Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'CHEVRON CORP |
Entity Central Index Key | '0000093410 |
Document Type | '10-Q |
Document Period End Date | 30-Jun-14 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,898,931,825 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, except Share data in Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Revenues and Other Income | ' | ' | ' | ' | ||||
Sales and other operating revenues | $55,583 | [1],[2] | $55,307 | [1],[2] | $106,561 | [1],[2] | $109,603 | [1],[2] |
Income from equity affiliates | 1,709 | 1,784 | 3,631 | 4,068 | ||||
Other income | 646 | 278 | 1,011 | 516 | ||||
Total Revenues and Other Income | 57,938 | 57,369 | 111,203 | 114,187 | ||||
Costs and Other Deductions | ' | ' | ' | ' | ||||
Purchased crude oil and products | 33,844 | 34,273 | 64,667 | 67,183 | ||||
Operating expenses | 6,287 | 6,278 | 12,310 | 12,040 | ||||
Selling, general and administrative expenses | 1,077 | 1,139 | 2,004 | 2,137 | ||||
Exploration expenses | 694 | 329 | 1,109 | 576 | ||||
Depreciation, depletion and amortization | 3,842 | 3,412 | 7,972 | 6,893 | ||||
Taxes other than on income | 3,167 | [2] | 3,349 | [2] | 6,186 | [2] | 6,486 | [2] |
Total Costs and Other Deductions | 48,911 | 48,780 | 94,248 | 95,315 | ||||
Income Before Income Tax Expense | 9,027 | 8,589 | 16,955 | 18,872 | ||||
Income Tax Expense | 3,337 | 3,185 | 6,744 | 7,229 | ||||
Net Income | 5,690 | 5,404 | 10,211 | 11,643 | ||||
Less: Net income attributable to noncontrolling interests | 25 | 39 | 34 | 100 | ||||
Net Income Attributable to Chevron Corporation | $5,665 | [1] | $5,365 | [1] | $10,177 | [1] | $11,543 | [1] |
Per Share of Common Stock: | ' | ' | ' | ' | ||||
Net Income Attributable to Chevron Corporation - Basic (in dollars per share) | $3 | $2.80 | $5.38 | $6 | ||||
Net Income Attributable to Chevron Corporation - Diluted (in dollars per share) | $2.98 | $2.77 | $5.34 | $5.95 | ||||
Dividends (in dollars per share) | $1.07 | $1 | $2.07 | $1.90 | ||||
Weighted Average Number of Shares Outstanding | ' | ' | ' | ' | ||||
Basic (in shares) | 1,887,543 | 1,921,391 | 1,891,266 | 1,925,181 | ||||
Diluted (in shares) | 1,902,321 | 1,936,783 | 1,905,853 | 1,940,337 | ||||
[1] | Effective January 1, 2014, International Upstream prospectively includes selected amounts previously recognized in International Downstream, which are not material to the company’s results of operations or financial position. | |||||||
[2] | * Includes excise, value-added and similar taxes:$2,120Â $2,108Â $4,066Â $4,141 |
Consolidated_Statement_of_Inco1
Consolidated Statement of Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Includes excise, value-added and similar taxes: | $2,120 | $2,108 | $4,066 | $4,141 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | |
Net Income | $5,690 | $5,404 | $10,211 | $11,643 | |
Currency translation adjustment | 8 | 42 | -30 | 31 | |
Unrealized holding gain (loss) on securities: | ' | ' | ' | ' | |
Net gain (loss) arising during period | 4 | -6 | 8 | -7 | |
Derivatives: | ' | ' | ' | ' | |
Net derivatives (loss) gain on hedge transactions | -79 | 2 | -82 | 2 | |
Reclassification to net income of net realized loss (gain) | 0 | 5 | -1 | 0 | |
Income tax benefit (expense) on derivatives transactions | 28 | -3 | 29 | -1 | |
Total | -51 | 4 | -54 | 1 | |
Actuarial loss: | ' | ' | ' | ' | |
Amortization to net income of net actuarial and settlement losses | 114 | 232 | 225 | 459 | |
Prior service cost: | ' | ' | ' | ' | |
Amortization to net income of net prior service costs (credits) | 7 | -7 | 13 | -14 | |
Defined benefit plans sponsored by equity affiliates | 6 | 11 | 12 | -9 | |
Income tax expense on defined benefit plans | -51 | -85 | -92 | -170 | |
Total | 76 | 151 | 158 | 266 | |
Other Comprehensive Gain, Net of Tax | 37 | 191 | 82 | [1] | 291 |
Comprehensive Income | 5,727 | 5,595 | 10,293 | 11,934 | |
Comprehensive income attributable to noncontrolling interests | -25 | -39 | -34 | -100 | |
Comprehensive Income Attributable to Chevron Corporation | $5,702 | $5,556 | $10,259 | $11,834 | |
[1] | All amounts are net of tax. |
Consolidated_Balance_Sheet_Una
Consolidated Balance Sheet (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Cash and cash equivalents | $13,959 | $16,245 | ||
Time deposits | 8 | 8 | ||
Marketable securities | 268 | 263 | ||
Accounts and notes receivable, net | 21,578 | 21,622 | ||
Inventories | ' | ' | ||
Crude oil and petroleum products | 4,606 | 3,879 | ||
Chemicals | 479 | 491 | ||
Materials, supplies and other | 2,130 | 2,010 | ||
Total inventories | 7,215 | 6,380 | ||
Prepaid expenses and other current assets | 5,892 | 5,732 | ||
Total Current Assets | 48,920 | 50,250 | ||
Long-term receivables, net | 3,034 | 2,833 | ||
Investments and advances | 25,923 | 25,502 | ||
Properties, plant and equipment, at cost | 312,922 | 296,433 | ||
Less: Accumulated depreciation, depletion and amortization | 138,868 | 131,604 | ||
Properties, plant and equipment, net | 174,054 | 164,829 | ||
Deferred charges and other assets | 5,493 | 5,120 | ||
Goodwill | 4,621 | [1] | 4,639 | [1] |
Assets held for sale | 0 | 580 | ||
Total Assets | 262,045 | [1] | 253,753 | [1] |
LIABILITIES AND EQUITY | ' | ' | ||
Short-term debt | 3,498 | 374 | ||
Accounts payable | 23,623 | 22,815 | ||
Accrued liabilities | 5,041 | 5,402 | ||
Federal and other taxes on income | 2,900 | 3,092 | ||
Other taxes payable | 1,266 | 1,335 | ||
Total Current Liabilities | 36,328 | 33,018 | ||
Long-term debt | 19,960 | 19,960 | ||
Capital lease obligations | 90 | 97 | ||
Deferred credits and other noncurrent obligations | 22,888 | 22,982 | ||
Noncurrent deferred income taxes | 22,017 | 21,301 | ||
Noncurrent employee benefit plans | 6,015 | 5,968 | ||
Total Liabilities | 107,298 | 103,326 | ||
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 June 30, 2014, and December 31, 2013) | 1,832 | 1,832 | ||
Capital in excess of par value | 15,890 | 15,713 | ||
Retained earnings | 179,939 | 173,677 | ||
Accumulated other comprehensive loss | -3,497 | [2] | -3,579 | [2] |
Deferred compensation and benefit plan trust | -240 | -240 | ||
Treasury stock, at cost (543,744,755 and 529,073,512 shares at June 30, 2014, and December 31, 2013, respectively) | -40,343 | -38,290 | ||
Total Chevron Corporation Stockholders’ Equity | 153,581 | 149,113 | ||
Noncontrolling interests | 1,166 | 1,314 | ||
Total Equity | 154,747 | 150,427 | ||
Total Liabilities and Equity | $262,045 | $253,753 | ||
[1] | Effective January 1, 2014, International Upstream prospectively includes selected amounts previously recognized in International Downstream, which are not material to the company’s results of operations or financial position. | |||
[2] | All amounts are net of tax. |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
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 | 543,744,755 | 529,073,512 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities | ' | ' |
Net Income | $10,211 | $11,643 |
Adjustments | ' | ' |
Depreciation, depletion and amortization | 7,972 | 6,893 |
Dry hole expense | 495 | 79 |
Distributions less than income from equity affiliates | -839 | -1,118 |
Net before-tax gains on asset retirements and sales | -838 | -175 |
Net foreign currency effects | 101 | -138 |
Deferred income tax provision | 505 | 32 |
Net increase in operating working capital | -741 | -2,515 |
Increase in long-term receivables | -196 | -56 |
Net (increase) decrease in other deferred charges | -79 | 68 |
Cash contributions to employee pension plans | -159 | -610 |
Other | -134 | 131 |
Net Cash Provided by Operating Activities | 16,298 | 14,234 |
Investing Activities | ' | ' |
Capital expenditures | -17,475 | -16,765 |
Proceeds and deposits related to asset sales | 1,623 | 641 |
Net purchases of time deposits | 0 | -700 |
Net sales of marketable securities | 0 | 2 |
Net repayment of loans by equity affiliates | 100 | 162 |
Net (purchases) sales of other short-term investments | -26 | 189 |
Net Cash Used for Investing Activities | -15,778 | -16,471 |
Financing Activities | ' | ' |
Net borrowings of short-term obligations | 3,123 | 1,903 |
Proceeds from issuance of long-term debt | 0 | 6,000 |
Repayments of long-term debt and other financing obligations | -20 | -110 |
Cash dividends — common stock | -3,914 | -3,656 |
Distributions to noncontrolling interests | -2 | -73 |
Net purchases of treasury shares | -2,019 | -2,028 |
Net Cash Used for Financing Activities | -2,832 | 2,036 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 26 | -108 |
Net Change in Cash and Cash Equivalents | -2,286 | -309 |
Cash and Cash Equivalents at January 1 | 16,245 | 20,939 |
Cash and Cash Equivalents at June 30 | $13,959 | $20,630 |
Interim_Financial_Statements
Interim Financial Statements | 6 Months Ended |
Jun. 30, 2014 | |
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 six-month periods ended June 30, 2014, 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 2013 Annual Report on Form 10-K. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Losses | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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 six months ending June 30, 2014, are reflected in the table below. | |||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) | |||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
Currency Translation Adjustment | Unrealized Holding Gains (Losses) on Securities | Derivatives | Defined Benefit Plans | Total | |||||||||||||||||
Balance at January 1 | $ | (23 | ) | $ | (6 | ) | $ | 52 | $ | (3,602 | ) | $ | (3,579 | ) | |||||||
Components of Other Comprehensive | |||||||||||||||||||||
Income (Loss): | |||||||||||||||||||||
Before Reclassifications | (30 | ) | 8 | (53 | ) | 9 | (66 | ) | |||||||||||||
Reclassifications (2) | — | — | (1 | ) | 149 | 148 | |||||||||||||||
Net Other Comprehensive Income (Loss) | (30 | ) | 8 | (54 | ) | 158 | 82 | ||||||||||||||
Balance at June 30 | $ | (53 | ) | $ | 2 | $ | (2 | ) | $ | (3,444 | ) | $ | (3,497 | ) | |||||||
_________________________________ | |||||||||||||||||||||
(1) All amounts are net of tax. | |||||||||||||||||||||
(2) Refer to Note 9, Employee Benefits for reclassified components totaling $238 million that are included in employee benefit costs for the six months ending June 30, 2014. Related income taxes for the same period, totaling $89 million, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant. |
