Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 10, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-00368 | ||
Entity Registrant Name | Chevron Corp | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 94-0890210 | ||
Entity Address, Address Line One | 6001 Bollinger Canyon Road | ||
Entity Address, City or Town | San Ramon, | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94583-2324 | ||
City Area Code | 925 | ||
Local Phone Number | 842-1000 | ||
Title of 12(b) Security | Common stock, par value $.75 per share | ||
Trading Symbol | CVX | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 236.2 | ||
Entity Common Stock, Shares Outstanding | 1,879,324,765 | ||
Documents Incorporated by Reference | Notice of the 2020 Annual Meeting and 2020 Proxy Statement, to be filed pursuant to Rule 14a-6(b) under the Securities Exchange Act of 1934, in connection with the company’s 2020 Annual Meeting of Stockholders (in Part III) | ||
Entity Central Index Key | 0000093410 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenues and Other Income | ||||
Sales and other operating revenues | [1] | $ 139,865 | $ 158,902 | |
Sales and other operating revenues | [1] | $ 134,674 | ||
Income from equity affiliates | 3,968 | 6,327 | 4,438 | |
Other income | 2,683 | 1,110 | 2,610 | |
Total Revenues and Other Income | 146,516 | 166,339 | 141,722 | |
Costs and Other Deductions | ||||
Purchased crude oil and products | 80,113 | 94,578 | 75,765 | |
Operating expenses | 21,385 | 20,544 | 19,127 | |
Selling, general and administrative expenses | 4,143 | 3,838 | 4,110 | |
Exploration expenses | 770 | 1,210 | 864 | |
Depreciation, depletion and amortization | 29,218 | 19,419 | 19,349 | |
Taxes other than on income | [1] | 4,136 | 4,867 | 12,331 |
Interest and debt expense | 798 | 748 | 307 | |
Other components of net periodic benefit costs | 417 | 560 | 648 | |
Total Costs and Other Deductions | 140,980 | 145,764 | 132,501 | |
Income (Loss) Before Income Tax Expense | 5,536 | 20,575 | 9,221 | |
Income Tax Expense (Benefit) | 2,691 | 5,715 | (48) | |
Net Income (Loss) | 2,845 | 14,860 | 9,269 | |
Less: Net income attributable to noncontrolling interests | (79) | 36 | 74 | |
Net Income (Loss) Attributable to Chevron Corporation | $ 2,924 | $ 14,824 | $ 9,195 | |
Net Income (Loss) Attributable to Chevron Corporation | ||||
– Basic (in dollars per share) | $ 1.55 | $ 7.81 | $ 4.88 | |
– Diluted (in dollars per share) | $ 1.54 | $ 7.74 | $ 4.85 | |
[1] | 2017 include excise, value-added and similar taxes of $7,189, collected on behalf of third parties. Beginning in 2018, these taxes are netted in "Taxes other than on income" in accordance with Accounting Standards Update (ASU) 2014-09. Refer to Note 24, "Revenue" beginning on page 89. |
Consolidated Statement of Inc_2
Consolidated Statement of Income (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Income Statement [Abstract] | |
Excise, value-added and similar taxes | $ 7,189 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 2,845 | $ 14,860 | $ 9,269 |
Currency translation adjustment | |||
Unrealized net change arising during period | (18) | (19) | 57 |
Unrealized holding gain (loss) on securities | |||
Net gain (loss) arising during period | 2 | (5) | (3) |
Derivatives | |||
Net derivatives loss on hedge transactions | (1) | 0 | 0 |
Reclassification to net income of net realized gain | 0 | 0 | 0 |
Income taxes on derivatives transactions | 3 | 0 | 0 |
Total | 2 | 0 | 0 |
Actuarial gain (loss) | |||
Amortization to net income of net actuarial loss and settlements | 519 | 792 | 817 |
Actuarial gain (loss) arising during period | (2,404) | 85 | (571) |
Prior service credits (cost) | |||
Amortization to net income of net prior service costs and curtailments | 4 | (13) | (20) |
Prior service (costs) credits arising during period | (28) | (26) | (1) |
Defined benefit plans sponsored by equity affiliates - benefit (cost) | (33) | 23 | 19 |
Income (taxes) benefit on defined benefit plans | 510 | (230) | (44) |
Total | (1,432) | 631 | 200 |
Other Comprehensive Gain (Loss), Net of Tax | (1,446) | 607 | 254 |
Comprehensive Income | 1,399 | 15,467 | 9,523 |
Comprehensive loss (income) attributable to noncontrolling interests | 79 | (36) | (74) |
Comprehensive Income (Loss) Attributable to Chevron Corporation | $ 1,478 | $ 15,431 | $ 9,449 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets | |||
Cash and cash equivalents | $ 5,686 | $ 9,342 | |
Time deposits | 0 | 950 | |
Marketable securities | 63 | 53 | |
Accounts and notes receivable (less allowance: 2019 - $746; 2018 - $869) | 13,325 | 15,050 | |
Inventories: | |||
Crude oil and petroleum products | 3,722 | 3,383 | |
Chemicals | 492 | 487 | |
Materials, supplies and other | 1,634 | 1,834 | |
Total inventories | 5,848 | 5,704 | |
Prepaid expenses and other current assets | 3,407 | 2,922 | |
Total Current Assets | 28,329 | 34,021 | |
Long-term receivables, net | 1,511 | 1,942 | |
Investments and advances | 38,688 | 35,546 | |
Properties, plant and equipment, at cost | 326,722 | ||
Properties, plant and equipment, at cost | 340,244 | ||
Less: Accumulated depreciation, depletion and amortization | 176,228 | ||
Less: Accumulated depreciation, depletion and amortization | 171,037 | ||
Properties, plant and equipment, net | 150,494 | ||
Properties, plant and equipment, net | 169,207 | ||
Deferred charges and other assets | 10,532 | 6,766 | |
Goodwill | 4,463 | 4,518 | |
Assets held for sale | 3,411 | 1,863 | |
Total Assets | 237,428 | 253,863 | |
Liabilities and Equity | |||
Short-term debt | 3,282 | 5,726 | |
Accounts payable | 14,103 | 13,953 | |
Accrued liabilities | 6,589 | 4,927 | |
Federal and other taxes on income | 1,554 | 1,628 | |
Other taxes payable | 1,002 | 937 | |
Total Current Liabilities | 26,530 | 27,171 | |
Long-term debt | [1] | 23,691 | 28,733 |
Deferred credits and other noncurrent obligations | 20,445 | 19,742 | |
Noncurrent deferred income taxes | 13,688 | 15,921 | |
Noncurrent employee benefit plans | 7,866 | 6,654 | |
Total Liabilities | [2] | 92,220 | 98,221 |
Preferred stock (authorized 100,000,000 shares; $1.00 par value; none issued) | 0 | 0 | |
Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares issued at December 31, 2019 and 2018) | 1,832 | 1,832 | |
Capital in excess of par value | 17,265 | 17,112 | |
Retained earnings | 174,945 | 180,987 | |
Accumulated other comprehensive losses | (4,990) | (3,544) | |
Deferred compensation and benefit plan trust | (240) | (240) | |
Treasury stock, at cost (2019 - 560,508,479 shares; 2018 - 539,838,890 shares) | (44,599) | (41,593) | |
Total Chevron Corporation Stockholders’ Equity | 144,213 | 154,554 | |
Noncontrolling interests | 995 | 1,088 | |
Total Equity | 145,208 | 155,642 | |
Total Liabilities and Equity | $ 237,428 | $ 253,863 | |
[1] | Includes finance lease liabilities of $282 and $127 at December 31, 2019 and 2018, respectively. | ||
[2] | Refer to Note 22, "Other Contingencies and Commitments" beginning on page 87. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts and notes receivable, current | $ 746 | $ 869 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, par value (usd per share) | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 6,000,000,000 | 6,000,000,000 |
Common stock, par value (usd per share) | $ 0.75 | $ 0.75 |
Common stock, shares issued (in shares) | 2,442,676,580 | 2,442,676,580 |
Treasury stock, shares (in shares) | 560,508,479 | 539,838,890 |
Finance lease liabilities | $ 282 | |
Finance lease liabilities | $ 127 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities | |||
Net Income (Loss) | $ 2,845 | $ 14,860 | $ 9,269 |
Adjustments | |||
Depreciation, depletion and amortization | 29,218 | 19,419 | 19,349 |
Dry hole expense | 172 | 687 | 198 |
Distributions less than income from equity affiliates | (2,073) | (3,580) | (2,380) |
Net before-tax gains on asset retirements and sales | (1,367) | (619) | (2,195) |
Net foreign currency effects | 272 | 123 | 131 |
Deferred income tax provision | (1,966) | 1,050 | (3,203) |
Net decrease (increase) in operating working capital | 1,494 | (718) | 520 |
Decrease (increase) in long-term receivables | 502 | 418 | (368) |
Net decrease (increase) in other deferred charges | (69) | 0 | (254) |
Cash contributions to employee pension plans | (1,362) | (1,035) | (980) |
Other | (352) | 13 | 251 |
Net Cash Provided by Operating Activities | 27,314 | 30,618 | 20,338 |
Investing Activities | |||
Capital expenditures | (14,116) | (13,792) | (13,404) |
Proceeds and deposits related to asset sales and returns of investment | 2,951 | 2,392 | 5,096 |
Net maturities of (investments in) time deposits | 950 | (950) | 0 |
Net sales (purchases) of marketable securities | 2 | (51) | 4 |
Net repayment (borrowing) of loans by equity affiliates | (1,245) | 111 | (16) |
Net Cash Used for Investing Activities | (11,458) | (12,290) | (8,320) |
Financing Activities | |||
Net borrowings (repayments) of short-term obligations | (2,821) | 2,021 | (5,142) |
Proceeds from issuances of long-term debt | 0 | 218 | 3,991 |
Repayments of long-term debt and other financing obligations | (5,025) | (6,741) | (6,310) |
Cash dividends - common stock | (8,959) | (8,502) | (8,132) |
Distributions to noncontrolling interests | (18) | (91) | (78) |
Net sales (purchases) of treasury shares | (2,935) | (604) | 1,117 |
Net Cash Provided by (Used for) Financing Activities | (19,758) | (13,699) | (14,554) |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 332 | (91) | 65 |
Net Change in Cash, Cash Equivalents and Restricted Cash | (3,570) | 4,538 | (2,471) |
Cash, Cash Equivalents and Restricted Cash at January 1 | 10,481 | 5,943 | 8,414 |
Cash, Cash Equivalents and Restricted Cash at December 31 | $ 6,911 | $ 10,481 | $ 5,943 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) $ in Millions | Total | Common Stock | [1] | Retained Earnings | Acc. Other Comprehensive Income (Loss) | Treasury Stock (at cost) | Chevron Corp. Stockholders' Equity | Noncontrolling Interests | |
Balance at January 1 at Dec. 31, 2016 | $ 146,722 | $ 18,187 | $ 173,046 | $ (3,843) | $ (41,834) | $ 145,556 | $ 1,166 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury stock transactions | 253 | 253 | 253 | ||||||
Net Income (Loss) | 9,269 | 9,195 | 9,195 | 74 | |||||
Cash dividends | (8,210) | (8,132) | (8,132) | (78) | |||||
Stock dividends | (3) | (3) | (3) | ||||||
Other comprehensive income | 254 | 254 | 254 | ||||||
Purchases of treasury shares | (1) | (1) | (1) | ||||||
Issuances of treasury shares | 1,002 | 1,002 | 1,002 | ||||||
Other changes, net | 33 | 33 | |||||||
Balance at December 31 at Dec. 31, 2017 | $ 149,319 | 18,440 | 174,106 | (3,589) | (40,833) | 148,124 | 1,195 | ||
Beginning balance, shares issued (in shares) at Dec. 31, 2016 | [2] | 2,442,676,580 | |||||||
Beginning balance, treasury shares (in shares) at Dec. 31, 2016 | (551,170,158) | ||||||||
Beginning balance, shares outstanding (in shares) at Dec. 31, 2016 | 1,891,506,422 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Purchases (in shares) | (10,237) | ||||||||
Issuances (in shares) | 13,205,700 | ||||||||
Ending balance, shares issued (in shares) at Dec. 31, 2017 | [2] | 2,442,676,580 | |||||||
Ending balance, treasury shares (in shares) at Dec. 31, 2017 | (537,974,695) | ||||||||
Ending balance, shares outstanding (in shares) at Dec. 31, 2017 | 1,904,701,885 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury stock transactions | $ 264 | 264 | 264 | ||||||
Net Income (Loss) | 14,860 | 14,824 | 14,824 | 36 | |||||
Cash dividends | (8,593) | (8,502) | (8,502) | (91) | |||||
Stock dividends | (3) | (3) | (3) | ||||||
Other comprehensive income | 607 | 607 | 607 | ||||||
Purchases of treasury shares | (1,751) | (1,751) | (1,751) | ||||||
Issuances of treasury shares | 991 | 991 | 991 | ||||||
Other changes, net | (52) | 562 | (562) | (52) | |||||
Balance at December 31 at Dec. 31, 2018 | $ 155,642 | 18,704 | 180,987 | (3,544) | (41,593) | 154,554 | 1,088 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Purchases (in shares) | (14,912,039) | ||||||||
Issuances (in shares) | 13,047,844 | ||||||||
Ending balance, shares issued (in shares) at Dec. 31, 2018 | [2] | 2,442,676,580 | |||||||
Ending balance, treasury shares (in shares) at Dec. 31, 2018 | (539,838,890) | ||||||||
Ending balance, shares outstanding (in shares) at Dec. 31, 2018 | 1,902,837,690 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury stock transactions | $ 153 | 153 | 153 | ||||||
Net Income (Loss) | 2,845 | 2,924 | 2,924 | (79) | |||||
Cash dividends | (8,977) | (8,959) | (8,959) | (18) | |||||
Stock dividends | (3) | (3) | (3) | ||||||
Other comprehensive income | (1,446) | (1,446) | (1,446) | ||||||
Purchases of treasury shares | (4,039) | (4,039) | (4,039) | ||||||
Issuances of treasury shares | 1,033 | 1,033 | 1,033 | ||||||
Other changes, net | 0 | (4) | (4) | 4 | |||||
Balance at December 31 at Dec. 31, 2019 | $ 145,208 | $ 18,857 | $ 174,945 | $ (4,990) | $ (44,599) | $ 144,213 | $ 995 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Purchases (in shares) | (33,955,300) | ||||||||
Issuances (in shares) | 13,285,711 | ||||||||
Ending balance, shares issued (in shares) at Dec. 31, 2019 | [2] | 2,442,676,580 | |||||||
Ending balance, treasury shares (in shares) at Dec. 31, 2019 | (560,508,479) | ||||||||
Ending balance, shares outstanding (in shares) at Dec. 31, 2019 | 1,882,168,101 | ||||||||
[1] | Beginning and ending balances for all periods include capital in excess of par, common stock issued at par for $1,832, and $(240) associated with Chevron's Benefit Plan Trust. Changes reflect capital in excess of par. | ||||||||
[2] | Beginning and ending total issued share balances include 14,168 shares associated with Chevron's Benefit Plan Trust. |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock issued at par | $ 1,832 | $ 1,832 | $ 1,832 | $ 1,832 |
Benefit Plan Trust | $ (240) | $ (240) | $ (240) | $ (240) |
Number of Chevron treasury stocks held in benefit plan trust for funding obligations | 14,168 | 14,168 | 14,168 | 14,168 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America. These require the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and judgments, actual results could differ from these estimates as circumstances change and additional information becomes known. Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary companies more than 50 percent-owned and any variable-interest entities in which the company is the primary beneficiary. Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis. Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately 20 percent to 50 percent, or for which the company exercises significant influence but not control over policy decisions, are accounted for by the equity method. Investments in affiliates are assessed for possible impairment when events indicate that the fair value of the investment may be below the company’s carrying value. When such a condition is deemed to be other than temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in net income. In making the determination as to whether a decline is other than temporary, the company considers such factors as the duration and extent of the decline, the investee’s financial performance, and the company’s ability and intention to retain its investment for a period that will be sufficient to allow for any anticipated recovery in the investment’s market value. The new cost basis of investments in these equity investees is not changed for subsequent recoveries in fair value. Differences between the company’s carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned to the extent practicable to specific assets and liabilities based on the company’s analysis of the various factors giving rise to the difference. When appropriate, the company’s share of the affiliate’s reported earnings is adjusted quarterly to reflect the difference between these allocated values and the affiliate’s historical book values. 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 and Consolidated Statement of Equity. Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or a liability are as follows. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Level 3 inputs are inputs that are not observable in the market. Derivatives The majority of the company’s activity in derivative commodity instruments is intended to manage the financial risk posed by physical transactions. For some of this derivative activity, generally limited to large, discrete or infrequently occurring transactions, the company may elect to apply fair value or cash flow hedge accounting. For other similar derivative instruments, generally because of the short-term nature of the contracts or their limited use, the company does not apply hedge accounting, and changes in the fair value of those contracts are reflected in current income. For the company’s commodity trading activity, gains and losses from derivative instruments are reported in current income. The company may enter into interest rate swaps from time to time as part of its overall strategy to manage the interest rate risk on its debt. Interest rate swaps related to a portion of the company’s fixed-rate debt, if any, may be accounted for as fair value hedges. Interest rate swaps related to floating-rate debt, if any, are recorded at fair value on the balance sheet with resulting gains and losses reflected in income. Where Chevron is a party to master netting arrangements, fair value receivable and payable amounts recognized for derivative instruments executed with the same counterparty are generally offset on the balance sheet. Inventories Crude oil, petroleum products and chemicals inventories are generally stated at cost, using a last-in, first-out method. In the aggregate, these costs are below market. “Materials, supplies and other” inventories are primarily stated at cost or net realizable value. Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation (ARO) assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. Refer to Note 19 , beginning on page 79 , for additional discussion of accounting for suspended exploratory well costs. Long-lived assets to be held and used, including proved crude oil and natural gas properties, are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast), significant change in the extent or manner of use of or a physical change in an asset, and a more-likely-than-not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved crude oil and natural gas properties, the company performs impairment reviews on a country, concession, PSC, development area or field basis, as appropriate. In Downstream, impairment reviews are performed on the basis of a refinery, a plant, a marketing/lubricants area or distribution area, as appropriate. Impairment amounts are recorded as incremental “Depreciation, depletion and amortization” expense. Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the asset is considered impaired and adjusted to the lower value. Refer to Note 7 , beginning on page 65 , relating to fair value measurements. The fair value of a liability for an ARO is recorded as an asset and a liability when there is a legal obligation associated with the retirement of a long-lived asset and the amount can be reasonably estimated. Refer also to Note 2 3 , on page 89 , relating to AROs. Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using the unit-of-production method, generally by individual field, as the proved developed reserves are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. Impairments of capitalized costs of unproved mineral interests are expensed. The capitalized costs of all other plant and equipment are depreciated or amortized over their estimated useful lives. In general, the declining-balance method is used to depreciate plant and equipment in the United States; the straight-line method is generally used to depreciate international plant and equipment and to amortize finance lease right-of-use assets. Gains or losses are not recognized for normal retirements of properties, plant and equipment subject to composite group amortization or depreciation. Gains or losses from abnormal retirements are recorded as expenses, and from sales as “Other income.” Expenditures for maintenance (including those for planned major maintenance projects), repairs and minor renewals to maintain facilities in operating condition are generally expensed as incurred. Major replacements and renewals are capitalized. Goodwill Goodwill resulting from a business combination is not subject to amortization. The company tests such goodwill at the reporting unit level for impairment annually at December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Environmental Expenditures Environmental expenditures that relate to ongoing operations or to conditions caused by past operations are expensed. Expenditures that create future benefits or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments or cleanups or both are probable and the costs can be reasonably estimated. For crude oil, natural gas and mineral-producing properties, a liability for an ARO is made in accordance with accounting standards for asset retirement and environmental obligations. Refer to Note 2 3 , on page 89 , for a discussion of the company’s AROs. For federal Superfund sites and analogous sites under state laws, the company records a liability for its designated share of the probable and estimable costs, and probable amounts for other potentially responsible parties when mandated by the regulatory agencies because the other parties are not able to pay their respective shares. The gross amount of environmental liabilities is based on the company’s best estimate of future costs using currently available technology and applying current regulations and the company’s own internal environmental policies. Future amounts are not discounted. Recoveries or reimbursements are recorded as assets when receipt is reasonably assured. Currency Translation The U.S. dollar is the functional currency for substantially all of the company’s consolidated operations and those of its equity affiliates. For those operations, all gains and losses from currency remeasurement are included in current period income. The cumulative translation effects for those few entities, both consolidated and affiliated, using functional currencies other than the U.S. dollar are included in “Currency translation adjustment” on the Consolidated Statement of Equity. Revenue Recognition The company accounts for each delivery order of crude oil, natural gas, petroleum and chemical products as a separate performance obligation. Revenue is recognized when the performance obligation is satisfied, which typically occurs at the point in time when control of the product transfers to the customer. Payment is generally due within 30 days of delivery. The company accounts for delivery transportation as a fulfillment cost, not a separate performance obligation, and recognizes these costs as an operating expense in the period when revenue for the related commodity is recognized. Revenue is measured as the amount the company expects to receive in exchange for transferring commodities to the customer. The company’s commodity sales are typically based on prevailing market-based prices and may include discounts and allowances. Until market prices become known under terms of the company’s contracts, the transaction price included in revenue is based on the company’s estimate of the most likely outcome. Discounts and allowances are estimated using a combination of historical and recent data trends. When deliveries contain multiple products, an observable standalone selling price is generally used to measure revenue for each product. The company includes estimates in the transaction price only to the extent that a significant reversal of revenue is not probable in subsequent periods. Excise, value-added and similar taxes assessed by a governmental authority on a revenue-producing transaction between a seller and a customer are presented on a net basis in “Taxes other than on income” on the Consolidated Statement of Income, on page 52 . Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported in “Purchased crude oil and products” on the Consolidated Statement of Income. Prior to the adoption of ASC 606 on January 1, 2018, revenues associated with sales of crude oil, natural gas, petroleum and chemicals products, and all other sources were recorded when title passed to the customer, net of royalties, discounts and allowances, as applicable. Revenues from natural gas production from properties in which Chevron has an interest with other producers were generally recognized using the entitlement method. Excise, value-added and similar taxes assessed by a governmental authority on a revenue-producing transaction between a seller and a customer were presented on a gross basis on the Consolidated Statement of Income. Stock Options and Other Share-Based Compensation The company issues stock options and other share-based compensation to certain employees. For equity awards, such as stock options, total compensation cost is based on the grant date fair value, and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period in which an employee becomes eligible to retain the award at retirement. The company’s Long-Term Incentive Plan (LTIP) awards include stock options and stock appreciation rights, which have graded vesting provisions by which one-third of each award vests on each of the first, second and third anniversaries of the date of grant. In addition, performance shares granted under the company’s LTIP will vest at the end of the three -year performance period. For awards granted under the company’s LTIP beginning in 2017, stock options and stock appreciation rights have graded vesting by which one third of each award vests annually on each January 31 on or after the first anniversary of the grant date. Standard restricted stock unit awards have cliff vesting by which the total award will vest on January 31 on or after the fifth anniversary of the grant date, subject to adjustment upon termination pursuant to the satisfaction of certain criteria. The company amortizes these awards on a straight-line basis. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Losses | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Losses | Changes in Accumulated Other Comprehensive Losses The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the year ended December 31, 2019 , are reflected in the table below. Currency Translation Adjustments Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total Balance at December 31, 2016 $ (162 ) $ (2 ) $ (2 ) $ (3,677 ) $ (3,843 ) Components of Other Comprehensive Income (Loss) 1 : Before Reclassifications 57 (3 ) — (310 ) (256 ) Reclassifications 2 — — — 510 510 Net Other Comprehensive Income (Loss) 57 (3 ) — 200 254 Balance at December 31, 2017 $ (105 ) $ (5 ) $ (2 ) $ (3,477 ) $ (3,589 ) Components of Other Comprehensive Income (Loss) 1 : Before Reclassifications (19 ) (5 ) — 28 4 Reclassifications 2 — — — 603 603 Net Other Comprehensive Income (Loss) (19 ) (5 ) — 631 607 Stranded Tax Reclassification to Retained Earnings 3 — — — (562 ) (562 ) Balance at December 31, 2018 $ (124 ) $ (10 ) $ (2 ) $ (3,408 ) $ (3,544 ) Components of Other Comprehensive Income (Loss) 1 : Before Reclassifications (18 ) 2 (1 ) (1,838 ) (1,855 ) Reclassifications 2 — — 3 406 409 Net Other Comprehensive Income (Loss) (18 ) 2 2 (1,432 ) (1,446 ) Balance at December 31, 2019 $ (142 ) $ (8 ) $ — $ (4,840 ) $ (4,990 ) 1 All amounts are net of tax. 2 Refer to Note 21 beginning on page 82 , for reclassified components totaling $523 that are included in employee benefit costs for the year ended December 31, 2019 . Related income taxes for the same period, totaling $117 , are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant. 3 |
Information Relating to the Con
