Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 09, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CHEVRON CORP | ||
Entity Central Index Key | 93410 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $247,905,549,754 | ||
Entity Common Stock, Shares Outstanding | 1,880,180,422 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues and Other Income | ||||||
Sales and other operating revenues | $200,494 | [1] | $220,156 | [1] | $230,590 | [1] |
Income from equity affiliates | 7,098 | 7,527 | 6,889 | |||
Other income | 4,378 | 1,165 | 4,430 | |||
Total Revenues and Other Income | 211,970 | 228,848 | 241,909 | |||
Costs and Other Deductions | ||||||
Purchased crude oil and products | 119,671 | 134,696 | 140,766 | |||
Operating expenses | 25,285 | 24,627 | 22,570 | |||
Selling, general and administrative expenses | 4,494 | 4,510 | 4,724 | |||
Exploration expenses | 1,985 | 1,861 | 1,728 | |||
Depreciation, depletion and amortization | 16,793 | [2],[3] | 14,186 | [2],[3] | 13,413 | [2],[3] |
Taxes other than on income | 12,540 | [1] | 13,063 | [1] | 12,376 | [1] |
Total Costs and Other Deductions | 180,768 | 192,943 | 195,577 | |||
Income Before Income Tax Expense | 31,202 | 35,905 | 46,332 | |||
Income Tax Expense | 11,892 | 14,308 | 19,996 | |||
Net Income | 19,310 | 21,597 | 26,336 | |||
Less: Net income attributable to noncontrolling interests | 69 | 174 | 157 | |||
Net Income Attributable to Chevron Corporation | $19,241 | [4] | $21,423 | [4] | $26,179 | [4] |
Net Income Attributable to Chevron Corporation | ||||||
– Basic (per share) | $10.21 | $11.18 | $13.42 | |||
– Diluted (per share) | $10.14 | $11.09 | $13.32 | |||
[1] | Includes excise, value-added and similar taxes.$8,186Â $8,492Â $8,010 | |||||
[2] | Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2014. Australia had $41,012, $31,464 and $21,770 in 2014, 2013, and 2012, respectively. Nigeria had PP&E of $19,214, $18,429 and $17,485 for 2014, 2013 and 2012, respectively. | |||||
[3] | Depreciation expense includes accretion expense of $882, $627 and $629 in 2014, 2013 and 2012, respectively. | |||||
[4] | There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. |
Consolidated_Statement_of_Inco1
Consolidated Statement of Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Includes excise, value-added and similar taxes | $8,186 | $8,492 | $8,010 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $19,310 | $21,597 | $26,336 | |
Currency translation adjustment | ||||
Unrealized net change arising during period | -73 | 42 | 23 | |
Unrealized holding (loss) gain on securities | ||||
Net (loss) gain arising during period | -2 | -7 | 1 | |
Derivatives | ||||
Net derivatives (loss) gain on hedge transactions | -66 | -111 | 20 | |
Reclassification to net income of net realized (gain) loss | -17 | -1 | -14 | |
Income taxes on derivatives transactions | 29 | 39 | -3 | |
Total | -54 | -73 | 3 | |
Actuarial gain (loss) | ||||
Amortization to net income of net actuarial loss and settlements | 757 | 866 | 920 | |
Actuarial (loss) gain arising during period | -2,730 | 3,379 | -1,180 | |
Prior service credits (cost) | ||||
Amortization to net income of net prior service costs (credits) | 26 | -27 | -61 | |
Prior service (costs) credits arising during period | -6 | 60 | -142 | |
Defined benefit plans sponsored by equity affiliates | -99 | 164 | -54 | |
Income taxes on defined benefit plans | 901 | -1,614 | 143 | |
Total | -1,151 | 2,828 | -374 | |
Other Comprehensive (Loss) Gain, Net of Tax | -1,280 | [1] | 2,790 | -347 |
Comprehensive Income | 18,030 | 24,387 | 25,989 | |
Comprehensive income attributable to noncontrolling interests | -69 | -174 | -157 | |
Comprehensive Income Attributable to Chevron Corporation | $17,961 | $24,213 | $25,832 | |
[1] | All amounts are net of tax. |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $12,785 | $16,245 | ||
Time deposits | 8 | 8 | ||
Marketable securities | 422 | 263 | ||
Accounts and notes receivable (less allowance: 2014 - $59; 2013 - $62) | 16,736 | 21,622 | ||
Inventories: | ||||
Crude oil and petroleum products | 3,854 | 3,879 | ||
Chemicals | 467 | 491 | ||
Materials, supplies and other | 2,184 | 2,010 | ||
Total inventories | 6,505 | 6,380 | ||
Prepaid expenses and other current assets | 5,776 | 5,732 | ||
Total Current Assets | 42,232 | 50,250 | ||
Long-term receivables, net | 2,817 | 2,833 | ||
Investments and advances | 26,912 | 25,502 | ||
Properties, plant and equipment, at cost | 327,289 | [1] | 296,433 | [1] |
Less: Accumulated depreciation, depletion and amortization | 144,116 | 131,604 | ||
Properties, plant and equipment, net | 183,173 | [1] | 164,829 | [1] |
Deferred charges and other assets | 6,299 | 5,120 | ||
Goodwill | 4,593 | 4,639 | ||
Assets held for sale | 0 | 580 | ||
Total Assets | 266,026 | 253,753 | ||
Liabilities and Equity | ||||
Short-term debt | 3,790 | 374 | ||
Accounts payable | 19,000 | 22,815 | ||
Accrued liabilities | 5,328 | 5,402 | ||
Federal and other taxes on income | 2,575 | 3,092 | ||
Other taxes payable | 1,233 | 1,335 | ||
Total Current Liabilities | 31,926 | 33,018 | ||
Long-term debt | 23,960 | 19,960 | ||
Capital lease obligations | 68 | 97 | ||
Deferred credits and other noncurrent obligations | 23,549 | 22,982 | ||
Noncurrent deferred income taxes | 21,920 | 21,301 | ||
Noncurrent employee benefit plans | 8,412 | 5,968 | ||
Total Liabilities | 109,835 | 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 December 31, 2014 and 2013) | 1,832 | 1,832 | ||
Capital in excess of par value | 16,041 | 15,713 | ||
Retained earnings | 184,987 | 173,677 | ||
Accumulated other comprehensive loss | -4,859 | [2] | -3,579 | [2] |
Deferred compensation and benefit plan trust | -240 | -240 | ||
Treasury stock, at cost (2014 - 563,027,772 shares; 2013 - 529,073,512 shares) | -42,733 | -38,290 | ||
Total Chevron Corporation Stockholders' Equity | 155,028 | 149,113 | ||
Noncontrolling interests | 1,163 | 1,314 | ||
Total Equity | 156,191 | 150,427 | ||
Total Liabilities and Equity | $266,026 | $253,753 | ||
[1] | Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2014. Australia had $41,012, $31,464 and $21,770 in 2014, 2013, and 2012, respectively. Nigeria had PP&E of $19,214, $18,429 and $17,485 for 2014, 2013 and 2012, respectively. | |||
[2] | All amounts are net of tax. |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for accounts and notes receivable, current | $59 | $62 |
Preferred stock, par value (usd per share) | $1 | $1 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (usd 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 | 563,027,772 | 529,073,512 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Operating Activities | ||||||
Net Income | $19,310 | $21,597 | $26,336 | |||
Adjustments | ||||||
Depreciation, depletion and amortization | 16,793 | [1],[2] | 14,186 | [1],[2] | 13,413 | [1],[2] |
Dry hole expense | 875 | 683 | 555 | |||
Distributions less than income from equity affiliates | -2,202 | -1,178 | -1,351 | |||
Net before-tax gains on asset retirements and sales | -3,540 | -639 | -4,089 | |||
Net foreign currency effects | -277 | -103 | 207 | |||
Deferred income tax provision | 1,572 | 1,876 | 2,015 | |||
Net (increase) decrease in operating working capital | -540 | -1,331 | 363 | |||
(Increase) decrease in long-term receivables | -9 | 183 | -169 | |||
Decrease (increase) in other deferred charges | 263 | -321 | 1,047 | |||
Cash contributions to employee pension plans | -392 | -1,194 | -1,228 | |||
Other | -378 | 1,243 | 1,713 | |||
Net Cash Provided by Operating Activities | 31,475 | 35,002 | 38,812 | |||
Investing Activities | ||||||
Capital expenditures | -35,407 | -37,985 | -30,938 | |||
Proceeds and deposits related to asset sales | 5,729 | 1,143 | 2,777 | |||
Net sales of time deposits | 0 | 700 | 3,250 | |||
Net (purchases) sales of marketable securities | -148 | 3 | -3 | |||
Net repayment of loans by equity affiliates | 140 | 314 | 328 | |||
Net (purchases) sales of other short-term investments | -207 | 216 | -210 | |||
Net Cash Used for Investing Activities | -29,893 | -35,609 | -24,796 | |||
Financing Activities | ||||||
Net borrowings of short-term obligations | 3,431 | 2,378 | 264 | |||
Proceeds from issuances of long-term debt | 4,000 | 6,000 | 4,007 | |||
Repayments of long-term debt and other financing obligations | -43 | -132 | -2,224 | |||
Cash dividends - common stock | -7,928 | -7,474 | -6,844 | |||
Distributions to noncontrolling interests | -47 | -99 | -41 | |||
Net purchases of treasury shares | -4,412 | -4,494 | -4,142 | |||
Net Cash Used for Financing Activities | -4,999 | -3,821 | -8,980 | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -43 | -266 | 39 | |||
Net Change in Cash and Cash Equivalents | -3,460 | -4,694 | 5,075 | |||
Cash and Cash Equivalents at January 1 | 16,245 | 20,939 | 15,864 | |||
Cash and Cash Equivalents at December 31 | $12,785 | $16,245 | $20,939 | |||
[1] | Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2014. Australia had $41,012, $31,464 and $21,770 in 2014, 2013, and 2012, respectively. Nigeria had PP&E of $19,214, $18,429 and $17,485 for 2014, 2013 and 2012, respectively. | |||||
[2] | Depreciation expense includes accretion expense of $882, $627 and $629 in 2014, 2013 and 2012, respectively. |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (USD $) | Total | Parent [Member] | Preferred Stock | Common Stock | Capital in Excess of Par | Retained Earnings | Accumulated Other Comprehensive Loss | Currency translation adjustment | Unrealized net holding (loss) gain on securities | Net derivatives gain (loss) on hedge transactions | Pension and other postretirement benefit plans | Deferred Compensation and Benefit Plan Trust | Deferred Compensation | Benefit Plan Trust (Common Stock) | Treasury Stock at Cost | Noncontrolling Interests | ||
In Millions, except Share data in Thousands, unless otherwise specified | ||||||||||||||||||
Balance at January 1 at Dec. 31, 2011 | $15,156 | $140,399 | ($88) | $0 | $122 | ($6,056) | ($58) | ($29,685) | $799 | |||||||||
Balance at January 1, shares at Dec. 31, 2011 | 461,510 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income attributable to Chevron Corporation | 26,179 | [1] | 26,179 | |||||||||||||||
Cash dividends on common stock | -6,844 | |||||||||||||||||
Stock dividends | -3 | |||||||||||||||||
Tax (charge) benefit from dividends paid on unallocated ESOP shares and other | -1 | |||||||||||||||||
Change during year | -347 | 23 | 1 | 3 | -374 | |||||||||||||
Net reduction of ESOP debt and other | 16 | |||||||||||||||||
Purchases, shares | 46,669 | |||||||||||||||||
Purchases | 341 | -5,004 | ||||||||||||||||
Issuances - mainly employee benefit plans, shares | -12,200 | |||||||||||||||||
Issuances - mainly employee benefit plans | 805 | |||||||||||||||||
Balance at December 31 at Dec. 31, 2012 | 137,832 | 136,524 | 0 | 1,832 | 15,497 | 159,730 | -6,369 | -65 | 1 | 125 | -6,430 | -282 | -42 | -240 | -33,884 | 1,308 | ||
Balance at December 31, shares at Dec. 31, 2012 | 0 | 2,442,677 | 14,168 | 14,168 | 495,979 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income attributable to Chevron Corporation | 21,423 | [1] | 21,423 | |||||||||||||||
Cash dividends on common stock | -7,474 | |||||||||||||||||
Stock dividends | -3 | |||||||||||||||||
Tax (charge) benefit from dividends paid on unallocated ESOP shares and other | 1 | |||||||||||||||||
Change during year | 2,790 | 42 | -7 | -73 | 2,828 | |||||||||||||
Net reduction of ESOP debt and other | 42 | |||||||||||||||||
Purchases, shares | 41,676 | |||||||||||||||||
Purchases | 216 | -5,004 | ||||||||||||||||
Issuances - mainly employee benefit plans, shares | -8,581 | |||||||||||||||||
Issuances - mainly employee benefit plans | 598 | |||||||||||||||||
Balance at December 31 at Dec. 31, 2013 | 150,427 | 149,113 | 0 | 1,832 | 15,713 | 173,677 | -3,579 | -23 | -6 | 52 | -3,602 | -240 | 0 | -240 | -38,290 | 1,314 | ||
Balance at December 31, shares at Dec. 31, 2013 | 0 | 2,442,677 | 14,168 | 14,168 | 529,074 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income attributable to Chevron Corporation | 19,241 | [1] | 19,241 | |||||||||||||||
Cash dividends on common stock | -7,928 | |||||||||||||||||
Stock dividends | -3 | |||||||||||||||||
Tax (charge) benefit from dividends paid on unallocated ESOP shares and other | 0 | |||||||||||||||||
Change during year | [2] | -1,280 | -73 | -2 | -54 | -1,151 | ||||||||||||
Net reduction of ESOP debt and other | 0 | |||||||||||||||||
Purchases, shares | 41,592 | |||||||||||||||||
Purchases | 328 | -5,006 | ||||||||||||||||
Issuances - mainly employee benefit plans, shares | -7,638 | |||||||||||||||||
Issuances - mainly employee benefit plans | 563 | |||||||||||||||||
Balance at December 31 at Dec. 31, 2014 | $156,191 | $155,028 | $0 | $1,832 | $16,041 | $184,987 | ($4,859) | ($96) | ($8) | ($2) | ($4,753) | ($240) | $0 | ($240) | ($42,733) | $1,163 | ||
Balance at December 31, shares at Dec. 31, 2014 | 0 | 2,442,677 | 14,168 | 14,168 | 563,028 | |||||||||||||
[1] | There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. | |||||||||||||||||
[2] | All amounts are net of tax. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America. These require the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and judgments, actual results could differ from these estimates as future confirming events occur. | |
Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary companies more than 50 percent-owned and any variable-interest entities in which the company is the primary beneficiary. Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis. Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately 20 percent to 50 percent, or for which the company exercises significant influence but not control over policy decisions, are accounted for by the equity method. As part of that accounting, the company recognizes gains and losses that arise from the issuance of stock by an affiliate that results in changes in the company’s proportionate share of the dollar amount of the affiliate’s equity currently in income. | |
Investments in affiliates are assessed for possible impairment when events indicate that the fair value of the investment may be below the company’s carrying value. When such a condition is deemed to be other than temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in net income. In making the determination as to whether a decline is other than temporary, the company considers such factors as the duration and extent of the decline, the investee’s financial performance, and the company’s ability and intention to retain its investment for a period that will be sufficient to allow for any anticipated recovery in the investment’s market value. The new cost basis of investments in these equity investees is not changed for subsequent recoveries in fair value. | |
Differences between the company’s carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned to the extent practicable to specific assets and liabilities based on the company’s analysis of the various factors giving rise to the difference. When appropriate, the company’s share of the affiliate’s reported earnings is adjusted quarterly to reflect the difference between these allocated values and the affiliate’s historical book values. | |
Derivatives The majority of the company’s activity in derivative commodity instruments is intended to manage the financial risk posed by physical transactions. For some of this derivative activity, generally limited to large, discrete or infrequently occurring transactions, the company may elect to apply fair value or cash flow hedge accounting. For other similar derivative instruments, generally because of the short-term nature of the contracts or their limited use, the company does not apply hedge accounting, and changes in the fair value of those contracts are reflected in current income. For the company’s commodity trading activity, gains and losses from derivative instruments are reported in current income. The company may enter into interest rate swaps from time to time as part of its overall strategy to manage the interest rate risk on its debt. Interest rate swaps related to a portion of the company’s fixed-rate debt, if any, may be accounted for as fair value hedges. Interest rate swaps related to floating-rate debt, if any, are recorded at fair value on the balance sheet with resulting gains and losses reflected in income. Where Chevron is a party to master netting arrangements, fair value receivable and payable amounts recognized for derivative instruments executed with the same counterparty are generally offset on the balance sheet. | |
Short-Term Investments All short-term investments are classified as available for sale and are in highly liquid debt securities. Those investments that are part of the company’s cash management portfolio and have original maturities of three months or less are reported as “Cash equivalents.” Bank time deposits with maturities greater than 90 days are reported as “Time deposits.” The balance of short-term investments is reported as “Marketable securities” and is marked-to-market, with any unrealized gains or losses included in “Other comprehensive income.” | |
Inventories Crude oil, petroleum products and chemicals inventories are generally stated at cost, using a last-in, first-out method. In the aggregate, these costs are below market. “Materials, supplies and other” inventories generally are stated at average cost. | |
Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation (ARO) assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. | |
Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. Refer to Note 20, beginning on page FS-49, for additional discussion of accounting for suspended exploratory well costs. | |
Long-lived assets to be held and used, including proved crude oil and natural gas properties, are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net before-tax cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast), significant change in the extent or manner of use of or a physical change in an asset, and a more-likely-than-not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net before-tax cash flows. For proved crude oil and natural gas properties in the United States, the company generally performs an impairment review on an individual field basis. Outside the United States, reviews are performed on a country, concession, development area or field basis, as appropriate. In Downstream, impairment reviews are performed on the basis of a refinery, a plant, a marketing/lubricants area or distribution area, as appropriate. Impairment amounts are recorded as incremental “Depreciation, depletion and amortization” expense. | |
Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the asset is considered impaired and adjusted to the lower value. Refer to Note 9, beginning on page FS-34, relating to fair value measurements. | |
The fair value of a liability for an ARO is recorded as an asset and a liability when there is a legal obligation associated with the retirement of a long-lived asset and the amount can be reasonably estimated. Refer also to Note 24, on page FS-59, relating to AROs. | |
Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using the unit-of-production method, generally by individual field, as the proved developed reserves are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. Periodic valuation provisions for impairment of capitalized costs of unproved mineral interests are expensed. | |
The capitalized costs of all other plant and equipment are depreciated or amortized over their estimated useful lives. In general, the declining-balance method is used to depreciate plant and equipment in the United States; the straight-line method is generally used to depreciate international plant and equipment and to amortize all capitalized leased assets. | |
Gains or losses are not recognized for normal retirements of properties, plant and equipment subject to composite group amortization or depreciation. Gains or losses from abnormal retirements are recorded as expenses, and from sales as “Other income.” | |
Expenditures for maintenance (including those for planned major maintenance projects), repairs and minor renewals to maintain facilities in operating condition are generally expensed as incurred. Major replacements and renewals are capitalized. | |
Goodwill Goodwill resulting from a business combination is not subject to amortization. The company tests such goodwill at the reporting unit level for impairment on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. | |
Environmental Expenditures Environmental expenditures that relate to ongoing operations or to conditions caused by past operations are expensed. Expenditures that create future benefits or contribute to future revenue generation are capitalized. | |
Liabilities related to future remediation costs are recorded when environmental assessments or cleanups or both are probable and the costs can be reasonably estimated. For the company’s U.S. and Canadian marketing facilities, the accrual is based in part on the probability that a future remediation commitment will be required. For crude oil, natural gas and mineral-producing properties, a liability for an ARO is made in accordance with accounting standards for asset retirement and environmental obligations. Refer to Note 24, on page FS-59, for a discussion of the company’s AROs. | |
For federal Superfund sites and analogous sites under state laws, the company records a liability for its designated share of the probable and estimable costs, and probable amounts for other potentially responsible parties when mandated by the regulatory agencies because the other parties are not able to pay their respective shares. | |
The gross amount of environmental liabilities is based on the company’s best estimate of future costs using currently available technology and applying current regulations and the company’s own internal environmental policies. Future amounts are not discounted. Recoveries or reimbursements are recorded as assets when receipt is reasonably assured. | |
Currency Translation The U.S. dollar is the functional currency for substantially all of the company’s consolidated operations and those of its equity affiliates. For those operations, all gains and losses from currency remeasurement are included in current period income. The cumulative translation effects for those few entities, both consolidated and affiliated, using functional currencies other than the U.S. dollar are included in “Currency translation adjustment” on the Consolidated Statement of Equity. | |
Revenue Recognition Revenues associated with sales of crude oil, natural gas, petroleum and chemicals products, and all other sources are recorded when title passes to the customer, net of royalties, discounts and allowances, as applicable. Revenues from natural gas production from properties in which Chevron has an interest with other producers are generally recognized using the entitlement method. Excise, value-added and similar taxes assessed by a governmental authority on a revenue-producing transaction between a seller and a customer are presented on a gross basis. The associated amounts are shown as a footnote to the Consolidated Statement of Income, on page FS-23. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported in “Purchased crude oil and products” on the Consolidated Statement of Income. | |
Stock Options and Other Share-Based Compensation The company issues stock options and other share-based compensation to certain employees. For equity awards, such as stock options, total compensation cost is based on the grant date fair value, and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period an employee becomes eligible to retain the award at retirement. Stock options and stock appreciation rights granted under the company’s Long-Term Incentive Plan have graded vesting provisions by which one-third of each award vests on the first, second and third anniversaries of the date of grant. The company amortizes these graded awards on a straight-line basis. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Losses | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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 year ending December 31, 2014, are reflected in the table below. | ||||||||||||||||||||
Year Ended December 31, 20141 | ||||||||||||||||||||
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 | (73 | ) | (2 | ) | (43 | ) | (1,689 | ) | (1,807 | ) | ||||||||||
Reclassifications2 | — | — | (11 | ) | 538 | 527 | ||||||||||||||
Net Other Comprehensive Income (Loss) | (73 | ) | (2 | ) | (54 | ) | (1,151 | ) | (1,280 | ) | ||||||||||
Balance at December 31 | $ | (96 | ) | $ | (8 | ) | $ | (2 | ) | $ | (4,753 | ) | $ | (4,859 | ) | |||||
1 | All amounts are net of tax. | |||||||||||||||||||
2 | Refer to Note 22, Employee Benefit Plans for reclassified components totaling $783 that are included in employee benefit costs for the year ending December 31, 2014. Related income taxes for the same period, totaling $245, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant. |
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended | ||||||||||||
Dec. 31, 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. The term “earnings” is defined as “Net Income Attributable to Chevron Corporation.” | |||||||||||||
Activity for the equity attributable to noncontrolling interests for 2014, 2013 and 2012 is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at January 1 | $ | 1,314 | $ | 1,308 | $ | 799 | |||||||
Net income | 69 | 174 | 157 | ||||||||||
Distributions to noncontrolling interests | (47 | ) | (99 | ) | (41 | ) | |||||||
Other changes, net | (173 | ) | (69 | ) | 393 | ||||||||
Balance at December 31 | $ | 1,163 | $ | 1,314 | $ | 1,308 | |||||||
Information_Relating_to_the_Co
Information Relating to the Consolidated Statement of Cash Flows | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Information Relating to the Consolidated Statement of Cash Flows | Information Relating to the Consolidated Statement of Cash Flows | ||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net (increase) decrease in operating working capital was composed of the following: | |||||||||||||
Decrease (increase) in accounts and notes receivable | $ | 4,491 | $ | (1,101 | ) | $ | 1,153 | ||||||
Increase in inventories | (146 | ) | (237 | ) | (233 | ) | |||||||
(Increase) decrease in prepaid expenses and other current assets | (407 | ) | 834 | (471 | ) | ||||||||
(Decrease) increase in accounts payable and accrued liabilities | (3,737 | ) | 160 | 544 | |||||||||
Decrease in income and other taxes payable | (741 | ) | (987 | ) | (630 | ) | |||||||
Net (increase) decrease in operating working capital | $ | (540 | ) | $ | (1,331 | ) | $ | 363 | |||||
Net cash provided by operating activities includes the following cash payments for income taxes: | |||||||||||||
Income taxes | $ | 10,562 | $ | 12,898 | $ | 17,334 | |||||||
Net (purchases) sales of marketable securities consisted of the following gross amounts: | |||||||||||||
Marketable securities purchased | $ | (162 | ) | $ | (7 | ) | $ | (35 | ) | ||||
Marketable securities sold | 14 | 10 | 32 | ||||||||||
Net (purchases) sales of marketable securities | $ | (148 | ) | $ | 3 | $ | (3 | ) | |||||
Net sales of time deposits consisted of the following gross amounts: | |||||||||||||
Time deposits purchased | $ | (317 | ) | $ | (2,317 | ) | $ | (717 | ) | ||||
Time deposits matured | 317 | 3,017 | 3,967 | ||||||||||
Net sales of time deposits | $ | — | $ | 700 | $ | 3,250 | |||||||
The “Net (increase) decrease in operating working capital” includes reductions of $58, $79 and $98 for excess income tax benefits associated with stock options exercised during 2014, 2013 and 2012, respectively. These amounts are offset by an equal amount in “Net purchases of treasury shares.” "Other" includes changes in postretirement benefits obligations and other long-term liabilities. | |||||||||||||
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 $5,006, $5,004 and $5,004 in 2014, 2013 and 2012, respectively. In 2014, 2013 and 2012, the company purchased 41.5 million, 41.6 million and 46.6 million common shares for $5,000, $5,000 and $5,000 under its ongoing share repurchase program, respectively. | |||||||||||||
In 2014, 2013 and 2012, “Net (purchases) sales of other short-term investments” generally consisted of restricted cash associated with upstream abandonment activities, funds held in escrow for tax-deferred exchanges and asset acquisitions, and tax payments that was invested in cash and short-term securities and reclassified from “Cash and cash equivalents” to “Deferred charges and other assets” on the Consolidated Balance Sheet. | |||||||||||||
The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. The 2012 period excludes the effects of $800 of proceeds to be received in future periods for the sale of an equity interest in the Wheatstone Project, of which $164 has been received as of December 31, 2014. "Capital expenditures" in the 2012 period excludes a $1,850 increase in "Properties, plant and equipment" related to an upstream asset exchange in Australia. Refer also to Note 24, on page FS-59, for a discussion of revisions to the company’s AROs that also did not involve cash receipts or payments for the three years ending December 31, 2014. | |||||||||||||
The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory expenditures, including equity affiliates, are presented in the following table: | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Additions to properties, plant and equipment * | $ | 34,393 | $ | 36,550 | $ | 29,526 | |||||||
Additions to investments | 526 | 934 | 1,042 | ||||||||||
Current-year dry hole expenditures | 504 | 594 | 475 | ||||||||||
Payments for other liabilities and assets, net | (16 | ) | (93 | ) | (105 | ) | |||||||
Capital expenditures | 35,407 | 37,985 | 30,938 | ||||||||||
Expensed exploration expenditures | 1,110 | 1,178 | 1,173 | ||||||||||
Assets acquired through capital lease obligations and other financing obligations | 332 | 16 | 1 | ||||||||||
Capital and exploratory expenditures, excluding equity affiliates | 36,849 | 39,179 | 32,112 | ||||||||||
Company's share of expenditures by equity affiliates | 3,467 | 2,698 | 2,117 | ||||||||||
Capital and exploratory expenditures, including equity affiliates | $ | 40,316 | $ | 41,877 | $ | 34,229 | |||||||
* | Excludes noncash additions of $2,310 in 2014, $1,661 in 2013 and $4,569 in 2012. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Equity | Equity |
Retained earnings at December 31, 2014 and 2013, included approximately $14,512 and $11,395, respectively, for the company’s share of undistributed earnings of equity affiliates. | |
At December 31, 2014, about 133 million shares of Chevron’s common stock remained available for issuance from the 260 million shares that were reserved for issuance under the Chevron LTIP. In addition, approximately 174,510 shares remain available for issuance from the 800,000 shares of the company’s common stock that were reserved for awards under the Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral Plan. |
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Leases [Abstract] | |||||||||||||
Lease Commitments | Lease Commitments | ||||||||||||
Certain noncancelable leases are classified as capital leases, and the leased assets are included as part of “Properties, plant and equipment, at cost” on the Consolidated Balance Sheet. Such leasing arrangements involve crude oil production and processing equipment, service stations, bareboat charters, office buildings, and other facilities. Other leases are classified as operating leases and are not capitalized. The payments on operating leases are recorded as expense. Details of the capitalized leased assets are as follows: | |||||||||||||
At December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Upstream | $ | 765 | $ | 445 | |||||||||
Downstream | 97 | 316 | |||||||||||
All Other | — | — | |||||||||||
Total | 862 | 761 | |||||||||||
Less: Accumulated amortization | 381 | 523 | |||||||||||
Net capitalized leased assets | $ | 481 | $ | 238 | |||||||||
Rental expenses incurred for operating leases during 2014, 2013 and 2012 were as follows: | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Minimum rentals | $ | 1,080 | $ | 1,049 | $ | 973 | |||||||
Contingent rentals | 1 | 1 | 7 | ||||||||||
Total | 1,081 | 1,050 | 980 | ||||||||||
Less: Sublease rental income | 14 | 25 | 32 | ||||||||||
Net rental expense | $ | 1,067 | $ | 1,025 | $ | 948 | |||||||
Contingent rentals are based on factors other than the passage of time, principally sales volumes at leased service stations. Certain leases include escalation clauses for adjusting rentals to reflect changes in price indices, renewal options ranging up to 25 years, and options to purchase the leased property during or at the end of the initial or renewal lease period for the fair market value or other specified amount at that time. | |||||||||||||
At December 31, 2014, the estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases, which at inception had a noncancelable term of more than one year, were as follows: | |||||||||||||
At December 31 | |||||||||||||
Operating Leases | Capital Leases | ||||||||||||
Year | 2015 | $ | 793 | $ | 34 | ||||||||
2016 | 644 | 26 | |||||||||||
2017 | 585 | 21 | |||||||||||
2018 | 461 | 20 | |||||||||||
2019 | 326 | 15 | |||||||||||
Thereafter | 689 | 24 | |||||||||||
Total | $ | 3,498 | $ | 140 | |||||||||
Less: Amounts representing interest and executory costs | $ | (44 | ) | ||||||||||
Net present values | 96 | ||||||||||||
Less: Capital lease obligations included in short-term debt | (28 | ) | |||||||||||
Long-term capital lease obligations | $ | 68 | |||||||||||
Summarized_Financial_Data_Chev
Summarized Financial Data - Chevron U.S.A. Inc. (Chevron U.S.A. Inc. [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Chevron U.S.A. Inc. [Member] | |||||||||||||
Subsidiary Statements Captions [Line Items] | |||||||||||||
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 the refining, marketing, 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: | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Sales and other operating revenues | $ | 157,198 | $ | 174,318 | $ | 183,215 | |||||||
Total costs and other deductions | 153,139 | 169,984 | 175,009 | ||||||||||
Net income attributable to CUSA | 3,849 | 3,714 | 6,216 | ||||||||||
2014 | 2013 | ||||||||||||
Current assets | $ | 13,724 | $ | 17,626 | |||||||||
Other assets | 62,195 | 57,288 | |||||||||||
Current liabilities | 16,191 | 17,486 | |||||||||||
Other liabilities | 30,175 | 28,119 | |||||||||||
Total CUSA net equity | $ | 29,553 | $ | 29,309 | |||||||||
Memo: Total debt | $ | 14,473 | $ | 14,482 | |||||||||
Summarized_Financial_Data_Teng
Summarized Financial Data - Tengizchevroil LLP | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summarized Financial Data of Affiliate [Abstract] | |||||||||||||
Summarized Financial Data - Tengizchevroil LLP | Summarized Financial Data – Tengizchevroil LLP | ||||||||||||
Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Refer to Note 13, beginning on page FS-40, for a discussion of TCO operations. Summarized financial information for 100 percent of TCO is presented in the table below: | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Sales and other operating revenues | $ | 22,813 | $ | 25,239 | $ | 23,089 | |||||||
Costs and other deductions | 10,275 | 11,173 | 10,064 | ||||||||||
