Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2016shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | CHEVRON CORP |
Entity Central Index Key | 93,410 |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2016 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q3 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,887,769,320 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Revenues and Other Income | |||||
Sales and other operating revenues | [1] | $ 29,159 | $ 32,767 | $ 80,073 | $ 101,911 |
Income from equity affiliates | 555 | 1,195 | 1,883 | 3,765 | |
Other income | 426 | 353 | 1,019 | 3,554 | |
Total Revenues and Other Income | 30,140 | 34,315 | 82,975 | 109,230 | |
Costs and Other Deductions | |||||
Purchased crude oil and products | 15,842 | 17,447 | 42,345 | 55,181 | |
Operating expenses | 4,666 | 5,592 | 15,124 | 17,064 | |
Selling, general and administrative expenses | 1,109 | 1,026 | 3,140 | 3,140 | |
Exploration expenses | 258 | 315 | 842 | 1,982 | |
Depreciation, depletion and amortization | 4,130 | 4,268 | 15,254 | 15,637 | |
Taxes other than on income | [1] | 2,962 | 2,883 | 8,799 | 9,174 |
Interest and debt expense | 64 | 0 | 143 | 0 | |
Total Costs and Other Deductions | 29,031 | 31,531 | 85,647 | 102,178 | |
Income (Loss) Before Income Tax Expense | 1,109 | 2,784 | (2,672) | 7,052 | |
Income Tax Expense (Benefit) | (192) | 727 | (1,803) | 1,787 | |
Net Income (Loss) | 1,301 | 2,057 | (869) | 5,265 | |
Less: Net income attributable to noncontrolling interests | 18 | 20 | 43 | 90 | |
Net Income (Loss) Attributable to Chevron Corporation | $ 1,283 | $ 2,037 | $ (912) | $ 5,175 | |
Per Share of Common Stock: | |||||
Basic (in dollars per share) | $ 0.68 | $ 1.09 | $ (0.49) | $ 2.77 | |
Diluted (in dollars per share) | 0.68 | 1.09 | (0.49) | 2.76 | |
Dividends (in dollars per share) | $ 1.07 | $ 1.07 | $ 3.21 | $ 3.21 | |
Weighted Average Number of Shares Outstanding | |||||
Basic (in shares) | 1,873,649 | 1,868,444 | 1,871,813 | 1,867,560 | |
Diluted (in shares) | 1,883,342 | 1,872,420 | 1,871,813 | 1,875,193 | |
[1] | Includes excise, value-added and similar taxes: 1,772; 1,800; 5,208; 5,642 |
Consolidated Statement of Inco3
Consolidated Statement of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Includes excise, value-added and similar taxes: | $ 1,772 | $ 1,800 | $ 5,208 | $ 5,642 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ 1,301 | $ 2,057 | $ (869) | $ 5,265 |
Currency translation adjustment | 7 | (16) | 9 | (35) |
Unrealized holding gain on securities: | ||||
Net gain (loss) arising during period | 21 | (18) | 31 | (24) |
Actuarial gain (loss): | ||||
Amortization to net income of net actuarial and settlement losses | 265 | 204 | 644 | 548 |
Actuarial loss arising during period | (9) | 0 | (23) | 0 |
Prior service cost: | ||||
Amortization to net income of net prior service costs | 2 | 5 | 15 | 19 |
Defined benefit plans sponsored by equity affiliates | 5 | 7 | 19 | 34 |
Income tax expense on defined benefit plans | (102) | (80) | (247) | (232) |
Total | 161 | 136 | 408 | 369 |
Other Comprehensive Gain, Net of Tax | 189 | 102 | 448 | 310 |
Comprehensive Income (Loss) | 1,490 | 2,159 | (421) | 5,575 |
Comprehensive income attributable to noncontrolling interests | (18) | (20) | (43) | (90) |
Comprehensive Income (Loss) Attributable to Chevron Corporation | $ 1,472 | $ 2,139 | $ (464) | $ 5,485 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Cash and cash equivalents | $ 7,351 | $ 11,022 | |
Marketable securities | 321 | 310 | |
Accounts and notes receivable, net | 12,522 | 12,860 | |
Inventories | |||
Crude oil and petroleum products | 3,231 | 3,535 | |
Chemicals | 440 | 490 | |
Materials, supplies and other | 2,305 | 2,309 | |
Total inventories | 5,976 | 6,334 | |
Prepaid expenses and other current assets | [1] | 2,703 | 3,904 |
Total Current Assets | 28,873 | 34,430 | |
Long-term receivables, net | 2,444 | 2,412 | |
Investments and advances | 30,002 | 27,110 | |
Properties, plant and equipment, at cost | 341,066 | 340,277 | |
Less: Accumulated depreciation, depletion and amortization | 157,627 | 151,881 | |
Properties, plant and equipment, net | 183,439 | 188,396 | |
Deferred charges and other assets | [1],[2] | 6,631 | 6,155 |
Goodwill | 4,581 | 4,588 | |
Assets held for sale | 3,893 | 1,449 | |
Total Assets | 259,863 | 264,540 | |
LIABILITIES AND EQUITY | |||
Short-term debt | [2] | 6,057 | 4,927 |
Accounts payable | 12,205 | 13,516 | |
Accrued liabilities | 4,441 | 4,833 | |
Federal and other taxes on income | [1] | 1,000 | 1,073 |
Other taxes payable | 1,041 | 1,118 | |
Total Current Liabilities | 24,744 | 25,467 | |
Long-term debt | [2] | 39,462 | 33,542 |
Capital lease obligations | 66 | 80 | |
Deferred credits and other noncurrent obligations | 22,288 | 23,465 | |
Noncurrent deferred income taxes | [1] | 17,817 | 20,165 |
Noncurrent employee benefit plans | 7,534 | 7,935 | |
Total Liabilities | 111,911 | 110,654 | |
Preferred stock (authorized 100,000,000 shares, $1.00 par value, none issued) | 0 | 0 | |
Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares issued at September 30, 2016, and December 31, 2015) | 1,832 | 1,832 | |
Capital in excess of par value | 16,512 | 16,330 | |
Retained earnings | 174,657 | 181,578 | |
Accumulated other comprehensive loss | (3,843) | (4,291) | |
Deferred compensation and benefit plan trust | (240) | (240) | |
Treasury stock, at cost (554,907,260 and 559,862,580 shares at September 30, 2016, and December 31, 2015, respectively) | (42,118) | (42,493) | |
Total Chevron Corporation Stockholders’ Equity | 146,800 | 152,716 | |
Noncontrolling interests | 1,152 | 1,170 | |
Total Equity | 147,952 | 153,886 | |
Total Liabilities and Equity | $ 259,863 | $ 264,540 | |
[1] | 2015 adjusted to conform to ASU 2015-17. Refer to Note 9, "Income Taxes" beginning on page 13. | ||
[2] | 2015 adjusted to conform to ASU 2015-03. Refer to Note 5, "New Accounting Standards" on page 10. |
Consolidated Balance Sheet (Un6
Consolidated Balance Sheet (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.75 | $ 0.75 |
Common stock, shares authorized | 6,000,000,000 | 6,000,000,000 |
Common stock, shares issued | 2,442,676,580 | 2,442,676,580 |
Treasury stock, shares | 554,907,260 | 559,862,580 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Activities | ||
Net Income (Loss) | $ (869) | $ 5,265 |
Adjustments | ||
Depreciation, depletion and amortization | 15,254 | 15,637 |
Dry hole expense | 472 | 1,265 |
Distributions less than income from equity affiliates | (708) | (576) |
Net before-tax gains on asset retirements and sales | (872) | (3,104) |
Net foreign currency effects | 321 | (34) |
Deferred income tax provision | (3,139) | (478) |
Net increase in operating working capital | (1,266) | (2,321) |
Increase in long-term receivables | (81) | (92) |
Net decrease in other deferred charges | 30 | 92 |
Cash contributions to employee pension plans | (697) | (719) |
Other | 538 | (36) |
Net Cash Provided by Operating Activities | 8,983 | 14,899 |
Investing Activities | ||
Capital expenditures | (14,100) | (22,055) |
Proceeds and deposits related to asset sales | 2,209 | 5,408 |
Net maturities of time deposits | 0 | 8 |
Net sales of marketable securities | 2 | 122 |
Net borrowing of loans by equity affiliates | (2,195) | (147) |
Net sales of other short-term investments | 155 | 64 |
Net Cash Used for Investing Activities | (13,929) | (16,600) |
Financing Activities | ||
Net borrowings of short-term obligations | 869 | 2,049 |
Proceeds from issuance of long-term debt | 6,924 | 5,989 |
Repayments of long-term debt and other financing obligations | (812) | (22) |
Cash dividends — common stock | (6,007) | (5,993) |
Distributions to noncontrolling interests | (57) | (122) |
Net sales of treasury shares | 359 | 158 |
Net Cash Provided by Financing Activities | 1,276 | 2,059 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (1) | (210) |
Net Change in Cash and Cash Equivalents | (3,671) | 148 |
Cash and Cash Equivalents at January 1 | 11,022 | 12,785 |
Cash and Cash Equivalents at September 30 | $ 7,351 | $ 12,933 |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Statements | Interim Financial Statements The accompanying consolidated financial statements of Chevron Corporation and its subsidiaries (the company) have not been audited by an independent registered public accounting firm. In the opinion of the company’s management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. These adjustments were of a normal recurring nature. The results for the three- and nine-month periods ended September 30, 2016 , are not necessarily indicative of future financial results. The term “earnings” is defined as net income (loss) attributable to Chevron Corporation. Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the company’s 2015 Annual Report on Form 10-K. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Losses | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Losses | Changes in Accumulated Other Comprehensive Losses The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the nine months ending September 30, 2016 , are reflected in the table below. Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) (Millions of Dollars) Nine Months Ended September 30, 2016 Currency Translation Adjustment Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total Balance at January 1 $ (140 ) $ (29 ) $ (2 ) $ (4,120 ) $ (4,291 ) Components of Other Comprehensive Income (Loss): Before Reclassifications 9 31 — — 40 Reclassifications (2) — — — 408 408 Net Other Comprehensive Income (Loss) 9 31 — 408 448 Balance at September 30 $ (131 ) $ 2 $ (2 ) $ (3,712 ) $ (3,843 ) ________________________________ (1) All amounts are net of tax. (2) Refer to Note 9, Employee Benefits for reclassified components totaling $659 million that are included in employee benefit costs for the nine months ending September 30, 2016 . Related income taxes for the same period, totaling $251 million , are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Ownership interests in the company’s subsidiaries held by parties other than the parent are presented separately from the parent’s equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the parent and the noncontrolling interests are both presented on the face of the Consolidated Statement of Income. Activity for the equity attributable to noncontrolling interests for the first nine months of 2016 and 2015 is as follows: 2016 2015 Chevron Corporation Stockholders’ Equity Non-controlling Interest Total Equity Chevron Corporation Stockholders’ Equity Non-controlling Interest Total Equity (Millions of dollars) Balance at January 1 $ 152,716 $ 1,170 $ 153,886 $ 155,028 $ 1,163 $ 156,191 Net income (loss) (912 ) 43 (869 ) 5,175 90 5,265 Dividends (6,009 ) — (6,009 ) (5,995 ) — (5,995 ) Distributions to noncontrolling interests — (57 ) (57 ) — (122 ) (122 ) Treasury shares, net 375 — 375 181 — 181 Other changes, net* 630 (4 ) 626 523 (105 ) 418 Balance at September 30 $ 146,800 $ 1,152 $ 147,952 $ 154,912 $ 1,026 $ 155,938 ______________________________ _ * Includes components of comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income. |
Information Relating to the Con
