v3.25.2
Operating Segments and Geographic Data
 6 Months Ended
Jun. 30, 2025
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 liquified 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 activities.
The company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM), which is comprised of the company’s Executive Committee, as referenced under “Item 10. Directors, Executive Officers and Corporate Governance” on page 32 of the company’s 2024 Annual Report on Form 10-K.
The segments represent components of the company that engage in activities from which revenues are earned and expenses are incurred. Each segment has discrete financial information available. The CODM regularly reviews the operating results of these segments to assess their performance and make decisions about resources to be allocated to the segments. The company’s primary country of operation is the United States of America, its country of domicile, while other components of the company’s operations are reported as “International” (outside the United States).
Segment Sales and Other Operating Revenues 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, natural gas and natural gas liquids (NGLs), 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, renewable fuels, 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.
Segment Expenses Purchased crude oil and products, operating and selling, general and administrative (SG&A) expense, and depreciation, depletion and amortization are the company’s significant segment expenses. Operating and SG&A expenses include transportation, employee costs, service and fees, fuel and utilities, materials and supplies, SG&A expenses, and other components of net periodic benefit costs. Other costs and deductions primarily represent taxes other than on income, exploration expense, and interest and debt expenses.
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.”
Segmented income statements for the three- and six-month periods ended June 30, 2025 and 2024 are presented in the following tables:
UpstreamDownstreamSegment TotalAll OtherTotal
Three months ended June 30, 2025U.S.Int’l.U.S.Int’l.
Sales and other operating revenues before elimination$10,385 $9,182 $18,708 $18,274 $56,549 $149 $56,698 
Intersegment revenue elimination(6,321)(2,178)(1,901)(1,804)(12,204)(119)(12,323)
Sales and Other Operating Revenues4,064 7,004 16,807 16,470 44,345 30 44,375 
Income (loss) from equity affiliates(13)438 55 55 535 1 536 
Other income (loss)(1)
258 (145)28 (23)118 (207)(89)
Total Revenues and Other Income4,309 7,297 16,890 16,502 44,998 (176)44,822 
Intersegment product transfers(2)
5,415 782 (6,071)(134)(8)8 — 
Less expenses:
Purchased crude oil and products3,284 2,173 7,787 13,614 26,858 — 26,858 
Operating and SG&A expenses2,082 1,300 2,137 1,506 7,025 621 7,646 
Depreciation, depletion and amortization2,142 1,824 243 75 4,284 60 4,344 
Other costs and deductions(3)
362 363 178 619 1,522 305 1,827 
Total Costs and Other Deductions7,870 5,660 10,345 15,814 39,689 986 40,675 
Income Tax Expense (Benefit)431 1,107 70 204 1,812 (180)1,632 
Less: Net income (loss) attributable to non-controlling interests5 3 — 17 25 — 25 
Net Income (Loss) Attributable to Chevron Corporation$1,418 $1,309 $404 $333 $3,464 $(974)$2,490 
Values have been adjusted for eliminations, unless otherwise specified.
  (1) Includes interest income of $63 in “All Other.”
(2) Valuation of product transfers between operating segments.
(3) Includes interest expense of $250 in “All Other.”
UpstreamDownstreamSegment TotalAll OtherTotal
Three months ended June 30, 2024U.S.Int’l.U.S.Int’l.
Sales and other operating revenues before elimination$11,287 $10,221 $21,482 $20,631 $63,621 $153 $63,774 
Intersegment revenue elimination(7,890)(3,072)(2,586)(532)(14,080)(120)(14,200)
Sales and Other Operating Revenues3,397 7,149 18,896 20,099 49,541 33 49,574 
Income (loss) from equity affiliates(15)987 233 — 1,205 1 1,206 
Other income (loss)(1)
10 199 98 (11)296 105 401 
Total Revenues and Other Income3,392 8,335 19,227 20,088 51,042 139 51,181 
Intersegment product transfers(2)
6,499 1,405 (7,154)(822)(72)72 — 
Less expenses:
Purchased crude oil and products3,089 1,941 9,092 16,745 30,867 — 30,867 
Operating and SG&A expenses1,815 1,520 2,262 1,515 7,112 598 7,710 
Depreciation, depletion and amortization1,797 1,832 226 76 3,931 73 4,004 
Other costs and deductions(3)
397 372 137 508 1,414 150 1,564 
Total Costs and Other Deductions7,098 5,665 11,717 18,844 43,324 821 44,145 
Income Tax Expense (Benefit)625 1,764 76 105 2,570 23 2,593 
Less: Net income (loss) attributable to non-controlling interests7 2 — — 9 — 9 
Net Income (Loss) Attributable to Chevron Corporation$2,161 $2,309 $280 $317 $5,067 $(633)$4,434 
Values have been adjusted for eliminations, unless otherwise specified.