Net income attributable to TCO | 8,772 | 9,855 | 9,119 | ||||||||||
At December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Current assets | $ | 3,425 | $ | 3,598 | |||||||||
Other assets | 14,810 | 12,964 | |||||||||||
Current liabilities | 1,531 | 3,016 | |||||||||||
Other liabilities | 2,375 | 2,761 | |||||||||||
Total TCO net equity | $ | 14,329 | $ | 10,785 | |||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 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 a liability are 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 tables on the next page show the fair value hierarchy for assets and liabilities measured at fair value on a recurring and nonrecurring basis at December 31, 2014, and December 31, 2013. | |||||||||||||||||||||||||||||||
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 December 31, 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. | |||||||||||||||||||||||||||||||
Properties, Plant and Equipment The company reported impairments for certain oil and gas properties and a mining asset in 2014. The company did not have any material long-lived assets measured at fair value on a nonrecurring basis to report in 2013. | |||||||||||||||||||||||||||||||
Investments and Advances The company did not have any material investments and advances measured at fair value on a nonrecurring basis to report in 2014 or 2013. | |||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
At December 31, 2014 | At December 31, 2013 | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Marketable securities | $ | 422 | $ | 422 | $ | — | $ | — | $ | 263 | $ | 263 | $ | — | $ | — | |||||||||||||||
Derivatives | 413 | 394 | 19 | — | 28 | — | 28 | — | |||||||||||||||||||||||
Total Assets at Fair Value | $ | 835 | $ | 816 | $ | 19 | $ | — | $ | 291 | $ | 263 | $ | 28 | $ | — | |||||||||||||||
Derivatives | 84 | 83 | 1 | — | 89 | 80 | 9 | — | |||||||||||||||||||||||
Total Liabilities at Fair Value | $ | 84 | $ | 83 | $ | 1 | $ | — | $ | 89 | $ | 80 | $ | 9 | $ | — | |||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||||||||||||||
At December 31 | At December 31 | ||||||||||||||||||||||||||||||
Before-Tax Loss | Before-Tax Loss | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Year 2014 | Total | Level 1 | Level 2 | Level 3 | Year 2013 | ||||||||||||||||||||||
Properties, plant and equipment, net (held and used) | $ | 947 | $ | — | $ | 213 | $ | 734 | $ | 1,249 | $ | 102 | $ | — | $ | — | $ | 102 | $ | 278 | |||||||||||
Properties, plant and equipment, net (held for sale) | — | — | — | — | 25 | 69 | — | 69 | — | 104 | |||||||||||||||||||||
Investments and advances | 11 | — | — | 11 | 41 | 38 | — | 35 | 3 | 228 | |||||||||||||||||||||
Total Nonrecurring Assets at Fair Value | $ | 958 | $ | — | $ | 213 | $ | 745 | $ | 1,315 | $ | 209 | $ | — | $ | 104 | $ | 105 | $ | 610 | |||||||||||
Assets and Liabilities Not Required to Be Measured at Fair Value 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 $12,785 and $16,245 at December 31, 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 at both December 31, 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 December 31, 2014. | |||||||||||||||||||||||||||||||
"Cash and cash equivalents” do not include investments with a carrying/fair value of $1,474 and $1,210 at December 31, 2014, and December 31, 2013, respectively. At December 31, 2014, these investments are classified as Level 1 and include restricted funds related to upstream abandonment activities, funds held in escrow for tax-deferred exchanges and asset acquisitions, and tax payments, which are reported in “Deferred charges and other assets” on the Consolidated Balance Sheet. Long-term debt of $15,960 and $11,960 at December 31, 2014, and December 31, 2013, had estimated fair values of $16,450 and $12,267, respectively. Long-term debt primarily includes corporate issued bonds. The fair value of corporate bonds is $15,727 and classified as Level 1. The fair value of the other bonds is $723 and classified as Level 2. | |||||||||||||||||||||||||||||||
The carrying values of short-term financial assets and liabilities on the Consolidated Balance Sheet approximate their fair values. Fair value remeasurements of other financial instruments at December 31, 2014 and 2013, were not material. |
Financial_and_Derivative_Instr
Financial and Derivative Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Financial and Derivative Instruments | Financial and Derivative Instruments | ||||||||||||||||||||
Derivative Commodity Instruments Chevron is exposed to market risks related to price volatility of crude oil, refined products, natural gas, natural gas liquids, liquefied natural gas and refinery feedstocks. | |||||||||||||||||||||
The company uses derivative commodity instruments to manage these exposures on a portion of its activity, including firm commitments and anticipated transactions for the purchase, sale and storage of crude oil, refined products, natural gas, natural gas liquids and feedstock for company refineries. From time to time, the company also uses derivative commodity instruments for limited trading purposes. | |||||||||||||||||||||
The company’s derivative commodity instruments principally include crude oil, natural gas and refined product futures, swaps, options, and forward contracts. None of the company’s derivative instruments is designated as a hedging instrument, although certain of the company’s affiliates make such designation. The company’s derivatives are not material to the company’s financial position, results of operations or liquidity. The company believes it has no material market or credit risks to its operations, financial position or liquidity as a result of its commodity derivative 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. Depending on the nature of the derivative transactions, bilateral collateral arrangements may also be required. | |||||||||||||||||||||
Derivative instruments measured at fair value at December 31, 2014, December 31, 2013, and December 31, 2012, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: | |||||||||||||||||||||
Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||
At December 31 | |||||||||||||||||||||
Type of Contract | Balance Sheet Classification | 2014 | 2013 | ||||||||||||||||||
Commodity | Accounts and notes receivable, net | $ | 401 | $ | 22 | ||||||||||||||||
Commodity | Long-term receivables, net | 12 | 6 | ||||||||||||||||||
Total Assets at Fair Value | $ | 413 | $ | 28 | |||||||||||||||||
Commodity | Accounts payable | $ | 57 | $ | 65 | ||||||||||||||||
Commodity | Deferred credits and other noncurrent obligations | 27 | 24 | ||||||||||||||||||
Total Liabilities at Fair Value | $ | 84 | $ | 89 | |||||||||||||||||
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||
Gain/(Loss) | |||||||||||||||||||||
Type of Derivative | Statement of | Year ended December 31 | |||||||||||||||||||
Contract | Income Classification | 2014 | 2013 | 2012 | |||||||||||||||||
Commodity | Sales and other operating revenues | $ | 553 | $ | (108 | ) | $ | (49 | ) | ||||||||||||
Commodity | Purchased crude oil and products | (17 | ) | (77 | ) | (24 | ) | ||||||||||||||
Commodity | Other income | (32 | ) | (9 | ) | 6 | |||||||||||||||
$ | 504 | $ | (194 | ) | $ | (67 | ) | ||||||||||||||
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2014 and December 31, 2013. | |||||||||||||||||||||
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities | |||||||||||||||||||||
Gross Amount Recognized | Gross Amounts Offset | Net Amounts Presented | Gross Amounts Not Offset | Net Amount | |||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||
Derivative Assets | $ | 4,004 | $ | 3,591 | $ | 413 | $ | 7 | $ | 406 | |||||||||||
Derivative Liabilities | $ | 3,675 | $ | 3,591 | $ | 84 | $ | — | $ | 84 | |||||||||||
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." | |||||||||||||||||||||
Concentrations of Credit Risk The company’s financial instruments that are exposed to concentrations of credit risk consist primarily of its cash equivalents, time deposits, marketable securities, derivative financial instruments and trade receivables. The company’s short-term investments are placed with a wide array of financial institutions with high credit ratings. Company investment policies limit the company’s exposure both to credit risk and to concentrations of credit risk. Similar policies on diversification and creditworthiness are applied to the company’s counterparties in derivative instruments. | |||||||||||||||||||||
The trade receivable balances, reflecting the company’s diversified sources of revenue, are dispersed among the company’s broad customer base worldwide. As a result, the company believes concentrations of credit risk are limited. The company routinely assesses the financial strength of its customers. When the financial strength of a customer is not considered sufficient, alternative risk mitigation measures may be deployed, including requiring pre-payments, letters of credit or other acceptable collateral instruments to support sales to customers. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||
Basic earnings per share (EPS) is based upon “Net Income Attributable to Chevron Corporation” (“earnings”) and includes the effects of deferrals of salary and other compensation awards that are invested in Chevron stock units by certain officers and employees of the company. Diluted EPS includes the effects of these items as well as the dilutive effects of outstanding stock options awarded under the company’s stock option programs (refer to Note 21, “Stock Options and Other Share-Based Compensation,” beginning on page FS-50). The table below sets forth the computation of basic and diluted EPS: | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic EPS Calculation | |||||||||||||
Earnings available to common stockholders - Basic* | $ | 19,241 | $ | 21,423 | $ | 26,179 | |||||||
Weighted-average number of common shares outstanding | 1,883 | 1,916 | 1,950 | ||||||||||
Add: Deferred awards held as stock units | 1 | 1 | — | ||||||||||
Total weighted-average number of common shares outstanding | 1,884 | 1,917 | 1,950 | ||||||||||
Earnings per share of common stock - Basic | $ | 10.21 | $ | 11.18 | $ | 13.42 | |||||||
Diluted EPS Calculation | |||||||||||||
Earnings available to common stockholders - Diluted* | $ | 19,241 | $ | 21,423 | $ | 26,179 | |||||||
Weighted-average number of common shares outstanding | 1,883 | 1,916 | 1,950 | ||||||||||
Add: Deferred awards held as stock units | 1 | 1 | — | ||||||||||
Add: Dilutive effect of employee stock-based awards | 14 | 15 | 15 | ||||||||||
Total weighted-average number of common shares outstanding | 1,898 | 1,932 | 1,965 | ||||||||||
Earnings per share of common stock - Diluted | $ | 10.14 | $ | 11.09 | $ | 13.32 | |||||||
* There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. |
Operating_Segments_and_Geograp
Operating Segments and Geographic Data | 12 Months Ended | ||||||||||||
Dec. 31, 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 plant. 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 company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM). The 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. | |||||||||||||
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 are presented in the following table: | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Segment Earnings | |||||||||||||
Upstream | |||||||||||||
United States | $ | 3,327 | $ | 4,044 | $ | 5,332 | |||||||
International | 13,566 | 16,765 | 18,456 | ||||||||||
Total Upstream | 16,893 | 20,809 | 23,788 | ||||||||||
Downstream | |||||||||||||
United States | 2,637 | 787 | 2,048 | ||||||||||
International | 1,699 | 1,450 | 2,251 | ||||||||||
Total Downstream | 4,336 | 2,237 | 4,299 | ||||||||||
Total Segment Earnings | 21,229 | 23,046 | 28,087 | ||||||||||
All Other | |||||||||||||
Interest income | 77 | 80 | 83 | ||||||||||
Other | (2,065 | ) | (1,703 | ) | (1,991 | ) | |||||||
Net Income Attributable to Chevron Corporation | $ | 19,241 | $ | 21,423 | $ | 26,179 | |||||||
Segment Assets Segment assets do not include intercompany investments or receivables. Assets at year-end 2014 and 2013 are as follows: | |||||||||||||
At December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Upstream | |||||||||||||
United States | $ | 49,205 | $ | 45,436 | |||||||||
International | 152,736 | 137,096 | |||||||||||
Goodwill | 4,593 | 4,639 | |||||||||||
Total Upstream | 206,534 | 187,171 | |||||||||||
Downstream | |||||||||||||
United States | 23,068 | 23,829 | |||||||||||
International | 17,723 | 20,268 | |||||||||||
Total Downstream | 40,791 | 44,097 | |||||||||||
Total Segment Assets | 247,325 | 231,268 | |||||||||||
All Other | |||||||||||||
United States | 6,741 | 7,326 | |||||||||||
International | 11,960 | 15,159 | |||||||||||
Total All Other | 18,701 | 22,485 | |||||||||||
Total Assets – United States | 79,014 | 76,591 | |||||||||||
Total Assets – International | 182,419 | 172,523 | |||||||||||
Goodwill | 4,593 | 4,639 | |||||||||||
Total Assets | $ | 266,026 | $ | 253,753 | |||||||||
Segment Sales and Other Operating Revenues Operating segment sales and other operating revenues, including internal transfers, for the years 2014, 2013 and 2012, are presented in the table that follows. 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 power and energy services, insurance operations, real estate activities and technology companies. | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Upstream | |||||||||||||
United States | $ | 7,455 | $ | 8,052 | $ | 6,416 | |||||||
Intersegment | 15,455 | 16,865 | 17,229 | ||||||||||
Total United States | 22,910 | 24,917 | 23,645 | ||||||||||
International | 23,808 | 17,607 | 19,459 | ||||||||||
Intersegment | 23,107 | 33,034 | 34,094 | ||||||||||
Total International | 46,915 | 50,641 | 53,553 | ||||||||||
Total Upstream* | 69,825 | 75,558 | 77,198 | ||||||||||
Downstream | |||||||||||||
United States | 73,942 | 80,272 | 83,043 | ||||||||||
Excise and similar taxes | 4,633 | 4,792 | 4,665 | ||||||||||
Intersegment | 31 | 39 | 49 | ||||||||||
Total United States | 78,606 | 85,103 | 87,757 | ||||||||||
International | 86,848 | 105,373 | 113,279 | ||||||||||
Excise and similar taxes | 3,553 | 3,699 | 3,346 | ||||||||||
Intersegment | 8,839 | 859 | 80 | ||||||||||
Total International | 99,240 | 109,931 | 116,705 | ||||||||||
Total Downstream* | 177,846 | 195,034 | 204,462 | ||||||||||
All Other | |||||||||||||
United States | 252 | 358 | 378 | ||||||||||
Intersegment | 1,475 | 1,524 | 1,300 | ||||||||||
Total United States | 1,727 | 1,882 | 1,678 | ||||||||||
International | 3 | 3 | 4 | ||||||||||
Intersegment | 28 | 31 | 48 | ||||||||||
Total International | 31 | 34 | 52 | ||||||||||
Total All Other | 1,758 | 1,916 | 1,730 | ||||||||||
Segment Sales and Other Operating Revenues | |||||||||||||
United States | 103,243 | 111,902 | 113,080 | ||||||||||
International | 146,186 | 160,606 | 170,310 | ||||||||||
Total Segment Sales and Other Operating Revenues | 249,429 | 272,508 | 283,390 | ||||||||||
Elimination of intersegment sales | (48,935 | ) | (52,352 | ) | (52,800 | ) | |||||||
Total Sales and Other Operating Revenues | $ | 200,494 | $ | 220,156 | $ | 230,590 | |||||||
* | 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. | ||||||||||||
Segment Income Taxes Segment income tax expense for the years 2014, 2013 and 2012 is as follows: | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Upstream | |||||||||||||
United States | $ | 2,043 | $ | 2,333 | $ | 2,820 | |||||||
International | 9,217 | 12,470 | 16,554 | ||||||||||
Total Upstream | 11,260 | 14,803 | 19,374 | ||||||||||
Downstream | |||||||||||||
United States | 1,302 | 364 | 1,051 | ||||||||||
International | 467 | 389 | 587 | ||||||||||
Total Downstream | 1,769 | 753 | 1,638 | ||||||||||
All Other | (1,137 | ) | (1,248 | ) | (1,016 | ) | |||||||
Total Income Tax Expense | $ | 11,892 | $ | 14,308 | $ | 19,996 | |||||||
Other Segment Information Additional information for the segmentation of major equity affiliates is contained in Note 13. Information related to properties, plant and equipment by segment is contained in Note 14, on page FS-41. |
Investments_and_Advances
Investments and Advances | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||||||||||||||||||||||
Investments and Advances | Investments and Advances | ||||||||||||||||||||||||
Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost, is shown in the following table. For certain equity affiliates, Chevron pays its share of some income taxes directly. For such affiliates, the equity in earnings does not include these taxes, which are reported on the Consolidated Statement of Income as “Income tax expense.” | |||||||||||||||||||||||||
Investments and Advances | Equity in Earnings | ||||||||||||||||||||||||
At December 31 | Year ended December 31 | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Upstream | |||||||||||||||||||||||||
Tengizchevroil | $ | 7,319 | $ | 5,875 | $ | 4,392 | $ | 4,957 | $ | 4,614 | |||||||||||||||
Petropiar | 794 | 858 | 26 | 339 | 55 | ||||||||||||||||||||
Caspian Pipeline Consortium | 1,487 | 1,298 | 191 | 113 | 96 | ||||||||||||||||||||
Petroboscan | 917 | 1,375 | 186 | 300 | 229 | ||||||||||||||||||||
Angola LNG Limited | 3,277 | 3,423 | (311 | ) | (111 | ) | (106 | ) | |||||||||||||||||
Other | 2,178 | 2,835 | 229 | 214 | 266 | ||||||||||||||||||||
Total Upstream | 15,972 | 15,664 | 4,713 | 5,812 | 5,154 | ||||||||||||||||||||
Downstream | |||||||||||||||||||||||||
GS Caltex Corporation | 2,867 | 2,518 | 420 | 132 | 249 | ||||||||||||||||||||
Chevron Phillips Chemical Company LLC | 5,116 | 4,312 | 1,606 | 1,371 | 1,206 | ||||||||||||||||||||
Star Petroleum Refining Company Ltd. | — | — | — | — | 22 | ||||||||||||||||||||
Caltex Australia Ltd. | 1,161 | 1,020 | 183 | 224 | 77 | ||||||||||||||||||||
Other | 1,048 | 989 | 180 | 199 | 196 | ||||||||||||||||||||
Total Downstream | 10,192 | 8,839 | 2,389 | 1,926 | 1,750 | ||||||||||||||||||||
All Other | |||||||||||||||||||||||||
Other | 171 | 375 | (4 | ) | (211 | ) | (15 | ) | |||||||||||||||||
Total equity method | $ | 26,335 | $ | 24,878 | $ | 7,098 | $ | 7,527 | $ | 6,889 | |||||||||||||||
Other at or below cost | 577 | 624 | |||||||||||||||||||||||
Total investments and advances | $ | 26,912 | $ | 25,502 | |||||||||||||||||||||
Total United States | $ | 6,787 | $ | 6,638 | $ | 1,623 | $ | 1,294 | $ | 1,268 | |||||||||||||||
Total International | $ | 20,125 | $ | 18,864 | $ | 5,475 | $ | 6,233 | $ | 5,621 | |||||||||||||||
Descriptions of major affiliates, including significant differences between the company’s carrying value of its investments and its underlying equity in the net assets of the affiliates, are as follows: | |||||||||||||||||||||||||
Tengizchevroil Chevron has a 50 percent equity ownership interest in Tengizchevroil (TCO), which operates the Tengiz and Korolev crude oil fields in Kazakhstan. At December 31, 2014, the company’s carrying value of its investment in TCO was about $150 higher than the amount of underlying equity in TCO’s net assets. This difference results from Chevron acquiring a portion of its interest in TCO at a value greater than the underlying book value for that portion of TCO’s net assets. See Note 8, on page FS-34, for summarized financial information for 100 percent of TCO. | |||||||||||||||||||||||||
Petropiar Chevron has a 30 percent interest in Petropiar, a joint stock company which operates the Hamaca heavy-oil production and upgrading project in Venezuela’s Orinoco Belt. At December 31, 2014, the company’s carrying value of its investment in Petropiar was approximately $160 less than the amount of underlying equity in Petropiar’s net assets. The difference represents the excess of Chevron’s underlying equity in Petropiar’s net assets over the net book value of the assets contributed to the venture. | |||||||||||||||||||||||||
Caspian Pipeline Consortium Chevron has a 15 percent interest in the Caspian Pipeline Consortium, a variable interest entity, which provides the critical export route for crude oil from both TCO and Karachaganak. The company has investments and advances totaling $1,487, which includes long-term loans of $1,328 at year-end 2014. The loans were provided to fund 30 percent of the initial pipeline construction. The company is not the primary beneficiary of the consortium because it does not direct activities of the consortium and only receives its proportionate share of the financial returns. | |||||||||||||||||||||||||
Petroboscan Chevron has a 39.2 percent interest in Petroboscan, a joint stock company which operates the Boscan Field in Venezuela. At December 31, 2014, the company’s carrying value of its investment in Petroboscan was approximately $160 higher than the amount of underlying equity in Petroboscan’s net assets. The difference reflects the excess of the net book value of the assets contributed by Chevron over its underlying equity in Petroboscan’s net assets. | |||||||||||||||||||||||||
Angola LNG Limited Chevron has a 36.4 percent interest in Angola LNG Limited, which processes and liquefies natural gas produced in Angola for delivery to international markets. | |||||||||||||||||||||||||
GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy. The joint venture imports, refines and markets petroleum products, petrochemicals and lubricants, predominantly in South Korea. | |||||||||||||||||||||||||
Chevron Phillips Chemical Company LLC Chevron owns 50 percent of Chevron Phillips Chemical Company LLC. The other half is owned by Phillips 66. | |||||||||||||||||||||||||
Caltex Australia Ltd. Chevron has a 50 percent equity ownership interest in Caltex Australia Ltd. (CAL). The remaining 50 percent of CAL is publicly owned. At December 31, 2014, the fair value of Chevron’s share of CAL common stock was approximately $3,755. | |||||||||||||||||||||||||
Other Information “Sales and other operating revenues” on the Consolidated Statement of Income includes $10,404, $14,635 and $17,356 with affiliated companies for 2014, 2013 and 2012, respectively. “Purchased crude oil and products” includes $6,735, $7,063 and $6,634 with affiliated companies for 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
“Accounts and notes receivable” on the Consolidated Balance Sheet includes $924 and $1,328 due from affiliated companies at December 31, 2014 and 2013, respectively. “Accounts payable” includes $345 and $466 due to affiliated companies at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron’s total share, which includes Chevron's net loans to affiliates of $874, $1,129 and $1,494 at December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Affiliates | Chevron Share | ||||||||||||||||||||||||
Year ended December 31 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Total revenues | $ | 123,003 | $ | 131,875 | $ | 136,065 | $ | 58,937 | $ | 63,101 | $ | 65,196 | |||||||||||||
Income before income tax expense | 20,609 | 24,075 | 23,016 | 9,968 | 11,108 | 9,856 | |||||||||||||||||||
Net income attributable to affiliates | 14,758 | 15,594 | 16,786 | 7,237 | 7,845 | 6,938 | |||||||||||||||||||
At December 31 | |||||||||||||||||||||||||
Current assets | $ | 35,662 | $ | 39,713 | $ | 37,541 | $ | 13,465 | $ | 15,156 | $ | 14,732 | |||||||||||||
Noncurrent assets | 70,817 | 68,593 | 66,065 | 26,053 | 25,059 | 23,523 | |||||||||||||||||||
Current liabilities | 25,308 | 29,642 | 27,878 | 9,588 | 11,587 | 11,093 | |||||||||||||||||||
Noncurrent liabilities | 17,983 | 19,442 | 19,366 | 4,211 | 4,559 | 4,879 | |||||||||||||||||||
Total affiliates’ net equity | $ | 63,188 | $ | 59,222 | $ | 56,362 | $ | 25,719 | $ | 24,069 | $ | 22,283 | |||||||||||||
Properties_Plant_and_Equipment
Properties, Plant and Equipment | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Properties, Plant and Equipment | Properties, Plant and Equipment1 | |||||||||||||||||||||||||||||||||||||||
At December 31 | Year ended December 31 | |||||||||||||||||||||||||||||||||||||||
Gross Investment at Cost | Net Investment | Additions at Cost2 | Depreciation Expense3 | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Upstream | ||||||||||||||||||||||||||||||||||||||||
United States | $ | 96,850 | $ | 89,555 | $ | 81,908 | $ | 45,864 | $ | 41,831 | $ | 37,909 | $ | 9,688 | $ | 8,188 | $ | 8,211 | $ | 5,127 | $ | 4,412 | $ | 3,902 | ||||||||||||||||
International | 192,637 | 169,623 | 145,799 | 118,926 | 104,100 | 85,318 | 24,920 | 27,383 | 21,343 | 9,688 | 8,336 | 8,015 | ||||||||||||||||||||||||||||
Total Upstream | 289,487 | 259,178 | 227,707 | 164,790 | 145,931 | 123,227 | 34,608 | 35,571 | 29,554 | 14,815 | 12,748 | 11,917 | ||||||||||||||||||||||||||||
Downstream | ||||||||||||||||||||||||||||||||||||||||
United States | 22,640 | 22,407 | 21,792 | 11,019 | 11,481 | 11,333 | 588 | 1,154 | 1,498 | 886 | 780 | 799 | ||||||||||||||||||||||||||||
International | 9,334 | 9,303 | 8,990 | 4,219 | 4,139 | 3,930 | 530 | 653 | 2,544 | 396 | 360 | 308 | ||||||||||||||||||||||||||||
Total Downstream | 31,974 | 31,710 | 30,782 | 15,238 | 15,620 | 15,263 | 1,118 | 1,807 | 4,042 | 1,282 | 1,140 | 1,107 | ||||||||||||||||||||||||||||
All Other | ||||||||||||||||||||||||||||||||||||||||
United States | 5,673 | 5,402 | 4,959 | 3,077 | 3,194 | 2,845 | 581 | 721 | 415 | 680 | 286 | 384 | ||||||||||||||||||||||||||||
International | 155 | 143 | 33 | 68 | 84 | 13 | 25 | 23 | 4 | 16 | 12 | 5 | ||||||||||||||||||||||||||||
Total All Other | 5,828 | 5,545 | 4,992 | 3,145 | 3,278 | 2,858 | 606 | 744 | 419 | 696 | 298 | 389 | ||||||||||||||||||||||||||||
Total United States | 125,163 | 117,364 | 108,659 | 59,960 | 56,506 | 52,087 | 10,857 | 10,063 | 10,124 | 6,693 | 5,478 | 5,085 | ||||||||||||||||||||||||||||
Total International | 202,126 | 179,069 | 154,822 | 123,213 | 108,323 | 89,261 | 25,475 | 28,059 | 23,891 | 10,100 | 8,708 | 8,328 | ||||||||||||||||||||||||||||
Total | $ | 327,289 | $ | 296,433 | $ | 263,481 | $ | 183,173 | $ | 164,829 | $ | 141,348 | $ | 36,332 | $ | 38,122 | $ | 34,015 | $ | 16,793 | $ | 14,186 | $ | 13,413 | ||||||||||||||||
1 | Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2014. Australia had $41,012, $31,464 and $21,770 in 2014, 2013, and 2012, respectively. Nigeria had PP&E of $19,214, $18,429 and $17,485 for 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||
2 | Net of dry hole expense related to prior years’ expenditures of $371, $89 and $80 in 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||
3 | Depreciation expense includes accretion expense of $882, $627 and $629 in 2014, 2013 and 2012, respectively. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 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 seven 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. 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 $18,900, 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 $8,400 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 $16,000 and $76,000 and that unjust enrichment should be assessed in an amount between approximately $5,000 and $38,000. 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 $8,600 in damages and approximately $900 as an award for the plaintiffs’ representatives. It also assessed an additional amount of approximately $8,600 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 $8,600 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 $19,100. On November 13, 2013, the National Court ratified the judgment but nullified the $8,600 punitive damage assessment, resulting in a judgment of $9,500. 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 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. On September 26, 2014, the Supreme Court of the Netherlands issued an opinion denying Ecuador’s set aside request. 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 14, 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 Republic of Ecuador filed in the District Court of the Hague a request to set aside the Tribunal’s Interim Awards and the First Partial Award (described below). Chevron filed its answer to the set aside request on December 31, 2014. | |
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 awaits a ruling from the Tribunal about 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). |
Taxes
Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Taxes | Taxes | ||||||||||||
Income Taxes | Year ended December 31 | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Taxes on income | |||||||||||||
U.S. federal | |||||||||||||
Current | $ | 748 | $ | 15 | $ | 1,703 | |||||||
Deferred | 1,330 | 1,128 | 673 | ||||||||||
State and local | |||||||||||||
Current | 336 | 120 | 652 | ||||||||||
Deferred | 36 | 74 | (145 | ) | |||||||||
Total United States | 2,450 | 1,337 | 2,883 | ||||||||||
International | |||||||||||||
Current | 9,235 | 12,296 | 15,626 | ||||||||||
Deferred | 207 | 675 | 1,487 | ||||||||||
Total International | 9,442 | 12,971 | 17,113 | ||||||||||
Total taxes on income | $ | 11,892 | $ | 14,308 | $ | 19,996 | |||||||
In 2014, before-tax income for U.S. operations, including related corporate and other charges, was $6,296, compared with before-tax income of $4,672 and $8,456 in 2013 and 2012, respectively. For international operations, before-tax income was $24,906, $31,233 and $37,876 in 2014, 2013 and 2012, respectively. U.S. federal income tax expense was reduced by $68, $175 and $165 in 2014, 2013 and 2012, respectively, for business tax credits. | |||||||||||||
The reconciliation between the U.S. statutory federal income tax rate and the company’s effective income tax rate is detailed in the following table: | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Effect of income taxes from international operations at rates different from the U.S. statutory rate | 2.8 | 5.1 | 7.8 | ||||||||||
State and local taxes on income, net of U.S. federal income tax benefit | 0.7 | 0.6 | 0.6 | ||||||||||
Prior-year tax adjustments | (0.7 | ) | (0.8 | ) | (0.2 | ) | |||||||
Tax credits | (0.2 | ) | (0.5 | ) | (0.4 | ) | |||||||
Effects of changes in tax rates | (0.2 | ) | — | 0.3 | |||||||||
Other | 0.7 | 0.5 | 0.1 | ||||||||||
Effective tax rate | 38.1 | % | 39.9 | % | 43.2 | % | |||||||
The company’s effective tax rate decreased from 39.9 percent in 2013 to 38.1 percent in 2014. The decrease primarily resulted from the impact of changes in jurisdictional mix and equity earnings, and the tax effects related to the 2014 sale of interests in Chad and Cameroon, partially offset by other one-time and ongoing tax charges. | |||||||||||||
The company records its deferred taxes on a tax-jurisdiction basis and classifies those net amounts as current or noncurrent based on the balance sheet classification of the related assets or liabilities. The reported deferred tax balances are composed of the following: | |||||||||||||
At December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax liabilities | |||||||||||||
Properties, plant and equipment | $ | 28,452 | $ | 25,936 | |||||||||
Investments and other | 3,059 | 2,272 | |||||||||||
Total deferred tax liabilities | 31,511 | 28,208 | |||||||||||
Deferred tax assets | |||||||||||||
Foreign tax credits | (11,867 | ) | (11,572 | ) | |||||||||
Abandonment/environmental reserves | (6,686 | ) | (6,279 | ) | |||||||||
Employee benefits | (4,831 | ) | (3,825 | ) | |||||||||
Deferred credits | (1,828 | ) | (2,768 | ) | |||||||||
Tax loss carryforwards | (1,747 | ) | (1,016 | ) | |||||||||
Other accrued liabilities | (498 | ) | (533 | ) | |||||||||
Inventory | (153 | ) | (358 | ) | |||||||||
Miscellaneous | (2,128 | ) | (1,439 | ) | |||||||||
Total deferred tax assets | (29,738 | ) | (27,790 | ) | |||||||||
Deferred tax assets valuation allowance | 16,292 | 17,171 | |||||||||||
Total deferred taxes, net | $ | 18,065 | $ | 17,589 | |||||||||
Deferred tax liabilities at the end of 2014 increased by approximately $3,300 from year-end 2013. The increase was primarily related to increased temporary differences for property, plant and equipment. Deferred tax assets increased by approximately $1,900 in 2014. Increases primarily related to increased temporary differences for employee benefits. | |||||||||||||
The overall valuation allowance relates to deferred tax assets for U.S. foreign tax credit carryforwards, tax loss carryforwards and temporary differences. It reduces the deferred tax assets to amounts that are, in management’s assessment, more likely than not to be realized. At the end of 2014, the company had tax loss carryforwards of approximately $5,535 and tax credit carryforwards of approximately $1,190, primarily related to various international tax jurisdictions. Whereas some of these tax loss carryforwards do not have an expiration date, others expire at various times from 2015 through 2029. U.S. foreign tax credit carryforwards of $11,867 will expire between 2015 and 2024. | |||||||||||||
At December 31, 2014 and 2013, deferred taxes were classified on the Consolidated Balance Sheet as follows: | |||||||||||||
At December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Prepaid expenses and other current assets | $ | (1,071 | ) | $ | (1,341 | ) | |||||||
Deferred charges and other assets | (3,597 | ) | (2,954 | ) | |||||||||
Federal and other taxes on income | 813 | 583 | |||||||||||
Noncurrent deferred income taxes | 21,920 | 21,301 | |||||||||||
Total deferred income taxes, net | $ | 18,065 | $ | 17,589 | |||||||||
Income taxes are not accrued for unremitted earnings of international operations that have been or are intended to be reinvested indefinitely. Undistributed earnings of international consolidated subsidiaries and affiliates for which no deferred income tax provision has been made for possible future remittances totaled approximately $35,700 at December 31, 2014. This amount represents earnings reinvested as part of the company’s ongoing international business. It is not practicable to estimate the amount of taxes that might be payable on the possible remittance of earnings that are intended to be reinvested indefinitely. At the end of 2014, deferred income taxes were recorded for the undistributed earnings of certain international operations where indefinite reinvestment of the earnings is not planned. The company does not anticipate incurring significant additional taxes on remittances of earnings that are not indefinitely reinvested. | |||||||||||||
Uncertain Income Tax Positions The company recognizes a tax benefit in the financial statements for an uncertain tax position only if management’s assessment is that the position is “more likely than not” (i.e., a likelihood greater than 50 percent) to be allowed by the tax jurisdiction based solely on the technical merits of the position. The term “tax position” in the accounting standards for income taxes refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. | |||||||||||||
The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012. The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements. Interest and penalties are not included. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at January 1 | $ | 3,848 | $ | 3,071 | $ | 3,481 | |||||||
Foreign currency effects | (25 | ) | (58 | ) | 4 | ||||||||
Additions based on tax positions taken in current year | 354 | 276 | 543 | ||||||||||
Additions/reductions resulting from current-year asset acquisitions/sales | (22 | ) | — | — | |||||||||
Additions for tax positions taken in prior years | 37 | 1,164 | 152 | ||||||||||
Reductions for tax positions taken in prior years | (561 | ) | (176 | ) | (899 | ) | |||||||
