Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'CHEVRON CORP |
Entity Central Index Key | '0000093410 |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,923,173,013 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenues and Other Income | ' | ' | ' | ' | ||||
Sales and other operating revenues | $56,603 | [1] | $55,660 | [1] | $166,206 | [1] | $174,336 | [1] |
Income from equity affiliates | 1,635 | 1,274 | 5,703 | 5,074 | ||||
Other income | 265 | 1,110 | 781 | 1,947 | ||||
Total Revenues and Other Income | 58,503 | 58,044 | 172,690 | 181,357 | ||||
Costs and Other Deductions | ' | ' | ' | ' | ||||
Purchased crude oil and products | 34,822 | 33,982 | 102,005 | 106,807 | ||||
Operating expenses | 6,066 | 5,694 | 18,106 | 16,297 | ||||
Selling, general and administrative expenses | 1,197 | 1,352 | 3,334 | 3,542 | ||||
Exploration expenses | 559 | 475 | 1,135 | 1,371 | ||||
Depreciation, depletion and amortization | 3,658 | 3,370 | 10,551 | 9,859 | ||||
Taxes other than on income | 3,366 | [1] | 3,239 | [1] | 9,852 | [1] | 9,125 | [1] |
Total Costs and Other Deductions | 49,668 | 48,112 | 144,983 | 147,001 | ||||
Income Before Income Tax Expense | 8,835 | 9,932 | 27,707 | 34,356 | ||||
Income Tax Expense | 3,839 | 4,624 | 11,068 | 15,317 | ||||
Net Income | 4,996 | 5,308 | 16,639 | 19,039 | ||||
Less: Net income attributable to noncontrolling interests | 46 | 55 | 146 | 105 | ||||
Net Income Attributable to Chevron Corporation | 4,950 | 5,253 | 16,493 | 18,934 | ||||
Per Share of Common Stock: | ' | ' | ' | ' | ||||
Net Income Attributable to Chevron Corporation - Basic (in dollars per share) | $2.58 | $2.71 | $8.58 | $9.69 | ||||
Net Income Attributable to Chevron Corporation - Diluted (in dollars per share) | $2.57 | $2.69 | $8.52 | $9.62 | ||||
Dividends (in dollars per share) | $1 | $0.90 | $2.90 | $2.61 | ||||
Weighted Average Number of Shares Outstanding (000s) | ' | ' | ' | ' | ||||
Basic (in shares) | 1,914,047 | 1,945,840 | 1,921,429 | 1,954,584 | ||||
Diluted (in shares) | 1,929,831 | 1,960,141 | 1,936,797 | 1,968,939 | ||||
Includes excise, value-added and similar taxes: | $2,223 | $2,163 | $6,364 | $5,879 | ||||
[1] | * Includes excise, value-added and similar taxes:$2,223Â $2,163Â $6,364Â $5,879 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net Income | $4,996 | $5,308 | $16,639 | $19,039 | |
Currency translation adjustment | 14 | 10 | 45 | 12 | |
Unrealized holding gain (loss) on securities: | ' | ' | ' | ' | |
Net gain (loss) arising during period | 1 | 8 | -6 | 7 | |
Derivatives: | ' | ' | ' | ' | |
Net derivatives (loss) gain on hedge transactions | -109 | 23 | -107 | 26 | |
Reclassification to net income of net realized loss | -1 | -6 | -1 | -4 | |
Income taxes benefit (expense) on derivatives transactions | 39 | -5 | 38 | -7 | |
Total | -71 | 12 | -70 | 15 | |
Actuarial loss: | ' | ' | ' | ' | |
Amortization to net income of net actuarial and settlement losses | 226 | 227 | 685 | 733 | |
Actuarial gain (loss) arising during period | 0 | 10 | 0 | -33 | |
Prior service cost: | ' | ' | ' | ' | |
Amortization to net income of net prior service credits | -6 | -15 | -20 | -45 | |
Defined benefit plans sponsored by equity affiliates | 11 | 9 | 2 | 27 | |
Income taxes on defined benefit plans | -94 | -87 | -264 | -252 | |
Total | 137 | 144 | 403 | 430 | |
Other Comprehensive Gain, Net of Tax | 81 | 174 | 372 | [1] | 464 |
Comprehensive Income | 5,077 | 5,482 | 17,011 | 19,503 | |
Comprehensive income attributable to noncontrolling interests | -46 | -55 | -146 | -105 | |
Comprehensive Income Attributable to Chevron Corporation | $5,031 | $5,427 | $16,865 | $19,398 | |
[1] | All amounts are net of tax. |
Consolidated_Balance_Sheet_Una
Consolidated Balance Sheet (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Cash and cash equivalents | $17,014 | $20,939 | ||
Time deposits | 1,308 | 708 | ||
Marketable securities | 258 | 266 | ||
Accounts and notes receivable, net | 21,641 | 20,997 | ||
Inventories | ' | ' | ||
Crude oil and petroleum products | 4,468 | 3,923 | ||
Chemicals | 503 | 475 | ||
Materials, supplies and other | 1,922 | 1,746 | ||
Total inventories | 6,893 | 6,144 | ||
Prepaid expenses and other current assets | 6,389 | 6,666 | ||
Total Current Assets | 53,503 | 55,720 | ||
Long-term receivables, net | 3,118 | 3,053 | ||
Investments and advances | 25,010 | 23,718 | ||
Properties, plant and equipment, at cost | 287,550 | 263,481 | ||
Less: Accumulated depreciation, depletion and amortization | 130,618 | 122,133 | ||
Properties, plant and equipment, net | 156,932 | 141,348 | ||
Deferred charges and other assets | 4,635 | 4,503 | ||
Goodwill | 4,640 | 4,640 | ||
Total Assets | 247,838 | 232,982 | ||
LIABILITIES AND EQUITY | ' | ' | ||
Short-term debt | 527 | 127 | ||
Accounts payable | 23,149 | 22,776 | ||
Accrued liabilities | 5,280 | 5,738 | ||
Federal and other taxes on income | 3,219 | 4,341 | ||
Other taxes payable | 1,295 | 1,230 | ||
Total Current Liabilities | 33,470 | 34,212 | ||
Long-term debt | 17,960 | 11,966 | ||
Capital lease obligations | 94 | 99 | ||
Deferred credits and other noncurrent obligations | 21,796 | 21,502 | ||
Noncurrent deferred income taxes | 19,374 | 17,672 | ||
Reserves for employee benefit plans | 9,071 | 9,699 | ||
Total Liabilities | 101,765 | 95,150 | ||
Preferred stock (authorized 100,000,000 shares, $1.00 par value, none issued) | 0 | 0 | ||
Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares issued at September 30, 2013, and December 31, 2012) | 1,832 | 1,832 | ||
Capital in excess of par value | 15,631 | 15,497 | ||
Retained earnings | 170,651 | 159,730 | ||
Accumulated other comprehensive loss | -5,997 | [1] | -6,369 | [1] |
Deferred compensation and benefit plan trust | -240 | -282 | ||
Treasury stock, at cost (519,503,567 and 495,978,691 shares at September 30, 2013, and December 31, 2012, respectively) | -37,098 | -33,884 | ||
Total Chevron Corporation Stockholders’ Equity | 144,779 | 136,524 | ||
Noncontrolling interests | 1,294 | 1,308 | ||
Total Equity | 146,073 | 137,832 | ||
Total Liabilities and Equity | $247,838 | $232,982 | ||
[1] | All amounts are net of tax. |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.75 | $0.75 |
Common stock, shares authorized | 6,000,000,000 | 6,000,000,000 |
Common stock, shares issued | 2,442,676,580 | 2,442,676,580 |
Treasury stock, shares | 519,503,567 | 495,978,691 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net Income | $16,639 | $19,039 |
Adjustments | ' | ' |
Depreciation, depletion and amortization | 10,551 | 9,859 |
Dry hole expense | 346 | 518 |
Distributions less than income from equity affiliates | -990 | -1,151 |
Net before-tax gains on asset retirements and sales | -494 | -1,591 |
Net foreign currency effects | 45 | 187 |
Deferred income tax provision | 969 | 1,449 |
Net increase in operating working capital | -2,088 | -2,948 |
Increase in long-term receivables | -164 | -147 |
Net decrease in other deferred charges | 11 | 730 |
Cash contributions to employee pension plans | -961 | -1,035 |
Other | 686 | 1,122 |
Net Cash Provided by Operating Activities | 24,550 | 26,032 |
Investing Activities | ' | ' |
Capital expenditures | -26,372 | -20,452 |
Proceeds and deposits related to asset sales | 857 | 1,670 |
Net (purchases) sales of time deposits | -600 | 3,950 |
Net sales (purchases) of marketable securities | 3 | -4 |
Repayment of loans by equity affiliates | 162 | 171 |
Net sales (purchases) of other short-term investments | 172 | -56 |
Net Cash Used for Investing Activities | -25,778 | -14,721 |
Financing Activities | ' | ' |
Net borrowings of short-term obligations | 534 | 2,406 |
Proceeds from issuance of long-term debt | 6,000 | 0 |
Repayments of long-term debt and other financing obligations | -122 | -212 |
Cash dividends — common stock | -5,571 | -5,099 |
Distributions to noncontrolling interests | -93 | -23 |
Net purchases of treasury shares | -3,306 | -2,962 |
Net Cash Used for Financing Activities | -2,558 | -5,890 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -139 | 28 |
Net Change in Cash and Cash Equivalents | -3,925 | 5,449 |
Cash and Cash Equivalents at January 1 | 20,939 | 15,864 |
Cash and Cash Equivalents at September 30 | $17,014 | $21,313 |
Interim_Financial_Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ' |
Interim Financial Statements | ' |
Interim Financial Statements | |
The accompanying consolidated financial statements of Chevron Corporation and its subsidiaries (the company) have not been audited by an independent registered public accounting firm. In the opinion of the company’s management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. These adjustments were of a normal recurring nature. The results for the three- and nine-month periods ended September 30, 2013, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron Corporation. | |
Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the company’s 2012 Annual Report on Form 10-K. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Losses | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Changes in Accumulated Other Comprehensive Losses | ' | ||||||||||||||||||||
Changes in Accumulated Other Comprehensive Losses | |||||||||||||||||||||
The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the nine months ending September 30, 2013, are reflected in the table below. | |||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) | |||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Currency Translation Adjustment | Unrealized Holding Gains (Losses) on Securities | Derivatives | Defined Benefit Plans | Total | |||||||||||||||||
Balance at January 1 | $ | (65 | ) | $ | 1 | $ | 125 | $ | (6,430 | ) | $ | (6,369 | ) | ||||||||
Components of Other Comprehensive | |||||||||||||||||||||
Income (Loss): | |||||||||||||||||||||
Before Reclassifications | 45 | (6 | ) | (69 | ) | (19 | ) | (49 | ) | ||||||||||||
Reclassifications (2) | — | — | (1 | ) | 422 | 421 | |||||||||||||||
Net Other Comprehensive Income (Loss) | 45 | (6 | ) | (70 | ) | 403 | 372 | ||||||||||||||
Balance at September 30 | $ | (20 | ) | $ | (5 | ) | $ | 55 | $ | (6,027 | ) | $ | (5,997 | ) | |||||||
_________________________________ | |||||||||||||||||||||
(1) All amounts are net of tax. | |||||||||||||||||||||
(2) Refer to Note 9, Employee Benefits for reclassified components totaling $665 million that are included in employee benefit costs for the nine months ending September 30, 2013. Related income taxes for the same period, totaling $243 million, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant. |
Noncontrolling_Interests
Noncontrolling Interests | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||||||||||
Noncontrolling Interests | ' | |||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Ownership interests in the company’s subsidiaries held by parties other than the parent are presented separately from the parent’s equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the parent and the noncontrolling interests are both presented on the face of the Consolidated Statement of Income. | ||||||||||||||||||||||||
Activity for the equity attributable to noncontrolling interests for the first nine months of 2013 and 2012 is as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Chevron Corporation | Non-controlling | Total | Chevron Corporation | Non-controlling | Total | |||||||||||||||||||
Stockholders’ Equity | Interest | Equity | Stockholders’ Equity | Interest | Equity | |||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||
Balance at January 1 | $ | 136,524 | $ | 1,308 | $ | 137,832 | $ | 121,382 | $ | 799 | $ | 122,181 | ||||||||||||
Net income | 16,493 | 146 | 16,639 | 18,934 | 105 | 19,039 | ||||||||||||||||||
Dividends | (5,573 | ) | — | (5,573 | ) | (5,102 | ) | — | (5,102 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | (93 | ) | (93 | ) | — | (23 | ) | (23 | ) | ||||||||||||||
Treasury shares, net | (3,214 | ) | — | (3,214 | ) | (3,017 | ) | — | (3,017 | ) | ||||||||||||||
Other changes, net* | 549 | (67 | ) | 482 | 744 | 400 | 1,144 | |||||||||||||||||
Balance at September 30 | $ | 144,779 | $ | 1,294 | $ | 146,073 | $ | 132,941 | $ | 1,281 | $ | 134,222 | ||||||||||||
_________________________________ | ||||||||||||||||||||||||
* Includes components of comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income. |
Information_Relating_to_the_Co
Information Relating to the Consolidated Statement of Cash Flows | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Information Relating to the Consolidated Statement of Cash Flows | ' | |||||||
Information Relating to the Consolidated Statement of Cash Flows | ||||||||
The “Net increase in operating working capital” was composed of the following operating changes: | ||||||||
Nine Months Ended | ||||||||
30-Sep | ||||||||
2013 | 2012 | |||||||
(Millions of dollars) | ||||||||
(Increase) decrease in accounts and notes receivable | $ | (904 | ) | $ | 757 | |||
Increase in inventories | (749 | ) | (2,068 | ) | ||||
Decrease (increase) in prepaid expenses and other current assets | 298 | (841 | ) | |||||
Increase in accounts payable and accrued liabilities | 98 | 25 | ||||||
Decrease in income and other taxes payable | (831 | ) | (821 | ) | ||||
Net increase in operating working capital | $ | (2,088 | ) | $ | (2,948 | ) | ||
The “Net increase in operating working capital” includes reductions of $73 million and $87 million for excess income tax benefits associated with stock options exercised during the nine months ended September 30, 2013, and 2012, respectively. These amounts are offset by an equal amount in “Net purchases of treasury shares.” | ||||||||
“Net Cash Provided by Operating Activities” included the following cash payments for interest on debt and for income taxes: | ||||||||
Nine Months Ended | ||||||||
30-Sep | ||||||||
2013 | 2012 | |||||||
(Millions of dollars) | ||||||||
Interest on debt (net of capitalized interest) | $ | — | $ | 32 | ||||
Income taxes | 10,209 | 14,345 | ||||||
"Other" includes changes in postretirement benefits obligations and other long-term liabilities. | ||||||||
Information related to "Restricted Cash" is included on page 22 in Note 12 under the heading "Restricted Cash." | ||||||||
The “Net (purchases) sales of time deposits” consisted of the following gross amounts: | ||||||||
Nine Months Ended | ||||||||
30-Sep | ||||||||
2013 | 2012 | |||||||
(Millions of dollars) | ||||||||
Time deposits purchased | $ | (2,316 | ) | $ | (17 | ) | ||
Time deposits matured | 1,716 | 3,967 | ||||||
Net (purchases) sales of time deposits | $ | (600 | ) | $ | 3,950 | |||
The “Net sales (purchases) of marketable securities” consisted of the following gross amounts: | ||||||||
Nine Months Ended | ||||||||
30-Sep | ||||||||
2013 | 2012 | |||||||
(Millions of dollars) | ||||||||
Marketable securities purchased | $ | (7 | ) | $ | (35 | ) | ||
Marketable securities sold | 10 | 31 | ||||||
Net sales (purchases) of marketable securities | $ | 3 | $ | (4 | ) | |||
The “Net purchases of treasury shares” represents the cost of common shares acquired less the cost of shares issued for share-based compensation plans. Purchases totaled $3.8 billion for the first nine months periods in both 2013 and 2012. During the first nine months of 2013 and 2012, the company purchased 31.3 million and 35.1 million common shares under its ongoing share repurchase program, respectively, for $3.7 billion in each corresponding period. | ||||||||
The major components of “Capital expenditures” and the reconciliation of this amount to the capital and exploratory expenditures, including equity affiliates, are as follows: | ||||||||