Information Relating to the Consolidated Statement of Cash Flows | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Information Relating to the Consolidated Statement of Cash Flows | Information Relating to the Consolidated Statement of Cash Flows The “ Net increase in operating working capital ” was composed of the following operating changes: Nine Months Ended 2016 2015 (Millions of dollars) (Increase) decrease in accounts and notes receivable $ (455 ) $ 2,337 Decrease (increase) in inventories 232 (445 ) Decrease in prepaid expenses and other current assets 844 167 Decrease in accounts payable and accrued liabilities (1,783 ) (3,769 ) Decrease in income and other taxes payable (104 ) (611 ) Net increase in operating working capital $ (1,266 ) $ (2,321 ) The “ Net increase in operating working capital ” includes reductions of $14 million in each period for excess income tax benefits associated with stock options exercised during the nine months ended September 30, 2016, and 2015 . These amounts are offset by an equal amount in “ Net sales of treasury shares .” “Net Cash Provided by Operating Activities” included the following cash payments for interest on debt and for income taxes: Nine Months Ended 2016 2015 (Millions of dollars) Interest on debt (net of capitalized interest) $ 28 $ — Income taxes 1,492 4,081 "Depreciation, depletion and amortization" and "Deferred income tax provision" collectively include $2.8 billion in non-cash reductions to properties, plant and equipment relating to impairments and other non-cash charges due to reservoir performance and lower crude oil prices. "Other" includes changes in postretirement benefits obligations and other long-term liabilities. Information related to "Restricted Cash" is included on page 21 in Note 14 under the heading "Restricted Cash." The “ Net maturities of time deposits ” consisted of the following gross amounts: Nine Months Ended 2016 2015 (Millions of dollars) Maturities of time deposits — 8 Net maturities of time deposits $ — $ 8 The “ Net sales of marketable securities ” consisted of the following gross amounts: Nine Months Ended 2016 2015 (Millions of dollars) Marketable securities purchased $ (9 ) $ (6 ) Marketable securities sold 11 128 Net sales of marketable securities $ 2 $ 122 The “ Net borrowing of loans by equity affiliates ” consisted of the following gross amounts: Nine Months Ended 2016 2015 (Millions of dollars) Borrowing of loans by equity affiliates $ (2,271 ) $ (149 ) Repayment of loans by equity affiliates 76 2 Net borrowing of loans by equity affiliates $ (2,195 ) $ (147 ) A loan to Tengizchevroil LLP for the development of the Future Growth and Wellhead Pressure Management Project represents the majority of " Net borrowing of loans by equity affiliates ." The “ Net sales of other short-term investments ” consisted of the following gross amounts: Nine Months Ended 2016 2015 (Millions of dollars) Purchases of other short-term investments $ — $ (55 ) Sales of other short-term investments 155 119 Net sales of other short-term investments $ 155 $ 64 The “ Net borrowings of short-term obligations " consisted of the following gross and net amounts: Nine Months Ended 2016 2015 (Millions of dollars) Repayments of short-term obligations $ (8,415 ) $ (10,443 ) Proceeds from issuances of short-term obligations 11,695 11,042 Net borrowings of short-term obligations with three months or less maturity (2,411 ) 1,450 Net borrowings of short-term obligations $ 869 $ 2,049 The “ Net sales of treasury shares ” represents the cost of common shares acquired less the cost of shares issued for share-based compensation plans. Purchases totaled $2 million for the first nine months in 2016 and $1 million for the first nine months in 2015 . No purchases were made under the company's share repurchase program in the first nine months of 2016 or 2015 . The major components of “Capital expenditures” and the reconciliation of this amount to the capital and exploratory expenditures, including equity affiliates, are as follows: Nine Months Ended 2016 2015 (Millions of dollars) Additions to properties, plant and equipment $ 13,757 $ 21,273 Additions to investments 38 382 Current year dry hole expenditures 305 400 Capital expenditures 14,100 22,055 Expensed exploration expenditures 370 717 Assets acquired through capital lease obligations 4 44 Capital and exploratory expenditures, excluding equity affiliates 14,474 22,816 Company’s share of expenditures by equity affiliates 2,693 2,456 Capital and exploratory expenditures, including equity affiliates $ 17,167 $ 25,272 |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | New Accounting Standards Interest - Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs. Effective January 1, 2016, Chevron adopted ASU 2015-03 on a retrospective basis. The standard requires that debt issuance costs related to a recognized liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. The effects of retrospective adoption on the December 31, 2015, Consolidated Balance Sheet were reductions of $43 million in "Deferred charges and other assets," $1 million in "Short-term debt" and $42 million in "Long-term debt". Revenue Recognition (Topic 606): Revenue from Contracts with Customers. In July 2015, the FASB approved a one-year deferral of the effective date of ASU 2014-09, which becomes effective for the company January 1, 2018. The standard provides a single comprehensive revenue recognition model for contracts with customers, eliminates most industry-specific revenue recognition guidance, and expands disclosure requirements. "Sales and Other Operating Revenues” on the Consolidated Statement of Income includes excise, value-added and similar taxes on sales transactions. Upon adoption of the standard, revenue will exclude sales-based taxes collected on behalf of third parties, which will have no impact to earnings. The company continues to evaluate the effect of the standard on its consolidated financial statements. Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02 which becomes effective for the company January 1, 2019. The standard requires that lessees present right-of-use assets and lease liabilities on the balance sheet. The company is evaluating the effect of the standard on the company’s consolidated financial statements. |
Operating Segments and Geograph
Operating Segments and Geographic Data | 9 Months Ended |
Sep. 30, 2016 | |
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 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 for the three- and nine-month periods ended September 30, 2016, and 2015 , are presented in the following table: Three Months Ended Nine Months Ended Segment Earnings 2016 2015 2016 2015 (Millions of dollars) Upstream United States $ (212 ) $ (603 ) $ (2,175 ) $ (2,101 ) International 666 662 (1,292 ) 1,501 Total Upstream 454 59 (3,467 ) (600 ) Downstream United States 523 1,249 1,307 2,686 International 542 962 1,771 3,904 Total Downstream 1,065 2,211 3,078 6,590 Total Segment Earnings 1,519 2,270 (389 ) 5,990 All Other Interest expense (53 ) — (120 ) — Interest income 15 16 47 49 Other (198 ) (249 ) (450 ) (864 ) Net Income (Loss) Attributable to Chevron Corporation $ 1,283 $ 2,037 $ (912 ) $ 5,175 Segment Assets Segment assets do not include intercompany investments or intercompany receivables. “All Other” assets consist primarily of worldwide cash, cash equivalents, time deposits and marketable securities; real estate; information systems; technology companies; and assets of the corporate administrative functions. Segment assets at September 30, 2016 , and December 31, 2015 , are as follows: Segment Assets At September 30 At December 31 (Millions of dollars) Upstream United States 1 $ 42,914 $ 46,383 International 1 163,681 162,030 Goodwill 4,581 4,588 Total Upstream 211,176 213,001 Downstream United States 1 21,416 21,404 International 15,887 14,982 Total Downstream 37,303 36,386 Total Segment Assets 248,479 249,387 All Other United States 1,2 5,125 4,728 International 6,259 10,425 Total All Other 11,384 15,153 Total Assets — United States 69,455 72,515 Total Assets — International 185,827 187,437 Goodwill 4,581 4,588 Total Assets $ 259,863 $ 264,540 ____________________ 1 2015 adjusted to conform to ASU 2015-17. Refer to Note 10, "Income Taxes" beginning on page 14. 2 2015 adjusted to conform to ASU 2015-03. Refer to Note 5, "New Accounting Standards" on page 10. Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and nine-month periods ended September 30, 2016, and 2015 , are presented in the following table. Products are transferred between operating segments at internal product values that approximate market prices. Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies. Three Months Ended Nine Months Ended Sales and Other Operating Revenues 2016 2015 2016 2015 (Millions of dollars) Upstream United States $ 2,847 $ 3,207 $ 7,386 $ 10,089 International 5,927 6,540 16,325 21,163 Subtotal 8,774 9,747 23,711 31,252 Intersegment Elimination — United States (1,979 ) (2,165 ) (5,120 ) (6,829 ) Intersegment Elimination — International (2,742 ) (2,774 ) (6,949 ) (9,047 ) Total Upstream 4,053 4,808 11,642 15,376 Downstream United States 11,958 13,795 32,841 41,336 International 13,415 14,484 36,262 46,326 Subtotal 25,373 28,279 69,103 87,662 Intersegment Elimination — United States (4 ) (6 ) (12 ) (20 ) Intersegment Elimination — International (303 ) (360 ) (762 ) (1,222 ) Total Downstream 25,066 27,913 68,329 86,420 All Other United States 280 413 825 1,176 International 10 13 29 30 Subtotal 290 426 854 1,206 Intersegment Elimination — United States (240 ) (368 ) (724 ) (1,065 ) Intersegment Elimination — International (10 ) (12 ) (28 ) (26 ) Total All Other 40 46 102 115 Sales and Other Operating Revenues United States 15,085 17,415 41,052 52,601 International 19,352 21,037 52,616 67,519 Subtotal 34,437 38,452 93,668 120,120 Intersegment Elimination — United States (2,223 ) (2,539 ) (5,856 ) (7,914 ) Intersegment Elimination — International (3,055 ) (3,146 ) (7,739 ) (10,295 ) Total Sales and Other Operating Revenues $ 29,159 $ 32,767 $ 80,073 $ 101,911 |
Summarized Financial Data - Che
Summarized Financial Data - Chevron U.S.A. Inc. | 9 Months Ended |
Sep. 30, 2016 | |
Summarized Financial Data of Subsidiary One [Abstract] | |
Summarized Financial Data - Chevron U.S.A. Inc. | Summarized Financial Data — Chevron U.S.A. Inc. Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas and natural gas liquids and those associated with refining, marketing, and supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method. The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Nine Months Ended 2016 2015 (Millions of dollars) Sales and other operating revenues $ 60,882 $ 77,434 Costs and other deductions 63,596 78,116 Net income (loss) attributable to CUSA (917 ) 424 At September 30 At December 31 (Millions of dollars) Current assets $ 9,872 $ 9,097 Other assets 56,004 59,170 Current liabilities 13,268 13,664 Other liabilities 21,992 28,465 Total CUSA net equity $ 30,616 $ 26,138 Memo: Total debt $ 9,457 $ 14,462 ____________________ *2015 adjusted to conform to ASU 2015-17. |
Summarized Financial Data - Ten
Summarized Financial Data - Tengizchevroil LLP | 9 Months Ended |
Sep. 30, 2016 | |
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). Summarized financial information for 100 percent of TCO is presented in the following table: Nine Months Ended 2016 2015 (Millions of dollars) Sales and other operating revenues $ 7,355 $ 10,215 Costs and other deductions 5,172 5,779 Net income attributable to TCO 1,534 3,109 |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Employee Benefits Chevron has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the company’s other investment alternatives. The company also sponsors other postretirement employee benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and the retirees share the costs. Medical coverage for Medicare-eligible retirees in the company’s main U.S. medical plan is secondary to Medicare (including Part D) and the increase to the company contribution for retiree medical coverage is limited to no more than 4 percent each year. Certain life insurance benefits are paid by the company. The components of net periodic benefit costs for 2016 and 2015 are as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (Millions of dollars) Pension Benefits United States Service cost $ 123 $ 135 $ 370 $ 404 Interest cost 95 125 283 376 Expected return on plan assets (181 ) (195 ) (542 ) (587 ) Amortization of prior service credits (2 ) (3 ) (6 ) (7 ) Amortization of actuarial losses 84 89 251 267 Settlement losses 162 87 324 195 Total United States 281 238 680 648 International Service cost 37 46 120 140 Interest cost 68 68 198 209 Expected return on plan assets (61 ) (66 ) (184 ) (196 ) Amortization of prior service costs 1 5 11 16 Amortization of actuarial losses 14 19 37 60 Settlement losses 1 — 18 — Total International 60 72 200 229 Net Periodic Pension Benefit Costs $ 341 $ 310 $ 880 $ 877 Other Benefits* Service cost $ 15 $ 18 $ 45 $ 54 Interest cost 32 37 96 112 Amortization of prior service costs 3 3 10 10 Amortization of actuarial losses 5 9 15 26 Net Periodic Other Benefit Costs $ 55 $ 67 $ 166 $ 202 ___________________________________ * Includes costs for U.S. and international OPEB plans. Obligations for plans outside the United States are not significant relative to the company’s total OPEB obligation. Through September 30, 2016 , a total of $697 million was contributed to employee pension plans (including $388 million to the U.S. plans.) Total contributions for the full year are currently estimated to be $800 million ( $400 million for the U.S. plans and $400 million for the international plans.) The company anticipates it will not make contributions to the primary U.S. pension plan for the remainder of 2016. Actual contribution amounts are dependent upon plan investment returns, changes in pension obligations, regulatory requirements and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. During the first nine months of 2016 , the company contributed $143 million to its OPEB plans. The company anticipates contributing approximately $48 million during the remainder of 2016 . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Taxes on income for the third quarter and first nine months of 2016 benefited earnings by $0.2 billion and $1.8 billion , respectively, compared with charges of $0.7 billion and $1.8 billion , respectively for the corresponding periods in 2015 . The associated effective tax rates (calculated as the amount of Income Tax Expense (Benefit) divided by Income (Loss) Before Income Tax Expense) for the third quarter s of 2016 and 2015 were (17) percent and 26 percent , respectively. For the comparative nine-month periods the effective tax rates were 67 percent and 25 percent , respectively. Excluding the effects of equity earnings, the effective tax rates for the 2016 and 2015 quarterly periods were (45) percent and 41 percent , respectively, a decrease of 86 percent between periods, and the tax rates for the respective nine-month periods were 44 percent and 46 percent , a decrease of 2 percent between periods. The decrease in the effective tax rate between the quarterly periods primarily resulted from a reduction in statutory tax rates in the United Kingdom in the 2016 quarter and the effects of other one-time tax benefits between quarters. The decrease in the effective tax rate for the nine-month comparative period primarily resulted from the effects between periods of valuation allowances recognized on deferred tax assets and jurisdictional mix, substantially offset by the absence of the 2015 asset sale of the company's interest in Caltex Australia Limited, in addition to the effects of one-time tax benefits and foreign currency remeasurement between periods. Tax positions for Chevron and its subsidiaries and affiliates are subject to income tax audits by many tax jurisdictions throughout the world. For the company’s major tax jurisdictions, examinations of tax returns for certain prior tax years had not been completed as of September 30, 2016 . For these jurisdictions, the latest years for which income tax examinations had been finalized were as follows: United States — 2011 , Nigeria — 2000 , Angola — 2009 and Kazakhstan — 2007 . The company engages in ongoing discussions with tax authorities regarding the resolution of tax matters in the various jurisdictions. Both the outcomes for these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. However, it is reasonably possible that developments regarding tax matters in certain tax jurisdictions may result in significant increases or decreases in the company’s total unrecognized tax benefits within the next 12 months . Given the number of years that still remain subject to examination and the number of matters being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits. Effective January 1, 2016, Chevron early-adopted Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes (ASU 2015-17) , on a retrospective basis. The standard provides that all deferred income taxes be classified as noncurrent on the Consolidated Balance Sheet. The prior requirement was to classify most deferred tax assets and liabilities based on the classification of the underlying asset or liability. The effects of retrospective adoption on the December 31, 2015, Consolidated Balance Sheet were reductions of $917 million in "Prepaid expenses and other current assets," $603 million in "Deferred charges and other assets," $996 million in "Federal and other taxes on income," and $524 million in "Noncurrent deferred income taxes." |
Assets Held For Sale
Assets Held For Sale | 9 Months Ended |
Sep. 30, 2016 | |
Assets Held For Sale [Abstract] | |
Assets Held For Sale | Assets Held For Sale At September 30, 2016 , the company classified $3.89 billion of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet. These assets are associated with upstream and downstream operations that are anticipated to be sold in the next 12 months. The revenues and earnings contributions of these assets in 2015 and the first nine months of 2016 were not material. |
Litigation
Litigation | 9 Months Ended |
Sep. 30, 2016 | |
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 six 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 Background Chevron is a defendant in a civil lawsuit initiated in the Superior Court of Nueva Loja in Lago Agrio, Ecuador, in May 2003 by plaintiffs who claim to be representatives of certain residents of an area where an oil production consortium formerly had operations. The lawsuit alleges damage to the environment from the oil exploration and production operations and seeks unspecified damages to fund environmental remediation and restoration of the alleged environmental harm, plus a health monitoring program. Until 1992, Texaco Petroleum Company (Texpet), a subsidiary of Texaco Inc., was a minority member of this consortium with Petroecuador, the Ecuadorian state-owned oil company, as the majority partner; since 1990, the operations have been conducted solely by Petroecuador. At the conclusion of the consortium and following an independent third-party environmental audit of the concession area, Texpet entered into a formal agreement with the Republic of Ecuador and Petroecuador for Texpet to remediate specific sites assigned by the government in proportion to Texpet’s ownership share of the consortium. Pursuant to that agreement, Texpet conducted a three-year remediation program at a cost of $40 million . After certifying that the sites were properly remediated, the government granted Texpet and all related corporate entities a full release from any and all environmental liability arising from the consortium operations. Based on the history described above, Chevron believes that this lawsuit lacks legal or factual merit. As to matters of law, the company believes first, that the court lacks jurisdiction over Chevron; second, that the law under which plaintiffs bring the action, enacted in 1999, cannot be applied retroactively; third, that the claims are barred by the statute of limitations in Ecuador; and, fourth, that the lawsuit is also barred by the releases from liability previously given to Texpet by the Republic of Ecuador and Petroecuador and by the pertinent provincial and municipal governments. With regard to the facts, the company believes that the evidence confirms that Texpet’s remediation was properly conducted and that the remaining environmental damage reflects Petroecuador’s failure to timely fulfill its legal obligations and Petroecuador’s further conduct since assuming full control over the operations. Lago Agrio Judgment In 2008, a mining engineer appointed by the court to identify and determine the cause of environmental damage, and to specify steps needed to remediate it, issued a report recommending that the court assess $18.9 billion , which would, according to the engineer, provide financial compensation for purported damages, including wrongful death claims, and pay for, among other items, environmental remediation, health care systems and additional infrastructure for Petroecuador. The engineer’s report also asserted that an additional $8.4 billion could be assessed against Chevron for unjust enrichment. In 2009, following the disclosure by Chevron of evidence that the judge participated in meetings in which businesspeople and individuals holding themselves out as government officials discussed the case and its likely outcome, the judge presiding over the case was recused. In 2010, Chevron moved to strike the mining engineer’s report and to dismiss the case based on evidence obtained through discovery in the United States indicating that the report was prepared by consultants for the plaintiffs before being presented as the mining engineer’s independent and impartial work and showing further evidence of misconduct. In August 2010, the judge issued an order stating that he was not bound by the mining engineer’s report and requiring the parties to provide their positions on damages within 45 days . Chevron subsequently petitioned for recusal of the judge, claiming that he had disregarded evidence of fraud and misconduct and that he had failed to rule on a number of motions within the statutory time requirement. In September 2010, Chevron submitted its position on damages, asserting that no amount should be assessed against it. The plaintiffs’ submission, which relied in part on the mining engineer’s report, took the position that damages are between approximately $16 billion and $76 billion and that unjust enrichment should be assessed in an amount between approximately $5 billion and $38 billion . The next day, the judge issued an order closing the evidentiary phase of the case and notifying the parties that he had requested the case file so that he could prepare a judgment. Chevron petitioned to have that order declared a nullity in light of Chevron’s prior recusal petition, and because procedural and evidentiary matters remained unresolved. In October 2010, Chevron’s motion to recuse the judge was granted. A new judge took charge of the case and revoked the prior judge’s order closing the evidentiary phase of the case. On December 17, 2010, the judge issued an order closing the evidentiary phase of the case and notifying the parties that he had requested the case file so that he could prepare a judgment. On February 14, 2011, the provincial court in Lago Agrio rendered an adverse judgment in the case. The court rejected Chevron’s defenses to the extent the court addressed them in its opinion. The judgment assessed approximately $8.6 billion in damages and approximately $900 million as an award for the plaintiffs’ representatives. It also assessed an additional amount of approximately $8.6 billion in punitive damages unless the company issued a public apology within 15 days of the judgment, which Chevron did not do. On February 17, 2011, the plaintiffs appealed the judgment, seeking increased damages, and on March 11, 2011, Chevron appealed the judgment seeking to have the judgment nullified. On January 3, 2012, an appellate panel in the provincial court affirmed the February 14, 2011 decision and ordered that Chevron pay additional attorneys’ fees in the amount of “ 0.10% of the values that are derived from the decisional act of this judgment.” The plaintiffs filed a petition to clarify and amplify the appellate decision on January 6, 2012, and the court issued a ruling in response on January 13, 2012, purporting to clarify and amplify its January 3, 2012 ruling, which included clarification that the deadline for the company to issue a public apology to avoid the additional amount of approximately $8.6 billion in punitive damages was within 15 days of the clarification ruling, or February 3, 2012. Chevron did not issue an apology because doing so might be mischaracterized as an admission of liability and would be contrary to facts and evidence submitted at trial. On January 20, 2012, Chevron appealed (called a petition for cassation) the appellate panel’s decision to Ecuador’s National Court of Justice. As part of the appeal, Chevron requested the suspension of any requirement that Chevron post a bond to prevent enforcement under Ecuadorian law of the judgment during the cassation appeal. On February 17, 2012, the appellate panel of the provincial court admitted Chevron’s cassation appeal in a procedural step necessary for the National Court of Justice to hear the appeal. The provincial court appellate panel denied Chevron’s request for suspension of the requirement that Chevron post a bond and stated that it would not comply with the First and Second Interim Awards of the international arbitration tribunal discussed below. On March 29, 2012, the matter was transferred from the provincial court to the National Court of Justice, and on November 22, 2012, the National Court agreed to hear Chevron's cassation appeal. On August 3, 2012, the provincial court in Lago Agrio approved a court-appointed liquidator’s report on damages that calculated the total judgment in the case to be $19.1 billion . On November 13, 2013, the National Court ratified the judgment but nullified the $8.6 billion punitive damage assessment, resulting in a judgment of $9.5 billion . On December 23, 2013, Chevron appealed the decision to the Ecuador Constitutional Court, Ecuador's highest court. The reporting justice of the Constitutional Court heard oral arguments on the appeal on July 16, 2015. On July 2, 2013, the provincial court in Lago Agrio issued an embargo order in Ecuador ordering that any funds to be paid by the Government of Ecuador to Chevron to satisfy a $96 million award issued in an unrelated action by an arbitral tribunal presiding in the Permanent Court of Arbitration in The Hague under the Rules of the United Nations Commission on International Trade Law must be paid to the Lago Agrio plaintiffs. The award was issued by the tribunal under the United States-Ecuador Bilateral Investment Treaty in an action filed in 2006 in connection with seven breach of contract cases that Texpet filed against the Government of Ecuador between 1991 and 1993. The Government of Ecuador has moved to set aside the tribunal's award. 