Operating Segments and Geographic Data (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Earnings

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
	2023		2022
Segment Earnings	(Millions of dollars)
Upstream
United States	$	1,781	$	3,238
International	3,380		3,696
Total Upstream	5,161		6,934
Downstream
United States	977		486
International	823		(155)
Total Downstream	1,800		331
Total Segment Earnings	6,961		7,265
All Other
Interest expense	(106)		(126)
Interest income	152		10
Other	(433)		(890)
Net Income Attributable to Chevron Corporation	$	6,574	$	6,259

Segment Assets

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
Goodwill	4,370		4,370
Total Upstream	181,882		183,105
Downstream
United States	32,075		31,676
International	22,114		21,193
Goodwill	352		352
Total Downstream	54,541		53,221
Total Segment Assets	236,423		236,326
All Other
United States	14,084		17,861
International	5,379		3,522
Total All Other	19,463		21,383
Total Assets — United States	90,780		93,783
Total Assets — International	160,384		159,204
Goodwill	4,722		4,722
Total Assets	$	255,886	$	257,709

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 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
	2023		2022
Sales and Other Operating Revenues	(Millions of dollars)
Upstream
United States	$	9,623	$	11,316
International	11,196		13,502
Subtotal	20,819		24,818
Intersegment Elimination — United States	(5,902)		(6,919)
Intersegment Elimination — International	(2,606)		(3,649)
Total Upstream	12,311		14,250
Downstream
United States	19,390		19,771
International	19,105		19,607
Subtotal	38,495		39,378
Intersegment Elimination — United States	(1,565)		(999)
Intersegment Elimination — International	(429)		(331)
Total Downstream	36,501		38,048
All Other
United States	108		83
International	1		—
Subtotal	109		83
Intersegment Elimination — United States	(79)		(67)
Intersegment Elimination — International	—		—
Total All Other	30		16
Sales and Other Operating Revenues
United States	29,121		31,170
International	30,302		33,109
Subtotal	59,423		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