Operating Segments and Geographic Data (Tables)

6 Months Ended

Jun. 30, 2021

Earnings by major operating area for the three- and six-month periods ended June 30, 2021 and 2020, are presented in the following table:


	Three Months Ended June 30				Six Months Ended June 30
	2021		2020		2021		2020
Segment Earnings	(Millions of dollars)				(Millions of dollars)
Upstream
United States	$	1,446	$	(2,066)	$	2,387	$	(1,825)
International	1,732		(4,023)		3,141		(1,344)
Total Upstream	3,178		(6,089)		5,528		(3,169)
Downstream
United States	776		(988)		646		(538)
International	63		(22)		198		631
Total Downstream	839		(1,010)		844		93
Total Segment Earnings	4,017		(7,099)		6,372		(3,076)
All Other
Interest expense	(173)		(164)		(357)		(318)
Interest income	12		13		20		36
Other	(774)		(1,020)		(1,576)		(1,313)
Net Income Attributable to Chevron Corporation	$	3,082	$	(8,270)	$	4,459	$	(4,671)

Segment Assets

Segment assets at June 30, 2021, and December 31, 2020, are as follows:


	At June 30, 2021		At December 31, 2020
Segment Assets	(Millions of dollars)
Upstream
United States	$	41,713	$	42,431
International	142,202		144,476
Goodwill	4,402		4,402
Total Upstream	188,317		191,309
Downstream
United States	25,659		23,490
International	17,735		16,096
Total Downstream	43,394		39,586
Total Segment Assets	231,711		230,895
All Other
United States	4,836		4,017
International	6,259		4,878
Total All Other	11,095		8,895
Total Assets — United States	72,208		69,938
Total Assets — International	166,196		165,450
Goodwill	4,402		4,402
Total Assets	$	242,806	$	239,790

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 six-month periods ended June 30, 2021 and 2020, 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 June 30				Six Months Ended June 30
	2021		2020		2021		2020
Sales and Other Operating Revenues	(Millions of dollars)				(Millions of dollars)
Upstream
United States	$	6,034	$	2,544	$	11,825	$	7,010
International	9,516		4,554		18,306		13,567
Subtotal	15,550		7,098		30,131		20,577
Intersegment Elimination — United States	(3,256)		(1,420)		(6,111)		(4,232)
Intersegment Elimination — International	(2,761)		(1,021)		(5,136)		(3,562)
Total Upstream	9,533		4,657		18,884		12,783
Downstream
United States	13,911		5,235		24,765		16,421
International	13,605		6,519		25,187		18,692
Subtotal	27,516		11,754		49,952		35,113
Intersegment Elimination — United States	(500)		(332)		(966)		(1,592)
Intersegment Elimination — International	(457)		(186)		(726)		(771)
Total Downstream	26,559		11,236		48,260		32,750
All Other
United States	210		227		234		437
International	—		6		—		8
Subtotal	210		233		234		445
Intersegment Elimination — United States	(185)		(194)		(185)		(339)
Intersegment Elimination — International	—		(6)		—		(8)
Total All Other	25		33		49		98
Sales and Other Operating Revenues
United States	20,155		8,006		36,824		23,868
International	23,121		11,079		43,493		32,267
Subtotal	43,276		19,085		80,317		56,135
Intersegment Elimination — United States	(3,941)		(1,946)		(7,262)		(6,163)
Intersegment Elimination — International	(3,218)		(1,213)		(5,862)		(4,341)
Total Sales and Other Operating Revenues	$	36,117	$	15,926	$	67,193	$	45,631