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, on August 4, 2015, a panel of the U.S. Court of Appeals for the District of Columbia Circuit affirmed the District Court's decision. On September 28, 2015, the Court of Appeals denied the Government of Ecuador’s request for full appellate court review of the Federal District Court’s decision. On June 6, 2016, the United States Supreme Court denied the Government of Ecuador's petition for Writ of Certiorari. On July 22, 2016, the Government of Ecuador paid the $96 million award, plus interest, resulting in a payment to Chevron of approximately $113 million . Lago Agrio Plaintiffs' Enforcement Actions 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 and, 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 to the Supreme Court of Canada and, on September 4, 2015, the Supreme Court dismissed the appeal and affirmed that the Ontario Superior Court of Justice has jurisdiction over Chevron and Chevron Canada Limited for purposes of the action. The recognition and enforcement proceeding and related preliminary motions are proceeding in the Ontario Superior Court of Justice. On June 27, 2012, the Lago Agrio plaintiffs filed a complaint against Chevron Corporation in the Superior Court of Justice in Brasilia, Brazil, seeking to recognize and enforce the Ecuadorian judgment. Chevron has answered the complaint. In accordance with Brazilian procedure, the matter was referred to the public prosecutor for a nonbinding opinion of the issues raised in the complaint. On May 13, 2015, the public prosecutor issued its nonbinding opinion and recommended that the Superior Court of Justice reject the plaintiffs’ recognition and enforcement request, finding, among other things, that the Lago Agrio judgment was procured through fraud and corruption and cannot be recognized in Brazil because it violates Brazilian and international public order. 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 to which the Lago Agrio plaintiffs responded on December 29, 2015. On April 19, 2016, the public prosecutor in Argentina issued a non-binding opinion recommending to the National Court, First Instance, of Argentina that it reject the Lago Agrio plaintiffs' request to recognize the Ecuadorian judgment in Argentina. 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. Company's Bilateral Investment Treaty Arbitration Claims 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 subsequently 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), and on January 20, 2016, the District Court denied the Republic's request. On April 13, 2016, the Republic of Ecuador appealed the decision. 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. The Tribunal held a hearing on April 29-30, 2014, to address remaining issues relating to Phase One, and on March 12, 2015, it issued a nonbinding decision that the Lago Agrio plaintiffs' complaint, on its face, includes claims not barred by the settlement agreement between the Republic of Ecuador and Texpet. In the same decision, the Tribunal deferred to Phase Two remaining issues from Phase One, including whether the Republic of Ecuador breached the 1995 settlement agreement and the remedies that are available to Chevron and Texpet as a result of that breach. Phase Two issues were addressed at a hearing held in April and May 2015. The Tribunal has not set a date for Phase Three, the damages phase of the arbitration. Company's RICO Action 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 appealed the Federal District Court's decision, and, on April 20, 2015, a panel of the U.S. Court of Appeals for the Second Circuit heard oral arguments. On August 8, 2016, the Second Circuit issued a unanimous opinion affirming in full the judgment of the Federal District Court in favor of Chevron. On October 27, 2016, the Second Circuit denied the defendants' petitions for en banc rehearing of the opinion on their appeal. Management's Assessment The ultimate outcome of the foregoing matters, including any financial effect on Chevron, remains uncertain. Management does not believe an estimate of a reasonably possible loss (or a range of loss) can be made in this case. Due to the defects associated with the Ecuadorian judgment, the 2008 engineer’s report on alleged damages and the September 2010 plaintiffs’ submission on alleged damages, management does not believe these documents have any utility in calculating a reasonably possible loss (or a range of loss). Moreover, the highly uncertain legal environment surrounding the case provides no basis for management to estimate a reasonably possible loss (or a range of loss). |
Other Contingencies and Commitm
Other Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2016 | |
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 10 on page 14 for a discussion of the periods for which tax returns have been audited for the company’s major tax jurisdictions. Settlement of open tax years, as well as other tax issues in countries where the company conducts its businesses, are not expected to have a material effect on the consolidated financial position or liquidity of the company and, in the opinion of management, adequate provision has been made for income and franchise taxes for all years under examination or subject to future examination. Guarantees The company and its subsidiaries have certain contingent liabilities with respect to guarantees, direct or indirect, of debt of affiliated companies or third parties. Under the terms of the guarantee arrangements, the company would generally be required to perform should the affiliated company or third party fail to fulfill its obligations under the arrangements. In some cases, the guarantee arrangements may have recourse provisions that would enable the company to recover any payments made under the terms of the guarantees from assets provided as collateral. Indemnifications In the acquisition of Unocal, the company assumed certain indemnities relating to contingent environmental liabilities associated with assets that were sold in 1997. The acquirer of those assets shared in certain environmental remediation costs up to a maximum obligation of $200 million , which had been reached at December 31, 2009. Under the indemnification agreement, after reaching the $200 million obligation, Chevron is solely responsible until April 2022, when the indemnification expires. The environmental conditions or events that are subject to these indemnities must have arisen prior to the sale of the assets in 1997. Although the company has provided for known obligations under this indemnity that are probable and reasonably estimable, the amount of additional future costs may be material to results of operations in the period in which they are recognized. The company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Off-Balance-Sheet Obligations The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional purchase obligations and commitments, including throughput and take-or-pay agreements, some of which relate to suppliers’ financing arrangements. The agreements typically provide goods and services, such as pipeline and storage capacity, drilling rigs, utilities, and petroleum products, to be used or sold in the ordinary course of the company’s business. Environmental The company is subject to loss contingencies pursuant to laws, regulations, private claims and legal proceedings related to environmental matters that are subject to legal settlements or that in the future may require the company to take action to correct or ameliorate the effects on the environment of prior release of chemicals or petroleum substances, including MTBE, by the company or other parties. Such contingencies may exist for various sites, including, but not limited to, federal Superfund sites and analogous sites under state laws, refineries, crude oil fields, service stations, terminals, land development areas, and mining activities, whether operating, closed or divested. These future costs are not fully determinable due to such factors as the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions that may be required, the determination of the company’s liability in proportion to other responsible parties, and the extent to which such costs are recoverable from third parties. Although the company has provided for known environmental obligations that are probable and reasonably estimable, the amount of additional future costs may be material to results of operations in the period in which they are recognized. The company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Also, the company does not believe its obligations to make such expenditures have had, or will have, any significant impact on the company’s competitive position relative to other U.S. or international petroleum or chemical companies. Other Contingencies On November 7, 2011, while drilling a development well in the deepwater Frade Field about 75 miles offshore Brazil, an unanticipated pressure spike caused oil to migrate from the well bore through a series of fissures to the sea floor, emitting approximately 2,400 barrels of oil. The source of the seep was substantially contained within four days and the well was plugged and abandoned. On March 14, 2012, the company identified a small, second seep in a different part of the field. No evidence of any coastal or wildlife impacts related to either of these seeps has emerged. As reported in the company’s previously filed periodic reports, it has resolved civil claims relating to these incidents brought by a Brazilian federal district prosecutor. As also reported previously, the federal district prosecutor also filed criminal charges against Chevron and 11 Chevron employees. These charges were dismissed by the trial court on February 19, 2013, reinstated by an appellate court on October 9, 2013, and then, upon Chevron's motion for reconsideration, dismissed by the appellate court on August 27, 2015. The federal district prosecutor has appealed the appellate court’s decision. Chevron receives claims from and submits claims to customers; trading partners; joint venture partners; U.S. federal, state and local regulatory bodies; governments; contractors; insurers; suppliers; and individuals. The amounts of these claims, individually and in the aggregate, may be significant and take lengthy periods to resolve, and may result in gains or losses in future periods. The company and its affiliates also continue to review and analyze their operations and may close, abandon, sell, exchange, acquire or restructure assets to achieve operational or strategic benefits and to improve competitiveness and profitability. These activities, individually or together, may result in significant gains or losses in future periods. