incentive Plan)–2022 CIP Corporate Performance Rating.”  

2 ROCE is calculated by dividing earnings (adjusted for after-tax interest expense, noncontrolling interests) by the average of total debt, noncontrolling interests and Chevron Corporation stockholders’ equity for the year.  

3 Cash Flow From Operations as reported in the Net Cash Provided by Operating Activities line of the 2022 Consolidated Statement of Cash Flows.

Total Shareholder Return Amount

$ 171

108

74

Peer Group Total Shareholder Return Amount

145

92

66

Net Income (Loss)

^[1]

$ 35,500,000,000

$ 15,600,000,000

$ (5,500,000,000)

Company Selected Measure Amount

0.203

0.094

(0.028)

PEO Name

Mr. Wirth

Measure [Axis]: 1

Pay vs Performance Disclosure [Table]

Measure Name

Earnings

Measure [Axis]: 2

Pay vs Performance Disclosure [Table]

Measure Name

ROCE

Measure [Axis]: 3

Pay vs Performance Disclosure [Table]

Measure Name

Cash flow from operations

PEO [Member] | Reported Value of Equity Awards [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

$ (16,910,025)

$ (16,108,661)

$ (15,123,491)

PEO [Member] | Equity Award Adjustments [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

79,239,311

46,947,253

4,379,437

PEO [Member] | Reported Change in the Actuarial Present Value of Pension Benefits [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

0

0

(11,414,991)

PEO [Member] | Pension Benefit Adjustments [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

843,051

902,695

724,349

PEO [Member] | Year end fair value of equity awards granted in the year and unvested at year end

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

30,594,291

27,256,713

12,861,536

PEO [Member] | Year over year change in fair value of outstanding and unvested equity awards

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

36,161,003

13,067,714

(6,444,643)

PEO [Member] | Fair value as of vesting date of equity awards granted and vested in the year

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

0

0

0

PEO [Member] | Year over year change in fair value of equity awards granted in prior years that vested in the year

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

12,484,017

6,622,826

(2,037,456)

PEO [Member] | Fair value at the end of the prior year of equity awards that failed to meet vesting conditions in the year

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

0

0

0

PEO [Member] | Value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

0

0

0

PEO [Member] | Service Cost [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

843,051

902,695

724,349

PEO [Member] | Prior Service Cost [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

0

0

0

Non-PEO NEO [Member] | Reported Value of Equity Awards [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

(4,619,625)

(4,870,013)

(4,197,231)

Non-PEO NEO [Member] | Equity Award Adjustments [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

21,421,388

13,843,622

976,591

Non-PEO NEO [Member] | Reported Change in the Actuarial Present Value of Pension Benefits [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

(130,517)

(492,800)

(3,697,618)

Non-PEO NEO [Member] | Pension Benefit Adjustments [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

422,246

546,845

413,183

Non-PEO NEO [Member] | Year end fair value of equity awards granted in the year and unvested at year end

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

8,358,349

8,122,449

3,569,368

Non-PEO NEO [Member] | Year over year change in fair value of outstanding and unvested equity awards

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

9,477,848

3,842,401

(1,968,912)

Non-PEO NEO [Member] | Fair value as of vesting date of equity awards granted and vested in the year

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

0

0

0

Non-PEO NEO [Member] | Year over year change in fair value of equity awards granted in prior years that vested in the year

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

3,585,191

1,878,772

(623,865)

Non-PEO NEO [Member] | Fair value at the end of the prior year of equity awards that failed to meet vesting conditions in the year

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

0

0

0

Non-PEO NEO [Member] | Value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

0

0

0

Non-PEO NEO [Member] | Service Cost [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

422,246

546,845

413,183

Non-PEO NEO [Member] | Prior Service Cost [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

$ 0

$ 0

$ 0

[1] Figures rounded.