Nine Months Ended | ||||||||
30-Sep | ||||||||
2013 | 2012 | |||||||
(Millions of dollars) | ||||||||
Additions to properties, plant and equipment | $ | 25,557 | $ | 19,310 | ||||
Additions to investments | 626 | 782 | ||||||
Current year dry hole expenditures | 268 | 440 | ||||||
Payments for other liabilities and assets, net | (79 | ) | (80 | ) | ||||
Capital expenditures | 26,372 | 20,452 | ||||||
Expensed exploration expenditures | 790 | 853 | ||||||
Assets acquired through capital lease obligations | 3 | — | ||||||
Capital and exploratory expenditures, excluding equity affiliates | 27,165 | 21,305 | ||||||
Company’s share of expenditures by equity affiliates | 1,754 | 1,368 | ||||||
Capital and exploratory expenditures, including equity affiliates | $ | 28,919 | $ | 22,673 | ||||
Operating_Segments_and_Geograp
Operating Segments and Geographic Data | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
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” as defined in accounting standards for segment reporting (ASC 280). Upstream operations consist primarily of exploring for, developing and producing 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; and a gas-to-liquids project. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil and refined products; 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 mining operations, power generation businesses, worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, energy services, alternative fuels, and technology companies. | ||||||||||||||||
The segments are separately managed for investment purposes under a structure that includes “segment managers” who report to the company’s “chief operating decision maker” (CODM) (terms as defined in ASC 280). The CODM is the company’s Executive Committee (EXCOM), a committee of senior officers that includes the Chief Executive Officer, and EXCOM reports to the Board of Directors of Chevron Corporation. | ||||||||||||||||
The operating segments represent components of the company, as described in accounting standards for segment reporting (ASC 280), 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. | ||||||||||||||||
Segment managers for the reportable segments are directly accountable to, and maintain regular contact with, the company’s CODM to discuss the segment’s operating activities and financial performance. The CODM approves annual capital and exploratory budgets at the reportable segment level, as well as reviews capital and exploratory funding for major projects and approves major changes to the annual capital and exploratory budgets. However, business-unit managers within the operating segments are directly responsible for decisions relating to project implementation and all other matters connected with daily operations. Company officers who are members of the EXCOM also have individual management responsibilities and participate in other committees for purposes other than acting as the CODM. | ||||||||||||||||
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. Nonbillable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three- and nine-month periods ended September 30, 2013, and 2012, are presented in the following table: | ||||||||||||||||
Segment Earnings | Three Months Ended | Nine Months Ended | ||||||||||||||
30-Sep | 30-Sep | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions of dollars) | ||||||||||||||||
Upstream | ||||||||||||||||
United States | $ | 1,026 | $ | 1,122 | $ | 3,241 | $ | 3,969 | ||||||||
International | 4,066 | 4,017 | 12,716 | 12,961 | ||||||||||||
Total Upstream | 5,092 | 5,139 | 15,957 | 16,930 | ||||||||||||
Downstream | ||||||||||||||||
United States | 249 | 456 | 522 | 1,717 | ||||||||||||
International | 131 | 233 | 1,325 | 1,657 | ||||||||||||
Total Downstream | 380 | 689 | 1,847 | 3,374 | ||||||||||||
Total Segment Earnings | 5,472 | 5,828 | 17,804 | 20,304 | ||||||||||||
All Other | ||||||||||||||||
Interest Income | 17 | 22 | 56 | 61 | ||||||||||||
Other | (539 | ) | (597 | ) | (1,367 | ) | (1,431 | ) | ||||||||
Net Income Attributable to Chevron Corporation | $ | 4,950 | $ | 5,253 | $ | 16,493 | $ | 18,934 | ||||||||
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. “All Other” assets consist primarily of worldwide cash, cash equivalents, time deposits and marketable securities; real estate; information systems; mining operations; power generation businesses; energy services; alternative fuels; technology companies; and assets of the corporate administrative functions. Segment assets at September 30, 2013, and December 31, 2012, are as follows: | ||||||||||||||||
Segment Assets | At September 30 | At December 31 | ||||||||||||||
2013 | 2012 | |||||||||||||||
(Millions of dollars) | ||||||||||||||||
Upstream | ||||||||||||||||
United States | $ | 44,116 | $ | 41,891 | ||||||||||||
International | 130,407 | 115,806 | ||||||||||||||
Goodwill | 4,640 | 4,640 | ||||||||||||||
Total Upstream | 179,163 | 162,337 | ||||||||||||||
Downstream | ||||||||||||||||
United States | 23,653 | 23,023 | ||||||||||||||
International | 21,515 | 20,024 | ||||||||||||||
Total Downstream | 45,168 | 43,047 | ||||||||||||||
Total Segment Assets | 224,331 | 205,384 | ||||||||||||||
All Other | ||||||||||||||||
United States | 5,805 | 7,727 | ||||||||||||||
International | 17,702 | 19,871 | ||||||||||||||
Total All Other | 23,507 | 27,598 | ||||||||||||||
Total Assets — United States | 73,574 | 72,641 | ||||||||||||||
Total Assets — International | 169,624 | 155,701 | ||||||||||||||
Goodwill | 4,640 | 4,640 | ||||||||||||||
Total Assets | $ | 247,838 | $ | 232,982 | ||||||||||||
Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and nine-month periods ended September 30, 2013, and 2012, 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 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 and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from mining operations, power generation businesses, insurance operations, real estate activities, energy services, alternative fuels, and technology companies. | ||||||||||||||||
Sales and Other Operating Revenues | Three Months Ended | Nine Months Ended | ||||||||||||||
30-Sep | 30-Sep | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions of dollars) | ||||||||||||||||
Upstream | ||||||||||||||||
United States | $ | 6,396 | $ | 5,579 | $ | 19,076 | $ | 17,512 | ||||||||
International | 12,999 | 12,801 | 37,656 | 40,501 | ||||||||||||
Subtotal | 19,395 | 18,380 | 56,732 | 58,013 | ||||||||||||
Intersegment Elimination — United States | (4,405 | ) | (3,985 | ) | (12,816 | ) | (13,026 | ) | ||||||||
Intersegment Elimination — International | (8,715 | ) | (8,386 | ) | (24,520 | ) | (25,634 | ) | ||||||||
Total Upstream | 6,275 | 6,009 | 19,396 | 19,353 | ||||||||||||
Downstream | ||||||||||||||||
United States | 22,425 | 21,558 | 64,410 | 66,899 | ||||||||||||
International | 28,015 | 28,042 | 82,415 | 87,890 | ||||||||||||
Subtotal | 50,440 | 49,600 | 146,825 | 154,789 | ||||||||||||
Intersegment Elimination — United States | (10 | ) | (12 | ) | (32 | ) | (37 | ) | ||||||||
Intersegment Elimination — International | (197 | ) | (28 | ) | (239 | ) | (61 | ) | ||||||||
Total Downstream | 50,233 | 49,560 | 146,554 | 154,691 | ||||||||||||
All Other | ||||||||||||||||
United States | 494 | 424 | 1,321 | 1,186 | ||||||||||||
International | 9 | 11 | 24 | 36 | ||||||||||||
Subtotal | 503 | 435 | 1,345 | 1,222 | ||||||||||||
Intersegment Elimination — United States | (400 | ) | (333 | ) | (1,067 | ) | (896 | ) | ||||||||
Intersegment Elimination — International | (8 | ) | (11 | ) | (22 | ) | (34 | ) | ||||||||
Total All Other | 95 | 91 | 256 | 292 | ||||||||||||
Sales and Other Operating Revenues | ||||||||||||||||
United States | 29,315 | 27,561 | 84,807 | 85,597 | ||||||||||||
International | 41,023 | 40,854 | 120,095 | 128,427 | ||||||||||||
Subtotal | 70,338 | 68,415 | 204,902 | 214,024 | ||||||||||||
Intersegment Elimination — United States | (4,815 | ) | (4,330 | ) | (13,915 | ) | (13,959 | ) | ||||||||
Intersegment Elimination — International | (8,920 | ) | (8,425 | ) | (24,781 | ) | (25,729 | ) | ||||||||
Total Sales and Other Operating Revenues | $ | 56,603 | $ | 55,660 | $ | 166,206 | $ | 174,336 | ||||||||
Summarized_Financial_Data_Chev
Summarized Financial Data - Chevron U.S.A. Inc. (Chevron U.S.A. Inc. [Member]) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Chevron U.S.A. Inc. [Member] | ' | |||||||
Summarized Financial Data - Chevron U.S.A. Inc. | ' | |||||||
Summarized Financial Data — Chevron U.S.A. Inc. | ||||||||
Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas and natural gas liquids and those associated with refining, marketing, and supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method. | ||||||||
The summarized financial information for CUSA and its consolidated subsidiaries is as follows: | ||||||||
Nine Months Ended | ||||||||
30-Sep | ||||||||
2013 | 2012 | |||||||
(Millions of dollars) | ||||||||
Sales and other operating revenues | $ | 131,650 | $ | 139,107 | ||||
Costs and other deductions | 128,195 | 132,534 | ||||||
Net income attributable to CUSA | 2,898 | 4,734 | ||||||
At September 30 | At December 31 | |||||||
2013 | 2012 | |||||||
(Millions of dollars) | ||||||||
Current assets | $ | 19,277 | $ | 18,983 | ||||
Other assets | 55,351 | 52,082 | ||||||
Current liabilities | 18,304 | 18,161 | ||||||
Other liabilities | 27,615 | 26,472 | ||||||
Total CUSA net equity | $ | 28,709 | $ | 26,432 | ||||
Memo: Total debt | $ | 14,485 | $ | 14,482 | ||||
Summarized_Financial_Data_Chev1
Summarized Financial Data - Chevron Transport Corporation (Chevron Transport Corporation [Member]) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Chevron Transport Corporation [Member] | ' | |||||||||||||||
Summarized Financial Data - Chevron Transport Corporation | ' | |||||||||||||||
Summarized Financial Data — Chevron Transport Corporation | ||||||||||||||||
Chevron Transport Corporation Limited (CTC), incorporated in Bermuda, is an indirect, wholly owned subsidiary of Chevron Corporation. CTC is the principal operator of Chevron’s international tanker fleet and is engaged in the marine transportation of crude oil and refined petroleum products. Most of CTC’s shipping revenue is derived from providing transportation services to other Chevron companies. Chevron Corporation has fully and unconditionally guaranteed this subsidiary’s obligations in connection with certain debt securities. | ||||||||||||||||
During 2012, CTC implemented legal reorganizations in which certain Chevron business units transferred assets out of CTC. The summarized financial information for CTC and its consolidated subsidiaries presented in the table below gives retroactive effect to the reorganizations as if they had occurred on January 1, 2012. However, the financial information in the following table may not reflect the financial position and operating results in the periods presented if the reorganization had occurred on that date. Summarized income statement information for CTC and its consolidated subsidiaries is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep | 30-Sep | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions of dollars) | ||||||||||||||||
Sales and other operating revenues | $ | 110 | $ | 119 | $ | 361 | $ | 513 | ||||||||
Costs and other deductions | 166 | 179 | 502 | 631 | ||||||||||||
Net loss attributable to CTC | (57 | ) | (58 | ) | (141 | ) | (114 | ) | ||||||||
Summarized balance sheet information for CTC and its consolidated subsidiaries is as follows: | ||||||||||||||||
At September 30 | At December 31 | |||||||||||||||
2013 | 2012 | |||||||||||||||
(Millions of dollars) | ||||||||||||||||
Current assets | $ | 183 | $ | 199 | ||||||||||||
Other assets | 407 | 313 | ||||||||||||||
Current liabilities | 367 | 154 | ||||||||||||||
Other liabilities | 409 | 415 | ||||||||||||||
Total CTC net deficit | $ | (186 | ) | $ | (57 | ) | ||||||||||
There were no restrictions on CTC’s ability to pay dividends or make loans or advances at September 30, 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Taxes on income for the third quarter and first nine months of 2013 were $3.8 billion and $11.1 billion, respectively, compared with $4.6 billion and $15.3 billion for the corresponding periods in 2012. The associated effective tax rates (calculated as the amount of Income Tax Expense divided by Income Before Income Tax Expense) for the third quarters of 2013 and 2012 were 44 percent and 47 percent, respectively. For the comparative nine-month periods, the effective tax rates were 40 percent and 45 percent, respectively. | |
The decrease in the effective tax rate between the quarterly periods primarily resulted from a lower effective | |
tax rate in international upstream operations. The lower international upstream effective tax rate was driven by a lower proportion of earnings in higher tax rate jurisdictions, a greater proportion of equity income in 2013 than in 2012 (equity income is included as part of before-tax income, but is generally recorded net of income taxes), and the effects of non-recurring tax items between periods. These were partially offset by the impact from asset sales on the effective tax rate in the comparative 2012 period. The decrease in the effective tax rate for the nine-month comparative period was primarily due to lower earnings in higher tax rate international upstream operations, a greater proportion of equity income in 2013 than in 2012, and foreign currency remeasurement impacts. | |
Tax positions for Chevron and its subsidiaries and affiliates are subject to income tax audits by many tax jurisdictions throughout the world. For the company’s major tax jurisdictions, examinations of tax returns for certain prior tax years had not been completed as of September 30, 2013. For these jurisdictions, the latest years for which income tax examinations had been finalized were as follows: United States — 2008, Nigeria — 2000, Angola — 2001, Saudi Arabia — 2009 and Kazakhstan — 2007. | |
The company engages in ongoing discussions with tax authorities regarding the resolution of tax matters in the various jurisdictions. Both the outcomes for these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. However, it is reasonably possible that developments regarding tax matters in certain tax jurisdictions may result in significant increases or decreases in the company’s total unrecognized tax benefits within the next 12 months. Given the number of years that still remain subject to examination and the number of matters being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits. | |
The company completed its assessment of the potential impact of the August 2012 decision by the U.S. Court of Appeals for the Third Circuit that disallowed the Historic Rehabilitation Tax Credits claimed by an unrelated taxpayer. The findings of this assessment did not result in a material impact on the company’s financial position, results of operations or cash flows. |
Employee_Benefits
Employee Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [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 (ERISA) 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 some active and qualifying retired employees. The plans are unfunded, and the company and the retirees share the costs. Medical coverage for Medicare-eligible retirees in the company’s main U.S. medical plan is secondary to Medicare (including Part D) and the increase to the company contribution for retiree medical coverage is limited to no more than 4 percent each year. Certain life insurance benefits are paid by the company. | ||||||||||||||||