Noncontrolling_Interests
Noncontrolling Interests | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
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 six months of 2014 and 2013 is as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Chevron | Non-controlling | Total | Chevron | Non-controlling | Total | |||||||||||||||||||
Corporation | Interest | Equity | Corporation | Interest | Equity | |||||||||||||||||||
Stockholders’ Equity | Stockholders’ Equity | |||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||
Balance at January 1 | $ | 149,113 | $ | 1,314 | $ | 150,427 | $ | 136,524 | $ | 1,308 | $ | 137,832 | ||||||||||||
Net income | 10,177 | 34 | 10,211 | 11,543 | 100 | 11,643 | ||||||||||||||||||
Dividends | (3,916 | ) | — | (3,916 | ) | (3,659 | ) | — | (3,659 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | (2 | ) | (2 | ) | — | (73 | ) | (73 | ) | ||||||||||||||
Treasury shares, net | (2,053 | ) | — | (2,053 | ) | (2,059 | ) | — | (2,059 | ) | ||||||||||||||
Other changes, net* | 260 | (180 | ) | 80 | 492 | (12 | ) | 480 | ||||||||||||||||
Balance at June 30 | $ | 153,581 | $ | 1,166 | $ | 154,747 | $ | 142,841 | $ | 1,323 | $ | 144,164 | ||||||||||||
_________________________________ | ||||||||||||||||||||||||
* 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 | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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: | ||||||||
Six Months Ended | ||||||||
30-Jun | ||||||||
2014 | 2013 | |||||||
(Millions of dollars) | ||||||||
Decrease in accounts and notes receivable | $ | 145 | $ | 504 | ||||
Increase in inventories | (835 | ) | (1,279 | ) | ||||
(Increase) decrease in prepaid expenses and other current assets | (184 | ) | 505 | |||||
Increase (decrease) in accounts payable and accrued liabilities | 347 | (1,535 | ) | |||||
Decrease in income and other taxes payable | (214 | ) | (710 | ) | ||||
Net increase in operating working capital | $ | (741 | ) | $ | (2,515 | ) | ||
The “Net increase in operating working capital” includes reductions of $54 million and $55 million for excess income tax benefits associated with stock options exercised during the six months ended June 30, 2014, and 2013, 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 income taxes: | ||||||||
Six Months Ended | ||||||||
30-Jun | ||||||||
2014 | 2013 | |||||||
(Millions of dollars) | ||||||||
Income taxes | $ | 6,026 | $ | 7,565 | ||||
"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 of time deposits” consisted of the following gross amounts: | ||||||||
Six Months Ended | ||||||||
30-Jun | ||||||||
2014 | 2013 | |||||||
(Millions of dollars) | ||||||||
Time deposits purchased | $ | (308 | ) | $ | (1,608 | ) | ||
Time deposits matured | 308 | 908 | ||||||
Net purchases of time deposits | $ | — | $ | (700 | ) | |||
The “Net sales of marketable securities” consisted of the following gross amounts: | ||||||||
Six Months Ended | ||||||||
30-Jun | ||||||||
2014 | 2013 | |||||||
(Millions of dollars) | ||||||||
Marketable securities purchased | $ | (4 | ) | $ | (5 | ) | ||
Marketable securities sold | 4 | 7 | ||||||
Net sales of marketable securities | $ | — | $ | 2 | ||||
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 $2.5 billion for the first six months in both 2014 and 2013. During the first six months of 2014 and 2013, the company purchased 20.8 million and 21.1 million common shares under its ongoing share repurchase program, respectively, for $2.5 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: | ||||||||
Six Months Ended | ||||||||
30-Jun | ||||||||
2014 | 2013 | |||||||
(Millions of dollars) | ||||||||
Additions to properties, plant and equipment | $ | 17,019 | $ | 16,334 | ||||
Additions to investments | 221 | 472 | ||||||
Current year dry hole expenditures | 251 | 18 | ||||||
Payments for other liabilities and assets, net | (16 | ) | (59 | ) | ||||
Capital expenditures | 17,475 | 16,765 | ||||||
Expensed exploration expenditures | 614 | 497 | ||||||
Assets acquired through capital lease obligations | 10 | 2 | ||||||
Capital and exploratory expenditures, excluding equity affiliates | 18,099 | 17,264 | ||||||
Company’s share of expenditures by equity affiliates | 1,517 | 1,070 | ||||||
Capital and exploratory expenditures, including equity affiliates | $ | 19,616 | $ | 18,334 | ||||
Operating_Segments_and_Geograp
Operating Segments and Geographic Data | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Operating Segments and Geographic Data | ' | |||||||||||||||
Operating Segments and Geographic Data | ||||||||||||||||
Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of exploring for, developing 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 activities, power and energy services, worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, 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). 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, 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 six-month periods ended June 30, 2014, and 2013, are presented in the following table: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
Segment Earnings* | 2014 | 2013 | 2014 | 2013 | ||||||||||||
(Millions of dollars) | ||||||||||||||||
Upstream | ||||||||||||||||
United States | $ | 1,054 | $ | 1,083 | $ | 1,966 | $ | 2,215 | ||||||||
International | 4,210 | 3,866 | 7,605 | 8,650 | ||||||||||||
Total Upstream | 5,264 | 4,949 | 9,571 | 10,865 | ||||||||||||
Downstream | ||||||||||||||||
United States | 517 | 138 | 939 | 273 | ||||||||||||
International | 204 | 628 | 492 | 1,194 | ||||||||||||
Total Downstream | 721 | 766 | 1,431 | 1,467 | ||||||||||||
Total Segment Earnings | 5,985 | 5,715 | 11,002 | 12,332 | ||||||||||||
All Other | ||||||||||||||||
Interest Income | 21 | 18 | 38 | 39 | ||||||||||||
Other | (341 | ) | (368 | ) | (863 | ) | (828 | ) | ||||||||
Net Income Attributable to Chevron Corporation | $ | 5,665 | $ | 5,365 | $ | 10,177 | $ | 11,543 | ||||||||
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 activities; power and energy services; technology companies; and assets of the corporate administrative functions. Segment assets at June 30, 2014, and December 31, 2013, are as follows: | ||||||||||||||||
Segment Assets* | At June 30 | At December 31 | ||||||||||||||
2014 | 2013 | |||||||||||||||
(Millions of dollars) | ||||||||||||||||
Upstream | ||||||||||||||||
United States | $ | 46,748 | $ | 45,436 | ||||||||||||
International | 145,352 | 137,096 | ||||||||||||||
Goodwill | 4,621 | 4,639 | ||||||||||||||
Total Upstream | 196,721 | 187,171 | ||||||||||||||
Downstream | ||||||||||||||||
United States | 24,216 | 23,829 | ||||||||||||||
International | 21,360 | 20,268 | ||||||||||||||
Total Downstream | 45,576 | 44,097 | ||||||||||||||
Total Segment Assets | 242,297 | 231,268 | ||||||||||||||
All Other | ||||||||||||||||
United States | 6,547 | 7,326 | ||||||||||||||
International | 13,201 | 15,159 | ||||||||||||||
Total All Other | 19,748 | 22,485 | ||||||||||||||
Total Assets — United States | 77,511 | 76,591 | ||||||||||||||
Total Assets — International | 179,913 | 172,523 | ||||||||||||||
Goodwill | 4,621 | 4,639 | ||||||||||||||
Total Assets | $ | 262,045 | $ | 253,753 | ||||||||||||
Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and six-month periods ended June 30, 2014, and 2013, 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 activities, power and energy services, insurance operations, real estate activities, and technology companies. | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
Sales and Other Operating Revenues* | 2014 | 2013 | 2014 | 2013 | ||||||||||||
(Millions of dollars) | ||||||||||||||||
Upstream | ||||||||||||||||
United States | $ | 5,965 | $ | 6,413 | $ | 12,710 | $ | 12,680 | ||||||||
International | 13,454 | 11,746 | 25,335 | 24,657 | ||||||||||||
Subtotal | 19,419 | 18,159 | 38,045 | 37,337 | ||||||||||||
Intersegment Elimination — United States | (4,260 | ) | (4,217 | ) | (8,192 | ) | (8,411 | ) | ||||||||
Intersegment Elimination — International | (6,597 | ) | (7,449 | ) | (12,359 | ) | (15,805 | ) | ||||||||
Total Upstream | 8,562 | 6,493 | 17,494 | 13,121 | ||||||||||||
Downstream | ||||||||||||||||
United States | 21,202 | 21,555 | 41,420 | 41,985 | ||||||||||||
International | 28,599 | 27,222 | 52,403 | 54,400 | ||||||||||||
Subtotal | 49,801 | 48,777 | 93,823 | 96,385 | ||||||||||||
Intersegment Elimination — United States | (7 | ) | (11 | ) | (12 | ) | (22 | ) | ||||||||
Intersegment Elimination — International | (2,849 | ) | (26 | ) | (4,894 | ) | (42 | ) | ||||||||
Total Downstream | 46,945 | 48,740 | 88,917 | 96,321 | ||||||||||||
All Other | ||||||||||||||||
United States | 486 | 449 | 875 | 827 | ||||||||||||
International | 8 | 9 | 13 | 15 | ||||||||||||
Subtotal | 494 | 458 | 888 | 842 | ||||||||||||
Intersegment Elimination — United States | (411 | ) | (375 | ) | (726 | ) | (667 | ) | ||||||||
Intersegment Elimination — International | (7 | ) | (9 | ) | (12 | ) | (14 | ) | ||||||||
Total All Other | 76 | 74 | 150 | 161 | ||||||||||||
Sales and Other Operating Revenues | ||||||||||||||||
United States | 27,653 | 28,417 | 55,005 | 55,492 | ||||||||||||
International | 42,061 | 38,977 | 77,751 | 79,072 | ||||||||||||
Subtotal | 69,714 | 67,394 | 132,756 | 134,564 | ||||||||||||
Intersegment Elimination — United States | (4,678 | ) | (4,603 | ) | (8,930 | ) | (9,100 | ) | ||||||||
Intersegment Elimination — International | (9,453 | ) | (7,484 | ) | (17,265 | ) | (15,861 | ) | ||||||||
Total Sales and Other Operating Revenues | $ | 55,583 | $ | 55,307 | $ | 106,561 | $ | 109,603 | ||||||||
* Effective January 1, 2014, International Upstream prospectively includes selected amounts previously recognized in International Downstream, which are not material to the company’s results of operations or financial position. |
Summarized_Financial_Data_Chev
Summarized Financial Data - Chevron U.S.A. Inc. (Chevron U.S.A. Inc. [Member]) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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: | ||||||||
Six Months Ended | ||||||||
30-Jun | ||||||||
2014 | 2013 | |||||||
(Millions of dollars) | ||||||||
Sales and other operating revenues | $ | 84,841 | $ | 85,598 | ||||
Costs and other deductions | 82,242 | 83,253 | ||||||
Net income attributable to CUSA | 2,438 | 2,037 | ||||||