Information Relating to the Consolidated Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Information Relating to the Consolidated Statement of Cash Flows | Information Relating to the Consolidated Statement of Cash Flows Year ended December 31 2019 2018 2017 Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ 1,852 $ 437 $ (915 ) Decrease (increase) in inventories 7 (424 ) (267 ) Decrease (increase) in prepaid expenses and other current assets (323 ) (149 ) 173 Increase (decrease) in accounts payable and accrued liabilities (109 ) (494 ) 998 Increase (decrease) in income and other taxes payable 67 (88 ) 531 Net decrease (increase) in operating working capital $ 1,494 $ (718 ) $ 520 Net cash provided by operating activities includes the following cash payments: Interest on debt (net of capitalized interest) $ 810 $ 736 $ 265 Income taxes 4,817 4,748 3,132 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 2,809 $ 2,000 $ 4,930 Returns of investment from equity affiliates 142 392 166 Proceeds and deposits related to asset sales and returns of investment $ 2,951 $ 2,392 $ 5,096 Net maturities (investments) of time deposits consisted of the following gross amounts: Investments in time deposits $ — $ (950 ) $ — Maturities of time deposits 950 — — Net maturities of (investments in) time deposits $ 950 $ (950 ) $ — Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ (1 ) $ (51 ) $ (3 ) Marketable securities sold 3 — 7 Net sales (purchases) of marketable securities $ 2 $ (51 ) $ 4 Net repayment (borrowing) of loans by equity affiliates: Borrowing of loans by equity affiliates $ (1,350 ) $ — $ (142 ) Repayment of loans by equity affiliates 105 111 126 Net repayment (borrowing) of loans by equity affiliates $ (1,245 ) $ 111 $ (16 ) Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: Proceeds from issuances of short-term obligations $ 2,586 $ 2,486 $ 5,051 Repayments of short-term obligations (1,430 ) (4,136 ) (8,820 ) Net borrowings (repayments) of short-term obligations with three months or less maturity (3,977 ) 3,671 (1,373 ) Net borrowings (repayments) of short-term obligations $ (2,821 ) $ 2,021 $ (5,142 ) Net sales (purchases) of treasury shares consists of the following gross and net amounts: Shares issued for share-based compensation plans $ 1,104 $ 1,147 $ 1,118 Shares purchased under share repurchase and deferred compensation plans (4,039 ) (1,751 ) (1 ) Net sales (purchases) of treasury shares $ (2,935 ) $ (604 ) $ 1,117 The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. The “Other” line in the Operating Activities section includes changes in postretirement benefits obligations and other long-term liabilities. The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. “Depreciation, depletion and amortization,” “Deferred income tax provision,” and “Dry hole expense” collectively include approximately $9.3 billion and $1.1 billion in non-cash reductions recorded in 2019 and 2018, respectively, relating to impairments and other non-cash charges. Refer also to Note 2 3 , on page 89 , for a discussion of revisions to the company’s AROs that also did not involve cash receipts or payments for the three years ending December 31, 2019 . The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory expenditures, including equity affiliates, are presented in the following table: Year ended December 31 2019 2018 2017 Additions to properties, plant and equipment * $ 13,839 $ 13,384 $ 13,222 Additions to investments 140 65 25 Current-year dry hole expenditures 124 344 157 Payments for other assets and liabilities, net 13 (1 ) — Capital expenditures 14,116 13,792 13,404 Expensed exploration expenditures 598 523 666 Assets acquired through finance leases and other obligations 181 75 8 Payments for other assets and liabilities, net (13 ) — — Capital and exploratory expenditures, excluding equity affiliates 14,882 14,390 14,078 Company’s share of expenditures by equity affiliates 6,112 5,716 4,743 Capital and exploratory expenditures, including equity affiliates $ 20,994 $ 20,106 $ 18,821 * Excludes non-cash movements of $(239) in 2019 , $25 in 2018 and $1,183 in 2017 . The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: Year ended December 31 2019 2018 2017 Cash and cash equivalents $ 5,686 $ 9,342 $ 4,813 Restricted cash included in “Prepaid expenses and other current assets” 452 341 405 Restricted cash included in “Deferred charges and other assets” 773 798 725 Total cash, cash equivalents and restricted cash $ 6,911 $ 10,481 $ 5,943 |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | New Accounting Standards Leases (Topic 842) Effective January 1, 2019, Chevron adopted Accounting Standards Update (ASU) 2016-02 and its related amendments. For additional information on the company’s leases, refer to Note 5 beginning on page 62 . Financial Instruments - Credit Losses (Topic 326) In June 2016, the FASB issued ASU 2016-13, which becomes effective for the company beginning January 1, 2020. The standard requires companies to use forward-looking information to calculate credit loss estimates. The company completed the accounting policy and work process changes necessary to meet the standard’s requirements. The company does not expect the implementation of the standard to have a material effect on its consolidated financial statements. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Commitments | Lease Commitments Chevron implemented the new lease standard at the effective date of January 1, 2019. The cumulative-effect adjustment to the opening balance of 2019 retained earnings is de minimis. The company elected the option to apply the transition provisions at the adoption date instead of the earliest comparative period presented in the financial statements. By making this election, the company has not applied retrospective reporting for the comparable periods. The company elected the short-term lease exception provided for in the standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. The company elected the package of practical expedients to not re-evaluate existing contracts as containing a lease or the lease classification unless it was not previously assessed against the lease criteria. In addition, the company did not reassess initial direct costs for any existing leases. The company applied the land easement practical expedient. The company has elected the practical expedient to not separate non-lease components from lease components for most asset classes except for certain asset classes that have significant non-lease (i.e., service) components. The company assessed some contracts, including those for drill ships, drilling rigs, and storage tanks, not previously assessed against the lease criteria, as operating leases under the new standard, increasing the lease commitments by approximately $2 billion . The company enters into leasing arrangements as a lessee; any lessor arrangements are not significant. Leases are classified as operating or finance leases. Both operating and finance leases recognize lease liabilities and associated right-of-use assets. Operating lease arrangements mainly involve drill ships, drilling rigs, time chartered vessels, bareboat charters, terminals, exploration and production equipment, office buildings and warehouses, and land. Finance leases primarily include facilities and vessels. Chevron uses various assumptions and judgments in preparing the quantitative data and qualitative information that is material to the company’s overall lease population. Where leases are used in joint ventures, the company recognizes 100% of the right-of-use assets and lease liabilities when the company is the sole signatory for the lease (in most cases, where the company is the operator of a joint venture). Lease costs reflect only the costs associated with the operator’s working interest share. The lease term includes the committed lease term identified in the contract, taking into account renewal and termination options that management is reasonably certain to exercise. The company uses its incremental borrowing rate as a proxy for the discount rate based on the term of the lease unless the implicit rate is available. Details of the right-of-use assets and lease liabilities for operating and finance leases, including the balance sheet presentation, are as follows: At December 31, 2019 Operating Leases Finance Leases Deferred charges and other assets $ 4,074 $ — Properties, plant and equipment, net — 329 Right-of-use assets 1, 2 $ 4,074 $ 329 Accrued Liabilities $ 1,277 $ — Short-term Debt — 18 Current lease liabilities 1,277 18 Deferred credits and other noncurrent obligations 2,608 — Long-term Debt — 282 Noncurrent lease liabilities 2,608 282 Total lease liabilities $ 3,885 $ 300 Weighted-average remaining lease term (in years) 5.2 16.0 Weighted-average discount rate 3.2 % 4.7 % 1 Capitalized leased assets of $818 are primarily from the Upstream segment, with accumulated amortization of $ 617 at December 31, 2018. 2 Includes non-cash additions of $1,201 and $184 right-of-use assets obtained in exchange for new and modified lease liabilities in 2019 for operating and finance leases, respectively. Total lease costs consist of both amounts recognized in the Consolidated Statement of Income during the period and amounts capitalized as part of the cost of another asset. Total lease costs incurred for operating and finance leases were as follows: Year Ended December 31, 2019 Operating lease costs 1, 2 $ 2,621 Finance lease costs 66 Total lease costs $ 2,687 1 Net rental expense of $816 and $721 for 2018 and 2017, respectively. 2 Includes variable and short-term lease costs. Cash paid for amounts included in the measurement of lease liabilities was as follows: Year Ended December 31, 2019 Operating cash flows from operating leases $ 1,574 Investing cash flows from operating leases 1,047 Operating cash flows from finance leases 13 Financing cash flows from finance leases 24 At December 31, 2019 , the estimated future undiscounted cash flows for operating and finance leases were as follows: At December 31, 2019 Operating Leases Finance Leases Year 2020 $ 1,374 $ 35 2021 1,083 33 2022 546 31 2023 336 31 2024 216 30 Thereafter 696 251 Total $ 4,251 $ 411 Less: Amounts representing interest 366 111 Total lease liabilities $ 3,885 $ 300 Additionally, the company has $ 790 in future undiscounted cash flows for operating leases not yet commenced. These leases are primarily for a drill ship, a facility, a bareboat charter, and a drilling rig. For those leasing arrangements where the underlying asset is not yet constructed, the lessor is primarily involved in the design and construction of the asset. At December 31, 2018, the estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases, which at inception had a noncancelable term of more than one year, were as follows: At December 31, 2018 Operating Leases Capital Leases * Year 2019 $ 540 $ 30 2020 492 22 2021 378 17 2022 242 16 2023 166 16 Thereafter 341 132 Total $ 2,159 $ 233 Less: Amounts representing interest and executory costs (88 ) Net present values 145 Less: Capital lease obligations included in short-term debt (18 ) Long-term capital lease obligations $ 127 * Excluded from the table is an executed but not-yet-commenced capital lease with payments of $14 , $15 , $22 , $21 , $21 and $219 for 2019, 2020, 2021, 2022, 2023 and thereafter, respectively. |
Lease Commitments | Lease Commitments Chevron implemented the new lease standard at the effective date of January 1, 2019. The cumulative-effect adjustment to the opening balance of 2019 retained earnings is de minimis. The company elected the option to apply the transition provisions at the adoption date instead of the earliest comparative period presented in the financial statements. By making this election, the company has not applied retrospective reporting for the comparable periods. The company elected the short-term lease exception provided for in the standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. The company elected the package of practical expedients to not re-evaluate existing contracts as containing a lease or the lease classification unless it was not previously assessed against the lease criteria. In addition, the company did not reassess initial direct costs for any existing leases. The company applied the land easement practical expedient. The company has elected the practical expedient to not separate non-lease components from lease components for most asset classes except for certain asset classes that have significant non-lease (i.e., service) components. The company assessed some contracts, including those for drill ships, drilling rigs, and storage tanks, not previously assessed against the lease criteria, as operating leases under the new standard, increasing the lease commitments by approximately $2 billion . The company enters into leasing arrangements as a lessee; any lessor arrangements are not significant. Leases are classified as operating or finance leases. Both operating and finance leases recognize lease liabilities and associated right-of-use assets. Operating lease arrangements mainly involve drill ships, drilling rigs, time chartered vessels, bareboat charters, terminals, exploration and production equipment, office buildings and warehouses, and land. Finance leases primarily include facilities and vessels. Chevron uses various assumptions and judgments in preparing the quantitative data and qualitative information that is material to the company’s overall lease population. Where leases are used in joint ventures, the company recognizes 100% of the right-of-use assets and lease liabilities when the company is the sole signatory for the lease (in most cases, where the company is the operator of a joint venture). Lease costs reflect only the costs associated with the operator’s working interest share. The lease term includes the committed lease term identified in the contract, taking into account renewal and termination options that management is reasonably certain to exercise. The company uses its incremental borrowing rate as a proxy for the discount rate based on the term of the lease unless the implicit rate is available. Details of the right-of-use assets and lease liabilities for operating and finance leases, including the balance sheet presentation, are as follows: At December 31, 2019 Operating Leases Finance Leases Deferred charges and other assets $ 4,074 $ — Properties, plant and equipment, net — 329 Right-of-use assets 1, 2 $ 4,074 $ 329 Accrued Liabilities $ 1,277 $ — Short-term Debt — 18 Current lease liabilities 1,277 18 Deferred credits and other noncurrent obligations 2,608 — Long-term Debt — 282 Noncurrent lease liabilities 2,608 282 Total lease liabilities $ 3,885 $ 300 Weighted-average remaining lease term (in years) 5.2 16.0 Weighted-average discount rate 3.2 % 4.7 % 1 Capitalized leased assets of $818 are primarily from the Upstream segment, with accumulated amortization of $ 617 at December 31, 2018. 2 Includes non-cash additions of $1,201 and $184 right-of-use assets obtained in exchange for new and modified lease liabilities in 2019 for operating and finance leases, respectively. Total lease costs consist of both amounts recognized in the Consolidated Statement of Income during the period and amounts capitalized as part of the cost of another asset. Total lease costs incurred for operating and finance leases were as follows: Year Ended December 31, 2019 Operating lease costs 1, 2 $ 2,621 Finance lease costs 66 Total lease costs $ 2,687 1 Net rental expense of $816 and $721 for 2018 and 2017, respectively. 2 Includes variable and short-term lease costs. Cash paid for amounts included in the measurement of lease liabilities was as follows: Year Ended December 31, 2019 Operating cash flows from operating leases $ 1,574 Investing cash flows from operating leases 1,047 Operating cash flows from finance leases 13 Financing cash flows from finance leases 24 At December 31, 2019 , the estimated future undiscounted cash flows for operating and finance leases were as follows: At December 31, 2019 Operating Leases Finance Leases Year 2020 $ 1,374 $ 35 2021 1,083 33 2022 546 31 2023 336 31 2024 216 30 Thereafter 696 251 Total $ 4,251 $ 411 Less: Amounts representing interest 366 111 Total lease liabilities $ 3,885 $ 300 Additionally, the company has $ 790 in future undiscounted cash flows for operating leases not yet commenced. These leases are primarily for a drill ship, a facility, a bareboat charter, and a drilling rig. For those leasing arrangements where the underlying asset is not yet constructed, the lessor is primarily involved in the design and construction of the asset. At December 31, 2018, the estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases, which at inception had a noncancelable term of more than one year, were as follows: At December 31, 2018 Operating Leases Capital Leases * Year 2019 $ 540 $ 30 2020 492 22 2021 378 17 2022 242 16 2023 166 16 Thereafter 341 132 Total $ 2,159 $ 233 Less: Amounts representing interest and executory costs (88 ) Net present values 145 Less: Capital lease obligations included in short-term debt (18 ) Long-term capital lease obligations $ 127 * Excluded from the table is an executed but not-yet-commenced capital lease with payments of $14 , $15 , $22 , $21 , $21 and $219 for 2019, 2020, 2021, 2022, 2023 and thereafter, respectively. |
Summarized Financial Data - Che
Summarized Financial Data - Chevron U.S.A. Inc. | 12 Months Ended |
Dec. 31, 2019 | |
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 the refining, marketing, supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method. The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Year ended December 31 2019 2018 2017 Sales and other operating revenues $ 109,314 $ 125,076 $ 104,054 Total costs and other deductions 116,365 121,351 103,904 Net income (loss) attributable to CUSA (5,061 ) 4,334 4,842 At December 31 2019 2018 Current assets $ 13,059 $ 12,819 Other assets 50,796 55,814 Current liabilities 18,291 16,376 Other liabilities 12,565 12,906 Total CUSA net equity $ 32,999 $ 39,351 Memo: Total debt $ 3,222 $ 3,049 Summarized Financial Data – Chevron Phillips Chemical Company LLC Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Refer to Note 13 , on page 72, for a discussion of CPChem operations. Summarized financial information for 100 percent of CPChem is presented in the table below: Year ended December 31 2019 2018 2017 Sales and other operating revenues $ 9,333 $ 11,310 $ 9,063 Costs and other deductions 7,863 9,812 8,126 Net income attributable to CPChem 1,760 2,069 1,446 At December 31 2019 2018 Current assets $ 2,554 $ 2,820 Other assets 14,314 13,790 Current liabilities 1,247 1,281 Other liabilities 3,174 2,892 Total CPChem net equity $ 12,447 $ 12,437 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The tables on the next page show the fair value hierarchy for assets and liabilities measured at fair value on a recurring and nonrecurring basis at December 31, 2019 , and December 31, 2018 . Marketable Securities The company calculates fair value for its marketable securities based on quoted market prices for identical assets. The fair values reflect the cash that would have been received if the instruments were sold at December 31, 2019 . Derivatives The company records its derivative instruments – other than any commodity derivative contracts that are designated as normal purchase and normal sale – on the Consolidated Balance Sheet at fair value, with the offsetting amount to the Consolidated Statement of Income. Derivatives classified as Level 1 include futures, swaps and options contracts traded in active markets such as the New York Mercantile Exchange. Derivatives classified as Level 2 include swaps, options and forward contracts principally with financial institutions and other oil and gas companies, the fair values of which are obtained from third-party broker quotes, industry pricing services and exchanges. The company obtains multiple sources of pricing information for the Level 2 instruments. Since this pricing information is generated from observable market data, it has historically been very consistent. The company does not materially adjust this information. Properties, Plant and Equipment The company reported impairments for certain upstream properties during 2019 primarily due to capital allocation decisions and a lower long-term commodity price outlook. The company did not have any individually material impairments in 2018 . Investments and Advances The company reported impairments for certain upstream equity companies during 2019 primarily due to capital allocation decisions and a lower long-term commodity price outlook. The company did not have any individually material impairments of investments and advances in 2018 . Assets and Liabilities Measured at Fair Value on a Recurring Basis At December 31, 2019 At December 31, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable securities $ 63 $ 63 $ — $ — $ 53 $ 53 $ — $ — Derivatives 11 1 10 — 283 185 98 — Total assets at fair value $ 74 $ 64 $ 10 $ — $ 336 $ 238 $ 98 $ — Derivatives 74 26 48 — 12 — 12 — Total liabilities at fair value $ 74 $ 26 $ 48 $ — $ 12 $ — $ 12 $ — Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis At December 31 At December 31 Before-Tax Loss Before-Tax Loss Total Level 1 Level 2 Level 3 Year 2019 Total Level 1 Level 2 Level 3 Year 2018 Properties, plant and equipment, net (held and used) $ 2,177 $ — $ — $ 2,177 $ 2,095 $ 102 $ — $ 62 $ 40 $ 97 Properties, plant and equipment, net (held for sale) 1,412 — 1,412 — 8,702 1,694 — 1,273 421 638 Investments and advances 52 — 30 22 594 81 — 20 61 69 Total nonrecurring assets at fair value $ 3,641 $ — $ 1,442 $ 2,199 $ 11,391 $ 1,877 $ — $ 1,355 $ 522 $ 804 Assets and Liabilities Not Required to Be Measured at Fair Value The company holds cash equivalents and time deposits in U.S. and non-U.S. portfolios. The instruments classified as cash equivalents are primarily bank time deposits with maturities of 90 days or less and money market funds. “Cash and cash equivalents” had carrying/fair values of $5,686 and $9,342 at December 31, 2019 , and December 31, 2018 , respectively. The instruments held in “Time deposits” are bank time deposits with maturities greater than 90 days and had carrying/fair values of zero and $950 at December 31, 2019 , and December 31, 2018 , respectively. The fair values of cash, cash equivalents and bank time deposits are classified as Level 1 and reflect the cash that would have been received if the instruments were settled at December 31, 2019 . “Cash and cash equivalents” do not include investments with a carrying/fair value of $1,225 and $1,139 at December 31, 2019 , and December 31, 2018 , respectively. At December 31, 2019 , these investments are classified as Level 1 and include restricted funds related to certain upstream decommissioning activities, refundable deposits held in escrow related to pending asset sales, tax payments and a financing program, which are reported in “Deferred charges and other assets” on the Consolidated Balance Sheet. Long-term debt, excluding finance lease liabilities, of $13,659 and $18,706 at December 31, 2019 , and December 31, 2018 , respectively, had estimated fair values of $14,326 and $18,729 , respectively. Long-term debt primarily includes corporate issued bonds. The fair value of corporate bonds is $13,460 and classified as Level 1. The fair value of other long-term debt is $866 and classified as Level 2. The carrying values of short-term financial assets and liabilities on the Consolidated Balance Sheet approximate their fair values. Fair value remeasurements of other financial instruments at December 31, 2019 and 2018 |
Financial and Derivative Instru
Financial and Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial and Derivative Instruments | Financial and Derivative Instruments Derivative Commodity Instruments The company’s derivative commodity instruments principally include crude oil, natural gas and refined product futures, swaps, options, and forward contracts. None of the company’s derivative instruments is designated as a hedging instrument, although certain of the company’s affiliates make such designation. The company’s derivatives are not material to the company’s financial position, results of operations or liquidity. The company believes it has no material market or credit risks to its operations, financial position or liquidity as a result of its commodity derivative activities. The company uses derivative commodity instruments traded on the New York Mercantile Exchange and on electronic platforms of the Inter-Continental Exchange and Chicago Mercantile Exchange. In addition, the company enters into swap contracts and option contracts principally with major financial institutions and other oil and gas companies in the “over-the-counter” markets, which are governed by International Swaps and Derivatives Association agreements and other master netting arrangements. Depending on the nature of the derivative transactions, bilateral collateral arrangements may also be required. Derivative instruments measured at fair value at December 31, 2019 , December 31, 2018 , and December 31, 2017 , and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are below: Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments At December 31 Type of Contract Balance Sheet Classification 2019 2018 Commodity Accounts and notes receivable, net $ 11 $ 279 Commodity Long-term receivables, net — 4 Total assets at fair value $ 11 $ 283 Commodity Accounts payable $ 74 $ 12 Commodity Deferred credits and other noncurrent obligations — — Total liabilities at fair value $ 74 $ 12 Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments Gain/(Loss) Type of Derivative Statement of Year ended December 31 Contract Income Classification 2019 2018 2017 Commodity Sales and other operating revenues $ (291 ) $ 135 $ (105 ) Commodity Purchased crude oil and products (17 ) (33 ) (9 ) Commodity Other income (2 ) 3 (2 ) $ (310 ) $ 105 $ (116 ) The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2019 and December 31, 2018 . Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amounts At December 31, 2019 Derivative Assets $ 656 $ 645 $ 11 $ — $ 11 Derivative Liabilities $ 719 $ 645 $ 74 $ — $ 74 At December 31, 2018 Derivative Assets $ 3,685 $ 3,402 $ 283 $ — $ 283 Derivative Liabilities $ 3,414 $ 3,402 $ 12 $ — $ 12 Derivative assets and liabilities are classified on the Consolidated Balance Sheet as accounts and notes receivable, long-term receivables, accounts payable, and deferred credits and other noncurrent obligations. Amounts not offset on the Consolidated Balance Sheet represent positions that do not meet all the conditions for “a right of offset.” Concentrations of Credit Risk The company’s financial instruments that are exposed to concentrations of credit risk consist primarily of its cash equivalents, time deposits, marketable securities, derivative financial instruments and trade receivables. The company’s short-term investments are placed with a wide array of financial institutions with high credit ratings. Company investment policies limit the company’s exposure both to credit risk and to concentrations of credit risk. Similar policies on diversification and creditworthiness are applied to the company’s counterparties in derivative instruments. |
Assets Held For Sale
Assets Held For Sale | 12 Months Ended |
Dec. 31, 2019 | |
Assets Held For Sale [Abstract] | |
Assets Held For Sale | Assets Held for Sale At December 31, 2019 , the company classified $3,411 of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet. These assets are associated with upstream operations that are anticipated to be sold in the next 12 months. The revenues and earnings contributions of these assets in 2019 were not material. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | Equity Retained earnings at December 31, 2019 and 2018 , included $25,319 and $22,362 , respectively, for the company’s share of undistributed earnings of equity affiliates. At December 31, 2019 , about 72 million shares of Chevron’s common stock remained available for issuance from the 260 million shares that were reserved for issuance under the Chevron Long-Term Incentive Plan. In addition, 688,303 shares remain available for issuance from the 1,600,000 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share (EPS) is based upon “Net Income (Loss) Attributable to Chevron Corporation” (“earnings”) and includes the effects of deferrals of salary and other compensation awards that are invested in Chevron stock units by certain officers and employees of the company. Diluted EPS includes the effects of these items as well as the dilutive effects of outstanding stock options awarded under the company’s stock option programs (refer to Note 20 , “Stock Options and Other Share-Based Compensation,” beginning on page 80 Year ended December 31 2019 2018 2017 Basic EPS Calculation Earnings available to common stockholders - Basic 1 $ 2,924 $ 14,824 $ 9,195 Weighted-average number of common shares outstanding 2 1,882 1,897 1,882 Add: Deferred awards held as stock units — 1 1 Total weighted-average number of common shares outstanding 1,882 1,898 1,883 Earnings per share of common stock - Basic $ 1.55 $ 7.81 $ 4.88 Diluted EPS Calculation Earnings available to common stockholders - Diluted 1 $ 2,924 $ 14,824 $ 9,195 Weighted-average number of common shares outstanding 2 1,882 1,897 1,882 Add: Deferred awards held as stock units — 1 1 Add: Dilutive effect of employee stock-based awards 13 16 15 Total weighted-average number of common shares outstanding 1,895 1,914 1,898 Earnings per share of common stock - Diluted $ 1.54 $ 7.74 $ 4.85 1 There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. 2 Millions of shares. |
Operating Segments and Geograph
Operating Segments and Geographic Data | 12 Months Ended |
Dec. 31, 2019 | |
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 activities. 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 are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Nonbillable costs remain at the corporate level in “All Other.” Earnings by major operating area are presented in the following table: Year ended December 31 2019 2018 2017 Upstream United States $ (5,094 ) $ 3,278 $ 3,640 International 7,670 10,038 4,510 Total Upstream 2,576 13,316 8,150 Downstream United States 1,559 2,103 2,938 International 922 1,695 2,276 Total Downstream 2,481 3,798 5,214 Total Segment Earnings 5,057 17,114 13,364 All Other Interest expense (761 ) (713 ) (264 ) Interest income 181 137 60 Other (1,553 ) (1,714 ) (3,965 ) Net Income (Loss) Attributable to Chevron Corporation $ 2,924 $ 14,824 $ 9,195 Segment Assets Segment assets do not include intercompany investments or receivables. Assets at year-end 2019 and 2018 are as follows: At December 31 2019 2018 Upstream United States $ 35,926 $ 42,594 International 145,648 153,861 Goodwill 4,463 4,518 Total Upstream 186,037 200,973 Downstream United States 25,197 23,866 International 16,955 15,622 Total Downstream 42,152 39,488 Total Segment Assets 228,189 240,461 All Other United States 3,475 5,100 International 5,764 8,302 Total All Other 9,239 13,402 Total Assets – United States 64,598 71,560 Total Assets – International 168,367 177,785 Goodwill 4,463 4,518 Total Assets $ 237,428 $ 253,863 Segment Sales and Other Operating Revenues Operating segment sales and other operating revenues, including internal transfers, for the years 2019 , 2018 and 2017 , are presented in the table on the next page. 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. Year ended December 31 1 2019 2018 2017 Upstream United States $ 23,358 $ 22,891 $ 13,242 International 35,628 37,822 28,680 Subtotal 58,986 60,713 41,922 Intersegment Elimination — United States (14,944 ) (13,965 ) (9,341 ) Intersegment Elimination — International (12,335 ) (13,679 ) (11,471 ) Total Upstream 31,707 33,069 21,110 Downstream United States 55,271 59,376 53,140 International 57,654 70,095 61,395 Subtotal 112,925 129,471 114,535 Intersegment Elimination — United States (3,924 ) (2,742 ) (14 ) Intersegment Elimination — International (1,089 ) (1,132 ) (1,166 ) Total Downstream 107,912 125,597 113,355 All Other United States 1,064 1,022 1,022 International 20 22 26 Subtotal 1,084 1,044 1,048 Intersegment Elimination — United States (818 ) (786 ) (814 ) Intersegment Elimination — International (20 ) (22 ) (25 ) Total All Other 246 236 209 Sales and Other Operating Revenues United States 79,693 83,289 67,404 International 93,302 107,939 90,101 Subtotal 172,995 191,228 157,505 Intersegment Elimination — United States (19,686 ) (17,493 ) (10,169 ) Intersegment Elimination — International (13,444 ) (14,833 ) (12,662 ) Total Sales and Other Operating Revenues $ 139,865 $ 158,902 $ 134,674 1 Other than the United States, no other country accounted for 10 percent or more of the company’s Sales and Other Operating Revenues. Segment Income Taxes Segment income tax expense for the years 2019 , 2018 and 2017 is as follows: Year ended December 31 2019 2018 2017 Upstream United States $ (1,550 ) $ 811 $ (3,538 ) International 3,492 4,687 2,249 Total Upstream 1,942 5,498 (1,289 ) Downstream United States 392 534 (419 ) International 170 328 650 Total Downstream 562 862 231 All Other 187 (645 ) 1,010 Total Income Tax Expense (Benefit) $ 2,691 $ 5,715 $ (48 ) Other Segment Information Additional information for the segmentation of major equity affiliates is contained in Note 13 , on page 71 . Information related to properties, plant and equipment by segment is contained in Note 16 , on page 77 . |
Investments and Advances
Investments and Advances | 12 Months Ended |
Dec. 31, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments and Advances | Investments and Advances Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost, is shown in the following table. For certain equity affiliates, Chevron pays its share of some income taxes directly. For such affiliates, the equity in earnings does not include these taxes, which are reported on the Consolidated Statement of Income as “Income tax expense.” Investments and Advances Equity in Earnings At December 31 Year ended December 31 2019 2018 2019 2018 2017 Upstream Tengizchevroil $ 20,214 $ 16,017 $ 3,067 $ 3,614 $ 2,581 Petropiar 1,396 1,361 80 317 175 Petroboscan 1,139 1,315 (11 ) 357 154 Caspian Pipeline Consortium 883 1,022 155 170 155 Angola LNG Limited 2,423 2,496 (26 ) 172 27 Other 881 1,541 (478 ) 19 104 Total Upstream 26,936 23,752 2,787 4,649 3,196 Downstream Chevron Phillips Chemical Company LLC 6,241 6,218 880 1,034 723 GS Caltex Corporation 3,796 3,924 13 373 290 Other 1,443 1,383 288 273 230 Total Downstream 11,480 11,525 1,181 1,680 1,243 All Other Other (14 ) (16 ) — (2 ) (1 ) Total equity method $ 38,402 $ 35,261 $ 3,968 $ 6,327 $ 4,438 Other non-equity method investments 286 285 Total investments and advances $ 38,688 $ 35,546 Total United States $ 7,203 $ 7,500 $ 641 $ 1,033 $ 788 Total International $ 31,485 $ 28,046 $ 3,327 $ 5,294 $ 3,650 Descriptions of major affiliates, including significant differences between the company’s carrying value of its investments and its underlying equity in the net assets of the affiliates, are as follows: Tengizchevroil Chevron has a 50 percent equity ownership interest in Tengizchevroil (TCO), which operates the Tengiz and Korolev crude oil fields in Kazakhstan. At December 31, 2019 , the company’s carrying value of its investment in TCO was about $110 higher than the amount of underlying equity in TCO’s net assets. This difference results from Chevron acquiring a portion of its interest in TCO at a value greater than the underlying book value for that portion of TCO’s net assets. Included in the investment is a loan to TCO to fund the development of the Future Growth and Wellhead Pressure Management Project with a balance of $3,350 . Petropiar Chevron has a 30 percent interest in Petropiar, a joint stock company which operates the heavy oil Huyapari Field and upgrading project in Venezuela’s Orinoco Belt. At December 31, 2019 , the company’s carrying value of its investment in Petropiar was approximately $130 less than the amount of underlying equity in Petropiar’s net assets. The difference represents the excess of Chevron’s underlying equity in Petropiar’s net assets over the net book value of the assets contributed to the venture. Petroboscan Chevron has a 39.2 percent interest in Petroboscan, a joint stock company which operates the Boscan Field in Venezuela. At December 31, 2019 , the company’s carrying value of its investment in Petroboscan was approximately $90 higher than the amount of underlying equity in Petroboscan’s net assets. The difference reflects the excess of the net book value of the assets contributed by Chevron over its underlying equity in Petroboscan’s net assets. The company also has an outstanding long-term loan to Petroboscan of $566 at year-end 2019 . Caspian Pipeline Consortium Chevron has a 15 percent interest in the Caspian Pipeline Consortium, a variable interest entity, which provides the critical export route for crude oil from both TCO and Karachaganak. The company has investments and advances totaling $883 , which includes long-term loans of $199 at year-end 2019 . The loans were provided to fund 30 percent of the initial pipeline construction. The company is not the primary beneficiary of the consortium because it does not direct activities of the consortium and only receives its proportionate share of the financial returns. Angola LNG Limited Chevron has a 36.4 percent interest in Angola LNG Limited, which processes and liquefies natural gas produced in Angola for delivery to international markets. Chevron Phillips Chemical Company LLC Chevron owns 50 percent of Chevron Phillips Chemical Company LLC. The other half is owned by Phillips 66. GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy. The joint venture imports, refines and markets petroleum products, petrochemicals and lubricants, predominantly in South Korea. Other Information “Sales and other operating revenues” on the Consolidated Statement of Income includes $8,006 , $10,378 and $8,165 with affiliated companies for 2019 , 2018 and 2017 , respectively. “Purchased crude oil and products” includes $5,694 , $6,598 and $4,800 with affiliated companies for 2019 , 2018 and 2017 , respectively. “Accounts and notes receivable” on the Consolidated Balance Sheet includes $810 and $884 due from affiliated companies at December 31, 2019 and 2018 , respectively. “Accounts payable” includes $506 and $631 due to affiliated companies at December 31, 2019 and 2018 , respectively. The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron’s total share, which includes Chevron’s net loans to affiliates of $4,331 , $3,402 and $3,853 at December 31, 2019 , 2018 and 2017 , respectively. Affiliates Chevron Share Year ended December 31 2019 2018 2017 2019 2018 2017 Total revenues $ 66,473 $ 84,469 $ 70,744 $ 32,628 $ 40,679 $ 33,460 Income before income tax expense 13,197 16,693 13,487 5,954 6,755 5,712 Net income attributable to affiliates 9,809 13,321 10,751 4,366 6,384 4,468 At December 31 Current assets $ 30,791 $ 32,657 $ 33,883 $ 12,998 $ 12,813 $ 13,568 Noncurrent assets 97,177 87,614 82,261 41,531 36,369 32,643 Current liabilities 26,032 26,006 26,873 10,610 9,843 10,201 Noncurrent liabilities 21,593 20,000 21,447 5,068 4,446 4,224 Total affiliates’ net equity $ 80,343 $ 74,265 $ 67,824 $ 38,851 $ 34,893 $ 31,786 |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2019 | |