The components of net periodic benefit costs for 2013 and 2012 are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep | 30-Sep | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions of dollars) | ||||||||||||||||
Pension Benefits | ||||||||||||||||
United States | ||||||||||||||||
Service cost | $ | 124 | $ | 113 | $ | 371 | $ | 339 | ||||||||
Interest cost | 117 | 109 | 353 | 327 | ||||||||||||
Expected return on plan assets | (175 | ) | (158 | ) | (525 | ) | (475 | ) | ||||||||
Amortization of prior service costs (credits) | — | (2 | ) | 1 | (6 | ) | ||||||||||
Amortization of actuarial losses | 121 | 117 | 364 | 352 | ||||||||||||
Settlement losses | 57 | 65 | 171 | 204 | ||||||||||||
Total United States | 244 | 244 | 735 | 741 | ||||||||||||
International | ||||||||||||||||
Service cost | 48 | 45 | 145 | 135 | ||||||||||||
Interest cost | 77 | 79 | 236 | 241 | ||||||||||||
Expected return on plan assets | (68 | ) | (67 | ) | (204 | ) | (201 | ) | ||||||||
Amortization of prior service costs | 6 | 5 | 16 | 14 | ||||||||||||
Amortization of actuarial losses | 35 | 32 | 110 | 102 | ||||||||||||
Total International | 98 | 94 | 303 | 291 | ||||||||||||
Net Periodic Pension Benefit Costs | $ | 342 | $ | 338 | $ | 1,038 | $ | 1,032 | ||||||||
Other Benefits* | ||||||||||||||||
Service cost | $ | 13 | $ | 16 | $ | 49 | $ | 46 | ||||||||
Interest cost | 32 | 37 | 112 | 114 | ||||||||||||
Amortization of prior service credits | (12 | ) | (18 | ) | (37 | ) | (54 | ) | ||||||||
Amortization of actuarial losses | 13 | 13 | 40 | 42 | ||||||||||||
Settlement gains | — | — | — | (26 | ) | |||||||||||
Net Periodic Other Benefit Costs | $ | 46 | $ | 48 | $ | 164 | $ | 122 | ||||||||
_________________________________ | ||||||||||||||||
* 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. | ||||||||||||||||
At the end of 2012, the company estimated it would contribute $1.0 billion to employee pension plans during 2013 (composed of $650 million for the U.S. plans and $350 million for the international plans). Through September 30, 2013, a total of $961 million was contributed (including $809 million to the U.S. plans). Total contributions for the full year are currently estimated to be $1.2 billion ($850 million for the U.S. plans and $350 million for the international plans). Actual 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 nine months of 2013, the company contributed $151 million to its OPEB plans. The company anticipates contributing approximately $77 million during the remainder of 2013. |
Litigation
Litigation | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Litigation | ' |
Litigation | |
MTBE Chevron and many other companies in the petroleum industry have used methyl tertiary butyl ether (MTBE) as a gasoline additive. Chevron is a party to ten pending lawsuits and claims, the majority of which involve numerous other petroleum marketers and refiners. Resolution of these lawsuits and claims may ultimately require the company to correct or ameliorate the alleged effects on the environment of prior release of MTBE by the company or other parties. Additional lawsuits and claims related to the use of MTBE, including personal-injury claims, may be filed in the future. The company’s ultimate exposure related to pending lawsuits and claims is not determinable. The company no longer uses MTBE in the manufacture of gasoline in the United States. | |
Ecuador Chevron is a defendant in a civil lawsuit initiated in the Superior Court of Nueva Loja in Lago Agrio, Ecuador, in May 2003 by plaintiffs who claim to be representatives of certain residents of an area where an oil production consortium formerly had operations. The lawsuit alleges damage to the environment from the oil exploration and production operations and seeks unspecified damages to fund environmental remediation and restoration of the alleged environmental harm, plus a health monitoring program. Until 1992, Texaco Petroleum Company (Texpet), a subsidiary of Texaco Inc., was a minority member of this consortium with Petroecuador, the Ecuadorian state-owned oil company, as the majority partner; since 1990, the operations have been conducted solely by Petroecuador. At the conclusion of the consortium and following an independent third-party environmental audit of the concession area, Texpet entered into a formal agreement with the Republic of Ecuador and Petroecuador for Texpet to remediate specific sites assigned by the government in proportion to Texpet’s ownership share of the consortium. Pursuant to that agreement, Texpet conducted a three-year remediation program at a cost of $40 million. After certifying that the sites were properly remediated, the government granted Texpet and all related corporate entities a full release from any and all environmental liability arising from the consortium operations. | |
Based on the history described above, Chevron believes that this lawsuit lacks legal or factual merit. As to matters of law, the company believes first, that the court lacks jurisdiction over Chevron; second, that the law under which plaintiffs bring the action, enacted in 1999, cannot be applied retroactively; third, that the claims are barred by the statute of limitations in Ecuador; and, fourth, that the lawsuit is also barred by the releases from liability previously given to Texpet by the Republic of Ecuador and Petroecuador and by the pertinent provincial and municipal governments. With regard to the facts, the company believes that the evidence confirms that Texpet’s remediation was properly conducted and that the remaining environmental damage reflects Petroecuador’s failure to timely fulfill its legal obligations and Petroecuador’s further conduct since assuming full control over the operations. | |
In 2008, a mining engineer appointed by the court to identify and determine the cause of environmental damage, and to specify steps needed to remediate it, issued a report recommending that the court assess $18.9 billion, which would, according to the engineer, provide financial compensation for purported damages, including wrongful death claims, and pay for, among other items, environmental remediation, health care systems and additional infrastructure for Petroecuador. The engineer’s report also asserted that an additional $8.4 billion could be assessed against Chevron for unjust enrichment. In 2009, following the disclosure by Chevron of evidence that the judge participated in meetings in which businesspeople and individuals holding themselves out as government officials discussed the case and its likely outcome, the judge presiding over the case was recused. In 2010, Chevron moved to strike the mining engineer’s report and to dismiss the case based on evidence obtained through discovery in the United States indicating that the report was prepared by consultants for the plaintiffs before being presented as the mining engineer’s independent and impartial work and showing further evidence of misconduct. In August 2010, the judge issued an order stating that he was not bound by the mining engineer’s report and requiring the parties to provide their positions on damages within 45 days. Chevron subsequently petitioned for recusal of the judge, claiming that he had disregarded evidence of fraud and misconduct and that he had failed to rule on a number of motions within the statutory time requirement. | |
In September 2010, Chevron submitted its position on damages, asserting that no amount should be assessed against it. The plaintiffs’ submission, which relied in part on the mining engineer’s report, took the position that | |
damages are between approximately $16 billion and $76 billion and that unjust enrichment should be assessed in an amount between approximately $5 billion and $38 billion. The next day, the judge issued an order closing the evidentiary phase of the case and notifying the parties that he had requested the case file so that he could prepare a judgment. Chevron petitioned to have that order declared a nullity in light of Chevron’s prior recusal petition, and because procedural and evidentiary matters remained unresolved. In October 2010, Chevron’s motion to recuse the judge was granted. A new judge took charge of the case and revoked the prior judge’s order closing the evidentiary phase of the case. On December 17, 2010, the judge issued an order closing the evidentiary phase of the case and notifying the parties that he had requested the case file so that he could prepare a judgment. | |
On February 14, 2011, the provincial court in Lago Agrio rendered an adverse judgment in the case. The court rejected Chevron’s defenses to the extent the court addressed them in its opinion. The judgment assessed approximately $8.6 billion in damages and approximately $900 million as an award for the plaintiffs’ representatives. It also assessed an additional amount of approximately $8.6 billion in punitive damages unless the company issued a public apology within 15 days of the judgment, which Chevron did not do. On February 17, 2011, the plaintiffs appealed the judgment, seeking increased damages, and on March 11, 2011, Chevron appealed the judgment seeking to have the judgment nullified. On January 3, 2012, an appellate panel in the provincial court affirmed the February 14, 2011 decision and ordered that Chevron pay additional attorneys’ fees in the amount of “0.10% of the values that are derived from the decisional act of this judgment.” The plaintiffs filed a petition to clarify and amplify the appellate decision on January 6, 2012, and the court issued a ruling in response on January 13, 2012, purporting to clarify and amplify its January 3, 2012 ruling, which included clarification that the deadline for the company to issue a public apology to avoid the additional amount of approximately $8.6 billion in punitive damages was within 15 days of the clarification ruling, or February 3, 2012. Chevron did not issue an apology because doing so might be mischaracterized as an admission of liability and would be contrary to facts and evidence submitted at trial. On January 20, 2012, Chevron appealed (called a petition for cassation) the appellate panel’s decision to Ecuador’s National Court of Justice. As part of the appeal, Chevron requested the suspension of any requirement that Chevron post a bond to prevent enforcement under Ecuadorian law of the judgment during the cassation appeal. On February 17, 2012, the appellate panel of the provincial court admitted Chevron’s cassation appeal in a procedural step necessary for the National Court of Justice to hear the appeal. The provincial court appellate panel denied Chevron’s request for suspension of the requirement that Chevron post a bond and stated that it would not comply with the First and Second Interim Awards of the international arbitration tribunal discussed below. On March 29, 2012, the matter was transferred from the provincial court to the National Court of Justice, and on November 22, 2012, the National Court agreed to hear Chevron's cassation appeal. On August 3, 2012, the provincial court in Lago Agrio approved a court-appointed liquidator’s report on damages that calculated the total judgment in the case to be $19.1 billion. On July 2, 2013, the provincial court in Lago Agrio issued an embargo order in Ecuador ordering that any funds to be paid by the Government of Ecuador to Chevron to satisfy a $96 million award issued in an unrelated action by an arbitral tribunal presiding in the Permanent Court of Arbitration in The Hague under the Rules of the United Nations Commission on International Trade Law must be paid to the Lago Agrio plaintiffs. The award was issued by the tribunal under the United States-Ecuador Bilateral Investment Treaty in an action filed in 2006 in connection with seven breach of contract cases that Texpet filed against the Government of Ecuador between 1991 and 1993. The Government of Ecuador has appealed the tribunal's award. A Federal District Court for the District of Columbia confirmed the tribunal's award, and the Government of Ecuador has appealed the District Court's decision. | |
Chevron has no assets in Ecuador and the Lago Agrio plaintiffs’ lawyers have stated in press releases and through other media that they will seek to enforce the Ecuadorian judgment in various countries and otherwise disrupt Chevron’s operations. On May 30, 2012, the Lago Agrio plaintiffs filed an action against Chevron Corporation, Chevron Canada Limited, and Chevron Canada Finance Limited in the Ontario Superior Court of Justice in Ontario, Canada, seeking to recognize and enforce the Ecuadorian judgment. On May 1, 2013, the Ontario Superior Court of Justice stayed this action, subject to the plaintiffs presenting new evidence that Chevron Corporation has a presence in Ontario, and the Lago Agrio plaintiffs have appealed that decision. Oral arguments for the appeal were heard on October 31, 2013, and November 1, 2013. On June 27, 2012, the Lago | |
Agrio plaintiffs filed an action against Chevron Corporation in the Superior Court of Justice in Brasilia, Brazil, seeking to recognize and enforce the Ecuadorian judgment. On October 15, 2012, the provincial court in Lago Agrio issued an ex parte embargo order that purports to order the seizure of assets belonging to separate Chevron subsidiaries in Ecuador, Argentina and Colombia. On November 6, 2012, at the request of the Lago Agrio plaintiffs, a court in Argentina issued a Freeze Order against Chevron Argentina S.R.L. and another Chevron subsidiary, Ingeniero Nortberto Priu, requiring shares of both companies to be "embargoed," requiring third parties to withhold 40 percent of any payments due to Chevron Argentina S.R.L. and ordering banks to withhold 40 percent of the funds in Chevron Argentina S.R.L. bank accounts. On December 14th, 2012, the Argentinean court rejected a motion to revoke the Freeze Order but modified it by ordering that third parties are not required to withhold funds but must report their payments. The court also clarified that the Freeze Order relating to bank accounts excludes taxes. On January 30, 2013, an appellate court upheld the Freeze Order, and on June 4, 2013 the Supreme Court of Argentina revoked the Freeze Order in its entirety. Chevron continues to believe the provincial court’s judgment is illegitimate and unenforceable in Ecuador, the United States and other countries. The company also believes the judgment is the product of fraud, and contrary to the legitimate scientific evidence. Chevron cannot predict the timing or ultimate outcome of the appeals process in Ecuador or any enforcement action. Chevron expects to continue a vigorous defense of any imposition of liability in the Ecuadorian courts and to contest and defend any and all enforcement actions. | |
