Operating Segments and Geographic Data (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment Earnings

Earnings by major operating area for the three-month periods ended March 31, 2020 and 2019, are presented in the following table:

	Three Months Ended March 31
	2020			2019
Segment Earnings	(Millions of dollars)
Upstream
United States	$	241		$	748
International	2,679			2,375
Total Upstream	2,920			3,123
Downstream
United States	450			217
International	653			35
Total Downstream	1,103			252
Total Segment Earnings	4,023			3,375
All Other
Interest expense	(154		)	(214		)
Interest income	23			50
Other	(293		)	(562		)
Net Income Attributable to Chevron Corporation	$	3,599		$	2,649

Segment Assets

Segment assets at March 31, 2020, and December 31, 2019, are as follows: 

	At March 31, 2020		At December 31, 2019
Segment Assets	(Millions of dollars)
Upstream
United States	$	35,974	$	35,926
International	143,779		145,648
Goodwill	4,454		4,463
Total Upstream	184,207		186,037
Downstream
United States	24,532		25,197
International	15,870		16,955
Total Downstream	40,402		42,152
Total Segment Assets	224,609		228,189
All Other
United States	5,688		3,475
International	6,380		5,764
Total All Other	12,068		9,239
Total Assets — United States	66,194		64,598
Total Assets — International	166,029		168,367
Goodwill	4,454		4,463
Total Assets	$	236,677	$	237,428

Segment Sales and Other Operating Revenues

Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three-month periods ended March 31, 2020 and 2019, 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 from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. 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 March 31
	2020			2019
Sales and Other Operating Revenues	(Millions of dollars)
Upstream
United States	$	4,466		$	5,882
International	9,013			9,369
Subtotal	13,479			15,251
Intersegment Elimination — United States	(2,812		)	(3,519		)
Intersegment Elimination — International	(2,541		)	(3,292		)
Total Upstream	8,126			8,440
Downstream
United States	11,186			12,388
International	12,173			14,507
Subtotal	23,359			26,895
Intersegment Elimination — United States	(1,260		)	(947		)
Intersegment Elimination — International	(585		)	(265		)
Total Downstream	21,514			25,683
All Other
United States	210			222
International	2			2
Subtotal	212			224
Intersegment Elimination — United States	(145		)	(156		)
Intersegment Elimination — International	(2		)	(2		)
Total All Other	65			66
Sales and Other Operating Revenues
United States	15,862			18,492
International	21,188			23,878
Subtotal	37,050			42,370
Intersegment Elimination — United States	(4,217		)	(4,622		)
Intersegment Elimination — International	(3,128		)	(3,559		)
Total Sales and Other Operating Revenues	$	29,705		$	34,189