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 civil litigation proceedings stemming from a lawsuit filed in the Superior Court for the province of Nueva Loja in Lago Agrio, Ecuador in May 2003 by plaintiffs who claim to be representatives of residents of an area where an oil production consortium formerly operated. The lawsuit alleged harm to the environment from the consortium’s oil production activities and sought monetary damages and other relief. Texaco Petroleum Company (Texpet), a subsidiary of Texaco Inc., was a minority member of the consortium from 1967 until 1992, with state-owned Petroecuador as the majority partner. Since 1992, Petroecuador has been the sole owner and operator in the concession area. After the termination of the consortium and following an independent third-party environmental audit of the concession area, in 1995, Texpet entered into a formal agreement with the Republic of Ecuador and Petroecuador under which Texpet agreed to remediate specific sites assigned by the government in proportion to Texpet’s minority share of the consortium. Pursuant to that agreement, Texpet conducted a three -year remediation program. After certifying that the assigned sites were properly remediated, in 1998, Ecuador granted Texpet and all related corporate entities a full release from any and all environmental liability arising from the consortium operations. Chevron defended itself in the Lago Agrio lawsuit on the grounds that the claims lacked both legal and factual merit. As to matters of law, Chevron asserted that the court lacked jurisdiction, the plaintiffs sought to improperly apply a 1999 law retroactively, the claims were time-barred, and the lawsuit was barred by releases signed by the Republic of Ecuador, Petroecuador, and the pertinent provincial and municipal governments. With regard to the facts, the company asserted that the evidence confirmed Texpet’s remediation was properly conducted and that any remaining environmental impacts reflected Petroecuador’s failure to timely fulfill its own legal obligation to remediate the concession area and Petroecuador’s conduct after it assumed control over operations. In February 2011, the provincial court rendered a judgment against Chevron, awarding approximately $8,600 in damages, plus approximately $900 for the plaintiffs’ representatives, and approximately $8,600 in additional punitive damages unless the company issued a public apology within 15 days , which Chevron did not do. In January 2012 an appellate panel affirmed the judgment and ordered that Chevron pay an additional 0.10% in attorneys’ fees. In November 2013, Ecuador’s National Court of Justice ratified the judgment but nullified the $8,600 punitive damage assessment, resulting in a judgment of $9,500 . In December 2013, Chevron appealed the decision to Ecuador’s highest Constitutional Court, which rejected Chevron’s appeal in July 2018. No further appeals are available in Ecuador. The Lago Agrio plaintiffs’ lawyers have sought to enforce the judgment in Ecuador and other jurisdictions. In May 2012, they filed a recognition and enforcement action against Chevron Corporation, Chevron Canada Limited and another subsidiary (which was later dismissed as a party) in the Superior Court of Justice in Ontario, Canada. In September 2015, the Supreme Court of Canada ruled that the Ontario Superior Court of Justice had jurisdiction over Chevron Corporation and Chevron Canada Limited for purposes of the action. In January 2017, the Superior Court ruled that Chevron Canada Limited and Chevron Corporation are separate legal entities with separate rights and obligations, and dismissed the action against Chevron Canada Limited. In May 2018, the Court of Appeal for Ontario upheld the dismissal of Chevron Canada Limited. The Supreme Court of Canada denied the plaintiffs’ application for leave to appeal in April 2019, rendering the dismissal of Chevron Canada Limited final. In July 2019, by consent of the parties, the Ontario Superior Court dismissed the recognition and enforcement action against Chevron Corporation with prejudice and with costs in favor of Chevron. In June 2012, the plaintiffs filed a recognition and enforcement action against Chevron Corporation in the Superior Court of Justice in Brasilia, Brazil. In May 2015, the Brazilian public prosecutor issued an opinion recommending that the court reject the plaintiffs’ action on grounds including that the Lago Agrio judgment was procured through fraud and corruption and violated Brazilian and international public order. In November 2017, the Superior Court of Justice dismissed the plaintiffs’ recognition and enforcement action on jurisdictional grounds, and in June 2018 the dismissal became final in Brazil. In October 2012, the provincial court in Ecuador issued an ex parte embargo order purporting to order the seizure of assets belonging to separate Chevron subsidiaries in Ecuador, Argentina and Colombia. In November 2012, at the request of the plaintiffs, a court in Argentina issued a freeze order against Chevron Argentina S.R.L. and another Chevron subsidiary. In January 2013, an appellate court upheld the freeze order, but in June 2013, the Supreme Court of Argentina revoked the freeze order in its entirety. In December 2013, Chevron was served with the plaintiffs’ complaint seeking recognition and enforcement of the judgment in Argentina. I n April 2016, the public prosecutor in Argentina issued an opinion recommending rejection of the plaintiffs ’ request to recognize the Ecuadorian judgment in Argentina. In November 2017, the National Court, First Instance, dismissed the complaint on jurisdictional grounds and the Federal Civil Court of Appeals affirmed the dismissal in July 2018. The plaintiffs’ appeal to the Supreme Court of Argentina remains pending. Chevron continues to believe the Ecuadorian judgment is illegitimate and unenforceable because it is the product of fraud and corruption, and contrary to the law and all legitimate scientific evidence. Chevron cannot predict the timing or outcome of any pending or threatened enforcement action, but expects to continue a vigorous defense against any imposition of liability and to contest and defend any and all enforcement actions. In February 2011, Chevron filed a civil lawsuit in the U.S. District Court for the Southern District of New York against the Lago Agrio plaintiffs and several of their lawyers and supporters, asserting violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and state law. In March 2014, the District Court entered a judgment in favor of Chevron, finding that the Ecuadorian judgment had been procured through fraud, bribery and corruption, and prohibiting the RICO defendants from seeking to enforce the Lago Agrio judgment in the United States or profiting from their illegal acts. In August 2016, the U.S. Court of Appeals for the Second Circuit issued a unanimous decision affirming the New York judgment in full. In June 2017, the U.S. Supreme Court denied the RICO defendants ’ petition for a Writ of Certiorari, rendering the New York judgment in favor of Chevron final. Chevron and Texpet filed an arbitration claim in September 2009 against the Republic of Ecuador before an arbitral tribunal administered by the Permanent Court of Arbitration in The Hague, under the Rules of the United Nations Commission on International Trade Law. The claim alleged violations of Ecuador’s obligations under the United States-Ecuador Bilateral Investment Treaty (BIT) and breaches of the settlement and release agreements between Ecuador and Texpet. In January 2012, the Tribunal issued its First Interim Measures Award requiring Ecuador to take all measures at its disposal to suspend or cause to be suspended the enforcement or recognition within and outside of Ecuador of any judgment against Chevron in the Lago Agrio case pending further order of the Tribunal. In February 2012, the Tribunal issued a Second Interim Award mandating that Ecuador take all measures necessary to suspend or cause to be suspended enforcement and recognition proceedings within and outside of Ecuador. Also in February 2012, the Tribunal issued a Third Interim Award confirming its jurisdiction to hear Chevron and Texpet’s claims. In February 2013, the Tribunal issued its Fourth Interim Award in which it declared that Ecuador had violated the First and Second Interim Awards. The Tribunal divided the merits phase of the arbitration into three phases. In September 2013, after the conclusion of Phase One, the Tribunal issued its First Partial Award, finding that the settlement agreements between Ecuador and Texpet applied to both Texpet and Chevron and released them from public environmental claims arising from the consortium’s operations, but did not preclude individual claims for personal harm. In August 2018, the Tribunal issued its Phase Two award, again in favor of Chevron and Texpet. The Tribunal unanimously held that the Lago Agrio judgment was procured through fraud, bribery and corruption and was based on public claims that Ecuador had settled and released. According to the Tribunal, the Ecuadorian judgment “violates international public policy” and “should not be recognized or enforced by the courts of other States.” The Tribunal found that: (i) Ecuador breached its obligations under the settlement agreements releasing Texpet and its affiliates from public environmental claims; (ii) Ecuador committed a denial of justice under international law and violated the U.S.-Ecuador BIT due to the fraud and corruption in the Lago Agrio litigation; and (iii) Texpet satisfied its environmental remediation obligations through the remediation program that Ecuador supervised and approved. The Tribunal ordered Ecuador to: (a) take immediate steps to remove the status of enforceability from the Ecuadorian judgment; (b) take measures to “wipe out all the consequences” of Ecuador’s “internationally wrongful acts in regard to the Ecuadorian judgment;” and (c) compensate Chevron for any injuries resulting from the Ecuadorian judgment. The final Phase Three of the arbitration, at which damages for Chevron’s injuries will be determined, was set for hearing in March 2021. Ecuador filed in the District Court of The Hague a request to set aside the Tribunal’s Interim Awards and its First Partial Award, and in January 2016 that court denied Ecuador’s request. I n July 2017, the Appeals Court of the Netherlands denied Ecuador’s appeal, and in April 2019, the Supreme Court of the Netherlands upheld the decision of the Appeals Court and finally rejected Ecuador’s challenges to the Tribunal’s Interim Awards and its First Partial Award. In December 2018, Ecuador filed in the District Court of The Hague a request to set aside the Tribunal’s Phase Two Award. Management’s Assessment |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Taxes | Taxes Income Taxes Year ended December 31 2019 2018 2017 Income tax expense (benefit) U.S. federal Current $ (73 ) $ (181 ) $ (382 ) Deferred (1,074 ) 738 (2,561 ) State and local Current 153 183 (97 ) Deferred (172 ) (16 ) 66 Total United States (1,166 ) 724 (2,974 ) International Current 4,577 4,662 3,634 Deferred (720 ) 329 (708 ) Total International 3,857 4,991 2,926 Total income tax expense (benefit) $ 2,691 $ 5,715 $ (48 ) The reconciliation between the U.S. statutory federal income tax rate and the company’s effective income tax rate is detailed in the table on the following page: 2019 2018 2017 Income (loss) before income taxes United States $ (5,483 ) $ 4,730 $ (441 ) International 11,019 15,845 9,662 Total income (loss) before income taxes 5,536 20,575 9,221 Theoretical tax (at U.S. statutory rate of 21% - 2019 & 2018, 35% - 2017) 1,163 4,321 3,227 Effect of U.S. tax reform 3 (26 ) (2,020 ) Equity affiliate accounting effect (687 ) (1,526 ) (1,373 ) Effect of income taxes from international operations * 2,196 3,132 (130 ) State and local taxes on income, net of U.S. federal income tax benefit (18 ) 162 39 Prior year tax adjustments, claims and settlements 192 (51 ) (39 ) Tax credits (18 ) (163 ) (199 ) Other U.S. * (140 ) (134 ) 447 Total income tax expense (benefit) $ 2,691 $ 5,715 $ (48 ) Effective income tax rate 48.6 % 27.8 % (0.5 )% * Includes one-time tax costs (benefits) associated with changes in uncertain tax positions and valuation allowances. The 2019 decrease in income tax expense of $3,024 is a result of the year-over-year decrease in total income before income tax expense, which is primarily due to the impairment and project write-off charges in 2019. The company’s effective tax rate changed from 28 percent in 2018 to 49 percent in 2019 . The change in effective tax rate is a consequence of mix effect resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions, including a tax charge related to cash repatriation and the impact of asset sales and corporate rate reductions. The company records its deferred taxes on a tax-jurisdiction basis. The reported deferred tax balances are composed of the following: At December 31 2019 2018 Deferred tax liabilities Properties, plant and equipment $ 17,251 $ 20,159 Investments and other* 5,372 4,943 Total deferred tax liabilities 22,623 25,102 Deferred tax assets Foreign tax credits (9,840 ) (10,536 ) Asset retirement obligations/environmental reserves (4,329 ) (5,328 ) Employee benefits (3,454 ) (2,787 ) Deferred credits (1,083 ) (1,373 ) Tax loss carryforwards (5,262 ) (4,948 ) Other accrued liabilities (441 ) (595 ) Inventory (662 ) (505 ) Operating leases * (1,211 ) — Miscellaneous (2,796 ) (3,481 ) Total deferred tax assets (29,078 ) (29,553 ) Deferred tax assets valuation allowance 15,965 15,973 Total deferred taxes, net $ 9,510 $ 11,522 * Beginning in 2019, the deferred taxes that are the consequence of ASU 2016-02 are included in the “Investments and other” and “Operating lease” balances above. Refer to Note 5 , “Lease Commitments” beginning on page 62 . Deferred tax liabilities at the end of 2019 decreased by approximately $2,500 from year-end 2018 . The decrease was primarily related to property, plant and equipment temporary differences due to upstream asset impairments. Deferred tax assets were essentially unchanged from year-end 2018. The overall valuation allowance relates to deferred tax assets for U.S. foreign tax credit carryforwards, tax loss carryforwards and temporary differences. The valuation allowance reduces the deferred tax assets to amounts that are, in management’s assessment, more likely than not to be realized. At the end of 2019 , the company had tax loss carryforwards of approximately $13,419 and tax credit carryforwards of approximately $1,058 , primarily related to various international tax jurisdictions. Whereas some of these tax loss carryforwards do not have an expiration date, others expire at various times from 2020 through 2034 . U.S. foreign tax credit carryforwards of $9,840 will expire between 2020 and 2029 . At December 31, 2019 and 2018 , deferred taxes were classified on the Consolidated Balance Sheet as follows: At December 31 2019 2018 Deferred charges and other assets $ (4,178 ) $ (4,399 ) Noncurrent deferred income taxes 13,688 15,921 Total deferred income taxes, net $ 9,510 $ 11,522 Income taxes are not accrued for unremitted earnings of international operations that have been or are intended to be reinvested indefinitely. The indefinite reinvestment assertion continues to apply for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding tax purposes. U.S. state and foreign withholding taxes are not accrued for unremitted earnings of international operations that have been or are intended to be reinvested indefinitely. Undistributed earnings of international consolidated subsidiaries and affiliates for which no deferred income tax provision has been made for possible future remittances totaled approximately $52,500 at December 31, 2019 . This amount represents earnings reinvested as part of the company’s ongoing international business. It is not practicable to estimate the amount of state and foreign taxes that might be payable on the possible remittance of earnings that are intended to be reinvested indefinitely. The company does not anticipate incurring significant additional taxes on remittances of earnings that are not indefinitely reinvested. Uncertain Income Tax Positions The company recognizes a tax benefit in the financial statements for an uncertain tax position only if management’s assessment is that the position is “more likely than not” (i.e., a likelihood greater than 50 percent ) to be allowed by the tax jurisdiction based solely on the technical merits of the position. The term “tax position” in the accounting standards for income taxes refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2019 , 2018 and 2017 . The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements. Interest and penalties are not included. 2019 2018 2017 Balance at January 1 $ 5,070 $ 4,828 $ 3,031 Foreign currency effects 1 (6 ) 43 Additions based on tax positions taken in current year 94 239 1,853 Additions for tax positions taken in prior years 313 153 1,166 Reductions for tax positions taken in prior years (194 ) (131 ) (90 ) Settlements with taxing authorities in current year (78 ) (13 ) (1,173 ) Reductions as a result of a lapse of the applicable statute of limitations (219 ) — (2 ) Balance at December 31 $ 4,987 $ 5,070 $ 4,828 Approximately 81 percent of the $4,987 of unrecognized tax benefits at December 31, 2019 , would have an impact on the effective tax rate if subsequently recognized. Certain of these unrecognized tax benefits relate to tax carryforwards that may require a full valuation allowance at the time of any such recognition. Tax positions for Chevron and its subsidiaries and affiliates are subject to income tax audits by many tax jurisdictions throughout the world. For the company’s major tax jurisdictions, examinations of tax returns for certain prior tax years had not been completed as of December 31, 2019 . For these jurisdictions, the latest years for which income tax examinations had been finalized were as follows: United States – 2013 , Nigeria – 2000 , Australia – 2009 and Kazakhstan – 2012 . The company engages in ongoing discussions with tax authorities regarding the resolution of tax matters in the various jurisdictions. Both the outcome of these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. However, it is reasonably possible that developments on tax matters in certain tax jurisdictions may result in significant increases or decreases in the company’s total unrecognized tax benefits within the next 12 months. Given the number of years that still remain subject to examination and the number of matters being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits. On the Consolidated Statement of Income, the company reports interest and penalties related to liabilities for uncertain tax positions as “Income tax expense.” As of December 31, 2019 , accruals of $30 for anticipated interest and penalty obligations were included on the Consolidated Balance Sheet, compared with accruals of $33 as of year-end 2018 . Income tax expense (benefit) associated with interest and penalties was $(3) , $8 and $(161) in 2019 , 2018 and 2017, respectively. Taxes Other Than on Income Year ended December 31 2019 2018 2017 United States Excise and similar taxes on products and merchandise* $ 4,990 $ 4,830 $ 4,398 Consumer excise taxes collected on behalf of third parties* (4,990 ) (4,830 ) — Import duties and other levies 2 15 11 Property and other miscellaneous taxes 1,785 1,577 1,824 Payroll taxes 254 246 241 Taxes on production 355 325 206 Total United States 2,396 2,163 6,680 International Excise and similar taxes on products and merchandise* 2,801 3,031 2,791 Consumer excise taxes collected on behalf of third parties* (2,801 ) (3,031 ) — Import duties and other levies 35 37 45 Property and other miscellaneous taxes 1,435 2,370 2,563 Payroll taxes 125 132 137 Taxes on production 145 165 115 Total International 1,740 2,704 5,651 Total taxes other than on income $ 4,136 $ 4,867 $ 12,331 * Beginning in 2018, these taxes are netted in “Taxes other than on income” in accordance with ASU 2014-09. Refer to Note 24 , “Revenue” beginning on page 89 . |
Properties, Plant and Equipment
Properties, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Properties, Plant and Equipment | Properties, Plant and Equipment 1 At December 31 Year ended December 31 Gross Investment at Cost Net Investment Additions at Cost 2 Depreciation Expense 3 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Upstream United States $ 82,117 $ 88,155 $ 84,602 $ 31,082 $ 39,526 $ 38,722 $ 7,751 $ 6,434 $ 4,995 $ 15,222 $ 5,328 $ 5,527 International 206,292 215,329 224,211 102,639 113,603 123,191 3,664 4,865 7,934 12,618 12,726 12,096 Total Upstream 288,409 303,484 308,813 133,721 153,129 161,913 11,415 11,299 12,929 27,840 18,054 17,623 Downstream United States 25,968 24,685 23,598 11,398 10,838 10,346 1,452 1,259 907 869 751 753 International 7,480 7,237 7,094 3,114 3,023 3,074 355 278 306 256 282 282 Total Downstream 33,448 31,922 30,692 14,512 13,861 13,420 1,807 1,537 1,213 1,125 1,033 1,035 All Other United States 4,719 4,667 4,798 2,236 2,186 2,341 324 224 218 243 320 677 International 146 171 182 25 31 38 9 6 4 10 12 14 Total All Other 4,865 4,838 4,980 2,261 2,217 2,379 333 230 222 253 332 691 Total United States 112,804 117,507 112,998 44,716 52,550 51,409 9,527 7,917 6,120 16,334 6,399 6,957 Total International 213,918 222,737 231,487 105,778 116,657 126,303 4,028 5,149 8,244 12,884 13,020 12,392 Total $ 326,722 $ 340,244 $ 344,485 $ 150,494 $ 169,207 $ 177,712 $ 13,555 $ 13,066 $ 14,364 $ 29,218 $ 19,419 $ 19,349 1 Other than the United States and Australia, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2019 . Australia had PP&E of $51,359 , $53,768 and $55,514 in 2019 , 2018 and 2017 , respectively. 2 Net of dry hole expense related to prior years’ expenditures of $124 , $343 and $42 in 2019 , 2018 and 2017 , respectively. 3 Depreciation expense includes accretion expense of $628 , $654 and $668 in 2019 , 2018 and 2017 , respectively, and impairments of $10,797 , $735 and $1,021 in 2019 , 2018 and 2017 , respectively. |
Short-Term Debt
Short-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Short-Term Debt | Short-Term Debt At December 31 2019 2018 Commercial paper 1 $ 4,654 $ 7,503 Notes payable to banks and others with originating terms of one year or less 228 28 Current maturities of long-term debt 2 5,054 4,999 Current maturities of long-term finance leases 18 18 Redeemable long-term obligations Long-term debt 3,078 3,078 Subtotal 13,032 15,626 Reclassified to long-term debt (9,750 ) (9,900 ) Total short-term debt $ 3,282 $ 5,726 1 Weighted-average interest rates at December 31, 2019 and 2018, were 1.69 percent and 2.43 percent, respectively. 2 Net of unamortized discounts and issuance costs: $0 in 2019 and $1 in 2018. Redeemable long-term obligations consist primarily of tax-exempt variable-rate put bonds that are included as current liabilities because they become redeemable at the option of the bondholders during the year following the balance sheet date. The company may periodically enter into interest rate swaps on a portion of its short-term debt. At December 31, 2019 , the company had no interest rate swaps on short-term debt. At December 31, 2019 , the company had $9,750 in 364-day committed credit facilities with various major banks that enable the refinancing of short-term obligations on a long-term basis. The credit facilities allow the company to convert any amounts outstanding into a term loan for a period of up to one year. This supports commercial paper borrowing and can also be used for general corporate purposes. The company’s practice has been to continually replace expiring commitments with new commitments on substantially the same terms, maintaining levels management believes appropriate. Any borrowings under the facility would be unsecured indebtedness at interest rates based on the London Interbank Offered Rate or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under this facility at December 31, 2019 . The company classified $9,750 and $9,900 of short-term debt as long-term at December 31, 2019 and 2018 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Total long-term debt including finance lease liabilities at December 31, 2019 , was $23,691 . The company’s long-term debt outstanding at year-end 2019 and 2018 was as follows: At December 31 2019 2018 Principal Principal 3.191% notes due 2023 $ 2,250 $ 2,250 2.954% notes due 2026 2,250 2,250 2.355% notes due 2022 2,000 2,000 1.961% notes due 2020 1,750 1,750 2.100% notes due 2021 1,350 1,350 2.419% notes due 2020 1,250 1,250 2.427% notes due 2020 1,000 1,000 2.895% notes due 2024 1,000 1,000 2.566% notes due 2023 750 750 3.326% notes due 2025 750 750 2.498% notes due 2022 700 700 2.411% notes due 2022 700 700 Floating rate notes due 2021 (2.599%) 1 650 650 Floating rate notes due 2022 (2.412%) 1 650 650 1.991% notes due 2020 600 600 Floating rate notes due 2020 (2.116%) 2 400 400 3.400% loan 3 218 218 8.625% debentures due 2032 147 147 8.625% debentures due 2031 108 108 8.000% debentures due 2032 75 75 9.750% debentures due 2020 54 54 8.875% debentures due 2021 40 40 Medium-term notes, maturing from 2021 to 2038 (6.431%) 1 38 38 4.950% notes due 2019 — 1,500 1.561% notes due 2019 — 1,350 Floating rate notes due 2019 — 850 2.193% notes due 2019 — 750 1.686% notes due 2019 — 550 Total including debt due within one year 18,730 23,730 Debt due within one year (5,054 ) (5,000 ) Reclassified from short-term debt 9,750 9,900 Unamortized discounts and debt issuance costs (17 ) (24 ) Finance lease liabilities 4 282 127 Total long-term debt $ 23,691 $ 28,733 1 Weighted-average interest rate at December 31, 2019 . 2 Interest rate at December 31, 2019 . 3 Maturity date is conditional upon the occurrence of certain events. 2022 is the earliest period in which the loan may become payable. 4 For details on finance lease liabilities, see Note 5 beginning on page 62 . Chevron has an automatic shelf registration statement that expires in May 2021. This registration statement is for an unspecified amount of nonconvertible debt securities issued or guaranteed by the company. Long-term debt excluding finance lease liabilities with a principal balance of $18,730 matures as follows: 2020 – $5,054 ; 2021 – $2,054 ; 2022 – $4,268 ; 2023 – $3,003 ; 2024 – $1,000 ; and after 2024 – $3,351 . See Note 7 , beginning on page 65 |
Accounting for Suspended Explor
Accounting for Suspended Exploratory Wells | 12 Months Ended |
Dec. 31, 2019 | |
Accounting for Suspended Exploratory Wells [Abstract] | |
Accounting for Suspended Exploratory Wells | Accounting for Suspended Exploratory Wells The company continues to capitalize exploratory well costs after the completion of drilling when the well has found a sufficient quantity of reserves to justify completion as a producing well, and the business unit is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense. The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2019 : 2019 2018 2017 Beginning balance at January 1 $ 3,563 $ 3,702 $ 3,540 Additions to capitalized exploratory well costs pending the determination of proved reserves 244 207 323 Reclassifications to wells, facilities and equipment based on the determination of proved reserves (500 ) (13 ) (113 ) Capitalized exploratory well costs charged to expense (125 ) (333 ) (39 ) Other reductions * (141 ) — (9 ) Ending balance at December 31 $ 3,041 $ 3,563 $ 3,702 * Represents property sales. The following table provides an aging of capitalized well costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling. At December 31 2019 2018 2017 Exploratory well costs capitalized for a period of one year or less $ 214 $ 202 $ 307 Exploratory well costs capitalized for a period greater than one year 2,827 3,361 3,395 Balance at December 31 $ 3,041 $ 3,563 $ 3,702 Number of projects with exploratory well costs that have been capitalized for a period greater than one year * 22 30 32 * Certain projects have multiple wells or fields or both. Of the $2,827 of exploratory well costs capitalized for more than one year at December 31, 2019 , $1,867 is related to 12 projects that had drilling activities underway or firmly planned for the near future. The $960 balance is related to 10 projects in areas requiring a major capital expenditure before production could begin and for which additional drilling efforts were not underway or firmly planned for the near future. Additional drilling was not deemed necessary because the presence of hydrocarbons had already been established, and other activities were in process to enable a future decision on project development. The projects for the $960 referenced above had the following activities associated with assessing the reserves and the projects’ economic viability: (a) $256 ( four projects) – undergoing front-end engineering and design with final investment decision expected within four years ; (b) $704 ( six projects) – development alternatives under review. While progress was being made on all 22 projects, the decision on the recognition of proved reserves under SEC rules in some cases may not occur for several years because of the complexity, scale and negotiations associated with the projects. More than half of these decisions are expected to occur in the next five years . The $2,827 of suspended well costs capitalized for a period greater than one year as of December 31, 2019 , represents 123 exploratory wells in 22 projects. The tables below contain the aging of these costs on a well and project basis: Aging based on drilling completion date of individual wells: Amount Number of wells 1998-2008 $ 244 27 2009-2013 1,166 56 2014-2018 1,417 40 Total $ 2,827 123 Aging based on drilling completion date of last suspended well in project: Amount Number of projects 2003-2011 $ 318 4 2012-2015 1,653 11 2016-2019 856 7 Total $ 2,827 22 |
