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Operating Segments and Geographic Data
 12 Months Ended
Dec. 31, 2022
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; 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 activities.
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 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 are presented in the following table:
Year ended December 31
202220212020
Upstream
United States$12,621 $7,319 $(1,608)
International17,663 8,499 (825)
Total Upstream30,284 15,818 (2,433)
Downstream
United States5,394 2,389 (571)
International2,761 525 618 
Total Downstream8,155 2,914 47 
Total Segment Earnings38,439 18,732 (2,386)
All Other
Interest expense(476)(662)(658)
Interest income261 36 52 
Other(2,759)(2,481)(2,551)
Net Income (Loss) Attributable to Chevron Corporation
$35,465 $15,625 $(5,543)
Segment Assets Segment assets do not include intercompany investments or receivables. Assets at year-end 2022 and 2021 are as follows:
At December 31
20222021
Upstream
United States$44,246 $41,870 
International134,489 138,157 
Goodwill4,370 4,385 
Total Upstream183,105 184,412 
Downstream
United States31,676 26,376 
International21,193 18,848 
Goodwill352 — 
Total Downstream53,221 45,224 
Total Segment Assets236,326 229,636 
All Other
United States17,861 5,746 
International3,522 4,153 
Total All Other21,383 9,899 
Total Assets – United States93,783 73,992 
Total Assets – International159,204 161,158 
Goodwill4,722 4,385 
Total Assets$257,709 $239,535 
Segment Sales and Other Operating Revenues Operating segment sales and other operating revenues, including internal transfers, for the years 2022, 2021 and 2020, are presented in the table on the next page. 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.
Year ended December 311
202220212020
Upstream
United States
$50,822 $29,219 $14,577 
International
56,156 40,921 26,804 
Subtotal
106,978 70,140 41,381 
Intersegment Elimination — United States
(29,870)(15,154)(8,068)
Intersegment Elimination — International
(13,815)(10,994)(7,002)
Total Upstream63,293 43,992 26,311 
Downstream
United States
91,824 57,209 32,589 
International
87,741 58,098 38,936 
Subtotal
179,565 115,307 71,525 
Intersegment Elimination — United States
(5,529)(2,296)(2,150)
Intersegment Elimination — International
(1,728)(1,521)(1,292)
Total Downstream172,308 111,490 68,083 
All Other
United States
515 506 744 
International
3 2 15 
Subtotal
518 508 759 
Intersegment Elimination — United States
(400)(382)(667)
Intersegment Elimination — International
(2)(2)(15)
Total All Other116 124 77 
Sales and Other Operating Revenues
United States
143,161 86,934 47,910 
International
143,900 99,021 65,755 
Subtotal
287,061 185,955 113,665 
Intersegment Elimination — United States
(35,799)(17,832)(10,885)
Intersegment Elimination — International
(15,545)(12,517)(8,309)
Total Sales and Other Operating Revenues
$235,717 $155,606 $94,471 
1 Other than the United States, no other country accounted for 10 percent or more of the company’s Sales and Other Operating Revenues.
Segment Income Taxes Segment income tax expense for the years 2022, 2021 and 2020 is as follows:
Year ended December 31
202220212020
Upstream
United States$3,678 $1,934 $(570)
International9,055 4,192 (415)
Total Upstream12,733 6,126 (985)
Downstream
United States1,515 547 (192)
International280 203 253 
Total Downstream1,795 750 61 
All Other(462)(926)(968)
Total Income Tax Expense (Benefit)$14,066 $5,950 $(1,892)
Other Segment Information Additional information for the segmentation of major equity affiliates is contained in Note 15 Investments and Advances. Information related to properties, plant and equipment by segment is contained in Note 18 Properties, Plant and Equipment.