Settlements with taxing authorities in current year | (50 | ) | (320 | ) | (138 | ) | |||||||
Reductions as a result of a lapse of the applicable statute of limitations | (29 | ) | (109 | ) | (72 | ) | |||||||
Balance at December 31 | $ | 3,552 | $ | 3,848 | $ | 3,071 | |||||||
The decrease in unrecognized tax benefits between December 31, 2013, and December 31, 2014 was primarily due to the expiration of certain U.S. foreign tax credits in 2014, which had no impact on the company's results of operations. | |||||||||||||
Approximately 68 percent of the $3,552 of unrecognized tax benefits at December 31, 2014, would have an impact on the effective tax rate if subsequently recognized. Certain of these unrecognized tax benefits relate to tax carryforwards that may require a full valuation allowance at the time of any such recognition. | |||||||||||||
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 December 31, 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 outcome of 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 on 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. | |||||||||||||
On the Consolidated Statement of Income, the company reports interest and penalties related to liabilities for uncertain tax positions as “Income tax expense.” As of December 31, 2014, accruals of $233 for anticipated interest and penalty obligations were included on the Consolidated Balance Sheet, compared with accruals of $215 as of year-end 2013. Income tax expense (benefit) associated with interest and penalties was $4, $(42) and $145 in 2014, 2013 and 2012, respectively. | |||||||||||||
Taxes Other Than on Income | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | |||||||||||||
Excise and similar taxes on products and merchandise | $ | 4,633 | $ | 4,792 | $ | 4,665 | |||||||
Import duties and other levies | 6 | 4 | 1 | ||||||||||
Property and other miscellaneous taxes | 1,002 | 1,036 | 782 | ||||||||||
Payroll taxes | 273 | 255 | 240 | ||||||||||
Taxes on production | 349 | 333 | 328 | ||||||||||
Total United States | 6,263 | 6,420 | 6,016 | ||||||||||
International | |||||||||||||
Excise and similar taxes on products and merchandise | 3,553 | 3,700 | 3,345 | ||||||||||
Import duties and other levies | 45 | 41 | 106 | ||||||||||
Property and other miscellaneous taxes | 2,277 | 2,486 | 2,501 | ||||||||||
Payroll taxes | 172 | 168 | 160 | ||||||||||
Taxes on production | 230 | 248 | 248 | ||||||||||
Total International | 6,277 | 6,643 | 6,360 | ||||||||||
Total taxes other than on income | $ | 12,540 | $ | 13,063 | $ | 12,376 | |||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | Long-Term Debt | ||||||||
Total long-term debt, excluding capital leases, at December 31, 2014, was $23,960. The company’s long-term debt outstanding at year-end 2014 and 2013 was as follows: | |||||||||
At December 31 | |||||||||
2014 | 2013 | ||||||||
3.191% notes due 2023 | $ | 2,250 | $ | 2,250 | |||||
1.104% notes due 2017 | 2,000 | 2,000 | |||||||
1.718% notes due 2018 | 2,000 | 2,000 | |||||||
2.355% notes due 2022 | 2,000 | 2,000 | |||||||
4.95% notes due 2019 | 1,500 | 1,500 | |||||||
1.345% notes due 2017 | 1,100 | — | |||||||
2.427% notes due 2020 | 1,000 | 1,000 | |||||||
2.193% notes due 2019 | 750 | — | |||||||
0.889% notes due 2016 | 750 | 750 | |||||||
Floating rate notes due 2016 (0.332%)1 | 700 | — | |||||||
Floating rate notes due 2017 (0.402%)1 | 650 | — | |||||||
Floating rate notes due 2019 (0.642%)1 | 400 | — | |||||||
Floating rate notes due 2021 (0.762%)1 | 400 | — | |||||||
8.625% debentures due 2032 | 147 | 147 | |||||||
8.625% debentures due 2031 | 107 | 107 | |||||||
8.0% debentures due 2032 | 74 | 74 | |||||||
9.75% debentures due 2020 | 54 | 54 | |||||||
8.875% debentures due 2021 | 40 | 40 | |||||||
Medium-term notes, maturing from 2021 to 2038 (5.83%)2 | 38 | 38 | |||||||
Total including debt due within one year | 15,960 | 11,960 | |||||||
Debt due within one year | — | — | |||||||
Reclassified from short-term debt | 8,000 | 8,000 | |||||||
Total long-term debt | $ | 23,960 | $ | 19,960 | |||||
1 | Interest rate at December 31, 2014. | ||||||||
2 | Weighted-average interest rate at December 31, 2014. | ||||||||
Chevron has an automatic shelf registration statement that expires in 2015. This registration statement is for an unspecified amount of nonconvertible debt securities issued or guaranteed by the company. | |||||||||
Long-term debt of $15,960 matures as follows: 2015 – $0; 2016 – $1,450; 2017 – $3,750; 2018 – $2,000; 2019 – $2,650; and after 2019 – $6,110. | |||||||||
In November 2014, $4,000 of Chevron Corporation bonds were issued. | |||||||||
See Note 9, beginning on page FS-34, for information concerning the fair value of the company’s long-term debt. |
ShortTerm_Debt
Short-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Short-Term Debt | Short-Term Debt | ||||||||
At December 31 | |||||||||
2014 | 2013 | ||||||||
Commercial paper* | $ | 8,506 | $ | 5,130 | |||||
Notes payable to banks and others with originating terms of one year or less | 104 | 49 | |||||||
Current maturities of long-term debt | — | — | |||||||
Current maturities of long-term capital leases | 22 | 34 | |||||||
Redeemable long-term obligations | |||||||||
Long-term debt | 3,152 | 3,152 | |||||||
Capital leases | 6 | 9 | |||||||
Subtotal | 11,790 | 8,374 | |||||||
Reclassified to long-term debt | (8,000 | ) | (8,000 | ) | |||||
Total short-term debt | $ | 3,790 | $ | 374 | |||||
* | Weighted-average interest rates at December 31, 2014 and 2013, were 0.12 percent and 0.09 percent, respectively. | ||||||||
Redeemable long-term obligations consist primarily of tax-exempt variable-rate put bonds that are included as current liabilities because they become redeemable at the option of the bondholders during the year following the balance sheet date. | |||||||||
The company may periodically enter into interest rate swaps on a portion of its short-term debt. At December 31, 2014, the company had no interest rate swaps on short-term debt. | |||||||||
At December 31, 2014, the company had $8,000 in committed credit facilities with various major banks, expiring in December 2016, that enable the refinancing of short-term obligations on a long-term basis. These facilities support commercial paper borrowing and can also be used for general corporate purposes. The company’s practice has been to continually replace expiring commitments with new commitments on substantially the same terms, maintaining levels management believes appropriate. Any borrowings under the facilities would be unsecured indebtedness at interest rates based on the London Interbank Offered Rate or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under these facilities at December 31, 2014. | |||||||||
At both December 31, 2014 and 2013, the company classified $8,000 of short-term debt as long-term. Settlement of these obligations is not expected to require the use of working capital within one year, and the company has both the intent and the ability, as evidenced by committed credit facilities, to refinance them on a long-term basis. |
New_Accounting_Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Standards [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. |
Accounting_for_Suspended_Explo
Accounting for Suspended Exploratory Wells | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Accounting for Suspended Exploratory Wells [Abstract] | ||||||||||
Accounting for Suspended Exploratory Wells | Accounting for Suspended Exploratory Wells | |||||||||
The company continues to capitalize exploratory well costs after the completion of drilling when (a) the well has found a sufficient quantity of reserves to justify completion as a producing well, and (b) the business unit is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense. | ||||||||||
The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2014: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Beginning balance at January 1 | $ | 3,245 | $ | 2,681 | $ | 2,434 | ||||
Additions to capitalized exploratory well costs pending the determination of proved reserves | 1,591 | 885 | 595 | |||||||
Reclassifications to wells, facilities and equipment based on the determination of proved reserves | (298 | ) | (290 | ) | (244 | ) | ||||
Capitalized exploratory well costs charged to expense | (312 | ) | (31 | ) | (49 | ) | ||||
Other reductions* | (31 | ) | — | (55 | ) | |||||
Ending balance at December 31 | $ | 4,195 | $ | 3,245 | $ | 2,681 | ||||
* Represents property sales. | ||||||||||
The following table provides an aging of capitalized well costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling. | ||||||||||
At December 31 | ||||||||||
2014 | 2013 | 2012 | ||||||||
Exploratory well costs capitalized for a period of one year or less | $ | 1,522 | $ | 641 | $ | 501 | ||||
Exploratory well costs capitalized for a period greater than one year | 2,673 | 2,604 | 2,180 | |||||||
Balance at December 31 | $ | 4,195 | $ | 3,245 | $ | 2,681 | ||||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year* | 51 | 51 | 46 | |||||||
* Certain projects have multiple wells or fields or both. | ||||||||||
Of the $2,673 of exploratory well costs capitalized for more than one year at December 31, 2014, $1,460 (21 projects) is related to projects that had drilling activities under way or firmly planned for the near future. The $1,213 balance is related to 30 projects in areas requiring a major capital expenditure before production could begin and for which additional drilling efforts were not under way or firmly planned for the near future. Additional drilling was not deemed necessary because the presence of hydrocarbons had already been established, and other activities were in process to enable a future decision on project development. | ||||||||||
The projects for the $1,213 referenced above had the following activities associated with assessing the reserves and the projects’ economic viability: (a) $289 (six projects) – undergoing front-end engineering and design with final investment decision expected within two years; (b) $213 (three projects) – development concept under review by government; (c) $600 (10 projects) – development alternatives under review; (d) $111 (11 projects) – miscellaneous activities for projects with smaller amounts suspended. While progress was being made on all 51 projects, the decision on the recognition of proved reserves under SEC rules in some cases may not occur for several years because of the complexity, scale and negotiations associated with the projects. Approximately half of these decisions are expected to occur in the next five years. | ||||||||||
The $2,673 of suspended well costs capitalized for a period greater than one year as of December 31, 2014, represents 209 exploratory wells in 51 projects. The tables below contain the aging of these costs on a well and project basis: | ||||||||||
Aging based on drilling completion date of individual wells: | Amount | Number of wells | ||||||||
1997–2003 | $ | 204 | 38 | |||||||
2004–2008 | 459 | 45 | ||||||||
2009–2013 | 2,010 | 126 | ||||||||
Total | $ | 2,673 | 209 | |||||||
Aging based on drilling completion date of last suspended well in project: | Amount | Number of projects | ||||||||
1999 | $ | 8 | 1 | |||||||
2003–2009 | 521 | 11 | ||||||||
2010–2014 | 2,144 | 39 | ||||||||
Total | $ | 2,673 | 51 | |||||||
Stock_Options_and_Other_ShareB
Stock Options and Other Share-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Stock Options and Other Share-Based Compensation | Stock Options and Other Share-Based Compensation | |||||||||||||
Compensation expense for stock options for 2014, 2013 and 2012 was $287 ($186 after tax), $292 ($190 after tax) and $283 ($184 after tax), respectively. In addition, compensation expense for stock appreciation rights, restricted stock, performance units and restricted stock units was $71 ($46 after tax), $223 ($145 after tax) and $177 ($115 after tax) for 2014, 2013 and 2012, respectively. No significant stock-based compensation cost was capitalized at December 31, 2014, or December 31, 2013. | ||||||||||||||
Cash received in payment for option exercises under all share-based payment arrangements for 2014, 2013 and 2012 was $527, $553 and $753, respectively. Actual tax benefits realized for the tax deductions from option exercises were $54, $73 and $101 for 2014, 2013 and 2012, respectively. | ||||||||||||||
Cash paid to settle performance units and stock appreciation rights was $204, $186 and $123 for 2014, 2013 and 2012, respectively. | ||||||||||||||
Chevron Long-Term Incentive Plan (LTIP) Awards under the LTIP may take the form of, but are not limited to, stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and nonstock grants. From April 2004 through May 2023, no more than 260 million shares may be issued under the LTIP. For awards issued on or after May 29, 2013, no more than 50 million of those shares may be in a form other than a stock option, stock appreciation right or award requiring full payment for shares by the award recipient. For the major types of awards outstanding as of December 31, 2014, the contractual terms vary between three years for the performance units and 10 years for the stock options and stock appreciation rights. | ||||||||||||||
Unocal Share-Based Plans (Unocal Plans) When Chevron acquired Unocal in August 2005, outstanding stock options and stock appreciation rights granted under various Unocal Plans were exchanged for fully vested Chevron options and appreciation rights. These awards retained the same provisions as the original Unocal Plans. Unexercised awards began expiring in early 2010 and will continue to expire through early 2015. | ||||||||||||||
The fair market values of stock options and stock appreciation rights granted in 2014, 2013 and 2012 were measured on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions: | ||||||||||||||
Year ended December 31 | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected term in years1 | 6 | 6 | 6 | |||||||||||
Volatility2 | 30.3 | % | 31.3 | % | 31.7 | % | ||||||||
Risk-free interest rate based on zero coupon U.S. treasury note | 1.9 | % | 1.2 | % | 1.1 | % | ||||||||
Dividend yield | 3.3 | % | 3.3 | % | 3.2 | % | ||||||||
Weighted-average fair value per option granted | $ | 25.86 | $ | 24.48 | $ | 23.35 | ||||||||
1 Expected term is based on historical exercise and postvesting cancellation data. | ||||||||||||||
2 Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. | ||||||||||||||
A summary of option activity during 2014 is presented below: | ||||||||||||||
Shares (Thousands) | Weighted-Average | Averaged Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||||
Exercise Price | ||||||||||||||
Outstanding at January 1, 2014 | 75,626 | $ | 88.44 | |||||||||||
Granted | 11,380 | $ | 116 | |||||||||||
Exercised | (7,464 | ) | $ | 72.71 | ||||||||||
Forfeited | (1,201 | ) | $ | 111.73 | ||||||||||
Outstanding at December 31, 2014 | 78,341 | $ | 93.59 | 5.84 | $ | 1,548 | ||||||||
Exercisable at December 31, 2014 | 56,943 | $ | 85.6 | 4.87 | $ | 1,533 | ||||||||
The total intrinsic value (i.e., the difference between the exercise price and the market price) of options exercised during 2014, 2013 and 2012 was $398, $445 and $580, respectively. During this period, the company continued its practice of issuing treasury shares upon exercise of these awards. | ||||||||||||||
As of December 31, 2014, there was $226 of total unrecognized before-tax compensation cost related to nonvested share-based compensation arrangements granted under the plans. That cost is expected to be recognized over a weighted-average period of 1.7 years. | ||||||||||||||
At January 1, 2014, the number of LTIP performance units outstanding was equivalent to 2,531,270 shares. During 2014, 772,800 units were granted, 967,234 units vested with cash proceeds distributed to recipients and 70,884 units were forfeited. At December 31, 2014, units outstanding were 2,265,952. The fair value of the liability recorded for these instruments was $212, and was measured using the Monte Carlo simulation method. In addition, outstanding stock appreciation rights and other awards that were granted under various LTIP and former Unocal programs totaled approximately 3.3 million equivalent shares as of December 31, 2014. A liability of $78 was recorded for these awards. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | |||||||||||||||||||||||||||||||||
The company has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act (ERISA) minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the company’s other investment alternatives. | ||||||||||||||||||||||||||||||||||
The company also sponsors other postretirement (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 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 company recognizes the overfunded or underfunded status of each of its defined benefit pension and OPEB plans as an asset or liability on the Consolidated Balance Sheet. | ||||||||||||||||||||||||||||||||||
The funded status of the company’s pension and other postretirement benefit plans for 2014 and 2013 follows: | ||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
2014 | 2013 | Other Benefits | ||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2014 | 2013 | |||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 12,080 | $ | 6,095 | $ | 13,654 | $ | 6,287 | $ | 3,138 | $ | 3,787 | ||||||||||||||||||||||
Service cost | 450 | 190 | 495 | 197 | 50 | 66 | ||||||||||||||||||||||||||||
Interest cost | 494 | 340 | 471 | 314 | 148 | 149 | ||||||||||||||||||||||||||||
Plan participants’ contributions | — | 8 | — | 8 | 150 | 154 | ||||||||||||||||||||||||||||
Plan amendments | — | 3 | (78 | ) | 18 | 2 | — | |||||||||||||||||||||||||||
Actuarial (gain) loss | 2,299 | 336 | (1,398 | ) | (206 | ) | 544 | (636 | ) | |||||||||||||||||||||||||
Foreign currency exchange rate changes | — | (348 | ) | — | (187 | ) | (22 | ) | (23 | ) | ||||||||||||||||||||||||
Benefits paid | (1,073 | ) | (293 | ) | (1,064 | ) | (336 | ) | (350 | ) | (359 | ) | ||||||||||||||||||||||
Divestitures | — | (564 | ) | — | — | — | — | |||||||||||||||||||||||||||
Benefit obligation at December 31 | 14,250 | 5,767 | 12,080 | 6,095 | 3,660 | 3,138 | ||||||||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | 11,210 | 4,543 | 9,909 | 4,125 | — | — | ||||||||||||||||||||||||||||
Actual return on plan assets | 854 | 571 | 1,546 | 375 | — | — | ||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | (279 | ) | — | (21 | ) | — | — | ||||||||||||||||||||||||||
Employer contributions | 99 | 276 | 819 | 392 | 200 | 205 | ||||||||||||||||||||||||||||
Plan participants’ contributions | — | 8 | — | 8 | 150 | 154 | ||||||||||||||||||||||||||||
Benefits paid | (1,073 | ) | (293 | ) | (1,064 | ) | (336 | ) | (350 | ) | (359 | ) | ||||||||||||||||||||||
Divestitures | — | (582 | ) | — | — | — | — | |||||||||||||||||||||||||||
Fair value of plan assets at December 31 | 11,090 | 4,244 | 11,210 | 4,543 | — | — | ||||||||||||||||||||||||||||
Funded Status at December 31 | $ | (3,160 | ) | $ | (1,523 | ) | $ | (870 | ) | $ | (1,552 | ) | $ | (3,660 | ) | $ | (3,138 | ) | ||||||||||||||||
Amounts recognized on the Consolidated Balance Sheet for the company’s pension and other postretirement benefit plans at December 31, 2014 and 2013, include: | ||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
2014 | 2013 | Other Benefits | ||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2014 | 2013 | |||||||||||||||||||||||||||||
Deferred charges and other assets | $ | 13 | $ | 244 | $ | 394 | $ | 128 | $ | — | $ | — | ||||||||||||||||||||||
Accrued liabilities | (123 | ) | (68 | ) | (76 | ) | (81 | ) | (198 | ) | (215 | ) | ||||||||||||||||||||||
Noncurrent employee benefit plans | (3,050 | ) | (1,699 | ) | (1,188 | ) | (1,599 | ) | (3,462 | ) | (2,923 | ) | ||||||||||||||||||||||
Net amount recognized at December 31 | $ | (3,160 | ) | $ | (1,523 | ) | $ | (870 | ) | $ | (1,552 | ) | $ | (3,660 | ) | $ | (3,138 | ) | ||||||||||||||||
Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB plans were $7,417 and $5,464 at the end of 2014 and 2013, respectively. These amounts consisted of: | ||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
2014 | 2013 | Other Benefits | ||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2014 | 2013 | |||||||||||||||||||||||||||||
Net actuarial loss | $ | 4,972 | $ | 1,487 | $ | 3,185 | $ | 1,808 | $ | 763 | $ | 256 | ||||||||||||||||||||||
Prior service (credit) costs | (13 | ) | 150 | (22 | ) | 167 | 58 | 70 | ||||||||||||||||||||||||||
Total recognized at December 31 | $ | 4,959 | $ | 1,637 | $ | 3,163 | $ | 1,975 | $ | 821 | $ | 326 | ||||||||||||||||||||||
The accumulated benefit obligations for all U.S. and international pension plans were $12,833 and $4,995, respectively, at December 31, 2014, and $10,876 and $5,108, respectively, at December 31, 2013. | ||||||||||||||||||||||||||||||||||
Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2014 and 2013, was: | ||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||||||||||||||||||
Projected benefit obligations | $ | 14,182 | $ | 1,938 | $ | 1,267 | $ | 1,692 | ||||||||||||||||||||||||||
Accumulated benefit obligations | 12,765 | 1,525 | 1,155 | 1,240 | ||||||||||||||||||||||||||||||
Fair value of plan assets | 11,009 | 262 | 4 | 203 | ||||||||||||||||||||||||||||||
The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2014, 2013 and 2012 are shown in the table below: | ||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | Other Benefits | |||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | U.S. | Int’l. | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||||
Service cost | $ | 450 | $ | 190 | $ | 495 | $ | 197 | $ | 452 | $ | 181 | $ | 50 | $ | 66 | $ | 61 | ||||||||||||||||
Interest cost | 494 | 340 | 471 | 314 | 435 | 320 | 148 | 149 | 153 | |||||||||||||||||||||||||
Expected return on plan assets | (788 | ) | (298 | ) | (701 | ) | (274 | ) | (634 | ) | (269 | ) | — | — | — | |||||||||||||||||||
Amortization of prior service costs (credits) | (9 | ) | 21 | 2 | 21 | (7 | ) | 18 | 14 | (50 | ) | (72 | ) | |||||||||||||||||||||
Recognized actuarial losses | 209 | 96 | 485 | 143 | 470 | 136 | 7 | 53 | 56 | |||||||||||||||||||||||||
Settlement losses | 237 | 208 | 173 | 12 | 220 | 5 | — | — | (26 | ) | ||||||||||||||||||||||||
Curtailment losses (gains) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total net periodic benefit cost | 593 | 557 | 925 | 413 | 936 | 391 | 219 | 218 | 172 | |||||||||||||||||||||||||
Changes Recognized in Comprehensive Income | ||||||||||||||||||||||||||||||||||
Net actuarial (gain) loss during period | 2,233 | (17 | ) | (2,244 | ) | (476 | ) | 805 | 330 | 514 | (659 | ) | 45 | |||||||||||||||||||||
Amortization of actuarial loss | (446 | ) | (304 | ) | (658 | ) | (155 | ) | (700 | ) | (141 | ) | (7 | ) | (53 | ) | (79 | ) | ||||||||||||||||
Prior service (credits) costs during period | — | 4 | (78 | ) | 18 | 94 | 37 | 2 | — | 11 | ||||||||||||||||||||||||
Amortization of prior service (costs) credits | 9 | (21 | ) | (2 | ) | (21 | ) | 7 | (18 | ) | (14 | ) | 50 | 72 | ||||||||||||||||||||
Total changes recognized in other | 1,796 | (338 | ) | (2,982 | ) | (634 | ) | 206 | 208 | 495 | (662 | ) | 49 | |||||||||||||||||||||
comprehensive income | ||||||||||||||||||||||||||||||||||
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $ | 2,389 | $ | 219 | $ | (2,057 | ) | $ | (221 | ) | $ | 1,142 | $ | 599 | $ | 714 | $ | (444 | ) | $ | 221 | |||||||||||||
Net actuarial losses recorded in “Accumulated other comprehensive loss” at December 31, 2014, for the company’s U.S. pension, international pension and OPEB plans are being amortized on a straight-line basis over approximately 10, 12 and 15 years, respectively. These amortization periods represent the estimated average remaining service of employees expected to receive benefits under the plans. These losses are amortized to the extent they exceed 10 percent of the higher of the projected benefit obligation or market-related value of plan assets. The amount subject to amortization is determined on a plan-by-plan basis. During 2015, the company estimates actuarial losses of $356, $81 and $34 will be amortized from “Accumulated other comprehensive loss” for U.S. pension, international pension and OPEB plans, respectively. In addition, the company estimates an additional $216 will be recognized from “Accumulated other comprehensive loss” during 2015 related to lump-sum settlement costs from U.S. pension plans. | ||||||||||||||||||||||||||||||||||
The weighted average amortization period for recognizing prior service costs (credits) recorded in “Accumulated other comprehensive loss” at December 31, 2014, was approximately 5 and 9 years for U.S. and international pension plans, respectively, and 7 years for other postretirement benefit plans. During 2015, the company estimates prior service (credits) costs of $(9), $22 and $14 will be amortized from “Accumulated other comprehensive loss” for U.S. pension, international pension and OPEB plans, respectively. | ||||||||||||||||||||||||||||||||||
Assumptions The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: | ||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | Other Benefits | |||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | U.S. | Int’l. | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Assumptions used to determine benefit obligations: | ||||||||||||||||||||||||||||||||||
Discount rate | 3.7 | % | 5 | % | 4.3 | % | 5.8 | % | 3.6 | % | 5.2 | % | 4.3 | % | 4.9 | % | 4.1 | % | ||||||||||||||||
Rate of compensation increase | 4.5 | % | 5.1 | % | 4.5 | % | 5.5 | % | 4.5 | % | 5.5 | % | N/A | N/A | N/A | |||||||||||||||||||
Assumptions used to determine net periodic benefit cost: | ||||||||||||||||||||||||||||||||||
Discount rate | 4.3 | % | 5.8 | % | 3.6 | % | 5.2 | % | 3.8 | % | 5.9 | % | 4.9 | % | 4.1 | % | 4.2 | % | ||||||||||||||||
Expected return on plan assets | 7.5 | % | 6.6 | % | 7.5 | % | 6.8 | % | 7.5 | % | 7.5 | % | N/A | N/A | N/A | |||||||||||||||||||
Rate of compensation increase | 4.5 | % | 5.5 | % | 4.5 | % | 5.5 | % | 4.5 | % | 5.7 | % | N/A | N/A | N/A | |||||||||||||||||||
Expected Return on Plan Assets The company’s estimated long-term rates of return on pension assets are driven primarily by actual historical asset-class returns, an assessment of expected future performance, advice from external actuarial firms and the incorporation of specific asset-class risk factors. Asset allocations are periodically updated using pension plan asset/liability studies, and the company’s estimated long-term rates of return are consistent with these studies. | ||||||||||||||||||||||||||||||||||
For 2014, the company used an expected long-term rate of return of 7.5 percent for U.S. pension plan assets, which account for 72 percent of the company’s pension plan assets. In both 2013 and 2012, the company used a long-term rate of return of 7.5 for this plan. | ||||||||||||||||||||||||||||||||||
The market-related value of assets of the major U.S. pension plan used in the determination of pension expense was based on the market values in the three months preceding the year-end measurement date. Management considers the three-month time period long enough to minimize the effects of distortions from day-to-day market volatility and still be contemporaneous to the end of the year. For other plans, market value of assets as of year-end is used in calculating the pension expense. | ||||||||||||||||||||||||||||||||||
Discount Rate The discount rate assumptions used to determine the U.S. and international pension and postretirement benefit plan obligations and expense reflect the rate at which benefits could be effectively settled, and is equal to the equivalent single rate resulting from yield curve analysis. This analysis considered the projected benefit payments specific to the company's plans and the yields on high-quality bonds. At December 31, 2014, the company used a 3.7 percent discount rate for the U.S. pension plans and 4.1 percent for the main U.S. OPEB plan. The discount rates for these plans at the end of 2013 were 4.3 and 4.7 percent, respectively, while in 2012 they were 3.6 and 3.9 percent for these plans, respectively. | ||||||||||||||||||||||||||||||||||
Other Benefit Assumptions For the measurement of accumulated postretirement benefit obligation at December 31, 2014, for the main U.S. postretirement medical plan, the assumed health care cost-trend rates start with 7.0 percent in 2015 and gradually decline to 4.5 percent for 2025 and beyond. For this measurement at December 31, 2013, the assumed health care cost-trend rates started with 7.3 percent in 2014 and gradually declined to 4.5 percent for 2025 and beyond. In both measurements, the annual increase to company contributions was capped at 4 percent. | ||||||||||||||||||||||||||||||||||
Assumed health care cost-trend rates can have a significant effect on the amounts reported for retiree health care costs. The impact is mitigated by the 4 percent cap on the company’s medical contributions for the primary U.S. plan. A 1-percentage-point change in the assumed health care cost-trend rates would have the following effects on worldwide plans: | ||||||||||||||||||||||||||||||||||
1 Percent Increase | 1 Percent Decrease | |||||||||||||||||||||||||||||||||
Effect on total service and interest cost components | $ | 13 | $ | (10 | ) | |||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 226 | $ | (187 | ) | |||||||||||||||||||||||||||||
Plan Assets and Investment Strategy The fair value hierarchy of inputs the company uses to value the pension assets is divided into three levels: | ||||||||||||||||||||||||||||||||||
Level 1: Fair values of these assets are measured using unadjusted quoted prices for the assets or the prices of identical assets in active markets that the plans have the ability to access. | ||||||||||||||||||||||||||||||||||
Level 2: Fair values of these assets are measured based on quoted prices for similar assets in active markets; quoted prices for identical or similar assets in inactive markets; inputs other than quoted prices that are observable for the asset; and inputs that are derived principally from, or corroborated by, observable market data through correlation or other means. If the asset has a contractual term, the Level 2 input is observable for substantially the full term of the asset. The fair values for Level 2 assets are generally obtained from third-party broker quotes, independent pricing services and exchanges. | ||||||||||||||||||||||||||||||||||
Level 3: Inputs to the fair value measurement are unobservable for these assets. Valuation may be performed using a financial model incorporating estimated inputs. | ||||||||||||||||||||||||||||||||||
U.S. | Int’l. | |||||||||||||||||||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||
U.S.1 | $ | 2,298 | $ | 2,298 | $ | — | $ | — | $ | 409 | $ | 409 | $ | — | $ | — | ||||||||||||||||||
International | 1,501 | 1,501 | — | — | 533 | 533 | — | — | ||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 2,977 | 26 | 2,951 | — | 1,066 | 211 | 855 | — | ||||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||||
Government | 81 | 52 | 29 | — | 726 | 46 | 680 | — | ||||||||||||||||||||||||||
Corporate | 1,275 | — | 1,275 | — | 545 | 23 | 499 | 23 | ||||||||||||||||||||||||||
Mortgage-Backed Securities | 1 | — | 1 | — | 4 | — | 2 | 2 | ||||||||||||||||||||||||||
Other Asset Backed | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 1,357 | — | 1,357 | — | 647 | 27 | 620 | — | ||||||||||||||||||||||||||
Mixed Funds3 | — | — | — | — | 120 | 5 | 115 | — | ||||||||||||||||||||||||||
Real Estate4 | 1,265 | — | — | 1,265 | 294 | — | — | 294 | ||||||||||||||||||||||||||
Cash and Cash Equivalents | 385 | 385 | — | — | 173 | 173 | — | — | ||||||||||||||||||||||||||
Other5 | 70 | (2 | ) | 18 | 54 | 26 | (2 | ) | 25 | 3 | ||||||||||||||||||||||||
Total at December 31, 2013 | $ | 11,210 | $ | 4,260 | $ | 5,631 | $ | 1,319 | $ | 4,543 | $ | 1,425 | $ | 2,796 | $ | 322 | ||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||
U.S.1 | $ | 2,087 | $ | 2,087 | $ | — | $ | — | $ | 241 | $ | 241 | $ | — | $ | — | ||||||||||||||||||
International | 1,297 | 1,297 | — | — | 313 | 313 | — | — | ||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 3,240 | 22 | 3,218 | — | 979 | 173 | 806 | — | ||||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||||
Government | 84 | 47 | 37 | — | 1,066 | 53 | 1,013 | — | ||||||||||||||||||||||||||
Corporate | 1,502 | — | 1,502 | — | 585 | 26 | 537 | 22 | ||||||||||||||||||||||||||
Mortgage-Backed Securities | 1 | — | 1 | — | 1 | — | 1 | — | ||||||||||||||||||||||||||
Other Asset Backed | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 1,174 | — | 1,174 | — | 394 | 16 | 378 | — | ||||||||||||||||||||||||||
Mixed Funds3 | — | — | — | — | 122 | 3 | 119 | — | ||||||||||||||||||||||||||
Real Estate4 | 1,364 | — | — | 1,364 | 329 | — | — | 329 | ||||||||||||||||||||||||||
Cash and Cash Equivalents | 270 | 270 | — | — | 190 | 189 | 1 | — | ||||||||||||||||||||||||||
Other5 | 71 | (3 | ) | 20 | 54 | 24 | — | 21 | 3 | |||||||||||||||||||||||||
Total at December 31, 2014 | $ | 11,090 | $ | 3,720 | $ | 5,952 | $ | 1,418 | $ | 4,244 | $ | 1,014 | $ | 2,876 | $ | 354 | ||||||||||||||||||
1 | U.S. equities include investments in the company’s common stock in the amount of $24 at December 31, 2014, and $28 at December 31, 2013. | |||||||||||||||||||||||||||||||||
2 | Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly index funds. For these index funds, the Level 2 designation is partially based on the restriction that advance notification of redemptions, typically two business days, is required. | |||||||||||||||||||||||||||||||||
3 | Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk. | |||||||||||||||||||||||||||||||||
4 | The year-end valuations of the U.S. real estate assets are based on internal appraisals by the real estate managers, which are updates of third-party appraisals that occur at least once a year for each property in the portfolio. | |||||||||||||||||||||||||||||||||
5 | The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts and investments in private-equity limited partnerships (Level 3). | |||||||||||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||||
Corporate | Mortgage-Backed Securities | Real Estate | Other | Total | ||||||||||||||||||||||||||||||
Total at December 31, 2012 | $ | 31 | $ | 2 | $ | 1,290 | $ | 57 | $ | 1,380 | ||||||||||||||||||||||||
Actual Return on Plan Assets: | ||||||||||||||||||||||||||||||||||
Assets held at the reporting date | (9 | ) | — | 90 | — | 81 | ||||||||||||||||||||||||||||
Assets sold during the period | — | — | 3 | — | 3 | |||||||||||||||||||||||||||||
Purchases, Sales and Settlements | 1 | — | 176 | — | 177 | |||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | |||||||||||||||||||||||||||||
Total at December 31, 2013 | $ | 23 | $ | 2 | $ | 1,559 | $ | 57 | $ | 1,641 | ||||||||||||||||||||||||
Actual Return on Plan Assets: | ||||||||||||||||||||||||||||||||||
Assets held at the reporting date | — | — | 115 | — | 115 | |||||||||||||||||||||||||||||
Assets sold during the period | — | — | 20 | — | 20 | |||||||||||||||||||||||||||||
Purchases, Sales and Settlements | (1 | ) | (2 | ) | (1 | ) | — | (4 | ) | |||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | |||||||||||||||||||||||||||||
Total at December 31, 2014 | $ | 22 | $ | — | $ | 1,693 | $ | 57 | $ | 1,772 | ||||||||||||||||||||||||
