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Operating Segments and Geographic Data
 3 Months Ended
Mar. 31, 2023
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 companies.
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 and assets are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Nonbillable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three-month period ended March 31, 2023 and 2022, are presented in the following table:
Three Months Ended
March 31
20232022
Segment Earnings(Millions of dollars)
Upstream
United States$1,781 $3,238 
International3,380 3,696 
Total Upstream5,161 6,934 
Downstream
United States977 486 
International823 (155)
Total Downstream1,800 331 
Total Segment Earnings6,961 7,265 
All Other
Interest expense(106)(126)
Interest income152 10 
Other(433)(890)
Net Income Attributable to Chevron Corporation$6,574 $6,259 
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at March 31, 2023, and December 31, 2022, are as follows: 
At March 31,
2023		At December 31,
2022
Segment Assets(Millions of dollars)
Upstream
United States $44,621 $44,246 
International 132,891 134,489 
Goodwill4,370 4,370 
Total Upstream181,882 183,105 
Downstream
United States 32,075 31,676 
International22,114 21,193 
Goodwill352 352 
Total Downstream54,541 53,221 
Total Segment Assets236,423 236,326 
All Other
United States 14,084 17,861 
International5,379 3,522 
Total All Other19,463 21,383 
Total Assets — United States90,780 93,783 
Total Assets — International160,384 159,204 
Goodwill4,722 4,722 
Total Assets$255,886 $257,709 
Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three-month period ended March 31, 2023 and 2022, 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
March 31
20232022
Sales and Other Operating Revenues(Millions of dollars)
Upstream
United States$9,623 $11,316 
International11,196 13,502 
Subtotal20,819 24,818 
Intersegment Elimination — United States(5,902)(6,919)
Intersegment Elimination — International(2,606)(3,649)
Total Upstream12,311 14,250 
Downstream
United States19,390 19,771 
International19,105 19,607 
Subtotal38,495 39,378 
Intersegment Elimination — United States(1,565)(999)
Intersegment Elimination — International(429)(331)
Total Downstream36,501 38,048 
All Other
United States108 83 
International1 — 
Subtotal109 83 
Intersegment Elimination — United States(79)(67)
Intersegment Elimination — International— — 
Total All Other30 16 
Sales and Other Operating Revenues
United States29,121 31,170 
International30,302 33,109 
Subtotal59,423 64,279 
Intersegment Elimination — United States(7,546)(7,985)
Intersegment Elimination — International(3,035)(3,980)
Total Sales and Other Operating Revenues$48,842 $52,314