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability are described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract. Level 3: Unobservable inputs. The company does not use Level 3 inputs for any of its recurring fair value measurements. Level 3 inputs may be required for the determination of fair value associated with certain nonrecurring measurements of nonfinancial assets and liabilities. The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at September 30, 2016 , and December 31, 2015 , is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis (Millions of dollars) At September 30, 2016 At December 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable Securities $ 321 $ 321 $ — $ — $ 310 $ 310 $ — $ — Derivatives 9 5 4 — 205 189 16 — Total Assets at Fair Value $ 330 $ 326 $ 4 $ — $ 515 $ 499 $ 16 $ — Derivatives 63 29 34 — 53 47 6 — Total Liabilities at Fair Value $ 63 $ 29 $ 34 $ — $ 53 $ 47 $ 6 $ — Marketable Securities The company calculates fair value for its marketable securities based on quoted market prices for identical assets. The fair values reflect the cash that would have been received if the instruments were sold at September 30, 2016 . Derivatives The company records its derivative instruments — other than any commodity derivative contracts that are designated as normal purchase and normal sale — on the Consolidated Balance Sheet at fair value, with the offsetting amount to the Consolidated Statement of Income. Derivatives classified as Level 1 include futures, swaps and options contracts traded in active markets such as the New York Mercantile Exchange. Derivatives classified as Level 2 include swaps, options and forward contracts principally with financial institutions and other oil and gas companies, the fair values of which are obtained from third-party broker quotes, industry pricing services and exchanges. The company obtains multiple sources of pricing information for the Level 2 instruments. Since this pricing information is generated from observable market data, it has historically been very consistent. The company does not materially adjust this information. Assets carried at fair value at September 30, 2016 , and December 31, 2015 , are as follows: Cash and Cash Equivalents The company holds cash equivalents 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 $7.4 billion and $11.0 billion at September 30, 2016 , and December 31, 2015 , respectively. The fair values of cash and cash equivalents are classified as Level 1 and reflect the cash that would have been received if the instruments were settled at September 30, 2016 . Restricted Cash had a carrying/fair value of $0.9 billion and $1.1 billion at September 30, 2016 , and December 31, 2015 , respectively. At September 30, 2016 , restricted cash is classified as Level 1 and includes restricted funds related to certain upstream abandonment activities and tax payments, which are reported in "Prepaid expenses and other current assets" and “Deferred charges and other assets” on the Consolidated Balance Sheet. Long-Term Debt had a net carrying value, excluding amounts reclassified from short-term, of $31.5 billion and $25.6 billion at September 30, 2016 , and December 31, 2015 , respectively. The fair value of long-term debt at September 30, 2016 , and December 31, 2015 was $32.6 billion and $25.9 billion , respectively. Long-term debt primarily includes corporate issued bonds. The fair value of corporate bonds classified as Level 1 is $31.8 billion . The fair value of other long-term debt classified as Level 2 is $0.8 billion . The carrying values of other short-term financial assets and liabilities on the Consolidated Balance Sheet approximate their fair values. Fair value remeasurements of other financial instruments at September 30, 2016 , and December 31, 2015 , were not material. The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2016 , is as follows: Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Millions of dollars) At September 30, 2016 Before-Tax Loss Total Level 1 Level 2 Level 3 Three Months Ended Nine Properties, plant and equipment, net (held and used) $ 178 $ — $ — $ 178 $ 92 $ 2,427 Properties, plant and equipment, net (held for sale) 19 — 19 — 4 545 Investments and advances 1 — — 1 12 230 Total Assets at Fair Value $ 198 $ — $ 19 $ 179 $ 108 $ 3,202 Properties, plant and equipment The company did not have any individually material impairments of long-lived assets measured at fair value on a nonrecurring basis to report in third quarter 2016 . Investments and advances The company did not have any material impairments of investments and advances measured at fair value on a nonrecurring basis to report in third quarter 2016 . |
Financial and Derivative Instru
Financial and Derivative Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial and Derivative Instruments | Financial and Derivative Instruments The company’s derivative instruments principally include crude oil, natural gas and refined product futures, swaps, options, and forward contracts. None of the company’s derivative instruments are designated as hedging instruments, although certain of the company’s affiliates make such a designation. The company’s derivatives are not material to the company’s consolidated financial position, results of operations or liquidity. The company believes it has no material market or credit risks to its operations, financial position or liquidity as a result of its commodities and other derivatives activities. The company uses derivative commodity instruments traded on the New York Mercantile Exchange and on electronic platforms of the Inter-Continental Exchange and Chicago Mercantile Exchange. In addition, the company enters into swap contracts and option contracts principally with major financial institutions and other oil and gas companies in the “over-the-counter” markets, which are governed by International Swaps and Derivatives Association agreements and other master netting arrangements. Derivative instruments measured at fair value at September 30, 2016 , and December 31, 2015 , and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments (Millions of dollars) Type of Contract Balance Sheet Classification At September 30 At December 31 Commodity Accounts and notes receivable, net $ 5 $ 200 Commodity Long-term receivables, net 4 5 Total Assets at Fair Value $ 9 $ 205 Commodity Accounts payable $ 57 $ 51 Commodity Deferred credits and other noncurrent obligations 6 2 Total Liabilities at Fair Value $ 63 $ 53 Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments (Millions of dollars) Gain / (Loss) Gain / (Loss) Type of Contract Statement of Income Classification 2016 2015 2016 2015 Commodity Sales and other operating revenues $ (23 ) $ 211 $ (194 ) $ 59 Commodity Purchased crude oil and products 4 18 (17 ) 19 Commodity Other income (3 ) 5 (1 ) (6 ) $ (22 ) $ 234 $ (212 ) $ 72 The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 30, 2016 , and December 31, 2015 . Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars) Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At September 30, 2016 Derivative Assets $ 1,266 $ 1,257 $ 9 $ — $ 9 Derivative Liabilities $ 1,320 $ 1,257 $ 63 $ — $ 63 At December 31, 2015 Derivative Assets $ 2,459 $ 2,254 $ 205 $ — $ 205 Derivative Liabilities $ 2,307 $ 2,254 $ 53 $ — $ 53 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." |
Restructuring and Reorganizatio
Restructuring and Reorganization Costs | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Reorganization Costs | Restructuring and Reorganization Costs The following table summarizes the accrued severance liability, which is classified as current on the Consolidated Balance Sheet. Amounts Before Tax (Millions of dollars) Balance at January 1, 2016 $ 293 Accruals/Adjustments 85 Payments (299 ) Balance at September 30, 2016 $ 79 |
Accounting for Suspended Explor
Accounting for Suspended Exploratory Wells | 9 Months Ended |
Sep. 30, 2016 | |
Accounting for Suspended Exploratory Wells [Abstract] | |
Accounting for Suspended Exploratory Wells | Accounting for Suspended Exploratory Wells The capitalized cost of suspended wells at September 30, 2016 , was $3.5 billion , a net increase of $143 million from year-end 2015 . The increase was primarily due to drilling activities, partially offset by well write-offs. During the nine months ended September 30, 2016 , $46 million of exploratory well costs previously capitalized for greater than one year at December 31, 2015 , were charged to expense. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Segment Reporting | Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” 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 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). |
Fair Value of Financial Instruments | The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability are described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract. Level 3: Unobservable inputs. The company does not use Level 3 inputs for any of its recurring fair value measurements. Level 3 inputs may be required for the determination of fair value associated with certain nonrecurring measurements of nonfinancial assets and liabilities. |
Changes in Accumulated Other 26
Changes in Accumulated Other Comprehensive Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the nine months ending September 30, 2016 , are reflected in the table below. Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) (Millions of Dollars) Nine Months Ended September 30, 2016 Currency Translation Adjustment Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total Balance at January 1 $ (140 ) $ (29 ) $ (2 ) $ (4,120 ) $ (4,291 ) Components of Other Comprehensive Income (Loss): Before Reclassifications 9 31 — — 40 Reclassifications (2) — — — 408 408 Net Other Comprehensive Income (Loss) 9 31 — 408 448 Balance at September 30 $ (131 ) $ 2 $ (2 ) $ (3,712 ) $ (3,843 ) ________________________________ (1) All amounts are net of tax. (2) Refer to Note 9, Employee Benefits for reclassified components totaling $659 million that are included in employee benefit costs for the nine months ending September 30, 2016 . Related income taxes for the same period, totaling $251 million , are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
Activity for equity attributable to noncontrolling interests | Activity for the equity attributable to noncontrolling interests for the first nine months of 2016 and 2015 is as follows: 2016 2015 Chevron Corporation Stockholders’ Equity Non-controlling Interest Total Equity Chevron Corporation Stockholders’ Equity Non-controlling Interest Total Equity (Millions of dollars) Balance at January 1 $ 152,716 $ 1,170 $ 153,886 $ 155,028 $ 1,163 $ 156,191 Net income (loss) (912 ) 43 (869 ) 5,175 90 5,265 Dividends (6,009 ) — (6,009 ) (5,995 ) — (5,995 ) Distributions to noncontrolling interests — (57 ) (57 ) — (122 ) (122 ) Treasury shares, net 375 — 375 181 — 181 Other changes, net* 630 (4 ) 626 523 (105 ) 418 Balance at September 30 $ 146,800 $ 1,152 $ 147,952 $ 154,912 $ 1,026 $ 155,938 ______________________________ _ * Includes components of comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income. |
Information Relating to the C28
Information Relating to the Consolidated Statement of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Net (increase) decrease in operating working capital | The “ Net increase in operating working capital ” was composed of the following operating changes: Nine Months Ended 2016 2015 (Millions of dollars) (Increase) decrease in accounts and notes receivable $ (455 ) $ 2,337 Decrease (increase) in inventories 232 (445 ) Decrease in prepaid expenses and other current assets 844 167 Decrease in accounts payable and accrued liabilities (1,783 ) (3,769 ) Decrease in income and other taxes payable (104 ) (611 ) Net increase in operating working capital $ (1,266 ) $ (2,321 ) |
Cash payment for interest on debt and for income taxes | “Net Cash Provided by Operating Activities” included the following cash payments for interest on debt and for income taxes: Nine Months Ended 2016 2015 (Millions of dollars) Interest on debt (net of capitalized interest) $ 28 $ — Income taxes 1,492 4,081 |
Net (purchases) sales of time deposits | The “ Net maturities of time deposits ” consisted of the following gross amounts: Nine Months Ended 2016 2015 (Millions of dollars) Maturities of time deposits — 8 Net maturities of time deposits $ — $ 8 |
Net sales of marketable securities | The “ Net sales of marketable securities ” consisted of the following gross amounts: Nine Months Ended 2016 2015 (Millions of dollars) Marketable securities purchased $ (9 ) $ (6 ) Marketable securities sold 11 128 Net sales of marketable securities $ 2 $ 122 |
Schedule of net borrowing of loans by equity affiliates | The “ Net borrowing of loans by equity affiliates ” consisted of the following gross amounts: Nine Months Ended 2016 2015 (Millions of dollars) Borrowing of loans by equity affiliates $ (2,271 ) $ (149 ) Repayment of loans by equity affiliates 76 2 Net borrowing of loans by equity affiliates $ (2,195 ) $ (147 ) |
Schedule of other short term investments | The “ Net sales of other short-term investments ” consisted of the following gross amounts: Nine Months Ended 2016 2015 (Millions of dollars) Purchases of other short-term investments $ — $ (55 ) Sales of other short-term investments 155 119 Net sales of other short-term investments $ 155 $ 64 |
Schedule of short-term debt | The “ Net borrowings of short-term obligations " consisted of the following gross and net amounts: Nine Months Ended 2016 2015 (Millions of dollars) Repayments of short-term obligations $ (8,415 ) $ (10,443 ) Proceeds from issuances of short-term obligations 11,695 11,042 Net borrowings of short-term obligations with three months or less maturity (2,411 ) 1,450 Net borrowings of short-term obligations $ 869 $ 2,049 |
