
	Upstream				Downstream				Segment Total		All Other		Total
Three months ended June 30, 2025	U.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 Revenues	4,064		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 Income	4,309		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 products	3,284		2,173		7,787		13,614		26,858		—		26,858
Operating and SG&A expenses	2,082		1,300		2,137		1,506		7,025		621		7,646
Depreciation, depletion and amortization	2,142		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 Deductions	7,870		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 interests	5		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.”


	Upstream				Downstream				Segment Total		All Other		Total
Three months ended June 30, 2024	U.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 Revenues	3,397		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 Income	3,392		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 products	3,089		1,941		9,092		16,745		30,867		—		30,867
Operating and SG&A expenses	1,815		1,520		2,262		1,515		7,112		598		7,710
Depreciation, depletion and amortization	1,797		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 Deductions	7,098		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 interests	7		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.”


	Upstream				Downstream				Segment Total		All Other		Total
Six Months Ended June 30, 2025	U.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 Revenues	8,467		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 Income	8,730		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 products	7,193		4,975		15,049		28,251		55,468		—		55,468
Operating and SG&A expenses	4,205		2,557		4,392		2,770		13,924		1,362		15,286
Depreciation, depletion and amortization	4,165		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 Deductions	16,311		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 interests	10		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.”


	Upstream				Downstream				Segment Total		All Other		Total
Six Months Ended June 30, 2024	U.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 Revenues	6,975		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 Income	7,013		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 products	6,426		3,845		17,100		31,237		58,608		—		58,608
Operating and SG&A expenses	3,566		3,044		4,501		3,043		14,154		1,147		15,301
Depreciation, depletion and amortization	3,632		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 Deductions	14,456		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 interests	14		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.”