Stock Options and Other Share-B
Stock Options and Other Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock Options and Other Share-Based Compensation | Stock Options and Other Share-Based Compensation Compensation expense for stock options for 2019 , 2018 and 2017 was $81 ( $64 after tax), $105 ( $83 after tax) and $137 ( $89 after tax), respectively. In addition, compensation expense for stock appreciation rights, restricted stock, performance shares and restricted stock units was $313 ( $266 after tax), $60 ( $47 after tax) and $231 ( $150 after tax) for 2019 , 2018 and 2017 , respectively. No significant stock-based compensation cost was capitalized at December 31, 2019 , or December 31, 2018 . Cash received in payment for option exercises under all share-based payment arrangements for 2019 , 2018 and 2017 was $1,090 , $1,159 and $1,100 , respectively. Actual tax benefits realized for the tax deductions from option exercises were $43 , $43 and $48 for 2019 , 2018 and 2017 , respectively. Cash paid to settle performance shares, restricted stock units and stock appreciation rights was $119 , $157 and $187 for 2019 , 2018 and 2017 , respectively. Awards under the Chevron Long-Term Incentive Plan (LTIP) may take the form of, but are not limited to, stock options, restricted stock, restricted stock units, stock appreciation rights, performance shares and nonstock grants. From April 2004 through May 2023, no more than 260 million shares may be issued under the LTIP. For awards issued on or after May 29, 2013, no more than 50 million of those shares may be in a form other than a stock option, stock appreciation right or award requiring full payment for shares by the award recipient. For the major types of awards issued before January 1, 2017, the contractual terms vary between three years for the performance shares and restricted stock units, and 10 years for the stock options and stock appreciation rights. For awards issued after January 1, 2017, contractual terms vary between three years for the performance shares and special restricted stock units, five years for standard restricted stock units and 10 years for the stock options and stock appreciation rights. Forfeitures for performance shares, restricted stock units, and stock appreciation rights are recognized as they occur. Forfeitures for stock options are estimated using historical forfeiture data dating back to 1990. The fair market values of stock options and stock appreciation rights granted in 2019 , 2018 and 2017 were measured on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions: Year ended December 31 2019 2018 2017 Expected term in years 1 6.6 6.5 6.3 Volatility 2 20.5 % 21.2 % 21.7 % Risk-free interest rate based on zero coupon U.S. treasury note 2.6 % 2.6 % 2.2 % Dividend yield 3.8 % 3.8 % 4.2 % Weighted-average fair value per option granted $ 15.82 $ 18.18 $ 15.31 1 Expected term is based on historical exercise and post-vesting cancellation data. 2 Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. A summary of option activity during 2019 is presented below: Shares (Thousands) Weighted-Average Exercise Price Averaged Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2019 94,724 $ 99.92 Granted 5,771 $ 113.04 Exercised (13,190 ) $ 83.36 Forfeited (664 ) $ 111.57 Outstanding at December 31, 2019 86,641 $ 103.22 4.69 $ 1,518 Exercisable at December 31, 2019 77,671 $ 101.63 4.25 $ 1,474 The total intrinsic value (i.e., the difference between the exercise price and the market price) of options exercised during 2019 , 2018 and 2017 was $516 , $506 and $407 , respectively. During this period, the company continued its practice of issuing treasury shares upon exercise of these awards. As of December 31, 2019 , there was $55 of total unrecognized before-tax compensation cost related to nonvested share-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average period of 1.8 years. At January 1, 2019 , the number of LTIP performance shares outstanding was equivalent to 3,669,730 shares. During 2019 , 1,813,188 performance shares were granted, 684,620 shares vested with cash proceeds distributed to recipients and 411,514 shares were forfeited. At December 31, 2019 , performance shares outstanding were 4,386,784 . The fair value of the liability recorded for these instruments was $370 , and was measured using the Monte Carlo simulation method. At January 1, 2019 , the number of restricted stock units outstanding was equivalent to 1,737,479 shares. During 2019, 1,054,556 restricted stock units were granted, 244,744 units vested with cash proceeds distributed to recipients and 120,332 units were forfeited. At December 31, 2019 , restricted stock units outstanding were 2,426,959 . The fair value of the liability recorded for the vested portion of these instruments was $192 , valued at the stock price as of December 31, 2019 . In addition, outstanding stock appreciation rights that were granted under LTIP totaled approximately 4.0 million equivalent shares as of December 31, 2019 . The fair value of the liability recorded for the vested portion of these instruments was $82 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The company has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act (ERISA) minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the company’s other investment alternatives. The company also sponsors other postretirement 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 retirees share the costs. For the company’s main U.S. medical plan, the increase to the pre-Medicare 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 funded status of the company’s pension and OPEB plans for 2019 and 2018 follows: Pension Benefits 2019 2018 Other Benefits U.S. Int’l. U.S. Int’l. 2019 2018 Change in Benefit Obligation Benefit obligation at January 1 $ 11,726 $ 4,820 $ 13,580 $ 5,540 $ 2,430 $ 2,788 Service cost 406 139 480 141 36 42 Interest cost 397 199 370 206 96 94 Plan participants’ contributions — 4 — 4 72 71 Plan amendments — 29 — 23 — 2 Actuarial (gain) loss 2,922 673 (1,051 ) (239 ) 125 (272 ) Foreign currency exchange rate changes — 121 — (227 ) 2 (9 ) Benefits paid (1,035 ) (302 ) (1,653 ) (432 ) (240 ) (237 ) Divestitures/Acquisitions 49 — — (196 ) (1 ) (49 ) Curtailment — (3 ) — — — — Benefit obligation at December 31 14,465 5,680 11,726 4,820 2,520 2,430 Change in Plan Assets Fair value of plan assets at January 1 8,532 4,142 9,948 4,766 — — Actual return on plan assets 1,548 566 (566 ) (9 ) — — Foreign currency exchange rate changes — 115 — (221 ) — — Employer contributions 1,096 266 803 232 168 166 Plan participants’ contributions — 4 — 4 72 71 Benefits paid (1,035 ) (302 ) (1,653 ) (432 ) (240 ) (237 ) Divestitures/Acquisitions 36 — — (198 ) — — Fair value of plan assets at December 31 10,177 4,791 8,532 4,142 — — Funded status at December 31 $ (4,288 ) $ (889 ) $ (3,194 ) $ (678 ) $ (2,520 ) $ (2,430 ) Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2019 and 2018 , include: Pension Benefits 2019 2018 Other Benefits U.S. Int’l. U.S. Int’l. 2019 2018 Deferred charges and other assets $ 23 $ 413 $ 17 $ 412 $ — $ — Accrued liabilities (239 ) (71 ) (180 ) (66 ) (174 ) (175 ) Noncurrent employee benefit plans (4,072 ) (1,231 ) (3,031 ) (1,024 ) (2,346 ) (2,255 ) Net amount recognized at December 31 $ (4,288 ) $ (889 ) $ (3,194 ) $ (678 ) $ (2,520 ) $ (2,430 ) Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB plans were $6,357 and $4,448 at the end of 2019 and 2018 , respectively. These amounts consisted of: Pension Benefits 2019 2018 Other Benefits U.S. Int’l. U.S. Int’l. 2019 2018 Net actuarial loss $ 5,135 $ 1,269 $ 3,694 $ 955 $ 74 $ (56 ) Prior service (credit) costs 5 102 7 104 (228 ) (256 ) Total recognized at December 31 $ 5,140 $ 1,371 $ 3,701 $ 1,059 $ (154 ) $ (312 ) The accumulated benefit obligations for all U.S. and international pension plans were $12,781 and $5,203 , respectively, at December 31, 2019 , and $10,514 and $4,360 , respectively, at December 31, 2018 . Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2019 and 2018 , was: Pension Benefits 2019 2018 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 14,401 $ 1,554 $ 11,667 $ 1,277 Accumulated benefit obligations 12,718 1,268 10,456 1,062 Fair value of plan assets 10,091 278 8,456 198 The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2019 , 2018 and 2017 are shown in the table below: Pension Benefits 2019 2018 2017 Other Benefits U.S. Int’l. U.S. Int’l. U.S. Int’l. 2019 2018 2017 Net Periodic Benefit Cost Service cost $ 406 $ 139 $ 480 $ 141 $ 489 $ 151 $ 36 $ 42 $ 32 Interest cost 397 199 370 206 366 219 96 94 95 Expected return on plan assets (565 ) (231 ) (636 ) (253 ) (597 ) (239 ) — — — Amortization of prior service costs (credits) 2 11 2 10 (5 ) 13 (28 ) (28 ) (28 ) Recognized actuarial losses 239 21 304 29 340 44 (3 ) 15 (5 ) Settlement losses 259 3 411 33 436 2 — — — Curtailment losses (gains) — 16 — 3 — — — — — Total net periodic benefit cost 738 158 931 169 1,029 190 101 123 94 Changes Recognized in Comprehensive Income Net actuarial (gain) loss during period 1,939 338 151 12 381 (94 ) 128 (248 ) 284 Amortization of actuarial loss (498 ) (24 ) (715 ) (62 ) (776 ) (46 ) 3 (15 ) 5 Prior service (credits) costs during period — 29 — 23 — 1 (1 ) 3 — Amortization of prior service (costs) credits (2 ) (30 ) (2 ) (13 ) 5 (13 ) 28 28 28 Total changes recognized in other 1,439 313 (566 ) (40 ) (390 ) (152 ) 158 (232 ) 317 Recognized in Net Periodic Benefit Cost and Other Comprehensive Income $ 2,177 $ 471 $ 365 $ 129 $ 639 $ 38 $ 259 $ (109 ) $ 411 Net actuarial losses recorded in “Accumulated other comprehensive loss” at December 31, 2019 , for the company’s U.S. pension, international pension and OPEB plans are being amortized on a straight-line basis over approximately 10 , 12 and 14 years , respectively. These amortization periods represent the estimated average remaining service of employees expected to receive benefits under the plans. These losses are amortized to the extent they exceed 10 percent of the higher of the projected benefit obligation or market-related value of plan assets. The amount subject to amortization is determined on a plan-by-plan basis. During 2020 , the company estimates actuarial losses of $385 , $46 and $3 will be amortized from “Accumulated other comprehensive loss” for U.S. pension, international pension and OPEB plans, respectively. In addition, the company estimates an additional $320 will be recognized from “Accumulated other comprehensive loss” during 2020 related to lump-sum settlement costs from the main U.S. pension plans. The weighted average amortization period for recognizing prior service costs (credits) recorded in “Accumulated other comprehensive loss” at December 31, 2019 , was approximately 3 and 6 years for U.S. and international pension plans, respectively, and 8 years for OPEB plans. During 2020 , the company estimates prior service (credits) costs of $2 , $10 and $(28) Assumptions The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits 2019 2018 2017 Other Benefits U.S. Int’l. U.S. Int’l. U.S. Int’l. 2019 2018 2017 Assumptions used to determine benefit obligations: Discount rate 3.1 % 3.2 % 4.2 % 4.4 % 3.5 % 3.9 % 3.2 % 4.4 % 3.8 % Rate of compensation increase 4.5 % 4.0 % 4.5 % 4.0 % 4.5 % 4.0 % N/A N/A N/A Assumptions used to determine net periodic benefit cost: Discount rate for service cost 4.4 % 4.4 % 3.7 % 3.9 % 4.2 % 4.3 % 4.6 % 3.9 % 4.6 % Discount rate for interest cost 3.7 % 4.4 % 3.0 % 3.9 % 3.0 % 4.3 % 4.2 % 3.5 % 3.8 % Expected return on plan assets 6.8 % 5.6 % 6.8 % 5.5 % 6.8 % 5.5 % N/A N/A N/A Rate of compensation increase 4.5 % 4.0 % 4.5 % 4.0 % 4.5 % 4.5 % N/A N/A N/A Expected Return on Plan Assets The company’s estimated long-term rates of return on pension assets are driven primarily by actual historical asset-class returns, an assessment of expected future performance, advice from external actuarial firms and the incorporation of specific asset-class risk factors. Asset allocations are periodically updated using pension plan asset/liability studies, and the company’s estimated long-term rates of return are consistent with these studies. For 2019 , the company used an expected long-term rate of return of 6.75 percent for U.S. pension plan assets, which account for 68 percent of the company’s pension plan assets. In both 2018 and 2017, the company used a long-term rate of return of 6.75 percent for these plans. The market-related value of assets of the main U.S. pension plan used in the determination of pension expense was based on the market values in the three months preceding the year-end measurement date. Management considers the three -month time period long enough to minimize the effects of distortions from day-to-day market volatility and still be contemporaneous to the end of the year. For other plans, market value of assets as of year-end is used in calculating the pension expense. Discount Rate The discount rate assumptions used to determine the U.S. and international pension and OPEB plan obligations and expense reflect the rate at which benefits could be effectively settled, and are equal to the equivalent single rate resulting from yield curve analysis. This analysis considered the projected benefit payments specific to the company’s plans and the yields on high-quality bonds. The projected cash flows were discounted to the valuation date using the yield curve for the main U.S. pension and OPEB plans. The effective discount rates derived from this analysis at the end of 2019 were 3.1 percent for the main U.S. pension plan and 3.1 percent for the main U.S. OPEB plan. The discount rates for these plans at the end of 2018 were 4.2 and 4.3 percent , respectively, while in 2017 they were 3.5 and 3.6 percent for these plans, respectively. Other Benefit Assumptions Assumed health care cost-trend rates can have a significant effect on the amounts reported for retiree health care costs. For the measurement of accumulated postretirement benefit obligation at December 31, 2019 , for the main U.S. OPEB plan, the assumed health care cost-trend rates start with 6.8 percent in 2020 and gradually decline to 4.5 percent for 2025 and beyond. For this measurement at December 31, 2018 , the assumed health care cost-trend rates started with 7.2 percent in 2019 and gradually declined to 4.5 percent for 2025 and beyond. A 1-percentage-point change in the assumed health care cost-trend rates would have the following effects on worldwide plans: 1 Percent Increase 1 Percent Decrease Effect on total service and interest cost components $ 20 $ (15 ) Effect on postretirement benefit obligation $ 224 $ (176 ) Plan Assets and Investment Strategy The fair value measurements of the company’s pension plans for 2019 and 2018 are on the following page: U.S. Int’l. Total Level 1 Level 2 Level 3 NAV Total Level 1 Level 2 Level 3 NAV At December 31, 2018 Equities U.S. 1 $ 1,110 $ 1,110 $ — $ — $ — $ 520 $ 520 $ — $ — $ — International 1,631 1,630 1 — — 521 520 — 1 — Collective Trusts/Mutual Funds 2 893 21 — — 872 152 9 — — 143 Fixed Income Government 225 — 225 — — 254 97 157 — — Corporate 1,382 — 1,382 — — 409 — 389 20 — Bank Loans 119 — 114 5 — — — — — — Mortgage/Asset Backed 1 — 1 — — 6 — 6 — — Collective Trusts/Mutual Funds 2 877 — — — 877 1,521 15 — — 1,506 Mixed Funds 3 — — — — — 74 3 71 — — Real Estate 4 1,065 — — — 1,065 378 — — 56 322 Alternative Investments 5 941 — — — 941 — — — — — Cash and Cash Equivalents 212 208 4 — — 287 277 2 — 8 Other 6 76 (4 ) 31 44 5 20 — 17 3 — Total at December 31, 2018 $ 8,532 $ 2,965 $ 1,758 $ 49 $ 3,760 $ 4,142 $ 1,441 $ 642 $ 80 $ 1,979 At December 31, 2019 Equities U.S. 1 $ 1,769 $ 1,769 $ — $ — $ — $ 471 $ 471 $ — $ — $ — International 1,958 1,958 — — — 422 421 — 1 — Collective Trusts/Mutual Funds 2 1,079 52 — — 1,027 184 6 — — 178 Fixed Income Government 523 — 523 — — 265 144 121 — — Corporate 1,444 — 1,444 — — 493 — 490 3 — Bank Loans 120 — 113 7 — — — — — — Mortgage/Asset Backed 1 — 1 — — 4 — 4 — — Collective Trusts/Mutual Funds 2 963 — — — 963 2,230 5 — — 2,225 Mixed Funds 3 — — — — — 84 7 77 — — Real Estate 4 1,089 — — — 1,089 277 — — 55 222 Alternative Investments 5 924 — — — 924 — — — — — Cash and Cash Equivalents 235 228 7 — — 338 334 2 — 2 Other 6 72 (5 ) 29 44 4 23 — 21 2 — Total at December 31, 2019 $ 10,177 $ 4,002 $ 2,117 $ 51 $ 4,007 $ 4,791 $ 1,388 $ 715 $ 61 $ 2,627 1 U.S. equities include investments in the company’s common stock in the amount of $6 at December 31, 2019 , and $9 at December 31, 2018 . 2 Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds. 3 Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk. 4 The year-end valuations of the U.S. real estate assets are based on third-party appraisals that occur at least once a year for each property in the portfolio. 5 Alternative investments focus on market-neutral strategies that have a low expected correlation to traditional asset classes. 6 The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts (Level 3); and investments in private-equity limited partnerships (NAV). The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below: Equity Fixed Income International Corporate Bank Loans Real Estate Other Total Total at December 31, 2017 $ — $ 30 $ 11 $ 56 $ 46 $ 143 Actual Return on Plan Assets: Assets held at the reporting date 4 (2 ) — 13 — 15 Assets sold during the period (4 ) — — — — (4 ) Purchases, Sales and Settlements — (7 ) (4 ) (13 ) — (24 ) Transfers in and/or out of Level 3 1 — (2 ) — — (1 ) Total at December 31, 2018 $ 1 $ 21 $ 5 $ 56 $ 46 $ 129 Actual Return on Plan Assets: Assets held at the reporting date (1 ) 1 — — (1 ) (1 ) Assets sold during the period — — — — — — Purchases, Sales and Settlements — (19 ) — (1 ) 1 (19 ) Transfers in and/or out of Level 3 1 — 2 — — 3 Total at December 31, 2019 $ 1 $ 3 $ 7 $ 55 $ 46 $ 112 The primary investment objectives of the pension plans are to achieve the highest rate of total return within prudent levels of risk and liquidity, to diversify and mitigate potential downside risk associated with the investments, and to provide adequate liquidity for benefit payments and portfolio management. The company’s U.S. and U.K. pension plans comprise 92 percent of the total pension assets. Both the U.S. and U.K. plans have an Investment Committee that regularly meets during the year to review the asset holdings and their returns. To assess the plans’ investment performance, long-term asset allocation policy benchmarks have been established. For the primary U.S. pension plan, the company’s Investment Committee has established the following approved asset allocation ranges: Equities 30 – 60 percent , Fixed Income 20 – 40 percent , Real Estate 0 – 15 percent , Alternative Investments 0 – 15 percent and Cash 0 – 25 percent . For the U.K. pension plan, the U.K. Board of Trustees has established the following asset allocation guidelines: Equities 10 – 30 percent , Fixed Income 55 – 85 percent , Real Estate 5 – 15 percent , and Cash 0 – 5 percent . The other significant international pension plans also have established maximum and minimum asset allocation ranges that vary by plan. Actual asset allocation within approved ranges is based on a variety of factors, including market conditions and illiquidity constraints. To mitigate concentration and other risks, assets are invested across multiple asset classes with active investment managers and passive index funds. Cash Contributions and Benefit Payments In 2019 , the company contributed $1,096 and $266 to its U.S. and international pension plans, respectively. In 2020 , the company expects contributions to be approximately $1,250 to its U.S. plans and $250 to its international pension plans. Actual contribution amounts are dependent upon investment returns, changes in pension obligations, regulatory environments, tax law changes and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. The company anticipates paying OPEB benefits of approximately $174 in 2020 ; $168 was paid in 2019 . The following benefit payments, which include estimated future service, are expected to be paid by the company in the next 10 years: Pension Benefits Other U.S. Int’l. Benefits 2020 $ 1,262 $ 280 $ 174 2021 $ 1,176 $ 602 $ 170 2022 $ 1,160 $ 224 $ 165 2023 $ 1,150 $ 234 $ 161 2024 $ 1,134 $ 255 $ 156 2024-2028 $ 5,232 $ 1,434 $ 725 Employee Savings Investment Plan Eligible employees of Chevron and certain of its subsidiaries participate in the Chevron Employee Savings Investment Plan (ESIP). Compensation expense for the ESIP totaled $284 , $270 and $316 in 2019 , 2018 and 2017 , respectively. Benefit Plan Trusts Prior to its acquisition by Chevron, Texaco established a benefit plan trust for funding obligations under some of its benefit plans. At year-end 2019 , the trust contained 14.2 million shares of Chevron treasury stock. The trust will sell the shares or use the dividends from the shares to pay benefits only to the extent that the company does not pay such benefits. The company intends to continue to pay its obligations under the benefit plans. The trustee will vote the shares held in the trust as instructed by the trust’s beneficiaries. The shares held in the trust are not considered outstanding for earnings-per-share purposes until distributed or sold by the trust in payment of benefit obligations. Prior to its acquisition by Chevron, Unocal established various grantor trusts to fund obligations under some of its benefit plans, including the deferred compensation and supplemental retirement plans. At December 31, 2019 and 2018 , trust assets of $35 and $34 , respectively, were invested primarily in interest-earning accounts. Employee Incentive Plans The Chevron Incentive Plan is an annual cash bonus plan for eligible employees that links awards to corporate, business unit and individual performance in the prior year. Charges to expense for cash bonuses were $826 , $1,048 and $936 in 2019 , 2018 and 2017 , respectively. Chevron also has the LTIP for officers and other regular salaried employees of the company and its subsidiaries who hold positions of significant responsibility. Awards under the LTIP consist of stock options and other share-based compensation that are described in Note 20 , beginning on page 80 |
Other Contingencies and Commitm
Other Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2019 | |
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 15 , beginning on page 74 , for a discussion of the periods for which tax returns have been audited for the company’s major tax jurisdictions and a discussion for all tax jurisdictions of the differences between the amount of tax benefits recognized in the financial statements and the amount taken or expected to be taken in a tax return. Settlement of open tax years, as well as other tax issues in countries where the company conducts its businesses, are not expected to have a material effect on the consolidated financial position or liquidity of the company and, in the opinion of management, adequate provisions have been made for all years under examination or subject to future examination. Guarantees The company has two guarantees to equity affiliates totaling $704 . Of this amount, $412 is associated with a financing arrangement with an equity affiliate. Over the approximate 2 -year remaining term of this guarantee, the maximum amount will be reduced as payments are made by the affiliate. The remaining amount of $292 is associated with certain payments under a terminal use agreement entered into by an equity affiliate. Over the approximate 8 Indemnifications In the acquisition of Unocal, the company assumed certain indemnities relating to contingent environmental liabilities associated with assets that were sold in 1997. The acquirer of those assets shared in certain environmental remediation costs up to a maximum obligation of $200 , which had been reached at December 31, 2009. Under the indemnification agreement, after reaching the $200 obligation, Chevron is solely responsible until April 2022, when the indemnification expires. The environmental conditions or events that are subject to these indemnities must have arisen prior to the sale of the assets in 1997. Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional purchase obligations and commitments, including throughput and take-or-pay agreements, some of which may relate to suppliers’ financing arrangements. The agreements typically provide goods and services, such as pipeline and storage capacity, utilities, and petroleum products, to be used or sold in the ordinary course of the company’s business. The aggregate approximate amounts of required payments under these various commitments are: 2020 – $900 ; 2021 – $1,100 ; 2022 – $1,100 ; 2023 – $1,200 ; 2024 – $1,200 ; 2025 and after – $7,200 . A portion of these commitments may ultimately be shared with project partners. Total payments under the agreements were approximately $800 in 2019 , $1,400 in 2018 and $1,300 in 2017 . As part of the implementation of ASU 2016-02, the company assessed some contracts, previously incorporated into the unconditional purchase obligations disclosure, as operating leases in 2019. 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 operating, closed and divested sites, including, but not limited to, federal Superfund sites and analogous sites under state laws, refineries, chemical plants, marketing facilities, crude oil fields, and mining sites. Although the company has provided for known environmental obligations that are probable and reasonably estimable, it is likely that the company will continue to incur additional liabilities. The amount of additional 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. These future costs may be material to results of operations in the period in which they are recognized, but the company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Chevron’s environmental reserve as of December 31, 2019 , was $1,234 . Included in this balance was $266 related to remediation activities at approximately 145 sites for which the company had been identified as a potentially responsible party under the provisions of the federal Superfund law or analogous state laws which provide for joint and several liability for all responsible parties. Any future actions by regulatory agencies to require Chevron to assume other potentially responsible parties’ costs at designated hazardous waste sites are not expected to have a material effect on the company’s results of operations, consolidated financial position or liquidity. Of the remaining year-end 2019 environmental reserves balance of $968 , $667 is related to the company’s U.S. downstream operations, $28 to its international downstream operations, $272 to upstream operations and $1 to other businesses. Liabilities at all sites were primarily associated with the company’s plans and activities to remediate soil or groundwater contamination or both. The company manages environmental liabilities under specific sets of regulatory requirements, which in the United States include the Resource Conservation and Recovery Act and various state and local regulations. No single remediation site at year-end 2019 had a recorded liability that was material to the company’s results of operations, consolidated financial position or liquidity. Refer to Note 2 3 on page 89 Other Contingencies Governmental and other entities in California and other jurisdictions have filed legal proceedings against fossil fuel producing companies, including Chevron, purporting to seek legal and equitable relief to address alleged impacts of climate change. Further such proceedings are likely to be filed by other parties. The unprecedented legal theories set forth in these proceedings entail the possibility of damages liability and injunctions against the production of all fossil fuels that, while we believe remote, could have a material adverse effect on the company’s results of operations and financial condition. Management believes that these proceedings are legally and factually meritless and detract from constructive efforts to address the important policy issues presented by climate change, and will vigorously defend against such proceedings. Chevron has interests in Venezuelan crude oil production assets operated by independent equity affiliates. During 2019, net oil equivalent production in Venezuela averaged 35,000 barrels per day, 3,000 barrels per day of which was upgraded to synthetic crude. Synthetic crude production in 2019 was impacted by operating conditions, including a shutdown of the Petropiar heavy oil upgrader for part of the year. The operating environment in Venezuela has been deteriorating for some time. In January 2019, the United States government issued sanctions against the Venezuelan national oil company, Petroleos de Venezuela, S.A. (PdVSA), which is the company’s partner in the equity affiliates. The company is conducting its business pursuant to general licenses and guidance issued coincident with the sanctions. In late July 2019, the United States government renewed General License 8A with the issuance of General License 8B, subsequently superseded by General License 8C issued on August 5, 2019. The authorization provided to Chevron under General License 8C was extended by General License 8D on October 21, 2019 and General License 8E issued by the United States government on January 17, 2020. General License 8E enables the company to continue to meet its contractual obligations in Venezuela with PdVSA and is effective until April 22, 2020. At December 31, 2019, the carrying value of the company’s investments was approximately $2,650 and for the year ended December 31, 2019, the company recognized losses of $54 for its share of net income from the equity affiliates, and for demurrage, foreign exchange losses and other costs incurred in support of the company’s operations in Venezuela. Future events could result in the environment in Venezuela becoming more challenged, which could lead to increased business disruption and volatility in the associated financial results. The company continues to evaluate the carrying value of its Venezuelan investments in line with its accounting policies. Future events related to the company’s activities in Venezuela may result in significant impacts on the company’s results of operation in subsequent periods. Please see Note 13 , “Investments and Advances”, on page 71 for further information on the company’s investments in equity affiliates in Venezuela. 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. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The company records the fair value of a liability for an asset retirement obligation (ARO) both as an asset and a liability when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The legal obligation to perform the asset retirement activity is unconditional, even though uncertainty may exist about the timing and/or method of settlement that may be beyond the company’s control. This uncertainty about the timing and/or method of settlement is factored into the measurement of the liability when sufficient information exists to reasonably estimate fair value. Recognition of the ARO includes: (1) the present value of a liability and offsetting asset, (2) the subsequent accretion of that liability and depreciation of the asset, and (3) the periodic review of the ARO liability estimates and discount rates. AROs are primarily recorded for the company’s crude oil and natural gas producing assets. No significant AROs associated with any legal obligations to retire downstream long-lived assets have been recognized, as indeterminate settlement dates for the asset retirements prevent estimation of the fair value of the associated ARO. The company performs periodic reviews of its downstream long-lived assets for any changes in facts and circumstances that might require recognition of a retirement obligation. The following table indicates the changes to the company’s before-tax asset retirement obligations in 2019 , 2018 and 2017 : 2019 2018 2017 Balance at January 1 $ 14,050 $ 14,214 $ 14,243 Liabilities incurred 32 96 684 Liabilities settled (1,694 ) (830 ) (1,721 ) Accretion expense 628 654 668 Revisions in estimated cash flows (184 ) (84 ) 340 Balance at December 31 $ 12,832 $ 14,050 $ 14,214 In the table above, the amount associated with “Revisions in estimated cash flows” in 2019 reflects decreased cost estimates to decommission wells, equipment and facilities. The long-term portion of the $12,832 balance at the end of 2019 was $11,592 . |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Revenue from contracts with customers is presented in “Sales and other operating revenue” along with some activity that is accounted for outside the scope of Accounting Standard Codification (ASC) 606, which is not material to this line, on the Consolidated Statement of Income. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported in “purchased crude oil and products” on the Consolidated Statement of Income. Refer to Note 12 beginning on page 68 for additional information on the company’s segmentation of revenue. Receivables related to revenue from contracts with customers are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the allowance for doubtful accounts. The net balance of these receivables was $9,247 and $10,046 at December 31, 2019 and December 31, 2018 , respectively. Other items included in “Accounts and notes receivable, net” represent amounts due from partners for their share of joint venture operating and project costs and amounts due from others, primarily related to derivatives, leases, buy/sell arrangements and product exchanges, which are accounted for outside the scope of ASC 606 . Contract assets and related costs are reflected in “Prepaid expenses and other current assets” and contract liabilities are reflected in “Accrued liabilities” and “Deferred credits and other noncurrent obligations” on the Consolidated Balance Sheet. Amounts for these items are not material to the company’s financial position. |