At June 30 | At December 31 | |||||||
2014 | 2013 | |||||||
(Millions of dollars) | ||||||||
Current assets | $ | 17,551 | $ | 17,626 | ||||
Other assets | 59,553 | 57,288 | ||||||
Current liabilities | 18,882 | 17,486 | ||||||
Other liabilities | 28,388 | 28,119 | ||||||
Total CUSA net equity | $ | 29,834 | $ | 29,309 | ||||
Memo: Total debt | $ | 14,478 | $ | 14,482 | ||||
Summarized_Financial_Data_Chev1
Summarized Financial Data - Chevron Transport Corporation (Chevron Transport Corporation [Member]) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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. | ||||||||||||||||
The summarized financial information for CTC and its consolidated subsidiaries is as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Millions of dollars) | ||||||||||||||||
Sales and other operating revenues | $ | 133 | $ | 120 | $ | 306 | $ | 251 | ||||||||
Costs and other deductions | 176 | 164 | 375 | 336 | ||||||||||||
Net loss attributable to CTC | (43 | ) | (43 | ) | (69 | ) | (84 | ) | ||||||||
At June 30 | At December 31 | |||||||||||||||
2014 | 2013 | |||||||||||||||
(Millions of dollars) | ||||||||||||||||
Current assets | $ | 204 | $ | 221 | ||||||||||||
Other assets | 728 | 549 | ||||||||||||||
Current liabilities | 73 | 94 | ||||||||||||||
Other liabilities | 1,161 | 911 | ||||||||||||||
Total CTC net deficit | $ | (302 | ) | $ | (235 | ) | ||||||||||
There were no restrictions on CTC’s ability to pay dividends or make loans or advances at June 30, 2014. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Taxes on income for the second quarter and first six months of 2014 were $3.3 billion and $6.7 billion, respectively, compared with $3.2 billion and $7.2 billion for the corresponding periods in 2013. The associated effective tax rates (calculated as the amount of Income Tax Expense divided by Income Before Income Tax Expense) for the second quarters of 2014 and 2013 were 37 percent in each period. For the comparative six-month periods, the effective tax rates were 40 percent and 38 percent, respectively. | |
For the quarterly and six-month comparisons, the effects on the effective tax rate of the sale of interests in Chad and Cameroon were substantially offset by foreign currency remeasurement impacts between periods. For the six-month comparative period, the increase in effective tax rate was primarily due to the net impact of changes in equity earnings, jurisdictional mix, and ongoing and one-time tax items. | |
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 June 30, 2014. 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 — 2012 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. |
Employee_Benefits
Employee Benefits | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 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 2014 and 2013 are as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Millions of dollars) | ||||||||||||||||
Pension Benefits | ||||||||||||||||
United States | ||||||||||||||||
Service cost | $ | 112 | $ | 123 | $ | 225 | $ | 247 | ||||||||
Interest cost | 123 | 118 | 247 | 236 | ||||||||||||
Expected return on plan assets | (197 | ) | (175 | ) | (394 | ) | (350 | ) | ||||||||
Amortization of prior service (credits) | (2 | ) | 1 | (4 | ) | 1 | ||||||||||
Amortization of actuarial losses | 53 | 122 | 105 | 243 | ||||||||||||
Settlement losses | 33 | 57 | 66 | 114 | ||||||||||||
Total United States | 122 | 246 | 245 | 491 | ||||||||||||
International | ||||||||||||||||
Service cost | 50 | 49 | 97 | 97 | ||||||||||||
Interest cost | 89 | 82 | 173 | 159 | ||||||||||||
Expected return on plan assets | (76 | ) | (68 | ) | (152 | ) | (136 | ) | ||||||||
Amortization of prior service costs | 5 | 5 | 10 | 10 | ||||||||||||
Amortization of actuarial losses | 27 | 39 | 51 | 75 | ||||||||||||
Total International | 95 | 107 | 179 | 205 | ||||||||||||
Net Periodic Pension Benefit Costs | $ | 217 | $ | 353 | $ | 424 | $ | 696 | ||||||||
Other Benefits* | ||||||||||||||||
Service cost | $ | 12 | $ | 18 | $ | 25 | $ | 36 | ||||||||
Interest cost | 38 | 40 | 75 | 80 | ||||||||||||
Amortization of prior service costs (credits) | 4 | (13 | ) | 7 | (25 | ) | ||||||||||
Amortization of actuarial losses | 1 | 14 | 3 | 27 | ||||||||||||
Net Periodic Other Benefit Costs | $ | 55 | $ | 59 | $ | 110 | $ | 118 | ||||||||
_________________________________ | ||||||||||||||||
* 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 2013, the company estimated it would contribute $700 million to employee pension plans during 2014 (composed of $350 million for the U.S. plans and $350 million for the international plans). Through June 30, 2014, a total of $159 million was contributed (including $63 million to the U.S. plans). Total contributions for the full year are currently estimated to be $450 million ($100 million for the U.S. plans and $350 million for the international plans). The company anticipates it will not make contributions to the primary U.S. pension plan for the remainder of 2014. 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 six months of 2014, the company contributed $103 million to its OPEB plans. The company anticipates contributing approximately $112 million during the remainder of 2014. |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2014 | |
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 twelve 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 November 13, 2013, the National Court ratified the judgment but nullified the $8.6 billion punitive damage assessment, resulting in a judgment of $9.5 billion. On December 23, 2013, Chevron appealed the decision to the Ecuador Constitutional Court, Ecuador's highest court, which agreed to consider the appeal on March 20, 2014. | |
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 moved to set aside 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 held that the Court has jurisdiction over Chevron and Chevron Canada Limited for purposes of the action, but stayed the action due to the absence of evidence that Chevron Corporation has assets in Ontario. The Lago Agrio plaintiffs appealed that decision. On December 17, 2013, the Court of Appeals for Ontario affirmed the lower court’s decision on jurisdiction and set aside the stay, allowing the recognition and enforcement action to be heard in the Ontario Superior Court of Justice. Chevron appealed the decision concerning jurisdiction to the Supreme Court of Canada and, on January 16, 2014, the Court of Appeals for Ontario granted Chevron’s motion to stay the recognition and enforcement proceeding pending a decision on the admissibility of the Supreme Court appeal. On April 3, 2014, the Supreme Court of Canada granted Chevron’s and Chevron Canada Limited’s petitions to appeal the Ontario Court of Appeal’s decision. On April 8, 2014, Chevron and Chevron Canada Limited filed their notices of appeal with the Canada Supreme Court. | |
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 Norberto 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, but on June 4, 2013 the Supreme Court of Argentina revoked the Freeze Order in its entirety. On December 12, 2013, the Lago Agrio plaintiffs served Chevron with notice of their filing of an enforcement proceeding in the National Court, First Instance, of Argentina. Chevron filed its answer on February 27, 2014. Chevron intends to vigorously defend against the proceeding. 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 had set Phase Two to begin on January 20, 2014 to hear Chevron's denial of justice claims, but on January 2, 2014, the Tribunal postponed Phase Two and held a procedural hearing on January 20-21, 2014. The Tribunal held a hearing on April 29-30, 2014 to address remaining issues relating to Phase One. It also set a hearing on April 20 to May 6, 2015 to address Phase Two issues. 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 judgment was obtained through fraud and other unlawful conduct. The trial commenced on October 15, 2013 and concluded on November 22, 2013. On March 4, 2014, the Federal District Court entered a judgment in favor of Chevron, prohibiting the defendants from seeking to enforce the Lago Agrio judgment in the United States and further prohibiting them from profiting from their illegal acts. The defendants filed their notices of appeal on March 18, 2014. | |
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 | 6 Months Ended |
Jun. 30, 2014 | |
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 other tax issues in countries where the company conducts its businesses, are 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. | |
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 activities, 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, and on March 18, 2014, the revised draft EIR was published for public comment. The public comment period closed in May 2014, the final EIR was released on June 9, 2014, and on July 29, 2014, the Richmond City Council certified the EIR and approved a conditional use permit. The company will now seek to secure the further necessary approvals to resume construction. Although the City Council has certified the EIR, 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, and may result in gains or losses in future periods. | |
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 | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||
The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability 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 June 30, 2014, and December 31, 2013, is as follows: | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||
At June 30, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Marketable Securities | $ | 268 | $ | 268 | $ | — | $ | — | $ | 263 | $ | 263 | $ | — | $ | — | ||||||||||||||||
Derivatives | 13 | — | 13 | — | 28 | — | 28 | — | ||||||||||||||||||||||||
Total Assets at Fair Value | $ | 281 | $ | 268 | $ | 13 | $ | — | $ | 291 | $ | 263 | $ | 28 | $ | — | ||||||||||||||||
Derivatives | 83 | 63 | 20 | — | 89 | 80 | 9 | — | ||||||||||||||||||||||||
Total Liabilities at Fair Value | $ | 83 | $ | 63 | $ | 20 | $ | — | $ | 89 | $ | 80 | $ | 9 | $ | — | ||||||||||||||||
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 June 30, 2014. | ||||||||||||||||||||||||||||||||
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. 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. | ||||||||||||||||||||||||||||||||
