XML 27 R15.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Operating Segments and Geographic Data
 3 Months Ended
Mar. 31, 2024
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; carbon capture and storage; 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-month period ended March 31, 2024 and 2023, are presented in the following table:
Three Months Ended
March 31
20242023
Segment Earnings(Millions of dollars)
Upstream
United States$2,075 $1,781 
International3,164 3,380 
Total Upstream5,239 5,161 
Downstream
United States453 977 
International330 823 
Total Downstream783 1,800 
Total Segment Earnings6,022 6,961 
All Other
Interest expense(109)(106)
Interest income85 152 
Other(497)(433)
Net Income Attributable to Chevron Corporation$5,501 $6,574 
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at March 31, 2024, and December 31, 2023, are as follows: 
At March 31,
2024		At December 31,
2023
Segment Assets(Millions of dollars)
Upstream
United States $58,870 $58,750 
International 130,896 131,685 
Goodwill4,370 4,370 
Total Upstream194,136 194,805 
Downstream
United States 34,297 33,066 
International22,411 21,070 
Goodwill352 352 
Total Downstream57,060 54,488 
Total Segment Assets251,196 249,293 
All Other
United States 7,559 10,292 
International2,896 2,047 
Total All Other10,455 12,339 
Total Assets — United States100,726 102,108 
Total Assets — International156,203 154,802 
Goodwill4,722 4,722 
Total Assets$261,651 $261,632 
Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three-month period ended March 31, 2024 and 2023, 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
20242023
Sales and Other Operating Revenues(Millions of dollars)
Upstream
United States$11,167 $9,623 
International10,783 11,196 
Subtotal21,950 20,819 
Intersegment Elimination — United States(7,589)(5,902)
Intersegment Elimination — International(2,925)(2,606)
Total Upstream11,436 12,311 
Downstream
United States20,240 19,390 
International18,091 19,105 
Subtotal38,331 38,495 
Intersegment Elimination — United States(2,707)(1,565)
Intersegment Elimination — International(507)(429)
Total Downstream35,117 36,501 
All Other
United States120 108 
International1 1 
Subtotal121 109 
Intersegment Elimination — United States(93)(79)
Intersegment Elimination — International(1)— 
Total All Other27 30 
Sales and Other Operating Revenues
United States31,527 29,121 
International28,875 30,302 
Subtotal60,402 59,423 
Intersegment Elimination — United States(10,389)(7,546)
Intersegment Elimination — International(3,433)(3,035)
Total Sales and Other Operating Revenues$46,580 $48,842