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Operating Segments and Geographic Data
 9 Months Ended
Sep. 30, 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. Non-billable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three- and nine-month periods ended September 30, 2023 and 2022, are presented in the following table:
Three Months Ended
September 30		Nine Months Ended
September 30
2023202220232022
Segment Earnings(Millions of dollars)(Millions of dollars)
Upstream
United States$2,074 $3,398 $5,495 $10,004 
International3,681 5,909 10,357 14,794 
Total Upstream5,755 9,307 15,852 24,798 
Downstream
United States1,376 1,288 3,434 4,214 
International307 1,242 1,556 2,169 
Total Downstream1,683 2,530 4,990 6,383 
Total Segment Earnings7,438 11,837 20,842 31,181 
All Other
Interest expense(104)(117)(321)(363)
Interest income103 77 401 116 
Other(911)(566)(1,812)(1,822)
Net Income Attributable to Chevron Corporation$6,526 $11,231 $19,110 $29,112 
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at September 30, 2023, and December 31, 2022, are as follows: 
At September 30,
2023		At December 31,
2022
Segment Assets(Millions of dollars)
Upstream
United States $59,326 $44,246 
International 133,879 134,489 
Goodwill4,370 4,370 
Total Upstream197,575 183,105 
Downstream
United States 33,466 31,676 
International22,546 21,193 
Goodwill352 352 
Total Downstream56,364 53,221 
Total Segment Assets253,939 236,326 
All Other
United States 7,744 17,861 
International2,244 3,522 
Total All Other9,988 21,383 
Total Assets — United States100,536 93,783 
Total Assets — International158,669 159,204 
Goodwill4,722 4,722 
Total Assets$263,927 $257,709 
Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and nine-month periods ended September 30, 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
September 30		Nine Months Ended
September 30
2023202220232022
Sales and Other Operating Revenues(Millions of dollars)(Millions of dollars)
Upstream
United States$10,278 $13,183 $28,656 $38,731 
International10,633 15,286 31,705 43,018 
Subtotal20,911 28,469 60,361 81,749 
Intersegment Elimination — United States(6,797)(7,138)(18,766)(22,532)
Intersegment Elimination — International(3,256)(3,102)(8,281)(10,889)
Total Upstream10,858 18,229 33,314 48,328 
Downstream
United States22,749 24,063 62,394 69,701 
International21,028 22,666 59,499 67,716 
Subtotal43,777 46,729 121,893 137,417 
Intersegment Elimination — United States(2,278)(1,051)(5,929)(3,393)
Intersegment Elimination — International(467)(431)(1,396)(1,244)
Total Downstream41,032 45,247 114,568 132,780 
All Other
United States149 137 413 361 
International1 1 2 2 
Subtotal150 138 415 363 
Intersegment Elimination — United States(117)(106)(315)(276)
Intersegment Elimination — International(1)— (2)(1)
Total All Other32 32 98 86 
Sales and Other Operating Revenues
United States33,176 37,383 91,463 108,793 
International31,662 37,953 91,206 110,736 
Subtotal64,838 75,336 182,669 219,529 
Intersegment Elimination — United States(9,192)(8,295)(25,010)(26,201)
Intersegment Elimination — International(3,724)(3,533)(9,679)(12,134)
Total Sales and Other Operating Revenues$51,922 $63,508 $147,980 $181,194