Assets carried at fair value at June 30, 2014, and December 31, 2013, 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 $14.0 billion and $16.2 billion at June 30, 2014, and December 31, 2013, respectively. The instruments held in “Time deposits” are bank time deposits with maturities greater than 90 days and had carrying/fair values of $8 million at both June 30, 2014 and December 31, 2013. 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 June 30, 2014. | ||||||||||||||||||||||||||||||||
Restricted Cash had a carrying/fair value of $1.2 billion at both June 30, 2014 and December 31, 2013. At June 30, 2014, restricted cash is classified as Level 1 and includes restricted funds related to certain upstream abandonment activities, tax payments and funds held in escrow for asset acquisitions, which are reported in “Deferred charges and other assets” on the Consolidated Balance Sheet. | ||||||||||||||||||||||||||||||||
Long-Term Debt had a net carrying value, excluding amounts reclassified from short-term, of $12.0 billion at both June 30, 2014, and December 31, 2013. The fair value of long-term debt at June 30, 2014, and December 31, 2013 was $12.4 billion and $12.3 billion, respectively. Long-term debt primarily includes corporate issued bonds. The fair value of corporate bonds is $11.7 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 on the Consolidated Balance Sheet approximate their fair values. Fair value remeasurements of other financial instruments at June 30, 2014, and December 31, 2013, were not material. | ||||||||||||||||||||||||||||||||
The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at June 30, 2014, is as follows: | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Before-Tax Loss | ||||||||||||||||||||||||||||
Three | Six | |||||||||||||||||||||||||||||||
Months | Months | |||||||||||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||||||||||
Properties, plant and equipment, net (held and used) | $ | 19 | $ | — | $ | — | $ | 19 | $ | 93 | $ | 560 | ||||||||||||||||||||
Properties, plant and equipment, net (held for sale) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Investments and advances | 1 | — | — | 1 | 4 | 31 | ||||||||||||||||||||||||||
Total Assets at Fair Value | $ | 20 | $ | — | $ | — | $ | 20 | $ | 97 | $ | 591 | ||||||||||||||||||||
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 second quarter 2014. | ||||||||||||||||||||||||||||||||
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 second quarter 2014. |
Financial_and_Derivative_Instr
Financial and Derivative Instruments | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||
Financial and Derivative Instruments | |||||||||||||||||||||
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 consolidated 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. | |||||||||||||||||||||
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. | |||||||||||||||||||||
Derivative instruments measured at fair value at June 30, 2014, and December 31, 2013, 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 June 30 | At December 31 | ||||||||||||||||||
Contract | 2014 | 2013 | |||||||||||||||||||
Commodity | Accounts and notes receivable, net | $ | 12 | $ | 22 | ||||||||||||||||
Commodity | Long-term receivables, net | 1 | 6 | ||||||||||||||||||
Total Assets at Fair Value | $ | 13 | $ | 28 | |||||||||||||||||
Commodity | Accounts payable | $ | 66 | $ | 65 | ||||||||||||||||
Commodity | Deferred credits and other noncurrent obligations | 17 | 24 | ||||||||||||||||||
Total Liabilities at Fair Value | $ | 83 | $ | 89 | |||||||||||||||||
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||
Gain / (Loss) | Gain / (Loss) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
30-Jun | 30-Jun | ||||||||||||||||||||
Type of | Statement of Income Classification | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Contract | |||||||||||||||||||||
Commodity | Sales and other operating revenues | $ | (71 | ) | $ | 112 | $ | 26 | $ | 37 | |||||||||||
Commodity | Purchased crude oil and products | (8 | ) | (28 | ) | (16 | ) | (32 | ) | ||||||||||||
Commodity | Other income | — | (6 | ) | (23 | ) | (7 | ) | |||||||||||||
$ | (79 | ) | $ | 78 | $ | (13 | ) | $ | (2 | ) | |||||||||||
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 2014, and December 31, 2013. | |||||||||||||||||||||
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 June 30, 2014 | |||||||||||||||||||||
Derivative Assets | $ | 1,384 | $ | 1,371 | $ | 13 | $ | 12 | $ | 1 | |||||||||||
Derivative Liabilities | $ | 1,454 | $ | 1,371 | $ | 83 | $ | — | $ | 83 | |||||||||||
At December 31, 2013 | |||||||||||||||||||||
Derivative Assets | $ | 732 | $ | 704 | $ | 28 | $ | 27 | $ | 1 | |||||||||||
Derivative Liabilities | $ | 793 | $ | 704 | $ | 89 | $ | — | $ | 89 | |||||||||||
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. 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 | 6 Months Ended |
Jun. 30, 2014 | |
Accounting for Suspended Exploratory Wells [Abstract] | ' |
Accounting for Suspended Exploratory Wells | ' |
Accounting for Suspended Exploratory Wells | |
The capitalized cost of suspended wells at June 30, 2014, was $3.9 billion, a net increase of $656 million from year-end 2013, primarily due to drilling activities. |
New_Accounting_Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Standards | ' |
New Accounting Standards | |
Revenue Recognition (Topic 606), Revenue from Contracts with Customers (ASU 2014-09) In May 2014, the FASB issued ASU 2014-09, which becomes effective for the company January 1, 2017. Early adoption is not permitted. The standard provides that an entity should recognize revenue to align with the transfer of promised goods or services to customers in an amount that reflects the consideration that the entity expects to be entitled to receive in exchange for those goods or services. The ASU, which replaces most existing revenue recognition guidance in U.S. GAAP, provides a five-step model for recognition of revenue, guidance on the accounting for certain costs of obtaining or fulfilling contracts with customers and specific disclosure requirements. Transition guidance permits either retrospective application or presentation of the cumulative effect at the adoption date. The company is reviewing the requirements of the ASU to determine the transition method it will apply and to update its assessments developed throughout the FASB’s deliberation period. The company is evaluating the effect of the standard on the company’s consolidated financial statements. |
Operating_Segments_and_Geograp1
Operating Segments and Geographic Data (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Segment Reporting [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.” 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 activities, power and energy services, worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, 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). 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, 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_Measurements_Polici
Fair Value Measurements (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments | ' |
The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability 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) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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 six months ending June 30, 2014, are reflected in the table below. | |||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) | |||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
Currency Translation Adjustment | Unrealized Holding Gains (Losses) on Securities | Derivatives | Defined Benefit Plans | Total | |||||||||||||||||
Balance at January 1 | $ | (23 | ) | $ | (6 | ) | $ | 52 | $ | (3,602 | ) | $ | (3,579 | ) | |||||||
Components of Other Comprehensive | |||||||||||||||||||||
Income (Loss): | |||||||||||||||||||||
Before Reclassifications | (30 | ) | 8 | (53 | ) | 9 | (66 | ) | |||||||||||||
Reclassifications (2) | — | — | (1 | ) | 149 | 148 | |||||||||||||||
Net Other Comprehensive Income (Loss) | (30 | ) | 8 | (54 | ) | 158 | 82 | ||||||||||||||
Balance at June 30 | $ | (53 | ) | $ | 2 | $ | (2 | ) | $ | (3,444 | ) | $ | (3,497 | ) | |||||||
_________________________________ | |||||||||||||||||||||
(1) All amounts are net of tax. | |||||||||||||||||||||
(2) Refer to Note 9, Employee Benefits for reclassified components totaling $238 million that are included in employee benefit costs for the six months ending June 30, 2014. Related income taxes for the same period, totaling $89 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) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||||||||||
Activity for equity attributable to noncontrolling interests | ' | |||||||||||||||||||||||
Activity for the equity attributable to noncontrolling interests for the first six months of 2014 and 2013 is as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Chevron | Non-controlling | Total | Chevron | Non-controlling | Total | |||||||||||||||||||
Corporation | Interest | Equity | Corporation | Interest | Equity | |||||||||||||||||||
Stockholders’ Equity | Stockholders’ Equity | |||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||
Balance at January 1 | $ | 149,113 | $ | 1,314 | $ | 150,427 | $ | 136,524 | $ | 1,308 | $ | 137,832 | ||||||||||||
Net income | 10,177 | 34 | 10,211 | 11,543 | 100 | 11,643 | ||||||||||||||||||
Dividends | (3,916 | ) | — | (3,916 | ) | (3,659 | ) | — | (3,659 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | (2 | ) | (2 | ) | — | (73 | ) | (73 | ) | ||||||||||||||
Treasury shares, net | (2,053 | ) | — | (2,053 | ) | (2,059 | ) | — | (2,059 | ) | ||||||||||||||
Other changes, net* | 260 | (180 | ) | 80 | 492 | (12 | ) | 480 | ||||||||||||||||
Balance at June 30 | $ | 153,581 | $ | 1,166 | $ | 154,747 | $ | 142,841 | $ | 1,323 | $ | 144,164 | ||||||||||||
_________________________________ | ||||||||||||||||||||||||
* 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) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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: | ||||||||
Six Months Ended | ||||||||
30-Jun | ||||||||
2014 | 2013 | |||||||
(Millions of dollars) | ||||||||
Decrease in accounts and notes receivable | $ | 145 | $ | 504 | ||||
Increase in inventories | (835 | ) | (1,279 | ) | ||||