 (1) Includes interest income of $66 in “All Other.”
(2) Valuation of product transfers between operating segments.
(3) Includes interest expense of $103 in “All Other.”
UpstreamDownstreamSegment TotalAll OtherTotal
Six Months Ended June 30, 2025U.S.Int'l.U.S.Int'l.
Sales and other operating revenues before elimination$21,900 $19,153 $37,413 $35,540 $114,006 $269 $114,275 
Intersegment revenue elimination(13,433)(4,131)(3,789)(2,226)(23,579)(220)(23,799)
Sales and Other Operating Revenues8,467 15,022 33,624 33,314 90,427 49 90,476 
Income (loss) from equity affiliates(21)1,152 205 27 1,363 (7)1,356 
Other income (loss)(1)
284 75 77 (16)420 180 600 
Total Revenues and Other Income8,730 16,249 33,906 33,325 92,210 222 92,432 
Intersegment product transfers(2)
11,876 1,151 (13,049)(71)(93)93 — 
Less expenses:
Purchased crude oil and products7,193 4,975 15,049 28,251 55,468 — 55,468 
Operating and SG&A expenses4,205 2,557 4,392 2,770 13,924 1,362 15,286 
Depreciation, depletion and amortization4,165 3,521 485 149 8,320 147 8,467 
Other costs and deductions(3)
748 620 349 1,181 2,898 583 3,481 
Total Costs and Other Deductions16,311 11,673 20,275 32,351 80,610 2,092 82,702 
Income Tax Expense (Benefit)1,009 2,513 75 326 3,923 (220)3,703 
Less: Net income (loss) attributable to non-controlling interests10 5 — 22 37 — 37 
Net Income (Loss) Attributable to Chevron Corporation$3,276 $3,209 $507 $555 $7,547 $(1,557)$5,990 
Values have been adjusted for eliminations, unless otherwise specified.
  (1) Includes interest income of $132 in “All Other.”
(2) Valuation of product transfers between operating segments.
(3) Includes interest expense of $442 in “All Other.”
UpstreamDownstreamSegment TotalAll OtherTotal
Six Months Ended June 30, 2024U.S.Int’l.U.S.Int’l.
Sales and other operating revenues before elimination$22,454 $21,004 $41,722 $38,722 $123,902 $274 $124,176 
Intersegment revenue elimination(15,479)(5,997)(5,293)(1,039)(27,808)(214)(28,022)
Sales and Other Operating Revenues6,975 15,007 36,429 37,683 96,094 60 96,154 
Income (loss) from equity affiliates(35)2,095 495 93 2,648 (1)2,647 
Other income (loss)(1)
73 537 188 12 810 286 1,096 
Total Revenues and Other Income7,013 17,639 37,112 37,788 99,552 345 99,897 
Intersegment product transfers(2)
12,922 2,350 (13,845)(1,475)(48)48 — 
Less expenses:
Purchased crude oil and products6,426 3,845 17,100 31,237 58,608 — 58,608 
Operating and SG&A expenses3,566 3,044 4,501 3,043 14,154 1,147 15,301 
Depreciation, depletion and amortization3,632 3,732 444 152 7,960 135 8,095 
Other costs and deductions(3)
832 531 285 957 2,605 330 2,935 
Total Costs and Other Deductions14,456 11,152 22,330 35,389 83,327 1,612 84,939 
Income Tax Expense (Benefit)1,229 3,360 204 236 5,029 (65)4,964 
Less: Net income (loss) attributable to non-controlling interests14 4 — 41 59 — 59 
Net Income (Loss) Attributable to Chevron Corporation$4,236 $5,473 $733 $647 $11,089 $(1,154)$9,935 
Values have been adjusted for eliminations, unless otherwise specified.
  (1) Includes interest income of $151 in “All Other.”
(2) Valuation of product transfers between operating segments.
(3) Includes interest expense of $212 in “All Other.”
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at June 30, 2025, and December 31, 2024, are as follows: 
At June 30,
2025		At December 31,
2024
Segment Assets(Millions of dollars)
Upstream
United States $60,473 $60,914 
International 118,496 123,343 
Goodwill4,216 4,226 
Total Upstream183,185 188,483 
Downstream
United States 34,298 34,253 
International21,541 22,165 
Goodwill352 352 
Total Downstream56,191 56,770 
Total Segment Assets239,376 245,253 
All Other
United States 10,331 8,382 
International1,113 3,303 
Total All Other11,444 11,685 
Total Assets — United States105,102 103,549 
Total Assets — International141,150 148,811 
Goodwill4,568 4,578 
Total Assets$250,820 $256,938