The primary investment objectives of the pension plans are to achieve the highest rate of total return within prudent levels of risk and liquidity, to diversify and mitigate potential downside risk associated with the investments, and to provide adequate liquidity for benefit payments and portfolio management. | ||||||||||||||||||||||||||||||||||
The company’s U.S. and U.K. pension plans comprise 91 percent of the total pension assets. Both the U.S. and U.K. plans have an Investment Committee that regularly meets during the year to review the asset holdings and their returns. To assess the plans’ investment performance, long-term asset allocation policy benchmarks have been established. | ||||||||||||||||||||||||||||||||||
For the primary U.S. pension plan, the company's Benefit Plan Investment Committee has established the following approved asset allocation ranges: Equities 40–70 percent, Fixed Income and Cash 20–60 percent, Real Estate 0–15 percent, and Other 0–5 percent. For the U.K. pension plan, the U.K. Board of Trustees has established the following asset allocation guidelines, which are reviewed regularly: Equities 30-50 percent, Fixed Income and Cash 35–65 percent and Real Estate 5-15 percent. The other significant international pension plans also have established maximum and minimum asset allocation ranges that vary by plan. Actual asset allocation within approved ranges is based on a variety of current economic and market conditions and consideration of specific asset class risk. To mitigate concentration and other risks, assets are invested across multiple asset classes with active investment managers and passive index funds. | ||||||||||||||||||||||||||||||||||
The company does not prefund its OPEB obligations. | ||||||||||||||||||||||||||||||||||
Cash Contributions and Benefit Payments In 2014, the company contributed $99 and $293 to its U.S. and international pension plans, respectively. In 2015, the company expects contributions to be approximately $350 to its U.S. plan and $250 to its international pension plans. Actual contribution amounts are dependent upon investment returns, changes in pension obligations, regulatory environments and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. | ||||||||||||||||||||||||||||||||||
The company anticipates paying other postretirement benefits of approximately $198 in 2015; $200 was paid in 2014. | ||||||||||||||||||||||||||||||||||
The following benefit payments, which include estimated future service, are expected to be paid by the company in the next 10 years: | ||||||||||||||||||||||||||||||||||
Pension Benefits | Other | |||||||||||||||||||||||||||||||||
U.S. | Int’l. | Benefits | ||||||||||||||||||||||||||||||||
2015 | $ | 1,398 | $ | 225 | $ | 198 | ||||||||||||||||||||||||||||
2016 | $ | 1,346 | $ | 315 | $ | 203 | ||||||||||||||||||||||||||||
2017 | $ | 1,347 | $ | 322 | $ | 207 | ||||||||||||||||||||||||||||
2018 | $ | 1,340 | $ | 355 | $ | 212 | ||||||||||||||||||||||||||||
2019 | $ | 1,319 | $ | 374 | $ | 216 | ||||||||||||||||||||||||||||
2020-2024 | $ | 5,966 | $ | 2,004 | $ | 1,113 | ||||||||||||||||||||||||||||
Employee Savings Investment Plan Eligible employees of Chevron and certain of its subsidiaries participate in the Chevron Employee Savings Investment Plan (ESIP). Compensation expense for the ESIP totaled $316, $163 and $243 in 2014, 2013 and 2012, respectively. The amounts for ESIP expense in 2013 and 2012 are net of $140 and $43, respectively, which reflect the value of common stock released from the former leveraged employee stock ownership plan (LESOP). LESOP debt was retired in 2013, and all remaining shares were released. | ||||||||||||||||||||||||||||||||||
Benefit Plan Trusts Prior to its acquisition by Chevron, Texaco established a benefit plan trust for funding obligations under some of its benefit plans. At year-end 2014, the trust contained 14.2 million shares of Chevron treasury stock. The trust will sell the shares or use the dividends from the shares to pay benefits only to the extent that the company does not pay such benefits. The company intends to continue to pay its obligations under the benefit plans. The trustee will vote the shares held in the trust as instructed by the trust’s beneficiaries. The shares held in the trust are not considered outstanding for earnings-per-share purposes until distributed or sold by the trust in payment of benefit obligations. | ||||||||||||||||||||||||||||||||||
Prior to its acquisition by Chevron, Unocal established various grantor trusts to fund obligations under some of its benefit plans, including the deferred compensation and supplemental retirement plans. At December 31, 2014 and 2013, trust assets of $38 and $40, respectively, were invested primarily in interest-earning accounts. | ||||||||||||||||||||||||||||||||||
Employee Incentive Plans The Chevron Incentive Plan is an annual cash bonus plan for eligible employees that links awards to corporate, business unit and individual performance in the prior year. Charges to expense for cash bonuses were $965, $871 and $898 in 2014, 2013 and 2012, respectively. Chevron also has the LTIP for officers and other regular salaried employees of the company and its subsidiaries who hold positions of significant responsibility. Awards under the LTIP consist of stock options and other share-based compensation that are described in Note 21, beginning on page FS-50. |
Other_Contingencies_and_Commit
Other Contingencies and Commitments | 12 Months Ended |
Dec. 31, 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 16, beginning on page FS-45, for a discussion of the periods for which tax returns have been audited for the company’s major tax jurisdictions and a discussion for all tax jurisdictions of the differences between the amount of tax benefits recognized in the financial statements and the amount taken or expected to be taken in a tax return. | |
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’s guarantee of $485 is associated with certain payments under a terminal use agreement entered into by an equity affiliate. Over the approximate 13-year remaining term of the guarantee, the maximum guarantee amount will be reduced as certain fees are paid by the affiliate. There are numerous cross-indemnity agreements with the affiliate and the other partners to permit recovery of amounts paid under the guarantee. Chevron has recorded no liability for its obligation under this guarantee. | |
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, which had been reached at December 31, 2009. Under the indemnification agreement, after reaching the $200 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. | |
Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements 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. The aggregate | |
approximate amounts of required payments under these various commitments are: 2015 – $3,600; 2016 – $3,000; 2017 – $2,300; 2018 – $2,100; 2019 – $1,600; 2020 and after – $4,500. A portion of these commitments may ultimately be shared with project partners. Total payments under the agreements were approximately $3,700 in 2014, $3,600 in 2013 and $3,600 in 2012. | |
Environmental The company is subject to loss contingencies pursuant to laws, regulations, private claims and legal proceedings related to environmental matters that are subject to legal settlements or that in the future may require the company to take action to correct or ameliorate the effects on the environment of prior release of chemicals or petroleum substances, including MTBE, by the company or other parties. Such contingencies may exist for various sites, including, but not limited to, federal Superfund sites and analogous sites under state laws, refineries, crude oil fields, service stations, terminals, land development areas, and mining operations, whether operating, closed or divested. These future costs are not fully determinable due to such factors as the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions that may be required, the determination of the company’s liability in proportion to other responsible parties, and the extent to which such costs are recoverable from third parties. | |
Although the company has provided for known environmental obligations that are probable and reasonably estimable, the amount of additional future costs may be material to results of operations in the period in which they are recognized. The company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Also, the company does not believe its obligations to make such expenditures have had, or will have, any significant impact on the company’s competitive position relative to other U.S. or international petroleum or chemical companies. | |
Chevron’s environmental reserve as of December 31, 2014, was $1,683. Included in this balance were remediation activities at approximately 164 sites for which the company had been identified as a potentially responsible party or otherwise involved in the remediation by the U.S. Environmental Protection Agency (EPA) or other regulatory agencies under the provisions of the federal Superfund law or analogous state laws. The company’s remediation reserve for these sites at year-end 2014 was $456. The federal Superfund law and analogous state laws provide for joint and several liability for all responsible parties. Any future actions by the EPA or other regulatory agencies to require Chevron to assume other potentially responsible parties’ costs at designated hazardous waste sites are not expected to have a material effect on the company’s results of operations, consolidated financial position or liquidity. | |
Of the remaining year-end 2014 environmental reserves balance of $1,227, $868 related to the company’s U.S. downstream operations, including refineries and other plants, marketing locations (i.e., service stations and terminals), chemical facilities, and pipelines. The remaining $359 was associated with various sites in international downstream $79, upstream $275 and other businesses $5. Liabilities at all sites, whether operating, closed or divested, were primarily associated with the company’s plans and activities to remediate soil or groundwater contamination or both. These and other activities include one or more of the following: site assessment; soil excavation; offsite disposal of contaminants; onsite containment, remediation and/or extraction of petroleum hydrocarbon liquid and vapor from soil; groundwater extraction and treatment; and monitoring of the natural attenuation of the contaminants. | |
The company manages environmental liabilities under specific sets of regulatory requirements, which in the United States include the Resource Conservation and Recovery Act and various state and local regulations. No single remediation site at year-end 2014 had a recorded liability that was material to the company’s results of operations, consolidated financial position or liquidity. | |
It is likely that the company will continue to incur additional liabilities, beyond those recorded, for environmental remediation relating to past operations. 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. | |
Refer to Note 24 for a discussion of the company’s asset retirement obligations. | |
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 is now seeking 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. | |
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. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||
Asset Retirement Obligations | Asset Retirement Obligations | ||||||||||||
The company records the fair value of a liability for an asset retirement obligation (ARO) as an asset and liability when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The legal obligation to perform the asset retirement activity is unconditional, even though uncertainty may exist about the timing and/or method of settlement that may be beyond the company’s control. This uncertainty about the timing and/or method of settlement is factored into the measurement of the liability when sufficient information exists to reasonably estimate fair value. Recognition of the ARO includes: (1) the present value of a liability and offsetting asset, (2) the subsequent accretion of that liability and depreciation of the asset, and (3) the periodic review of the ARO liability estimates and discount rates. | |||||||||||||
AROs are primarily recorded for the company’s crude oil and natural gas producing assets. No significant AROs associated with any legal obligations to retire downstream long-lived assets have been recognized, as indeterminate settlement dates for the asset retirements prevent estimation of the fair value of the associated ARO. The company performs periodic reviews of its downstream long-lived assets for any changes in facts and circumstances that might require recognition of a retirement obligation. | |||||||||||||
The following table indicates the changes to the company’s before-tax asset retirement obligations in 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at January 1 | $ | 14,298 | $ | 13,271 | $ | 12,767 | |||||||
Liabilities incurred | 133 | 59 | 133 | ||||||||||
Liabilities settled | (1,291 | ) | (907 | ) | (966 | ) | |||||||
Accretion expense | 882 | 627 | 629 | ||||||||||
Revisions in estimated cash flows | 1,031 | 1,248 | 708 | ||||||||||
Balance at December 31 | $ | 15,053 | $ | 14,298 | $ | 13,271 | |||||||
In the table above, the amounts associated with "Revisions in estimated cash flows" generally reflect increasing costs for complex well abandonments and accelerated timing of abandonment. The long-term portion of the $15,053 balance at the end of 2014 was $14,246. |
Other_Financial_Information
Other Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Other Financial Information | Other Financial Information | ||||||||||||
Earnings in 2014 included after-tax gains of approximately $3,000 relating to the sale of nonstrategic properties. Of this amount, approximately $1,800, $1,000 and $200 related to upstream, downstream, and other assets, respectively. Earnings in 2013 included after-tax gains of approximately $500 relating to the sale of nonstrategic properties. Of this amount, approximately $300 and $200 related to downstream and upstream assets, respectively. Earnings in 2014 included after-tax charges of approximately $1,000 for impairments and other asset write-offs, of which $800 was related to upstream and $200 to a mining asset. Earnings in 2013 included after-tax charges of approximately $400 for impairments and other asset write-offs, of which $300 was related to upstream and $100 to other assets and investments. | |||||||||||||
Other financial information is as follows: | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total financing interest and debt costs | $ | 358 | $ | 284 | $ | 242 | |||||||
Less: Capitalized interest | 358 | 284 | 242 | ||||||||||
Interest and debt expense | $ | — | $ | — | $ | — | |||||||
Research and development expenses | $ | 707 | $ | 750 | $ | 648 | |||||||
Excess of replacement cost over the carrying value of inventories (LIFO method) | 8,135 | 9,150 | 9,292 | ||||||||||
LIFO profits on inventory drawdowns included in earnings | 13 | 14 | 121 | ||||||||||
Foreign currency effects* | $ | 487 | $ | 474 | $ | (454 | ) | ||||||
* Includes $118, $244 and $(202) in 2014, 2013 and 2012, respectively, for the company’s share of equity affiliates’ foreign currency effects. | |||||||||||||
The company has $4,593 in goodwill on the Consolidated Balance Sheet related to the 2005 acquisition of Unocal and to the 2011 acquisition of Atlas Energy, Inc. The company tested this goodwill for impairment during 2014 and concluded no impairment was necessary. |
Schedule_II_Valuation_And_Qual
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||
Schedule II - Valuation And Qualifying Accounts | Schedule II — Valuation And Qualifying Accounts | |||||||||
Year ended December 31 | ||||||||||
Millions of Dollars | 2014 | 2013 | 2012 | |||||||
Employee Termination Benefits | ||||||||||
Balance at January 1 | $ | 14 | $ | 30 | $ | 63 | ||||
Additions (reductions) charged to expense | 53 | (6 | ) | 3 | ||||||
Payments | (18 | ) | (10 | ) | (36 | ) | ||||
Balance at December 31 | $ | 49 | $ | 14 | $ | 30 | ||||
Allowance for Doubtful Accounts | ||||||||||
Balance at January 1 | $ | 95 | $ | 155 | $ | 167 | ||||
Additions (reductions) to expense | 119 | 1 | (4 | ) | ||||||
Bad debt write-offs | (20 | ) | (61 | ) | (8 | ) | ||||
Balance at December 31 | $ | 194 | $ | 95 | $ | 155 | ||||
Deferred Income Tax Valuation Allowance* | ||||||||||
Balance at January 1 | $ | 17,171 | $ | 15,443 | $ | 11,096 | ||||
Additions to deferred income tax expense | 1,192 | 2,665 | 5,471 | |||||||
Reduction of deferred income tax expense | (2,071 | ) | (937 | ) | (1,124 | ) | ||||
Balance at December 31 | $ | 16,292 | $ | 17,171 | $ | 15,443 | ||||
* See also Note 16 to the Consolidated Financial Statements, beginning on page FS-45. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
General | General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America. These require the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and judgments, actual results could differ from these estimates as future confirming events occur. |
Subsidiary and Affiliated Companies | Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary companies more than 50 percent-owned and any variable-interest entities in which the company is the primary beneficiary. Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis. Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately 20 percent to 50 percent, or for which the company exercises significant influence but not control over policy decisions, are accounted for by the equity method. As part of that accounting, the company recognizes gains and losses that arise from the issuance of stock by an affiliate that results in changes in the company’s proportionate share of the dollar amount of the affiliate’s equity currently in income. |
Investments in affiliates are assessed for possible impairment when events indicate that the fair value of the investment may be below the company’s carrying value. When such a condition is deemed to be other than temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in net income. In making the determination as to whether a decline is other than temporary, the company considers such factors as the duration and extent of the decline, the investee’s financial performance, and the company’s ability and intention to retain its investment for a period that will be sufficient to allow for any anticipated recovery in the investment’s market value. The new cost basis of investments in these equity investees is not changed for subsequent recoveries in fair value. | |
Differences between the company’s carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned to the extent practicable to specific assets and liabilities based on the company’s analysis of the various factors giving rise to the difference. When appropriate, the company’s share of the affiliate’s reported earnings is adjusted quarterly to reflect the difference between these allocated values and the affiliate’s historical book values. | |
Derivatives | Derivatives The majority of the company’s activity in derivative commodity instruments is intended to manage the financial risk posed by physical transactions. For some of this derivative activity, generally limited to large, discrete or infrequently occurring transactions, the company may elect to apply fair value or cash flow hedge accounting. For other similar derivative instruments, generally because of the short-term nature of the contracts or their limited use, the company does not apply hedge accounting, and changes in the fair value of those contracts are reflected in current income. For the company’s commodity trading activity, gains and losses from derivative instruments are reported in current income. The company may enter into interest rate swaps from time to time as part of its overall strategy to manage the interest rate risk on its debt. Interest rate swaps related to a portion of the company’s fixed-rate debt, if any, may be accounted for as fair value hedges. Interest rate swaps related to floating-rate debt, if any, are recorded at fair value on the balance sheet with resulting gains and losses reflected in income. Where Chevron is a party to master netting arrangements, fair value receivable and payable amounts recognized for derivative instruments executed with the same counterparty are generally offset on the balance sheet. |
Short-Term Investments | Short-Term Investments All short-term investments are classified as available for sale and are in highly liquid debt securities. Those investments that are part of the company’s cash management portfolio and have original maturities of three months or less are reported as “Cash equivalents.” Bank time deposits with maturities greater than 90 days are reported as “Time deposits.” The balance of short-term investments is reported as “Marketable securities” and is marked-to-market, with any unrealized gains or losses included in “Other comprehensive income.” |
Inventories | Inventories Crude oil, petroleum products and chemicals inventories are generally stated at cost, using a last-in, first-out method. In the aggregate, these costs are below market. “Materials, supplies and other” inventories generally are stated at average cost. |
Properties, Plant and Equipment | Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation (ARO) assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. |
Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. Refer to Note 20, beginning on page FS-49, for additional discussion of accounting for suspended exploratory well costs. | |
Long-lived assets to be held and used, including proved crude oil and natural gas properties, are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net before-tax cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast), significant change in the extent or manner of use of or a physical change in an asset, and a more-likely-than-not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net before-tax cash flows. For proved crude oil and natural gas properties in the United States, the company generally performs an impairment review on an individual field basis. Outside the United States, reviews are performed on a country, concession, development area or field basis, as appropriate. In Downstream, impairment reviews are performed on the basis of a refinery, a plant, a marketing/lubricants area or distribution area, as appropriate. Impairment amounts are recorded as incremental “Depreciation, depletion and amortization” expense. | |
Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the asset is considered impaired and adjusted to the lower value. Refer to Note 9, beginning on page FS-34, relating to fair value measurements. | |
The fair value of a liability for an ARO is recorded as an asset and a liability when there is a legal obligation associated with the retirement of a long-lived asset and the amount can be reasonably estimated. Refer also to Note 24, on page FS-59, relating to AROs. | |
Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using the unit-of-production method, generally by individual field, as the proved developed reserves are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. Periodic valuation provisions for impairment of capitalized costs of unproved mineral interests are expensed. | |
The capitalized costs of all other plant and equipment are depreciated or amortized over their estimated useful lives. In general, the declining-balance method is used to depreciate plant and equipment in the United States; the straight-line method is generally used to depreciate international plant and equipment and to amortize all capitalized leased assets. | |
Gains or losses are not recognized for normal retirements of properties, plant and equipment subject to composite group amortization or depreciation. Gains or losses from abnormal retirements are recorded as expenses, and from sales as “Other income.” | |
Expenditures for maintenance (including those for planned major maintenance projects), repairs and minor renewals to maintain facilities in operating condition are generally expensed as incurred. Major replacements and renewals are capitalized. | |
Goodwill | Goodwill Goodwill resulting from a business combination is not subject to amortization. The company tests such goodwill at the reporting unit level for impairment on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. |
Environmental Expenditures | Environmental Expenditures Environmental expenditures that relate to ongoing operations or to conditions caused by past operations are expensed. Expenditures that create future benefits or contribute to future revenue generation are capitalized. |
Liabilities related to future remediation costs are recorded when environmental assessments or cleanups or both are probable and the costs can be reasonably estimated. For the company’s U.S. and Canadian marketing facilities, the accrual is based in part on the probability that a future remediation commitment will be required. For crude oil, natural gas and mineral-producing properties, a liability for an ARO is made in accordance with accounting standards for asset retirement and environmental obligations. Refer to Note 24, on page FS-59, for a discussion of the company’s AROs. | |
For federal Superfund sites and analogous sites under state laws, the company records a liability for its designated share of the probable and estimable costs, and probable amounts for other potentially responsible parties when mandated by the regulatory agencies because the other parties are not able to pay their respective shares. | |
The gross amount of environmental liabilities is based on the company’s best estimate of future costs using currently available technology and applying current regulations and the company’s own internal environmental policies. Future amounts are not discounted. Recoveries or reimbursements are recorded as assets when receipt is reasonably assured. | |
Currency Translation | Currency Translation The U.S. dollar is the functional currency for substantially all of the company’s consolidated operations and those of its equity affiliates. For those operations, all gains and losses from currency remeasurement are included in current period income. The cumulative translation effects for those few entities, both consolidated and affiliated, using functional currencies other than the U.S. dollar are included in “Currency translation adjustment” on the Consolidated Statement of Equity. |
Revenue Recognition | Revenue Recognition Revenues associated with sales of crude oil, natural gas, petroleum and chemicals products, and all other sources are recorded when title passes to the customer, net of royalties, discounts and allowances, as applicable. Revenues from natural gas production from properties in which Chevron has an interest with other producers are generally recognized using the entitlement method. Excise, value-added and similar taxes assessed by a governmental authority on a revenue-producing transaction between a seller and a customer are presented on a gross basis. The associated amounts are shown as a footnote to the Consolidated Statement of Income, on page FS-23. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported in “Purchased crude oil and products” on the Consolidated Statement of Income. |
Stock Options and Other Share-Based Compensation | Stock Options and Other Share-Based Compensation The company issues stock options and other share-based compensation to certain employees. For equity awards, such as stock options, total compensation cost is based on the grant date fair value, and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period an employee becomes eligible to retain the award at retirement. Stock options and stock appreciation rights granted under the company’s Long-Term Incentive Plan have graded vesting provisions by which one-third of each award vests on the first, second and third anniversaries of the date of grant. The company amortizes these graded awards on a straight-line basis. |
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. The term “earnings” is defined as “Net Income Attributable to Chevron Corporation.” | |
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 a liability are 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 tables on the next page show the fair value hierarchy for assets and liabilities measured at fair value on a recurring and nonrecurring basis at December 31, 2014, and December 31, 2013. | |
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 plant. 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. |
Uncertain Income Tax Positions | Uncertain Income Tax Positions The company recognizes a tax benefit in the financial statements for an uncertain tax position only if management’s assessment is that the position is “more likely than not” (i.e., a likelihood greater than 50 percent) to be allowed by the tax jurisdiction based solely on the technical merits of the position. The term “tax position” in the accounting standards for income taxes refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. |
Accounting for Suspended Exploratory Wells | Accounting for Suspended Exploratory Wells |
The company continues to capitalize exploratory well costs after the completion of drilling when (a) the well has found a sufficient quantity of reserves to justify completion as a producing well, and (b) the business unit is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense. |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Losses (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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 year ending December 31, 2014, are reflected in the table below. | |||||||||||||||||||
Year Ended December 31, 20141 | ||||||||||||||||||||
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 | (73 | ) | (2 | ) | (43 | ) | (1,689 | ) | (1,807 | ) | ||||||||||
Reclassifications2 | — | — | (11 | ) | 538 | 527 | ||||||||||||||
Net Other Comprehensive Income (Loss) | (73 | ) | (2 | ) | (54 | ) | (1,151 | ) | (1,280 | ) | ||||||||||
Balance at December 31 | $ | (96 | ) | $ | (8 | ) | $ | (2 | ) | $ | (4,753 | ) | $ | (4,859 | ) | |||||
1 | All amounts are net of tax. | |||||||||||||||||||
2 | Refer to Note 22, Employee Benefit Plans for reclassified components totaling $783 that are included in employee benefit costs for the year ending December 31, 2014. Related income taxes for the same period, totaling $245, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant. |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||
Activity for equity attributable to noncontrolling interests | Activity for the equity attributable to noncontrolling interests for 2014, 2013 and 2012 is as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at January 1 | $ | 1,314 | $ | 1,308 | $ | 799 | |||||||
Net income | 69 | 174 | 157 | ||||||||||
Distributions to noncontrolling interests | (47 | ) | (99 | ) | (41 | ) | |||||||
Other changes, net | (173 | ) | (69 | ) | 393 | ||||||||
Balance at December 31 | $ | 1,163 | $ | 1,314 | $ | 1,308 | |||||||
Information_Relating_to_the_Co1
Information Relating to the Consolidated Statement of Cash Flows (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Schedule of information relating to the consolidated statement of cash flows | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net (increase) decrease in operating working capital was composed of the following: | |||||||||||||
Decrease (increase) in accounts and notes receivable | $ | 4,491 | $ | (1,101 | ) | $ | 1,153 | ||||||
Increase in inventories | (146 | ) | (237 | ) | (233 | ) | |||||||
(Increase) decrease in prepaid expenses and other current assets | (407 | ) | 834 | (471 | ) | ||||||||
(Decrease) increase in accounts payable and accrued liabilities | (3,737 | ) | 160 | 544 | |||||||||
Decrease in income and other taxes payable | (741 | ) | (987 | ) | (630 | ) | |||||||
Net (increase) decrease in operating working capital | $ | (540 | ) | $ | (1,331 | ) | $ | 363 | |||||
Net cash provided by operating activities includes the following cash payments for income taxes: | |||||||||||||
Income taxes | $ | 10,562 | $ | 12,898 | $ | 17,334 | |||||||
Net (purchases) sales of marketable securities consisted of the following gross amounts: | |||||||||||||
Marketable securities purchased | $ | (162 | ) | $ | (7 | ) | $ | (35 | ) | ||||
Marketable securities sold | 14 | 10 | 32 | ||||||||||
Net (purchases) sales of marketable securities | $ | (148 | ) | $ | 3 | $ | (3 | ) | |||||
Net sales of time deposits consisted of the following gross amounts: | |||||||||||||
Time deposits purchased | $ | (317 | ) | $ | (2,317 | ) | $ | (717 | ) | ||||
Time deposits matured | 317 | 3,017 | 3,967 | ||||||||||
Net sales of time deposits | $ | — | $ | 700 | $ | 3,250 | |||||||
Capital expenditures | The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory expenditures, including equity affiliates, are presented in the following table: | ||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Additions to properties, plant and equipment * | $ | 34,393 | $ | 36,550 | $ | 29,526 | |||||||
Additions to investments | 526 | 934 | 1,042 | ||||||||||
Current-year dry hole expenditures | 504 | 594 | 475 | ||||||||||
Payments for other liabilities and assets, net | (16 | ) | (93 | ) | (105 | ) | |||||||
Capital expenditures | 35,407 | 37,985 | 30,938 | ||||||||||
Expensed exploration expenditures | 1,110 | 1,178 | 1,173 | ||||||||||
Assets acquired through capital lease obligations and other financing obligations | 332 | 16 | 1 | ||||||||||
Capital and exploratory expenditures, excluding equity affiliates | 36,849 | 39,179 | 32,112 | ||||||||||
Company's share of expenditures by equity affiliates | 3,467 | 2,698 | 2,117 | ||||||||||
Capital and exploratory expenditures, including equity affiliates | $ | 40,316 | $ | 41,877 | $ | 34,229 | |||||||
* | Excludes noncash additions of $2,310 in 2014, $1,661 in 2013 and $4,569 in 2012. |
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Leases [Abstract] | |||||||||||||
Schedule of capitalized leased assets | Details of the capitalized leased assets are as follows: | ||||||||||||
At December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Upstream | $ | 765 | $ | 445 | |||||||||
Downstream | 97 | 316 | |||||||||||
All Other | — | — | |||||||||||
Total | 862 | 761 | |||||||||||
Less: Accumulated amortization | 381 | 523 | |||||||||||
Net capitalized leased assets | $ | 481 | $ | 238 | |||||||||
Rental expenses incurred for operating leases | Rental expenses incurred for operating leases during 2014, 2013 and 2012 were as follows: | ||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Minimum rentals | $ | 1,080 | $ | 1,049 | $ | 973 | |||||||
Contingent rentals | 1 | 1 | 7 | ||||||||||
Total | 1,081 | 1,050 | 980 | ||||||||||
Less: Sublease rental income | 14 | 25 | 32 | ||||||||||
Net rental expense | $ | 1,067 | $ | 1,025 | $ | 948 | |||||||
Estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases | At December 31, 2014, the estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases, which at inception had a noncancelable term of more than one year, were as follows: | ||||||||||||
At December 31 | |||||||||||||
Operating Leases | Capital Leases | ||||||||||||
Year | 2015 | $ | 793 | $ | 34 | ||||||||
2016 | 644 | 26 | |||||||||||