Capital expenditures | The major components of “Capital expenditures” and the reconciliation of this amount to the capital and exploratory expenditures, including equity affiliates, are as follows: Nine Months Ended 2016 2015 (Millions of dollars) Additions to properties, plant and equipment $ 13,757 $ 21,273 Additions to investments 38 382 Current year dry hole expenditures 305 400 Capital expenditures 14,100 22,055 Expensed exploration expenditures 370 717 Assets acquired through capital lease obligations 4 44 Capital and exploratory expenditures, excluding equity affiliates 14,474 22,816 Company’s share of expenditures by equity affiliates 2,693 2,456 Capital and exploratory expenditures, including equity affiliates $ 17,167 $ 25,272 |
Operating Segments and Geogra29
Operating Segments and Geographic Data (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Earnings | Earnings by major operating area for the three- and nine-month periods ended September 30, 2016, and 2015 , are presented in the following table: Three Months Ended Nine Months Ended Segment Earnings 2016 2015 2016 2015 (Millions of dollars) Upstream United States $ (212 ) $ (603 ) $ (2,175 ) $ (2,101 ) International 666 662 (1,292 ) 1,501 Total Upstream 454 59 (3,467 ) (600 ) Downstream United States 523 1,249 1,307 2,686 International 542 962 1,771 3,904 Total Downstream 1,065 2,211 3,078 6,590 Total Segment Earnings 1,519 2,270 (389 ) 5,990 All Other Interest expense (53 ) — (120 ) — Interest income 15 16 47 49 Other (198 ) (249 ) (450 ) (864 ) Net Income (Loss) Attributable to Chevron Corporation $ 1,283 $ 2,037 $ (912 ) $ 5,175 |
Segment Assets | Segment assets at September 30, 2016 , and December 31, 2015 , are as follows: Segment Assets At September 30 At December 31 (Millions of dollars) Upstream United States 1 $ 42,914 $ 46,383 International 1 163,681 162,030 Goodwill 4,581 4,588 Total Upstream 211,176 213,001 Downstream United States 1 21,416 21,404 International 15,887 14,982 Total Downstream 37,303 36,386 Total Segment Assets 248,479 249,387 All Other United States 1,2 5,125 4,728 International 6,259 10,425 Total All Other 11,384 15,153 Total Assets — United States 69,455 72,515 Total Assets — International 185,827 187,437 Goodwill 4,581 4,588 Total Assets $ 259,863 $ 264,540 ____________________ 1 2015 adjusted to conform to ASU 2015-17. Refer to Note 10, "Income Taxes" beginning on page 14. 2 2015 adjusted to conform to ASU 2015-03. Refer to Note 5, "New Accounting Standards" on page 10. |
Segment Sales and Other Operating Revenues | Three Months Ended Nine Months Ended Sales and Other Operating Revenues 2016 2015 2016 2015 (Millions of dollars) Upstream United States $ 2,847 $ 3,207 $ 7,386 $ 10,089 International 5,927 6,540 16,325 21,163 Subtotal 8,774 9,747 23,711 31,252 Intersegment Elimination — United States (1,979 ) (2,165 ) (5,120 ) (6,829 ) Intersegment Elimination — International (2,742 ) (2,774 ) (6,949 ) (9,047 ) Total Upstream 4,053 4,808 11,642 15,376 Downstream United States 11,958 13,795 32,841 41,336 International 13,415 14,484 36,262 46,326 Subtotal 25,373 28,279 69,103 87,662 Intersegment Elimination — United States (4 ) (6 ) (12 ) (20 ) Intersegment Elimination — International (303 ) (360 ) (762 ) (1,222 ) Total Downstream 25,066 27,913 68,329 86,420 All Other United States 280 413 825 1,176 International 10 13 29 30 Subtotal 290 426 854 1,206 Intersegment Elimination — United States (240 ) (368 ) (724 ) (1,065 ) Intersegment Elimination — International (10 ) (12 ) (28 ) (26 ) Total All Other 40 46 102 115 Sales and Other Operating Revenues United States 15,085 17,415 41,052 52,601 International 19,352 21,037 52,616 67,519 Subtotal 34,437 38,452 93,668 120,120 Intersegment Elimination — United States (2,223 ) (2,539 ) (5,856 ) (7,914 ) Intersegment Elimination — International (3,055 ) (3,146 ) (7,739 ) (10,295 ) Total Sales and Other Operating Revenues $ 29,159 $ 32,767 $ 80,073 $ 101,911 |
Summarized Financial Data - C30
Summarized Financial Data - Chevron U.S.A. Inc. (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Summarized Financial Data of Subsidiary One [Abstract] | |
Summarized Financial Data - Chevron U.S.A. Inc. | The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Nine Months Ended 2016 2015 (Millions of dollars) Sales and other operating revenues $ 60,882 $ 77,434 Costs and other deductions 63,596 78,116 Net income (loss) attributable to CUSA (917 ) 424 |
Summarized Financial Data and its Subsidiary | At September 30 At December 31 (Millions of dollars) Current assets $ 9,872 $ 9,097 Other assets 56,004 59,170 Current liabilities 13,268 13,664 Other liabilities 21,992 28,465 Total CUSA net equity $ 30,616 $ 26,138 Memo: Total debt $ 9,457 $ 14,462 ____________________ *2015 adjusted to conform to ASU 2015-17. |
Summarized Financial Data - T31
Summarized Financial Data - Tengizchevroil LLP (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Summarized Financial Data of Affiliate [Abstract] | |
Summarized Financial Data - Tengizchevroil LLP | Summarized financial information for 100 percent of TCO is presented in the following table: Nine Months Ended 2016 2015 (Millions of dollars) Sales and other operating revenues $ 7,355 $ 10,215 Costs and other deductions 5,172 5,779 Net income attributable to TCO 1,534 3,109 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit costs for 2016 and 2015 are as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (Millions of dollars) Pension Benefits United States Service cost $ 123 $ 135 $ 370 $ 404 Interest cost 95 125 283 376 Expected return on plan assets (181 ) (195 ) (542 ) (587 ) Amortization of prior service credits (2 ) (3 ) (6 ) (7 ) Amortization of actuarial losses 84 89 251 267 Settlement losses 162 87 324 195 Total United States 281 238 680 648 International Service cost 37 46 120 140 Interest cost 68 68 198 209 Expected return on plan assets (61 ) (66 ) (184 ) (196 ) Amortization of prior service costs 1 5 11 16 Amortization of actuarial losses 14 19 37 60 Settlement losses 1 — 18 — Total International 60 72 200 229 Net Periodic Pension Benefit Costs $ 341 $ 310 $ 880 $ 877 Other Benefits* Service cost $ 15 $ 18 $ 45 $ 54 Interest cost 32 37 96 112 Amortization of prior service costs 3 3 10 10 Amortization of actuarial losses 5 9 15 26 Net Periodic Other Benefit Costs $ 55 $ 67 $ 166 $ 202 ___________________________________ * Includes costs for U.S. and international OPEB plans. Obligations for plans outside the United States are not significant relative to the company’s total OPEB obligation. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at September 30, 2016 , and December 31, 2015 , is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis (Millions of dollars) At September 30, 2016 At December 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable Securities $ 321 $ 321 $ — $ — $ 310 $ 310 $ — $ — Derivatives 9 5 4 — 205 189 16 — Total Assets at Fair Value $ 330 $ 326 $ 4 $ — $ 515 $ 499 $ 16 $ — Derivatives 63 29 34 — 53 47 6 — Total Liabilities at Fair Value $ 63 $ 29 $ 34 $ — $ 53 $ 47 $ 6 $ — |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2016 , is as follows: Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Millions of dollars) At September 30, 2016 Before-Tax Loss Total Level 1 Level 2 Level 3 Three Months Ended Nine Properties, plant and equipment, net (held and used) $ 178 $ — $ — $ 178 $ 92 $ 2,427 Properties, plant and equipment, net (held for sale) 19 — 19 — 4 545 Investments and advances 1 — — 1 12 230 Total Assets at Fair Value $ 198 $ — $ 19 $ 179 $ 108 $ 3,202 |
Financial and Derivative Inst34
Financial and Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments | Derivative instruments measured at fair value at September 30, 2016 , and December 31, 2015 , and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments (Millions of dollars) Type of Contract Balance Sheet Classification At September 30 At December 31 Commodity Accounts and notes receivable, net $ 5 $ 200 Commodity Long-term receivables, net 4 5 Total Assets at Fair Value $ 9 $ 205 Commodity Accounts payable $ 57 $ 51 Commodity Deferred credits and other noncurrent obligations 6 2 Total Liabilities at Fair Value $ 63 $ 53 |
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments | Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments (Millions of dollars) Gain / (Loss) Gain / (Loss) Type of Contract Statement of Income Classification 2016 2015 2016 2015 Commodity Sales and other operating revenues $ (23 ) $ 211 $ (194 ) $ 59 Commodity Purchased crude oil and products 4 18 (17 ) 19 Commodity Other income (3 ) 5 (1 ) (6 ) $ (22 ) $ 234 $ (212 ) $ 72 |
Schedule of Offsetting Assets | The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 30, 2016 , and December 31, 2015 . Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars) Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At September 30, 2016 Derivative Assets $ 1,266 $ 1,257 $ 9 $ — $ 9 Derivative Liabilities $ 1,320 $ 1,257 $ 63 $ — $ 63 At December 31, 2015 Derivative Assets $ 2,459 $ 2,254 $ 205 $ — $ 205 Derivative Liabilities $ 2,307 $ 2,254 $ 53 $ — $ 53 |
Schedule of Offsetting Liabilities | The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 30, 2016 , and December 31, 2015 . Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars) Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At September 30, 2016 Derivative Assets $ 1,266 $ 1,257 $ 9 $ — $ 9 Derivative Liabilities $ 1,320 $ 1,257 $ 63 $ — $ 63 At December 31, 2015 Derivative Assets $ 2,459 $ 2,254 $ 205 $ — $ 205 Derivative Liabilities $ 2,307 $ 2,254 $ 53 $ — $ 53 |
Restructuring and Reorganizat35
Restructuring and Reorganization Costs (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following table summarizes the accrued severance liability, which is classified as current on the Consolidated Balance Sheet. Amounts Before Tax (Millions of dollars) Balance at January 1, 2016 $ 293 Accruals/Adjustments 85 Payments (299 ) Balance at September 30, 2016 $ 79 |
Changes in Accumulated Other 36
Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at January 1 | $ (4,291) | |||
Components of Other Comprehensive Income (Loss): | ||||
Other Comprehensive Gain, Net of Tax | $ 189 | $ 102 | 448 | $ 310 |
Balance at September 30 | (3,843) | (3,843) | ||
Income tax expense | (192) | $ 727 | (1,803) | $ 1,787 |
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at January 1 | (4,291) | |||
Components of Other Comprehensive Income (Loss): | ||||
Before Reclassifications | 40 | |||
Reclassifications | 408 | |||
Other Comprehensive Gain, Net of Tax | 448 | |||
Balance at September 30 | (3,843) | (3,843) | ||
Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at January 1 | (140) | |||
Components of Other Comprehensive Income (Loss): | ||||
Before Reclassifications | 9 | |||
Reclassifications | 0 | |||
Other Comprehensive Gain, Net of Tax | 9 | |||
Balance at September 30 | (131) | (131) | ||
Unrealized Holding Gains (Losses) on Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at January 1 | (29) | |||
Components of Other Comprehensive Income (Loss): | ||||
Before Reclassifications | 31 | |||
Reclassifications | 0 | |||
Other Comprehensive Gain, Net of Tax | 31 | |||
Balance at September 30 | 2 | 2 | ||
Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at January 1 | (2) | |||
Components of Other Comprehensive Income (Loss): | ||||
Before Reclassifications | 0 | |||
Reclassifications | 0 | |||
Other Comprehensive Gain, Net of Tax | 0 | |||
Balance at September 30 | (2) | (2) | ||
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at January 1 | (4,120) | |||
Components of Other Comprehensive Income (Loss): | ||||
Before Reclassifications | 0 | |||
Reclassifications | 408 | |||
Other Comprehensive Gain, Net of Tax | 408 | |||
Balance at September 30 | $ (3,712) | (3,712) | ||
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 | 659 | |||
Income tax expense | $ 251 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Activity for equity attributable to noncontrolling interests | ||||
Balance at January 1 | $ 153,886 | $ 156,191 | ||
Net income (loss) | $ 1,301 | $ 2,057 | (869) | 5,265 |
Dividends | (6,009) | (5,995) | ||
Distributions to noncontrolling interests | (57) | (122) | ||
Treasury shares, net | 375 | 181 | ||
Other changes, net | 626 | 418 | ||
Balance at September 30 | 147,952 | 155,938 | 147,952 | 155,938 |
Chevron Corporation Stockholders' Equity [Member] | ||||