(Increase) decrease in prepaid expenses and other current assets | (184 | ) | 505 | |||||
Increase (decrease) in accounts payable and accrued liabilities | 347 | (1,535 | ) | |||||
Decrease in income and other taxes payable | (214 | ) | (710 | ) | ||||
Net increase in operating working capital | $ | (741 | ) | $ | (2,515 | ) | ||
Cash payment for interest on debt and for income taxes | ' | |||||||
“Net Cash Provided by Operating Activities” included the following cash payments for income taxes: | ||||||||
Six Months Ended | ||||||||
30-Jun | ||||||||
2014 | 2013 | |||||||
(Millions of dollars) | ||||||||
Income taxes | $ | 6,026 | $ | 7,565 | ||||
Net (purchases) sales of time deposits | ' | |||||||
The “Net purchases of time deposits” consisted of the following gross amounts: | ||||||||
Six Months Ended | ||||||||
30-Jun | ||||||||
2014 | 2013 | |||||||
(Millions of dollars) | ||||||||
Time deposits purchased | $ | (308 | ) | $ | (1,608 | ) | ||
Time deposits matured | 308 | 908 | ||||||
Net purchases of time deposits | $ | — | $ | (700 | ) | |||
Net sales of marketable securities | ' | |||||||
The “Net sales of marketable securities” consisted of the following gross amounts: | ||||||||
Six Months Ended | ||||||||
30-Jun | ||||||||
2014 | 2013 | |||||||
(Millions of dollars) | ||||||||
Marketable securities purchased | $ | (4 | ) | $ | (5 | ) | ||
Marketable securities sold | 4 | 7 | ||||||
Net sales of marketable securities | $ | — | $ | 2 | ||||
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: | ||||||||
Six Months Ended | ||||||||
30-Jun | ||||||||
2014 | 2013 | |||||||
(Millions of dollars) | ||||||||
Additions to properties, plant and equipment | $ | 17,019 | $ | 16,334 | ||||
Additions to investments | 221 | 472 | ||||||
Current year dry hole expenditures | 251 | 18 | ||||||
Payments for other liabilities and assets, net | (16 | ) | (59 | ) | ||||
Capital expenditures | 17,475 | 16,765 | ||||||
Expensed exploration expenditures | 614 | 497 | ||||||
Assets acquired through capital lease obligations | 10 | 2 | ||||||
Capital and exploratory expenditures, excluding equity affiliates | 18,099 | 17,264 | ||||||
Company’s share of expenditures by equity affiliates | 1,517 | 1,070 | ||||||
Capital and exploratory expenditures, including equity affiliates | $ | 19,616 | $ | 18,334 | ||||
Operating_Segments_and_Geograp2
Operating Segments and Geographic Data (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Earnings | ' | |||||||||||||||
Earnings by major operating area for the three- and six-month periods ended June 30, 2014, and 2013, are presented in the following table: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
Segment Earnings* | 2014 | 2013 | 2014 | 2013 | ||||||||||||
(Millions of dollars) | ||||||||||||||||
Upstream | ||||||||||||||||
United States | $ | 1,054 | $ | 1,083 | $ | 1,966 | $ | 2,215 | ||||||||
International | 4,210 | 3,866 | 7,605 | 8,650 | ||||||||||||
Total Upstream | 5,264 | 4,949 | 9,571 | 10,865 | ||||||||||||
Downstream | ||||||||||||||||
United States | 517 | 138 | 939 | 273 | ||||||||||||
International | 204 | 628 | 492 | 1,194 | ||||||||||||
Total Downstream | 721 | 766 | 1,431 | 1,467 | ||||||||||||
Total Segment Earnings | 5,985 | 5,715 | 11,002 | 12,332 | ||||||||||||
All Other | ||||||||||||||||
Interest Income | 21 | 18 | 38 | 39 | ||||||||||||
Other | (341 | ) | (368 | ) | (863 | ) | (828 | ) | ||||||||
Net Income Attributable to Chevron Corporation | $ | 5,665 | $ | 5,365 | $ | 10,177 | $ | 11,543 | ||||||||
Segment Assets | ' | |||||||||||||||
Segment assets at June 30, 2014, and December 31, 2013, are as follows: | ||||||||||||||||
Segment Assets* | At June 30 | At December 31 | ||||||||||||||
2014 | 2013 | |||||||||||||||
(Millions of dollars) | ||||||||||||||||
Upstream | ||||||||||||||||
United States | $ | 46,748 | $ | 45,436 | ||||||||||||
International | 145,352 | 137,096 | ||||||||||||||
Goodwill | 4,621 | 4,639 | ||||||||||||||
Total Upstream | 196,721 | 187,171 | ||||||||||||||
Downstream | ||||||||||||||||
United States | 24,216 | 23,829 | ||||||||||||||
International | 21,360 | 20,268 | ||||||||||||||
Total Downstream | 45,576 | 44,097 | ||||||||||||||
Total Segment Assets | 242,297 | 231,268 | ||||||||||||||
All Other | ||||||||||||||||
United States | 6,547 | 7,326 | ||||||||||||||
International | 13,201 | 15,159 | ||||||||||||||
Total All Other | 19,748 | 22,485 | ||||||||||||||
Total Assets — United States | 77,511 | 76,591 | ||||||||||||||
Total Assets — International | 179,913 | 172,523 | ||||||||||||||
Goodwill | 4,621 | 4,639 | ||||||||||||||
Total Assets | $ | 262,045 | $ | 253,753 | ||||||||||||
Segment Sales and Other Operating Revenues | ' | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
Sales and Other Operating Revenues* | 2014 | 2013 | 2014 | 2013 | ||||||||||||
(Millions of dollars) | ||||||||||||||||
Upstream | ||||||||||||||||
United States | $ | 5,965 | $ | 6,413 | $ | 12,710 | $ | 12,680 | ||||||||
International | 13,454 | 11,746 | 25,335 | 24,657 | ||||||||||||
Subtotal | 19,419 | 18,159 | 38,045 | 37,337 | ||||||||||||
Intersegment Elimination — United States | (4,260 | ) | (4,217 | ) | (8,192 | ) | (8,411 | ) | ||||||||
Intersegment Elimination — International | (6,597 | ) | (7,449 | ) | (12,359 | ) | (15,805 | ) | ||||||||
Total Upstream | 8,562 | 6,493 | 17,494 | 13,121 | ||||||||||||
Downstream | ||||||||||||||||
United States | 21,202 | 21,555 | 41,420 | 41,985 | ||||||||||||
International | 28,599 | 27,222 | 52,403 | 54,400 | ||||||||||||
Subtotal | 49,801 | 48,777 | 93,823 | 96,385 | ||||||||||||
Intersegment Elimination — United States | (7 | ) | (11 | ) | (12 | ) | (22 | ) | ||||||||
Intersegment Elimination — International | (2,849 | ) | (26 | ) | (4,894 | ) | (42 | ) | ||||||||
Total Downstream | 46,945 | 48,740 | 88,917 | 96,321 | ||||||||||||
All Other | ||||||||||||||||
United States | 486 | 449 | 875 | 827 | ||||||||||||
International | 8 | 9 | 13 | 15 | ||||||||||||
Subtotal | 494 | 458 | 888 | 842 | ||||||||||||
Intersegment Elimination — United States | (411 | ) | (375 | ) | (726 | ) | (667 | ) | ||||||||
Intersegment Elimination — International | (7 | ) | (9 | ) | (12 | ) | (14 | ) | ||||||||
Total All Other | 76 | 74 | 150 | 161 | ||||||||||||
Sales and Other Operating Revenues | ||||||||||||||||
United States | 27,653 | 28,417 | 55,005 | 55,492 | ||||||||||||
International | 42,061 | 38,977 | 77,751 | 79,072 | ||||||||||||
Subtotal | 69,714 | 67,394 | 132,756 | 134,564 | ||||||||||||
Intersegment Elimination — United States | (4,678 | ) | (4,603 | ) | (8,930 | ) | (9,100 | ) | ||||||||
Intersegment Elimination — International | (9,453 | ) | (7,484 | ) | (17,265 | ) | (15,861 | ) | ||||||||
Total Sales and Other Operating Revenues | $ | 55,583 | $ | 55,307 | $ | 106,561 | $ | 109,603 | ||||||||
* Effective January 1, 2014, International Upstream prospectively includes selected amounts previously recognized in International Downstream, which are not material to the company’s results of operations or financial position. |
Summarized_Financial_Data_Chev2
Summarized Financial Data - Chevron U.S.A. Inc. (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Summarized Financial Data of Subsidiary One [Abstract] | ' | |||||||
Summarized Financial Data - Chevron U.S.A. Inc. | ' | |||||||
Six Months Ended | ||||||||
30-Jun | ||||||||
2014 | 2013 | |||||||
(Millions of dollars) | ||||||||
Sales and other operating revenues | $ | 84,841 | $ | 85,598 | ||||
Costs and other deductions | 82,242 | 83,253 | ||||||
Net income attributable to CUSA | 2,438 | 2,037 | ||||||
Summarized Financial Data and its Subsidiary | ' | |||||||
At June 30 | At December 31 | |||||||
2014 | 2013 | |||||||
(Millions of dollars) | ||||||||
Current assets | $ | 17,551 | $ | 17,626 | ||||
Other assets | 59,553 | 57,288 | ||||||
Current liabilities | 18,882 | 17,486 | ||||||
Other liabilities | 28,388 | 28,119 | ||||||
Total CUSA net equity | $ | 29,834 | $ | 29,309 | ||||
Memo: Total debt | $ | 14,478 | $ | 14,482 | ||||
Summarized_Financial_Data_Chev3
Summarized Financial Data - Chevron Transport Corporation (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Summarized Financial Data of Subsidiary Two [Abstract] | ' | |||||||||||||||
Summarized Financial Data - Chevron Transport Corporation | ' | |||||||||||||||
The summarized financial information for CTC and its consolidated subsidiaries is as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Millions of dollars) | ||||||||||||||||
Sales and other operating revenues | $ | 133 | $ | 120 | $ | 306 | $ | 251 | ||||||||
Costs and other deductions | 176 | 164 | 375 | 336 | ||||||||||||
Net loss attributable to CTC | (43 | ) | (43 | ) | (69 | ) | (84 | ) | ||||||||
Summarized Financial Data and its Subsidiary | ' | |||||||||||||||
At June 30 | At December 31 | |||||||||||||||
2014 | 2013 | |||||||||||||||
(Millions of dollars) | ||||||||||||||||
Current assets | $ | 204 | $ | 221 | ||||||||||||
Other assets | 728 | 549 | ||||||||||||||
Current liabilities | 73 | 94 | ||||||||||||||
Other liabilities | 1,161 | 911 | ||||||||||||||
Total CTC net deficit | $ | (302 | ) | $ | (235 | ) | ||||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||
The components of net periodic benefit costs for 2014 and 2013 are as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Millions of dollars) | ||||||||||||||||
Pension Benefits | ||||||||||||||||
United States | ||||||||||||||||
Service cost | $ | 112 | $ | 123 | $ | 225 | $ | 247 | ||||||||
Interest cost | 123 | 118 | 247 | 236 | ||||||||||||
Expected return on plan assets | (197 | ) | (175 | ) | (394 | ) | (350 | ) | ||||||||
Amortization of prior service (credits) | (2 | ) | 1 | (4 | ) | 1 | ||||||||||
Amortization of actuarial losses | 53 | 122 | 105 | 243 | ||||||||||||
Settlement losses | 33 | 57 | 66 | 114 | ||||||||||||
Total United States | 122 | 246 | 245 | 491 | ||||||||||||
International | ||||||||||||||||
Service cost | 50 | 49 | 97 | 97 | ||||||||||||
Interest cost | 89 | 82 | 173 | 159 | ||||||||||||
Expected return on plan assets | (76 | ) | (68 | ) | (152 | ) | (136 | ) | ||||||||
Amortization of prior service costs | 5 | 5 | 10 | 10 | ||||||||||||
Amortization of actuarial losses | 27 | 39 | 51 | 75 | ||||||||||||
Total International | 95 | 107 | 179 | 205 | ||||||||||||
Net Periodic Pension Benefit Costs | $ | 217 | $ | 353 | $ | 424 | $ | 696 | ||||||||