2017 | 585 | 21 | |||||||||||
2018 | 461 | 20 | |||||||||||
2019 | 326 | 15 | |||||||||||
Thereafter | 689 | 24 | |||||||||||
Total | $ | 3,498 | $ | 140 | |||||||||
Less: Amounts representing interest and executory costs | $ | (44 | ) | ||||||||||
Net present values | 96 | ||||||||||||
Less: Capital lease obligations included in short-term debt | (28 | ) | |||||||||||
Long-term capital lease obligations | $ | 68 | |||||||||||
Summarized_Financial_Data_Chev1
Summarized Financial Data - Chevron U.S.A. Inc. (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summarized Financial Data of Subsidiary One [Abstract] | |||||||||||||
Summarized Financial Data - Chevron U.S.A. Inc. | The summarized financial information for CUSA and its consolidated subsidiaries is as follows: | ||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Sales and other operating revenues | $ | 157,198 | $ | 174,318 | $ | 183,215 | |||||||
Total costs and other deductions | 153,139 | 169,984 | 175,009 | ||||||||||
Net income attributable to CUSA | 3,849 | 3,714 | 6,216 | ||||||||||
Summarized Financial Data and its Subsidiary | |||||||||||||
2014 | 2013 | ||||||||||||
Current assets | $ | 13,724 | $ | 17,626 | |||||||||
Other assets | 62,195 | 57,288 | |||||||||||
Current liabilities | 16,191 | 17,486 | |||||||||||
Other liabilities | 30,175 | 28,119 | |||||||||||
Total CUSA net equity | $ | 29,553 | $ | 29,309 | |||||||||
Memo: Total debt | $ | 14,473 | $ | 14,482 | |||||||||
Summarized_Financial_Data_Teng1
Summarized Financial Data - Tengizchevroil LLP (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summarized Financial Data of Affiliate [Abstract] | |||||||||||||
Summarized Financial Data - Tengizchevroil LLP | Summarized financial information for 100 percent of TCO is presented in the table below: | ||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Sales and other operating revenues | $ | 22,813 | $ | 25,239 | $ | 23,089 | |||||||
Costs and other deductions | 10,275 | 11,173 | 10,064 | ||||||||||
Net income attributable to TCO | 8,772 | 9,855 | 9,119 | ||||||||||
Summarized Financial Data and its Affiliate | |||||||||||||
At December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Current assets | $ | 3,425 | $ | 3,598 | |||||||||
Other assets | 14,810 | 12,964 | |||||||||||
Current liabilities | 1,531 | 3,016 | |||||||||||
Other liabilities | 2,375 | 2,761 | |||||||||||
Total TCO net equity | $ | 14,329 | $ | 10,785 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||
At December 31, 2014 | At December 31, 2013 | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Marketable securities | $ | 422 | $ | 422 | $ | — | $ | — | $ | 263 | $ | 263 | $ | — | $ | — | |||||||||||||||
Derivatives | 413 | 394 | 19 | — | 28 | — | 28 | — | |||||||||||||||||||||||
Total Assets at Fair Value | $ | 835 | $ | 816 | $ | 19 | $ | — | $ | 291 | $ | 263 | $ | 28 | $ | — | |||||||||||||||
Derivatives | 84 | 83 | 1 | — | 89 | 80 | 9 | — | |||||||||||||||||||||||
Total Liabilities at Fair Value | $ | 84 | $ | 83 | $ | 1 | $ | — | $ | 89 | $ | 80 | $ | 9 | $ | — | |||||||||||||||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||||||||
At December 31 | At December 31 | ||||||||||||||||||||||||||||||
Before-Tax Loss | Before-Tax Loss | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Year 2014 | Total | Level 1 | Level 2 | Level 3 | Year 2013 | ||||||||||||||||||||||
Properties, plant and equipment, net (held and used) | $ | 947 | $ | — | $ | 213 | $ | 734 | $ | 1,249 | $ | 102 | $ | — | $ | — | $ | 102 | $ | 278 | |||||||||||
Properties, plant and equipment, net (held for sale) | — | — | — | — | 25 | 69 | — | 69 | — | 104 | |||||||||||||||||||||
Investments and advances | 11 | — | — | 11 | 41 | 38 | — | 35 | 3 | 228 | |||||||||||||||||||||
Total Nonrecurring Assets at Fair Value | $ | 958 | $ | — | $ | 213 | $ | 745 | $ | 1,315 | $ | 209 | $ | — | $ | 104 | $ | 105 | $ | 610 | |||||||||||
Financial_and_Derivative_Instr1
Financial and Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||
At December 31 | |||||||||||||||||||||
Type of Contract | Balance Sheet Classification | 2014 | 2013 | ||||||||||||||||||
Commodity | Accounts and notes receivable, net | $ | 401 | $ | 22 | ||||||||||||||||
Commodity | Long-term receivables, net | 12 | 6 | ||||||||||||||||||
Total Assets at Fair Value | $ | 413 | $ | 28 | |||||||||||||||||
Commodity | Accounts payable | $ | 57 | $ | 65 | ||||||||||||||||
Commodity | Deferred credits and other noncurrent obligations | 27 | 24 | ||||||||||||||||||
Total Liabilities at Fair Value | $ | 84 | $ | 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 | ||||||||||||||||||||
Gain/(Loss) | |||||||||||||||||||||
Type of Derivative | Statement of | Year ended December 31 | |||||||||||||||||||
Contract | Income Classification | 2014 | 2013 | 2012 | |||||||||||||||||
Commodity | Sales and other operating revenues | $ | 553 | $ | (108 | ) | $ | (49 | ) | ||||||||||||
Commodity | Purchased crude oil and products | (17 | ) | (77 | ) | (24 | ) | ||||||||||||||
Commodity | Other income | (32 | ) | (9 | ) | 6 | |||||||||||||||
$ | 504 | $ | (194 | ) | $ | (67 | ) | ||||||||||||||
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 December 31, 2014 and December 31, 2013. | ||||||||||||||||||||
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities | |||||||||||||||||||||
Gross Amount Recognized | Gross Amounts Offset | Net Amounts Presented | Gross Amounts Not Offset | Net Amount | |||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||
Derivative Assets | $ | 4,004 | $ | 3,591 | $ | 413 | $ | 7 | $ | 406 | |||||||||||
Derivative Liabilities | $ | 3,675 | $ | 3,591 | $ | 84 | $ | — | $ | 84 | |||||||||||
At December 31, 2013 | |||||||||||||||||||||
Derivative Assets | $ | 732 | $ | 704 | $ | 28 | $ | 27 | $ | 1 | |||||||||||
Derivative Liabilities | $ | 793 | $ | 704 | $ | 89 | $ | — | $ | 89 | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Computation of basic and diluted EPS | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic EPS Calculation | |||||||||||||
Earnings available to common stockholders - Basic* | $ | 19,241 | $ | 21,423 | $ | 26,179 | |||||||
Weighted-average number of common shares outstanding | 1,883 | 1,916 | 1,950 | ||||||||||
Add: Deferred awards held as stock units | 1 | 1 | — | ||||||||||
Total weighted-average number of common shares outstanding | 1,884 | 1,917 | 1,950 | ||||||||||
Earnings per share of common stock - Basic | $ | 10.21 | $ | 11.18 | $ | 13.42 | |||||||
Diluted EPS Calculation | |||||||||||||
Earnings available to common stockholders - Diluted* | $ | 19,241 | $ | 21,423 | $ | 26,179 | |||||||
Weighted-average number of common shares outstanding | 1,883 | 1,916 | 1,950 | ||||||||||
Add: Deferred awards held as stock units | 1 | 1 | — | ||||||||||
Add: Dilutive effect of employee stock-based awards | 14 | 15 | 15 | ||||||||||
Total weighted-average number of common shares outstanding | 1,898 | 1,932 | 1,965 | ||||||||||
Earnings per share of common stock - Diluted | $ | 10.14 | $ | 11.09 | $ | 13.32 | |||||||
* There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. |
Operating_Segments_and_Geograp1
Operating Segments and Geographic Data (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Earnings | Earnings by major operating area are presented in the following table: | ||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Segment Earnings | |||||||||||||
Upstream | |||||||||||||
United States | $ | 3,327 | $ | 4,044 | $ | 5,332 | |||||||
International | 13,566 | 16,765 | 18,456 | ||||||||||
Total Upstream | 16,893 | 20,809 | 23,788 | ||||||||||
Downstream | |||||||||||||
United States | 2,637 | 787 | 2,048 | ||||||||||
International | 1,699 | 1,450 | 2,251 | ||||||||||
Total Downstream | 4,336 | 2,237 | 4,299 | ||||||||||
Total Segment Earnings | 21,229 | 23,046 | 28,087 | ||||||||||
All Other | |||||||||||||
Interest income | 77 | 80 | 83 | ||||||||||
Other | (2,065 | ) | (1,703 | ) | (1,991 | ) | |||||||
Net Income Attributable to Chevron Corporation | $ | 19,241 | $ | 21,423 | $ | 26,179 | |||||||
Segment Assets | Assets at year-end 2014 and 2013 are as follows: | ||||||||||||
At December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Upstream | |||||||||||||
United States | $ | 49,205 | $ | 45,436 | |||||||||
International | 152,736 | 137,096 | |||||||||||
Goodwill | 4,593 | 4,639 | |||||||||||
Total Upstream | 206,534 | 187,171 | |||||||||||
Downstream | |||||||||||||
United States | 23,068 | 23,829 | |||||||||||
International | 17,723 | 20,268 | |||||||||||
Total Downstream | 40,791 | 44,097 | |||||||||||
Total Segment Assets | 247,325 | 231,268 | |||||||||||
All Other | |||||||||||||
United States | 6,741 | 7,326 | |||||||||||
International | 11,960 | 15,159 | |||||||||||
Total All Other | 18,701 | 22,485 | |||||||||||
Total Assets – United States | 79,014 | 76,591 | |||||||||||
Total Assets – International | 182,419 | 172,523 | |||||||||||
Goodwill | 4,593 | 4,639 | |||||||||||
Total Assets | $ | 266,026 | $ | 253,753 | |||||||||
Segment Sales and Other Operating Revenues | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Upstream | |||||||||||||
United States | $ | 7,455 | $ | 8,052 | $ | 6,416 | |||||||
Intersegment | 15,455 | 16,865 | 17,229 | ||||||||||
Total United States | 22,910 | 24,917 | 23,645 | ||||||||||
International | 23,808 | 17,607 | 19,459 | ||||||||||
Intersegment | 23,107 | 33,034 | 34,094 | ||||||||||
Total International | 46,915 | 50,641 | 53,553 | ||||||||||
Total Upstream* | 69,825 | 75,558 | 77,198 | ||||||||||
Downstream | |||||||||||||
United States | 73,942 | 80,272 | 83,043 | ||||||||||
Excise and similar taxes | 4,633 | 4,792 | 4,665 | ||||||||||
Intersegment | 31 | 39 | 49 | ||||||||||
Total United States | 78,606 | 85,103 | 87,757 | ||||||||||
International | 86,848 | 105,373 | 113,279 | ||||||||||
Excise and similar taxes | 3,553 | 3,699 | 3,346 | ||||||||||
Intersegment | 8,839 | 859 | 80 | ||||||||||
Total International | 99,240 | 109,931 | 116,705 | ||||||||||
Total Downstream* | 177,846 | 195,034 | 204,462 | ||||||||||
All Other | |||||||||||||
United States | 252 | 358 | 378 | ||||||||||
Intersegment | 1,475 | 1,524 | 1,300 | ||||||||||
Total United States | 1,727 | 1,882 | 1,678 | ||||||||||
International | 3 | 3 | 4 | ||||||||||
Intersegment | 28 | 31 | 48 | ||||||||||
Total International | 31 | 34 | 52 | ||||||||||
Total All Other | 1,758 | 1,916 | 1,730 | ||||||||||
Segment Sales and Other Operating Revenues | |||||||||||||
United States | 103,243 | 111,902 | 113,080 | ||||||||||
International | 146,186 | 160,606 | 170,310 | ||||||||||
Total Segment Sales and Other Operating Revenues | 249,429 | 272,508 | 283,390 | ||||||||||
Elimination of intersegment sales | (48,935 | ) | (52,352 | ) | (52,800 | ) | |||||||
Total Sales and Other Operating Revenues | $ | 200,494 | $ | 220,156 | $ | 230,590 | |||||||
* | 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. | ||||||||||||
Segment income tax expense | Segment income tax expense for the years 2014, 2013 and 2012 is as follows: | ||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Upstream | |||||||||||||
United States | $ | 2,043 | $ | 2,333 | $ | 2,820 | |||||||
International | 9,217 | 12,470 | 16,554 | ||||||||||
Total Upstream | 11,260 | 14,803 | 19,374 | ||||||||||
Downstream | |||||||||||||
United States | 1,302 | 364 | 1,051 | ||||||||||
International | 467 | 389 | 587 | ||||||||||
Total Downstream | 1,769 | 753 | 1,638 | ||||||||||
All Other | (1,137 | ) | (1,248 | ) | (1,016 | ) | |||||||
Total Income Tax Expense | $ | 11,892 | $ | 14,308 | $ | 19,996 | |||||||
Investments_and_Advances_Table
Investments and Advances (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||||||||||||||||||||||
Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost | Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost, is shown in the following table. For certain equity affiliates, Chevron pays its share of some income taxes directly. For such affiliates, the equity in earnings does not include these taxes, which are reported on the Consolidated Statement of Income as “Income tax expense.” | ||||||||||||||||||||||||
Investments and Advances | Equity in Earnings | ||||||||||||||||||||||||
At December 31 | Year ended December 31 | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Upstream | |||||||||||||||||||||||||
Tengizchevroil | $ | 7,319 | $ | 5,875 | $ | 4,392 | $ | 4,957 | $ | 4,614 | |||||||||||||||
Petropiar | 794 | 858 | 26 | 339 | 55 | ||||||||||||||||||||
Caspian Pipeline Consortium | 1,487 | 1,298 | 191 | 113 | 96 | ||||||||||||||||||||
Petroboscan | 917 | 1,375 | 186 | 300 | 229 | ||||||||||||||||||||
Angola LNG Limited | 3,277 | 3,423 | (311 | ) | (111 | ) | (106 | ) | |||||||||||||||||
Other | 2,178 | 2,835 | 229 | 214 | 266 | ||||||||||||||||||||
Total Upstream | 15,972 | 15,664 | 4,713 | 5,812 | 5,154 | ||||||||||||||||||||
Downstream | |||||||||||||||||||||||||
GS Caltex Corporation | 2,867 | 2,518 | 420 | 132 | 249 | ||||||||||||||||||||
Chevron Phillips Chemical Company LLC | 5,116 | 4,312 | 1,606 | 1,371 | 1,206 | ||||||||||||||||||||
Star Petroleum Refining Company Ltd. | — | — | — | — | 22 | ||||||||||||||||||||
Caltex Australia Ltd. | 1,161 | 1,020 | 183 | 224 | 77 | ||||||||||||||||||||
Other | 1,048 | 989 | 180 | 199 | 196 | ||||||||||||||||||||
Total Downstream | 10,192 | 8,839 | 2,389 | 1,926 | 1,750 | ||||||||||||||||||||
All Other | |||||||||||||||||||||||||
Other | 171 | 375 | (4 | ) | (211 | ) | (15 | ) | |||||||||||||||||
Total equity method | $ | 26,335 | $ | 24,878 | $ | 7,098 | $ | 7,527 | $ | 6,889 | |||||||||||||||
Other at or below cost | 577 | 624 | |||||||||||||||||||||||
Total investments and advances | $ | 26,912 | $ | 25,502 | |||||||||||||||||||||
Total United States | $ | 6,787 | $ | 6,638 | $ | 1,623 | $ | 1,294 | $ | 1,268 | |||||||||||||||
Total International | $ | 20,125 | $ | 18,864 | $ | 5,475 | $ | 6,233 | $ | 5,621 | |||||||||||||||
Summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron's total share, which includes Chevron loans to affiliates | The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron’s total share, which includes Chevron's net loans to affiliates of $874, $1,129 and $1,494 at December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Affiliates | Chevron Share | ||||||||||||||||||||||||
Year ended December 31 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Total revenues | $ | 123,003 | $ | 131,875 | $ | 136,065 | $ | 58,937 | $ | 63,101 | $ | 65,196 | |||||||||||||
Income before income tax expense | 20,609 | 24,075 | 23,016 | 9,968 | 11,108 | 9,856 | |||||||||||||||||||
Net income attributable to affiliates | 14,758 | 15,594 | 16,786 | 7,237 | 7,845 | 6,938 | |||||||||||||||||||
At December 31 | |||||||||||||||||||||||||
Current assets | $ | 35,662 | $ | 39,713 | $ | 37,541 | $ | 13,465 | $ | 15,156 | $ | 14,732 | |||||||||||||
Noncurrent assets | 70,817 | 68,593 | 66,065 | 26,053 | 25,059 | 23,523 | |||||||||||||||||||
Current liabilities | 25,308 | 29,642 | 27,878 | 9,588 | 11,587 | 11,093 | |||||||||||||||||||
Noncurrent liabilities | 17,983 | 19,442 | 19,366 | 4,211 | 4,559 | 4,879 | |||||||||||||||||||
Total affiliates’ net equity | $ | 63,188 | $ | 59,222 | $ | 56,362 | $ | 25,719 | $ | 24,069 | $ | 22,283 | |||||||||||||
Properties_Plant_and_Equipment1
Properties, Plant and Equipment (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Properties, Plant and Equipment | ||||||||||||||||||||||||||||||||||||||||
At December 31 | Year ended December 31 | |||||||||||||||||||||||||||||||||||||||
Gross Investment at Cost | Net Investment | Additions at Cost2 | Depreciation Expense3 | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Upstream | ||||||||||||||||||||||||||||||||||||||||
United States | $ | 96,850 | $ | 89,555 | $ | 81,908 | $ | 45,864 | $ | 41,831 | $ | 37,909 | $ | 9,688 | $ | 8,188 | $ | 8,211 | $ | 5,127 | $ | 4,412 | $ | 3,902 | ||||||||||||||||
International | 192,637 | 169,623 | 145,799 | 118,926 | 104,100 | 85,318 | 24,920 | 27,383 | 21,343 | 9,688 | 8,336 | 8,015 | ||||||||||||||||||||||||||||
Total Upstream | 289,487 | 259,178 | 227,707 | 164,790 | 145,931 | 123,227 | 34,608 | 35,571 | 29,554 | 14,815 | 12,748 | 11,917 | ||||||||||||||||||||||||||||
Downstream | ||||||||||||||||||||||||||||||||||||||||
United States | 22,640 | 22,407 | 21,792 | 11,019 | 11,481 | 11,333 | 588 | 1,154 | 1,498 | 886 | 780 | 799 | ||||||||||||||||||||||||||||
International | 9,334 | 9,303 | 8,990 | 4,219 | 4,139 | 3,930 | 530 | 653 | 2,544 | 396 | 360 | 308 | ||||||||||||||||||||||||||||
Total Downstream | 31,974 | 31,710 | 30,782 | 15,238 | 15,620 | 15,263 | 1,118 | 1,807 | 4,042 | 1,282 | 1,140 | 1,107 | ||||||||||||||||||||||||||||
All Other | ||||||||||||||||||||||||||||||||||||||||
United States | 5,673 | 5,402 | 4,959 | 3,077 | 3,194 | 2,845 | 581 | 721 | 415 | 680 | 286 | 384 | ||||||||||||||||||||||||||||
International | 155 | 143 | 33 | 68 | 84 | 13 | 25 | 23 | 4 | 16 | 12 | 5 | ||||||||||||||||||||||||||||
Total All Other | 5,828 | 5,545 | 4,992 | 3,145 | 3,278 | 2,858 | 606 | 744 | 419 | 696 | 298 | 389 | ||||||||||||||||||||||||||||
Total United States | 125,163 | 117,364 | 108,659 | 59,960 | 56,506 | 52,087 | 10,857 | 10,063 | 10,124 | 6,693 | 5,478 | 5,085 | ||||||||||||||||||||||||||||
Total International | 202,126 | 179,069 | 154,822 | 123,213 | 108,323 | 89,261 | 25,475 | 28,059 | 23,891 | 10,100 | 8,708 | 8,328 | ||||||||||||||||||||||||||||
Total | $ | 327,289 | $ | 296,433 | $ | 263,481 | $ | 183,173 | $ | 164,829 | $ | 141,348 | $ | 36,332 | $ | 38,122 | $ | 34,015 | $ | 16,793 | $ | 14,186 | $ | 13,413 | ||||||||||||||||
1 | Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2014. Australia had $41,012, $31,464 and $21,770 in 2014, 2013, and 2012, respectively. Nigeria had PP&E of $19,214, $18,429 and $17,485 for 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||
2 | Net of dry hole expense related to prior years’ expenditures of $371, $89 and $80 in 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||
3 | Depreciation expense includes accretion expense of $882, $627 and $629 in 2014, 2013 and 2012, respectively. |
Taxes_Tables
Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Taxes on income | |||||||||||||
Income Taxes | Year ended December 31 | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Taxes on income | |||||||||||||
U.S. federal | |||||||||||||
Current | $ | 748 | $ | 15 | $ | 1,703 | |||||||
Deferred | 1,330 | 1,128 | 673 | ||||||||||
State and local | |||||||||||||
Current | 336 | 120 | 652 | ||||||||||
Deferred | 36 | 74 | (145 | ) | |||||||||
Total United States | 2,450 | 1,337 | 2,883 | ||||||||||
International | |||||||||||||
Current | 9,235 | 12,296 | 15,626 | ||||||||||
Deferred | 207 | 675 | 1,487 | ||||||||||
Total International | 9,442 | 12,971 | 17,113 | ||||||||||
Total taxes on income | $ | 11,892 | $ | 14,308 | $ | 19,996 | |||||||
Reconciliation between the U.S. statutory federal income tax rate and the company's effective income tax rate | The reconciliation between the U.S. statutory federal income tax rate and the company’s effective income tax rate is detailed in the following table: | ||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Effect of income taxes from international operations at rates different from the U.S. statutory rate | 2.8 | 5.1 | 7.8 | ||||||||||
State and local taxes on income, net of U.S. federal income tax benefit | 0.7 | 0.6 | 0.6 | ||||||||||
Prior-year tax adjustments | (0.7 | ) | (0.8 | ) | (0.2 | ) | |||||||
Tax credits | (0.2 | ) | (0.5 | ) | (0.4 | ) | |||||||
Effects of changes in tax rates | (0.2 | ) | — | 0.3 | |||||||||
Other | 0.7 | 0.5 | 0.1 | ||||||||||
Effective tax rate | 38.1 | % | 39.9 | % | 43.2 | % | |||||||
Composition of deferred tax balances | The reported deferred tax balances are composed of the following: | ||||||||||||
At December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax liabilities | |||||||||||||
Properties, plant and equipment | $ | 28,452 | $ | 25,936 | |||||||||
Investments and other | 3,059 | 2,272 | |||||||||||
Total deferred tax liabilities | 31,511 | 28,208 | |||||||||||
Deferred tax assets | |||||||||||||
Foreign tax credits | (11,867 | ) | (11,572 | ) | |||||||||
Abandonment/environmental reserves | (6,686 | ) | (6,279 | ) | |||||||||
Employee benefits | (4,831 | ) | (3,825 | ) | |||||||||
Deferred credits | (1,828 | ) | (2,768 | ) | |||||||||
Tax loss carryforwards | (1,747 | ) | (1,016 | ) | |||||||||
Other accrued liabilities | (498 | ) | (533 | ) | |||||||||
Inventory | (153 | ) | (358 | ) | |||||||||
Miscellaneous | (2,128 | ) | (1,439 | ) | |||||||||
Total deferred tax assets | (29,738 | ) | (27,790 | ) | |||||||||
Deferred tax assets valuation allowance | 16,292 | 17,171 | |||||||||||
Total deferred taxes, net | $ | 18,065 | $ | 17,589 | |||||||||
Classification of deferred taxes | At December 31, 2014 and 2013, deferred taxes were classified on the Consolidated Balance Sheet as follows: | ||||||||||||
At December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Prepaid expenses and other current assets | $ | (1,071 | ) | $ | (1,341 | ) | |||||||
Deferred charges and other assets | (3,597 | ) | (2,954 | ) | |||||||||
Federal and other taxes on income | 813 | 583 | |||||||||||
Noncurrent deferred income taxes | 21,920 | 21,301 | |||||||||||
Total deferred income taxes, net | $ | 18,065 | $ | 17,589 | |||||||||
Changes to the Company's unrecognized tax benefits | The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012. The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements. Interest and penalties are not included. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at January 1 | $ | 3,848 | $ | 3,071 | $ | 3,481 | |||||||
Foreign currency effects | (25 | ) | (58 | ) | 4 | ||||||||
Additions based on tax positions taken in current year | 354 | 276 | 543 | ||||||||||
Additions/reductions resulting from current-year asset acquisitions/sales | (22 | ) | — | — | |||||||||
Additions for tax positions taken in prior years | 37 | 1,164 | 152 | ||||||||||
Reductions for tax positions taken in prior years | (561 | ) | (176 | ) | (899 | ) | |||||||
Settlements with taxing authorities in current year | (50 | ) | (320 | ) | (138 | ) | |||||||
Reductions as a result of a lapse of the applicable statute of limitations | (29 | ) | (109 | ) | (72 | ) | |||||||
Balance at December 31 | $ | 3,552 | $ | 3,848 | $ | 3,071 | |||||||
Taxes other than on income | |||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | |||||||||||||
Excise and similar taxes on products and merchandise | $ | 4,633 | $ | 4,792 | $ | 4,665 | |||||||
Import duties and other levies | 6 | 4 | 1 | ||||||||||
Property and other miscellaneous taxes | 1,002 | 1,036 | 782 | ||||||||||
Payroll taxes | 273 | 255 | 240 | ||||||||||
Taxes on production | 349 | 333 | 328 | ||||||||||
Total United States | 6,263 | 6,420 | 6,016 | ||||||||||
International | |||||||||||||
Excise and similar taxes on products and merchandise | 3,553 | 3,700 | 3,345 | ||||||||||
Import duties and other levies | 45 | 41 | 106 | ||||||||||
Property and other miscellaneous taxes | 2,277 | 2,486 | 2,501 | ||||||||||
Payroll taxes | 172 | 168 | 160 | ||||||||||
Taxes on production | 230 | 248 | 248 | ||||||||||
Total International | 6,277 | 6,643 | 6,360 | ||||||||||
Total taxes other than on income | $ | 12,540 | $ | 13,063 | $ | 12,376 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-term debt outstanding | The company’s long-term debt outstanding at year-end 2014 and 2013 was as follows: | ||||||||
At December 31 | |||||||||
2014 | 2013 | ||||||||
3.191% notes due 2023 | $ | 2,250 | $ | 2,250 | |||||
1.104% notes due 2017 | 2,000 | 2,000 | |||||||
1.718% notes due 2018 | 2,000 | 2,000 | |||||||
2.355% notes due 2022 | 2,000 | 2,000 | |||||||
4.95% notes due 2019 | 1,500 | 1,500 | |||||||
1.345% notes due 2017 | 1,100 | — | |||||||
2.427% notes due 2020 | 1,000 | 1,000 | |||||||
2.193% notes due 2019 | 750 | — | |||||||
0.889% notes due 2016 | 750 | 750 | |||||||
Floating rate notes due 2016 (0.332%)1 | 700 | — | |||||||
Floating rate notes due 2017 (0.402%)1 | 650 | — | |||||||
Floating rate notes due 2019 (0.642%)1 | 400 | — | |||||||
Floating rate notes due 2021 (0.762%)1 | 400 | — | |||||||
8.625% debentures due 2032 | 147 | 147 | |||||||
8.625% debentures due 2031 | 107 | 107 | |||||||
8.0% debentures due 2032 | 74 | 74 | |||||||
9.75% debentures due 2020 | 54 | 54 | |||||||
8.875% debentures due 2021 | 40 | 40 | |||||||
Medium-term notes, maturing from 2021 to 2038 (5.83%)2 | 38 | 38 | |||||||
Total including debt due within one year | 15,960 | 11,960 | |||||||
Debt due within one year | — | — | |||||||
Reclassified from short-term debt | 8,000 | 8,000 | |||||||
Total long-term debt | $ | 23,960 | $ | 19,960 | |||||
1 | Interest rate at December 31, 2014. | ||||||||
2 | Weighted-average interest rate at December 31, 2014. |
ShortTerm_Debt_Tables
Short-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Short-Term Debt | |||||||||
At December 31 | |||||||||
2014 | 2013 | ||||||||
Commercial paper* | $ | 8,506 | $ | 5,130 | |||||
Notes payable to banks and others with originating terms of one year or less | 104 | 49 | |||||||
Current maturities of long-term debt | — | — | |||||||
Current maturities of long-term capital leases | 22 | 34 | |||||||
Redeemable long-term obligations | |||||||||
Long-term debt | 3,152 | 3,152 | |||||||
Capital leases | 6 | 9 | |||||||
Subtotal | 11,790 | 8,374 | |||||||
Reclassified to long-term debt | (8,000 | ) | (8,000 | ) | |||||
Total short-term debt | $ | 3,790 | $ | 374 | |||||
* | Weighted-average interest rates at December 31, 2014 and 2013, were 0.12 percent and 0.09 percent, respectively. |
Accounting_for_Suspended_Explo1
Accounting for Suspended Exploratory Wells (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Accounting for Suspended Exploratory Wells [Abstract] | ||||||||||
Changes in company's suspended exploratory well costs | The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2014: | |||||||||
2014 | 2013 | 2012 | ||||||||
Beginning balance at January 1 | $ | 3,245 | $ | 2,681 | $ | 2,434 | ||||
Additions to capitalized exploratory well costs pending the determination of proved reserves | 1,591 | 885 | 595 | |||||||
Reclassifications to wells, facilities and equipment based on the determination of proved reserves | (298 | ) | (290 | ) | (244 | ) | ||||
Capitalized exploratory well costs charged to expense | (312 | ) | (31 | ) | (49 | ) | ||||
Other reductions* | (31 | ) | — | (55 | ) | |||||
Ending balance at December 31 | $ | 4,195 | $ | 3,245 | $ | 2,681 | ||||
* Represents property sales. | ||||||||||
Aging of capitalized well costs and number of project | The following table provides an aging of capitalized well costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling. | |||||||||
At December 31 | ||||||||||
2014 | 2013 | 2012 | ||||||||
Exploratory well costs capitalized for a period of one year or less | $ | 1,522 | $ | 641 | $ | 501 | ||||
Exploratory well costs capitalized for a period greater than one year | 2,673 | 2,604 | 2,180 | |||||||
Balance at December 31 | $ | 4,195 | $ | 3,245 | $ | 2,681 | ||||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year* | 51 | 51 | 46 | |||||||
* Certain projects have multiple wells or fields or both. | ||||||||||
Aging of Costs on Well and Project Basis | The tables below contain the aging of these costs on a well and project basis: | |||||||||
Aging based on drilling completion date of individual wells: | Amount | Number of wells | ||||||||
1997–2003 | $ | 204 | 38 | |||||||
2004–2008 | 459 | 45 | ||||||||
2009–2013 | 2,010 | 126 | ||||||||
Total | $ | 2,673 | 209 | |||||||
Aging based on drilling completion date of last suspended well in project: | Amount | Number of projects | ||||||||
1999 | $ | 8 | 1 | |||||||
2003–2009 | 521 | 11 | ||||||||
2010–2014 | 2,144 | 39 | ||||||||
Total | $ | 2,673 | 51 | |||||||
Stock_Options_and_Other_ShareB1
Stock Options and Other Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Fair market values of stock options and stock appreciation rights granted | The fair market values of stock options and stock appreciation rights granted in 2014, 2013 and 2012 were measured on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions: | |||||||||||||
Year ended December 31 | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected term in years1 | 6 | 6 | 6 | |||||||||||
Volatility2 | 30.3 | % | 31.3 | % | 31.7 | % | ||||||||
Risk-free interest rate based on zero coupon U.S. treasury note | 1.9 | % | 1.2 | % | 1.1 | % | ||||||||
Dividend yield | 3.3 | % | 3.3 | % | 3.2 | % | ||||||||
Weighted-average fair value per option granted | $ | 25.86 | $ | 24.48 | $ | 23.35 | ||||||||
1 Expected term is based on historical exercise and postvesting cancellation data. | ||||||||||||||
2 Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. | ||||||||||||||
Summary of option activity | A summary of option activity during 2014 is presented below: | |||||||||||||
Shares (Thousands) | Weighted-Average | Averaged Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||||
Exercise Price | ||||||||||||||
Outstanding at January 1, 2014 | 75,626 | $ | 88.44 | |||||||||||
Granted | 11,380 | $ | 116 | |||||||||||
Exercised | (7,464 | ) | $ | 72.71 | ||||||||||
Forfeited | (1,201 | ) | $ | 111.73 | ||||||||||
Outstanding at December 31, 2014 | 78,341 | $ | 93.59 | 5.84 | $ | 1,548 | ||||||||
Exercisable at December 31, 2014 | 56,943 | $ | 85.6 | 4.87 | $ | 1,533 | ||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||
Funded status of pension and other postretirement benefit plans | The funded status of the company’s pension and other postretirement benefit plans for 2014 and 2013 follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
2014 | 2013 | Other Benefits | ||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2014 | 2013 | |||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 12,080 | $ | 6,095 | $ | 13,654 | $ | 6,287 | $ | 3,138 | $ | 3,787 | ||||||||||||||||||||||
Service cost | 450 | 190 | 495 | 197 | 50 | 66 | ||||||||||||||||||||||||||||
Interest cost | 494 | 340 | 471 | 314 | 148 | 149 | ||||||||||||||||||||||||||||
Plan participants’ contributions | — | 8 | — | 8 | 150 | 154 | ||||||||||||||||||||||||||||
Plan amendments | — | 3 | (78 | ) | 18 | 2 | — | |||||||||||||||||||||||||||
Actuarial (gain) loss | 2,299 | 336 | (1,398 | ) | (206 | ) | 544 | (636 | ) | |||||||||||||||||||||||||
Foreign currency exchange rate changes | — | (348 | ) | — | (187 | ) | (22 | ) | (23 | ) | ||||||||||||||||||||||||
Benefits paid | (1,073 | ) | (293 | ) | (1,064 | ) | (336 | ) | (350 | ) | (359 | ) | ||||||||||||||||||||||
Divestitures | — | (564 | ) | — | — | — | — | |||||||||||||||||||||||||||
Benefit obligation at December 31 | 14,250 | 5,767 | 12,080 | 6,095 | 3,660 | 3,138 | ||||||||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | 11,210 | 4,543 | 9,909 | 4,125 | — | — | ||||||||||||||||||||||||||||
Actual return on plan assets | 854 | 571 | 1,546 | 375 | — | — | ||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | (279 | ) | — | (21 | ) | — | — | ||||||||||||||||||||||||||
Employer contributions | 99 | 276 | 819 | 392 | 200 | 205 | ||||||||||||||||||||||||||||
Plan participants’ contributions | — | 8 | — | 8 | 150 | 154 | ||||||||||||||||||||||||||||
Benefits paid | (1,073 | ) | (293 | ) | (1,064 | ) | (336 | ) | (350 | ) | (359 | ) | ||||||||||||||||||||||
Divestitures | — | (582 | ) | — | — | — | — | |||||||||||||||||||||||||||
Fair value of plan assets at December 31 | 11,090 | 4,244 | 11,210 | 4,543 | — | — | ||||||||||||||||||||||||||||
Funded Status at December 31 | $ | (3,160 | ) | $ | (1,523 | ) | $ | (870 | ) | $ | (1,552 | ) | $ | (3,660 | ) | $ | (3,138 | ) | ||||||||||||||||
Consolidated Balance Sheet for pension and other postretirement benefit plans | Amounts recognized on the Consolidated Balance Sheet for the company’s pension and other postretirement benefit plans at December 31, 2014 and 2013, include: | |||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
2014 | 2013 | Other Benefits | ||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2014 | 2013 | |||||||||||||||||||||||||||||
Deferred charges and other assets | $ | 13 | $ | 244 | $ | 394 | $ | 128 | $ | — | $ | — | ||||||||||||||||||||||
Accrued liabilities | (123 | ) | (68 | ) | (76 | ) | (81 | ) | (198 | ) | (215 | ) | ||||||||||||||||||||||
Noncurrent employee benefit plans | (3,050 | ) | (1,699 | ) | (1,188 | ) | (1,599 | ) | (3,462 | ) | (2,923 | ) | ||||||||||||||||||||||
Net amount recognized at December 31 | $ | (3,160 | ) | $ | (1,523 | ) | $ | (870 | ) | $ | (1,552 | ) | $ | (3,660 | ) | $ | (3,138 | ) | ||||||||||||||||
Before tax basis amount in accumulated other comprehensive loss | Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB plans were $7,417 and $5,464 at the end of 2014 and 2013, respectively. These amounts consisted of: | |||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
2014 | 2013 | Other Benefits | ||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | 2014 | 2013 | |||||||||||||||||||||||||||||
Net actuarial loss | $ | 4,972 | $ | 1,487 | $ | 3,185 | $ | 1,808 | $ | 763 | $ | 256 | ||||||||||||||||||||||
Prior service (credit) costs | (13 | ) | 150 | (22 | ) | 167 | 58 | 70 | ||||||||||||||||||||||||||
Total recognized at December 31 | $ | 4,959 | $ | 1,637 | $ | 3,163 | $ | 1,975 | $ | 821 | $ | 326 | ||||||||||||||||||||||
Pension plans with accumulated benefit obligation in excess of plan assets | Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2014 and 2013, was: | |||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||||||||||||||||||
Projected benefit obligations | $ | 14,182 | $ | 1,938 | $ | 1,267 | $ | 1,692 | ||||||||||||||||||||||||||
Accumulated benefit obligations | 12,765 | 1,525 | 1,155 | 1,240 | ||||||||||||||||||||||||||||||
Fair value of plan assets | 11,009 | 262 | 4 | 203 | ||||||||||||||||||||||||||||||
Components of net periodic benefit cost and amounts recognized in other comprehensive income | The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2014, 2013 and 2012 are shown in the table below: | |||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | Other Benefits | |||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | U.S. | Int’l. | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||||
Service cost | $ | 450 | $ | 190 | $ | 495 | $ | 197 | $ | 452 | $ | 181 | $ | 50 | $ | 66 | $ | 61 | ||||||||||||||||
Interest cost | 494 | 340 | 471 | 314 | 435 | 320 | 148 | 149 | 153 | |||||||||||||||||||||||||
Expected return on plan assets | (788 | ) | (298 | ) | (701 | ) | (274 | ) | (634 | ) | (269 | ) | — | — | — | |||||||||||||||||||
Amortization of prior service costs (credits) | (9 | ) | 21 | 2 | 21 | (7 | ) | 18 | 14 | (50 | ) | (72 | ) | |||||||||||||||||||||
Recognized actuarial losses | 209 | 96 | 485 | 143 | 470 | 136 | 7 | 53 | 56 | |||||||||||||||||||||||||
Settlement losses | 237 | 208 | 173 | 12 | 220 | 5 | — | — | (26 | ) | ||||||||||||||||||||||||
Curtailment losses (gains) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total net periodic benefit cost | 593 | 557 | 925 | 413 | 936 | 391 | 219 | 218 | 172 | |||||||||||||||||||||||||
Changes Recognized in Comprehensive Income | ||||||||||||||||||||||||||||||||||
Net actuarial (gain) loss during period | 2,233 | (17 | ) | (2,244 | ) | (476 | ) | 805 | 330 | 514 | (659 | ) | 45 | |||||||||||||||||||||
Amortization of actuarial loss | (446 | ) | (304 | ) | (658 | ) | (155 | ) | (700 | ) | (141 | ) | (7 | ) | (53 | ) | (79 | ) | ||||||||||||||||