Activity for equity attributable to noncontrolling interests | ||||
Balance at January 1 | 152,716 | 155,028 | ||
Net income (loss) | (912) | 5,175 | ||
Dividends | (6,009) | (5,995) | ||
Distributions to noncontrolling interests | 0 | 0 | ||
Treasury shares, net | 375 | 181 | ||
Other changes, net | 630 | 523 | ||
Balance at September 30 | 146,800 | 154,912 | 146,800 | 154,912 |
Noncontrolling Interest [Member] | ||||
Activity for equity attributable to noncontrolling interests | ||||
Balance at January 1 | 1,170 | 1,163 | ||
Net income (loss) | 43 | 90 | ||
Dividends | 0 | 0 | ||
Distributions to noncontrolling interests | (57) | (122) | ||
Treasury shares, net | 0 | 0 | ||
Other changes, net | (4) | (105) | ||
Balance at September 30 | $ 1,152 | $ 1,026 | $ 1,152 | $ 1,026 |
Information Relating to the C38
Information Relating to the Consolidated Statement of Cash Flows (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Net decrease (increase) in operating working capital | ||
(Increase) decrease in accounts and notes receivable | $ (455) | $ 2,337 |
Decrease (increase) in inventories | 232 | (445) |
Decrease in prepaid expenses and other current assets | 844 | 167 |
Decrease in accounts payable and accrued liabilities | (1,783) | (3,769) |
Decrease in income and other taxes payable | (104) | (611) |
Net increase in operating working capital | (1,266) | (2,321) |
Cash Payment for Interest on Debt and For Income Taxes | ||
Interest on debt (net of capitalized interest) | 28 | 0 |
Income taxes | 1,492 | 4,081 |
Maturities of Time Deposits | ||
Maturities of time deposits | 0 | 8 |
Net maturities of time deposits | 0 | 8 |
Net sales of marketable securities | ||
Marketable securities purchased | (9) | (6) |
Marketable securities sold | 11 | 128 |
Net sales of marketable securities | 2 | 122 |
Net borrowing of loans by equity affiliates | ||
Borrowing of loans by equity affiliates | (2,271) | (149) |
Repayment of loans by equity affiliates | 76 | 2 |
Net borrowing of loans by equity affiliates | (2,195) | (147) |
Net sales of other short-term investments | ||
Purchases of other short-term investments | 0 | (55) |
Sales of other short-term investments | 155 | 119 |
Net sales of other short-term investments | 155 | 64 |
Net (repayments) borrowings of short-term obligations | ||
Repayments of short-term obligations | (8,415) | (10,443) |
Proceeds from issuances of short-term obligations | 11,695 | 11,042 |
Net borrowings of short-term obligations with three months or less maturity | (2,411) | 1,450 |
Net borrowings of short-term obligations | 869 | 2,049 |
Capital expenditures | ||
Additions to properties, plant and equipment | 13,757 | 21,273 |
Additions to investments | 38 | 382 |
Current year dry hole expenditures | 305 | 400 |
Capital expenditures | 14,100 | 22,055 |
Expensed exploration expenditures | 370 | 717 |
Assets acquired through capital lease obligations | 4 | 44 |
Capital and exploratory expenditures, excluding equity affiliates | 14,474 | 22,816 |
Company’s share of expenditures by equity affiliates | 2,693 | 2,456 |
Capital and exploratory expenditures, including equity affiliates | $ 17,167 | $ 25,272 |
Information Relating to the C39
Information Relating to the Consolidated Statement of Cash Flows (Details Textual) - USD ($) shares in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||
Reduction for income tax benefits associated with stock options exercised | $ 14 | $ 14 |
Impairment of property, plant and equipment | 2,800 | |
Net purchases of treasury shares | $ 2 | $ 1 |
Stock repurchased during period (in shares) | 0 | 0 |
New Accounting Standards (Detai
New Accounting Standards (Details) - Accounting Standards Update 2015-03 [Member] $ in Millions | Dec. 31, 2015USD ($) |
Deferred Charges and Other Assets [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred finance costs | $ (43) |
Short-term Debt [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred finance costs | 1 |
Long-term Debt [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred finance costs | $ 42 |
Operating Segments and Geogra41
Operating Segments and Geographic Data (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Segment Earnings | $ 1,283 | $ 2,037 | $ (912) | $ 5,175 |
Upstream [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Earnings | 454 | 59 | (3,467) | (600) |
Downstream [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Earnings | 1,065 | 2,211 | 3,078 | 6,590 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Earnings | 1,519 | 2,270 | (389) | 5,990 |
Operating Segments [Member] | Upstream [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Earnings | (212) | (603) | (2,175) | (2,101) |
Operating Segments [Member] | Upstream [Member] | International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Earnings | 666 | 662 | (1,292) | 1,501 |
Operating Segments [Member] | Downstream [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Earnings | 523 | 1,249 | 1,307 | 2,686 |
Operating Segments [Member] | Downstream [Member] | International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Earnings | 542 | 962 | 1,771 | 3,904 |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense | (53) | 0 | (120) | 0 |
Interest income | 15 | 16 | 47 | 49 |
Other | $ (198) | $ (249) | $ (450) | $ (864) |
Operating Segments and Geogra42
Operating Segments and Geographic Data (Details 1) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Segment Assets | ||
Segment Assets | $ 259,863 | $ 264,540 |
Goodwill | 4,581 | 4,588 |
United States [Member] | ||
Segment Assets | ||
Segment Assets | 69,455 | 72,515 |
International [Member] | ||
Segment Assets | ||
Segment Assets | 185,827 | 187,437 |
Operating Segments [Member] | ||
Segment Assets | ||
Segment Assets | 248,479 | 249,387 |
Operating Segments [Member] | Upstream [Member] | ||
Segment Assets | ||
Segment Assets | 211,176 | 213,001 |
Goodwill | 4,581 | 4,588 |
Operating Segments [Member] | Upstream [Member] | United States [Member] | ||
Segment Assets | ||
Segment Assets | 42,914 | 46,383 |
Operating Segments [Member] | Upstream [Member] | International [Member] | ||
Segment Assets | ||
Segment Assets | 163,681 | 162,030 |
Operating Segments [Member] | Downstream [Member] | ||
Segment Assets | ||
Segment Assets | 37,303 | 36,386 |
Operating Segments [Member] | Downstream [Member] | United States [Member] | ||
Segment Assets | ||
Segment Assets | 21,416 | 21,404 |
Operating Segments [Member] | Downstream [Member] | International [Member] | ||
Segment Assets | ||
Segment Assets | 15,887 | 14,982 |
All Other [Member] | ||
Segment Assets | ||
Segment Assets | 11,384 | 15,153 |
All Other [Member] | United States [Member] | ||
Segment Assets | ||
Segment Assets | 5,125 | 4,728 |
All Other [Member] | International [Member] | ||
Segment Assets | ||
Segment Assets | $ 6,259 | $ 10,425 |
Operating Segments and Geogra43
Operating Segments and Geographic Data (Details 2) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | [1] | $ 29,159 | $ 32,767 | $ 80,073 | $ 101,911 |
Operating Segments [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 34,437 | 38,452 | 93,668 | 120,120 | |
United States [Member] | Operating Segments [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 15,085 | 17,415 | 41,052 | 52,601 | |
United States [Member] | Intersegment Eliminations [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | (2,223) | (2,539) | (5,856) | (7,914) | |
International [Member] | Operating Segments [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 19,352 | 21,037 | 52,616 | 67,519 | |
International [Member] | Intersegment Eliminations [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | (3,055) | (3,146) | (7,739) | (10,295) | |
Upstream [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 4,053 | 4,808 | 11,642 | 15,376 | |
Upstream [Member] | Operating Segments [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 8,774 | 9,747 | 23,711 | 31,252 | |
Upstream [Member] | United States [Member] | Operating Segments [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 2,847 | 3,207 | 7,386 | 10,089 | |
Upstream [Member] | United States [Member] | Intersegment Eliminations [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | (1,979) | (2,165) | (5,120) | (6,829) | |
Upstream [Member] | International [Member] | Operating Segments [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 5,927 | 6,540 | 16,325 | 21,163 | |
Upstream [Member] | International [Member] | Intersegment Eliminations [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | (2,742) | (2,774) | (6,949) | (9,047) | |
Downstream [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 25,066 | 27,913 | 68,329 | 86,420 | |
Downstream [Member] | Operating Segments [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 25,373 | 28,279 | 69,103 | 87,662 | |
Downstream [Member] | United States [Member] | Operating Segments [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 11,958 | 13,795 | 32,841 | 41,336 | |
Downstream [Member] | United States [Member] | Intersegment Eliminations [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | (4) | (6) | (12) | (20) | |
Downstream [Member] | International [Member] | Operating Segments [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 13,415 | 14,484 | 36,262 | 46,326 | |
Downstream [Member] | International [Member] | Intersegment Eliminations [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | (303) | (360) | (762) | (1,222) | |
Corporate and Other [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 40 | 46 | 102 | 115 | |
Corporate and Other [Member] | Operating Segments [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 290 | 426 | 854 | 1,206 | |
Corporate and Other [Member] | United States [Member] | Operating Segments [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 280 | 413 | 825 | 1,176 | |
Corporate and Other [Member] | United States [Member] | Intersegment Eliminations [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | (240) | (368) | (724) | (1,065) | |
Corporate and Other [Member] | International [Member] | Operating Segments [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | 10 | 13 | 29 | 30 | |
Corporate and Other [Member] | International [Member] | Intersegment Eliminations [Member] | |||||
Sales and Other Operating Revenues | |||||
Sales and Other Operating Revenues | $ (10) | $ (12) | $ (28) | $ (26) | |
[1] | Includes excise, value-added and similar taxes: 1,772; 1,800; 5,208; 5,642 |
Operating Segments and Geogra44
Operating Segments and Geographic Data (Details Textual) | 9 Months Ended |
Sep. 30, 2016segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Number of operating segments | 2 |
Summarized Financial Data - C45
Summarized Financial Data - Chevron U.S.A. Inc. (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Statement of Income - Chevron U.S.A. Inc. | |||||
Sales and other operating revenues | [1] | $ 29,159 | $ 32,767 | $ 80,073 | $ 101,911 |
Costs and other deductions | 29,031 | 31,531 | 85,647 | 102,178 | |
Net income (loss) attributable to CUSA | $ 1,283 | $ 2,037 | (912) | 5,175 | |
Chevron U.S.A. Inc. [Member] | |||||
Statement of Income - Chevron U.S.A. Inc. | |||||
Sales and other operating revenues | 60,882 | 77,434 | |||
Costs and other deductions | 63,596 | 78,116 | |||
Net income (loss) attributable to CUSA | $ (917) | $ 424 | |||
[1] | Includes excise, value-added and similar taxes: 1,772; 1,800; 5,208; 5,642 |
Summarized Financial Data - C46
Summarized Financial Data - Chevron U.S.A. Inc. (Details 1) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Balance Sheet - Chevron U.S.A. Inc. | ||||
Current assets | $ 28,873 | $ 34,430 | ||
Current liabilities | 24,744 | 25,467 | ||
Total CUSA net equity | 147,952 | 153,886 | $ 155,938 | $ 156,191 |
Chevron U.S.A. Inc. [Member] | ||||
Balance Sheet - Chevron U.S.A. Inc. | ||||
Current assets | 9,872 | 9,097 | ||
Other assets | 56,004 | 59,170 | ||
Current liabilities | 13,268 | 13,664 | ||
Other liabilities | 21,992 | 28,465 | ||
Total CUSA net equity | 30,616 | 26,138 | ||
Memo: Total debt | $ 9,457 | $ 14,462 |
Summarized Financial Data - T47
Summarized Financial Data - Tengizchevroil LLP (Details) - Tengizchevroil LLP [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Affiliate Statements Captions [Line Items] | ||
Equity ownership, percentage | 50.00% | |
Percentage of affiliate by summarized financial information | 100.00% | |
Sales and other operating revenues | $ 7,355 | $ 10,215 |
Costs and other deductions | 5,172 | 5,779 |
Net income attributable to TCO | $ 1,534 | $ 3,109 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Periodic Benefit Cost | ||||