Chevron and Texpet filed an arbitration claim in September 2009 against the Republic of Ecuador before an arbitral tribunal presiding in the Permanent Court of Arbitration in The Hague under the Rules of the United Nations Commission on International Trade Law. The claim alleges violations of the Republic of Ecuador’s obligations under the United States–Ecuador Bilateral Investment Treaty (BIT) and breaches of the settlement and release agreements between the Republic of Ecuador and Texpet (described above), which are investment agreements protected by the BIT. Through the arbitration, Chevron and Texpet are seeking relief against the Republic of Ecuador, including a declaration that any judgment against Chevron in the Lago Agrio litigation constitutes a violation of Ecuador’s obligations under the BIT. On February 9, 2011, the Tribunal issued an Order for Interim Measures requiring the Republic of Ecuador to take all measures at its disposal to suspend or cause to be suspended the enforcement or recognition within and without Ecuador of any judgment against Chevron in the Lago Agrio case pending further order of the Tribunal. On January 25, 2012, the Tribunal converted the Order for Interim Measures into an Interim Award. Chevron filed a renewed application for further interim measures on January 4, 2012, and the Republic of Ecuador opposed Chevron’s application and requested that the existing Order for Interim Measures be vacated on January 9, 2012. On February 16, 2012, the Tribunal issued a Second Interim Award mandating that the Republic of Ecuador take all measures necessary (whether by its judicial, legislative or executive branches) to suspend or cause to be suspended the enforcement and recognition within and without Ecuador of the judgment against Chevron and, in particular, to preclude any certification by the Republic of Ecuador that would cause the judgment to be enforceable against Chevron. On February 27, 2012, the Tribunal issued a Third Interim Award confirming its jurisdiction to hear Chevron’s arbitration claims. On February 7, 2013, the Tribunal issued its Fourth Interim Award in which it declared that the Republic of Ecuador “has violated the First and Second Interim Awards under the [BIT], the UNCITRAL Rules and international law in regard to the finalization and enforcement subject to execution of the Lago Agrio Judgment within and outside Ecuador, including (but not limited to) Canada, Brazil and Argentina.” The Tribunal has divided the merits phase of the proceeding into three phases. On September 17, 2013, the Tribunal issued its First Partial Award from Phase One, finding that the settlement agreements between the Republic of Ecuador and Texpet applied to Texpet and Chevron, released Texpet and Chevron from claims based on "collective" or "diffuse" rights arising from Texpet's operations in the former concession area and precluded third parties from asserting collective/diffuse rights environmental claims relating to Texpet's operations in the former concession area, but did not preclude individual claims for personal harm. Chevron expects that the application of this ruling will be considered by the Tribunal in Phase Two, including a determination whether the claims of the Lago Agrio plaintiffs are individual or collective/diffuse. The Tribunal has set Phase Two to begin on January 20, 2014 to hear Chevron's denial of justice claims. The Tribunal has not set a date for Phase Three, which will be the damages phase of the arbitration. | |
Through a series of U.S. court proceedings initiated by Chevron to obtain discovery relating to the Lago Agrio litigation and the BIT arbitration, Chevron obtained evidence that it believes shows a pattern of fraud, collusion, corruption, and other misconduct on the part of several lawyers, consultants and others acting for the Lago Agrio plaintiffs. In February 2011, Chevron filed a civil lawsuit in the Federal District Court for the Southern District of New York against the Lago Agrio plaintiffs and several of their lawyers, consultants and supporters, alleging violations of the Racketeer Influenced and Corrupt Organizations Act and other state laws. Through the civil lawsuit, Chevron is seeking relief that includes a declaration that any judgment against Chevron in the Lago Agrio litigation is the result of fraud and other unlawful conduct and is therefore unenforceable. On March 7, 2011, the Federal District Court issued a preliminary injunction prohibiting the Lago Agrio plaintiffs and persons acting in concert with them from taking any action in furtherance of recognition or enforcement of any judgment against Chevron in the Lago Agrio case pending resolution of Chevron’s civil lawsuit by the Federal District Court. On May 31, 2011, the Federal District Court severed claims one through eight of Chevron’s complaint from the ninth claim for declaratory relief and imposed a discovery stay on claims one through eight pending a trial on the ninth claim for declaratory relief. On September 19, 2011, the U.S. Court of Appeals for the Second Circuit vacated the preliminary injunction, stayed the trial on Chevron’s ninth claim, a claim for declaratory relief, that had been set for November 14, 2011, and denied the defendants’ mandamus petition to recuse the judge hearing the lawsuit. The Second Circuit issued its opinion on January 26, 2012 ordering the dismissal of Chevron’s ninth claim for declaratory relief. On February 16, 2012, the Federal District Court lifted the stay on claims one through eight, and on October 18, 2012, the Federal District Court set a trial date of October 15, 2013. On March 22, 2013, Chevron settled its claims against Stratus Consulting, and on April 12, 2013 sworn declarations by representatives of Stratus Consulting were filed with the Court admitting their role and that of the plaintiffs' attorneys in drafting the environmental report of the mining engineer appointed by the provincial court in Lago Agrio. On September 26, 2013, the Second Circuit denied the defendants' Petition for Writ of Mandamus to recuse the judge hearing the case and to collaterally estop Chevron from seeking a declaration that the Lago Agrio judgement was obtained through fraud and other unlawful conduct. The trial commenced on October 15, 2013. | |
The ultimate outcome of the foregoing matters, including any financial effect on Chevron, remains uncertain. Management does not believe an estimate of a reasonably possible loss (or a range of loss) can be made in this case. Due to the defects associated with the Ecuadorian judgment, the 2008 engineer’s report on alleged damages and the September 2010 plaintiffs’ submission on alleged damages, management does not believe these documents have any utility in calculating a reasonably possible loss (or a range of loss). Moreover, the highly uncertain legal environment surrounding the case provides no basis for management to estimate a reasonably possible loss (or a range of loss). |
Other_Contingencies_and_Commit
Other Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Other Contingencies and Commitments | ' |
Other Contingencies and Commitments | |
Income Taxes The company calculates its income tax expense and liabilities quarterly. These liabilities generally are subject to audit and are not finalized with the individual taxing authorities until several years after the end of the annual period for which income taxes have been calculated. Refer to Note 8 on page 14 for a discussion of the periods for which tax returns have been audited for the company’s major tax jurisdictions. | |
Settlement of open tax years, as well as tax issues in other countries where the company conducts its businesses, is not expected to have a material effect on the consolidated financial position or liquidity of the company and, in the opinion of management, adequate provision has been made for income and franchise taxes for all years under examination or subject to future examination. | |
Chevron completed its assessment of the potential impact of the decision by the U.S. Court of Appeals for the Third Circuit that disallowed the Historic Rehabilitation Tax Credits claimed by an unrelated taxpayer. The findings of this assessment did not result in a material impact on the company’s financial position, results of operations or cash flows. | |
Guarantees The company and its subsidiaries have certain contingent liabilities with respect to guarantees, direct or indirect, of debt of affiliated companies or third parties. Under the terms of the guarantee arrangements, the | |
company would generally be required to perform should the affiliated company or third party fail to fulfill its obligations under the arrangements. In some cases, the guarantee arrangements may have recourse provisions that would enable the company to recover any payments made under the terms of the guarantees from assets provided as collateral. | |
Indemnifications In the acquisition of Unocal, the company assumed certain indemnities relating to contingent environmental liabilities associated with assets that were sold in 1997. The acquirer of those assets shared in certain environmental remediation costs up to a maximum obligation of $200 million, which had been reached at December 31, 2009. Under the indemnification agreement, after reaching the $200 million obligation, Chevron is solely responsible until April 2022, when the indemnification expires. The environmental conditions or events that are subject to these indemnities must have arisen prior to the sale of the assets in 1997. | |
Although the company has provided for known obligations under this indemnity that are probable and reasonably estimable, the amount of additional future costs may be material to results of operations in the period in which they are recognized. The company does not expect these costs will have a material effect on its consolidated financial position or liquidity. | |
Off-Balance-Sheet Obligations The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional purchase obligations and commitments, including throughput and take-or-pay agreements, some of which relate to suppliers’ financing arrangements. The agreements typically provide goods and services, such as pipeline and storage capacity, drilling rigs, utilities, and petroleum products, to be used or sold in the ordinary course of the company’s business. | |
Environmental The company is subject to loss contingencies pursuant to laws, regulations, private claims and legal proceedings related to environmental matters that are subject to legal settlements or that in the future may require the company to take action to correct or ameliorate the effects on the environment of prior release of chemicals or petroleum substances, including MTBE, by the company or other parties. Such contingencies may exist for various sites, including, but not limited to, federal Superfund sites and analogous sites under state laws, refineries, crude oil fields, service stations, terminals, land development areas, and mining operations, whether operating, closed or divested. These future costs are not fully determinable due to such factors as the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions that may be required, the determination of the company’s liability in proportion to other responsible parties, and the extent to which such costs are recoverable from third parties. | |
Although the company has provided for known environmental obligations that are probable and reasonably estimable, the amount of additional future costs may be material to results of operations in the period in which they are recognized. The company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Also, the company does not believe its obligations to make such expenditures have had, or will have, any significant impact on the company’s competitive position relative to other U.S. or international petroleum or chemical companies. | |
Other Contingencies On April 26, 2010, a California appeals court issued a ruling related to the adequacy of an Environmental Impact Report (EIR) supporting the issuance of certain permits by the city of Richmond, California, to replace and upgrade certain facilities at Chevron's refinery in Richmond. Settlement discussions with plaintiffs in the case ended late fourth quarter 2010, and on March 3, 2011, the trial court entered a final judgment and peremptory writ ordering the City to set aside the project EIR and conditional use permits and enjoining Chevron from any further work. On May 23, 2011, the company filed an application with the City Planning Department for a conditional use permit for a revised project to complete construction of the hydrogen plant, certain sulfur removal facilities and related infrastructure. On June 10, 2011, the City published its Notice of Preparation of the revised EIR for the project. The revised and recirculated EIR is intended to comply with the appeals court decision. Management believes the outcomes associated with the project are uncertain. Due to the uncertainty of the company's future course of action, or potential outcomes of any action or combination of actions, management does not believe an estimate of the financial effects, if any, can be made at this time. | |
Chevron receives claims from and submits claims to customers; trading partners; U.S. federal, state and local regulatory bodies; governments; contractors; insurers; and suppliers. The amounts of these claims, individually and in the aggregate, may be significant and take lengthy periods to resolve. | |
The company and its affiliates also continue to review and analyze their operations and may close, abandon, sell, exchange, acquire or restructure assets to achieve operational or strategic benefits and to improve competitiveness and profitability. These activities, individually or together, may result in gains or losses in future periods. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||
Accounting standards for fair value measurement (ASC 820) establish a framework for measuring fair value and stipulate disclosures about fair value measurements. The standards apply to recurring and nonrecurring fair value measurements of financial and nonfinancial assets and liabilities. Among the required disclosures is the fair value hierarchy of inputs the company uses to value an asset or a liability. The three levels of the fair value hierarchy are described as follows: | ||||||||||||||||||||||||||||||||
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded. | ||||||||||||||||||||||||||||||||
Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract. | ||||||||||||||||||||||||||||||||
Level 3: Unobservable inputs. The company does not use Level 3 inputs for any of its recurring fair value measurements. Level 3 inputs may be required for the determination of fair value associated with certain nonrecurring measurements of nonfinancial assets and liabilities. | ||||||||||||||||||||||||||||||||
The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012 is as follows: | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||
At September 30, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Marketable Securities | $ | 258 | $ | 258 | $ | — | $ | — | $ | 266 | $ | 266 | $ | — | $ | — | ||||||||||||||||
Derivatives | 80 | 31 | 49 | — | 86 | 21 | 65 | — | ||||||||||||||||||||||||
Total Assets at Fair Value | $ | 338 | $ | 289 | $ | 49 | $ | — | $ | 352 | $ | 287 | $ | 65 | $ | — | ||||||||||||||||
Derivatives | 118 | 109 | 9 | — | 149 | 148 | 1 | — | ||||||||||||||||||||||||
Total Liabilities at Fair Value | $ | 118 | $ | 109 | $ | 9 | $ | — | $ | 149 | $ | 148 | $ | 1 | $ | — | ||||||||||||||||
Marketable Securities The company calculates fair value for its marketable securities based on quoted market prices for identical assets. The fair values reflect the cash that would have been received if the instruments were sold at September 30, 2013. | ||||||||||||||||||||||||||||||||