Prior service (credits) costs during period | — | 4 | (78 | ) | 18 | 94 | 37 | 2 | — | 11 | ||||||||||||||||||||||||
Amortization of prior service (costs) credits | 9 | (21 | ) | (2 | ) | (21 | ) | 7 | (18 | ) | (14 | ) | 50 | 72 | ||||||||||||||||||||
Total changes recognized in other | 1,796 | (338 | ) | (2,982 | ) | (634 | ) | 206 | 208 | 495 | (662 | ) | 49 | |||||||||||||||||||||
comprehensive income | ||||||||||||||||||||||||||||||||||
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $ | 2,389 | $ | 219 | $ | (2,057 | ) | $ | (221 | ) | $ | 1,142 | $ | 599 | $ | 714 | $ | (444 | ) | $ | 221 | |||||||||||||
Weighted-average assumptions used to determine benefit obligations and net periodic benefit costs | The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: | |||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | Other Benefits | |||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | U.S. | Int’l. | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Assumptions used to determine benefit obligations: | ||||||||||||||||||||||||||||||||||
Discount rate | 3.7 | % | 5 | % | 4.3 | % | 5.8 | % | 3.6 | % | 5.2 | % | 4.3 | % | 4.9 | % | 4.1 | % | ||||||||||||||||
Rate of compensation increase | 4.5 | % | 5.1 | % | 4.5 | % | 5.5 | % | 4.5 | % | 5.5 | % | N/A | N/A | N/A | |||||||||||||||||||
Assumptions used to determine net periodic benefit cost: | ||||||||||||||||||||||||||||||||||
Discount rate | 4.3 | % | 5.8 | % | 3.6 | % | 5.2 | % | 3.8 | % | 5.9 | % | 4.9 | % | 4.1 | % | 4.2 | % | ||||||||||||||||
Expected return on plan assets | 7.5 | % | 6.6 | % | 7.5 | % | 6.8 | % | 7.5 | % | 7.5 | % | N/A | N/A | N/A | |||||||||||||||||||
Rate of compensation increase | 4.5 | % | 5.5 | % | 4.5 | % | 5.5 | % | 4.5 | % | 5.7 | % | N/A | N/A | N/A | |||||||||||||||||||
Effects of change in the assumed health care cost-trend rates | A 1-percentage-point change in the assumed health care cost-trend rates would have the following effects on worldwide plans: | |||||||||||||||||||||||||||||||||
1 Percent Increase | 1 Percent Decrease | |||||||||||||||||||||||||||||||||
Effect on total service and interest cost components | $ | 13 | $ | (10 | ) | |||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 226 | $ | (187 | ) | |||||||||||||||||||||||||||||
Fair value measurements of the Company's pension plans | ||||||||||||||||||||||||||||||||||
U.S. | Int’l. | |||||||||||||||||||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||
U.S.1 | $ | 2,298 | $ | 2,298 | $ | — | $ | — | $ | 409 | $ | 409 | $ | — | $ | — | ||||||||||||||||||
International | 1,501 | 1,501 | — | — | 533 | 533 | — | — | ||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 2,977 | 26 | 2,951 | — | 1,066 | 211 | 855 | — | ||||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||||
Government | 81 | 52 | 29 | — | 726 | 46 | 680 | — | ||||||||||||||||||||||||||
Corporate | 1,275 | — | 1,275 | — | 545 | 23 | 499 | 23 | ||||||||||||||||||||||||||
Mortgage-Backed Securities | 1 | — | 1 | — | 4 | — | 2 | 2 | ||||||||||||||||||||||||||
Other Asset Backed | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 1,357 | — | 1,357 | — | 647 | 27 | 620 | — | ||||||||||||||||||||||||||
Mixed Funds3 | — | — | — | — | 120 | 5 | 115 | — | ||||||||||||||||||||||||||
Real Estate4 | 1,265 | — | — | 1,265 | 294 | — | — | 294 | ||||||||||||||||||||||||||
Cash and Cash Equivalents | 385 | 385 | — | — | 173 | 173 | — | — | ||||||||||||||||||||||||||
Other5 | 70 | (2 | ) | 18 | 54 | 26 | (2 | ) | 25 | 3 | ||||||||||||||||||||||||
Total at December 31, 2013 | $ | 11,210 | $ | 4,260 | $ | 5,631 | $ | 1,319 | $ | 4,543 | $ | 1,425 | $ | 2,796 | $ | 322 | ||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||
U.S.1 | $ | 2,087 | $ | 2,087 | $ | — | $ | — | $ | 241 | $ | 241 | $ | — | $ | — | ||||||||||||||||||
International | 1,297 | 1,297 | — | — | 313 | 313 | — | — | ||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 3,240 | 22 | 3,218 | — | 979 | 173 | 806 | — | ||||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||||
Government | 84 | 47 | 37 | — | 1,066 | 53 | 1,013 | — | ||||||||||||||||||||||||||
Corporate | 1,502 | — | 1,502 | — | 585 | 26 | 537 | 22 | ||||||||||||||||||||||||||
Mortgage-Backed Securities | 1 | — | 1 | — | 1 | — | 1 | — | ||||||||||||||||||||||||||
Other Asset Backed | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 1,174 | — | 1,174 | — | 394 | 16 | 378 | — | ||||||||||||||||||||||||||
Mixed Funds3 | — | — | — | — | 122 | 3 | 119 | — | ||||||||||||||||||||||||||
Real Estate4 | 1,364 | — | — | 1,364 | 329 | — | — | 329 | ||||||||||||||||||||||||||
Cash and Cash Equivalents | 270 | 270 | — | — | 190 | 189 | 1 | — | ||||||||||||||||||||||||||
Other5 | 71 | (3 | ) | 20 | 54 | 24 | — | 21 | 3 | |||||||||||||||||||||||||
Total at December 31, 2014 | $ | 11,090 | $ | 3,720 | $ | 5,952 | $ | 1,418 | $ | 4,244 | $ | 1,014 | $ | 2,876 | $ | 354 | ||||||||||||||||||
1 | U.S. equities include investments in the company’s common stock in the amount of $24 at December 31, 2014, and $28 at December 31, 2013. | |||||||||||||||||||||||||||||||||
2 | Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly index funds. For these index funds, the Level 2 designation is partially based on the restriction that advance notification of redemptions, typically two business days, is required. | |||||||||||||||||||||||||||||||||
3 | Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk. | |||||||||||||||||||||||||||||||||
4 | The year-end valuations of the U.S. real estate assets are based on internal appraisals by the real estate managers, which are updates of third-party appraisals that occur at least once a year for each property in the portfolio. | |||||||||||||||||||||||||||||||||
5 | The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts and investments in private-equity limited partnerships (Level 3). | |||||||||||||||||||||||||||||||||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period | ||||||||||||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||||
Corporate | Mortgage-Backed Securities | Real Estate | Other | Total | ||||||||||||||||||||||||||||||
Total at December 31, 2012 | $ | 31 | $ | 2 | $ | 1,290 | $ | 57 | $ | 1,380 | ||||||||||||||||||||||||
Actual Return on Plan Assets: | ||||||||||||||||||||||||||||||||||
Assets held at the reporting date | (9 | ) | — | 90 | — | 81 | ||||||||||||||||||||||||||||
Assets sold during the period | — | — | 3 | — | 3 | |||||||||||||||||||||||||||||
Purchases, Sales and Settlements | 1 | — | 176 | — | 177 | |||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | |||||||||||||||||||||||||||||
Total at December 31, 2013 | $ | 23 | $ | 2 | $ | 1,559 | $ | 57 | $ | 1,641 | ||||||||||||||||||||||||
Actual Return on Plan Assets: | ||||||||||||||||||||||||||||||||||
Assets held at the reporting date | — | — | 115 | — | 115 | |||||||||||||||||||||||||||||
Assets sold during the period | — | — | 20 | — | 20 | |||||||||||||||||||||||||||||
Purchases, Sales and Settlements | (1 | ) | (2 | ) | (1 | ) | — | (4 | ) | |||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | |||||||||||||||||||||||||||||
Total at December 31, 2014 | $ | 22 | $ | — | $ | 1,693 | $ | 57 | $ | 1,772 | ||||||||||||||||||||||||
Benefit payments, which include estimated future service that are expected to be paid by the company in the next 10 years | The following benefit payments, which include estimated future service, are expected to be paid by the company in the next 10 years: | |||||||||||||||||||||||||||||||||
Pension Benefits | Other | |||||||||||||||||||||||||||||||||
U.S. | Int’l. | Benefits | ||||||||||||||||||||||||||||||||
2015 | $ | 1,398 | $ | 225 | $ | 198 | ||||||||||||||||||||||||||||
2016 | $ | 1,346 | $ | 315 | $ | 203 | ||||||||||||||||||||||||||||
2017 | $ | 1,347 | $ | 322 | $ | 207 | ||||||||||||||||||||||||||||
2018 | $ | 1,340 | $ | 355 | $ | 212 | ||||||||||||||||||||||||||||
2019 | $ | 1,319 | $ | 374 | $ | 216 | ||||||||||||||||||||||||||||
2020-2024 | $ | 5,966 | $ | 2,004 | $ | 1,113 | ||||||||||||||||||||||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||
Schedule of Changes to the Company's Before-tax Asset Retirement Obligation | The following table indicates the changes to the company’s before-tax asset retirement obligations in 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at January 1 | $ | 14,298 | $ | 13,271 | $ | 12,767 | |||||||
Liabilities incurred | 133 | 59 | 133 | ||||||||||
Liabilities settled | (1,291 | ) | (907 | ) | (966 | ) | |||||||
Accretion expense | 882 | 627 | 629 | ||||||||||
Revisions in estimated cash flows | 1,031 | 1,248 | 708 | ||||||||||
Balance at December 31 | $ | 15,053 | $ | 14,298 | $ | 13,271 | |||||||
Other_Financial_Information_Ta
Other Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Schedule of Other Financial Information | Other financial information is as follows: | ||||||||||||
Year ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total financing interest and debt costs | $ | 358 | $ | 284 | $ | 242 | |||||||
Less: Capitalized interest | 358 | 284 | 242 | ||||||||||
Interest and debt expense | $ | — | $ | — | $ | — | |||||||
Research and development expenses | $ | 707 | $ | 750 | $ | 648 | |||||||
Excess of replacement cost over the carrying value of inventories (LIFO method) | 8,135 | 9,150 | 9,292 | ||||||||||
LIFO profits on inventory drawdowns included in earnings | 13 | 14 | 121 | ||||||||||
Foreign currency effects* | $ | 487 | $ | 474 | $ | (454 | ) | ||||||
* Includes $118, $244 and $(202) in 2014, 2013 and 2012, respectively, for the company’s share of equity affiliates’ foreign currency effects. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Maturity period of bank time deposits reported as time deposits, minimum | 90 days |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Losses (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Balance at January 1 | ($3,579) | [1] | |||
Components of Other Comprehensive Income (Loss): | |||||
Before Reclassifications | -1,807 | [1] | |||
Reclassifications | 527 | [1],[2] | |||
Other Comprehensive (Loss) Gain, Net of Tax | -1,280 | [1] | 2,790 | -347 | |
Balance at December 31 | -4,859 | [1] | -3,579 | [1] | |
Income tax expense | 11,892 | 14,308 | 19,996 | ||
Currency Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Balance at January 1 | -23 | [1] | |||
Components of Other Comprehensive Income (Loss): | |||||
Before Reclassifications | -73 | [1] | |||
Reclassifications | 0 | [1],[2] | |||
Other Comprehensive (Loss) Gain, Net of Tax | -73 | [1] | 42 | 23 | |
Balance at December 31 | -96 | [1] | -23 | [1] | |
Unrealized Holding Gains (Losses) on Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Balance at January 1 | -6 | [1] | |||
Components of Other Comprehensive Income (Loss): | |||||
Before Reclassifications | -2 | [1] | |||
Reclassifications | 0 | [1],[2] | |||
Other Comprehensive (Loss) Gain, Net of Tax | -2 | [1] | -7 | 1 | |
Balance at December 31 | -8 | [1] | -6 | [1] | |
Derivatives [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Balance at January 1 | 52 | [1] | |||
Components of Other Comprehensive Income (Loss): | |||||
Before Reclassifications | -43 | [1] | |||
Reclassifications | -11 | [1],[2] | |||
Other Comprehensive (Loss) Gain, Net of Tax | -54 | [1] | -73 | 3 | |
Balance at December 31 | -2 | [1] | 52 | [1] | |
Defined Benefit Plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Balance at January 1 | -3,602 | [1] | |||
Components of Other Comprehensive Income (Loss): | |||||
Before Reclassifications | -1,689 | [1] | |||
Reclassifications | 538 | [1],[2] | |||
Other Comprehensive (Loss) Gain, Net of Tax | -1,151 | [1] | 2,828 | -374 | |
Balance at December 31 | -4,753 | [1] | -3,602 | [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 | 783 | ||||
Income tax expense | $245 | ||||
[1] | All amounts are net of tax. | ||||
[2] | Refer to Note 22, Employee Benefit Plans for reclassified components totaling $783 that are included in employee benefit costs for the year ending December 31, 2014. Related income taxes for the same period, totaling $245, 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 $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Activity for equity attributable to noncontrolling interests | |||
Balance at January 1 | $150,427 | $137,832 | |
Net Income | 19,310 | 21,597 | 26,336 |
Balance at December 31 | 156,191 | 150,427 | 137,832 |
Noncontrolling Interests | |||
Activity for equity attributable to noncontrolling interests | |||
Balance at January 1 | 1,314 | 1,308 | 799 |
Net Income | 69 | 174 | 157 |
Distributions to noncontrolling interests | -47 | -99 | -41 |
Other changes, net | -173 | -69 | 393 |
Balance at December 31 | $1,163 | $1,314 | $1,308 |
Information_Relating_to_the_Co2
Information Relating to the Consolidated Statement of Cash Flows (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Net (increase) decrease in operating working capital was composed of the following: | ||||||
Decrease (increase) in accounts and notes receivable | $4,491 | ($1,101) | $1,153 | |||
Increase in inventories | -146 | -237 | -233 | |||
(Increase) decrease in prepaid expenses and other current assets | -407 | 834 | -471 | |||
(Decrease) increase in accounts payable and accrued liabilities | -3,737 | 160 | 544 | |||
Decrease in income and other taxes payable | -741 | -987 | -630 | |||
Net (increase) decrease in operating working capital | -540 | -1,331 | 363 | |||
Net cash provided by operating activities includes the following cash payments for income taxes: | ||||||
Income taxes | 10,562 | 12,898 | 17,334 | |||
Net (purchases) sales of marketable securities consisted of the following gross amounts: | ||||||
Marketable securities purchased | -162 | -7 | -35 | |||
Marketable securities sold | 14 | 10 | 32 | |||
Net (purchases) sales of marketable securities | -148 | 3 | -3 | |||
Net sales of time deposits consisted of the following gross amounts: | ||||||
Time deposits purchased | -317 | -2,317 | -717 | |||
Time deposits matured | 317 | 3,017 | 3,967 | |||
Net sales (purchases) of time deposits | 0 | 700 | 3,250 | |||
Capital expenditures | ||||||
Additions to properties, plant and equipment | 34,393 | [1] | 36,550 | [1] | 29,526 | [1] |
Additions to investments | 526 | 934 | 1,042 | |||
Current-year dry hole expenditures | 504 | 594 | 475 | |||
Payments for other liabilities and assets, net | -16 | -93 | -105 | |||
Capital expenditures | 35,407 | 37,985 | 30,938 | |||
Expensed exploration expenditures | 1,110 | 1,178 | 1,173 | |||
Assets acquired through capital lease obligations and other financing obligations | 332 | 16 | 1 | |||
Capital and exploratory expenditures, excluding equity affiliates | 36,849 | 39,179 | 32,112 | |||
Company's share of expenditures by equity affiliates | 3,467 | 2,698 | 2,117 | |||
Capital and exploratory expenditures, including equity affiliates | $40,316 | $41,877 | $34,229 | |||
[1] | Excludes noncash additions of $2,310 in 2014, $1,661 in 2013 and $4,569 in 2012. |
Information_Relating_to_the_Co3
Information Relating to the Consolidated Statement of Cash Flows (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Additional Information Relating to the Consolidated Statement of Cash Flows (Textual) [Abstract] | |||
Reduction for income tax benefits associated with stock options exercised | $58 | $79 | $98 |
Share repurchase price | 5,006 | 5,004 | 5,004 |
Stock repurchased during period, shares | 41.5 | 41.6 | 46.6 |
Stock repurchased during period, value | 5,000 | 5,000 | 5,000 |
Proceeds to be received in future periods for the sale of an equity interest | 800 | ||
Proceeds received for sale of an equity interest | 164 | ||
Noncash additions to properties, plant and equipment | 2,310 | 1,661 | 4,569 |
International [Member] | Upstream [Member] | |||
Additional Information Relating to the Consolidated Statement of Cash Flows (Textual) [Abstract] | |||
Increase in Properties, plant and equipment related to asset exchange in Australia | $1,850 |
Equity_Details
Equity (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Company's share of undistributed earnings for equity affiliates | $14,512 | $11,395 |
Shares available for issuance under company's non employee directors plan | 174,510 | |
Shares authorized for issuance under company's non employee directors plan | 800,000 | |
Chevron Long-Term Incentive Plan (LTIP) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares remaining available for issuance | 133,000,000 | |
Shares available for issuance | 260,000,000 |
Lease_Commitments_Details
Lease Commitments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leased Assets [Line Items] | |||
Non-cancelable term of operating and capital leases (in years) | 1 year | ||
Schedule of capitalized leased assets | |||
Upstream | $765 | $445 | |
Downstream | 97 | 316 | |
All Other | 0 | 0 | |
Total | 862 | 761 | |
Less: Accumulated amortization | 381 | 523 | |
Net capitalized leased assets | 481 | 238 | |
Rental expenses incurred for operating leases | |||
Minimum rentals | 1,080 | 1,049 | 973 |
Contingent rentals | 1 | 1 | 7 |
Total | 1,081 | 1,050 | 980 |
Less: Sublease rental income | 14 | 25 | 32 |
Net rental expense | 1,067 | 1,025 | 948 |
Estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases | |||
Operating Leases, 2015 | 793 | ||
Capital Leases, 2015 | 34 | ||
Operating Leases, 2016 | 644 | ||
Capital Leases, 2016 | 26 | ||
Operating Leases, 2017 | 585 | ||
Capital Leases, 2017 | 21 | ||
Operating Leases, 2018 | 461 | ||
Capital Leases, 2018 | 20 | ||
Operating Leases, 2019 | 326 | ||
Capital Leases, 2019 | 15 | ||
Operating Leases, Thereafter | 689 | ||
Capital Leases, Thereafter | 24 | ||
Operating Leases, Total | 3,498 | ||
Capital Leases, Total | 140 | ||
Less: Amounts representing interest and executory costs | -44 | ||
Net present values | 96 | ||
Less: Capital lease obligations included in short-term debt | -28 | ||
Long-term capital lease obligations | $68 | $97 | |
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Contingent rentals, renewal option term (in years) | 25 years |
Summarized_Financial_Data_Chev2
Summarized Financial Data - Chevron U.S.A. Inc. (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Subsidiary Statements Captions [Line Items] | ||||||
Sales and other operating revenues | $200,494 | [1] | $220,156 | [1] | $230,590 | [1] |
Total costs and other deductions | 180,768 | 192,943 | 195,577 | |||
Net income | 19,241 | [2] | 21,423 | [2] | 26,179 | [2] |
Chevron U.S.A. Inc. [Member] | ||||||
Subsidiary Statements Captions [Line Items] | ||||||
Sales and other operating revenues | 157,198 | 174,318 | 183,215 | |||
Total costs and other deductions | 153,139 | 169,984 | 175,009 | |||
Net income | $3,849 | $3,714 | $6,216 | |||
[1] | Includes excise, value-added and similar taxes.$8,186Â $8,492Â $8,010 | |||||
[2] | There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. |
Summarized_Financial_Data_Chev3
Summarized Financial Data - Chevron U.S.A. Inc. (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Subsidiary Statements Captions [Line Items] | |||
Current assets | $42,232 | $50,250 | |
Current liabilities | 31,926 | 33,018 | |
Total CUSA net equity | 156,191 | 150,427 | 137,832 |
Chevron U.S.A. Inc. [Member] | |||
Subsidiary Statements Captions [Line Items] | |||
Current assets | 13,724 | 17,626 | |
Other assets | 62,195 | 57,288 | |
Current liabilities | 16,191 | 17,486 | |
Other liabilities | 30,175 | 28,119 | |
Total CUSA net equity | 29,553 | 29,309 | |
Memo: Total debt | $14,473 | $14,482 |
Summarized_Financial_Data_Teng2
Summarized Financial Data - Tengizchevroil LLP (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Affiliate Statements Captions [Line Items] | |||
Percentage of affiliate by summarized financial information | 100.00% | ||
Tengizchevroil LLP [Member] | |||
Affiliate Statements Captions [Line Items] | |||
Sales and other operating revenues | $22,813 | $25,239 | $23,089 |
Costs and other deductions | 10,275 | 11,173 | 10,064 |
Net income attributable to TCO | $8,772 | $9,855 | $9,119 |
Tengizchevroil LLP [Member] | |||
Affiliate Statements Captions [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Percentage of affiliate by summarized financial information | 100.00% |
Summarized_Financial_Data_Teng3
Summarized Financial Data - Tengizchevroil LLP (Details 1) (Tengizchevroil LLP [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Tengizchevroil LLP [Member] | ||
Affiliate Statements Captions [Line Items] | ||
Current assets | $3,425 | $3,598 |
Other assets | 14,810 | 12,964 |
Current liabilities | 1,531 | 3,016 |
Other liabilities | 2,375 | 2,761 |
Total TCO net equity | $14,329 | $10,785 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | $413 | $28 |
Derivatives | 84 | 89 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 422 | 263 |
Derivatives | 413 | 28 |
Total Assets at Fair Value | 835 | 291 |
Derivatives | 84 | 89 |
Total Liabilities at Fair Value | 84 | 89 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 422 | 263 |
Derivatives | 394 | 0 |
Total Assets at Fair Value | 816 | 263 |
Derivatives | 83 | 80 |
Total Liabilities at Fair Value | 83 | 80 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Derivatives | 19 | 28 |
Total Assets at Fair Value | 19 | 28 |
Derivatives | 1 | 9 |
Total Liabilities at Fair Value | 1 | 9 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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 $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | $947 | $102 |
Properties, plant and equipment, net (held for sale) | 0 | 69 |
Investments and advances | 11 | 38 |
Total Nonrecurring Assets at Fair Value | 958 | 209 |
Properties, plant and equipment, net (held and used), Before-Tax Loss | 1,249 | 278 |
Properties, plant and equipment, net (held for sale), Before-Tax Loss | 25 | 104 |
Investments and advances, Before-Tax Loss | 41 | 228 |
Total Nonrecurring Assets at Fair Value, Before-Tax Loss | 1,315 | 610 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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 Nonrecurring Assets at Fair Value | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | 213 | 0 |
Properties, plant and equipment, net (held for sale) | 0 | 69 |
Investments and advances | 0 | 35 |
Total Nonrecurring Assets at Fair Value | 213 | 104 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | 734 | 102 |
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 11 | 3 |
Total Nonrecurring Assets at Fair Value | $745 | $105 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details Textual) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying/fair value of cash and cash equivalents | $12,785 | $16,245 | $20,939 | $15,864 |
Maturity period of bank time deposits reported as time deposits, minimum | 90 days | |||
Carrying/fair value of time deposits | 8 | 8 | ||
Carrying/fair value of investments not included in cash and cash equivalents | 1,474 | 1,210 | ||
Carrying amount of long-term debt | 15,960 | 11,960 | ||
Corporate Bond Securities [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of debt | 15,727 | |||
Other Bond Securities [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of debt | 723 | |||
Carrying Amount of Long-term Debt [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying amount of long-term debt | 15,960 | 11,960 | ||
Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying amount of long-term debt | $16,450 | $12,267 | ||
Maximum [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Maturity period of primarily bank time deposits, classified as cash equivalents, maximum | 90 days |
Financial_and_Derivative_Instr2
Financial and Derivative Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Total Assets at Fair Value | $413 | $28 |
Total Liabilities at Fair Value | 84 | 89 |
Commodity Contract [Member] | Accounts and notes receivable, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Assets at Fair Value | 401 | 22 |
Commodity Contract [Member] | Long term receivables, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Assets at Fair Value | 12 | 6 |
Commodity Contract [Member] | Accounts payable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Liabilities at Fair Value | 57 | 65 |
Commodity Contract [Member] | Deferred credits and other noncurrent obligations [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Liabilities at Fair Value | $27 | $24 |
Financial_and_Derivative_Instr3
Financial and Derivative Instruments Financial and Derivative Instruments (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | $504 | ($194) | ($67) |
Commodity Contract [Member] | Sales and other operating revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | 553 | -108 | -49 |
Commodity Contract [Member] | Purchased crude oil and products [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | -17 | -77 | -24 |
Commodity Contract [Member] | Other Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | ($32) | ($9) | $6 |
Financial_and_Derivative_Instr4
Financial and Derivative Instruments Financial and Derivative Instruments (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Assets [Abstract] | ||
Derivative Asset, Gross Amount Recognized | $4,004 | $732 |
Derivative Asset, Gross Amounts Offset | 3,591 | 704 |
Derivative Asset, Net Amounts Presented | 413 | 28 |
Derivative Assets, Gross Amounts Not Offset | 7 | 27 |
Derivative Asset, Net Amount | 406 | 1 |
Offsetting Liabilities [Abstract] | ||
Derivative Liability, Gross Amount Recognized | 3,675 | 793 |
Derivative Liability, Gross Amounts Offset | 3,591 | 704 |
Derivative Liability, Net Amounts Presented | 84 | 89 |
Derivative Liabilities, Gross Amounts Not Offset | 0 | 0 |
Derivative Liability, Net Amount | $84 | $89 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Basic EPS Calculation | ||||||
Earnings available to common stockholders - Basic | $19,241 | [1] | $21,423 | [1] | $26,179 | [1] |
Weighted-average number of common shares outstanding | 1,883 | 1,916 | 1,950 | |||
Add: Deferred awards held as stock units | 1 | 1 | 0 | |||
Total weighted-average number of common shares outstanding | 1,884 | 1,917 | 1,950 | |||
Earnings per share of common stock - Basic | $10.21 | $11.18 | $13.42 | |||
Diluted EPS Calculation | ||||||
Earnings available to common stockholders - Diluted | $19,241 | [1] | $21,423 | [1] | $26,179 | |
Weighted-average number of common shares outstanding | 1,883 | 1,916 | 1,950 | |||
Add: Deferred awards held as stock units | 1 | 1 | 0 | |||
Add: Dilutive effect of employee stock-based awards | 14 | 15 | 15 | |||
Total weighted-average number of common shares outstanding | 1,898 | 1,932 | 1,965 | |||
Earnings per share of common stock - Diluted | $10.14 | $11.09 | $13.32 | |||
[1] | There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. |
Operating_Segments_and_Geograp2
Operating Segments and Geographic Data (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||
Net income attributable to Chevron Corporation | $19,241 | [1] | $21,423 | [1] | $26,179 | [1] |
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income attributable to Chevron Corporation | 21,229 | 23,046 | 28,087 | |||
Operating Segments [Member] | Upstream [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income attributable to Chevron Corporation | 16,893 | 20,809 | 23,788 | |||
Operating Segments [Member] | Upstream [Member] | United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income attributable to Chevron Corporation | 3,327 | 4,044 | 5,332 | |||
Operating Segments [Member] | Upstream [Member] | International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income attributable to Chevron Corporation | 13,566 | 16,765 | 18,456 | |||
Operating Segments [Member] | Downstream [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income attributable to Chevron Corporation | 4,336 | 2,237 | 4,299 | |||
Operating Segments [Member] | Downstream [Member] | United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income attributable to Chevron Corporation | 2,637 | 787 | 2,048 | |||
Operating Segments [Member] | Downstream [Member] | International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income attributable to Chevron Corporation | 1,699 | 1,450 | 2,251 | |||
Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | 77 | 80 | 83 | |||
Other | ($2,065) | ($1,703) | ($1,991) | |||
[1] | There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. |
Operating_Segments_and_Geograp3
Operating Segments and Geographic Data (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Assets | ||
Goodwill | $4,593 | $4,639 |
Total Assets | 266,026 | 253,753 |
United States [Member] | ||
Segment Assets | ||
Total Assets | 79,014 | 76,591 |
International [Member] | ||
Segment Assets | ||
Total Assets | 182,419 | 172,523 |
Operating Segments [Member] | ||
Segment Assets | ||
Total Assets | 247,325 | 231,268 |
Operating Segments [Member] | Upstream [Member] | ||
Segment Assets | ||
Goodwill | 4,593 | 4,639 |
Total Assets | 206,534 | 187,171 |
Operating Segments [Member] | Upstream [Member] | United States [Member] | ||
Segment Assets | ||
Total Assets | 49,205 | 45,436 |
Operating Segments [Member] | Upstream [Member] | International [Member] | ||
Segment Assets | ||
Total Assets | 152,736 | 137,096 |
Operating Segments [Member] | Downstream [Member] | ||
Segment Assets | ||
Total Assets | 40,791 | 44,097 |
Operating Segments [Member] | Downstream [Member] | United States [Member] | ||
Segment Assets | ||
Total Assets | 23,068 | 23,829 |
Operating Segments [Member] | Downstream [Member] | International [Member] | ||
Segment Assets | ||
Total Assets | 17,723 | 20,268 |
Corporate, Non-Segment [Member] | ||
Segment Assets | ||
Total Assets | 18,701 | 22,485 |
Corporate, Non-Segment [Member] | United States [Member] | ||
Segment Assets | ||
Total Assets | 6,741 | 7,326 |
Corporate, Non-Segment [Member] | International [Member] | ||
Segment Assets | ||
Total Assets | $11,960 | $15,159 |
Operating_Segments_and_Geograp4
Operating Segments and Geographic Data (Details 2) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | $200,494 | [1] | $220,156 | [1] | $230,590 | [1] |
Upstream [Member] | Total United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 7,455 | 8,052 | 6,416 | |||
Upstream [Member] | International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 23,808 | 17,607 | 19,459 | |||
Downstream [Member] | Total United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 73,942 | 80,272 | 83,043 | |||
Downstream [Member] | International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 86,848 | 105,373 | 113,279 | |||
All Other [Member] | Total United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 252 | 358 | 378 | |||
All Other [Member] | International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 3 | 3 | 4 | |||
Intersegment Eliminations [Member] | Upstream [Member] | Total United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 15,455 | 16,865 | 17,229 | |||
Intersegment Eliminations [Member] | Upstream [Member] | International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 23,107 | 33,034 | 34,094 | |||
Intersegment Eliminations [Member] | Downstream [Member] | Total United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 31 | 39 | 49 | |||
Intersegment Eliminations [Member] | Downstream [Member] | International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 8,839 | 859 | 80 | |||
Operating Segments [Member] | Upstream [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 69,825 | [2] | 75,558 | [2] | 77,198 | [2] |
Operating Segments [Member] | Upstream [Member] | Total United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 22,910 | 24,917 | 23,645 | |||
Operating Segments [Member] | Upstream [Member] | International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 46,915 | 50,641 | 53,553 | |||
Operating Segments [Member] | Downstream [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 177,846 | [2] | 195,034 | [2] | 204,462 | [2] |
Operating Segments [Member] | Downstream [Member] | Total United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 78,606 | 85,103 | 87,757 | |||
Operating Segments [Member] | Downstream [Member] | International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 99,240 | 109,931 | 116,705 | |||
Other Segment Reconciling Item: Excise and Similar Taxes [Member] | Downstream [Member] | Total United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 4,633 | 4,792 | 4,665 | |||
Other Segment Reconciling Item: Excise and Similar Taxes [Member] | Downstream [Member] | International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 3,553 | 3,699 | 3,346 | |||
Intersegment Eliminations, Corporate, Non-Segment [Member] | All Other [Member] | Total United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 1,475 | 1,524 | 1,300 | |||
Intersegment Eliminations, Corporate, Non-Segment [Member] | All Other [Member] | International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 28 | 31 | 48 | |||
Corporate, Non-Segment [Member] | All Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 1,758 | 1,916 | 1,730 | |||
Corporate, Non-Segment [Member] | All Other [Member] | Total United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 1,727 | 1,882 | 1,678 | |||
Corporate, Non-Segment [Member] | All Other [Member] | International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 31 | 34 | 52 | |||
Operating Segments and Coporate, Non-Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 249,429 | 272,508 | 283,390 | |||
Operating Segments and Coporate, Non-Segment [Member] | Total United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 103,243 | 111,902 | 113,080 | |||
Operating Segments and Coporate, Non-Segment [Member] | International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | 146,186 | 160,606 | 170,310 | |||
Intersegment Eliminations, Operating Segments and Corporate, Non-Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales and other operating revenues | ($48,935) | ($52,352) | ($52,800) | |||
[1] | Includes excise, value-added and similar taxes.$8,186Â $8,492Â $8,010 | |||||
[2] | 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 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense | $11,892 | $14,308 | $19,996 |
Operating Segments [Member] | Upstream [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense | 11,260 | 14,803 | 19,374 |
Operating Segments [Member] | Upstream [Member] | United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense | 2,043 | 2,333 | 2,820 |
Operating Segments [Member] | Upstream [Member] | International [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense | 9,217 | 12,470 | 16,554 |
Operating Segments [Member] | Downstream [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense | 1,769 | 753 | 1,638 |
Operating Segments [Member] | Downstream [Member] | United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense | 1,302 | 364 | 1,051 |
Operating Segments [Member] | Downstream [Member] | International [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense | 467 | 389 | 587 |
Corporate, Non-Segment [Member] | All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense | ($1,137) | ($1,248) | ($1,016) |
Operating_Segments_and_Geograp6
Operating Segments and Geographic Data (Details Textual) | 12 Months Ended |
Dec. 31, 2014 | |
segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Number of operating segments | 2 |
Investments_and_Advances_Detai
Investments and Advances (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | $26,335 | $24,878 | |
