v3.25.2
Employee Benefits
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Employee Benefits Employee Benefits
Chevron has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the company’s other investment alternatives.
The company also sponsors other postretirement employee benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for qualifying retired employees. The plans are unfunded, and the company and the retirees share the costs. For the company’s main U.S. medical plan, the increase to the pre-Medicare company contribution for retiree medical coverage is limited to no more than four percent each year. Certain life insurance benefits are paid by the company.
The components of net periodic benefit costs for 2025 and 2024 are as follows:
 Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
(Millions of dollars)(Millions of dollars)
Pension Benefits
United States
Service cost$89 $89 $179 $178 
Interest cost123 116 247 232 
Expected return on plan assets(173)(149)(347)(298)
Amortization of prior service costs (credits) 1 1 2 2 
Amortization of actuarial losses (gains)30 61 60 122 
Curtailment losses (gains)71 — 71 — 
Total United States141 118 212 236 
International
Service cost15 13 29 27 
Interest cost48 48 96 95 
Expected return on plan assets(48)(47)(95)(97)
Amortization of prior service costs (credits)3 2 6 5 
Amortization of actuarial losses (gains)12 4 24 9 
Total International30 20 60 39 
Net Periodic Pension Benefit Costs$171 $138 $272 $275 
Other Benefits*
Service cost$8 $9 $15 $17 
Interest cost25 25 50 50 
Amortization of prior service costs (credits)(5)(6)(11)(12)
Amortization of actuarial losses (gains)(5)(3)(9)(7)
Net Periodic Other Benefit Costs$23 $25 $45 $48 
* Includes costs for U.S. and international OPEB plans. Obligations for plans outside the United States are not significant relative to the company’s total OPEB obligation.
Through June 30, 2025, a total of $444 million was contributed to employee pension plans (including $394 million to the U.S. plans). Contribution amounts are dependent upon plan investment returns, changes in pension obligations, regulatory requirements, and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations.
During the first six months of 2025, the company contributed $77 million to its OPEB plans.