Derivatives The company records its derivative instruments — other than any commodity derivative contracts that are designated as normal purchase and normal sale — on the Consolidated Balance Sheet at fair value, with the offsetting amount to the Consolidated Statement of Income. For derivatives with identical or similar provisions as contracts that are publicly traded on a regular basis, the company uses the market values of the publicly traded instruments as an input for fair value calculations. | ||||||||||||||||||||||||||||||||
The company’s derivative instruments principally include futures, swaps, options and forward contracts for crude oil, natural gas and refined products. Derivatives classified as Level 1 include futures, swaps and options contracts traded in active markets such as the New York Mercantile Exchange. | ||||||||||||||||||||||||||||||||
Derivatives classified as Level 2 include swaps, options and forward contracts principally with financial institutions and other oil and gas companies, the fair values of which are obtained from third-party broker quotes, industry pricing services and exchanges. The company obtains multiple sources of pricing information for the Level 2 instruments. Since this pricing information is generated from observable market data, it has historically been very consistent. The company does not materially adjust this information. The company incorporates internal review, evaluation and assessment procedures, including a comparison of Level 2 fair values derived from the company’s internally developed forward curves (on a sample basis), with the pricing information to document reasonable, logical and supportable fair value determinations and proper level of classification. | ||||||||||||||||||||||||||||||||
Assets carried at fair value at September 30, 2013, and December 31, 2012, are as follows: | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Time Deposits The company holds cash equivalents and bank time deposits in U.S. and non-U.S. portfolios. The instruments classified as cash equivalents are primarily bank time deposits with maturities of 90 days or less, and money market funds. “Cash and cash equivalents” had carrying/fair values of $17.0 billion and $20.9 billion at September 30, 2013, and December 31, 2012, respectively. The instruments held in “Time deposits” are bank time deposits with maturities greater than 90 days and had carrying/fair values of $1.3 billion and $0.7 billion at September 30, 2013, and December 31, 2012, respectively. The fair values of cash, cash equivalents and bank time deposits are classified as Level 1 and reflect the cash that would have been received if the instruments were settled at September 30, 2013. | ||||||||||||||||||||||||||||||||
Restricted Cash had a carrying/fair value of $1.1 billion and $1.5 billion at September 30, 2013, and December 31, 2012, respectively. At September 30, 2013, restricted cash is classified as Level 1 and is reported in “Deferred charges and other assets” on the face of the Consolidated Balance Sheet, and includes restricted funds related to certain Upstream abandonment activities, tax payments, funds held in escrow for an asset acquisition and acquisitions pending tax deferred exchanges. | ||||||||||||||||||||||||||||||||
Long-Term Debt had a net carrying value, excluding amounts reclassified from short-term, of $12.0 billion and $6.1 billion at September 30, 2013, and December 31, 2012, respectively. The fair value of long-term debt at September 30, 2013, and December 31, 2012 is $12.3 billion and $6.8 billion, respectively. Long-term debt primarily includes corporate issued bonds. The fair value of corporate bonds is $11.6 billion and classified as Level 1. The fair value of the other bonds is $0.7 billion and classified as Level 2. | ||||||||||||||||||||||||||||||||
The carrying values of other short-term financial assets and liabilities, including short-term debt reclassified to long-term, approximate their fair values. Fair value remeasurements of other financial instruments at September 30, 2013 and 2012 were not material. | ||||||||||||||||||||||||||||||||
The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2013 is as follows: | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Before-Tax Loss | ||||||||||||||||||||||||||||
Three | Nine | |||||||||||||||||||||||||||||||
Months | Months | |||||||||||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||||||||||
Properties, plant and equipment, net (held and used) | $ | 54 | $ | — | $ | — | $ | 54 | $ | 109 | $ | 124 | ||||||||||||||||||||
Properties, plant and equipment, net (held for sale) | 59 | — | 59 | 99 | 104 | |||||||||||||||||||||||||||
Investments and advances | 20 | — | 20 | — | 124 | 227 | ||||||||||||||||||||||||||
Total Assets at Fair Value | $ | 133 | $ | — | $ | 79 | $ | 54 | $ | 332 | $ | 455 | ||||||||||||||||||||
Properties, plant and equipment The company did not have any material impairments of long-lived assets measured at fair value on a nonrecurring basis to report in third quarter 2013. | ||||||||||||||||||||||||||||||||
Investments and advances The company did not have any material impairments of investments and advances measured at fair value on a nonrecurring basis to report in third quarter 2013. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||||
The company’s derivative instruments principally include crude oil, natural gas and refined product futures, swaps, options, and forward contracts. None of the company’s derivative instruments are designated as hedging instruments, although certain of the company’s affiliates make such a designation. The company’s derivatives are not material to the company’s financial position, results of operations or liquidity. The company believes it has no material market or credit risks to its operations, financial position or liquidity as a result of its commodities and other derivatives activities. | |||||||||||||||||||||
Derivative instruments measured at fair value at September 30, 2013, and December 31, 2012, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: | |||||||||||||||||||||
Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||
Type of | Balance Sheet Classification | At September 30 | At December 31 | ||||||||||||||||||
Contract | 2013 | 2012 | |||||||||||||||||||
Commodity | Accounts and notes receivable, net | $ | 71 | $ | 57 | ||||||||||||||||
Commodity | Long-term receivables, net | 9 | 29 | ||||||||||||||||||
Total Assets at Fair Value | $ | 80 | $ | 86 | |||||||||||||||||
Commodity | Accounts payable | $ | 85 | $ | 112 | ||||||||||||||||
Commodity | Deferred credits and other noncurrent obligations | 33 | 37 | ||||||||||||||||||
Total Liabilities at Fair Value | $ | 118 | $ | 149 | |||||||||||||||||
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||
Gain / (Loss) | Gain / (Loss) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
30-Sep | 30-Sep | ||||||||||||||||||||
Type of | Statement of Income Classification | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Contract | |||||||||||||||||||||
Commodity | Sales and other operating revenues | $ | (85 | ) | $ | (207 | ) | $ | (48 | ) | $ | (92 | ) | ||||||||
Commodity | Purchased crude oil and products | (37 | ) | 1 | (69 | ) | (10 | ) | |||||||||||||
Commodity | Other income | 2 | 3 | (5 | ) | 7 | |||||||||||||||
$ | (120 | ) | $ | (203 | ) | $ | (122 | ) | $ | (95 | ) | ||||||||||
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities | |||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||
Gross Amount Recognized | Gross Amounts Offset | Net Amounts Presented | Gross Amounts Not Offset | Net Amount | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||
Derivative Assets | $ | 1,210 | $ | 1,130 | $ | 80 | $ | 42 | $ | 38 | |||||||||||
Derivative Liabilities | $ | 1,248 | $ | 1,130 | $ | 118 | $ | 7 | $ | 111 | |||||||||||
At December 31, 2012 | |||||||||||||||||||||
Derivative Assets | $ | 749 | $ | 663 | $ | 86 | $ | 64 | $ | 22 | |||||||||||
Derivative Liabilities | $ | 812 | $ | 663 | $ | 149 | $ | 5 | $ | 144 | |||||||||||
Derivative assets and liabilities are classified on the Consolidated Balance Sheet as accounts and notes receivable, long-term receivables, accounts payable, and deferred credits and other noncurrent obligations. | |||||||||||||||||||||
The company uses derivative commodity instruments traded on the New York Mercantile Exchange and on electronic platforms of the Inter-Continental Exchange and Chicago Mercantile Exchange. In addition, the company enters into swap contracts and option contracts principally with major financial institutions and other oil and gas companies in the “over-the-counter” markets, which are governed by International Swaps and Derivatives Association agreements and other master netting arrangements. Amounts not offset on the Consolidated Balance Sheet represent positions that do not meet all the conditions for "a right of offset". |
Accounting_for_Suspended_Explo
Accounting for Suspended Exploratory Wells | 9 Months Ended |
Sep. 30, 2013 | |
Accounting for Suspended Exploratory Wells [Abstract] | ' |
Accounting for Suspended Exploratory Wells | ' |
Accounting for Suspended Exploratory Wells | |
Accounting standards for the costs of exploratory wells (ASC 932) provide that exploratory well costs continue to be capitalized after the completion of drilling when (a) the well has found a sufficient quantity of reserves to justify its completion as a producing well and (b) the entity is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met or if an entity obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense. (Note that an entity is not required to complete the exploratory well as a producing well.) The company’s capitalized cost of suspended wells at September 30, 2013, was $3.2 billion, a net increase of $558 million from year-end 2012, primarily due to drilling activities in the United States, Australia and Canada. |
New_Accounting_Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Standards | ' |
New Accounting Standards | |
Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11) In July 2013, the FASB issued ASU 2013-11, which becomes effective for the company January 1, 2014. The standard provides that a liability related to an unrecognized tax benefit should be offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. Adoption of the standard is not expected to have a significant effect on the company's results of operations, financial position or liquidity. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Long-Term Debt | ' |
Long-Term Debt | |
On June 24, 2013, the Company issued $750,000,000 in aggregate principal amount of 0.889% notes due 2016, $2,000,000,000 in aggregate principal amount of 1.718% notes due 2018, $1,000,000,000 in aggregate principal amount of 2.427% notes due 2020 and $2,250,000,000 in aggregate principal amount of 3.191% notes due 2023. The notes were issued pursuant to an indenture, dated as of June 15, 1995, as supplemented by the Fourth Supplemental Indenture dated as of June 24, 2013, each being between the Company and Wells Fargo Bank, National Association, as trustee. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Segment Reporting | ' |
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” as defined in accounting standards for segment reporting (ASC 280). Upstream operations consist primarily of exploring for, developing and producing 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; and a gas-to-liquids project. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil and refined products; 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 mining operations, power generation businesses, worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, energy services, alternative fuels, and technology companies. | |
The segments are separately managed for investment purposes under a structure that includes “segment managers” who report to the company’s “chief operating decision maker” (CODM) (terms as defined in ASC 280). The CODM is the company’s Executive Committee (EXCOM), a committee of senior officers that includes the Chief Executive Officer, and EXCOM reports to the Board of Directors of Chevron Corporation. | |
The operating segments represent components of the company, as described in accounting standards for segment reporting (ASC 280), 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. | |
Segment managers for the reportable segments are directly accountable to, and maintain regular contact with, the company’s CODM to discuss the segment’s operating activities and financial performance. The CODM approves annual capital and exploratory budgets at the reportable segment level, as well as reviews capital and exploratory funding for major projects and approves major changes to the annual capital and exploratory budgets. However, business-unit managers within the operating segments are directly responsible for decisions relating to project implementation and all other matters connected with daily operations. Company officers who are members of the EXCOM also have individual management responsibilities and participate in other committees for purposes other than acting as the CODM. | |
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). | |
Fair Value of Financial Instruments | ' |
Accounting standards for fair value measurement (ASC 820) establish a framework for measuring fair value and stipulate disclosures about fair value measurements. The standards apply to recurring and nonrecurring fair value measurements of financial and nonfinancial assets and liabilities. Among the required disclosures is the fair value hierarchy of inputs the company uses to value an asset or a liability. The three levels of the fair value hierarchy are described as follows: | |
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded. | |
Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract. | |
Level 3: Unobservable inputs. The company does not use Level 3 inputs for any of its recurring fair value measurements. Level 3 inputs may be required for the determination of fair value associated with certain nonrecurring measurements of nonfinancial assets and liabilities. |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Losses (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the nine months ending September 30, 2013, are reflected in the table below. | |||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) | |||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Currency Translation Adjustment | Unrealized Holding Gains (Losses) on Securities | Derivatives | Defined Benefit Plans | Total | |||||||||||||||||
Balance at January 1 | $ | (65 | ) | $ | 1 | $ | 125 | $ | (6,430 | ) | $ | (6,369 | ) | ||||||||
Components of Other Comprehensive | |||||||||||||||||||||
Income (Loss): | |||||||||||||||||||||
Before Reclassifications | 45 | (6 | ) | (69 | ) | (19 | ) | (49 | ) | ||||||||||||
Reclassifications (2) | — | — | (1 | ) | 422 | 421 | |||||||||||||||
Net Other Comprehensive Income (Loss) | 45 | (6 | ) | (70 | ) | 403 | 372 | ||||||||||||||
Balance at September 30 | $ | (20 | ) | $ | (5 | ) | $ | 55 | $ | (6,027 | ) | $ | (5,997 | ) | |||||||
_________________________________ | |||||||||||||||||||||
(1) All amounts are net of tax. | |||||||||||||||||||||
(2) Refer to Note 9, Employee Benefits for reclassified components totaling $665 million that are included in employee benefit costs for the nine months ending September 30, 2013. Related income taxes for the same period, totaling $243 million, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant. |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||||||||||
Activity for equity attributable to noncontrolling interests | ' | |||||||||||||||||||||||