Other at or below cost | 577 | 624 | |
Total investments and advances | 26,912 | 25,502 | |
Equity in Earnings | 7,098 | 7,527 | 6,889 |
Investments and Advances [Member] | United States [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total investments and advances | 6,787 | 6,638 | |
Investments and Advances [Member] | International [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total investments and advances | 20,125 | 18,864 | |
Equity in Earnings [Member] | United States [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in Earnings | 1,623 | 1,294 | 1,268 |
Equity in Earnings [Member] | International [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in Earnings | 5,475 | 6,233 | 5,621 |
Upstream [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 15,972 | 15,664 | |
Equity in Earnings | 4,713 | 5,812 | 5,154 |
Upstream [Member] | Tengizchevroil LLP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 7,319 | 5,875 | |
Equity in Earnings | 4,392 | 4,957 | 4,614 |
Upstream [Member] | Petropiar [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 794 | 858 | |
Equity in Earnings | 26 | 339 | 55 |
Upstream [Member] | Caspian Pipeline Consortium [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 1,487 | 1,298 | |
Equity in Earnings | 191 | 113 | 96 |
Upstream [Member] | Petroboscan [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 917 | 1,375 | |
Equity in Earnings | 186 | 300 | 229 |
Upstream [Member] | Angola LNG Limited [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 3,277 | 3,423 | |
Equity in Earnings | -311 | -111 | -106 |
Upstream [Member] | Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 2,178 | 2,835 | |
Equity in Earnings | 229 | 214 | 266 |
Downstream [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 10,192 | 8,839 | |
Equity in Earnings | 2,389 | 1,926 | 1,750 |
Downstream [Member] | Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 1,048 | 989 | |
Equity in Earnings | 180 | 199 | 196 |
Downstream [Member] | GS Caltex Corporation [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 2,867 | 2,518 | |
Equity in Earnings | 420 | 132 | 249 |
Downstream [Member] | Chevron Phillips Chemical Company LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 5,116 | 4,312 | |
Equity in Earnings | 1,606 | 1,371 | 1,206 |
Downstream [Member] | Star Petroleum Refining Company Limited [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 0 | 0 | |
Equity in Earnings | 0 | 0 | 22 |
Downstream [Member] | Caltex Australia Limited [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 1,161 | 1,020 | |
Equity in Earnings | 183 | 224 | 77 |
All Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 171 | 375 | |
Equity in Earnings | ($4) | ($211) | ($15) |
Investments_and_Advances_Detai1
Investments and Advances (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Affiliates [Member] | |||
Schedule of Investments [Line Items] | |||
Total revenues | $123,003 | $131,875 | $136,065 |
Income before income tax expense | 20,609 | 24,075 | 23,016 |
Net income attributable to affiliates | 14,758 | 15,594 | 16,786 |
Current assets | 35,662 | 39,713 | 37,541 |
Current assets | 70,817 | 68,593 | 66,065 |
Current liabilities | 25,308 | 29,642 | 27,878 |
Noncurrent liabilities | 17,983 | 19,442 | 19,366 |
Total affiliates’ net equity | 63,188 | 59,222 | 56,362 |
Parent [Member] | |||
Schedule of Investments [Line Items] | |||
Total revenues | 58,937 | 63,101 | 65,196 |
Income before income tax expense | 9,968 | 11,108 | 9,856 |
Net income attributable to affiliates | 7,237 | 7,845 | 6,938 |
Current assets | 13,465 | 15,156 | 14,732 |
Current assets | 26,053 | 25,059 | 23,523 |
Current liabilities | 9,588 | 11,587 | 11,093 |
Noncurrent liabilities | 4,211 | 4,559 | 4,879 |
Total affiliates’ net equity | $25,719 | $24,069 | $22,283 |
Investments_and_Advances_Detai2
Investments and Advances (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Variable Interest Entity [Line Items] | |||
Percentage of affiliate by summarized financial information | 100.00% | ||
Investments and advances | $26,335 | $24,878 | |
The portion of equity ownership interest held in CP Chemical by Conoco Phillips Corporation | 50.00% | ||
The portion of equity ownership interest of Caltex Australia Ltd. held by public | 50.00% | ||
Fair value of Chevron share in Caltex Australia Ltd common stock | 3,755 | ||
Sale and other operating revenues from affiliated companies | 10,404 | 14,635 | 17,356 |
Purchased crude oil and products | 119,671 | 134,696 | 140,766 |
Accounts and notes receivable due from affiliated companies | 924 | 1,328 | |
Accounts payable due to affiliated companies | 345 | 466 | |
Chevron's loan to affiliates | 874 | 1,129 | 1,494 |
Affiliated Entity [Member] | |||
Variable Interest Entity [Line Items] | |||
Purchased crude oil and products | 6,735 | 7,063 | 6,634 |
Tengizchevroil LLP [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Chevron investment carrying value over underlying equity in TCO's net assets | 150 | ||
Petropiar [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 30.00% | ||
Chevron investment carrying value less underlying equity in Petropiar net assets | 160 | ||
Caspian Pipeline Consortium [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 15.00% | ||
Long term loans of Caspian Pipeline Consortium included in investments and advances | 1,328 | ||
Percentage of Caspian Pipeline Consortium pipeline construction funded by Loans | 30.00% | ||
Petroboscan [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 39.20% | ||
Chevron investment carrying value over underlying equity in Petroboscan's net assets | $160 | ||
Angola LNG Limited [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 36.40% | ||
GS Caltex Corporation [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Chevron Phillips Chemical Company LLC [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Caltex Australia Limited [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Tengizchevroil LLP [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Percentage of affiliate by summarized financial information | 100.00% |
Properties_Plant_and_Equipment2
Properties, Plant and Equipment (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Properties, Plant and Equipment | ||||||
Gross Investment at Cost | $327,289 | [1] | $296,433 | [1] | $263,481 | [1] |
Net Investment | 183,173 | [1] | 164,829 | [1] | 141,348 | [1] |
Additions at Cost | 36,332 | [1],[2] | 38,122 | [1],[2] | 34,015 | [1],[2] |
Depreciation Expense | 16,793 | [1],[3] | 14,186 | [1],[3] | 13,413 | [1],[3] |
United States [Member] | ||||||
Properties, Plant and Equipment | ||||||
Gross Investment at Cost | 125,163 | [1] | 117,364 | [1] | 108,659 | [1] |
Net Investment | 59,960 | [1] | 56,506 | [1] | 52,087 | [1] |
Additions at Cost | 10,857 | [1],[2] | 10,063 | [1],[2] | 10,124 | [1],[2] |
Depreciation Expense | 6,693 | [1],[3] | 5,478 | [1],[3] | 5,085 | [1],[3] |
International [Member] | ||||||
Properties, Plant and Equipment | ||||||
Gross Investment at Cost | 202,126 | [1] | 179,069 | [1] | 154,822 | [1] |
Net Investment | 123,213 | [1] | 108,323 | [1] | 89,261 | [1] |
Additions at Cost | 25,475 | [1],[2] | 28,059 | [1],[2] | 23,891 | [1],[2] |
Depreciation Expense | 10,100 | [1],[3] | 8,708 | [1],[3] | 8,328 | [1],[3] |
Upstream [Member] | ||||||
Properties, Plant and Equipment | ||||||
Gross Investment at Cost | 289,487 | [1] | 259,178 | [1] | 227,707 | [1] |
Net Investment | 164,790 | [1] | 145,931 | [1] | 123,227 | [1] |
Additions at Cost | 34,608 | [1],[2] | 35,571 | [1],[2] | 29,554 | [1],[2] |
Depreciation Expense | 14,815 | [1],[3] | 12,748 | [1],[3] | 11,917 | [1],[3] |
Upstream [Member] | United States [Member] | ||||||
Properties, Plant and Equipment | ||||||
Gross Investment at Cost | 96,850 | [1] | 89,555 | [1] | 81,908 | [1] |
Net Investment | 45,864 | [1] | 41,831 | [1] | 37,909 | [1] |
Additions at Cost | 9,688 | [1],[2] | 8,188 | [1],[2] | 8,211 | [1],[2] |
Depreciation Expense | 5,127 | [1],[3] | 4,412 | [1],[3] | 3,902 | [1],[3] |
Upstream [Member] | International [Member] | ||||||
Properties, Plant and Equipment | ||||||
Gross Investment at Cost | 192,637 | [1] | 169,623 | [1] | 145,799 | [1] |
Net Investment | 118,926 | [1] | 104,100 | [1] | 85,318 | [1] |
Additions at Cost | 24,920 | [1],[2] | 27,383 | [1],[2] | 21,343 | [1],[2] |
Depreciation Expense | 9,688 | [1],[3] | 8,336 | [1],[3] | 8,015 | [1],[3] |
Downstream [Member] | ||||||
Properties, Plant and Equipment | ||||||
Gross Investment at Cost | 31,974 | [1] | 31,710 | [1] | 30,782 | [1] |
Net Investment | 15,238 | [1] | 15,620 | [1] | 15,263 | [1] |
Additions at Cost | 1,118 | [1],[2] | 1,807 | [1],[2] | 4,042 | [1],[2] |
Depreciation Expense | 1,282 | [1],[3] | 1,140 | [1],[3] | 1,107 | [1],[3] |
Downstream [Member] | United States [Member] | ||||||
Properties, Plant and Equipment | ||||||
Gross Investment at Cost | 22,640 | [1] | 22,407 | [1] | 21,792 | [1] |
Net Investment | 11,019 | [1] | 11,481 | [1] | 11,333 | [1] |
Additions at Cost | 588 | [1],[2] | 1,154 | [1],[2] | 1,498 | [1],[2] |
Depreciation Expense | 886 | [1],[3] | 780 | [1],[3] | 799 | [1],[3] |
Downstream [Member] | International [Member] | ||||||
Properties, Plant and Equipment | ||||||
Gross Investment at Cost | 9,334 | [1] | 9,303 | [1] | 8,990 | [1] |
Net Investment | 4,219 | [1] | 4,139 | [1] | 3,930 | [1] |
Additions at Cost | 530 | [1],[2] | 653 | [1],[2] | 2,544 | [1],[2] |
Depreciation Expense | 396 | [1],[3] | 360 | [1],[3] | 308 | [1],[3] |
All Other Segments [Member] | ||||||
Properties, Plant and Equipment | ||||||
Gross Investment at Cost | 5,828 | [1] | 5,545 | [1] | 4,992 | [1] |
Net Investment | 3,145 | [1] | 3,278 | [1] | 2,858 | [1] |
Additions at Cost | 606 | [1],[2] | 744 | [1],[2] | 419 | [1],[2] |
Depreciation Expense | 696 | [1],[3] | 298 | [1],[3] | 389 | [1],[3] |
All Other Segments [Member] | United States [Member] | ||||||
Properties, Plant and Equipment | ||||||
Gross Investment at Cost | 5,673 | 5,402 | 4,959 | |||
Net Investment | 3,077 | 3,194 | 2,845 | |||
Additions at Cost | 581 | [2] | 721 | [2] | 415 | [2] |
Depreciation Expense | 680 | [3] | 286 | [3] | 384 | [3] |
All Other Segments [Member] | International [Member] | ||||||
Properties, Plant and Equipment | ||||||
Gross Investment at Cost | 155 | 143 | 33 | |||
Net Investment | 68 | 84 | 13 | |||
Additions at Cost | 25 | [2] | 23 | [2] | 4 | [2] |
Depreciation Expense | $16 | [3] | $12 | [3] | $5 | [3] |
[1] | Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2014. Australia had $41,012, $31,464 and $21,770 in 2014, 2013, and 2012, respectively. Nigeria had PP&E of $19,214, $18,429 and $17,485 for 2014, 2013 and 2012, respectively. | |||||
[2] | Net of dry hole expense related to prior years’ expenditures of $371, $89 and $80 in 2014, 2013 and 2012, respectively. | |||||
[3] | Depreciation expense includes accretion expense of $882, $627 and $629 in 2014, 2013 and 2012, respectively. |
Properties_Plant_and_Equipment3
Properties, Plant and Equipment (Details Textual) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment | $183,173 | [1] | $164,829 | [1] | $141,348 | [1] |
Dry hole expense related to prior years expenditures, net | 371 | 89 | 80 | |||
Accretion expense | 882 | 627 | 629 | |||
Australia [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment | 41,012 | 31,464 | 21,770 | |||
Nigeria [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment | $19,214 | $18,429 | $17,485 | |||
[1] | Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2014. Australia had $41,012, $31,464 and $21,770 in 2014, 2013, and 2012, respectively. Nigeria had PP&E of $19,214, $18,429 and $17,485 for 2014, 2013 and 2012, respectively. |
Litigation_Details
Litigation (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Jul. 02, 2013 | Aug. 03, 2012 | Feb. 14, 2011 | Sep. 30, 2010 | Aug. 31, 2010 | Dec. 31, 2014 | Nov. 13, 2013 | Nov. 06, 2012 | Jan. 03, 2012 | Feb. 14, 2011 | Dec. 31, 2008 |
Loss Contingencies [Line Items] | |||||||||||
Number of contract breaches | 7 | ||||||||||
MTBE [Member] | Pending Litigation [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Pending lawsuits and claims (in number of claims) | 7 | ||||||||||
Ecuador Litigation [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Pending lawsuits and claims (in number of claims) | 9 | ||||||||||
Remediation program term (in years) | 3 years | ||||||||||
Ecuador Litigation [Member] | Pending Litigation [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Remediation program term (in years) | 3 years | ||||||||||
Remediation program | $40 | ||||||||||
Financial compensation for purported damages on mining engineer's report | 18,900 | ||||||||||
Assessment for purported unjust enrichment on mining engineer's report | 8,400 | ||||||||||
Court order requiring the parties to provide their positions on damages within (in days) | 45 days | ||||||||||
Range of possible loss, minimum | 16,000 | ||||||||||
Range of possible loss, maximum | 76,000 | ||||||||||
Approximate unjust enrichment on plaintiffs' submission, Maximum | 38,000 | ||||||||||
Approximate unjust enrichment on plaintiffs' submission, Minimum | 5,000 | ||||||||||
Amount assessed in damages | 8,600 | 9,500 | 8,600 | ||||||||
Amount assessed for plaintiffs representatives | 900 | 900 | |||||||||
Additional amount assessed in punitive damages | 8,600 | 8,600 | |||||||||
Public apology date within judgment | 15 days | ||||||||||
Approved court-appointed liquadator's report damages for total judgment | 19,100 | ||||||||||
Litigation Settlement, Amount to be Paid Via Third Party | $96 | ||||||||||
Proposed additional payment for plaintiff attorney fees as percentage of judgment | 0.10% | ||||||||||
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% | ||||||||||
Ecuador Litigation [Member] | Declatory Relief Claim [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Pending lawsuits and claims (in number of claims) | 1 | ||||||||||
Ecuador Litigation [Member] | Discovery Stay On Claims [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Pending lawsuits and claims (in number of claims) | 8 |
Taxes_Details
Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. federal | |||
Current | $748 | $15 | $1,703 |
Deferred | 1,330 | 1,128 | 673 |
State and local | |||
Current | 336 | 120 | 652 |
Deferred | 36 | 74 | -145 |
Total United States | 2,450 | 1,337 | 2,883 |
International | |||
Current | 9,235 | 12,296 | 15,626 |
Deferred | 207 | 675 | 1,487 |
Total International | 9,442 | 12,971 | 17,113 |
Total taxes on income | $11,892 | $14,308 | $19,996 |
Reconciliation between the U.S. statutory federal income tax rate and the company's effective income tax rate | |||
U.S. statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Effect of income taxes from international operations at rates different from the U.S. statutory rate | 2.80% | 5.10% | 7.80% |
State and local taxes on income, net of U.S. federal income tax benefit | 0.70% | 0.60% | 0.60% |
Prior-year tax adjustments | -0.70% | -0.80% | -0.20% |
Tax credits | -0.20% | -0.50% | -0.40% |
Effects of changes in tax rates | -0.20% | 0.00% | 0.30% |
Other | 0.70% | 0.50% | 0.10% |
Effective tax rate | 38.10% | 39.90% | 43.20% |
Taxes_Details_1
Taxes (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax liabilities | ||
Properties, plant and equipment | $28,452 | $25,936 |
Investments and other | 3,059 | 2,272 |
Total deferred tax liabilities | 31,511 | 28,208 |
Deferred tax assets | ||
Foreign tax credits | -11,867 | -11,572 |
Abandonment/environmental reserves | -6,686 | -6,279 |
Employee benefits | -4,831 | -3,825 |
Deferred credits | -1,828 | -2,768 |
Tax loss carryforwards | -1,747 | -1,016 |
Other accrued liabilities | -498 | -533 |
Inventory | -153 | -358 |
Miscellaneous | -2,128 | -1,439 |
Total deferred tax assets | -29,738 | -27,790 |
Deferred tax assets valuation allowance | 16,292 | 17,171 |
Total deferred taxes, net | 18,065 | 17,589 |
Classification of deferred taxes | ||
Prepaid expenses and other current assets | -1,071 | -1,341 |
Deferred charges and other assets | -3,597 | -2,954 |
Federal and other taxes on income | 813 | 583 |
Noncurrent deferred income taxes | 21,920 | 21,301 |
Total deferred taxes, net | $18,065 | $17,589 |
Taxes_Details_2
Taxes (Details 2) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Changes to company's unrecognized tax benefits | ||||||
Balance at January 1 | $3,848 | $3,071 | $3,481 | |||
Foreign currency effects | -25 | -58 | 4 | |||
Additions based on tax positions taken in current year | 354 | 276 | 543 | |||
Additions/reductions resulting from current-year asset acquisitions/sales | -22 | 0 | 0 | |||
Additions for tax positions taken in prior years | 37 | 1,164 | 152 | |||
Reductions for tax positions taken in prior years | -561 | -176 | -899 | |||
Settlements with taxing authorities in current year | -50 | -320 | -138 | |||
Reductions as a result of a lapse of the applicable statute of limitations | -29 | -109 | -72 | |||
Balance at December 31 | 3,552 | 3,848 | 3,071 | |||
Income Tax Authority [Line Items] | ||||||
Excise and similar taxes on products and merchandise | 8,186 | 8,492 | 8,010 | |||
Total taxes other than on income | 12,540 | [1] | 13,063 | [1] | 12,376 | [1] |
United States | ||||||
Income Tax Authority [Line Items] | ||||||
Excise and similar taxes on products and merchandise | 4,633 | 4,792 | 4,665 | |||
Import duties and other levies | 6 | 4 | 1 | |||
Property and other miscellaneous taxes | 1,002 | 1,036 | 782 | |||
Payroll taxes | 273 | 255 | 240 | |||
Taxes on production | 349 | 333 | 328 | |||
Total taxes other than on income | 6,263 | 6,420 | 6,016 | |||
International | ||||||
Income Tax Authority [Line Items] | ||||||
Excise and similar taxes on products and merchandise | 3,553 | 3,700 | 3,345 | |||
Import duties and other levies | 45 | 41 | 106 | |||
Property and other miscellaneous taxes | 2,277 | 2,486 | 2,501 | |||
Payroll taxes | 172 | 168 | 160 | |||
Taxes on production | 230 | 248 | 248 | |||
Total taxes other than on income | $6,277 | $6,643 | $6,360 | |||
[1] | Includes excise, value-added and similar taxes.$8,186Â $8,492Â $8,010 |
Taxes_Details_Textual
Taxes (Details Textual) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ||||
Income before income tax including related corporate and other charges for U.S. operations | $6,296 | $4,672 | $8,456 | |
Income before income tax for international operations | 24,906 | 31,233 | 37,876 | |
Income tax credits and adjustments | 68 | 175 | 165 | |
Effective tax rate | 38.10% | 39.90% | 43.20% | |
Approximate increase in deferred tax liabilities | 3,300 | |||
Deferred tax asset, increase | 1,900 | |||
Loss carry forward | 5,535 | |||
Tax credit carryforward | 1,190 | |||
Carry forward amount of foreign tax credit with expiration dates | 11,867 | 11,572 | ||
Undistributed earnings of international consolidated subsidiaries and affiliates for which no deferred income tax provision has been made for future remittances | 35,700 | |||
Percentage of impact of unrecognized tax benefits on effective tax rate if subsequently recognized | 68.00% | |||
Unrecognized tax benefits | 3,552 | 3,848 | 3,071 | 3,481 |
Income tax accruals for anticipated interest and penalty obligations | 233 | 215 | ||
Income tax benefit expense associated with interest and penalties | $4 | ($42) | $145 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2014 | |||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | $15,960,000,000 | $11,960,000,000 | |||
Debt due within one year | 0 | 0 | |||
Reclassified from short-term debt | 8,000,000,000 | 8,000,000,000 | |||
Total long-term debt | 23,960,000,000 | 19,960,000,000 | |||
Long-term debt maturing 2015 | 0 | ||||
Long-term debt maturing 2016 | 1,450,000,000 | ||||
Long-term debt maturing 2017 | 3,750,000,000 | ||||
Long-term debt maturing 2018 | 2,000,000,000 | ||||
Long-term debt maturing 2019 | 2,650,000,000 | ||||
Long-term debt maturing after 2019 | 6,110,000,000 | ||||
Notes Payable [Member] | 3.191% notes due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 2,250,000,000 | 2,250,000,000 | |||
Interest rate | 3.19% | ||||
Notes Payable [Member] | 1.104% notes due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 2,000,000,000 | 2,000,000,000 | |||
Interest rate | 1.10% | ||||
Notes Payable [Member] | 1.718% notes due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 2,000,000,000 | 2,000,000,000 | |||
Interest rate | 1.72% | ||||
Notes Payable [Member] | 2.355% notes due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 2,000,000,000 | 2,000,000,000 | |||
Interest rate | 2.36% | ||||
Notes Payable [Member] | 4.95% notes due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 1,500,000,000 | 1,500,000,000 | |||
Interest rate | 4.95% | ||||
Notes Payable [Member] | 1.345% notes due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 1,100,000,000 | 0 | |||
Interest rate | 1.35% | ||||
Notes Payable [Member] | 2.427% notes due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 1,000,000,000 | 1,000,000,000 | |||
Interest rate | 2.43% | ||||
Notes Payable [Member] | 2.193% notes due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 750,000,000 | 0 | |||
Interest rate | 2.19% | ||||
Notes Payable [Member] | 0.889% notes due 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 750,000,000 | 750,000,000 | |||
Interest rate | 0.89% | ||||
Notes Payable [Member] | Variable rate notes due 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 700,000,000 | [1] | 0 | [1] | |
Interest rate | 3.32% | ||||
Notes Payable [Member] | Variable rate notes due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 650,000,000 | [1] | 0 | [1] | |
Interest rate | 4.02% | ||||
Notes Payable [Member] | Variable rate notes due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 400,000,000 | [1] | 0 | [1] | |
Interest rate | 6.42% | ||||
Notes Payable [Member] | Variable rate notes due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 400,000,000 | [1] | 0 | [1] | |
Interest rate | 7.62% | ||||
Debentures [Member] | 8.625% debentures due 2032 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 147,000,000 | 147,000,000 | |||
Interest rate | 8.63% | ||||
Debentures [Member] | 8.625 % debentures due 2031 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 107,000,000 | 107,000,000 | |||
Interest rate | 8.63% | ||||
Debentures [Member] | 8 % debentures due 2032 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 74,000,000 | 74,000,000 | |||
Interest rate | 8.00% | ||||
Debentures [Member] | 9.75 % debentures due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 54,000,000 | 54,000,000 | |||
Interest rate | 9.75% | ||||
Debentures [Member] | 8.875 % debentures due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 40,000,000 | 40,000,000 | |||
Interest rate | 8.88% | ||||
Medium-term Notes [Member] | Medium-term notes, maturing from 2021 to 2038 (5.92%) [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt instruments | 38,000,000 | [2] | 38,000,000 | [2] | |
Interest rate | 5.83% | ||||
Corporate Bond Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt issued | $4,000,000,000 | ||||
[1] | Interest rate at December 31, 2014. | ||||
[2] | Weighted-average interest rate at December 31, 2014. |
ShortTerm_Debt_Details
Short-Term Debt (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Short term borrowings | ||||
Commercial Paper | $8,506 | [1] | $5,130 | [1] |
Notes payable to banks and others with originating terms of one year or less | 104 | 49 | ||
Current maturities of long-term debt | 0 | 0 | ||
Current maturities of long-term capital leases | 22 | 34 | ||
Redeemable long term obligations - Long-term debt | 3,152 | 3,152 | ||
Redeemable long term obligations - Capital leases | 6 | 9 | ||
Subtotal | 11,790 | 8,374 | ||
Reclassified to long-term debt | -8,000 | -8,000 | ||
Total short-term debt | $3,790 | $374 | ||
[1] | Weighted-average interest rates at December 31, 2014 and 2013, were 0.12 percent and 0.09 percent, respectively. |
ShortTerm_Debt_Details_Textual
Short-Term Debt (Details Textual) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ||
Weighted-average interest rates of commercial paper | 0.12% | 0.09% |
Committed credit facilities | $8,000 | |
Reclassified to long-term debt | $8,000 | $8,000 |
Accounting_for_Suspended_Explo2
Accounting for Suspended Exploratory Wells (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Project | Project | Project | ||||
Changes in company's suspended exploratory well costs | ||||||
Beginning balance at January 1 | $3,245 | $2,681 | $2,434 | |||
Additions to capitalized exploratory well costs pending the determination of proved reserves | 1,591 | 885 | 595 | |||
Reclassifications to wells, facilities and equipment based on the determination of proved reserves | -298 | -290 | -244 | |||
Capitalized exploratory well costs charged to expense | -312 | -31 | -49 | |||
Other reductions | -31 | [1] | 0 | [1] | -55 | [1] |
Ending balance at December 31 | 4,195 | 3,245 | 2,681 | |||
Aging of capitalized well costs and number of project | ||||||
Exploratory well costs capitalized for a period of one year or less | 1,522 | 641 | 501 | |||
Exploratory well costs capitalized for a period greater than one year | 2,673 | 2,604 | 2,180 | |||
Balance at December 31 | $4,195 | $3,245 | $2,681 | |||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year | 51 | [2] | 51 | [2] | 46 | [2] |
[1] | Represents property sales. | |||||
[2] | Certain projects have multiple wells or fields or both. |
Accounting_for_Suspended_Explo3
Accounting for Suspended Exploratory Wells (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
In Millions, unless otherwise specified | Project | Project | Project | |||
Well | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||||||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $2,673 | $2,604 | $2,180 | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | 209 | |||||
Number of projects | 51 | [1] | 51 | [1] | 46 | [1] |
1997–2003 [Member] | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||||||
Capitalized exploratory well costs that have been capitalized for period greater than one year | 204 | |||||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | 38 | |||||
2004–2008 [Member] | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||||||
Capitalized exploratory well costs that have been capitalized for period greater than one year | 459 | |||||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | 45 | |||||
2009–2013 [Member] | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||||||
Capitalized exploratory well costs that have been capitalized for period greater than one year | 2,010 | |||||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | 126 | |||||
1999 [Member] | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||||||
Capitalized exploratory well costs that have been capitalized for period greater than one year | 8 | |||||
Number of projects | 1 | |||||
2003–2009 [Member] | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||||||
Capitalized exploratory well costs that have been capitalized for period greater than one year | 521 | |||||
Number of projects | 11 | |||||
2010–2014 [Member] | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||||||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $2,144 | |||||
Number of projects | 39 | |||||
[1] | Certain projects have multiple wells or fields or both. |
Accounting_for_Suspended_Explo4
Accounting for Suspended Exploratory Wells (Details Textual) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Well | Project | Project | ||||
Project | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||||||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $2,673 | $2,604 | $2,180 | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | 209 | |||||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year | 51 | [1] | 51 | [1] | 46 | [1] |
Expected period for decision on the recognition of proved reserves | 5 years | |||||
Exploratory well costs capitalized for a period greater than one year | 2,673 | 2,604 | 2,180 | |||
Drilling Activity [Member] | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||||||
Capitalized exploratory well costs that have been capitalized for period greater than one year | 1,460 | |||||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year | 21 | |||||
Exploratory well costs capitalized for a period greater than one year | 1,460 | |||||
No Drilling Activity [Member] | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||||||
Capitalized exploratory well costs that have been capitalized for period greater than one year | 1,213 | |||||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year | 30 | |||||
Exploratory well costs capitalized for a period greater than one year | 1,213 | |||||
Undergoing Front End Engineering and Design with Final Investment Decision Expected [Member] | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||||||
Capitalized exploratory well costs that have been capitalized for period greater than one year | 289 | |||||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year | 6 | |||||
Undergoing front-end engineering and design with final investment decision expected in three years | 2 years | |||||
Exploratory well costs capitalized for a period greater than one year | 289 | |||||
Development Concept Under Review by Government [Member] | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||||||
Capitalized exploratory well costs that have been capitalized for period greater than one year | 213 | |||||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year | 3 | |||||
Exploratory well costs capitalized for a period greater than one year | 213 | |||||
Reviewing Development Alternatives [Member] | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||||||
Capitalized exploratory well costs that have been capitalized for period greater than one year | 600 | |||||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year | 10 | |||||
Exploratory well costs capitalized for a period greater than one year | 600 | |||||
Miscellaneous Activities for Projects with Smaller Amounts Suspended [Member] | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||||||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year | 11 | |||||
Capitalized exploratory well costs that are approved and construction in progress | $111 | |||||
[1] | Certain projects have multiple wells or fields or both. |
Stock_Options_and_Other_ShareB2
Stock Options and Other Share-Based Compensation (Details) (USD $) | 12 Months Ended | |||||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Stock Option | ||||||
Expected term in years | 6 years | [1] | 6 years | [1] | 6 years | [1] |
Volatility | 30.30% | [2] | 31.30% | [2] | 31.70% | [2] |
Risk-free interest rate based on zero coupon U.S. treasury note | 1.90% | 1.20% | 1.10% | |||
Dividend yield | 3.30% | 3.30% | 3.20% | |||
Weighted-average fair value per option granted | $25.86 | $24.48 | $23.35 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Outstanding at January 1, 2014 | 75,626 | |||||
Shares, Granted (in shares) | 11,380 | |||||
Shares, Exercised (in shares) | -7,464 | |||||
Shares, Forfeited (in shares) | -1,201 | |||||
Outstanding at December 31, 2014 | 78,341 | 75,626 | ||||
Shares, Exercisable at December 31, 2014 (in shares) | 56,943 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||||
Weighted-Average Exercise Price, Outstanding at January 1, 2014 (in dollars per share) | $88.44 | |||||
Weighted-Average Exercise Price, Granted (in dollars per share) | $116 | |||||
Weighted-Average Exercise Price, Exercised (in dollars per share) | $72.71 | |||||
Weighted-Average Exercise Price, Forfeited (in dollars per share) | $111.73 | |||||
Weighted-Average Exercise Price, Outstanding at December 31, 2014 (in dollars per share) | $93.59 | $88.44 | ||||
Weighted-Average Exercise Price, Exercisable at December 31, 2014 (in dollars per share) | $85.60 | |||||
Average Remaining Contractual Term, Outstanding at December 31, 2014 (in years) | 5 years 10 months 2 days | |||||
Average Remaining Contractual Term, Exercisable at December 31, 2014 (in years) | 4 years 10 months 13 days | |||||
Aggregate Intrinsic Value, Outstanding at December 31, 2014 | $1,548 | |||||
Aggregate Intrinsic Value, Exercisable at December 31, 2014 | $1,533 | |||||
[1] | Expected term is based on historical exercise and postvesting cancellation data. | |||||
[2] | Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. |
Stock_Options_and_Other_ShareB3
Stock Options and Other Share-Based Compensation (Details 1) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense for stock options | $287 | $292 | $283 |
After tax compensation expense for stock options | 186 | 190 | 184 |
Compensation expense for stock appreciation rights restricted stock performance units and restricted stock units | 71 | 223 | 177 |
Compensation expense for stock appreciation rights, restricted stock, performance units and restricted stock units, after tax | 46 | 145 | 115 |
Cash received in payment for option exercises | 527 | 553 | 753 |
Tax benefits realized for the tax deductions from option exercises | 54 | 73 | 101 |
Cash paid to settle performance units and stock appreciation rights | 204 | 186 | 123 |
Total intrinsic value options exercised | 398 | 445 | 580 |
Total before-tax compensation cost related to nonvested share-based compensation arrangements | 226 | ||
Weighted-average period of recognition of unrecognized compensation cost related to nonvested share-based compensation arrangements | 1 year 8 months 12 days | ||
Number of LTIP performance units outstanding (in shares) | 2,265,952 | 2,531,270 | |
Number of LTIP performance units granted (in shares) | 772,800 | ||
Number of LTIP performance units vested outstanding (in shares) | 967,234 | ||
Number of LTIP performance units forfeited (in shares) | 70,884 | ||
Fair value of the liability recorded for LTIP performance units outstanding | 212 | ||
Equivalent shares granted under various LTIP and former Texaco and Unocal programs for outstanding stock appreciation rights and other awards | 3,300,000 | ||
Liability recorded for Equivalent shares granted under various LTIP and former Texaco and Unocal programs for outstanding stock appreciation rights and other awards | $78 | ||
Chevron Long-Term Incentive Plan (LTIP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of share that may be issued under LTIP (in shares) | 260,000,000 | ||
For awards issued on or after May 29, 2013, the maximum number of shares that may be in a form other than a stock option, stock appreciation right or award requiring full payment for shares by the award recipient (in shares) | 50,000,000 | ||
Performance Shares [Member] | Chevron Long-Term Incentive Plan (LTIP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award contractual term (in years) | 3 years | ||
Stock Options and Stock Appreciation Rights [Member] | Chevron Long-Term Incentive Plan (LTIP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award contractual term (in years) | 10 years |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. [Member] | |||
Change in Benefit Obligation | |||
Benefit obligation at January 1 | $12,080 | $13,654 | |
Service cost | 450 | 495 | 452 |
Interest cost | 494 | 471 | 435 |
Plan participants’ contributions | 0 | 0 | |
Plan amendments | 0 | -78 | |
Actuarial (gain) loss | 2,299 | -1,398 | |
Foreign currency exchange rate changes | 0 | 0 | |
Benefits paid | -1,073 | -1,064 | |
Divestitures | 0 | 0 | |