Other Financial Information
Other Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other Financial Information | Other Financial Information Earnings in 2019 included after-tax gains of approximately $1,500 relating to the sale of certain properties. Of this amount, approximately $50 and $1,450 related to downstream and upstream, respectively. Earnings in 2018 included after-tax gains of approximately $630 relating to the sale of certain properties, of which approximately $ 365 and $265 related to downstream and upstream assets, respectively. Earnings in 2019 included after-tax charges of approximately $10,400 for impairments and other asset write-offs related to upstream. Earnings in 2018 included after-tax charges of approximately $2,000 for impairments and other asset write-offs related to upstream. Other financial information is as follows: Year ended December 31 2019 2018 2017 Total financing interest and debt costs $ 817 $ 921 $ 902 Less: Capitalized interest 19 173 595 Interest and debt expense $ 798 $ 748 $ 307 Research and development expenses $ 500 $ 453 $ 433 Excess of replacement cost over the carrying value of inventories (LIFO method) $ 4,513 $ 5,134 $ 3,937 LIFO profits (losses) on inventory drawdowns included in earnings $ (9 ) $ 26 $ (5 ) Foreign currency effects * $ (304 ) $ 611 $ (446 ) * Includes $(28) , $416 and $(45) in 2019 , 2018 and 2017 , respectively, for the company’s share of equity affiliates’ foreign currency effects. The company has $4,463 in goodwill on the Consolidated Balance Sheet, all of which is in the upstream segment and primarily related to the 2005 acquisition of Unocal. The company tested this goodwill for impairment during 2019 , and no |
Summarized Financial Data _ Che
Summarized Financial Data – Chevron Phillips Chemical Company LLC | 12 Months Ended |
Dec. 31, 2019 | |
Summarized Financial Data of Subsidiary Two [Abstract] | |
Summarized Financial Data – Chevron Phillips Chemical Company LLC | Summarized Financial Data – Chevron U.S.A. Inc. Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas and natural gas liquids and those associated with the refining, marketing, supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method. The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Year ended December 31 2019 2018 2017 Sales and other operating revenues $ 109,314 $ 125,076 $ 104,054 Total costs and other deductions 116,365 121,351 103,904 Net income (loss) attributable to CUSA (5,061 ) 4,334 4,842 At December 31 2019 2018 Current assets $ 13,059 $ 12,819 Other assets 50,796 55,814 Current liabilities 18,291 16,376 Other liabilities 12,565 12,906 Total CUSA net equity $ 32,999 $ 39,351 Memo: Total debt $ 3,222 $ 3,049 Summarized Financial Data – Chevron Phillips Chemical Company LLC Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Refer to Note 13 , on page 72, for a discussion of CPChem operations. Summarized financial information for 100 percent of CPChem is presented in the table below: Year ended December 31 2019 2018 2017 Sales and other operating revenues $ 9,333 $ 11,310 $ 9,063 Costs and other deductions 7,863 9,812 8,126 Net income attributable to CPChem 1,760 2,069 1,446 At December 31 2019 2018 Current assets $ 2,554 $ 2,820 Other assets 14,314 13,790 Current liabilities 1,247 1,281 Other liabilities 3,174 2,892 Total CPChem net equity $ 12,447 $ 12,437 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II — Valuation and Qualifying Accounts Year ended December 31 Millions of Dollars 2019 2018 2017 Employee Termination Benefits Balance at January 1 $ 19 $ 62 $ 111 Additions (reductions) charged to expense 6 5 20 Payments (18 ) (48 ) (69 ) Balance at December 31 $ 7 $ 19 $ 62 Allowance for Doubtful Accounts Balance at January 1 $ 980 $ 606 $ 487 Additions (reductions) (128 ) 379 128 Bad debt write-offs (3 ) (5 ) (9 ) Balance at December 31 $ 849 $ 980 $ 606 Deferred Income Tax Valuation Allowance * Balance at January 1 $ 15,973 $ 16,574 $ 16,069 Additions to deferred income tax expense 1,336 2,000 2,681 Reduction of deferred income tax expense (1,344 ) (2,601 ) (2,176 ) Balance at December 31 $ 15,965 $ 15,973 $ 16,574 * See also Note 15 to the Consolidated Financial Statements, beginning on page 74 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
General | General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America. These require the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and judgments, actual results could differ from these estimates as circumstances change and additional information becomes known. |
Subsidiary and Affiliated Companies | Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary companies more than 50 percent-owned and any variable-interest entities in which the company is the primary beneficiary. Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis. Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately 20 percent to 50 percent, or for which the company exercises significant influence but not control over policy decisions, are accounted for by the equity method. Investments in affiliates are assessed for possible impairment when events indicate that the fair value of the investment may be below the company’s carrying value. When such a condition is deemed to be other than temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in net income. In making the determination as to whether a decline is other than temporary, the company considers such factors as the duration and extent of the decline, the investee’s financial performance, and the company’s ability and intention to retain its investment for a period that will be sufficient to allow for any anticipated recovery in the investment’s market value. The new cost basis of investments in these equity investees is not changed for subsequent recoveries in fair value. |
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 and Consolidated Statement of Equity. |
Fair Value Measurements | Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or a liability are as follows. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Level 3 inputs are inputs that are not observable in the market. |
Derivatives | Derivatives The majority of the company’s activity in derivative commodity instruments is intended to manage the financial risk posed by physical transactions. For some of this derivative activity, generally limited to large, discrete or infrequently occurring transactions, the company may elect to apply fair value or cash flow hedge accounting. For other similar derivative instruments, generally because of the short-term nature of the contracts or their limited use, the company does not apply hedge accounting, and changes in the fair value of those contracts are reflected in current income. For the company’s commodity trading activity, gains and losses from derivative instruments are reported in current income. The company may enter into interest rate swaps from time to time as part of its overall strategy to manage the interest rate risk on its debt. Interest rate swaps related to a portion of the company’s fixed-rate debt, if any, may be accounted for as fair value hedges. Interest rate swaps related to floating-rate debt, if any, are recorded at fair value on the balance sheet with resulting gains and losses reflected in income. Where Chevron is a party to master netting arrangements, fair value receivable and payable amounts recognized for derivative instruments executed with the same counterparty are generally offset on the balance sheet. |
Inventories | Inventories Crude oil, petroleum products and chemicals inventories are generally stated at cost, using a last-in, first-out method. In the aggregate, these costs are below market. “Materials, supplies and other” inventories are primarily stated at cost or net realizable value. |
Properties, Plant and Equipment | Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation (ARO) assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. Refer to Note 19 , beginning on page 79 , for additional discussion of accounting for suspended exploratory well costs. Long-lived assets to be held and used, including proved crude oil and natural gas properties, are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast), significant change in the extent or manner of use of or a physical change in an asset, and a more-likely-than-not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved crude oil and natural gas properties, the company performs impairment reviews on a country, concession, PSC, development area or field basis, as appropriate. In Downstream, impairment reviews are performed on the basis of a refinery, a plant, a marketing/lubricants area or distribution area, as appropriate. Impairment amounts are recorded as incremental “Depreciation, depletion and amortization” expense. Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the asset is considered impaired and adjusted to the lower value. Refer to Note 7 , beginning on page 65 , relating to fair value measurements. The fair value of a liability for an ARO is recorded as an asset and a liability when there is a legal obligation associated with the retirement of a long-lived asset and the amount can be reasonably estimated. Refer also to Note 2 3 , on page 89 , relating to AROs. Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using the unit-of-production method, generally by individual field, as the proved developed reserves are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. Impairments of capitalized costs of unproved mineral interests are expensed. The capitalized costs of all other plant and equipment are depreciated or amortized over their estimated useful lives. In general, the declining-balance method is used to depreciate plant and equipment in the United States; the straight-line method is generally used to depreciate international plant and equipment and to amortize finance lease right-of-use assets. Gains or losses are not recognized for normal retirements of properties, plant and equipment subject to composite group amortization or depreciation. Gains or losses from abnormal retirements are recorded as expenses, and from sales as “Other income.” Expenditures for maintenance (including those for planned major maintenance projects), repairs and minor renewals to maintain facilities in operating condition are generally expensed as incurred. Major replacements and renewals are capitalized. |
Goodwill | Goodwill Goodwill resulting from a business combination is not subject to amortization. The company tests such goodwill at the reporting unit level for impairment annually at December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. |
Environmental Expenditures | Environmental Expenditures Environmental expenditures that relate to ongoing operations or to conditions caused by past operations are expensed. Expenditures that create future benefits or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments or cleanups or both are probable and the costs can be reasonably estimated. For crude oil, natural gas and mineral-producing properties, a liability for an ARO is made in accordance with accounting standards for asset retirement and environmental obligations. Refer to Note 2 3 , on page 89 , for a discussion of the company’s AROs. For federal Superfund sites and analogous sites under state laws, the company records a liability for its designated share of the probable and estimable costs, and probable amounts for other potentially responsible parties when mandated by the regulatory agencies because the other parties are not able to pay their respective shares. The gross amount of environmental liabilities is based on the company’s best estimate of future costs using currently available technology and applying current regulations and the company’s own internal environmental policies. Future amounts are not discounted. Recoveries or reimbursements are recorded as assets when receipt is reasonably assured. |
Currency Translation | Currency Translation The U.S. dollar is the functional currency for substantially all of the company’s consolidated operations and those of its equity affiliates. For those operations, all gains and losses from currency remeasurement are included in current period income. The cumulative translation effects for those few entities, both consolidated and affiliated, using functional currencies other than the U.S. dollar are included in “Currency translation adjustment” on the Consolidated Statement of Equity. |
Revenue | Revenue Recognition The company accounts for each delivery order of crude oil, natural gas, petroleum and chemical products as a separate performance obligation. Revenue is recognized when the performance obligation is satisfied, which typically occurs at the point in time when control of the product transfers to the customer. Payment is generally due within 30 days of delivery. The company accounts for delivery transportation as a fulfillment cost, not a separate performance obligation, and recognizes these costs as an operating expense in the period when revenue for the related commodity is recognized. Revenue is measured as the amount the company expects to receive in exchange for transferring commodities to the customer. The company’s commodity sales are typically based on prevailing market-based prices and may include discounts and allowances. Until market prices become known under terms of the company’s contracts, the transaction price included in revenue is based on the company’s estimate of the most likely outcome. Discounts and allowances are estimated using a combination of historical and recent data trends. When deliveries contain multiple products, an observable standalone selling price is generally used to measure revenue for each product. The company includes estimates in the transaction price only to the extent that a significant reversal of revenue is not probable in subsequent periods. Excise, value-added and similar taxes assessed by a governmental authority on a revenue-producing transaction between a seller and a customer are presented on a net basis in “Taxes other than on income” on the Consolidated Statement of Income, on page 52 . Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported in “Purchased crude oil and products” on the Consolidated Statement of Income. Prior to the adoption of ASC 606 on January 1, 2018, revenues associated with sales of crude oil, natural gas, petroleum and chemicals products, and all other sources were recorded when title passed to the customer, net of royalties, discounts and allowances, as applicable. Revenues from natural gas production from properties in which Chevron has an interest with other producers were generally recognized using the entitlement method. Excise, value-added and similar taxes assessed by a governmental authority on a revenue-producing transaction between a seller and a customer were presented on a gross basis on the Consolidated Statement of Income. Revenue from contracts with customers is presented in “Sales and other operating revenue” along with some activity that is accounted for outside the scope of Accounting Standard Codification (ASC) 606, which is not material to this line, on the Consolidated Statement of Income. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported in “purchased crude oil and products” on the Consolidated Statement of Income. Refer to Note 12 beginning on page 68 for additional information on the company’s segmentation of revenue. Receivables related to revenue from contracts with customers are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the allowance for doubtful accounts. The net balance of these receivables was $9,247 and $10,046 at December 31, 2019 and December 31, 2018 , respectively. Other items included in “Accounts and notes receivable, net” represent amounts due from partners for their share of joint venture operating and project costs and amounts due from others, primarily related to derivatives, leases, buy/sell arrangements and product exchanges, which are accounted for outside the scope of ASC 606 . Contract assets and related costs are reflected in “Prepaid expenses and other current assets” and contract liabilities are reflected in “Accrued liabilities” and “Deferred credits and other noncurrent obligations” on the Consolidated Balance Sheet. Amounts for these items are not material to the company’s financial position. |
Stock Options and Other Share-Based Compensation | Stock Options and Other Share-Based Compensation The company issues stock options and other share-based compensation to certain employees. For equity awards, such as stock options, total compensation cost is based on the grant date fair value, and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period in which an employee becomes eligible to retain the award at retirement. The company’s Long-Term Incentive Plan (LTIP) awards include stock options and stock appreciation rights, which have graded vesting provisions by which one-third of each award vests on each of the first, second and third anniversaries of the date of grant. In addition, performance shares granted under the company’s LTIP will vest at the end of the three -year performance period. For awards granted under the company’s LTIP beginning in 2017, stock options and stock appreciation rights have graded vesting by which one third of each award vests annually on each January 31 on or after the first anniversary of the grant date. Standard restricted stock unit awards have cliff vesting by which the total award will vest on January 31 on or after the fifth anniversary of the grant date, subject to adjustment upon termination pursuant to the satisfaction of certain criteria. The company amortizes these awards on a straight-line basis. |
New Accounting Standards | New Accounting Standards Leases (Topic 842) Effective January 1, 2019, Chevron adopted Accounting Standards Update (ASU) 2016-02 and its related amendments. For additional information on the company’s leases, refer to Note 5 beginning on page 62 . Financial Instruments - Credit Losses (Topic 326) In June 2016, the FASB issued ASU 2016-13, which becomes effective for the company beginning January 1, 2020. The standard requires companies to use forward-looking information to calculate credit loss estimates. The company completed the accounting policy and work process changes necessary to meet the standard’s requirements. The company does not expect the implementation of the standard to have a material effect on its consolidated financial statements. |
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 activities. 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 |
Uncertain Income Tax Positions | Uncertain Income Tax Positions The company recognizes a tax benefit in the financial statements for an uncertain tax position only if management’s assessment is that the position is “more likely than not” (i.e., a likelihood greater than 50 percent ) to be allowed by the tax jurisdiction based solely on the technical merits of the position. The term “tax position” in the accounting standards for income taxes refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. |
Accounting for Suspended Exploratory Wells | Accounting for Suspended Exploratory Wells The company continues to capitalize exploratory well costs after the completion of drilling when the well has found a sufficient quantity of reserves to justify completion as a producing well, and the business unit is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense. |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the year ended December 31, 2019 , are reflected in the table below. Currency Translation Adjustments Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total Balance at December 31, 2016 $ (162 ) $ (2 ) $ (2 ) $ (3,677 ) $ (3,843 ) Components of Other Comprehensive Income (Loss) 1 : Before Reclassifications 57 (3 ) — (310 ) (256 ) Reclassifications 2 — — — 510 510 Net Other Comprehensive Income (Loss) 57 (3 ) — 200 254 Balance at December 31, 2017 $ (105 ) $ (5 ) $ (2 ) $ (3,477 ) $ (3,589 ) Components of Other Comprehensive Income (Loss) 1 : Before Reclassifications (19 ) (5 ) — 28 4 Reclassifications 2 — — — 603 603 Net Other Comprehensive Income (Loss) (19 ) (5 ) — 631 607 Stranded Tax Reclassification to Retained Earnings 3 — — — (562 ) (562 ) Balance at December 31, 2018 $ (124 ) $ (10 ) $ (2 ) $ (3,408 ) $ (3,544 ) Components of Other Comprehensive Income (Loss) 1 : Before Reclassifications (18 ) 2 (1 ) (1,838 ) (1,855 ) Reclassifications 2 — — 3 406 409 Net Other Comprehensive Income (Loss) (18 ) 2 2 (1,432 ) (1,446 ) Balance at December 31, 2019 $ (142 ) $ (8 ) $ — $ (4,840 ) $ (4,990 ) 1 All amounts are net of tax. 2 Refer to Note 21 beginning on page 82 , for reclassified components totaling $523 that are included in employee benefit costs for the year ended December 31, 2019 . Related income taxes for the same period, totaling $117 , are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant. 3 |
Information Relating to the C_2
Information Relating to the Consolidated Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of information relating to the consolidated statement of cash flows | The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: Year ended December 31 2019 2018 2017 Cash and cash equivalents $ 5,686 $ 9,342 $ 4,813 Restricted cash included in “Prepaid expenses and other current assets” 452 341 405 Restricted cash included in “Deferred charges and other assets” 773 798 725 Total cash, cash equivalents and restricted cash $ 6,911 $ 10,481 $ 5,943 Year ended December 31 2019 2018 2017 Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ 1,852 $ 437 $ (915 ) Decrease (increase) in inventories 7 (424 ) (267 ) Decrease (increase) in prepaid expenses and other current assets (323 ) (149 ) 173 Increase (decrease) in accounts payable and accrued liabilities (109 ) (494 ) 998 Increase (decrease) in income and other taxes payable 67 (88 ) 531 Net decrease (increase) in operating working capital $ 1,494 $ (718 ) $ 520 Net cash provided by operating activities includes the following cash payments: Interest on debt (net of capitalized interest) $ 810 $ 736 $ 265 Income taxes 4,817 4,748 3,132 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 2,809 $ 2,000 $ 4,930 Returns of investment from equity affiliates 142 392 166 Proceeds and deposits related to asset sales and returns of investment $ 2,951 $ 2,392 $ 5,096 Net maturities (investments) of time deposits consisted of the following gross amounts: Investments in time deposits $ — $ (950 ) $ — Maturities of time deposits 950 — — Net maturities of (investments in) time deposits $ 950 $ (950 ) $ — Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ (1 ) $ (51 ) $ (3 ) Marketable securities sold 3 — 7 Net sales (purchases) of marketable securities $ 2 $ (51 ) $ 4 Net repayment (borrowing) of loans by equity affiliates: Borrowing of loans by equity affiliates $ (1,350 ) $ — $ (142 ) Repayment of loans by equity affiliates 105 111 126 Net repayment (borrowing) of loans by equity affiliates $ (1,245 ) $ 111 $ (16 ) Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: Proceeds from issuances of short-term obligations $ 2,586 $ 2,486 $ 5,051 Repayments of short-term obligations (1,430 ) (4,136 ) (8,820 ) Net borrowings (repayments) of short-term obligations with three months or less maturity (3,977 ) 3,671 (1,373 ) Net borrowings (repayments) of short-term obligations $ (2,821 ) $ 2,021 $ (5,142 ) Net sales (purchases) of treasury shares consists of the following gross and net amounts: Shares issued for share-based compensation plans $ 1,104 $ 1,147 $ 1,118 Shares purchased under share repurchase and deferred compensation plans (4,039 ) (1,751 ) (1 ) Net sales (purchases) of treasury shares $ (2,935 ) $ (604 ) $ 1,117 |
Capital expenditures | The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory expenditures, including equity affiliates, are presented in the following table: Year ended December 31 2019 2018 2017 Additions to properties, plant and equipment * $ 13,839 $ 13,384 $ 13,222 Additions to investments 140 65 25 Current-year dry hole expenditures 124 344 157 Payments for other assets and liabilities, net 13 (1 ) — Capital expenditures 14,116 13,792 13,404 Expensed exploration expenditures 598 523 666 Assets acquired through finance leases and other obligations 181 75 8 Payments for other assets and liabilities, net (13 ) — — Capital and exploratory expenditures, excluding equity affiliates 14,882 14,390 14,078 Company’s share of expenditures by equity affiliates 6,112 5,716 4,743 Capital and exploratory expenditures, including equity affiliates $ 20,994 $ 20,106 $ 18,821 * Excludes non-cash movements of $(239) in 2019 , $25 in 2018 and $1,183 in 2017 . |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Assets And Liabilities, Lessee | Details of the right-of-use assets and lease liabilities for operating and finance leases, including the balance sheet presentation, are as follows: At December 31, 2019 Operating Leases Finance Leases Deferred charges and other assets $ 4,074 $ — Properties, plant and equipment, net — 329 Right-of-use assets 1, 2 $ 4,074 $ 329 Accrued Liabilities $ 1,277 $ — Short-term Debt — 18 Current lease liabilities 1,277 18 Deferred credits and other noncurrent obligations 2,608 — Long-term Debt — 282 Noncurrent lease liabilities 2,608 282 Total lease liabilities $ 3,885 $ 300 Weighted-average remaining lease term (in years) 5.2 16.0 Weighted-average discount rate 3.2 % 4.7 % 1 Capitalized leased assets of $818 are primarily from the Upstream segment, with accumulated amortization of $ 617 at December 31, 2018. 2 Includes non-cash additions of $1,201 and $184 right-of-use assets obtained in exchange for new and modified lease liabilities in 2019 for operating and finance leases, respectively. |
Lease, Cost | Total lease costs consist of both amounts recognized in the Consolidated Statement of Income during the period and amounts capitalized as part of the cost of another asset. Total lease costs incurred for operating and finance leases were as follows: Year Ended December 31, 2019 Operating lease costs 1, 2 $ 2,621 Finance lease costs 66 Total lease costs $ 2,687 1 Net rental expense of $816 and $721 for 2018 and 2017, respectively. 2 Includes variable and short-term lease costs. Cash paid for amounts included in the measurement of lease liabilities was as follows: Year Ended December 31, 2019 Operating cash flows from operating leases $ 1,574 Investing cash flows from operating leases 1,047 Operating cash flows from finance leases 13 Financing cash flows from finance leases 24 |
Lessee, Operating Lease, Liability, Maturity | At December 31, 2019 , the estimated future undiscounted cash flows for operating and finance leases were as follows: At December 31, 2019 Operating Leases Finance Leases Year 2020 $ 1,374 $ 35 2021 1,083 33 2022 546 31 2023 336 31 2024 216 30 Thereafter 696 251 Total $ 4,251 $ 411 Less: Amounts representing interest 366 111 Total lease liabilities $ 3,885 $ 300 |
Finance Lease, Liability, Maturity | At December 31, 2019 , the estimated future undiscounted cash flows for operating and finance leases were as follows: At December 31, 2019 Operating Leases Finance Leases Year 2020 $ 1,374 $ 35 2021 1,083 33 2022 546 31 2023 336 31 2024 216 30 Thereafter 696 251 Total $ 4,251 $ 411 Less: Amounts representing interest 366 111 Total lease liabilities $ 3,885 $ 300 |
Schedule of Estimated Future Minimum Lease Payments | At December 31, 2018, the estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases, which at inception had a noncancelable term of more than one year, were as follows: At December 31, 2018 Operating Leases Capital Leases * Year 2019 $ 540 $ 30 2020 492 22 2021 378 17 2022 242 16 2023 166 16 Thereafter 341 132 Total $ 2,159 $ 233 Less: Amounts representing interest and executory costs (88 ) Net present values 145 Less: Capital lease obligations included in short-term debt (18 ) Long-term capital lease obligations $ 127 * Excluded from the table is an executed but not-yet-commenced capital lease with payments of $14 , $15 , $22 , $21 , $21 and $219 for 2019, 2020, 2021, 2022, 2023 and thereafter, respectively. |
Schedule of Estimated Future Minimum Lease Payments | At December 31, 2018, the estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases, which at inception had a noncancelable term of more than one year, were as follows: At December 31, 2018 Operating Leases Capital Leases * Year 2019 $ 540 $ 30 2020 492 22 2021 378 17 2022 242 16 2023 166 16 Thereafter 341 132 Total $ 2,159 $ 233 Less: Amounts representing interest and executory costs (88 ) Net present values 145 Less: Capital lease obligations included in short-term debt (18 ) Long-term capital lease obligations $ 127 * Excluded from the table is an executed but not-yet-commenced capital lease with payments of $14 , $15 , $22 , $21 , $21 and $219 for 2019, 2020, 2021, 2022, 2023 and thereafter, respectively. |
Summarized Financial Data - C_2
Summarized Financial Data - Chevron U.S.A. Inc. (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summarized Financial Data of Subsidiary One [Abstract] | |
Summarized Financial Data - Chevron U.S.A. Inc. | The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Year ended December 31 2019 2018 2017 Sales and other operating revenues $ 109,314 $ 125,076 $ 104,054 Total costs and other deductions 116,365 121,351 103,904 Net income (loss) attributable to CUSA (5,061 ) 4,334 4,842 100 percent of CPChem is presented in the table below: Year ended December 31 2019 2018 2017 Sales and other operating revenues $ 9,333 $ 11,310 $ 9,063 Costs and other deductions 7,863 9,812 8,126 Net income attributable to CPChem 1,760 2,069 1,446 |