Activity for the equity attributable to noncontrolling interests for the first nine months of 2013 and 2012 is as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Chevron Corporation | Non-controlling | Total | Chevron Corporation | Non-controlling | Total | |||||||||||||||||||
Stockholders’ Equity | Interest | Equity | Stockholders’ Equity | Interest | Equity | |||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||
Balance at January 1 | $ | 136,524 | $ | 1,308 | $ | 137,832 | $ | 121,382 | $ | 799 | $ | 122,181 | ||||||||||||
Net income | 16,493 | 146 | 16,639 | 18,934 | 105 | 19,039 | ||||||||||||||||||
Dividends | (5,573 | ) | — | (5,573 | ) | (5,102 | ) | — | (5,102 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | (93 | ) | (93 | ) | — | (23 | ) | (23 | ) | ||||||||||||||
Treasury shares, net | (3,214 | ) | — | (3,214 | ) | (3,017 | ) | — | (3,017 | ) | ||||||||||||||
Other changes, net* | 549 | (67 | ) | 482 | 744 | 400 | 1,144 | |||||||||||||||||
Balance at September 30 | $ | 144,779 | $ | 1,294 | $ | 146,073 | $ | 132,941 | $ | 1,281 | $ | 134,222 | ||||||||||||
_________________________________ | ||||||||||||||||||||||||
* Includes components of comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income. |
Information_Relating_to_the_Co1
Information Relating to the Consolidated Statement of Cash Flows (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Net (increase) decrease in operating working capital | ' | |||||||
The “Net increase in operating working capital” was composed of the following operating changes: | ||||||||
Nine Months Ended | ||||||||
30-Sep | ||||||||
2013 | 2012 | |||||||
(Millions of dollars) | ||||||||
(Increase) decrease in accounts and notes receivable | $ | (904 | ) | $ | 757 | |||
Increase in inventories | (749 | ) | (2,068 | ) | ||||
Decrease (increase) in prepaid expenses and other current assets | 298 | (841 | ) | |||||
Increase in accounts payable and accrued liabilities | 98 | 25 | ||||||
Decrease in income and other taxes payable | (831 | ) | (821 | ) | ||||
Net increase in operating working capital | $ | (2,088 | ) | $ | (2,948 | ) | ||
Cash payment for interest on debt and for income taxes | ' | |||||||
“Net Cash Provided by Operating Activities” included the following cash payments for interest on debt and for income taxes: | ||||||||
Nine Months Ended | ||||||||
30-Sep | ||||||||
2013 | 2012 | |||||||
(Millions of dollars) | ||||||||
Interest on debt (net of capitalized interest) | $ | — | $ | 32 | ||||
Income taxes | 10,209 | 14,345 | ||||||
Net (purchases) sales of time deposits | ' | |||||||
The “Net (purchases) sales of time deposits” consisted of the following gross amounts: | ||||||||
Nine Months Ended | ||||||||
30-Sep | ||||||||
2013 | 2012 | |||||||
(Millions of dollars) | ||||||||
Time deposits purchased | $ | (2,316 | ) | $ | (17 | ) | ||
Time deposits matured | 1,716 | 3,967 | ||||||
Net (purchases) sales of time deposits | $ | (600 | ) | $ | 3,950 | |||
Net sales (purchases) of marketable securities | ' | |||||||
The “Net sales (purchases) of marketable securities” consisted of the following gross amounts: | ||||||||
Nine Months Ended | ||||||||
30-Sep | ||||||||
2013 | 2012 | |||||||
(Millions of dollars) | ||||||||
Marketable securities purchased | $ | (7 | ) | $ | (35 | ) | ||
Marketable securities sold | 10 | 31 | ||||||
Net sales (purchases) of marketable securities | $ | 3 | $ | (4 | ) | |||
Capital expenditures | ' | |||||||
The major components of “Capital expenditures” and the reconciliation of this amount to the capital and exploratory expenditures, including equity affiliates, are as follows: | ||||||||
Nine Months Ended | ||||||||
30-Sep | ||||||||
2013 | 2012 | |||||||
(Millions of dollars) | ||||||||
Additions to properties, plant and equipment | $ | 25,557 | $ | 19,310 | ||||
Additions to investments | 626 | 782 | ||||||
Current year dry hole expenditures | 268 | 440 | ||||||
Payments for other liabilities and assets, net | (79 | ) | (80 | ) | ||||
Capital expenditures | 26,372 | 20,452 | ||||||
Expensed exploration expenditures | 790 | 853 | ||||||
Assets acquired through capital lease obligations | 3 | — | ||||||
Capital and exploratory expenditures, excluding equity affiliates | 27,165 | 21,305 | ||||||
Company’s share of expenditures by equity affiliates | 1,754 | 1,368 | ||||||
Capital and exploratory expenditures, including equity affiliates | $ | 28,919 | $ | 22,673 | ||||
Operating_Segments_and_Geograp1
Operating Segments and Geographic Data (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Earnings | ' | |||||||||||||||
Earnings by major operating area for the three- and nine-month periods ended September 30, 2013, and 2012, are presented in the following table: | ||||||||||||||||
Segment Earnings | Three Months Ended | Nine Months Ended | ||||||||||||||
30-Sep | 30-Sep | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions of dollars) | ||||||||||||||||
Upstream | ||||||||||||||||
United States | $ | 1,026 | $ | 1,122 | $ | 3,241 | $ | 3,969 | ||||||||
International | 4,066 | 4,017 | 12,716 | 12,961 | ||||||||||||
Total Upstream | 5,092 | 5,139 | 15,957 | 16,930 | ||||||||||||
Downstream | ||||||||||||||||
United States | 249 | 456 | 522 | 1,717 | ||||||||||||
International | 131 | 233 | 1,325 | 1,657 | ||||||||||||
Total Downstream | 380 | 689 | 1,847 | 3,374 | ||||||||||||
Total Segment Earnings | 5,472 | 5,828 | 17,804 | 20,304 | ||||||||||||
All Other | ||||||||||||||||
Interest Income | 17 | 22 | 56 | 61 | ||||||||||||
Other | (539 | ) | (597 | ) | (1,367 | ) | (1,431 | ) | ||||||||
Net Income Attributable to Chevron Corporation | $ | 4,950 | $ | 5,253 | $ | 16,493 | $ | 18,934 | ||||||||
Segment Assets | ' | |||||||||||||||
Segment assets at September 30, 2013, and December 31, 2012, are as follows: | ||||||||||||||||
Segment Assets | At September 30 | At December 31 | ||||||||||||||
2013 | 2012 | |||||||||||||||
(Millions of dollars) | ||||||||||||||||
Upstream | ||||||||||||||||
United States | $ | 44,116 | $ | 41,891 | ||||||||||||
International | 130,407 | 115,806 | ||||||||||||||
Goodwill | 4,640 | 4,640 | ||||||||||||||
Total Upstream | 179,163 | 162,337 | ||||||||||||||
Downstream | ||||||||||||||||
United States | 23,653 | 23,023 | ||||||||||||||
International | 21,515 | 20,024 | ||||||||||||||
Total Downstream | 45,168 | 43,047 | ||||||||||||||
Total Segment Assets | 224,331 | 205,384 | ||||||||||||||
All Other | ||||||||||||||||
United States | 5,805 | 7,727 | ||||||||||||||
International | 17,702 | 19,871 | ||||||||||||||
Total All Other | 23,507 | 27,598 | ||||||||||||||
Total Assets — United States | 73,574 | 72,641 | ||||||||||||||
Total Assets — International | 169,624 | 155,701 | ||||||||||||||
Goodwill | 4,640 | 4,640 | ||||||||||||||
Total Assets | $ | 247,838 | $ | 232,982 | ||||||||||||
Segment Sales and Other Operating Revenues | ' | |||||||||||||||
Sales and Other Operating Revenues | Three Months Ended | Nine Months Ended | ||||||||||||||
30-Sep | 30-Sep | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions of dollars) | ||||||||||||||||
Upstream | ||||||||||||||||
United States | $ | 6,396 | $ | 5,579 | $ | 19,076 | $ | 17,512 | ||||||||
International | 12,999 | 12,801 | 37,656 | 40,501 | ||||||||||||
Subtotal | 19,395 | 18,380 | 56,732 | 58,013 | ||||||||||||
Intersegment Elimination — United States | (4,405 | ) | (3,985 | ) | (12,816 | ) | (13,026 | ) | ||||||||
Intersegment Elimination — International | (8,715 | ) | (8,386 | ) | (24,520 | ) | (25,634 | ) | ||||||||
Total Upstream | 6,275 | 6,009 | 19,396 | 19,353 | ||||||||||||
Downstream | ||||||||||||||||
United States | 22,425 | 21,558 | 64,410 | 66,899 | ||||||||||||
International | 28,015 | 28,042 | 82,415 | 87,890 | ||||||||||||
Subtotal | 50,440 | 49,600 | 146,825 | 154,789 | ||||||||||||
Intersegment Elimination — United States | (10 | ) | (12 | ) | (32 | ) | (37 | ) | ||||||||
Intersegment Elimination — International | (197 | ) | (28 | ) | (239 | ) | (61 | ) | ||||||||
Total Downstream | 50,233 | 49,560 | 146,554 | 154,691 | ||||||||||||
All Other | ||||||||||||||||
United States | 494 | 424 | 1,321 | 1,186 | ||||||||||||
International | 9 | 11 | 24 | 36 | ||||||||||||
Subtotal | 503 | 435 | 1,345 | 1,222 | ||||||||||||
Intersegment Elimination — United States | (400 | ) | (333 | ) | (1,067 | ) | (896 | ) | ||||||||
Intersegment Elimination — International | (8 | ) | (11 | ) | (22 | ) | (34 | ) | ||||||||
Total All Other | 95 | 91 | 256 | 292 | ||||||||||||
Sales and Other Operating Revenues | ||||||||||||||||
United States | 29,315 | 27,561 | 84,807 | 85,597 | ||||||||||||
International | 41,023 | 40,854 | 120,095 | 128,427 | ||||||||||||
Subtotal | 70,338 | 68,415 | 204,902 | 214,024 | ||||||||||||
Intersegment Elimination — United States | (4,815 | ) | (4,330 | ) | (13,915 | ) | (13,959 | ) | ||||||||
Intersegment Elimination — International | (8,920 | ) | (8,425 | ) | (24,781 | ) | (25,729 | ) | ||||||||
Total Sales and Other Operating Revenues | $ | 56,603 | $ | 55,660 | $ | 166,206 | $ | 174,336 | ||||||||
Summarized_Financial_Data_Chev2
Summarized Financial Data - Chevron U.S.A. Inc. (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Summarized Financial Data of Subsidiary One [Abstract] | ' | |||||||
Summarized Financial Data - Chevron U.S.A. Inc. | ' | |||||||
The summarized financial information for CUSA and its consolidated subsidiaries is as follows: | ||||||||
Nine Months Ended | ||||||||
30-Sep | ||||||||
2013 | 2012 | |||||||
(Millions of dollars) | ||||||||
Sales and other operating revenues | $ | 131,650 | $ | 139,107 | ||||
Costs and other deductions | 128,195 | 132,534 | ||||||
Net income attributable to CUSA | 2,898 | 4,734 | ||||||
Summarized Financial Data and its Subsidiary | ' | |||||||
At September 30 | At December 31 | |||||||
2013 | 2012 | |||||||
(Millions of dollars) | ||||||||
Current assets | $ | 19,277 | $ | 18,983 | ||||
Other assets | 55,351 | 52,082 | ||||||
Current liabilities | 18,304 | 18,161 | ||||||
Other liabilities | 27,615 | 26,472 | ||||||
Total CUSA net equity | $ | 28,709 | $ | 26,432 | ||||
Memo: Total debt | $ | 14,485 | $ | 14,482 | ||||
Summarized_Financial_Data_Chev3
Summarized Financial Data - Chevron Transport Corporation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Summarized Financial Data of Subsidiary Two [Abstract] | ' | |||||||||||||||
Summarized Financial Data - Chevron Transport Corporation | ' | |||||||||||||||
Summarized income statement information for CTC and its consolidated subsidiaries is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep | 30-Sep | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions of dollars) | ||||||||||||||||
Sales and other operating revenues | $ | 110 | $ | 119 | $ | 361 | $ | 513 | ||||||||
Costs and other deductions | 166 | 179 | 502 | 631 | ||||||||||||
Net loss attributable to CTC | (57 | ) | (58 | ) | (141 | ) | (114 | ) | ||||||||
Summarized Financial Data and its Subsidiary | ' | |||||||||||||||
Summarized balance sheet information for CTC and its consolidated subsidiaries is as follows: | ||||||||||||||||
At September 30 | At December 31 | |||||||||||||||
2013 | 2012 | |||||||||||||||
(Millions of dollars) | ||||||||||||||||
Current assets | $ | 183 | $ | 199 | ||||||||||||
Other assets | 407 | 313 | ||||||||||||||
Current liabilities | 367 | 154 | ||||||||||||||
Other liabilities | 409 | 415 | ||||||||||||||
Total CTC net deficit | $ | (186 | ) | $ | (57 | ) | ||||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||
The components of net periodic benefit costs for 2013 and 2012 are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep | 30-Sep | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions of dollars) | ||||||||||||||||
Pension Benefits | ||||||||||||||||
United States | ||||||||||||||||
Service cost | $ | 124 | $ | 113 | $ | 371 | $ | 339 | ||||||||
Interest cost | 117 | 109 | 353 | 327 | ||||||||||||
Expected return on plan assets | (175 | ) | (158 | ) | (525 | ) | (475 | ) | ||||||||
Amortization of prior service costs (credits) | — | (2 | ) | 1 | (6 | ) | ||||||||||
Amortization of actuarial losses | 121 | 117 | 364 | 352 | ||||||||||||
Settlement losses | 57 | 65 | 171 | 204 | ||||||||||||
Total United States | 244 | 244 | 735 | 741 | ||||||||||||
International | ||||||||||||||||
Service cost | 48 | 45 | 145 | 135 | ||||||||||||
Interest cost | 77 | 79 | 236 | 241 | ||||||||||||
Expected return on plan assets | (68 | ) | (67 | ) | (204 | ) | (201 | ) | ||||||||
Amortization of prior service costs | 6 | 5 | 16 | 14 | ||||||||||||
Amortization of actuarial losses | 35 | 32 | 110 | 102 | ||||||||||||
Total International | 98 | 94 | 303 | 291 | ||||||||||||
Net Periodic Pension Benefit Costs | $ | 342 | $ | 338 | $ | 1,038 | $ | 1,032 | ||||||||
Other Benefits* | ||||||||||||||||
Service cost | $ | 13 | $ | 16 | $ | 49 | $ | 46 | ||||||||
Interest cost | 32 | 37 | 112 | 114 | ||||||||||||
Amortization of prior service credits | (12 | ) | (18 | ) | (37 | ) | (54 | ) | ||||||||
Amortization of actuarial losses | 13 | 13 | 40 | 42 | ||||||||||||
Settlement gains | — | — | — | (26 | ) | |||||||||||
Net Periodic Other Benefit Costs | $ | 46 | $ | 48 | $ | 164 | $ | 122 | ||||||||
_________________________________ | ||||||||||||||||
* 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. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||||||||||||||||||
The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012 is as follows: | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||
At September 30, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Marketable Securities | $ | 258 | $ | 258 | $ | — | $ | — | $ | 266 | $ | 266 | $ | — | $ | — | ||||||||||||||||
Derivatives | 80 | 31 | 49 | — | 86 | 21 | 65 | — | ||||||||||||||||||||||||
Total Assets at Fair Value | $ | 338 | $ | 289 | $ | 49 | $ | — | $ | 352 | $ | 287 | $ | 65 | $ | — | ||||||||||||||||
Derivatives | 118 | 109 | 9 | — | 149 | 148 | 1 | — | ||||||||||||||||||||||||
Total Liabilities at Fair Value | $ | 118 | $ | 109 | $ | 9 | $ | — | $ | 149 | $ | 148 | $ | 1 | $ | — | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ' | |||||||||||||||||||||||||||||||
The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2013 is as follows: | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Before-Tax Loss | ||||||||||||||||||||||||||||
Three | Nine | |||||||||||||||||||||||||||||||
Months | Months | |||||||||||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||||||||||
Properties, plant and equipment, net (held and used) | $ | 54 | $ | — | $ | — | $ | 54 | $ | 109 | $ | 124 | ||||||||||||||||||||
Properties, plant and equipment, net (held for sale) | 59 | — | 59 | 99 | 104 | |||||||||||||||||||||||||||
Investments and advances | 20 | — | 20 | — | 124 | 227 | ||||||||||||||||||||||||||
Total Assets at Fair Value | $ | 133 | $ | — | $ | 79 | $ | 54 | $ | 332 | $ | 455 | ||||||||||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments | ' | ||||||||||||||||||||
Derivative instruments measured at fair value at September 30, 2013, and December 31, 2012, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: | |||||||||||||||||||||
Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||
Type of | Balance Sheet Classification | At September 30 | At December 31 | ||||||||||||||||||
Contract | 2013 | 2012 | |||||||||||||||||||
Commodity | Accounts and notes receivable, net | $ | 71 | $ | 57 | ||||||||||||||||
Commodity | Long-term receivables, net | 9 | 29 | ||||||||||||||||||
Total Assets at Fair Value | $ | 80 | $ | 86 | |||||||||||||||||
Commodity | Accounts payable | $ | 85 | $ | 112 | ||||||||||||||||