Benefit obligation at December 31 | 14,250 | 12,080 | 13,654 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 11,210 | 9,909 | |
Actual return on plan assets | 854 | 1,546 | |
Foreign currency exchange rate changes | 0 | 0 | |
Employer contributions | 99 | 819 | |
Plan participants’ contributions | 0 | 0 | |
Benefits paid | -1,073 | -1,064 | |
Divestitures | 0 | 0 | |
Fair value of plan assets at December 31 | 11,090 | 11,210 | 9,909 |
Funded Status at December 31 | -3,160 | -870 | |
International [Member] | |||
Change in Benefit Obligation | |||
Benefit obligation at January 1 | 6,095 | 6,287 | |
Service cost | 190 | 197 | 181 |
Interest cost | 340 | 314 | 320 |
Plan participants’ contributions | 8 | 8 | |
Plan amendments | 3 | 18 | |
Actuarial (gain) loss | 336 | -206 | |
Foreign currency exchange rate changes | -348 | -187 | |
Benefits paid | -293 | -336 | |
Divestitures | -564 | 0 | |
Benefit obligation at December 31 | 5,767 | 6,095 | 6,287 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 4,543 | 4,125 | |
Actual return on plan assets | 571 | 375 | |
Foreign currency exchange rate changes | -279 | -21 | |
Employer contributions | 276 | 392 | |
Plan participants’ contributions | 8 | 8 | |
Benefits paid | -293 | -336 | |
Divestitures | -582 | 0 | |
Fair value of plan assets at December 31 | 4,244 | 4,543 | 4,125 |
Funded Status at December 31 | -1,523 | -1,552 | |
Other Benefits [Member] | |||
Change in Benefit Obligation | |||
Benefit obligation at January 1 | 3,138 | 3,787 | |
Service cost | 50 | 66 | 61 |
Interest cost | 148 | 149 | 153 |
Plan participants’ contributions | 150 | 154 | |
Plan amendments | 2 | 0 | |
Actuarial (gain) loss | 544 | -636 | |
Foreign currency exchange rate changes | -22 | -23 | |
Benefits paid | -350 | -359 | |
Divestitures | 0 | 0 | |
Benefit obligation at December 31 | 3,660 | 3,138 | 3,787 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Employer contributions | 200 | 205 | |
Plan participants’ contributions | 150 | 154 | |
Benefits paid | -350 | -359 | |
Divestitures | 0 | 0 | |
Fair value of plan assets at December 31 | 0 | 0 | 0 |
Funded Status at December 31 | ($3,660) | ($3,138) |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Noncurrent employee benefit plans | ($8,412) | ($5,968) |
U.S. [Member] | ||
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Deferred charges and other assets | 13 | 394 |
Accrued liabilities | -123 | -76 |
Noncurrent employee benefit plans | -3,050 | -1,188 |
Net amount recognized at December 31 | -3,160 | -870 |
International [Member] | ||
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Deferred charges and other assets | 244 | 128 |
Accrued liabilities | -68 | -81 |
Noncurrent employee benefit plans | -1,699 | -1,599 |
Net amount recognized at December 31 | -1,523 | -1,552 |
Other Benefits [Member] | ||
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Deferred charges and other assets | 0 | 0 |
Accrued liabilities | -198 | -215 |
Noncurrent employee benefit plans | -3,462 | -2,923 |
Net amount recognized at December 31 | ($3,660) | ($3,138) |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Before tax basis amount in accumulated other comprehensive loss. | ||
Total recognized at December 31 | $7,417 | $5,464 |
U.S. [Member] | ||
Before tax basis amount in accumulated other comprehensive loss. | ||
Net actuarial loss | 4,972 | 3,185 |
Prior service (credit) costs | -13 | -22 |
Total recognized at December 31 | 4,959 | 3,163 |
International [Member] | ||
Before tax basis amount in accumulated other comprehensive loss. | ||
Net actuarial loss | 1,487 | 1,808 |
Prior service (credit) costs | 150 | 167 |
Total recognized at December 31 | 1,637 | 1,975 |
Other Benefits [Member] | ||
Before tax basis amount in accumulated other comprehensive loss. | ||
Net actuarial loss | 763 | 256 |
Prior service (credit) costs | 58 | 70 |
Total recognized at December 31 | $821 | $326 |
Employee_Benefit_Plans_Details3
Employee Benefit Plans (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
U.S. [Member] | ||
Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets | ||
Projected benefit obligations | $14,182 | $1,267 |
Accumulated benefit obligations | 12,765 | 1,155 |
Fair value of plan assets | 11,009 | 4 |
International [Member] | ||
Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets | ||
Projected benefit obligations | 1,938 | 1,692 |
Accumulated benefit obligations | 1,525 | 1,240 |
Fair value of plan assets | $262 | $203 |
Employee_Benefit_Plans_Details4
Employee Benefit Plans (Details 4) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes Recognized in Comprehensive Income | |||
Prior service (credits) costs during period | $6 | ($60) | $142 |
Amortization of prior service (costs) credits | -26 | 27 | 61 |
U.S. [Member] | |||
Net Periodic Benefit Cost | |||
Service cost | 450 | 495 | 452 |
Interest cost | 494 | 471 | 435 |
Expected return on plan assets | -788 | -701 | -634 |
Amortization of prior service costs (credits) | -9 | 2 | -7 |
Recognized actuarial losses | 209 | 485 | 470 |
Settlement losses | 237 | 173 | 220 |
Curtailment losses (gains) | 0 | 0 | 0 |
Total net periodic benefit cost | 593 | 925 | 936 |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | 2,233 | -2,244 | 805 |
Amortization of actuarial loss | -446 | -658 | -700 |
Prior service (credits) costs during period | 0 | -78 | 94 |
Amortization of prior service (costs) credits | 9 | -2 | 7 |
Total changes recognized in other comprehensive income | 1,796 | -2,982 | 206 |
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | 2,389 | -2,057 | 1,142 |
International [Member] | |||
Net Periodic Benefit Cost | |||
Service cost | 190 | 197 | 181 |
Interest cost | 340 | 314 | 320 |
Expected return on plan assets | -298 | -274 | -269 |
Amortization of prior service costs (credits) | 21 | 21 | 18 |
Recognized actuarial losses | 96 | 143 | 136 |
Settlement losses | 208 | 12 | 5 |
Curtailment losses (gains) | 0 | 0 | 0 |
Total net periodic benefit cost | 557 | 413 | 391 |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | -17 | -476 | 330 |
Amortization of actuarial loss | -304 | -155 | -141 |
Prior service (credits) costs during period | 4 | 18 | 37 |
Amortization of prior service (costs) credits | -21 | -21 | -18 |
Total changes recognized in other comprehensive income | -338 | -634 | 208 |
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | 219 | -221 | 599 |
Other Benefits [Member] | |||
Net Periodic Benefit Cost | |||
Service cost | 50 | 66 | 61 |
Interest cost | 148 | 149 | 153 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service costs (credits) | 14 | -50 | -72 |
Recognized actuarial losses | 7 | 53 | 56 |
Settlement losses | 0 | 0 | -26 |
Curtailment losses (gains) | 0 | 0 | 0 |
Total net periodic benefit cost | 219 | 218 | 172 |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | 514 | -659 | 45 |
Amortization of actuarial loss | -7 | -53 | -79 |
Prior service (credits) costs during period | 2 | 0 | 11 |
Amortization of prior service (costs) credits | -14 | 50 | 72 |
Total changes recognized in other comprehensive income | 495 | -662 | 49 |
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $714 | ($444) | $221 |
Employee_Benefit_Plans_Details5
Employee Benefit Plans (Details 5) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effects of change in the assumed health care cost-trend rates | |||
Effect on total service and interest cost components, 1 Percent Increase | 13 | ||
Effect on total service and interest cost components, 1 Percent Decrease | -10 | ||
Effect on postretirement benefit obligation, 1 Percent Increase | 226 | ||
Effect on postretirement benefit obligation, 1 Percent Decrease | -187 | ||
U.S. [Member] | |||
Assumptions used to determine benefit obligations: | |||
Discount rate | 3.70% | 4.30% | 3.60% |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate | 4.30% | 3.60% | 3.80% |
Expected return on plan assets | 7.50% | 7.50% | 7.50% |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
International [Member] | |||
Assumptions used to determine benefit obligations: | |||
Discount rate | 5.00% | 5.80% | 5.20% |
Rate of compensation increase | 5.10% | 5.50% | 5.50% |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate | 5.80% | 5.20% | 5.90% |
Expected return on plan assets | 6.60% | 6.80% | 7.50% |
Rate of compensation increase | 5.50% | 5.50% | 5.70% |
Other Benefits [Member] | |||
Assumptions used to determine benefit obligations: | |||
Discount rate | 4.30% | 4.90% | 4.10% |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate | 4.90% | 4.10% | 4.20% |
Employee_Benefit_Plans_Details6
Employee Benefit Plans (Details 6) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Investment in company's common stock | $24 | $28 | |||
U.S. [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 11,090 | 11,210 | 9,909 | ||
U.S. [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 3,720 | 4,260 | |||
U.S. [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 5,952 | 5,631 | |||
U.S. [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1,418 | 1,319 | |||
International [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 4,244 | 4,543 | 4,125 | ||
International [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1,014 | 1,425 | |||
International [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 2,876 | 2,796 | |||
International [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 354 | 322 | |||
U.S equity [Member] | U.S. [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 2,087 | [1] | 2,298 | [1] | |
U.S equity [Member] | U.S. [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 2,087 | [1] | 2,298 | [1] | |
U.S equity [Member] | U.S. [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
U.S equity [Member] | U.S. [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
U.S equity [Member] | International [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 241 | [1] | 409 | [1] | |
U.S equity [Member] | International [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 241 | [1] | 409 | [1] | |
U.S equity [Member] | International [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
U.S equity [Member] | International [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
International Equity Securities [Member] | U.S. [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1,297 | 1,501 | |||
International Equity Securities [Member] | U.S. [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1,297 | 1,501 | |||
International Equity Securities [Member] | U.S. [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
International Equity Securities [Member] | U.S. [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
International Equity Securities [Member] | International [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 313 | 533 | |||
International Equity Securities [Member] | International [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 313 | 533 | |||
International Equity Securities [Member] | International [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
International Equity Securities [Member] | International [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Collective Trusts Mutual Funds Equity [Member] | U.S. [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 3,240 | [2] | 2,977 | [2] | |
Collective Trusts Mutual Funds Equity [Member] | U.S. [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 22 | [2] | 26 | [2] | |
Collective Trusts Mutual Funds Equity [Member] | U.S. [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 3,218 | [2] | 2,951 | [2] | |
Collective Trusts Mutual Funds Equity [Member] | U.S. [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [2] | 0 | [2] | |
Collective Trusts Mutual Funds Equity [Member] | International [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 979 | [2] | 1,066 | [2] | |
Collective Trusts Mutual Funds Equity [Member] | International [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 173 | [2] | 211 | [2] | |
Collective Trusts Mutual Funds Equity [Member] | International [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 806 | [2] | 855 | [2] | |
Collective Trusts Mutual Funds Equity [Member] | International [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [2] | 0 | [2] | |
Government [Member] | U.S. [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 84 | 81 | |||
Government [Member] | U.S. [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 47 | 52 | |||
Government [Member] | U.S. [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 37 | 29 | |||
Government [Member] | U.S. [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Government [Member] | International [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1,066 | 726 | |||
Government [Member] | International [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 53 | 46 | |||
Government [Member] | International [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1,013 | 680 | |||
Government [Member] | International [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Corporate [Member] | U.S. [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1,502 | 1,275 | |||
Corporate [Member] | U.S. [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Corporate [Member] | U.S. [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1,502 | 1,275 | |||
Corporate [Member] | U.S. [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Corporate [Member] | International [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 585 | 545 | |||
Corporate [Member] | International [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 26 | 23 | |||
Corporate [Member] | International [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 537 | 499 | |||
Corporate [Member] | International [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 22 | 23 | |||
Mortgage-Backed Securities [Member] | U.S. [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1 | 1 | |||
Mortgage-Backed Securities [Member] | U.S. [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Mortgage-Backed Securities [Member] | U.S. [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1 | 1 | |||
Mortgage-Backed Securities [Member] | U.S. [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Mortgage-Backed Securities [Member] | International [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1 | 4 | |||
Mortgage-Backed Securities [Member] | International [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Mortgage-Backed Securities [Member] | International [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1 | 2 | |||
Mortgage-Backed Securities [Member] | International [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 2 | |||
Other Asset Backed [Member] | U.S. [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Other Asset Backed [Member] | U.S. [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Other Asset Backed [Member] | U.S. [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Other Asset Backed [Member] | U.S. [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Other Asset Backed [Member] | International [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Other Asset Backed [Member] | International [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Other Asset Backed [Member] | International [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Other Asset Backed [Member] | International [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Collective Trusts/Mutual Funds [Member] | U.S. [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1,174 | [2] | 1,357 | [2] | |
Collective Trusts/Mutual Funds [Member] | U.S. [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [2] | 0 | [2] | |
Collective Trusts/Mutual Funds [Member] | U.S. [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1,174 | [2] | 1,357 | [2] | |
Collective Trusts/Mutual Funds [Member] | U.S. [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [2] | 0 | [2] | |
Collective Trusts/Mutual Funds [Member] | International [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 394 | [2] | 647 | [2] | |
Collective Trusts/Mutual Funds [Member] | International [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 16 | [2] | 27 | [2] | |
Collective Trusts/Mutual Funds [Member] | International [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 378 | [2] | 620 | [2] | |
Collective Trusts/Mutual Funds [Member] | International [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [2] | 0 | [2] | |
Mixed Funds [Member] | U.S. [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [3] | 0 | [3] | |
Mixed Funds [Member] | U.S. [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [3] | 0 | [3] | |
Mixed Funds [Member] | U.S. [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [3] | 0 | [3] | |
Mixed Funds [Member] | U.S. [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [3] | 0 | [3] | |
Mixed Funds [Member] | International [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 122 | [3] | 120 | [3] | |
Mixed Funds [Member] | International [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 3 | [3] | 5 | [3] | |
Mixed Funds [Member] | International [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 119 | [3] | 115 | [3] | |
Mixed Funds [Member] | International [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [3] | 0 | [3] | |
Real Estate [Member] | U.S. [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1,364 | [4] | 1,265 | [4] | |
Real Estate [Member] | U.S. [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [4] | 0 | [4] | |
Real Estate [Member] | U.S. [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [4] | 0 | [4] | |
Real Estate [Member] | U.S. [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1,364 | [4] | 1,265 | [4] | |
Real Estate [Member] | International [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 329 | [4] | 294 | [4] | |
Real Estate [Member] | International [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [4] | 0 | [4] | |
Real Estate [Member] | International [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [4] | 0 | [4] | |
Real Estate [Member] | International [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 329 | [4] | 294 | [4] | |
Cash And Cash Equivalents [Member] | U.S. [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 270 | 385 | |||
Cash And Cash Equivalents [Member] | U.S. [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 270 | 385 | |||
Cash And Cash Equivalents [Member] | U.S. [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Cash And Cash Equivalents [Member] | U.S. [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Cash And Cash Equivalents [Member] | International [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 190 | 173 | |||
Cash And Cash Equivalents [Member] | International [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 189 | 173 | |||
Cash And Cash Equivalents [Member] | International [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 1 | 0 | |||
Cash And Cash Equivalents [Member] | International [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | 0 | |||
Other [Member] | U.S. [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 71 | [5] | 70 | [5] | |
Other [Member] | U.S. [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | -3 | [5] | -2 | [5] | |
Other [Member] | U.S. [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 20 | [5] | 18 | [5] | |
Other [Member] | U.S. [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 54 | [5] | 54 | [5] | |
Other [Member] | International [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 24 | [5] | 26 | [5] | |
Other [Member] | International [Member] | Level 1 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 0 | [5] | -2 | [5] | |
Other [Member] | International [Member] | Level 2 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | 21 | [5] | 25 | [5] | |
Other [Member] | International [Member] | Level 3 [Member] | |||||
Fair Value Measurements of Company's Pension Plans | |||||
Fair value of plan assets | $3 | [5] | $3 | [5] | |
[1] | U.S. equities include investments in the company’s common stock in the amount of $24 at December 31, 2014, and $28 at December 31, 2013. | ||||
[2] | Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly index funds. For these index funds, the Level 2 designation is partially based on the restriction that advance notification of redemptions, typically two business days, is required. | ||||
[3] | Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk. | ||||
[4] | The year-end valuations of the U.S. real estate assets are based on internal appraisals by the real estate managers, which are updates of third-party appraisals that occur at least once a year for each property in the portfolio. | ||||
[5] | The “Other†asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts and investments in private-equity limited partnerships (Level 3). |
Employee_Benefit_Plans_Details7
Employee Benefit Plans (Details 7) (Level 3 [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Beginning Balance | $1,641 | $1,380 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 115 | 81 |
Assets sold during the period | 20 | 3 |
Purchases, Sales and Settlements | -4 | 177 |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending Balance | 1,772 | 1,641 |
Corporate [Member] | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Beginning Balance | 23 | 31 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 0 | -9 |
Assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | -1 | 1 |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending Balance | 22 | 23 |
Mortgage-Backed Securities [Member] | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Beginning Balance | 2 | 2 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 0 | 0 |
Assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | -2 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending Balance | 0 | 2 |
Real Estate [Member] | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Beginning Balance | 1,559 | 1,290 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 115 | 90 |
Assets sold during the period | 20 | 3 |
Purchases, Sales and Settlements | -1 | 176 |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending Balance | 1,693 | 1,559 |
Other [Member] | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Beginning Balance | 57 | 57 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 0 | 0 |
Assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending Balance | $57 | $57 |
Employee_Benefit_Plans_Details8
Employee Benefit Plans (Details 8) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
U.S. [Member] | |
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years | |
2015 | $1,398 |
2016 | 1,346 |
2017 | 1,347 |
2018 | 1,340 |
2019 | 1,319 |
2020-2024 | 5,966 |
International [Member] | |
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years | |
2015 | 225 |
2016 | 315 |
2017 | 322 |
2018 | 355 |
2019 | 374 |
2020-2024 | 2,004 |
Other Benefits [Member] | |
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years | |
2015 | 198 |
2016 | 203 |
2017 | 207 |
2018 | 212 |
2019 | 216 |
2020-2024 | $1,113 |
Employee_Benefit_Plans_Details9
Employee Benefit Plans (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum annual increase percentage to company contribution for retiree medical coverage | 4.00% | ||
Funded Status: | |||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | $7,417 | $5,464 | |
Net Actuarial Loss: | |||
The percentage of the higher of the projected benefit obligation or market-related value of plan assets in excess of which net actuarial losses are amortized | 10.00% | ||
Other Benefit Assumptions: | |||
Assumed health care cost-trend rates in the next fiscal year | 7.00% | 7.30% | |
Ultimate trend rate for health care cost | 4.50% | 4.50% | |
Year when the ultimate health care cost trend rate is expected to be reached | 2025 | 2025 | |
Maximum annual increase in contribution rate in post retirement benefit | 4.00% | ||
Primary Investment: | |||
Company's US and UK pension plans as a percentage of total pension assets | 91.00% | ||
Benefit Plan Trusts: | |||
Number of Chevron treasury stocks held in benefit plan trust for funding obligations | 14.2 | ||
Various grantor trust assets invested primarily in interest earning accounts | 38 | 40 | |
Employee Incentive Plan | |||
Charges to expense for cash bonuses | 965 | 871 | 898 |
U.S. [Member] | |||
Funded Status: | |||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | 4,959 | 3,163 | |
Accumulated benefit obligations pension plans | 12,833 | 10,876 | |
Net Actuarial Loss: | |||
Number of years net actuarial losses recorded in "Accumulated other comprehensive loss" at December 31 for the company's US pension plans are being amortized for, over a straight-line basis | 10 years | ||
Actuarial gain (loss) that will be amortized from Accumulated other comprehensive loss | -356 | ||
Company's estimated amount that will be recognized from "Accumulated other comprehensive loss" during the next year related to lump-sum settlement costs from U.S. pension plans | 216 | ||
Weighted average amortization period (in years) for recognizing prior service costs (credits) recorded in "Accumulated other comprehensive loss" at December 31 for US pension plan | 5 years | ||
Amortization of prior service (credits) costs during the next year | -9 | ||
Expected Return on Plan Assets: | |||
Estimated long-term rate of return on US pension plan assets | 7.50% | 7.50% | 7.50% |
Percentage of US pension plan assets relative to total pension plan assets | 72.00% | ||
Plan asset market valuation period, prior to year-end measurement date | 3 months | ||
Discount Rate: | |||
Discount rate for pension plans | 3.70% | 4.30% | 3.60% |
Cash Contributions and Benefit Payments: | |||
Contributions to employee pension plans | 99 | 819 | |
Estimated contributions to employee pension plans for the next fiscal year | 350 | ||
U.S. [Member] | Equities [Member] | |||
Primary Investment: | |||
Pension Plan - Board of Trustees approved asset allocation, minimum | 40.00% | ||
Pension Plan - Board of Trustees approved asset allocation, maximum | 70.00% | ||
U.S. [Member] | Fixed Income and Cash [Member] | |||
Primary Investment: | |||
Pension Plan - Board of Trustees approved asset allocation, minimum | 20.00% | ||
Pension Plan - Board of Trustees approved asset allocation, maximum | 60.00% | ||
U.S. [Member] | Real Estate [Member] | |||
Primary Investment: | |||
Pension Plan - Board of Trustees approved asset allocation, minimum | 0.00% | ||
Pension Plan - Board of Trustees approved asset allocation, maximum | 15.00% | ||
U.S. [Member] | Other [Member] | |||
Primary Investment: | |||
Pension Plan - Board of Trustees approved asset allocation, minimum | 0.00% | ||
Pension Plan - Board of Trustees approved asset allocation, maximum | 5.00% | ||
International [Member] | |||
Funded Status: | |||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | 1,637 | 1,975 | |
Accumulated benefit obligations pension plans | 4,995 | 5,108 | |
Net Actuarial Loss: | |||
Number of years net actuarial losses recorded in "Accumulated other comprehensive loss" at December 31 for the company's international pension plans are being amortized for, over a straight-line basis | 12 years | ||
Actuarial gain (loss) that will be amortized from Accumulated other comprehensive loss | -81 | ||
Weighted average amortization period (in years) for recognizing prior service costs (credits) recorded in "Accumulated other comprehensive loss" at December 31 for international pension plan | 9 years | ||
Amortization of prior service (credits) costs during the next year | 22 | ||
Expected Return on Plan Assets: | |||
Estimated long-term rate of return on US pension plan assets | 6.60% | 6.80% | 7.50% |
Discount Rate: | |||
Discount rate for pension plans | 5.00% | 5.80% | 5.20% |
Cash Contributions and Benefit Payments: | |||
Contributions to employee pension plans | 276 | 392 | |
Estimated contributions to employee pension plans for the next fiscal year | 250 | ||
International [Member] | Including Portion Funded by Third Party [Member] | |||
Cash Contributions and Benefit Payments: | |||
Contributions to employee pension plans | 293 | ||
International [Member] | Equities [Member] | UNITED KINGDOM [Member] | |||
Primary Investment: | |||
Pension Plan - Board of Trustees approved asset allocation, minimum | 30.00% | ||
Pension Plan - Board of Trustees approved asset allocation, maximum | 50.00% | ||
International [Member] | Fixed Income and Cash [Member] | UNITED KINGDOM [Member] | |||
Primary Investment: | |||
Pension Plan - Board of Trustees approved asset allocation, minimum | 35.00% | ||
Pension Plan - Board of Trustees approved asset allocation, maximum | 65.00% | ||
International [Member] | Real Estate [Member] | UNITED KINGDOM [Member] | |||
Primary Investment: | |||
Pension Plan - Board of Trustees approved asset allocation, minimum | 5.00% | ||
Pension Plan - Board of Trustees approved asset allocation, maximum | 15.00% | ||
United States Postretirement Benefit Plan of US Entity [Member] | |||
Discount Rate: | |||
Discount rate for pension plans | 4.10% | 4.70% | 3.90% |
Other Benefits [Member] | |||
Funded Status: | |||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | 821 | 326 | |
Net Actuarial Loss: | |||
Number of years net actuarial losses recorded in "Accumulated other comprehensive loss" at December 31 for the company's OPEB plans are being amortized for, over a straight-line basis | 15 years | ||
Actuarial gain (loss) that will be amortized from Accumulated other comprehensive loss | -34 | ||
Weighted average amortization period (in years) for recognizing prior service costs (credits) recorded in "Accumulated other comprehensive loss" at December 31 for other postretirement benefit plan | 7 years | ||
Amortization of prior service (credits) costs during the next year | 14 | ||
Discount Rate: | |||
Discount rate for pension plans | 4.30% | 4.90% | 4.10% |
Cash Contributions and Benefit Payments: | |||
Contributions to employee pension plans | 200 | 205 | |
Estimated contributions to employee pension plans for the next fiscal year | 198 | ||
ESIP [Member] | |||
Employee Savings Investment Plan: | |||
Compensation expense | 316 | 163 | 243 |
Value of shares released from LESOP to reduce cost of total company matching contributions to employee accounts within ESIP | $140 | $43 |
Other_Contingencies_and_Commit1
Other Contingencies and Commitments (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | |
Location | ||||
Guarantees | ||||
Guarantee for payments under terminal use agreements | $485,000,000 | |||
Term of guarantee for payments under terminal use agreement (in years) | 13 years | |||
Idemnifications | ||||
Indemnifications acquirer environmental liabilities, maximum obligation | 200,000,000 | |||
Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements | ||||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2015 | 3,600,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2016 | 3,000,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2017 | 2,300,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2018 | 2,100,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2019 | 1,600,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2020 and after | 4,500,000,000 | |||
Total payments under long term unconditional purchase obligations and commitments including throughput and Take-or-Pay agreements | 3,700,000,000 | 3,600,000,000 | 3,600,000,000 | |
Environmental | ||||
Environmental reserve balance | 1,683,000,000 | |||
Sites with potential remediation activities | 164 | |||
Upstream [Member] | ||||
Environmental | ||||
Environmental reserve | 275,000,000 | |||
U.S. Downstream [Member] | ||||
Environmental | ||||
Environmental reserve | 868,000,000 | |||
International Downstream [Member] | ||||
Environmental | ||||
Environmental reserve | 79,000,000 | |||
Other Businesses [Member] | ||||
Environmental | ||||
Environmental reserve | 5,000,000 | |||
Sites with Potential Remediation Activities [Member] | ||||
Environmental | ||||
Environmental reserve | 456,000,000 | |||
Environmental Reserve Less Environmental Reserve for Sites with Potential Remediation Activities [Member] | ||||
Environmental | ||||
Environmental reserve | 1,227,000,000 | |||
Non U.S. Downstream [Member] | ||||
Environmental | ||||
Environmental reserve | $359,000,000 |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Company Before Tax Obligation | |||
Balance at January 1 | $14,298 | $13,271 | $12,767 |
Liabilities incurred | 133 | 59 | 133 |
Liabilities settled | -1,291 | -907 | -966 |
Accretion expense | 882 | 627 | 629 |
Revisions in estimated cash flows | 1,031 | 1,248 | 708 |
Balance at December 31 | 15,053 | 14,298 | 13,271 |
Long-term portion of the company's before-tax asset retirement obligations | $14,246 |
Other_Financial_Information_De
Other Financial Information (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||
Total financing interest and debt costs | $358 | $284 | $242 | |||
Less: Capitalized interest | 358 | 284 | 242 | |||
Interest and debt expense | 0 | 0 | 0 | |||
Research and development expenses | 707 | 750 | 648 | |||
Excess of replacement cost over the carrying value of inventories (LIFO method) | 8,135 | 9,150 | 9,292 | |||
LIFO profits on inventory drawdowns included in earnings | 13 | 14 | 121 | |||
Foreign currency effects | 487 | [1] | 474 | [1] | -454 | [1] |
Gains on sale of nonstrategic properties | 3,000 | 500 | ||||
Gain (loss) for impairments and other assets write-offs | 1,000 | 400 | ||||
Company share of equity affiliates foreign currency effects | 118 | 244 | -202 | |||
Goodwill | 4,593 | 4,639 | ||||
Other Assets [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gains on sale of nonstrategic properties | 200 | |||||
Mining Assets [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gain (loss) for impairments and other assets write-offs | 200 | |||||
Other Assets and Investments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gain (loss) for impairments and other assets write-offs | 100 | |||||
Upstream [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gains on sale of nonstrategic properties | 1,800 | 300 | ||||
Gain (loss) for impairments and other assets write-offs | 800 | 300 | ||||
Downstream [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gains on sale of nonstrategic properties | $1,000 | $200 | ||||
[1] | Includes $118, $244 and $(202) in 2014, 2013 and 2012, respectively, for the company’s share of equity affiliates’ foreign currency effects. |
Schedule_II_Valuation_And_Qual1
Schedule II - Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Employee Termination Benefits [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at January 1 | $14 | $30 | $63 | |||
Additions (reductions) charged to expense | 53 | -6 | 3 | |||
Payments | -18 | -10 | -36 | |||
Balance at December 31 | 49 | 14 | 30 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at January 1 | 95 | 155 | 167 | |||
Additions (reductions) charged to expense | 119 | 1 | -4 | |||
Bad debt write-offs | -20 | -61 | -8 | |||
Balance at December 31 | 194 | 95 | 155 | |||
Deferred Income Tax Valuation Allowance [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at January 1 | 17,171 | [1] | 15,443 | [1] | 11,096 | [1] |
Additions to deferred income tax expense | 1,192 | [1] | 2,665 | [1] | 5,471 | [1] |
Reduction of deferred income tax expense | -2,071 | [1] | -937 | [1] | -1,124 | [1] |
Balance at December 31 | $16,292 | [1] | $17,171 | [1] | $15,443 | [1] |
[1] | See also Note 16 to the Consolidated Financial Statements, beginning on page FS-45. |