Net Periodic Other Benefit Costs | $ 341 | $ 310 | $ 880 | $ 877 |
U.S. [Member] | ||||
Net Periodic Benefit Cost | ||||
Service cost | 123 | 135 | 370 | 404 |
Interest cost | 95 | 125 | 283 | 376 |
Expected return on plan assets | (181) | (195) | (542) | (587) |
Amortization of prior service credits | (2) | (3) | (6) | (7) |
Amortization of actuarial losses | 84 | 89 | 251 | 267 |
Settlement losses | 162 | 87 | 324 | 195 |
Net Periodic Other Benefit Costs | 281 | 238 | 680 | 648 |
International [Member] | ||||
Net Periodic Benefit Cost | ||||
Service cost | 37 | 46 | 120 | 140 |
Interest cost | 68 | 68 | 198 | 209 |
Expected return on plan assets | (61) | (66) | (184) | (196) |
Amortization of prior service credits | 1 | 5 | 11 | 16 |
Amortization of actuarial losses | 14 | 19 | 37 | 60 |
Settlement losses | 1 | 0 | 18 | 0 |
Net Periodic Other Benefit Costs | 60 | 72 | 200 | 229 |
Other Benefits [Member] | ||||
Net Periodic Benefit Cost | ||||
Service cost | 15 | 18 | 45 | 54 |
Interest cost | 32 | 37 | 96 | 112 |
Amortization of prior service credits | 3 | 3 | 10 | 10 |
Amortization of actuarial losses | 5 | 9 | 15 | 26 |
Net Periodic Other Benefit Costs | $ 55 | $ 67 | $ 166 | $ 202 |
Employee Benefits (Details Text
Employee Benefits (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Maximum annual increase percentage to company contribution for retiree medical coverage | 4.00% |
Defined benefit plan, estimated future employer contributions in next fiscal year beginning after the date of the latest statement of financial position | $ 800 |
Defined benefit plan, contributions by employer to employee pension plan | 697 |
Contribution to other post retirement plans | 143 |
Defined benefit plan, expected contributions during the remaining of fiscal year | 48 |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, estimated future employer contributions in next fiscal year beginning after the date of the latest statement of financial position | 400 |
Defined benefit plan, contributions by employer to employee pension plan | 388 |
International [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, estimated future employer contributions in next fiscal year beginning after the date of the latest statement of financial position | $ 400 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense (benefit) | $ (192) | $ 727 | $ (1,803) | $ 1,787 | |
Effective tax rates | (17.00%) | 26.00% | 67.00% | 25.00% | |
Effective tax rate, excluding effects of equity earnings | (45.00%) | 41.00% | 44.00% | 46.00% | |
Effective tax rate, excluding effects of equity earnings, period decrease | (86.00%) | (2.00%) | |||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Prepaid Expenses and Other Current Assets [Member] | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Deferred income tax assets, net | $ (917) | ||||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Deferred Charges and Other Assets [Member] | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Deferred income tax assets, net | (603) | ||||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accrued Income Taxes Current [Member] | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Deferred income tax liabilities, net | (996) | ||||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Deferred Tax Liabilities, Net, Noncurrent [Member] | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Deferred income tax liabilities, net | $ (524) |
Assets Held For Sale (Details)
Assets Held For Sale (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 3,893 | $ 1,449 |
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 3,890 |
Litigation (Details)
Litigation (Details) $ in Millions | Jul. 22, 2016USD ($) | Jul. 02, 2013USD ($) | Aug. 03, 2012USD ($) | Feb. 14, 2011USD ($) | Sep. 30, 2010USD ($) | Aug. 31, 2010 | Sep. 30, 2016LegalMatter | Dec. 31, 1993breach | Nov. 13, 2013USD ($) | Nov. 06, 2012 | Jan. 03, 2012 | Dec. 31, 2008USD ($) | Dec. 31, 1998USD ($) |
Loss Contingencies [Line Items] | |||||||||||||
Number of contract breaches | breach | 7 | ||||||||||||
MTBE [Member] | Pending Litigation [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Pending lawsuits and claims (in number of claims) | LegalMatter | 6 | ||||||||||||
Ecuador [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Litigation settlement, amount | $ 96 | ||||||||||||
Litigation Settlement, Amount, Including Interest | $ 113 | ||||||||||||
Ecuador [Member] | Pending Litigation [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Remediation program | $ 40 | ||||||||||||
Conducted remediation program (in years) | 3 years | ||||||||||||
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 | ||||||||||||
Amount assessed in damages | $ 8,600 | $ 9,500 | |||||||||||
Amount assessed for plaintiffs representatives | 900 | ||||||||||||
Additional amount assessed in punitive damages | $ 8,600 | ||||||||||||
Public apology date within judgment/clarification ruling (in days) | 15 days | ||||||||||||
Proposed additional payment for plaintiff attorney fees as percentage of judgment | 0.10% | ||||||||||||
Litigation settlement, amount | $ 19,100 | ||||||||||||
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 [Member] | Pending Litigation [Member] | Minimum [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Approximate damages on plaintiffs' submission | $ 16,000 | ||||||||||||
Approximate unjust enrichment on plaintiffs' submission | 5,000 | ||||||||||||
Ecuador [Member] | Pending Litigation [Member] | Maximum [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Approximate damages on plaintiffs' submission | 76,000 | ||||||||||||
Approximate unjust enrichment on plaintiffs' submission | $ 38,000 | ||||||||||||
Embargo Order [Member] | Ecuador [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Litigation settlement, amount | $ 96 | ||||||||||||
Declatory Relief Claim [Member] | Ecuador [Member] | Pending Litigation [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Pending lawsuits and claims (in number of claims) | LegalMatter | 1 | ||||||||||||
Discovery Stay On Claims [Member] | Ecuador [Member] | Pending Litigation [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Pending lawsuits and claims (in number of claims) | LegalMatter | 8 |
Other Contingencies and Commi53
Other Contingencies and Commitments (Details) | Nov. 07, 2011bbl | Sep. 30, 2016 | Aug. 27, 2015Employee | Mar. 14, 2012Employee | Dec. 31, 2009USD ($) |
Loss Contingencies [Line Items] | |||||
Indemnifications acquirer environmental liabilities max obligation | $ | $ 200,000,000 | ||||
Indemnification expiration | 2022-04 | ||||
Number of employees charged | 11 | ||||
Dismissal of charges, number of employees | 11 | ||||
BRAZIL [Member] | |||||
Loss Contingencies [Line Items] | |||||
Emitted of barrels of oil | bbl | 2,400 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Marketable Securities | $ 321 | $ 310 |
Derivatives | 9 | 205 |
Total Assets at Fair Value | 330 | 515 |
Derivatives | 63 | 53 |
Total Liabilities at Fair Value | 63 | 53 |
Level 1 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Marketable Securities | 321 | 310 |
Derivatives | 5 | 189 |
Total Assets at Fair Value | 326 | 499 |
Derivatives | 29 | 47 |
Total Liabilities at Fair Value | 29 | 47 |
Level 2 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Marketable Securities | 0 | 0 |
Derivatives | 4 | 16 |
Total Assets at Fair Value | 4 | 16 |
Derivatives | 34 | 6 |
Total Liabilities at Fair Value | 34 | 6 |
Level 3 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Marketable Securities | 0 | 0 |
Derivatives | 0 | 0 |
Total Assets at Fair Value | 0 | 0 |
Derivatives | 0 | 0 |
Total Liabilities at Fair Value | $ 0 | $ 0 |
Fair Value Measurements (Deta55
Fair Value Measurements (Details 1) - Fair Value, Measurements, Nonrecurring [Member] $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ||
Properties, plant and equipment, net (held and used) | $ 178 | $ 178 |
Properties, plant and equipment, net (held for sale) | 19 | 19 |
Investments and advances | 1 | 1 |
Total Assets at Fair Value | 198 | 198 |
Properties, plant and equipment, net (held and used), Before-Tax Loss | 92 | 2,427 |
Properties, plant and equipment, net (held for sale), Before-Tax Loss | 4 | 545 |
Investments and advances, Before Tax Loss | 12 | 230 |
Total Assets at Fair Value, Before-Tax Loss | 108 | 3,202 |
Level 1 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ||
Properties, plant and equipment, net (held and used) | 0 | 0 |
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 0 | 0 |
Total Assets at Fair Value | 0 | 0 |
Level 2 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ||
Properties, plant and equipment, net (held and used) | 0 | 0 |
Properties, plant and equipment, net (held for sale) | 19 | 19 |
Investments and advances | 0 | 0 |
Total Assets at Fair Value | 19 | 19 |
Level 3 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ||
Properties, plant and equipment, net (held and used) | 178 | 178 |
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 1 | 1 |
Total Assets at Fair Value | $ 179 | $ 179 |
Fair Value Measurements (Deta56
Fair Value Measurements (Details Textual) - USD ($) $ in Billions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 7.4 | $ 11 |
Restricted cash | 0.9 | 1.1 |
Level 1 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | 31.8 | |
Level 2 [Member] | Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | 0.8 | |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, net carrying value | 31.5 | 25.6 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, net carrying value | $ 32.6 | $ 25.9 |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Maturity period of primarily bank time deposits, maximum, classified as cash equivalents and money market funds (in days) | 90 days |
Financial and Derivative Inst57
Financial and Derivative Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Assets at Fair Value | $ 9 | $ 205 |
Total Liabilities at Fair Value | 63 | 53 |
Commodity [Member] | Accounts and notes receivable, net [Member] | ||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Assets at Fair Value | 5 | 200 |
Commodity [Member] | Long term receivables, net [Member] | ||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Assets at Fair Value | 4 | 5 |
Commodity [Member] | Accounts payable [Member] | ||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Liabilities at Fair Value | 57 | 51 |
Commodity [Member] | Deferred credits and other noncurrent obligations [Member] | ||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Liabilities at Fair Value | $ 6 | $ 2 |
Financial and Derivative Inst58
Financial and Derivative Instruments (Details 1) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (22) | $ 234 | $ (212) | $ 72 |
Commodity [Member] | Sales and other operating revenues [Member] | ||||
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (23) | 211 | (194) | 59 |
Commodity [Member] | Purchased crude oil and products [Member] | ||||
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 4 | 18 | (17) | 19 |
Commodity [Member] | Other income [Member] | ||||
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (3) | $ 5 | $ (1) | $ (6) |
Financial and Derivative Inst59
Financial and Derivative Instruments (Details 2) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Offsetting Assets [Abstract] | ||
Derivative Assets, Gross Amount Recognized | $ 1,266 | $ 2,459 |
Derivative Assets, Gross Amounts Offset | 1,257 | 2,254 |
Derivative Assets, Net Amounts Presented | 9 | 205 |
Derivative Assets, Gross Amounts Not Offset | 0 | 0 |
Derivative Assets, Net Amount | 9 | 205 |
Offsetting Liabilities [Abstract] | ||
Derivative Liabilities, Gross Amount Recognized | 1,320 | 2,307 |
Derivative Liabilities, Gross Amounts Offset | 1,257 | 2,254 |
Derivative Liabilities, Net Amounts Presented | 63 | 53 |
Derivative Liabilities, Gross Amounts Not Offset | 0 | 0 |
Derivative Liabilities, Net Amount | $ 63 | $ 53 |
Restructuring and Reorganizat60
Restructuring and Reorganization Costs (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance at January 1, 2016 | $ 293 |
Accruals/Adjustments | 85 |
Payments | (299) |
Balance at September 30, 2016 | $ 79 |
Accounting for Suspended Expl61
Accounting for Suspended Exploratory Wells (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Accounting for Suspended Exploratory Wells [Abstract] | |
Capitalized cost of exploratory wells | $ 3,500 |
Increase in capitalized cost of suspended wells from the prior year end | 143 |
Capitalized exploratory well cost, charged to expense | $ 46 |