Commodity | Deferred credits and other noncurrent obligations | 33 | 37 | ||||||||||||||||||
Total Liabilities at Fair Value | $ | 118 | $ | 149 | |||||||||||||||||
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments | ' | ||||||||||||||||||||
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||
Gain / (Loss) | Gain / (Loss) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
30-Sep | 30-Sep | ||||||||||||||||||||
Type of | Statement of Income Classification | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Contract | |||||||||||||||||||||
Commodity | Sales and other operating revenues | $ | (85 | ) | $ | (207 | ) | $ | (48 | ) | $ | (92 | ) | ||||||||
Commodity | Purchased crude oil and products | (37 | ) | 1 | (69 | ) | (10 | ) | |||||||||||||
Commodity | Other income | 2 | 3 | (5 | ) | 7 | |||||||||||||||
$ | (120 | ) | $ | (203 | ) | $ | (122 | ) | $ | (95 | ) | ||||||||||
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities | ' | ||||||||||||||||||||
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities | |||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||
Gross Amount Recognized | Gross Amounts Offset | Net Amounts Presented | Gross Amounts Not Offset | Net Amount | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||
Derivative Assets | $ | 1,210 | $ | 1,130 | $ | 80 | $ | 42 | $ | 38 | |||||||||||
Derivative Liabilities | $ | 1,248 | $ | 1,130 | $ | 118 | $ | 7 | $ | 111 | |||||||||||
At December 31, 2012 | |||||||||||||||||||||
Derivative Assets | $ | 749 | $ | 663 | $ | 86 | $ | 64 | $ | 22 | |||||||||||
Derivative Liabilities | $ | 812 | $ | 663 | $ | 149 | $ | 5 | $ | 144 | |||||||||||
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | ($6,369) | [1] | ' | |
Components of Other Comprehensive Income (Loss): | ' | ' | ' | ' | ||
Before Reclassifications | ' | ' | -49 | [1] | ' | |
Reclassifications | ' | ' | 421 | [1],[2] | ' | |
Other Comprehensive Gain, Net of Tax | 81 | 174 | 372 | [1] | 464 | |
Balance at end of period | -5,997 | [1] | ' | -5,997 | [1] | ' |
Income tax expense | 3,839 | 4,624 | 11,068 | 15,317 | ||
Currency Translation Adjustment [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | -65 | [1] | ' | |
Components of Other Comprehensive Income (Loss): | ' | ' | ' | ' | ||
Before Reclassifications | ' | ' | 45 | [1] | ' | |
Reclassifications | ' | ' | 0 | [1],[2] | ' | |
Other Comprehensive Gain, Net of Tax | ' | ' | 45 | [1] | ' | |
Balance at end of period | -20 | [1] | ' | -20 | [1] | ' |
Unrealized Holding Gains (Losses) on Securities [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | 1 | [1] | ' | |
Components of Other Comprehensive Income (Loss): | ' | ' | ' | ' | ||
Before Reclassifications | ' | ' | -6 | [1] | ' | |
Reclassifications | ' | ' | 0 | [1],[2] | ' | |
Other Comprehensive Gain, Net of Tax | ' | ' | -6 | [1] | ' | |
Balance at end of period | -5 | [1] | ' | -5 | [1] | ' |
Derivatives [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | 125 | [1] | ' | |
Components of Other Comprehensive Income (Loss): | ' | ' | ' | ' | ||
Before Reclassifications | ' | ' | -69 | [1] | ' | |
Reclassifications | ' | ' | -1 | [1],[2] | ' | |
Other Comprehensive Gain, Net of Tax | ' | ' | -70 | [1] | ' | |
Balance at end of period | 55 | [1] | ' | 55 | [1] | ' |
Defined Benefit Plans [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | -6,430 | [1] | ' | |
Components of Other Comprehensive Income (Loss): | ' | ' | ' | ' | ||
Before Reclassifications | ' | ' | -19 | [1] | ' | |
Reclassifications | ' | ' | 422 | [1],[2] | ' | |
Other Comprehensive Gain, Net of Tax | ' | ' | 403 | [1] | ' | |
Balance at end of period | -6,027 | [1] | ' | -6,027 | [1] | ' |
Defined Benefit Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ||
Components of Other Comprehensive Income (Loss): | ' | ' | ' | ' | ||
Employee benefits reclassification component, included in employee benefit costs | ' | ' | 665 | ' | ||
Income tax expense | ' | ' | $243 | ' | ||
[1] | All amounts are net of tax. | |||||
[2] | Refer to Note 9, Employee Benefits for reclassified components totaling $665 million that are included in employee benefit costs for the nine months ending September 30, 2013. Related income taxes for the same period, totaling $243 million, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant. |
Noncontrolling_Interests_Detai
Noncontrolling Interests (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Activity for equity attributable to noncontrolling interests | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | $137,832 | $122,181 | ||
Net income | 4,996 | 5,308 | 16,639 | 19,039 | ||
Dividends | ' | ' | -5,573 | -5,102 | ||
Distributions to noncontrolling interests | ' | ' | -93 | -23 | ||
Treasury shares, net | ' | ' | -3,214 | -3,017 | ||
Other changes, net | ' | ' | 482 | [1] | 1,144 | [1] |
Balance at end of period | 146,073 | 134,222 | 146,073 | 134,222 | ||
Chevron Corporation Stockholders' Equity [Member] | ' | ' | ' | ' | ||
Activity for equity attributable to noncontrolling interests | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | 136,524 | 121,382 | ||
Net income | ' | ' | 16,493 | 18,934 | ||
Dividends | ' | ' | -5,573 | -5,102 | ||
Distributions to noncontrolling interests | ' | ' | 0 | 0 | ||
Treasury shares, net | ' | ' | -3,214 | -3,017 | ||
Other changes, net | ' | ' | 549 | [1] | 744 | [1] |
Balance at end of period | 144,779 | 132,941 | 144,779 | 132,941 | ||
Noncontrolling Interest [Member] | ' | ' | ' | ' | ||
Activity for equity attributable to noncontrolling interests | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | 1,308 | 799 | ||
Net income | ' | ' | 146 | 105 | ||
Dividends | ' | ' | 0 | 0 | ||
Distributions to noncontrolling interests | ' | ' | -93 | -23 | ||
Treasury shares, net | ' | ' | 0 | 0 | ||
Other changes, net | ' | ' | -67 | [1] | 400 | [1] |
Balance at end of period | $1,294 | $1,281 | $1,294 | $1,281 | ||
[1] | Includes components of comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income. |
Information_Relating_to_the_Co2
Information Relating to the Consolidated Statement of Cash Flows (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net (increase) decrease in operating working capital | ' | ' |
(Increase) decrease in accounts and notes receivable | ($904) | $757 |
Increase in inventories | -749 | -2,068 |
Decrease (increase) in prepaid expenses and other current assets | 298 | -841 |
Increase in accounts payable and accrued liabilities | 98 | 25 |
Decrease in income and other taxes payable | -831 | -821 |
Net increase in operating working capital | -2,088 | -2,948 |
Cash Payment for Interest on Debt and For Income Taxes | ' | ' |
Interest on debt (net of capitalized interest) | 0 | 32 |
Income taxes | 10,209 | 14,345 |
Net (purchases) sales of time deposits | ' | ' |
Time deposits purchased | -2,316 | -17 |
Time deposits matured | 1,716 | 3,967 |
Net (purchases) sales of time deposits | -600 | 3,950 |
Net sales of marketable securities | ' | ' |
Marketable securities purchased | -7 | -35 |
Marketable securities sold | 10 | 31 |
Net sales of marketable securities | 3 | -4 |
Capital expenditures | ' | ' |
Additions to properties, plant and equipment | 25,557 | 19,310 |
Additions to investments | 626 | 782 |
Current year dry hole expenditures | 268 | 440 |
Payments for other liabilities and assets, net | -79 | -80 |
Capital expenditures | 26,372 | 20,452 |
Expensed exploration expenditures | 790 | 853 |
Assets acquired through capital lease obligations | 3 | 0 |
Capital and exploratory expenditures, excluding equity affiliates | 27,165 | 21,305 |
Company's share of expenditures by equity affiliates | 1,754 | 1,368 |
Capital and exploratory expenditures, including equity affiliates | $28,919 | $22,673 |
Information_Relating_to_the_Co3
Information Relating to the Consolidated Statement of Cash Flows (Details Textual) (USD $) | 9 Months Ended | |
Share data in Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Reduction for income tax benefits associated with stock options exercised | $73,000,000 | $87,000,000 |
Net purchases of treasury shares | 3,800,000,000 | 3,800,000,000 |
Stock repurchased during period (in shares) | 31.3 | 35.1 |
Stock repurchased during period | $3,700,000,000 | $3,700,000,000 |
Operating_Segments_and_Geograp2
Operating Segments and Geographic Data (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Earnings | $4,950 | $5,253 | $16,493 | $18,934 |
Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Earnings | 5,472 | 5,828 | 17,804 | 20,304 |
Operating Segments [Member] | Upstream [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Earnings | 5,092 | 5,139 | 15,957 | 16,930 |
Operating Segments [Member] | Downstream [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Earnings | 380 | 689 | 1,847 | 3,374 |
Operating Segments [Member] | United States [Member] | Upstream [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Earnings | 1,026 | 1,122 | 3,241 | 3,969 |
Operating Segments [Member] | United States [Member] | Downstream [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Earnings | 249 | 456 | 522 | 1,717 |
Operating Segments [Member] | International [Member] | Upstream [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Earnings | 4,066 | 4,017 | 12,716 | 12,961 |
Operating Segments [Member] | International [Member] | Downstream [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Earnings | 131 | 233 | 1,325 | 1,657 |
Corporate, Non-Segment [Member] | All Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Interest Income | 17 | 22 | 56 | 61 |
Other | ($539) | ($597) | ($1,367) | ($1,431) |
Operating_Segments_and_Geograp3
Operating Segments and Geographic Data (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Assets | ' | ' |
Segment Assets | $247,838 | $232,982 |
Goodwill | 4,640 | 4,640 |
United States [Member] | ' | ' |
Segment Assets | ' | ' |
Segment Assets | 73,574 | 72,641 |
International [Member] | ' | ' |
Segment Assets | ' | ' |
Segment Assets | 169,624 | 155,701 |
Operating Segments [Member] | ' | ' |
Segment Assets | ' | ' |
Segment Assets | 224,331 | 205,384 |
Operating Segments [Member] | Upstream [Member] | ' | ' |
Segment Assets | ' | ' |
Segment Assets | 179,163 | 162,337 |
Goodwill | 4,640 | 4,640 |
Operating Segments [Member] | Upstream [Member] | United States [Member] | ' | ' |
Segment Assets | ' | ' |
Segment Assets | 44,116 | 41,891 |
Operating Segments [Member] | Upstream [Member] | International [Member] | ' | ' |
Segment Assets | ' | ' |
Segment Assets | 130,407 | 115,806 |
Operating Segments [Member] | Downstream [Member] | ' | ' |
Segment Assets | ' | ' |
Segment Assets | 45,168 | 43,047 |
Operating Segments [Member] | Downstream [Member] | United States [Member] | ' | ' |
Segment Assets | ' | ' |
Segment Assets | 23,653 | 23,023 |
Operating Segments [Member] | Downstream [Member] | International [Member] | ' | ' |
Segment Assets | ' | ' |
Segment Assets | 21,515 | 20,024 |
Corporate, Non-Segment [Member] | All Other [Member] | ' | ' |
Segment Assets | ' | ' |
Segment Assets | 23,507 | 27,598 |
Corporate, Non-Segment [Member] | All Other [Member] | United States [Member] | ' | ' |
Segment Assets | ' | ' |
Segment Assets | 5,805 | 7,727 |
Corporate, Non-Segment [Member] | All Other [Member] | International [Member] | ' | ' |
Segment Assets | ' | ' |
Segment Assets | $17,702 | $19,871 |
Operating_Segments_and_Geograp4
Operating Segments and Geographic Data (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | $56,603 | [1] | $55,660 | [1] | $166,206 | [1] | $174,336 | [1] |
Operating Segments [Member] | Upstream [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 19,395 | 18,380 | 56,732 | 58,013 | ||||
Operating Segments [Member] | Upstream [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 6,396 | 5,579 | 19,076 | 17,512 | ||||
Operating Segments [Member] | Upstream [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 12,999 | 12,801 | 37,656 | 40,501 | ||||
Operating Segments [Member] | Downstream [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 50,440 | 49,600 | 146,825 | 154,789 | ||||
Operating Segments [Member] | Downstream [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 22,425 | 21,558 | 64,410 | 66,899 | ||||
Operating Segments [Member] | Downstream [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 28,015 | 28,042 | 82,415 | 87,890 | ||||
Intersegment Eliminations [Member] | Upstream [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | -4,405 | -3,985 | -12,816 | -13,026 | ||||
Intersegment Eliminations [Member] | Upstream [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | -8,715 | -8,386 | -24,520 | -25,634 | ||||
Intersegment Eliminations [Member] | Downstream [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | -10 | -12 | -32 | -37 | ||||
Intersegment Eliminations [Member] | Downstream [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | -197 | -28 | -239 | -61 | ||||
Operating Segments, Excluding Intersegment Eliminations [Member] | Upstream [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 6,275 | 6,009 | 19,396 | 19,353 | ||||
Operating Segments, Excluding Intersegment Eliminations [Member] | Downstream [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 50,233 | 49,560 | 146,554 | 154,691 | ||||
Corporate, Non-Segment [Member] | All Other [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 503 | 435 | 1,345 | 1,222 | ||||
Corporate, Non-Segment [Member] | All Other [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 494 | 424 | 1,321 | 1,186 | ||||
Corporate, Non-Segment [Member] | All Other [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 9 | 11 | 24 | 36 | ||||
Intersegment Eliminations, Corporate, Non-Segment [Member] | All Other [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | -400 | -333 | -1,067 | -896 | ||||
Intersegment Eliminations, Corporate, Non-Segment [Member] | All Other [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | -8 | -11 | -22 | -34 | ||||
Corporate, Non-Segment, Excluding Intersegment Eliminations [Member] | All Other [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 95 | 91 | 256 | 292 | ||||
Operating Segments and Coporate, Non-Segment [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 70,338 | 68,415 | 204,902 | 214,024 | ||||
Operating Segments and Coporate, Non-Segment [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 29,315 | 27,561 | 84,807 | 85,597 | ||||
Operating Segments and Coporate, Non-Segment [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 41,023 | 40,854 | 120,095 | 128,427 | ||||
Intersegment Eliminations, Operating Segments and Corporate, Non-Segment [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | -4,815 | -4,330 | -13,915 | -13,959 | ||||
Intersegment Eliminations, Operating Segments and Corporate, Non-Segment [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | ($8,920) | ($8,425) | ($24,781) | ($25,729) | ||||
[1] | * Includes excise, value-added and similar taxes:$2,223Â $2,163Â $6,364Â $5,879 |
Operating_Segments_and_Geograp5
Operating Segments and Geographic Data (Details Textual) | 9 Months Ended |
Sep. 30, 2013 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Number of operating segments | 2 |
Summarized_Financial_Data_Chev4
Summarized Financial Data - Chevron U.S.A. Inc. (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Statement of Income - Chevron U.S.A. Inc. | ' | ' | ' | ' | ||||
Sales and other operating revenues | $56,603 | [1] | $55,660 | [1] | $166,206 | [1] | $174,336 | [1] |
Costs and other deductions | 49,668 | 48,112 | 144,983 | 147,001 | ||||
Net income | 4,950 | 5,253 | 16,493 | 18,934 | ||||