Summarized Financial Data and its Subsidiary | At December 31 2019 2018 Current assets $ 13,059 $ 12,819 Other assets 50,796 55,814 Current liabilities 18,291 16,376 Other liabilities 12,565 12,906 Total CUSA net equity $ 32,999 $ 39,351 Memo: Total debt $ 3,222 $ 3,049 At December 31 2019 2018 Current assets $ 2,554 $ 2,820 Other assets 14,314 13,790 Current liabilities 1,247 1,281 Other liabilities 3,174 2,892 Total CPChem net equity $ 12,447 $ 12,437 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and Liabilities Measured at Fair Value on a Recurring Basis At December 31, 2019 At December 31, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable securities $ 63 $ 63 $ — $ — $ 53 $ 53 $ — $ — Derivatives 11 1 10 — 283 185 98 — Total assets at fair value $ 74 $ 64 $ 10 $ — $ 336 $ 238 $ 98 $ — Derivatives 74 26 48 — 12 — 12 — Total liabilities at fair value $ 74 $ 26 $ 48 $ — $ 12 $ — $ 12 $ — |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis At December 31 At December 31 Before-Tax Loss Before-Tax Loss Total Level 1 Level 2 Level 3 Year 2019 Total Level 1 Level 2 Level 3 Year 2018 Properties, plant and equipment, net (held and used) $ 2,177 $ — $ — $ 2,177 $ 2,095 $ 102 $ — $ 62 $ 40 $ 97 Properties, plant and equipment, net (held for sale) 1,412 — 1,412 — 8,702 1,694 — 1,273 421 638 Investments and advances 52 — 30 22 594 81 — 20 61 69 Total nonrecurring assets at fair value $ 3,641 $ — $ 1,442 $ 2,199 $ 11,391 $ 1,877 $ — $ 1,355 $ 522 $ 804 |
Financial and Derivative Inst_2
Financial and Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments At December 31 Type of Contract Balance Sheet Classification 2019 2018 Commodity Accounts and notes receivable, net $ 11 $ 279 Commodity Long-term receivables, net — 4 Total assets at fair value $ 11 $ 283 Commodity Accounts payable $ 74 $ 12 Commodity Deferred credits and other noncurrent obligations — — Total liabilities at fair value $ 74 $ 12 |
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments Gain/(Loss) Type of Derivative Statement of Year ended December 31 Contract Income Classification 2019 2018 2017 Commodity Sales and other operating revenues $ (291 ) $ 135 $ (105 ) Commodity Purchased crude oil and products (17 ) (33 ) (9 ) Commodity Other income (2 ) 3 (2 ) $ (310 ) $ 105 $ (116 ) |
Consolidated Balance Sheet: The Effect of Netting Derivative Assets | The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2019 and December 31, 2018 . Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amounts At December 31, 2019 Derivative Assets $ 656 $ 645 $ 11 $ — $ 11 Derivative Liabilities $ 719 $ 645 $ 74 $ — $ 74 At December 31, 2018 Derivative Assets $ 3,685 $ 3,402 $ 283 $ — $ 283 Derivative Liabilities $ 3,414 $ 3,402 $ 12 $ — $ 12 |
Consolidated Balance Sheet: The Effect of Netting Derivative Liabilities | The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2019 and December 31, 2018 . Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amounts At December 31, 2019 Derivative Assets $ 656 $ 645 $ 11 $ — $ 11 Derivative Liabilities $ 719 $ 645 $ 74 $ — $ 74 At December 31, 2018 Derivative Assets $ 3,685 $ 3,402 $ 283 $ — $ 283 Derivative Liabilities $ 3,414 $ 3,402 $ 12 $ — $ 12 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted EPS | The table on the following page sets forth the computation of basic and diluted EPS: Year ended December 31 2019 2018 2017 Basic EPS Calculation Earnings available to common stockholders - Basic 1 $ 2,924 $ 14,824 $ 9,195 Weighted-average number of common shares outstanding 2 1,882 1,897 1,882 Add: Deferred awards held as stock units — 1 1 Total weighted-average number of common shares outstanding 1,882 1,898 1,883 Earnings per share of common stock - Basic $ 1.55 $ 7.81 $ 4.88 Diluted EPS Calculation Earnings available to common stockholders - Diluted 1 $ 2,924 $ 14,824 $ 9,195 Weighted-average number of common shares outstanding 2 1,882 1,897 1,882 Add: Deferred awards held as stock units — 1 1 Add: Dilutive effect of employee stock-based awards 13 16 15 Total weighted-average number of common shares outstanding 1,895 1,914 1,898 Earnings per share of common stock - Diluted $ 1.54 $ 7.74 $ 4.85 1 There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. 2 Millions of shares. |
Operating Segments and Geogra_2
Operating Segments and Geographic Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Earnings | Earnings by major operating area are presented in the following table: Year ended December 31 2019 2018 2017 Upstream United States $ (5,094 ) $ 3,278 $ 3,640 International 7,670 10,038 4,510 Total Upstream 2,576 13,316 8,150 Downstream United States 1,559 2,103 2,938 International 922 1,695 2,276 Total Downstream 2,481 3,798 5,214 Total Segment Earnings 5,057 17,114 13,364 All Other Interest expense (761 ) (713 ) (264 ) Interest income 181 137 60 Other (1,553 ) (1,714 ) (3,965 ) Net Income (Loss) Attributable to Chevron Corporation $ 2,924 $ 14,824 $ 9,195 |
Segment Assets | Assets at year-end 2019 and 2018 are as follows: At December 31 2019 2018 Upstream United States $ 35,926 $ 42,594 International 145,648 153,861 Goodwill 4,463 4,518 Total Upstream 186,037 200,973 Downstream United States 25,197 23,866 International 16,955 15,622 Total Downstream 42,152 39,488 Total Segment Assets 228,189 240,461 All Other United States 3,475 5,100 International 5,764 8,302 Total All Other 9,239 13,402 Total Assets – United States 64,598 71,560 Total Assets – International 168,367 177,785 Goodwill 4,463 4,518 Total Assets $ 237,428 $ 253,863 |
Segment Sales and Other Operating Revenues | 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. Year ended December 31 1 2019 2018 2017 Upstream United States $ 23,358 $ 22,891 $ 13,242 International 35,628 37,822 28,680 Subtotal 58,986 60,713 41,922 Intersegment Elimination — United States (14,944 ) (13,965 ) (9,341 ) Intersegment Elimination — International (12,335 ) (13,679 ) (11,471 ) Total Upstream 31,707 33,069 21,110 Downstream United States 55,271 59,376 53,140 International 57,654 70,095 61,395 Subtotal 112,925 129,471 114,535 Intersegment Elimination — United States (3,924 ) (2,742 ) (14 ) Intersegment Elimination — International (1,089 ) (1,132 ) (1,166 ) Total Downstream 107,912 125,597 113,355 All Other United States 1,064 1,022 1,022 International 20 22 26 Subtotal 1,084 1,044 1,048 Intersegment Elimination — United States (818 ) (786 ) (814 ) Intersegment Elimination — International (20 ) (22 ) (25 ) Total All Other 246 236 209 Sales and Other Operating Revenues United States 79,693 83,289 67,404 International 93,302 107,939 90,101 Subtotal 172,995 191,228 157,505 Intersegment Elimination — United States (19,686 ) (17,493 ) (10,169 ) Intersegment Elimination — International (13,444 ) (14,833 ) (12,662 ) Total Sales and Other Operating Revenues $ 139,865 $ 158,902 $ 134,674 1 Other than the United States, no other country accounted for 10 percent or more of the company’s Sales and Other Operating Revenues. |
Segment income tax expense | Segment income tax expense for the years 2019 , 2018 and 2017 is as follows: Year ended December 31 2019 2018 2017 Upstream United States $ (1,550 ) $ 811 $ (3,538 ) International 3,492 4,687 2,249 Total Upstream 1,942 5,498 (1,289 ) Downstream United States 392 534 (419 ) International 170 328 650 Total Downstream 562 862 231 All Other 187 (645 ) 1,010 Total Income Tax Expense (Benefit) $ 2,691 $ 5,715 $ (48 ) |
Investments and Advances (Table
Investments and Advances (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost | Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost, is shown in the following table. For certain equity affiliates, Chevron pays its share of some income taxes directly. For such affiliates, the equity in earnings does not include these taxes, which are reported on the Consolidated Statement of Income as “Income tax expense.” Investments and Advances Equity in Earnings At December 31 Year ended December 31 2019 2018 2019 2018 2017 Upstream Tengizchevroil $ 20,214 $ 16,017 $ 3,067 $ 3,614 $ 2,581 Petropiar 1,396 1,361 80 317 175 Petroboscan 1,139 1,315 (11 ) 357 154 Caspian Pipeline Consortium 883 1,022 155 170 155 Angola LNG Limited 2,423 2,496 (26 ) 172 27 Other 881 1,541 (478 ) 19 104 Total Upstream 26,936 23,752 2,787 4,649 3,196 Downstream Chevron Phillips Chemical Company LLC 6,241 6,218 880 1,034 723 GS Caltex Corporation 3,796 3,924 13 373 290 Other 1,443 1,383 288 273 230 Total Downstream 11,480 11,525 1,181 1,680 1,243 All Other Other (14 ) (16 ) — (2 ) (1 ) Total equity method $ 38,402 $ 35,261 $ 3,968 $ 6,327 $ 4,438 Other non-equity method investments 286 285 Total investments and advances $ 38,688 $ 35,546 Total United States $ 7,203 $ 7,500 $ 641 $ 1,033 $ 788 Total International $ 31,485 $ 28,046 $ 3,327 $ 5,294 $ 3,650 |
Summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron's total share, which includes Chevron loans to affiliates | The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron’s total share, which includes Chevron’s net loans to affiliates of $4,331 , $3,402 and $3,853 at December 31, 2019 , 2018 and 2017 , respectively. Affiliates Chevron Share Year ended December 31 2019 2018 2017 2019 2018 2017 Total revenues $ 66,473 $ 84,469 $ 70,744 $ 32,628 $ 40,679 $ 33,460 Income before income tax expense 13,197 16,693 13,487 5,954 6,755 5,712 Net income attributable to affiliates 9,809 13,321 10,751 4,366 6,384 4,468 At December 31 Current assets $ 30,791 $ 32,657 $ 33,883 $ 12,998 $ 12,813 $ 13,568 Noncurrent assets 97,177 87,614 82,261 41,531 36,369 32,643 Current liabilities 26,032 26,006 26,873 10,610 9,843 10,201 Noncurrent liabilities 21,593 20,000 21,447 5,068 4,446 4,224 Total affiliates’ net equity $ 80,343 $ 74,265 $ 67,824 $ 38,851 $ 34,893 $ 31,786 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Taxes on income | Income Taxes Year ended December 31 2019 2018 2017 Income tax expense (benefit) U.S. federal Current $ (73 ) $ (181 ) $ (382 ) Deferred (1,074 ) 738 (2,561 ) State and local Current 153 183 (97 ) Deferred (172 ) (16 ) 66 Total United States (1,166 ) 724 (2,974 ) International Current 4,577 4,662 3,634 Deferred (720 ) 329 (708 ) Total International 3,857 4,991 2,926 Total income tax expense (benefit) $ 2,691 $ 5,715 $ (48 ) |
Reconciliation between the U.S. statutory federal income tax rate and the company's effective income tax rate | The reconciliation between the U.S. statutory federal income tax rate and the company’s effective income tax rate is detailed in the table on the following page: 2019 2018 2017 Income (loss) before income taxes United States $ (5,483 ) $ 4,730 $ (441 ) International 11,019 15,845 9,662 Total income (loss) before income taxes 5,536 20,575 9,221 Theoretical tax (at U.S. statutory rate of 21% - 2019 & 2018, 35% - 2017) 1,163 4,321 3,227 Effect of U.S. tax reform 3 (26 ) (2,020 ) Equity affiliate accounting effect (687 ) (1,526 ) (1,373 ) Effect of income taxes from international operations * 2,196 3,132 (130 ) State and local taxes on income, net of U.S. federal income tax benefit (18 ) 162 39 Prior year tax adjustments, claims and settlements 192 (51 ) (39 ) Tax credits (18 ) (163 ) (199 ) Other U.S. * (140 ) (134 ) 447 Total income tax expense (benefit) $ 2,691 $ 5,715 $ (48 ) Effective income tax rate 48.6 % 27.8 % (0.5 )% * Includes one-time tax costs (benefits) associated with changes in uncertain tax positions and valuation allowances. |
Composition of deferred tax balances | The reported deferred tax balances are composed of the following: At December 31 2019 2018 Deferred tax liabilities Properties, plant and equipment $ 17,251 $ 20,159 Investments and other* 5,372 4,943 Total deferred tax liabilities 22,623 25,102 Deferred tax assets Foreign tax credits (9,840 ) (10,536 ) Asset retirement obligations/environmental reserves (4,329 ) (5,328 ) Employee benefits (3,454 ) (2,787 ) Deferred credits (1,083 ) (1,373 ) Tax loss carryforwards (5,262 ) (4,948 ) Other accrued liabilities (441 ) (595 ) Inventory (662 ) (505 ) Operating leases * (1,211 ) — Miscellaneous (2,796 ) (3,481 ) Total deferred tax assets (29,078 ) (29,553 ) Deferred tax assets valuation allowance 15,965 15,973 Total deferred taxes, net $ 9,510 $ 11,522 * Beginning in 2019, the deferred taxes that are the consequence of ASU 2016-02 are included in the “Investments and other” and “Operating lease” balances above. Refer to Note 5 , “Lease Commitments” beginning on page 62 . |
Classification of deferred taxes | At December 31, 2019 and 2018 , deferred taxes were classified on the Consolidated Balance Sheet as follows: At December 31 2019 2018 Deferred charges and other assets $ (4,178 ) $ (4,399 ) Noncurrent deferred income taxes 13,688 15,921 Total deferred income taxes, net $ 9,510 $ 11,522 |
Changes to the Company's unrecognized tax benefits | The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2019 , 2018 and 2017 . The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements. Interest and penalties are not included. 2019 2018 2017 Balance at January 1 $ 5,070 $ 4,828 $ 3,031 Foreign currency effects 1 (6 ) 43 Additions based on tax positions taken in current year 94 239 1,853 Additions for tax positions taken in prior years 313 153 1,166 Reductions for tax positions taken in prior years (194 ) (131 ) (90 ) Settlements with taxing authorities in current year (78 ) (13 ) (1,173 ) Reductions as a result of a lapse of the applicable statute of limitations (219 ) — (2 ) Balance at December 31 $ 4,987 $ 5,070 $ 4,828 |
Taxes other than on income | Taxes Other Than on Income Year ended December 31 2019 2018 2017 United States Excise and similar taxes on products and merchandise* $ 4,990 $ 4,830 $ 4,398 Consumer excise taxes collected on behalf of third parties* (4,990 ) (4,830 ) — Import duties and other levies 2 15 11 Property and other miscellaneous taxes 1,785 1,577 1,824 Payroll taxes 254 246 241 Taxes on production 355 325 206 Total United States 2,396 2,163 6,680 International Excise and similar taxes on products and merchandise* 2,801 3,031 2,791 Consumer excise taxes collected on behalf of third parties* (2,801 ) (3,031 ) — Import duties and other levies 35 37 45 Property and other miscellaneous taxes 1,435 2,370 2,563 Payroll taxes 125 132 137 Taxes on production 145 165 115 Total International 1,740 2,704 5,651 Total taxes other than on income $ 4,136 $ 4,867 $ 12,331 * Beginning in 2018, these taxes are netted in “Taxes other than on income” in accordance with ASU 2014-09. Refer to Note 24 , “Revenue” beginning on page 89 . |
Properties, Plant and Equipme_2
Properties, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Properties, Plant and Equipment | At December 31 Year ended December 31 Gross Investment at Cost Net Investment Additions at Cost 2 Depreciation Expense 3 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Upstream United States $ 82,117 $ 88,155 $ 84,602 $ 31,082 $ 39,526 $ 38,722 $ 7,751 $ 6,434 $ 4,995 $ 15,222 $ 5,328 $ 5,527 International 206,292 215,329 224,211 102,639 113,603 123,191 3,664 4,865 7,934 12,618 12,726 12,096 Total Upstream 288,409 303,484 308,813 133,721 153,129 161,913 11,415 11,299 12,929 27,840 18,054 17,623 Downstream United States 25,968 24,685 23,598 11,398 10,838 10,346 1,452 1,259 907 869 751 753 International 7,480 7,237 7,094 3,114 3,023 3,074 355 278 306 256 282 282 Total Downstream 33,448 31,922 30,692 14,512 13,861 13,420 1,807 1,537 1,213 1,125 1,033 1,035 All Other United States 4,719 4,667 4,798 2,236 2,186 2,341 324 224 218 243 320 677 International 146 171 182 25 31 38 9 6 4 10 12 14 Total All Other 4,865 4,838 4,980 2,261 2,217 2,379 333 230 222 253 332 691 Total United States 112,804 117,507 112,998 44,716 52,550 51,409 9,527 7,917 6,120 16,334 6,399 6,957 Total International 213,918 222,737 231,487 105,778 116,657 126,303 4,028 5,149 8,244 12,884 13,020 12,392 Total $ 326,722 $ 340,244 $ 344,485 $ 150,494 $ 169,207 $ 177,712 $ 13,555 $ 13,066 $ 14,364 $ 29,218 $ 19,419 $ 19,349 1 Other than the United States and Australia, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2019 . Australia had PP&E of $51,359 , $53,768 and $55,514 in 2019 , 2018 and 2017 , respectively. 2 Net of dry hole expense related to prior years’ expenditures of $124 , $343 and $42 in 2019 , 2018 and 2017 , respectively. 3 Depreciation expense includes accretion expense of $628 , $654 and $668 in 2019 , 2018 and 2017 , respectively, and impairments of $10,797 , $735 and $1,021 in 2019 , 2018 and 2017 , respectively. |
Short-Term Debt (Tables)
Short-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Short-Term Debt | At December 31 2019 2018 Commercial paper 1 $ 4,654 $ 7,503 Notes payable to banks and others with originating terms of one year or less 228 28 Current maturities of long-term debt 2 5,054 4,999 Current maturities of long-term finance leases 18 18 Redeemable long-term obligations Long-term debt 3,078 3,078 Subtotal 13,032 15,626 Reclassified to long-term debt (9,750 ) (9,900 ) Total short-term debt $ 3,282 $ 5,726 1 Weighted-average interest rates at December 31, 2019 and 2018, were 1.69 percent and 2.43 percent, respectively. 2 Net of unamortized discounts and issuance costs: $0 in 2019 and $1 in 2018. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term debt outstanding | The company’s long-term debt outstanding at year-end 2019 and 2018 was as follows: At December 31 2019 2018 Principal Principal 3.191% notes due 2023 $ 2,250 $ 2,250 2.954% notes due 2026 2,250 2,250 2.355% notes due 2022 2,000 2,000 1.961% notes due 2020 1,750 1,750 2.100% notes due 2021 1,350 1,350 2.419% notes due 2020 1,250 1,250 2.427% notes due 2020 1,000 1,000 2.895% notes due 2024 1,000 1,000 2.566% notes due 2023 750 750 3.326% notes due 2025 750 750 2.498% notes due 2022 700 700 2.411% notes due 2022 700 700 Floating rate notes due 2021 (2.599%) 1 650 650 Floating rate notes due 2022 (2.412%) 1 650 650 1.991% notes due 2020 600 600 Floating rate notes due 2020 (2.116%) 2 400 400 3.400% loan 3 218 218 8.625% debentures due 2032 147 147 8.625% debentures due 2031 108 108 8.000% debentures due 2032 75 75 9.750% debentures due 2020 54 54 8.875% debentures due 2021 40 40 Medium-term notes, maturing from 2021 to 2038 (6.431%) 1 38 38 4.950% notes due 2019 — 1,500 1.561% notes due 2019 — 1,350 Floating rate notes due 2019 — 850 2.193% notes due 2019 — 750 1.686% notes due 2019 — 550 Total including debt due within one year 18,730 23,730 Debt due within one year (5,054 ) (5,000 ) Reclassified from short-term debt 9,750 9,900 Unamortized discounts and debt issuance costs (17 ) (24 ) Finance lease liabilities 4 282 127 Total long-term debt $ 23,691 $ 28,733 1 Weighted-average interest rate at December 31, 2019 . 2 Interest rate at December 31, 2019 . 3 Maturity date is conditional upon the occurrence of certain events. 2022 is the earliest period in which the loan may become payable. 4 For details on finance lease liabilities, see Note 5 beginning on page 62 . |
Accounting for Suspended Expl_2
Accounting for Suspended Exploratory Wells (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting for Suspended Exploratory Wells [Abstract] | |
Changes in company's suspended exploratory well costs | The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2019 : 2019 2018 2017 Beginning balance at January 1 $ 3,563 $ 3,702 $ 3,540 Additions to capitalized exploratory well costs pending the determination of proved reserves 244 207 323 Reclassifications to wells, facilities and equipment based on the determination of proved reserves (500 ) (13 ) (113 ) Capitalized exploratory well costs charged to expense (125 ) (333 ) (39 ) Other reductions * (141 ) — (9 ) Ending balance at December 31 $ 3,041 $ 3,563 $ 3,702 * Represents property sales. |
Aging of capitalized well costs and number of project | The following table provides an aging of capitalized well costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling. At December 31 2019 2018 2017 Exploratory well costs capitalized for a period of one year or less $ 214 $ 202 $ 307 Exploratory well costs capitalized for a period greater than one year 2,827 3,361 3,395 Balance at December 31 $ 3,041 $ 3,563 $ 3,702 Number of projects with exploratory well costs that have been capitalized for a period greater than one year * 22 30 32 * Certain projects have multiple wells or fields or both. |
Aging of Costs on Well and Project Basis | The $2,827 of suspended well costs capitalized for a period greater than one year as of December 31, 2019 , represents 123 exploratory wells in 22 projects. The tables below contain the aging of these costs on a well and project basis: Aging based on drilling completion date of individual wells: Amount Number of wells 1998-2008 $ 244 27 2009-2013 1,166 56 2014-2018 1,417 40 Total $ 2,827 123 Aging based on drilling completion date of last suspended well in project: Amount Number of projects 2003-2011 $ 318 4 2012-2015 1,653 11 2016-2019 856 7 Total $ 2,827 22 |
Stock Options and Other Share_2
Stock Options and Other Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Fair market values of stock options and stock appreciation rights granted | The fair market values of stock options and stock appreciation rights granted in 2019 , 2018 and 2017 were measured on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions: Year ended December 31 2019 2018 2017 Expected term in years 1 6.6 6.5 6.3 Volatility 2 20.5 % 21.2 % 21.7 % Risk-free interest rate based on zero coupon U.S. treasury note 2.6 % 2.6 % 2.2 % Dividend yield 3.8 % 3.8 % 4.2 % Weighted-average fair value per option granted $ 15.82 $ 18.18 $ 15.31 1 Expected term is based on historical exercise and post-vesting cancellation data. 2 Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. |
Summary of option activity | A summary of option activity during 2019 is presented below: Shares (Thousands) Weighted-Average Exercise Price Averaged Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2019 94,724 $ 99.92 Granted 5,771 $ 113.04 Exercised (13,190 ) $ 83.36 Forfeited (664 ) $ 111.57 Outstanding at December 31, 2019 86,641 $ 103.22 4.69 $ 1,518 Exercisable at December 31, 2019 77,671 $ 101.63 4.25 $ 1,474 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Funded status of pension and other postretirement benefit plans | The funded status of the company’s pension and OPEB plans for 2019 and 2018 follows: Pension Benefits 2019 2018 Other Benefits U.S. Int’l. U.S. Int’l. 2019 2018 Change in Benefit Obligation Benefit obligation at January 1 $ 11,726 $ 4,820 $ 13,580 $ 5,540 $ 2,430 $ 2,788 Service cost 406 139 480 141 36 42 Interest cost 397 199 370 206 96 94 Plan participants’ contributions — 4 — 4 72 71 Plan amendments — 29 — 23 — 2 Actuarial (gain) loss 2,922 673 (1,051 ) (239 ) 125 (272 ) Foreign currency exchange rate changes — 121 — (227 ) 2 (9 ) Benefits paid (1,035 ) (302 ) (1,653 ) (432 ) (240 ) (237 ) Divestitures/Acquisitions 49 — — (196 ) (1 ) (49 ) Curtailment — (3 ) — — — — Benefit obligation at December 31 14,465 5,680 11,726 4,820 2,520 2,430 Change in Plan Assets Fair value of plan assets at January 1 8,532 4,142 9,948 4,766 — — Actual return on plan assets 1,548 566 (566 ) (9 ) — — Foreign currency exchange rate changes — 115 — (221 ) — — Employer contributions 1,096 266 803 232 168 166 Plan participants’ contributions — 4 — 4 72 71 Benefits paid (1,035 ) (302 ) (1,653 ) (432 ) (240 ) (237 ) Divestitures/Acquisitions 36 — — (198 ) — — Fair value of plan assets at December 31 10,177 4,791 8,532 4,142 — — Funded status at December 31 $ (4,288 ) $ (889 ) $ (3,194 ) $ (678 ) $ (2,520 ) $ (2,430 ) |
Consolidated Balance Sheet for pension and other postretirement benefit plans | Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2019 and 2018 , include: Pension Benefits 2019 2018 Other Benefits U.S. Int’l. U.S. Int’l. 2019 2018 Deferred charges and other assets $ 23 $ 413 $ 17 $ 412 $ — $ — Accrued liabilities (239 ) (71 ) (180 ) (66 ) (174 ) (175 ) Noncurrent employee benefit plans (4,072 ) (1,231 ) (3,031 ) (1,024 ) (2,346 ) (2,255 ) Net amount recognized at December 31 $ (4,288 ) $ (889 ) $ (3,194 ) $ (678 ) $ (2,520 ) $ (2,430 ) |
Before tax basis amount in accumulated other comprehensive loss | Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB plans were $6,357 and $4,448 at the end of 2019 and 2018 , respectively. These amounts consisted of: Pension Benefits 2019 2018 Other Benefits U.S. Int’l. U.S. Int’l. 2019 2018 Net actuarial loss $ 5,135 $ 1,269 $ 3,694 $ 955 $ 74 $ (56 ) Prior service (credit) costs 5 102 7 104 (228 ) (256 ) Total recognized at December 31 $ 5,140 $ 1,371 $ 3,701 $ 1,059 $ (154 ) $ (312 ) |
Pension plans with accumulated benefit obligation in excess of plan assets | Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2019 and 2018 , was: Pension Benefits 2019 2018 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 14,401 $ 1,554 $ 11,667 $ 1,277 Accumulated benefit obligations 12,718 1,268 10,456 1,062 Fair value of plan assets 10,091 278 8,456 198 |
Components of net periodic benefit cost and amounts recognized in other comprehensive income | The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2019 , 2018 and 2017 are shown in the table below: Pension Benefits 2019 2018 2017 Other Benefits U.S. Int’l. U.S. Int’l. U.S. Int’l. 2019 2018 2017 Net Periodic Benefit Cost Service cost $ 406 $ 139 $ 480 $ 141 $ 489 $ 151 $ 36 $ 42 $ 32 Interest cost 397 199 370 206 366 219 96 94 95 Expected return on plan assets (565 ) (231 ) (636 ) (253 ) (597 ) (239 ) — — — Amortization of prior service costs (credits) 2 11 2 10 (5 ) 13 (28 ) (28 ) (28 ) Recognized actuarial losses 239 21 304 29 340 44 (3 ) 15 (5 ) Settlement losses 259 3 411 33 436 2 — — — Curtailment losses (gains) — 16 — 3 — — — — — Total net periodic benefit cost 738 158 931 169 1,029 190 101 123 94 Changes Recognized in Comprehensive Income Net actuarial (gain) loss during period 1,939 338 151 12 381 (94 ) 128 (248 ) 284 Amortization of actuarial loss (498 ) (24 ) (715 ) (62 ) (776 ) (46 ) 3 (15 ) 5 Prior service (credits) costs during period — 29 — 23 — 1 (1 ) 3 — Amortization of prior service (costs) credits (2 ) (30 ) (2 ) (13 ) 5 (13 ) 28 28 28 Total changes recognized in other 1,439 313 (566 ) (40 ) (390 ) (152 ) 158 (232 ) 317 Recognized in Net Periodic Benefit Cost and Other Comprehensive Income $ 2,177 $ 471 $ 365 $ 129 $ 639 $ 38 $ 259 $ (109 ) $ 411 |
Weighted-average assumptions used to determine benefit obligations and net periodic benefit costs | The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits 2019 2018 2017 Other Benefits U.S. Int’l. U.S. Int’l. U.S. Int’l. 2019 2018 2017 Assumptions used to determine benefit obligations: Discount rate 3.1 % 3.2 % 4.2 % 4.4 % 3.5 % 3.9 % 3.2 % 4.4 % 3.8 % Rate of compensation increase 4.5 % 4.0 % 4.5 % 4.0 % 4.5 % 4.0 % N/A N/A N/A Assumptions used to determine net periodic benefit cost: Discount rate for service cost 4.4 % 4.4 % 3.7 % 3.9 % 4.2 % 4.3 % 4.6 % 3.9 % 4.6 % Discount rate for interest cost 3.7 % 4.4 % 3.0 % 3.9 % 3.0 % 4.3 % 4.2 % 3.5 % 3.8 % Expected return on plan assets 6.8 % 5.6 % 6.8 % 5.5 % 6.8 % 5.5 % N/A N/A N/A Rate of compensation increase 4.5 % 4.0 % 4.5 % 4.0 % 4.5 % 4.5 % N/A N/A N/A |
Effects of change in the assumed health care cost-trend rates | A 1-percentage-point change in the assumed health care cost-trend rates would have the following effects on worldwide plans: 1 Percent Increase 1 Percent Decrease Effect on total service and interest cost components $ 20 $ (15 ) Effect on postretirement benefit obligation $ 224 $ (176 ) |
Fair value measurements of the Company's pension plans | The fair value measurements of the company’s pension plans for 2019 and 2018 are on the following page: U.S. Int’l. Total Level 1 Level 2 Level 3 NAV Total Level 1 Level 2 Level 3 NAV At December 31, 2018 Equities U.S. 1 $ 1,110 $ 1,110 $ — $ — $ — $ 520 $ 520 $ — $ — $ — International 1,631 1,630 1 — — 521 520 — 1 — Collective Trusts/Mutual Funds 2 893 21 — — 872 152 9 — — 143 Fixed Income Government 225 — 225 — — 254 97 157 — — Corporate 1,382 — 1,382 — — 409 — 389 20 — Bank Loans 119 — 114 5 — — — — — — Mortgage/Asset Backed 1 — 1 — — 6 — 6 — — Collective Trusts/Mutual Funds 2 877 — — — 877 1,521 15 — — 1,506 Mixed Funds 3 — — — — — 74 3 71 — — Real Estate 4 1,065 — — — 1,065 378 — — 56 322 Alternative Investments 5 941 — — — 941 — — — — — Cash and Cash Equivalents 212 208 4 — — 287 277 2 — 8 Other 6 76 (4 ) 31 44 5 20 — 17 3 — Total at December 31, 2018 $ 8,532 $ 2,965 $ 1,758 $ 49 $ 3,760 $ 4,142 $ 1,441 $ 642 $ 80 $ 1,979 At December 31, 2019 Equities U.S. 1 $ 1,769 $ 1,769 $ — $ — $ — $ 471 $ 471 $ — $ — $ — International 1,958 1,958 — — — 422 421 — 1 — Collective Trusts/Mutual Funds 2 1,079 52 — — 1,027 184 6 — — 178 Fixed Income Government 523 — 523 — — 265 144 121 — — Corporate 1,444 — 1,444 — — 493 — 490 3 — Bank Loans 120 — 113 7 — — — — — — Mortgage/Asset Backed 1 — 1 — — 4 — 4 — — Collective Trusts/Mutual Funds 2 963 — — — 963 2,230 5 — — 2,225 Mixed Funds 3 — — — — — 84 7 77 — — Real Estate 4 1,089 — — — 1,089 277 — — 55 222 Alternative Investments 5 924 — — — 924 — — — — — Cash and Cash Equivalents 235 228 7 — — 338 334 2 — 2 Other 6 72 (5 ) 29 44 4 23 — 21 2 — Total at December 31, 2019 $ 10,177 $ 4,002 $ 2,117 $ 51 $ 4,007 $ 4,791 $ 1,388 $ 715 $ 61 $ 2,627 1 U.S. equities include investments in the company’s common stock in the amount of $6 at December 31, 2019 , and $9 at December 31, 2018 . 2 Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds. 3 Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk. 4 The year-end valuations of the U.S. real estate assets are based on third-party appraisals that occur at least once a year for each property in the portfolio. 5 Alternative investments focus on market-neutral strategies that have a low expected correlation to traditional asset classes. 6 The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts (Level 3); and investments in private-equity limited partnerships (NAV). |
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period | The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below: Equity Fixed Income International Corporate Bank Loans Real Estate Other Total Total at December 31, 2017 $ — $ 30 $ 11 $ 56 $ 46 $ 143 Actual Return on Plan Assets: Assets held at the reporting date 4 (2 ) — 13 — 15 Assets sold during the period (4 ) — — — — (4 ) Purchases, Sales and Settlements — (7 ) (4 ) (13 ) — (24 ) Transfers in and/or out of Level 3 1 — (2 ) — — (1 ) Total at December 31, 2018 $ 1 $ 21 $ 5 $ 56 $ 46 $ 129 Actual Return on Plan Assets: Assets held at the reporting date (1 ) 1 — — (1 ) (1 ) Assets sold during the period — — — — — — Purchases, Sales and Settlements — (19 ) — (1 ) 1 (19 ) Transfers in and/or out of Level 3 1 — 2 — — 3 Total at December 31, 2019 $ 1 $ 3 $ 7 $ 55 $ 46 $ 112 |
Benefit payments, which include estimated future service that are expected to be paid by the company in the next 10 years | The following benefit payments, which include estimated future service, are expected to be paid by the company in the next 10 years: Pension Benefits Other U.S. Int’l. Benefits 2020 $ 1,262 $ 280 $ 174 2021 $ 1,176 $ 602 $ 170 2022 $ 1,160 $ 224 $ 165 2023 $ 1,150 $ 234 $ 161 2024 $ 1,134 $ 255 $ 156 2024-2028 $ 5,232 $ 1,434 $ 725 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Changes to the Company's Before-tax Asset Retirement Obligation | The following table indicates the changes to the company’s before-tax asset retirement obligations in 2019 , 2018 and 2017 : 2019 2018 2017 Balance at January 1 $ 14,050 $ 14,214 $ 14,243 Liabilities incurred 32 96 684 Liabilities settled (1,694 ) (830 ) (1,721 ) Accretion expense 628 654 668 Revisions in estimated cash flows (184 ) (84 ) 340 Balance at December 31 $ 12,832 $ 14,050 $ 14,214 |
Other Financial Information (Ta
Other Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Financial Information | Other financial information is as follows: Year ended December 31 2019 2018 2017 Total financing interest and debt costs $ 817 $ 921 $ 902 Less: Capitalized interest 19 173 595 Interest and debt expense $ 798 $ 748 $ 307 Research and development expenses $ 500 $ 453 $ 433 Excess of replacement cost over the carrying value of inventories (LIFO method) $ 4,513 $ 5,134 $ 3,937 LIFO profits (losses) on inventory drawdowns included in earnings $ (9 ) $ 26 $ (5 ) Foreign currency effects * $ (304 ) $ 611 $ (446 ) * Includes $(28) , $416 and $(45) in 2019 , 2018 and 2017 , respectively, for the company’s share of equity affiliates’ foreign currency effects. |
Summarized Financial Data _ C_2
Summarized Financial Data – Chevron Phillips Chemical Company LLC (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summarized Financial Data of Subsidiary Two [Abstract] | |
Summarized Financial Data - Chevron Phillips Chemical Company LLC | The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Year ended December 31 2019 2018 2017 Sales and other operating revenues $ 109,314 $ 125,076 $ 104,054 Total costs and other deductions 116,365 121,351 103,904 Net income (loss) attributable to CUSA (5,061 ) 4,334 4,842 100 percent of CPChem is presented in the table below: Year ended December 31 2019 2018 2017 Sales and other operating revenues $ 9,333 $ 11,310 $ 9,063 Costs and other deductions 7,863 9,812 8,126 Net income attributable to CPChem 1,760 2,069 1,446 |
