v3.26.1
Operating Segments and Geographic Data
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Operating Segments and Geographic Data Operating Segments and Geographic Data
UpstreamDownstreamSegment TotalAll OtherTotal
Three months ended June 30, 2026U.S.Int’l.U.S.Int’l.
Sales and other operating revenues before elimination$15,969 $18,523 $28,503 $25,623 $88,618 $161 $88,779 
Intersegment revenue elimination(10,309)(6,655)(3,780)(700)(21,444)(136)(21,580)
Sales and Other Operating Revenues5,660 11,868 24,723 24,923 67,174 25 67,199 
Income (loss) from equity affiliates(33)1,303 456 399 2,125 — 2,125 
Other income (loss)(1)
(20)364 19 247 610 121 731 
Total Revenues and Other Income5,607 13,535 25,198 25,569 69,909 146 70,055 
Intersegment product transfers(2)
9,017 3,111 (10,355)(2,023)(250)250 — 
Less expenses:
Purchased crude oil and products4,359 4,990 9,161 18,097 36,607 — 36,607 
Operating and SG&A expenses2,050 1,417 2,270 2,006 7,743 1,118 8,861 
Depreciation, depletion and amortization3,076 2,581 259 75 5,991 91 6,082 
Other costs and deductions(3)
494 362 123 456 1,435 386 1,821 
Total Costs and Other Deductions9,979 9,350 11,813 20,634 51,776 1,595 53,371 
Income Tax Expense (Benefit)1,041 2,653 619 378 4,691 (221)4,470 
Less: Net income (loss) attributable to non-controlling interests63 2 — 77 142 — 142 
Net Income (Loss) Attributable to Chevron Corporation$3,541 $4,641 $2,411 $2,457 $13,050 $(978)$12,072 
Values have been adjusted for eliminations, unless otherwise specified.
  (1) Includes interest income of $71 in “All Other.”
(2) Valuation of product transfers between operating segments.
(3) Includes interest expense of $318 in “All Other.”
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
Six Months Ended June 30, 2026U.S.Int'l.U.S.Int'l.
Sales and other operating revenues before elimination$28,811 $30,536 $47,304 $44,116 $150,767 $277 $151,044 
Intersegment revenue elimination(17,064)(11,576)(6,168)(1,243)(36,051)(238)(36,289)
Sales and Other Operating Revenues11,747 18,960 41,136 42,873 114,716 39 114,755 
Income (loss) from equity affiliates(39)1,911 608 390 2,870 — 2,870 
Other income (loss)(1)
19 504 30 248 801 236 1,037 
Total Revenues and Other Income11,727 21,375 41,774 43,511 118,387 275 118,662 
Intersegment product transfers(2)
15,263 5,798 (17,238)(3,958)(135)135 — 
Less expenses:
Purchased crude oil and products8,103 8,162 15,656 32,951 64,872 — 64,872 
Operating and SG&A expenses4,518 2,844 4,848 3,706 15,916 1,669 17,585 
Depreciation, depletion and amortization5,963 5,105 517 148 11,733 157 11,890 
Other costs and deductions(3)
956 671 277 958 2,862 823 3,685 
Total Costs and Other Deductions19,540 16,782 21,298 37,763 95,383 2,649 98,032 
Income Tax Expense (Benefit)1,687 3,950 631 234 6,502 (379)6,123 
Less: Net income (loss) attributable to non-controlling interests110 3 — 112 225 — 225 
Net Income (Loss) Attributable to Chevron Corporation$5,653 $6,438 $2,607 $1,444 $16,142 $(1,860)$14,282 
Values have been adjusted for eliminations, unless otherwise specified.
  (1) Includes interest income of $121 in “All Other.”
(2) Valuation of product transfers between operating segments.
(3) Includes interest expense of $628 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.”
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at June 30, 2026, and December 31, 2025, are as follows: 
At June 30,
2026		At December 31,
2025
Segment Assets(Millions of dollars)
Upstream
United States $84,072 $84,559 
International 166,869 168,200 
Goodwill4,216 4,216 
Total Upstream255,157 256,975 
Downstream
United States 36,028 33,745 
International24,051 21,146 
Goodwill352 352 
Total Downstream60,431 55,243 
Total Segment Assets315,588 312,218 
All Other
United States 12,502 10,396 
International2,045 1,398 
Total All Other14,547 11,794 
Total Assets — United States132,602 128,700 
Total Assets — International192,965 190,744 
Goodwill4,568 4,568 
Total Assets$330,135 $324,012