Other Benefits* | ||||||||||||||||
Service cost | $ | 12 | $ | 18 | $ | 25 | $ | 36 | ||||||||
Interest cost | 38 | 40 | 75 | 80 | ||||||||||||
Amortization of prior service costs (credits) | 4 | (13 | ) | 7 | (25 | ) | ||||||||||
Amortization of actuarial losses | 1 | 14 | 3 | 27 | ||||||||||||
Net Periodic Other Benefit Costs | $ | 55 | $ | 59 | $ | 110 | $ | 118 | ||||||||
_________________________________ | ||||||||||||||||
* 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) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
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 June 30, 2014, and December 31, 2013, is as follows: | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||
At June 30, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Marketable Securities | $ | 268 | $ | 268 | $ | — | $ | — | $ | 263 | $ | 263 | $ | — | $ | — | ||||||||||||||||
Derivatives | 13 | — | 13 | — | 28 | — | 28 | — | ||||||||||||||||||||||||
Total Assets at Fair Value | $ | 281 | $ | 268 | $ | 13 | $ | — | $ | 291 | $ | 263 | $ | 28 | $ | — | ||||||||||||||||
Derivatives | 83 | 63 | 20 | — | 89 | 80 | 9 | — | ||||||||||||||||||||||||
Total Liabilities at Fair Value | $ | 83 | $ | 63 | $ | 20 | $ | — | $ | 89 | $ | 80 | $ | 9 | $ | — | ||||||||||||||||
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 June 30, 2014, is as follows: | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Before-Tax Loss | ||||||||||||||||||||||||||||
Three | Six | |||||||||||||||||||||||||||||||
Months | Months | |||||||||||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||||||||||
Properties, plant and equipment, net (held and used) | $ | 19 | $ | — | $ | — | $ | 19 | $ | 93 | $ | 560 | ||||||||||||||||||||
Properties, plant and equipment, net (held for sale) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Investments and advances | 1 | — | — | 1 | 4 | 31 | ||||||||||||||||||||||||||
Total Assets at Fair Value | $ | 20 | $ | — | $ | — | $ | 20 | $ | 97 | $ | 591 | ||||||||||||||||||||
Financial_and_Derivative_Instr1
Financial and Derivative Instruments (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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 June 30, 2014, and December 31, 2013, 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 June 30 | At December 31 | ||||||||||||||||||
Contract | 2014 | 2013 | |||||||||||||||||||
Commodity | Accounts and notes receivable, net | $ | 12 | $ | 22 | ||||||||||||||||
Commodity | Long-term receivables, net | 1 | 6 | ||||||||||||||||||
Total Assets at Fair Value | $ | 13 | $ | 28 | |||||||||||||||||
Commodity | Accounts payable | $ | 66 | $ | 65 | ||||||||||||||||
Commodity | Deferred credits and other noncurrent obligations | 17 | 24 | ||||||||||||||||||
Total Liabilities at Fair Value | $ | 83 | $ | 89 | |||||||||||||||||
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 | Six Months Ended | ||||||||||||||||||||
30-Jun | 30-Jun | ||||||||||||||||||||
Type of | Statement of Income Classification | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Contract | |||||||||||||||||||||
Commodity | Sales and other operating revenues | $ | (71 | ) | $ | 112 | $ | 26 | $ | 37 | |||||||||||
Commodity | Purchased crude oil and products | (8 | ) | (28 | ) | (16 | ) | (32 | ) | ||||||||||||
Commodity | Other income | — | (6 | ) | (23 | ) | (7 | ) | |||||||||||||
$ | (79 | ) | $ | 78 | $ | (13 | ) | $ | (2 | ) | |||||||||||
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 June 30, 2014, and December 31, 2013. | |||||||||||||||||||||
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 June 30, 2014 | |||||||||||||||||||||
Derivative Assets | $ | 1,384 | $ | 1,371 | $ | 13 | $ | 12 | $ | 1 | |||||||||||
Derivative Liabilities | $ | 1,454 | $ | 1,371 | $ | 83 | $ | — | $ | 83 | |||||||||||
At December 31, 2013 | |||||||||||||||||||||
Derivative Assets | $ | 732 | $ | 704 | $ | 28 | $ | 27 | $ | 1 | |||||||||||
Derivative Liabilities | $ | 793 | $ | 704 | $ | 89 | $ | — | $ | 89 | |||||||||||
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Losses (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | ($3,579) | [1] | ' | |
Components of Other Comprehensive Income (Loss): | ' | ' | ' | ' | ||
Before Reclassifications | ' | ' | -66 | [1] | ' | |
Reclassifications | ' | ' | 148 | [1],[2] | ' | |
Other Comprehensive Gain, Net of Tax | 37 | 191 | 82 | [1] | 291 | |
Balance at end of period | -3,497 | [1] | ' | -3,497 | [1] | ' |
Income tax expense | 3,337 | 3,185 | 6,744 | 7,229 | ||
Currency Translation Adjustment [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | -23 | [1] | ' | |
Components of Other Comprehensive Income (Loss): | ' | ' | ' | ' | ||
Before Reclassifications | ' | ' | -30 | [1] | ' | |
Reclassifications | ' | ' | 0 | [1],[2] | ' | |
Other Comprehensive Gain, Net of Tax | ' | ' | -30 | [1] | ' | |
Balance at end of period | -53 | [1] | ' | -53 | [1] | ' |
Unrealized Holding Gains (Losses) on Securities [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | -6 | [1] | ' | |
Components of Other Comprehensive Income (Loss): | ' | ' | ' | ' | ||
Before Reclassifications | ' | ' | 8 | [1] | ' | |
Reclassifications | ' | ' | 0 | [1],[2] | ' | |
Other Comprehensive Gain, Net of Tax | ' | ' | 8 | [1] | ' | |
Balance at end of period | 2 | [1] | ' | 2 | [1] | ' |
Derivatives [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | 52 | [1] | ' | |
Components of Other Comprehensive Income (Loss): | ' | ' | ' | ' | ||
Before Reclassifications | ' | ' | -53 | [1] | ' | |
Reclassifications | ' | ' | -1 | [1],[2] | ' | |
Other Comprehensive Gain, Net of Tax | ' | ' | -54 | [1] | ' | |
Balance at end of period | -2 | [1] | ' | -2 | [1] | ' |
Defined Benefit Plans [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | -3,602 | [1] | ' | |
Components of Other Comprehensive Income (Loss): | ' | ' | ' | ' | ||
Before Reclassifications | ' | ' | 9 | [1] | ' | |
Reclassifications | ' | ' | 149 | [1],[2] | ' | |
Other Comprehensive Gain, Net of Tax | ' | ' | 158 | [1] | ' | |
Balance at end of period | -3,444 | [1] | ' | -3,444 | [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 | ' | ' | 238 | ' | ||
Income tax expense | ' | ' | $89 | ' | ||
[1] | All amounts are net of tax. | |||||
[2] | Refer to Note 9, Employee Benefits for reclassified components totaling $238 million that are included in employee benefit costs for the six months ending June 30, 2014. Related income taxes for the same period, totaling $89 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 | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Activity for equity attributable to noncontrolling interests | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | $150,427 | $137,832 | ||
Net income | 5,690 | 5,404 | 10,211 | 11,643 | ||
Dividends | ' | ' | -3,916 | -3,659 | ||
Distributions to noncontrolling interests | ' | ' | -2 | -73 | ||
Treasury shares, net | ' | ' | -2,053 | -2,059 | ||
Other changes, net | ' | ' | 80 | [1] | 480 | [1] |
Balance at end of period | 154,747 | 144,164 | 154,747 | 144,164 | ||
Chevron Corporation Stockholders' Equity [Member] | ' | ' | ' | ' | ||
Activity for equity attributable to noncontrolling interests | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | 149,113 | 136,524 | ||
Net income | ' | ' | 10,177 | 11,543 | ||
Dividends | ' | ' | -3,916 | -3,659 | ||
Distributions to noncontrolling interests | ' | ' | 0 | 0 | ||
Treasury shares, net | ' | ' | -2,053 | -2,059 | ||
Other changes, net | ' | ' | 260 | [1] | 492 | [1] |
Balance at end of period | 153,581 | 142,841 | 153,581 | 142,841 | ||
Noncontrolling Interest [Member] | ' | ' | ' | ' | ||
Activity for equity attributable to noncontrolling interests | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | 1,314 | 1,308 | ||
Net income | ' | ' | 34 | 100 | ||
Dividends | ' | ' | 0 | 0 | ||
Distributions to noncontrolling interests | ' | ' | -2 | -73 | ||
Treasury shares, net | ' | ' | 0 | 0 | ||
Other changes, net | ' | ' | -180 | [1] | -12 | [1] |
Balance at end of period | $1,166 | $1,323 | $1,166 | $1,323 | ||
[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 $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net (increase) decrease in operating working capital | ' | ' |
Decrease in accounts and notes receivable | $145 | $504 |
Increase in inventories | -835 | -1,279 |
(Increase) decrease in prepaid expenses and other current assets | -184 | 505 |
Increase (decrease) in accounts payable and accrued liabilities | 347 | -1,535 |
Decrease in income and other taxes payable | -214 | -710 |
Net increase in operating working capital | -741 | -2,515 |
Cash Payment for Interest on Debt and For Income Taxes | ' | ' |
Income taxes | 6,026 | 7,565 |
Net (purchases) sales of time deposits | ' | ' |
Time deposits purchased | -308 | -1,608 |
Time deposits matured | 308 | 908 |
Net (purchases) sales of time deposits | 0 | -700 |
Net sales of marketable securities | ' | ' |
Marketable securities purchased | 4 | 5 |
Marketable securities sold | 4 | 7 |
Net sales of marketable securities | 0 | 2 |
Capital expenditures | ' | ' |
Additions to properties, plant and equipment | 17,019 | 16,334 |
Additions to investments | 221 | 472 |
Current year dry hole expenditures | 251 | 18 |
Payments for other liabilities and assets, net | -16 | -59 |
Capital expenditures | 17,475 | 16,765 |
Expensed exploration expenditures | 614 | 497 |
Assets acquired through capital lease obligations | 10 | 2 |
Capital and exploratory expenditures, excluding equity affiliates | 18,099 | 17,264 |
Company's share of expenditures by equity affiliates | 1,517 | 1,070 |
Capital and exploratory expenditures, including equity affiliates | $19,616 | $18,334 |
Information_Relating_to_the_Co3
Information Relating to the Consolidated Statement of Cash Flows (Details Textual) (USD $) | 6 Months Ended | |
Share data in Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Reduction for income tax benefits associated with stock options exercised | $54,000,000 | $55,000,000 |
Net purchases of treasury shares | 2,500,000,000 | 2,500,000,000 |
Stock repurchased during period (in shares) | 20.8 | 21.1 |
Stock repurchased during period | $2,500,000,000 | $2,500,000,000 |
Operating_Segments_and_Geograp3
Operating Segments and Geographic Data (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Segment Earnings | $5,665 | [1] | $5,365 | [1] | $10,177 | [1] | $11,543 | [1] |