Summarized Financial Data and its Subsidiary | At December 31 2019 2018 Current assets $ 13,059 $ 12,819 Other assets 50,796 55,814 Current liabilities 18,291 16,376 Other liabilities 12,565 12,906 Total CUSA net equity $ 32,999 $ 39,351 Memo: Total debt $ 3,222 $ 3,049 At December 31 2019 2018 Current assets $ 2,554 $ 2,820 Other assets 14,314 13,790 Current liabilities 1,247 1,281 Other liabilities 3,174 2,892 Total CPChem net equity $ 12,447 $ 12,437 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Revenue, performance obligation, description of timing | Payment is generally due within 30 days of delivery. |
Performance Shares | Chevron Long-Term Incentive Plan (LTIP) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Losses - Summary of Changed (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at January 1 | $ 155,642 | $ 149,319 | $ 146,722 |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | (1,855) | 4 | (256) |
Reclassifications | 409 | 603 | 510 |
Other Comprehensive Gain (Loss), Net of Tax | (1,446) | 607 | 254 |
Balance at December 31 | 145,208 | 155,642 | 149,319 |
Income tax expense (benefit) | 2,691 | 5,715 | (48) |
Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at January 1 | (124) | (105) | (162) |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | (18) | (19) | 57 |
Reclassifications | 0 | 0 | 0 |
Other Comprehensive Gain (Loss), Net of Tax | (18) | (19) | 57 |
Balance at December 31 | (142) | (124) | (105) |
Unrealized Holding Gains (Losses) on Securities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at January 1 | (10) | (5) | (2) |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | 2 | (5) | (3) |
Reclassifications | 0 | 0 | 0 |
Other Comprehensive Gain (Loss), Net of Tax | 2 | (5) | (3) |
Balance at December 31 | (8) | (10) | (5) |
Derivatives | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at January 1 | (2) | (2) | (2) |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | (1) | 0 | 0 |
Reclassifications | 3 | 0 | 0 |
Other Comprehensive Gain (Loss), Net of Tax | 2 | 0 | 0 |
Balance at December 31 | 0 | (2) | (2) |
Defined Benefit Plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at January 1 | (3,408) | (3,477) | (3,677) |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | (1,838) | 28 | (310) |
Reclassifications | 406 | 603 | 510 |
Other Comprehensive Gain (Loss), Net of Tax | (1,432) | 631 | 200 |
Stranded Tax Reclassification to Retained Earnings | (562) | ||
Balance at December 31 | (4,840) | (3,408) | (3,477) |
Defined Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income | |||
Components of Other Comprehensive Income (Loss): | |||
Reclassification, before tax amount | 523 | ||
Income tax expense (benefit) | 117 | ||
Accumulated Other Comprehensive Loss | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at January 1 | (3,544) | (3,589) | (3,843) |
Components of Other Comprehensive Income (Loss): | |||
Other Comprehensive Gain (Loss), Net of Tax | (1,446) | 607 | 254 |
Stranded Tax Reclassification to Retained Earnings | (562) | ||
Balance at December 31 | $ (4,990) | $ (3,544) | $ (3,589) |
Information Relating to the C_3
Information Relating to the Consolidated Statement of Cash Flows - Summary of Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net decrease (increase) in operating working capital was composed of the following: | |||
Decrease (increase) in accounts and notes receivable | $ 1,852 | $ 437 | $ (915) |
Decrease (increase) in inventories | 7 | (424) | (267) |
Decrease (increase) in prepaid expenses and other current assets | (323) | (149) | 173 |
Increase (decrease) in accounts payable and accrued liabilities | (109) | (494) | 998 |
Increase (decrease) in income and other taxes payable | 67 | (88) | 531 |
Net decrease (increase) in operating working capital | 1,494 | (718) | 520 |
Net cash provided by operating activities includes the following cash payments: | |||
Interest on debt (net of capitalized interest) | 810 | 736 | 265 |
Income taxes | 4,817 | 4,748 | 3,132 |
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: | |||
Proceeds and deposits related to asset sales | 2,809 | 2,000 | 4,930 |
Returns of investment from equity affiliates | 142 | 392 | 166 |
Proceeds and deposits related to asset sales and returns of investment | 2,951 | 2,392 | 5,096 |
Net maturities (investments) of time deposits consisted of the following gross amounts: | |||
Investments in time deposits | 0 | (950) | 0 |
Maturities of time deposits | 950 | 0 | 0 |
Net maturities of (investments in) time deposits | 950 | (950) | 0 |
Net sales (purchases) of marketable securities consisted of the following gross amounts: | |||
Marketable securities purchased | (1) | (51) | (3) |
Marketable securities sold | 3 | 0 | 7 |
Net sales (purchases) of marketable securities | 2 | (51) | 4 |
Net repayment (borrowing) of loans by equity affiliates: | |||
Borrowing of loans by equity affiliates | (1,350) | 0 | (142) |
Repayment of loans by equity affiliates | 105 | 111 | 126 |
Net repayment (borrowing) of loans by equity affiliates | (1,245) | 111 | (16) |
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: | |||
Proceeds from issuances of short-term obligations | 2,586 | 2,486 | 5,051 |
Repayments of short-term obligations | (1,430) | (4,136) | (8,820) |
Net borrowings (repayments) of short-term obligations with three months or less maturity | (3,977) | 3,671 | (1,373) |
Net borrowings (repayments) of short-term obligations | (2,821) | 2,021 | (5,142) |
Capital expenditures | |||
Additions to properties, plant and equipment | 13,839 | 13,384 | 13,222 |
Additions to investments | 140 | 65 | 25 |
Current-year dry hole expenditures | 124 | 344 | 157 |
Payments for other liabilities and assets, net | 13 | (1) | 0 |
Capital expenditures | 14,116 | 13,792 | 13,404 |
Expensed exploration expenditures | 598 | 523 | 666 |
Assets acquired through finance leases and other obligations | 181 | 75 | 8 |
Payments for other assets and liabilities, net | (13) | 0 | 0 |
Capital and exploratory expenditures, excluding equity affiliates | 14,882 | 14,390 | 14,078 |
Company’s share of expenditures by equity affiliates | 6,112 | 5,716 | 4,743 |
Capital and exploratory expenditures, including equity affiliates | 20,994 | 20,106 | 18,821 |
Net sales (purchases) of treasury shares consists of the following gross and net amounts: | |||
Shares issued for share-based compensation plans | 1,104 | 1,147 | 1,118 |
Shares purchased under share repurchase and deferred compensation plans | (4,039) | (1,751) | (1) |
Net sales (purchases) of treasury shares | (2,935) | (604) | 1,117 |
Non-cash additions to properties, plant and equipment | $ (239) | $ 25 | $ 1,183 |
Information Relating to the C_4
Information Relating to the Consolidated Statement of Cash Flows - Narrative (Details) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Upstream | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Non cash transaction in operating segments | $ 9.3 | $ 1.1 |
Information Relating to the C_5
Information Relating to the Consolidated Statement of Cash Flows - Cash Balances (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 5,686 | $ 9,342 | $ 4,813 | |
Restricted cash included in “Prepaid expenses and other current assets” | 452 | 341 | 405 | |
Restricted cash included in “Deferred charges and other assets” | 773 | 798 | 725 | |
Total cash, cash equivalents and restricted cash | $ 6,911 | $ 10,481 | $ 5,943 | $ 8,414 |
Lease Commitments - Narrative (
Lease Commitments - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | ||
Right-of-use assets and lease liabilities, percent recognized from joint venture | 100.00% | |
Future undiscounted cash flows for operating leases not yet commenced | $ 790 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease liabilities | $ 3,885 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease liabilities | $ 2,000 |
Lease Commitments - Balance She
Lease Commitments - Balance Sheets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Leases | ||
Right-of-use asset | $ 4,074 | |
Operating lease liability, current | 1,277 | |
Noncurrent operating lease liabilities | 2,608 | |
Total operating lease liabilities | $ 3,885 | |
Weighted-average remaining lease term (in years) | 5 years 2 months 12 days | |
Weighted-average discount rate | 3.20% | |
Finance Leases | ||
Right-of-use asset | $ 329 | |
Current lease liabilities | 18 | |
Noncurrent lease liabilities | 282 | |
FInance lease liability | $ 300 | |
Weighted-average remaining lease term (in years) | 16 years | |
Weighted-average discount rate | 4.70% | |
Right-of-use asset obtained in exchange for operating lease liability | $ 1,201 | |
Right-of-use asset obtained in exchange for finance lease liability | $ 184 | |
Upstream | ||
Finance Leases | ||
Capitalized leased assets | $ 818 | |
Accumulated amortization | $ 617 |
Lease Commitments - Lease Cost
Lease Commitments - Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Operating lease costs | $ 2,621 | ||
Finance lease costs | 66 | ||
Total lease costs | $ 2,687 | ||
Net rental expense | $ 816 | $ 721 |
Lease Commitments - Cash Paid (
Lease Commitments - Cash Paid (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 1,574 |
Investing cash flows from operating leases | 1,047 |
Operating cash flows from finance leases | 13 |
Financing cash flows from finance leases | $ 24 |
Lease Commitments - ASC 842 (De
Lease Commitments - ASC 842 (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 1,374 |
2021 | 1,083 |
2022 | 546 |
2023 | 336 |
2024 | 216 |
Thereafter | 696 |
Total | 4,251 |
Less: Amounts representing interest | 366 |
Total lease liabilities | 3,885 |
Finance Leases | |
2020 | 35 |
2021 | 33 |
2022 | 31 |
2023 | 31 |
2024 | 30 |
Thereafter | 251 |
Total | 411 |
Less: Amounts representing interest | 111 |
Total lease liabilities | $ 300 |
Lease Commitments - Estimated F
Lease Commitments - Estimated Future Minimum Lease Payments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Operating Leases | |
Operating Leases, 2019 | $ 540 |
Operating Leases, 2020 | 492 |
Operating Leases, 2021 | 378 |
Operating Leases, 2022 | 242 |
Operating Leases, 2023 | 166 |
Operating Leases, Thereafter | 341 |
Operating Leases, Total | 2,159 |
Capital Leases | |
Capital Leases, 2019 | 30 |
Capital Leases, 2020 | 22 |
Capital Leases, 2021 | 17 |
Capital Leases, 2022 | 16 |
Capital Leases, 2023 | 16 |
Capital Leases, Thereafter | 132 |
Capital Leases, Total | 233 |
Less: Amounts representing interest and executory costs | (88) |
Net present values | 145 |
Less: Capital lease obligations included in short-term debt | (18) |
Long-term capital lease obligations | 127 |
Lessee, Capital Lease, Lease Not yet Commenced, Future Payments [Abstract] | |
2019 | 14 |
2020 | 15 |
2021 | 22 |
2022 | 21 |
2023 | 21 |
Thereafter | $ 219 |
Summarized Financial Data - C_3
Summarized Financial Data - Chevron U.S.A. Inc. - Summary of Income Statement Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Subsidiary Statements Captions [Line Items] | ||||
Sales and other operating revenues | [1] | $ 139,865 | $ 158,902 | |
Sales and other operating revenues | [1] | $ 134,674 | ||
Total costs and other deductions | 140,980 | 145,764 | 132,501 | |
Net Income (Loss) Attributable to Chevron Corporation | 2,924 | 14,824 | 9,195 | |
Chevron U.S.A. Inc. | ||||
Subsidiary Statements Captions [Line Items] | ||||
Sales and other operating revenues | 109,314 | 125,076 | ||
Sales and other operating revenues | 104,054 | |||
Total costs and other deductions | 116,365 | 121,351 | 103,904 | |
Net Income (Loss) Attributable to Chevron Corporation | $ (5,061) | $ 4,334 | $ 4,842 | |
[1] | 2017 include excise, value-added and similar taxes of $7,189, collected on behalf of third parties. Beginning in 2018, these taxes are netted in "Taxes other than on income" in accordance with Accounting Standards Update (ASU) 2014-09. Refer to Note 24, "Revenue" beginning on page 89. |
Summarized Financial Data - C_4
Summarized Financial Data - Chevron U.S.A. Inc. - Summary of Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsidiary Statements Captions [Line Items] | ||||
Current assets | $ 28,329 | $ 34,021 | ||
Current liabilities | 26,530 | 27,171 | ||
Total CUSA net equity | 145,208 | 155,642 | $ 149,319 | $ 146,722 |
Chevron U.S.A. Inc. | ||||
Subsidiary Statements Captions [Line Items] | ||||
Current assets | 13,059 | 12,819 | ||
Other assets | 50,796 | 55,814 | ||
Current liabilities | 18,291 | 16,376 | ||
Other liabilities | 12,565 | 12,906 | ||
Total CUSA net equity | 32,999 | 39,351 | ||
Memo: Total debt | $ 3,222 | $ 3,049 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabiliites Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | $ 11 | $ 283 |
Derivatives | 74 | 12 |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 63 | 53 |
Derivatives | 11 | 283 |
Total assets at fair value | 74 | 336 |
Derivatives | 74 | 12 |
Total liabilities at fair value | 74 | 12 |
Recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 63 | 53 |
Derivatives | 1 | 185 |
Total assets at fair value | 64 | 238 |
Derivatives | 26 | 0 |
Total liabilities at fair value | 26 | 0 |
Recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Derivatives | 10 | 98 |
Total assets at fair value | 10 | 98 |
Derivatives | 48 | 12 |
Total liabilities at fair value | 48 | 12 |
Recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Derivatives | 0 | 0 |
Total assets at fair value | 0 | 0 |
Derivatives | 0 | 0 |
Total liabilities at fair value | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets and Liabilities Measured On a Non-Recurring Basis (Details) - Nonrecurring basis - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | $ 2,177 | $ 102 |
Properties, plant and equipment, net (held for sale) | 1,412 | 1,694 |
Investments and advances | 52 | 81 |
Total assets at fair value | 3,641 | 1,877 |
Properties, plant and equipment, net (held and used), Before-Tax Loss | 2,095 | 97 |
Properties, plant and equipment, net (held for sale), Before-Tax Loss | 8,702 | 638 |
Investments and advances, Before-Tax Loss | 594 | 69 |
Total nonrecurring assets at fair value, Before-Tax Loss | 11,391 | 804 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | 0 | 0 |
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | 0 | 62 |
Properties, plant and equipment, net (held for sale) | 1,412 | 1,273 |
Investments and advances | 30 | 20 |
Total assets at fair value | 1,442 | 1,355 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | 2,177 | 40 |
Properties, plant and equipment, net (held for sale) | 0 | 421 |
Investments and advances | 22 | 61 |
Total assets at fair value | $ 2,199 | $ 522 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 5,686 | $ 9,342 | $ 4,813 |
Time deposits | 0 | 950 | |
Carrying/fair value of investments not included in cash and cash equivalents | 1,225 | 1,139 | |
Carrying amount of long-term debt | 18,730 | ||
Corporate Bond Securities | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt | 13,460 | ||
Other Long-term Debt | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt | 866 | ||
Carrying Amount of Long-term Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying amount of long-term debt | 13,659 | 18,706 | |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying amount of long-term debt | $ 14,326 | $ 18,729 | |
Maximum | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Maturity period of primarily bank time deposits, classified as cash equivalents, maximum | 90 days |
Financial and Derivative Inst_3
Financial and Derivative Instruments - Fair Value of Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Total assets at fair value | $ 11 | $ 283 |
Total liabilities at fair value | 74 | 12 |
Commodity | Accounts and notes receivable, net | ||
Derivatives, Fair Value [Line Items] | ||
Total assets at fair value | 11 | 279 |
Commodity | Long-term receivables, net | ||
Derivatives, Fair Value [Line Items] | ||
Total assets at fair value | 0 | 4 |
Commodity | Accounts payable | ||
Derivatives, Fair Value [Line Items] | ||
Total liabilities at fair value | 74 | 12 |
Commodity | Deferred credits and other noncurrent obligations | ||
Derivatives, Fair Value [Line Items] | ||
Total liabilities at fair value | $ 0 | $ 0 |
Financial and Derivative Inst_4
Financial and Derivative Instruments - Effect of Derivatives Not Designated On Hedging Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ (310) | $ 105 | $ (116) |
Commodity | Sales and other operating revenues | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | (291) | 135 | (105) |
Commodity | Purchased crude oil and products | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | (17) | (33) | (9) |
Commodity | Other income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ (2) | $ 3 | $ (2) |
Financial and Derivative Inst_5
Financial and Derivative Instruments - Effect of Netting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting Assets [Abstract] | ||
Derivative Asset, Gross Amount Recognized | $ 656 | $ 3,685 |
Derivative Asset, Gross Amounts Offset | 645 | 3,402 |
Derivative Asset, Net Amounts Presented | 11 | 283 |
Derivative Asset, Gross Amounts Not Offset | 0 | 0 |
Derivative Asset, Net Amount | 11 | 283 |
Offsetting Liabilities [Abstract] | ||
Derivative Liability, Gross Amount Recognized | 719 | 3,414 |
Derivative Liability, Gross Amounts Offset | 645 | 3,402 |
Derivative Liability, Net Amounts Presented | 74 | 12 |
Derivative Liability, Gross Amounts Not Offset | 0 | 0 |
Derivative Liability, Net Amount | $ 74 | $ 12 |
Assets Held For Sale (Details)
Assets Held For Sale (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 3,411 | $ 1,863 |
Disposal Group, Held-for-sale or Disposed of by Sales, Not Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 3,411 |
Equity (Details)
Equity (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Company's share of undistributed earnings for equity affiliates | $ 25,319 | $ 22,362 |
Shares remaining available for issuance (in shares) | 688,303 | |
Shares available for issuance (in shares) | 1,600,000 | |
Chevron Long-Term Incentive Plan (LTIP) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares remaining available for issuance (in shares) | 72,000,000 | |
Shares available for issuance (in shares) | 260,000,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic EPS Calculation | |||
Earnings available to common stockholders - Basic | $ 2,924 | $ 14,824 | $ 9,195 |
Weighted-average number of common shares outstanding (in shares) | 1,882 | 1,897 | 1,882 |
Add: Deferred awards held as stock units (in shares) | 0 | 1 | 1 |
Total weighted-average number of common shares outstanding (in shares) | 1,882 | 1,898 | 1,883 |
Earnings per share of common stock - Basic (in dollars per share) | $ 1.55 | $ 7.81 | $ 4.88 |
Diluted EPS Calculation | |||
Earnings available to common stockholders - Diluted | $ 2,924 | $ 14,824 | $ 9,195 |
Weighted-average number of common shares outstanding (in shares) | 1,882 | 1,897 | 1,882 |
Add: Deferred awards held as stock units (in shares) | 0 | 1 | 1 |
Add: Dilutive effect of employee stock-based awards (in shares) | 13 | 16 | 15 |
Total weighted-average number of common shares outstanding (in shares) | 1,895 | 1,914 | 1,898 |
Earnings per share of common stock - Diluted (in dollars per share) | $ 1.54 | $ 7.74 | $ 4.85 |
Operating Segments and Geogra_3
Operating Segments and Geographic Data - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of reportable segments (in segments) | 2 |
Number of operating segments (in segments) | 2 |
Operating Segments and Geogra_4
Operating Segments and Geographic Data - Segment Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | $ 2,924 | $ 14,824 | $ 9,195 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 5,057 | 17,114 | 13,364 |
Operating Segments | Upstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 2,576 | 13,316 | 8,150 |
Operating Segments | Downstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 2,481 | 3,798 | 5,214 |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Interest expense | (761) | (713) | (264) |
Interest income | 181 | 137 | 60 |
Other | (1,553) | (1,714) | (3,965) |
United States | Operating Segments | Upstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | (5,094) | 3,278 | 3,640 |
United States | Operating Segments | Downstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 1,559 | 2,103 | 2,938 |
International | Operating Segments | Upstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 7,670 | 10,038 | 4,510 |
International | Operating Segments | Downstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | $ 922 | $ 1,695 | $ 2,276 |
Operating Segments and Geogra_5
Operating Segments and Geographic Data - Segment Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 237,428 | $ 253,863 |
Goodwill | 4,463 | 4,518 |
United States | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 64,598 | 71,560 |
International | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 168,367 | 177,785 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 228,189 | 240,461 |
Operating Segments | Upstream | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 186,037 | 200,973 |
Goodwill | 4,463 | 4,518 |
Operating Segments | Upstream | United States | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 35,926 | 42,594 |
Operating Segments | Upstream | International | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 145,648 | 153,861 |
Operating Segments | Downstream | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 42,152 | 39,488 |
Operating Segments | Downstream | United States | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 25,197 | 23,866 |
Operating Segments | Downstream | International | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 16,955 | 15,622 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 9,239 | 13,402 |
Segment Reconciling Items | United States | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 3,475 | 5,100 |
Segment Reconciling Items | International | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 5,764 | $ 8,302 |
Operating Segments and Geogra_6
Operating Segments and Geographic Data - Segment Sales and Operating Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | [1] | $ 139,865 | $ 158,902 | |
Oil and Gas | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 139,865 | 158,902 | $ 134,674 | |
Oil and Gas | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 172,995 | 191,228 | 157,505 | |
Oil and Gas | Corporate And Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 246 | 236 | 209 | |
Oil and Gas | Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 1,084 | 1,044 | 1,048 | |
Oil and Gas | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 79,693 | 83,289 | 67,404 | |
Oil and Gas | United States | Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | (818) | (786) | (814) | |
Oil and Gas | United States | Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 1,064 | 1,022 | 1,022 | |
Oil and Gas | United States | Intersegment Elimination | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | (19,686) | (17,493) | (10,169) | |
Oil and Gas | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 93,302 | 107,939 | 90,101 | |
Oil and Gas | International | Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | (20) | (22) | (25) | |
Oil and Gas | International | Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 20 | 22 | 26 | |
Oil and Gas | International | Intersegment Elimination | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | (13,444) | (14,833) | (12,662) | |
Oil and Gas | Upstream | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 31,707 | 33,069 | 21,110 | |
Oil and Gas | Upstream | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 58,986 | 60,713 | 41,922 | |
Oil and Gas | Upstream | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 23,358 | 22,891 | 13,242 | |
Oil and Gas | Upstream | United States | Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | (14,944) | (13,965) | (9,341) | |
Oil and Gas | Upstream | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 35,628 | 37,822 | 28,680 | |
Oil and Gas | Upstream | International | Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | (12,335) | (13,679) | (11,471) | |
Oil and Gas | Downstream | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 107,912 | 125,597 | 113,355 | |
Oil and Gas | Downstream | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 112,925 | 129,471 | 114,535 | |
Oil and Gas | Downstream | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 55,271 | 59,376 | 53,140 | |
Oil and Gas | Downstream | United States | Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | (3,924) | (2,742) | (14) | |
Oil and Gas | Downstream | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | 57,654 | 70,095 | 61,395 | |
Oil and Gas | Downstream | International | Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Total Sales and Other Operating Revenues | $ (1,089) | $ (1,132) | $ (1,166) | |
[1] | 2017 include excise, value-added and similar taxes of $7,189, collected on behalf of third parties. Beginning in 2018, these taxes are netted in "Taxes other than on income" in accordance with Accounting Standards Update (ASU) 2014-09. Refer to Note 24, "Revenue" beginning on page 89. |
Operating Segments and Geogra_7
Operating Segments and Geographic Data - Segement Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | $ 2,691 | $ 5,715 | $ (48) |
Operating Segments | Upstream | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 1,942 | 5,498 | (1,289) |
Operating Segments | Upstream | United States | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | (1,550) | 811 | (3,538) |
Operating Segments | Upstream | International | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 3,492 | 4,687 | 2,249 |
Operating Segments | Downstream | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 562 | 862 | 231 |
Operating Segments | Downstream | United States | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 392 | 534 | (419) |
Operating Segments | Downstream | International | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 170 | 328 | 650 |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | $ 187 | $ (645) | $ 1,010 |
Investments and Advances - Summ
Investments and Advances - Summary of Investment and Advances and Equity in Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | $ 38,402 | $ 35,261 | |
Other non-equity method investments | 286 | 285 | |
Total investments and advances | 38,688 | 35,546 | |
Equity in Earnings | 3,968 | 6,327 | $ 4,438 |
United States | Investments and Advances | |||
Schedule of Equity Method Investments [Line Items] | |||
Total investments and advances | 7,203 | 7,500 | |
United States | Equity in Earnings | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in Earnings | 641 | 1,033 | 788 |
International | Investments and Advances | |||
Schedule of Equity Method Investments [Line Items] | |||
Total investments and advances | 31,485 | 28,046 | |
International | Equity in Earnings | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in Earnings | 3,327 | 5,294 | 3,650 |
All Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | (14) | (16) | |
Equity in Earnings | 0 | (2) | (1) |
Upstream | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 26,936 | 23,752 | |
Equity in Earnings | 2,787 | 4,649 | 3,196 |
Upstream | Operating Segments | Tengizchevroil | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 20,214 | 16,017 | |
Equity in Earnings | 3,067 | 3,614 | 2,581 |
Upstream | Operating Segments | Petropiar | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 1,396 | 1,361 | |
Equity in Earnings | 80 | 317 | 175 |
Upstream | Operating Segments | Petroboscan | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 1,139 | 1,315 | |
Equity in Earnings | (11) | 357 | 154 |
Upstream | Operating Segments | Caspian Pipeline Consortium | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 883 | 1,022 | |
Equity in Earnings | 155 | 170 | 155 |
Upstream | Operating Segments | Angola LNG Limited | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 2,423 | 2,496 | |
Equity in Earnings | (26) | 172 | 27 |
Upstream | Operating Segments | Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 881 | 1,541 | |
Equity in Earnings | (478) | 19 | 104 |
Downstream | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 11,480 | 11,525 | |
Equity in Earnings | 1,181 | 1,680 | 1,243 |
Downstream | Operating Segments | Chevron Phillips Chemical Company LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 6,241 | 6,218 | |
Equity in Earnings | 880 | 1,034 | 723 |
Downstream | Operating Segments | GS Caltex Corporation | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 3,796 | 3,924 | |
Equity in Earnings | 13 | 373 | 290 |
Downstream | Operating Segments | Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 1,443 | 1,383 | |
Equity in Earnings | $ 288 | $ 273 | $ 230 |
Investments and Advances - Narr
Investments and Advances - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Variable Interest Entity [Line Items] | |||
Percentage of affiliate by summarized financial information | 100.00% | ||
Carrying amount of long-term debt | $ 18,730 | ||
Investments and advances | 38,402 | $ 35,261 | |
Other revenues from transactions with related party | 8,006 | 10,378 | $ 8,165 |
Purchased crude oil and products | 80,113 | 94,578 | 75,765 |
Accounts and notes receivable due from affiliated companies | 810 | 884 | |
Accounts payable due to affiliated companies | 506 | 631 | |
Chevron's loan to affiliates | 4,331 | 3,402 | 3,853 |
Affiliated Entity | Oil and Gas, Purchased | |||
Variable Interest Entity [Line Items] | |||
Purchased crude oil and products | $ 5,694 | $ 6,598 | $ 4,800 |
Tengizchevroil LLP | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Chevron investment carrying value over underlying equity in TCO's net assets | $ 110 | ||
Notes receivable from affiliate | $ 3,350 | ||
Petropiar | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 30.00% | ||
Chevron investment carrying value less underlying equity in Petropiar net assets | $ 130 | ||
Petroboscan | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 39.20% | ||
Chevron investment carrying value over underlying equity in Petroboscan's net assets | $ 90 | ||
Carrying amount of long-term debt | $ 566 | ||
Caspian Pipeline Consortium | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 15.00% | ||
Long term loans of Caspian Pipeline Consortium included in investments and advances | $ 199 | ||
Percentage of Caspian Pipeline Consortium pipeline construction funded by Loans | 30.00% | ||
Angola LNG Limited | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 36.40% | ||
Chevron Phillips Chemical Company LLC | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
GS Caltex Corporation | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 50.00% |
Investments and Advances - Su_2
Investments and Advances - Summary of Financial Information of All Equity Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Chevron | |||
Schedule of Investments [Line Items] | |||
Total revenues | $ 32,628 | $ 40,679 | $ 33,460 |
Income before income tax expense | 5,954 | 6,755 | 5,712 |
Net income attributable to affiliates | 4,366 | 6,384 | 4,468 |
Current assets | 12,998 | 12,813 | 13,568 |
Noncurrent assets | 41,531 | 36,369 | 32,643 |
Current liabilities | 10,610 | 9,843 | 10,201 |
Noncurrent liabilities | 5,068 | 4,446 | 4,224 |
Total affiliates’ net equity | 38,851 | 34,893 | 31,786 |
Affiliates | |||
Schedule of Investments [Line Items] | |||
Total revenues | 66,473 | 84,469 | 70,744 |
Income before income tax expense | 13,197 | 16,693 | 13,487 |
Net income attributable to affiliates | 9,809 | 13,321 | 10,751 |
Current assets | 30,791 | 32,657 | 33,883 |
Noncurrent assets | 97,177 | 87,614 | 82,261 |
Current liabilities | 26,032 | 26,006 | 26,873 |
Noncurrent liabilities | 21,593 | 20,000 | 21,447 |
Total affiliates’ net equity | $ 80,343 | $ 74,265 | $ 67,824 |
Litigation (Details)
Litigation (Details) - Pending Litigation $ in Millions | Nov. 13, 2013USD ($) | Feb. 14, 2011USD ($) | Dec. 31, 1991 | Dec. 31, 2019LegalMatter | Jan. 03, 2012 |