Chevron U.S.A. Inc. [Member] | ' | ' | ' | ' | ||||
Statement of Income - Chevron U.S.A. Inc. | ' | ' | ' | ' | ||||
Sales and other operating revenues | ' | ' | 131,650 | 139,107 | ||||
Costs and other deductions | ' | ' | 128,195 | 132,534 | ||||
Net income | ' | ' | $2,898 | $4,734 | ||||
[1] | * Includes excise, value-added and similar taxes:$2,223Â $2,163Â $6,364Â $5,879 |
Summarized_Financial_Data_Chev5
Summarized Financial Data - Chevron U.S.A. Inc. (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Balance Sheet - Chevron U.S.A. Inc. | ' | ' | ' | ' |
Current assets | $53,503 | $55,720 | ' | ' |
Current liabilities | 33,470 | 34,212 | ' | ' |
Total Equity | 146,073 | 137,832 | 134,222 | 122,181 |
Chevron U.S.A. Inc. [Member] | ' | ' | ' | ' |
Balance Sheet - Chevron U.S.A. Inc. | ' | ' | ' | ' |
Current assets | 19,277 | 18,983 | ' | ' |
Other assets | 55,351 | 52,082 | ' | ' |
Current liabilities | 18,304 | 18,161 | ' | ' |
Other liabilities | 27,615 | 26,472 | ' | ' |
Total Equity | 28,709 | 26,432 | ' | ' |
Memo: Total debt | $14,485 | $14,482 | ' | ' |
Summarized_Financial_Data_Chev6
Summarized Financial Data - Chevron Transport Corporation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Summarized Financial Data - Chevron Transport Corporation | ' | ' | ' | ' | ||||
Sales and other operating revenues | $56,603 | [1] | $55,660 | [1] | $166,206 | [1] | $174,336 | [1] |
Costs and other deductions | 49,668 | 48,112 | 144,983 | 147,001 | ||||
Net income | 4,950 | 5,253 | 16,493 | 18,934 | ||||
Chevron Transport Corporation [Member] | ' | ' | ' | ' | ||||
Summarized Financial Data - Chevron Transport Corporation | ' | ' | ' | ' | ||||
Sales and other operating revenues | 110 | 119 | 361 | 513 | ||||
Costs and other deductions | 166 | 179 | 502 | 631 | ||||
Net income | ($57) | ($58) | ($141) | ($114) | ||||
[1] | * Includes excise, value-added and similar taxes:$2,223Â $2,163Â $6,364Â $5,879 |
Summarized_Financial_Data_Chev7
Summarized Financial Data - Chevron Transport Corporation (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Balance Sheet - Chevron Transport Corporation | ' | ' | ' | ' |
Current assets | $53,503 | $55,720 | ' | ' |
Current liabilities | 33,470 | 34,212 | ' | ' |
Total Equity | 146,073 | 137,832 | 134,222 | 122,181 |
Chevron Transport Corporation [Member] | ' | ' | ' | ' |
Balance Sheet - Chevron Transport Corporation | ' | ' | ' | ' |
Current assets | 183 | 199 | ' | ' |
Other assets | 407 | 313 | ' | ' |
Current liabilities | 367 | 154 | ' | ' |
Other liabilities | 409 | 415 | ' | ' |
Total Equity | ($186) | ($57) | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax expense | $3,839 | $4,624 | $11,068 | $15,317 |
Effective tax rates | 44.00% | 47.00% | 40.00% | 45.00% |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Net Periodic Benefit Cost | ' | ' | ' | ' | ||||
Net Periodic Benefit Costs | $342 | $338 | $1,038 | $1,032 | ||||
U.S. [Member] | ' | ' | ' | ' | ||||
Net Periodic Benefit Cost | ' | ' | ' | ' | ||||
Service cost | 124 | 113 | 371 | 339 | ||||
Interest cost | 117 | 109 | 353 | 327 | ||||
Expected return on plan assets | -175 | -158 | -525 | -475 | ||||
Amortization of prior service costs (credits) | 0 | -2 | 1 | -6 | ||||
Amortization of actuarial losses | 121 | 117 | 364 | 352 | ||||
Settlement losses (gains) | 57 | 65 | 171 | 204 | ||||
Net Periodic Benefit Costs | 244 | 244 | 735 | 741 | ||||
International [Member] | ' | ' | ' | ' | ||||
Net Periodic Benefit Cost | ' | ' | ' | ' | ||||
Service cost | 48 | 45 | 145 | 135 | ||||
Interest cost | 77 | 79 | 236 | 241 | ||||
Expected return on plan assets | -68 | -67 | -204 | -201 | ||||
Amortization of prior service costs (credits) | 6 | 5 | 16 | 14 | ||||
Amortization of actuarial losses | 35 | 32 | 110 | 102 | ||||
Net Periodic Benefit Costs | 98 | 94 | 303 | 291 | ||||
Other Benefits [Member] | ' | ' | ' | ' | ||||
Net Periodic Benefit Cost | ' | ' | ' | ' | ||||
Service cost | 13 | [1] | 16 | [1] | 49 | [1] | 46 | [1] |
Interest cost | 32 | [1] | 37 | [1] | 112 | [1] | 114 | [1] |
Amortization of prior service costs (credits) | -12 | [1] | -18 | [1] | -37 | [1] | -54 | [1] |
Amortization of actuarial losses | 13 | [1] | 13 | [1] | 40 | [1] | 42 | [1] |
Settlement losses (gains) | 0 | [1] | 0 | [1] | 0 | [1] | -26 | [1] |
Net Periodic Benefit Costs | $46 | $48 | $164 | $122 | ||||
[1] | 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. |
Employee_Benefits_Details_Text
Employee Benefits (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Maximum annual increase percentage to company contribution for retiree medical coverage | 4.00% | ' | ' |
Defined benefit plan, estimated future employer contributions in next fiscal year beginning after the date of the latest statement of financial position | ' | ' | $1,000 |
Defined benefit plan, contributions by employer to employee pension plan | ' | 961 | ' |
Defined benefit plan, expected contributions in current fiscal year | ' | 1,200 | ' |
Contribution to other post retirement plans | ' | 151 | ' |
Scenario, Forecast [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Contribution to other post retirement plans | ' | 77 | ' |
U.S. [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan, estimated future employer contributions in next fiscal year beginning after the date of the latest statement of financial position | ' | ' | 650 |
Defined benefit plan, contributions by employer to employee pension plan | ' | 809 | ' |
Defined benefit plan, expected contributions in current fiscal year | ' | 850 | ' |
International [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan, estimated future employer contributions in next fiscal year beginning after the date of the latest statement of financial position | ' | ' | 350 |
Defined benefit plan, expected contributions in current fiscal year | ' | $350 | ' |
Litigation_Details
Litigation (Details) (USD $) | 9 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Aug. 03, 2012 | Sep. 30, 2010 | Aug. 31, 2010 | Sep. 30, 2013 | Nov. 06, 2012 | Jan. 03, 2012 | Feb. 14, 2011 | Dec. 31, 2008 | Jul. 02, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
breach | MTBE [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Embargo Order [Member] | Declatory Relief Claim [Member] | Discovery Stay On Claims [Member] | |
Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | ||
LegalMatter | LegalMatter | Subsequent Event [Member] | Pending Litigation [Member] | Pending Litigation [Member] | |||||||||
LegalMatter | LegalMatter | ||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pending lawsuits and claims (in number of claims) | ' | 10 | ' | ' | ' | 9 | ' | ' | ' | ' | ' | 1 | 8 |
Conducted remediation program (in years) | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Remediation program | ' | ' | ' | ' | ' | $40,000,000 | ' | ' | ' | ' | ' | ' | ' |
Financial compensation for purported damages on mining engineer's report | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,900,000,000 | ' | ' | ' |
Assessment for purported unjust enrichment on mining engineer's report | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,400,000,000 | ' | ' | ' |
Court order requiring the parties to provide their positions on damages within (in days) | ' | ' | ' | ' | '45 days | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate damages on plaintiffs' submission, Minimum | ' | ' | ' | 16,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate damages on plaintiffs' submission, Maximum | ' | ' | ' | 76,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate unjust enrichment on plaintiffs' submission, Minimum | ' | ' | ' | 5,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate unjust enrichment on plaintiffs' submission, Maximum | ' | ' | ' | 38,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount assessed in damages | ' | ' | ' | ' | ' | ' | ' | ' | 8,600,000,000 | ' | ' | ' | ' |
Amount assessed for plaintiffs representatives | ' | ' | ' | ' | ' | ' | ' | ' | 900,000,000 | ' | ' | ' | ' |
Additional amount assessed in punitive damages | ' | ' | ' | ' | ' | ' | ' | ' | 8,600,000,000 | ' | ' | ' | ' |
Public apology date within judgment/clarification ruling (in days) | ' | ' | ' | ' | ' | ' | ' | ' | '15 days | ' | ' | ' | ' |
Proposed additional payment for plaintiff attorney fees as percentage of judgment | ' | ' | ' | ' | ' | ' | ' | 0.10% | ' | ' | ' | ' | ' |
Litigation settlement, amount | ' | ' | $19,100,000,000 | ' | ' | ' | ' | ' | ' | ' | $96,000,000 | ' | ' |
Number of contract breaches | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of payments wIthheld by third parties due to freeze order | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' |
Percentage of funds wIthheld by banks due to freeze order | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' |
Other_Contingencies_and_Commit1
Other Contingencies and Commitments (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2009 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Indemnifications acquirer environmental liabilities max obligation | ' | $200,000,000 |
Indemnification expiration | '2022-04 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' |
Derivatives | $80 | $86 |
Derivatives | 118 | 149 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' |
Marketable Securities | 258 | 266 |
Derivatives | 80 | 86 |
Total Assets at Fair Value | 338 | 352 |
Derivatives | 118 | 149 |
Total Liabilities at Fair Value | 118 | 149 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' |
Marketable Securities | 258 | 266 |
Derivatives | 31 | 21 |
Total Assets at Fair Value | 289 | 287 |
Derivatives | 109 | 148 |
Total Liabilities at Fair Value | 109 | 148 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' |
Marketable Securities | 0 | 0 |
Derivatives | 49 | 65 |
Total Assets at Fair Value | 49 | 65 |
Derivatives | 9 | 1 |
Total Liabilities at Fair Value | 9 | 1 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' |
Marketable Securities | 0 | 0 |
Derivatives | 0 | 0 |
Total Assets at Fair Value | 0 | 0 |
Derivatives | 0 | 0 |
Total Liabilities at Fair Value | $0 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (Fair Value, Measurements, Nonrecurring [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ' | ' |
Properties, plant and equipment, net (held and used) | $54 | $54 |
Properties, plant and equipment, net (held for sale) | 59 | 59 |
Investments and advances | 20 | 20 |
Total Assets at Fair Value | 133 | 133 |
Properties, plant and equipment, net (held and used) Before-Tax Loss | 109 | 124 |
Properties, plant and equipment, net (held for sale) Before-Tax Loss | 99 | 104 |
Investments and advances Before Tax Loss | 124 | 227 |
Total Assets at Fair Value Before-Tax Loss | 332 | 455 |
Level 1 [Member] | ' | ' |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ' | ' |
Properties, plant and equipment, net (held and used) | 0 | 0 |
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 0 | 0 |
Total Assets at Fair Value | 0 | 0 |
Level 2 [Member] | ' | ' |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ' | ' |
Properties, plant and equipment, net (held and used) | 0 | 0 |
Properties, plant and equipment, net (held for sale) | 59 | 59 |
Investments and advances | 20 | 20 |
Total Assets at Fair Value | 79 | 79 |
Level 3 [Member] | ' | ' |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ' | ' |
Properties, plant and equipment, net (held and used) | 54 | 54 |
Properties, plant and equipment, net (held for sale) | ' | ' |
Investments and advances | 0 | 0 |
Total Assets at Fair Value | $54 | $54 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details Textual) (USD $) | 9 Months Ended | |
In Billions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Maturity period of primarily bank time deposits, maximum, classified as cash equivalents and money market funds (in days) | '90 days | ' |
Cash and cash equivalents | $17 | $20.90 |
Maturity period of bank time deposits, minimum, classified as time deposits (in days) | '90 days | ' |
Time deposits | 1.3 | 0.7 |
Restricted cash | 1.1 | 1.5 |
Carrying Value of Long-term Debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Long-term debt, net carrying value | 12 | 6.1 |
Fair Value of Long-term Debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Long-term debt, net carrying value | 12.3 | 6.8 |
Level 1 [Member] | Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of debt | 11.6 | ' |
Level 2 [Member] | Other Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of debt | $0.70 | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ' | ' |
Total Assets at Fair Value | $80 | $86 |
Total Liabilities at Fair Value | 118 | 149 |
Accounts and notes receivable, net [Member] | Commodity [Member] | ' | ' |
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ' | ' |
Total Assets at Fair Value | 71 | 57 |
Long term receivables, net [Member] | Commodity [Member] | ' | ' |
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ' | ' |
Total Assets at Fair Value | 9 | 29 |
Accounts payable [Member] | Commodity [Member] | ' | ' |
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ' | ' |
Total Liabilities at Fair Value | 85 | 112 |
Deferred credits and other noncurrent obligations [Member] | Commodity [Member] | ' | ' |
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ' | ' |
Total Liabilities at Fair Value | $33 | $37 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($120) | ($203) | ($122) | ($95) |
Sales and other operating revenues [Member] | Commodity [Member] | ' | ' | ' | ' |
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -85 | -207 | -48 | -92 |
Purchased crude oil and products [Member] | Commodity [Member] | ' | ' | ' | ' |
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -37 | 1 | -69 | -10 |
Other income [Member] | Commodity [Member] | ' | ' | ' | ' |
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $2 | $3 | ($5) | $7 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Offsetting Assets [Abstract] | ' | ' |
Derivative Assets, Gross Amount Recognized | $1,210 | $749 |
Derivative Assets, Gross Amounts Offset | 1,130 | 663 |
Derivative Assets, Net Amounts Presented | 80 | 86 |
Derivative Assets, Gross Amounts Not Offset | 42 | 64 |
Derivative Assets, Net Amount | 38 | 22 |
Offsetting Liabilities [Abstract] | ' | ' |
Derivative Liabilities, Gross Amount Recognized | 1,248 | 812 |
Derivative Liabilities, Gross Amounts Offset | 1,130 | 663 |
Derivative Liabilities | 118 | 149 |
Derivative Liabilities, Gross Amount Not Offset | 7 | 5 |
Derivative Liabilities, Net Amount | $111 | $144 |
Accounting_for_Suspended_Explo1
Accounting for Suspended Exploratory Wells (Details) (USD $) | Sep. 30, 2013 |
Accounting for Suspended Exploratory Wells [Abstract] | ' |
Capitalized cost of exploratory wells | $3,200,000,000 |
Change in capitalized cost of suspended wells from the prior year end | $558,000,000 |
LongTerm_Debt_Details
Long-Term Debt (Details) (Notes Payable [Member], USD $) | Jun. 24, 2013 |
0.889% Notes due 2016 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | $750,000,000 |
Debt instrument, interest rate, stated percentage | 0.89% |
1.718% Notes due 2018 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | 2,000,000,000 |
Debt instrument, interest rate, stated percentage | 1.72% |
2.427% Notes due 2020 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | 1,000,000,000 |
Debt instrument, interest rate, stated percentage | 2.43% |
3.191% Notes due 2023 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | $2,250,000,000 |
Debt instrument, interest rate, stated percentage | 3.19% |