Operating Segments [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Segment Earnings | 5,985 | [1] | 5,715 | [1] | 11,002 | [1] | 12,332 | [1] |
Operating Segments [Member] | Upstream [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Segment Earnings | 5,264 | [1] | 4,949 | [1] | 9,571 | [1] | 10,865 | [1] |
Operating Segments [Member] | Downstream [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Segment Earnings | 721 | [1] | 766 | [1] | 1,431 | [1] | 1,467 | [1] |
Operating Segments [Member] | United States [Member] | Upstream [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Segment Earnings | 1,054 | [1] | 1,083 | [1] | 1,966 | [1] | 2,215 | [1] |
Operating Segments [Member] | United States [Member] | Downstream [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Segment Earnings | 517 | [1] | 138 | [1] | 939 | [1] | 273 | [1] |
Operating Segments [Member] | International [Member] | Upstream [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Segment Earnings | 4,210 | [1] | 3,866 | [1] | 7,605 | [1] | 8,650 | [1] |
Operating Segments [Member] | International [Member] | Downstream [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Segment Earnings | 204 | [1] | 628 | [1] | 492 | [1] | 1,194 | [1] |
Segment Reconciling Items [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Interest Income | 21 | [1] | 18 | [1] | 38 | [1] | 39 | [1] |
Other | ($341) | [1] | ($368) | [1] | ($863) | [1] | ($828) | [1] |
[1] | Effective January 1, 2014, International Upstream prospectively includes selected amounts previously recognized in International Downstream, which are not material to the company’s results of operations or financial position. |
Operating_Segments_and_Geograp4
Operating Segments and Geographic Data (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Segment Assets | ' | ' | ||
Segment Assets | $262,045 | [1] | $253,753 | [1] |
Goodwill | 4,621 | [1] | 4,639 | [1] |
United States [Member] | ' | ' | ||
Segment Assets | ' | ' | ||
Segment Assets | 77,511 | [1] | 76,591 | [1] |
International [Member] | ' | ' | ||
Segment Assets | ' | ' | ||
Segment Assets | 179,913 | [1] | 172,523 | [1] |
Operating Segments [Member] | ' | ' | ||
Segment Assets | ' | ' | ||
Segment Assets | 242,297 | [1] | 231,268 | [1] |
Operating Segments [Member] | Upstream [Member] | ' | ' | ||
Segment Assets | ' | ' | ||
Segment Assets | 196,721 | [1] | 187,171 | [1] |
Goodwill | 4,621 | [1] | 4,639 | [1] |
Operating Segments [Member] | Upstream [Member] | United States [Member] | ' | ' | ||
Segment Assets | ' | ' | ||
Segment Assets | 46,748 | [1] | 45,436 | [1] |
Operating Segments [Member] | Upstream [Member] | International [Member] | ' | ' | ||
Segment Assets | ' | ' | ||
Segment Assets | 145,352 | [1] | 137,096 | [1] |
Operating Segments [Member] | Downstream [Member] | ' | ' | ||
Segment Assets | ' | ' | ||
Segment Assets | 45,576 | [1] | 44,097 | [1] |
Operating Segments [Member] | Downstream [Member] | United States [Member] | ' | ' | ||
Segment Assets | ' | ' | ||
Segment Assets | 24,216 | [1] | 23,829 | [1] |
Operating Segments [Member] | Downstream [Member] | International [Member] | ' | ' | ||
Segment Assets | ' | ' | ||
Segment Assets | 21,360 | [1] | 20,268 | [1] |
Corporate, Non-Segment [Member] | United States [Member] | ' | ' | ||
Segment Assets | ' | ' | ||
Segment Assets | 6,547 | [1] | 7,326 | [1] |
Corporate, Non-Segment [Member] | International [Member] | ' | ' | ||
Segment Assets | ' | ' | ||
Segment Assets | 13,201 | [1] | 15,159 | [1] |
Corporate, Non-Segment [Member] | All Other [Member] | ' | ' | ||
Segment Assets | ' | ' | ||
Segment Assets | $19,748 | [1] | $22,485 | [1] |
[1] | Effective January 1, 2014, International Upstream prospectively includes selected amounts previously recognized in International Downstream, which are not material to the company’s results of operations or financial position. |
Operating_Segments_and_Geograp5
Operating Segments and Geographic Data (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | $55,583 | [1],[2] | $55,307 | [1],[2] | $106,561 | [1],[2] | $109,603 | [1],[2] |
Operating Segments [Member] | Upstream [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 19,419 | [1] | 18,159 | [1] | 38,045 | [1] | 37,337 | [1] |
Operating Segments [Member] | Upstream [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 5,965 | [1] | 6,413 | [1] | 12,710 | [1] | 12,680 | [1] |
Operating Segments [Member] | Upstream [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 13,454 | [1] | 11,746 | [1] | 25,335 | [1] | 24,657 | [1] |
Operating Segments [Member] | Downstream [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 49,801 | [1] | 48,777 | [1] | 93,823 | [1] | 96,385 | [1] |
Operating Segments [Member] | Downstream [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 21,202 | [1] | 21,555 | [1] | 41,420 | [1] | 41,985 | [1] |
Operating Segments [Member] | Downstream [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 28,599 | [1] | 27,222 | [1] | 52,403 | [1] | 54,400 | [1] |
Intersegment Eliminations [Member] | Upstream [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | -4,260 | [1] | -4,217 | [1] | -8,192 | [1] | -8,411 | [1] |
Intersegment Eliminations [Member] | Upstream [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | -6,597 | [1] | -7,449 | [1] | -12,359 | [1] | -15,805 | [1] |
Intersegment Eliminations [Member] | Downstream [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | -7 | [1] | -11 | [1] | -12 | [1] | -22 | [1] |
Intersegment Eliminations [Member] | Downstream [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | -2,849 | [1] | -26 | [1] | -4,894 | [1] | -42 | [1] |
Operating Segments, Excluding Intersegment Eliminations [Member] | Upstream [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 8,562 | [1] | 6,493 | [1] | 17,494 | [1] | 13,121 | [1] |
Operating Segments, Excluding Intersegment Eliminations [Member] | Downstream [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 46,945 | [1] | 48,740 | [1] | 88,917 | [1] | 96,321 | [1] |
Corporate, Non-Segment [Member] | All Other [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 494 | [1] | 458 | [1] | 888 | [1] | 842 | [1] |
Corporate, Non-Segment [Member] | All Other [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 486 | [1] | 449 | [1] | 875 | [1] | 827 | [1] |
Corporate, Non-Segment [Member] | All Other [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 8 | [1] | 9 | [1] | 13 | [1] | 15 | [1] |
Intersegment Eliminations, Corporate, Non-Segment [Member] | All Other [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | -411 | [1] | -375 | [1] | -726 | [1] | -667 | [1] |
Intersegment Eliminations, Corporate, Non-Segment [Member] | All Other [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | -7 | [1] | -9 | [1] | -12 | [1] | -14 | [1] |
Corporate, Non-Segment, Excluding Intersegment Eliminations [Member] | All Other [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 76 | [1] | 74 | [1] | 150 | [1] | 161 | [1] |
Operating Segments and Coporate, Non-Segment [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 69,714 | [1] | 67,394 | [1] | 132,756 | [1] | 134,564 | [1] |
Operating Segments and Coporate, Non-Segment [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 27,653 | [1] | 28,417 | [1] | 55,005 | [1] | 55,492 | [1] |
Operating Segments and Coporate, Non-Segment [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | 42,061 | [1] | 38,977 | [1] | 77,751 | [1] | 79,072 | [1] |
Intersegment Eliminations, Operating Segments and Corporate, Non-Segment [Member] | United States [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | -4,678 | [1] | -4,603 | [1] | -8,930 | [1] | -9,100 | [1] |
Intersegment Eliminations, Operating Segments and Corporate, Non-Segment [Member] | International [Member] | ' | ' | ' | ' | ||||
Sales and Other Operating Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenues | ($9,453) | [1] | ($7,484) | [1] | ($17,265) | [1] | ($15,861) | [1] |
[1] | Effective January 1, 2014, International Upstream prospectively includes selected amounts previously recognized in International Downstream, which are not material to the company’s results of operations or financial position. | |||||||
[2] | * Includes excise, value-added and similar taxes:$2,120Â $2,108Â $4,066Â $4,141 |
Operating_Segments_and_Geograp6
Operating Segments and Geographic Data (Details Textual) | 6 Months Ended |
Jun. 30, 2014 | |
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 | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Statement of Income - Chevron U.S.A. Inc. | ' | ' | ' | ' | ||||
Sales and other operating revenues | $55,583 | [1],[2] | $55,307 | [1],[2] | $106,561 | [1],[2] | $109,603 | [1],[2] |
Costs and other deductions | 48,911 | 48,780 | 94,248 | 95,315 | ||||
Net income | 5,665 | [1] | 5,365 | [1] | 10,177 | [1] | 11,543 | [1] |
Chevron U.S.A. Inc. [Member] | ' | ' | ' | ' | ||||
Statement of Income - Chevron U.S.A. Inc. | ' | ' | ' | ' | ||||
Sales and other operating revenues | ' | ' | 84,841 | 85,598 | ||||
Costs and other deductions | ' | ' | 82,242 | 83,253 | ||||
Net income | ' | ' | $2,438 | $2,037 | ||||
[1] | Effective January 1, 2014, International Upstream prospectively includes selected amounts previously recognized in International Downstream, which are not material to the company’s results of operations or financial position. | |||||||
[2] | * Includes excise, value-added and similar taxes:$2,120Â $2,108Â $4,066Â $4,141 |
Summarized_Financial_Data_Chev5
Summarized Financial Data - Chevron U.S.A. Inc. (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Balance Sheet - Chevron U.S.A. Inc. | ' | ' | ' | ' |
Current assets | $48,920 | $50,250 | ' | ' |
Current liabilities | 36,328 | 33,018 | ' | ' |
Total Equity | 154,747 | 150,427 | 144,164 | 137,832 |
Chevron U.S.A. Inc. [Member] | ' | ' | ' | ' |
Balance Sheet - Chevron U.S.A. Inc. | ' | ' | ' | ' |
Current assets | 17,551 | 17,626 | ' | ' |
Other assets | 59,553 | 57,288 | ' | ' |
Current liabilities | 18,882 | 17,486 | ' | ' |
Other liabilities | 28,388 | 28,119 | ' | ' |
Total Equity | 29,834 | 29,309 | ' | ' |
Memo: Total debt | $14,478 | $14,482 | ' | ' |
Summarized_Financial_Data_Chev6
Summarized Financial Data - Chevron Transport Corporation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Summarized Financial Data - Chevron Transport Corporation | ' | ' | ' | ' | ||||
Sales and other operating revenues | $55,583 | [1],[2] | $55,307 | [1],[2] | $106,561 | [1],[2] | $109,603 | [1],[2] |
Costs and other deductions | 48,911 | 48,780 | 94,248 | 95,315 | ||||
Net loss attributable to CTC | 5,665 | [1] | 5,365 | [1] | 10,177 | [1] | 11,543 | [1] |
Chevron Transport Corporation [Member] | ' | ' | ' | ' | ||||
Summarized Financial Data - Chevron Transport Corporation | ' | ' | ' | ' | ||||
Sales and other operating revenues | 133 | 120 | 306 | 251 | ||||
Costs and other deductions | 176 | 164 | 375 | 336 | ||||
Net loss attributable to CTC | ($43) | ($43) | ($69) | ($84) | ||||
[1] | Effective January 1, 2014, International Upstream prospectively includes selected amounts previously recognized in International Downstream, which are not material to the company’s results of operations or financial position. | |||||||
[2] | * Includes excise, value-added and similar taxes:$2,120Â $2,108Â $4,066Â $4,141 |
Summarized_Financial_Data_Chev7
Summarized Financial Data - Chevron Transport Corporation (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Balance Sheet - Chevron Transport Corporation | ' | ' | ' | ' |
Current assets | $48,920 | $50,250 | ' | ' |
Current liabilities | 36,328 | 33,018 | ' | ' |
Total Equity | 154,747 | 150,427 | 144,164 | 137,832 |
Chevron Transport Corporation [Member] | ' | ' | ' | ' |
Balance Sheet - Chevron Transport Corporation | ' | ' | ' | ' |
Current assets | 204 | 221 | ' | ' |
Other assets | 728 | 549 | ' | ' |
Current liabilities | 73 | 94 | ' | ' |
Other liabilities | 1,161 | 911 | ' | ' |
Total Equity | ($302) | ($235) | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax expense | $3,337 | $3,185 | $6,744 | $7,229 |
Effective tax rates | 37.00% | 37.00% | 40.00% | 38.00% |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Net Periodic Benefit Cost | ' | ' | ' | ' | ||||
Net Periodic Benefit Costs | $217 | $353 | $424 | $696 | ||||
U.S. [Member] | ' | ' | ' | ' | ||||
Net Periodic Benefit Cost | ' | ' | ' | ' | ||||
Service cost | 112 | 123 | 225 | 247 | ||||
Interest cost | 123 | 118 | 247 | 236 | ||||
Expected return on plan assets | -197 | -175 | -394 | -350 | ||||
Amortization of prior service costs (credits) | -2 | 1 | -4 | 1 | ||||
Amortization of actuarial losses | 53 | 122 | 105 | 243 | ||||
Settlement losses (gains) | 33 | 57 | 66 | 114 | ||||
Net Periodic Benefit Costs | 122 | 246 | 245 | 491 | ||||
International [Member] | ' | ' | ' | ' | ||||
Net Periodic Benefit Cost | ' | ' | ' | ' | ||||
Service cost | 50 | 49 | 97 | 97 | ||||
Interest cost | 89 | 82 | 173 | 159 | ||||
Expected return on plan assets | -76 | -68 | -152 | -136 | ||||
Amortization of prior service costs (credits) | 5 | 5 | 10 | 10 | ||||
Amortization of actuarial losses | 27 | 39 | 51 | 75 | ||||
Net Periodic Benefit Costs | 95 | 107 | 179 | 205 | ||||
Other Benefits [Member] | ' | ' | ' | ' | ||||
Net Periodic Benefit Cost | ' | ' | ' | ' | ||||
Service cost | 12 | [1] | 18 | [1] | 25 | [1] | 36 | [1] |
Interest cost | 38 | [1] | 40 | [1] | 75 | [1] | 80 | [1] |
Amortization of prior service costs (credits) | 4 | [1] | -13 | [1] | 7 | [1] | -25 | [1] |
Amortization of actuarial losses | 1 | [1] | 14 | [1] | 3 | [1] | 27 | [1] |
Net Periodic Benefit Costs | $55 | $59 | $110 | $118 | ||||
[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 $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
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 | ' | $700 |
Defined benefit plan, contributions by employer to employee pension plan | 159 | ' |
Defined benefit plan, estimated future employer contributions in current fiscal year | 450 | ' |
Contribution to other post retirement plans | 103 | ' |
Defined benefit plan, expected contributions in current fiscal year | 112 | ' |
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 | ' | 350 |
Defined benefit plan, contributions by employer to employee pension plan | 63 | ' |
Defined benefit plan, estimated future employer contributions in current fiscal year | 100 | ' |
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, estimated future employer contributions in current fiscal year | $350 | ' |
Litigation_Details
Litigation (Details) (USD $) | 36 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||||
Dec. 31, 1993 | Jun. 30, 2014 | Aug. 03, 2012 | Feb. 14, 2011 | Sep. 30, 2010 | Aug. 31, 2010 | Jun. 30, 2014 | Nov. 13, 2013 | Nov. 06, 2012 | Jan. 03, 2012 | Feb. 14, 2011 | Dec. 31, 2008 | Jun. 30, 2014 | Jul. 02, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
breach | MTBE [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Pending Litigation [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] | Pending Litigation [Member] | Pending Litigation [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | Ecuador [Member] | ||
LegalMatter | LegalMatter | Pending Litigation [Member] | Pending Litigation [Member] | |||||||||||||
LegalMatter | LegalMatter | |||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pending lawsuits and claims (in number of claims) | ' | 12 | ' | ' | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | 9,500,000,000 | ' | ' | 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 $) | 6 Months Ended | |
Jun. 30, 2014 | 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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' |
Derivatives | $13 | $28 |
Derivatives | 83 | 89 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' |
Marketable Securities | 268 | 263 |
Derivatives | 13 | 28 |
Total Assets at Fair Value | 281 | 291 |
Derivatives | 83 | 89 |
Total Liabilities at Fair Value | 83 | 89 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' |
Marketable Securities | 268 | 263 |
Derivatives | 0 | 0 |
Total Assets at Fair Value | 268 | 263 |
Derivatives | 63 | 80 |
Total Liabilities at Fair Value | 63 | 80 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' |
Marketable Securities | 0 | 0 |
Derivatives | 13 | 28 |
Total Assets at Fair Value | 13 | 28 |
Derivatives | 20 | 9 |
Total Liabilities at Fair Value | 20 | 9 |
Fair Value, Measurements, Recurring [Member] | Level 3 [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 | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ' | ' |
Properties, plant and equipment, net (held and used) | $19 | $19 |
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 1 | 1 |
Total Assets at Fair Value | 20 | 20 |
Properties, plant and equipment, net (held and used) Before-Tax Loss | 93 | 560 |
Properties, plant and equipment, net (held for sale) Before-Tax Loss | 0 | 0 |
Investments and advances Before Tax Loss | 4 | 31 |
Total Assets at Fair Value Before-Tax Loss | 97 | 591 |
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) | 0 | 0 |
Investments and advances | 0 | 0 |
Total Assets at Fair Value | 0 | 0 |
Level 3 [Member] | ' | ' |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ' | ' |
Properties, plant and equipment, net (held and used) | 19 | 19 |
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 1 | 1 |
Total Assets at Fair Value | $20 | $20 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details Textual) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | $14,000,000,000 | $16,200,000,000 |
Maturity period of bank time deposits, minimum, classified as time deposits (in days) | '90 days | ' |
Time deposits | 8,000,000 | 8,000,000 |
Restricted cash | 1,200,000,000 | 1,200,000,000 |
Long-term debt, net carrying value | 12,400,000,000 | 12,300,000,000 |
Level 1 [Member] | Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of debt | 11,700,000,000 | ' |
Level 2 [Member] | Other Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of debt | 700,000,000 | ' |
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 | $12,000,000,000 | $12,000,000,000 |
Maximum [Member] | ' | ' |
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 | ' |
Financial_and_Derivative_Instr2
Financial and Derivative Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ' | ' |
Total Assets at Fair Value | $13 | $28 |
Total Liabilities at Fair Value | 83 | 89 |
Commodity [Member] | Accounts and notes receivable, net [Member] | ' | ' |
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ' | ' |
Total Assets at Fair Value | 12 | 22 |
Commodity [Member] | Long term receivables, net [Member] | ' | ' |
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ' | ' |
Total Assets at Fair Value | 1 | 6 |
Commodity [Member] | Accounts payable [Member] | ' | ' |
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ' | ' |
Total Liabilities at Fair Value | 66 | 65 |
Commodity [Member] | Deferred credits and other noncurrent obligations [Member] | ' | ' |
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ' | ' |
Total Liabilities at Fair Value | $17 | $24 |
Financial_and_Derivative_Instr3
Financial and Derivative Instruments (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($79) | $78 | ($13) | ($2) |
Commodity [Member] | Sales and other operating revenues [Member] | ' | ' | ' | ' |
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -71 | 112 | 26 | 37 |
Commodity [Member] | Purchased crude oil and products [Member] | ' | ' | ' | ' |
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -8 | -28 | -16 | -32 |
Commodity [Member] | Other income [Member] | ' | ' | ' | ' |
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $0 | ($6) | ($23) | ($7) |
Financial_and_Derivative_Instr4
Financial and Derivative Instruments (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Assets [Abstract] | ' | ' |
Derivative Assets, Gross Amount Recognized | $1,384 | $732 |
Derivative Assets, Gross Amounts Offset | 1,371 | 704 |
Derivative Assets, Net Amounts Presented | 13 | 28 |
Derivative Assets, Gross Amounts Not Offset | 12 | 27 |
Derivative Assets, Net Amount | 1 | 1 |
Offsetting Liabilities [Abstract] | ' | ' |
Derivative Liabilities, Gross Amount Recognized | 1,454 | 793 |
Derivative Liabilities, Gross Amounts Offset | 1,371 | 704 |
Derivative Liabilities | 83 | 89 |
Derivative Liabilities, Gross Amount Not Offset | 0 | 0 |
Derivative Liabilities, Net Amount | $83 | $89 |
Accounting_for_Suspended_Explo1
Accounting for Suspended Exploratory Wells (Details) (USD $) | Jun. 30, 2014 |
Accounting for Suspended Exploratory Wells [Abstract] | ' |
Capitalized cost of exploratory wells | $3,900,000,000 |
Increase in capitalized cost of suspended wells from the prior year end | $656,000,000 |