MTBE | |||||
Loss Contingencies [Line Items] | |||||
Pending lawsuits and claims (in number of claims) | LegalMatter | 6 | ||||
Ecuador Litigation | |||||
Loss Contingencies [Line Items] | |||||
Pending lawsuits and claims (in number of claims) | LegalMatter | 1 | ||||
Remediation program term (in years) | 3 years | ||||
Damages awarded | $ 9,500 | $ 8,600 | |||
Amount assessed for plaintiffs representatives | 900 | ||||
Additional amount assessed in punitive damages | $ 8,600 | ||||
Public apology date within judgment | 15 days | ||||
Proposed additional payment for plaintiff attorney fees as percentage of judgment | 0.10% |
Taxes - Summary of Components o
Taxes - Summary of Components of Income Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. federal | |||
Current | $ (73) | $ (181) | $ (382) |
Deferred | (1,074) | 738 | (2,561) |
State and local | |||
Current | 153 | 183 | (97) |
Deferred | (172) | (16) | 66 |
Total United States | (1,166) | 724 | (2,974) |
International | |||
Current | 4,577 | 4,662 | 3,634 |
Deferred | (720) | 329 | (708) |
Total International | 3,857 | 4,991 | 2,926 |
Total income tax expense (benefit) | $ 2,691 | $ 5,715 | $ (48) |
Taxes - Effective Income Tax Re
Taxes - Effective Income Tax Reconcilliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income (loss) before income taxes | |||
United States | $ (5,483) | $ 4,730 | $ (441) |
International | 11,019 | 15,845 | 9,662 |
Income (Loss) Before Income Tax Expense | 5,536 | 20,575 | 9,221 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Theoretical tax (at U.S. statutory rate of 21% - 2019 & 2018, 35% - 2017) | 1,163 | 4,321 | 3,227 |
Effect of U.S. tax reform | 3 | (26) | (2,020) |
Equity affiliate accounting effect | (687) | (1,526) | (1,373) |
Effect of income taxes from international operations | 2,196 | 3,132 | (130) |
State and local taxes on income, net of U.S. federal income tax benefit | (18) | 162 | 39 |
Prior year tax adjustments, claims and settlements | 192 | (51) | (39) |
Tax credits | (18) | (163) | (199) |
Other U.S. | (140) | (134) | 447 |
Total income tax expense (benefit) | $ 2,691 | $ 5,715 | $ (48) |
Effective income tax rate | 48.60% | 27.80% | (0.50%) |
Taxes - Summary of Deferred Tax
Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax liabilities | ||
Properties, plant and equipment | $ 17,251 | $ 20,159 |
Investments and other | 5,372 | 4,943 |
Total deferred tax liabilities | 22,623 | 25,102 |
Deferred tax assets | ||
Foreign tax credits | (9,840) | (10,536) |
Asset retirement obligations/environmental reserves | (4,329) | (5,328) |
Employee benefits | (3,454) | (2,787) |
Deferred credits | (1,083) | (1,373) |
Tax loss carryforwards | (5,262) | (4,948) |
Other accrued liabilities | (441) | (595) |
Inventory | (662) | (505) |
Operating leases | (1,211) | 0 |
Miscellaneous | (2,796) | (3,481) |
Total deferred tax assets | (29,078) | (29,553) |
Deferred tax assets valuation allowance | 15,965 | 15,973 |
Total deferred taxes, net | 9,510 | 11,522 |
Classification of deferred taxes | ||
Deferred charges and other assets | (4,178) | (4,399) |
Noncurrent deferred income taxes | 13,688 | 15,921 |
Total deferred income taxes, net | $ 9,510 | $ 11,522 |
Taxes - Narrative (Details)
Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Decrease in income tax expense | $ 3,024 | |||
Effective tax rate | 48.60% | 27.80% | (0.50%) | |
Increase in deferred tax liabilities | $ 2,500 | |||
Loss carry forward | 13,419 | |||
Tax credit carryforward | 1,058 | |||
Carry forward amount of foreign tax credit with expiration dates | 9,840 | |||
Tax Cuts and Jobs Act of 2017, existing undistributed accumulated earnings of foreign subsidiary | $ 52,500 | |||
Percentage of impact of unrecognized tax benefits on effective tax rate if subsequently recognized | 81.00% | |||
Unrecognized tax benefits | $ 4,987 | $ 5,070 | $ 4,828 | $ 3,031 |
Income tax accruals for anticipated interest and penalty obligations | 30 | 33 | ||
Income tax benefit expense associated with interest and penalties | $ (3) | $ 8 | $ (161) |
Taxes - Sumamry of Unrecognized
Taxes - Sumamry of Unrecognized Income Tax Benefits and Taxes Other Than on Income (Details 2) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Changes to company's unrecognized tax benefits | ||||
Balance at January 1 | $ 5,070 | $ 4,828 | $ 3,031 | |
Foreign currency effects | 1 | 43 | ||
Foreign currency effects | (6) | |||
Additions based on tax positions taken in current year | 94 | 239 | 1,853 | |
Additions for tax positions taken in prior years | 313 | 153 | 1,166 | |
Reductions for tax positions taken in prior years | (194) | (131) | (90) | |
Settlements with taxing authorities in current year | (78) | (13) | (1,173) | |
Reductions as a result of a lapse of the applicable statute of limitations | (219) | 0 | (2) | |
Balance at December 31 | 4,987 | 5,070 | 4,828 | |
Income Tax Authority [Line Items] | ||||
Excise and similar taxes on products and merchandise | 7,189 | |||
Import duties and other levies | [1] | 4,136 | 4,867 | 12,331 |
Total taxes other than on income | 4,136 | 4,867 | 12,331 | |
United States | ||||
Income Tax Authority [Line Items] | ||||
Excise and similar taxes on products and merchandise | 4,990 | 4,830 | 4,398 | |
Consumer excise taxes collected on behalf of third parties | (4,990) | (4,830) | 0 | |
Import duties and other levies | 2 | 15 | 11 | |
Property and other miscellaneous taxes | 1,785 | 1,577 | 1,824 | |
Payroll taxes | 254 | 246 | 241 | |
Taxes on production | 355 | 325 | 206 | |
Total taxes other than on income | 2,396 | 2,163 | 6,680 | |
International | ||||
Income Tax Authority [Line Items] | ||||
Excise and similar taxes on products and merchandise | 2,801 | 3,031 | 2,791 | |
Consumer excise taxes collected on behalf of third parties | (2,801) | (3,031) | 0 | |
Import duties and other levies | 35 | 37 | 45 | |
Property and other miscellaneous taxes | 1,435 | 2,370 | 2,563 | |
Payroll taxes | 125 | 132 | 137 | |
Taxes on production | 145 | 165 | 115 | |
Total taxes other than on income | $ 1,740 | $ 2,704 | $ 5,651 | |
[1] | 2017 include excise, value-added and similar taxes of $7,189, collected on behalf of third parties. Beginning in 2018, these taxes are netted in "Taxes other than on income" in accordance with Accounting Standards Update (ASU) 2014-09. Refer to Note 24, "Revenue" beginning on page 89. |
Properties, Plant and Equipme_3
Properties, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Properties, Plant and Equipment | |||
Gross Investment at Cost | $ 326,722 | ||
Gross Investment at Cost | $ 340,244 | $ 344,485 | |
Net Investment | 150,494 | ||
Net Investment | 169,207 | 177,712 | |
Additions at Cost | 13,555 | 13,066 | 14,364 |
Depreciation Expense | 29,218 | 19,419 | 19,349 |
Dry hole expense related to prior years expenditures, net | 124 | 343 | 42 |
Accretion expense | 628 | 654 | 668 |
Impairment charges | 10,797 | 735 | 1,021 |
United States | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 112,804 | ||
Gross Investment at Cost | 117,507 | 112,998 | |
Net Investment | 44,716 | ||
Net Investment | 52,550 | 51,409 | |
Additions at Cost | 9,527 | 7,917 | 6,120 |
Depreciation Expense | 16,334 | 6,399 | 6,957 |
International | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 213,918 | ||
Gross Investment at Cost | 222,737 | 231,487 | |
Net Investment | 105,778 | ||
Net Investment | 116,657 | 126,303 | |
Additions at Cost | 4,028 | 5,149 | 8,244 |
Depreciation Expense | 12,884 | 13,020 | 12,392 |
Australia | |||
Properties, Plant and Equipment | |||
Net Investment | 51,359 | 53,768 | 55,514 |
Upstream | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 288,409 | ||
Gross Investment at Cost | 303,484 | 308,813 | |
Net Investment | 133,721 | ||
Net Investment | 153,129 | 161,913 | |
Additions at Cost | 11,415 | 11,299 | 12,929 |
Depreciation Expense | 27,840 | 18,054 | 17,623 |
Upstream | United States | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 82,117 | ||
Gross Investment at Cost | 88,155 | 84,602 | |
Net Investment | 31,082 | ||
Net Investment | 39,526 | 38,722 | |
Additions at Cost | 7,751 | 6,434 | 4,995 |
Depreciation Expense | 15,222 | 5,328 | 5,527 |
Upstream | International | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 206,292 | ||
Gross Investment at Cost | 215,329 | 224,211 | |
Net Investment | 102,639 | ||
Net Investment | 113,603 | 123,191 | |
Additions at Cost | 3,664 | 4,865 | 7,934 |
Depreciation Expense | 12,618 | 12,726 | 12,096 |
Downstream | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 33,448 | ||
Gross Investment at Cost | 31,922 | 30,692 | |
Net Investment | 14,512 | ||
Net Investment | 13,861 | 13,420 | |
Additions at Cost | 1,807 | 1,537 | 1,213 |
Depreciation Expense | 1,125 | 1,033 | 1,035 |
Downstream | United States | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 25,968 | ||
Gross Investment at Cost | 24,685 | 23,598 | |
Net Investment | 11,398 | ||
Net Investment | 10,838 | 10,346 | |
Additions at Cost | 1,452 | 1,259 | 907 |
Depreciation Expense | 869 | 751 | 753 |
Downstream | International | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 7,480 | ||
Gross Investment at Cost | 7,237 | 7,094 | |
Net Investment | 3,114 | ||
Net Investment | 3,023 | 3,074 | |
Additions at Cost | 355 | 278 | 306 |
Depreciation Expense | 256 | 282 | 282 |
Segment Reconciling Items | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 4,865 | ||
Gross Investment at Cost | 4,838 | 4,980 | |
Net Investment | 2,261 | ||
Net Investment | 2,217 | 2,379 | |
Additions at Cost | 333 | 230 | 222 |
Depreciation Expense | 253 | 332 | 691 |
Segment Reconciling Items | United States | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 4,719 | ||
Gross Investment at Cost | 4,667 | 4,798 | |
Net Investment | 2,236 | ||
Net Investment | 2,186 | 2,341 | |
Additions at Cost | 324 | 224 | 218 |
Depreciation Expense | 243 | 320 | 677 |
Segment Reconciling Items | International | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 146 | ||
Gross Investment at Cost | 171 | 182 | |
Net Investment | 25 | ||
Net Investment | 31 | 38 | |
Additions at Cost | 9 | 6 | 4 |
Depreciation Expense | $ 10 | $ 12 | $ 14 |
Short-Term Debt - Sumamry (Deta
Short-Term Debt - Sumamry (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Short term borrowings | ||
Commercial paper | $ 4,654 | $ 7,503 |
Notes payable to banks and others with originating terms of one year or less | 228 | 28 |
Current maturities of long-term debt | 5,054 | 4,999 |
Current maturities of long-term finance leases | 18 | |
Current maturities of long-term capital leases | 18 | |
Redeemable long term obligations - Long-term debt | 3,078 | 3,078 |
Subtotal | 13,032 | 15,626 |
Reclassified to long-term debt | (9,750) | (9,900) |
Total short-term debt | $ 3,282 | $ 5,726 |
Weighted-average interest rate | 1.69% | 2.43% |
Unamortized discounts and debt issuance costs | $ 0 | $ 1 |
Short-Term Debt - Narrative (De
Short-Term Debt - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Committed credit facilities | $ 9,750,000,000 | |
Debt instrument, term | 364 days | |
Outstanding amount | $ 0 | |
Reclassified to long-term debt | $ 9,750,000,000 | $ 9,900,000,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 18,730 | $ 23,730 |
Debt due within one year | (5,054) | (5,000) |
Reclassified from short-term debt | 9,750 | 9,900 |
Unamortized discounts and debt issuance costs | (17) | (24) |
Finance lease liabilities | 282 | |
Finance lease liabilities | 127 | |
Total long-term debt | 23,691 | 28,733 |
Long-term debt maturing 2020 | 5,054 | |
Long-term debt maturing 2021 | 2,054 | |
Long-term debt maturing 2022 | 4,268 | |
Long-term debt maturing 2024 | 3,003 | |
Long-term debt maturing 2023 | 1,000 | |
Long-term debt maturing after 2024 | 3,351 | |
Notes | 3.191% notes due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 2,250 | 2,250 |
Interest rate | 3.191% | |
Notes | 2.954% notes due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 2,250 | 2,250 |
Interest rate | 2.954% | |
Notes | 2.355% notes due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 2,000 | 2,000 |
Interest rate | 2.355% | |
Notes | 1.961% notes due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 1,750 | 1,750 |
Interest rate | 1.961% | |
Notes | 2.100% notes due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 1,350 | 1,350 |
Interest rate | 2.10% | |
Notes | 2.419% notes due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 1,250 | 1,250 |
Interest rate | 2.419% | |
Notes | 2.427% notes due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 1,000 | 1,000 |
Interest rate | 2.427% | |
Notes | 2.895% notes due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 1,000 | 1,000 |
Interest rate | 2.895% | |
Notes | 2.566% notes due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 750 | 750 |
Interest rate | 2.566% | |
Notes | 3.326% notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 750 | 750 |
Interest rate | 3.326% | |
Notes | 2.498% notes due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 700 | 700 |
Interest rate | 2.498% | |
Notes | 2.411% notes due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 700 | 700 |
Interest rate | 2.411% | |
Notes | 1.991% notes due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 600 | 600 |
Interest rate | 1.991% | |
Notes | 4.950% notes due 2019 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 0 | $ 1,500 |
Interest rate | 4.95% | |
Notes | 1.561% notes due 2019 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | 0 | $ 1,350 |
Interest rate | 1.561% | |
Notes | 2.193% notes due 2019 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | 0 | $ 750 |
Interest rate | 2.193% | |
Floating Rate Notes | Floating rate notes due 2021 (2.599%) | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 650 | $ 650 |
Interest rate | 2.599% | |
Floating Rate Notes | Floating rate notes due 2022 (2.412%) | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 650 | 650 |
Interest rate | 2.412% | |
Floating Rate Notes | Floating rate notes due 2020 (2.116%) | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 400 | 400 |
Interest rate | 2.116% | |
Floating Rate Notes | Floating rate notes due 2019 (2.905%) | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 0 | 850 |
Loans | 3.400% loan | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 218 | 218 |
Interest rate | 3.40% | |
Loans | 1.686% notes due 2019 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 0 | $ 550 |
Interest rate | 1.686% | |
Debentures | 8.625% debentures due 2032 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 147 | $ 147 |
Interest rate | 8.625% | |
Debentures | 8.625% debentures due 2031 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 108 | 108 |
Interest rate | 8.625% | |
Debentures | 8.000% debentures due 2032 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 75 | 75 |
Interest rate | 8.00% | |
Debentures | 9.750% debentures due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 54 | 54 |
Interest rate | 9.75% | |
Debentures | 8.875% debentures due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 40 | 40 |
Interest rate | 8.875% | |
Medium-term Notes | Medium-term notes, maturing from 2021 to 2038 (6.431%) | ||
Debt Instrument [Line Items] | ||
Long-term debt instruments | $ 38 | $ 38 |
Interest rate | 6.431% |
Accounting for Suspended Expl_3
Accounting for Suspended Exploratory Wells - Summary of Changes and Aging of Capitalized Well Costs (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)Project | Dec. 31, 2018USD ($)Project | Dec. 31, 2017USD ($)Project | |
Changes in company's suspended exploratory well costs | ||||||
Beginning balance at January 1 | $ 3,563 | $ 3,702 | $ 3,540 | |||
Additions to capitalized exploratory well costs pending the determination of proved reserves | 244 | 207 | 323 | |||
Reclassifications to wells, facilities and equipment based on the determination of proved reserves | (500) | (13) | (113) | |||
Capitalized exploratory well costs charged to expense | (125) | (333) | (39) | |||
Other reductions | (141) | 0 | (9) | |||
Ending balance at December 31 | 3,041 | 3,563 | 3,702 | |||
Aging of capitalized well costs and number of project | ||||||
Exploratory well costs capitalized for a period of one year or less | $ 214 | $ 202 | $ 307 | |||
Exploratory well costs capitalized for a period greater than one year | 2,827 | 3,361 | 3,395 | |||
Balance at December 31 | $ 3,563 | $ 3,702 | $ 3,702 | $ 3,041 | $ 3,563 | $ 3,702 |
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 22 | 30 | 32 |
Accounting for Suspended Expl_4
Accounting for Suspended Exploratory Wells - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)WellProject | Dec. 31, 2018USD ($)Project | Dec. 31, 2017USD ($)Project | |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 2,827 | $ 3,361 | $ 3,395 |
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 22 | 30 | 32 |
Expected period for decision on the recognition of proved reserves | 5 years | ||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 123 | ||
Drilling Activity | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 1,867 | ||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 12 | ||
No Drilling Activity | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 960 | ||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 10 | ||
Undergoing Front End Engineering and Design with Final Investment Decision Expected | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 256 | ||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 4 | ||
Undergoing front-end engineering and design with final investment decision expected in three years | 4 years | ||
Reviewing Development Alternatives | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 704 | ||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 6 |
Accounting for Suspended Expl_5
Accounting for Suspended Exploratory Wells - Aging of Costs on a Well and Project Basis (Details) $ in Millions | Dec. 31, 2019USD ($)WellProject | Dec. 31, 2018USD ($)Project | Dec. 31, 2017USD ($)Project |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 2,827 | $ 3,361 | $ 3,395 |
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 123 | ||
Number of projects (in projects) | Project | 22 | 30 | 32 |
1998-2008 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 244 | ||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 27 | ||
2009-2013 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 1,166 | ||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 56 | ||
2014-2018 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 1,417 | ||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 40 | ||
2003-2011 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 318 | ||
Number of projects (in projects) | Project | 4 | ||
2012-2015 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 1,653 | ||
Number of projects (in projects) | Project | 11 | ||
2016-2019 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 856 | ||
Number of projects (in projects) | Project | 7 |
Stock Options and Other Share_3
Stock Options and Other Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense for stock options | $ 81 | $ 105 | $ 137 | |
After tax compensation expense for stock options | 64 | 83 | 89 | |
Compensation expense for stock appreciation rights restricted stock performance units and restricted stock units | 313 | 60 | 231 | |
Compensation expense for stock appreciation rights, restricted stock, performance units and restricted stock units, after tax | 266 | 47 | 150 | |
Cash received in payment for option exercises | 1,090 | 1,159 | 1,100 | |
Tax benefits realized for the tax deductions from option exercises | 43 | 43 | 48 | |
Cash paid to settle performance units and stock appreciation rights | $ 119 | 157 | 187 | |
Maximum number of share that may be issued under LTIP (in shares) | 688,303 | |||
Total intrinsic value options exercised | $ 516 | $ 506 | $ 407 | |
Total before-tax compensation cost related to nonvested share-based compensation arrangements | $ 55 | |||
Weighted-average period of recognition of unrecognized compensation cost related to nonvested share-based compensation arrangements | 1 year 9 months 18 days | |||
Chevron Long-Term Incentive Plan (LTIP) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of share that may be issued under LTIP (in shares) | 72,000,000 | |||
For awards issued on or after May 29, 2013, the maximum number of shares that may be in a form other than a stock option, stock appreciation right or award requiring full payment for shares by the award recipient (in shares) | 50,000,000 | |||
Chevron Long-Term Incentive Plan (LTIP) | Maximum | From April 2004 through May 2023 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of share that may be issued under LTIP (in shares) | 260,000,000 | |||
Performance Shares and Restricted Stock Units (RSUs) | Chevron Long-Term Incentive Plan (LTIP) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award contractual term (in years) | 3 years | |||
Performance Shares and Restricted Stock Units (RSUs) | Chevron Long-Term Incentive Plan (LTIP), 2017 Issuance | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award contractual term (in years) | 3 years | |||
Stock Options and Stock Appreciation Rights | Chevron Long-Term Incentive Plan (LTIP) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award contractual term (in years) | 10 years | |||
Stock Options and Stock Appreciation Rights | Chevron Long-Term Incentive Plan (LTIP), 2017 Issuance | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award contractual term (in years) | 10 years | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares outstanding (in shares) | 2,426,959 | 1,737,479 | ||
Shares granted (in shares) | 1,054,556 | |||
Shares vested (in shares) | 244,744 | |||
Shares forfeited (in shares) | 120,332 | |||
Shares vested, fair value | $ 192 | |||
Restricted Stock Units (RSUs) | Chevron Long-Term Incentive Plan (LTIP), 2017 Issuance | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award contractual term (in years) | 5 years | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares outstanding (in shares) | 4,386,784 | 3,669,730 | ||
Shares granted (in shares) | 1,813,188 | |||
Shares vested (in shares) | 684,620 | |||
Shares forfeited (in shares) | 411,514 | |||
Shares vested, fair value | $ 370 | |||
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares outstanding (in shares) | 4,000,000 | |||
Shares vested, fair value | $ 82 |
Stock Options and Other Share_4
Stock Options and Other Share-Based Compensation - Summary of Valuation Assumptions and Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Option | |||
Expected term in years | 6 years 7 months 6 days | 6 years 6 months | 6 years 3 months 18 days |
Volatility | 20.50% | 21.20% | 21.70% |
Risk-free interest rate based on zero coupon U.S. treasury note | 2.60% | 2.60% | 2.20% |
Dividend yield | 3.80% | 3.80% | 4.20% |
Weighted-average fair value per option granted (in dollars per share) | $ 15.82 | $ 18.18 | $ 15.31 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, beginning balance (in shares) | 94,724 | ||
Shares, Granted (in shares) | 5,771 | ||
Shares, Exercised (in shares) | (13,190) | ||
Shares, Forfeited (in shares) | (664) | ||
Outstanding, ending balance (in shares) | 86,641 | 94,724 | |
Shares, Exercisable at December 31 (in shares) | 77,671 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted-Average Exercise Price, Outstanding at January 1 (in dollars per share) | $ 99.92 | ||
Weighted-Average Exercise Price, Granted (in dollars per share) | 113.04 | ||
Weighted-Average Exercise Price, Exercised (in dollars per share) | 83.36 | ||
Weighted-Average Exercise Price, Forfeited (in dollars per share) | 111.57 | ||
Weighted-Average Exercise Price, Outstanding at December 31 (in dollars per share) | 103.22 | $ 99.92 | |
Weighted-Average Exercise Price, Exercisable at December 31 (in dollars per share) | $ 101.63 | ||
Average Remaining Contractual Term, Outstanding at December 31 (in years) | 4 years 8 months 8 days | ||
Average Remaining Contractual Term, Exercisable at December 31 (in years) | 4 years 3 months | ||
Aggregate Intrinsic Value, Outstanding at December 31 | $ 1,518 | ||
Aggregate Intrinsic Value, Exercisable at December 31 | $ 1,474 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Maximum annual increase percentage to company contribution for retiree medical coverage | 4.00% | |||
Funded Status: | ||||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | $ 6,357 | $ 4,448 | ||
Net Actuarial Loss: | ||||
The percentage of the higher of the projected benefit obligation or market-related value of plan assets in excess of which net actuarial losses are amortized | 10.00% | |||
Other Benefit Assumptions: | ||||
Assumed health care cost-trend rates in the next fiscal year | 6.80% | 7.20% | ||
Ultimate trend rate for health care cost | 4.50% | 4.50% | ||
Primary Investment: | ||||
Company's US and UK pension plans as a percentage of total pension assets | 92.00% | |||
Benefit Plan Trusts: | ||||
Number of Chevron treasury stocks held in benefit plan trust for funding obligations | 14,168 | 14,168 | 14,168 | 14,168 |
Various grantor trust assets invested primarily in interest earning accounts | $ 35 | $ 34 | ||
Employee Incentive Plan | ||||
Charges to expense for cash bonuses | 826 | 1,048 | $ 936 | |
Other Benefits | ||||
Funded Status: | ||||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | $ (154) | $ (312) | ||
Net Actuarial Loss: | ||||
Number of years net actuarial losses recorded in "Accumulated other comprehensive loss" at December 31 for the company's OPEB plans are being amortized for, over a straight-line basis | 14 years | |||
Actuarial gain (loss) that will be amortized from Accumulated other comprehensive loss | $ 3 | |||
Weighted average amortization period (in years) for recognizing prior service costs (credits) recorded in "Accumulated other comprehensive loss" at December 31 for other postretirement benefit plan | 8 years | |||
Amortization of prior service (credits) costs during the next year | $ (28) | |||
Discount Rate: | ||||
Discount rate for pension plans | 3.20% | 4.40% | 3.80% | |
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | $ 168 | $ 166 | ||
Estimated contributions to employee pension plans for the next fiscal year | 174 | |||
ESIP | ||||
Employee Savings Investment Plan: | ||||
Compensation expense | $ 284 | $ 270 | $ 316 | |
U.S. | ||||
Expected Return on Plan Assets: | ||||
Estimated long-term rate of return on US pension plan assets | 6.75% | 6.75% | 6.75% | |
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | $ 1,096 | |||
Estimated contributions to employee pension plans for the next fiscal year | 1,250 | |||
U.S. | Pension Benefits | ||||
Funded Status: | ||||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | 5,140 | $ 3,701 | ||
Accumulated benefit obligations pension plans | $ 12,781 | $ 10,514 | ||
Net Actuarial Loss: | ||||
Number of years net actuarial losses recorded in "Accumulated other comprehensive loss" at December 31 for the company's US pension plans are being amortized for, over a straight-line basis | 10 years | |||
Actuarial gain (loss) that will be amortized from Accumulated other comprehensive loss | $ 385 | |||
Company's estimated amount that will be recognized from "Accumulated other comprehensive loss" during the next year related to lump-sum settlement costs from U.S. pension plans | $ 320 | |||
Weighted average amortization period (in years) for recognizing prior service costs (credits) recorded in "Accumulated other comprehensive loss" at December 31 for US pension plan | 3 years | |||
Amortization of prior service (credits) costs during the next year | $ 2 | |||
Expected Return on Plan Assets: | ||||
Estimated long-term rate of return on US pension plan assets | 7.50% | |||
Percentage of US pension plan assets relative to total pension plan assets | 68.00% | |||
Plan asset market valuation period, prior to year-end measurement date | 3 months | |||
Discount Rate: | ||||
Discount rate for pension plans | 3.10% | 4.20% | 3.50% | |
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | $ 1,096 | $ 803 | ||
U.S. | Pension Benefits | Equities | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 30.00% | |||
U.S. | Pension Benefits | Equities | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 60.00% | |||
U.S. | Pension Benefits | Fixed Income and Cash | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 20.00% | |||
U.S. | Pension Benefits | Fixed Income and Cash | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 40.00% | |||
U.S. | Pension Benefits | Real Estate | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 0.00% | |||
U.S. | Pension Benefits | Real Estate | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 15.00% | |||
U.S. | Pension Benefits | Other | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 0.00% | |||
U.S. | Pension Benefits | Other | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 15.00% | |||
U.S. | Pension Benefits | Cash | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 0.00% | |||
U.S. | Pension Benefits | Cash | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 25.00% | |||
U.S. | Other Benefits | ||||
Discount Rate: | ||||
Discount rate for pension plans | 3.10% | 4.30% | 3.60% | |
Int’l. | ||||
Expected Return on Plan Assets: | ||||
Estimated long-term rate of return on US pension plan assets | 5.60% | 5.50% | 5.50% | |
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | $ 266 | |||
Estimated contributions to employee pension plans for the next fiscal year | 250 | |||
Int’l. | Pension Benefits | ||||
Funded Status: | ||||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | 1,371 | $ 1,059 | ||
Accumulated benefit obligations pension plans | $ 5,203 | $ 4,360 | ||
Net Actuarial Loss: | ||||
Number of years net actuarial losses recorded in "Accumulated other comprehensive loss" at December 31 for the company's international pension plans are being amortized for, over a straight-line basis | 12 years | |||
Actuarial gain (loss) that will be amortized from Accumulated other comprehensive loss | $ 46 | |||
Weighted average amortization period (in years) for recognizing prior service costs (credits) recorded in "Accumulated other comprehensive loss" at December 31 for international pension plan | 6 years | |||
Amortization of prior service (credits) costs during the next year | $ 10 | |||
Discount Rate: | ||||
Discount rate for pension plans | 3.20% | 4.40% | 3.90% | |
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | $ 266 | $ 232 | ||
UNITED KINGDOM | Pension Benefits | Equities | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 10.00% | |||
UNITED KINGDOM | Pension Benefits | Equities | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 30.00% | |||
UNITED KINGDOM | Pension Benefits | Fixed Income and Cash | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 55.00% | |||
UNITED KINGDOM | Pension Benefits | Fixed Income and Cash | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 85.00% | |||
UNITED KINGDOM | Pension Benefits | Real Estate | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 5.00% | |||
UNITED KINGDOM | Pension Benefits | Real Estate | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 15.00% | |||
UNITED KINGDOM | Pension Benefits | Cash | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 0.00% | |||
UNITED KINGDOM | Pension Benefits | Cash | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 5.00% |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. | ||||
Change in Plan Assets | ||||
Fair value of plan assets at January 1 | $ 8,532 | |||
Employer contributions | 1,096 | |||
Fair value of plan assets at December 31 | 10,177 | $ 8,532 | ||
Int’l. | ||||
Change in Plan Assets | ||||
Fair value of plan assets at January 1 | 4,142 | |||
Employer contributions | 266 | |||
Fair value of plan assets at December 31 | 4,791 | 4,142 | ||
Pension Benefits | U.S. | ||||
Change in Benefit Obligation | ||||
Benefit obligation at January 1 | 11,726 | 13,580 | ||
Service cost | 406 | 480 | $ 489 | |
Interest cost | 397 | 370 | 366 | |
Plan participants’ contributions | 0 | 0 | ||
Plan amendments | 0 | 0 | ||
Actuarial (gain) loss | 2,922 | (1,051) | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Benefits paid | (1,035) | (1,653) | ||
Curtailment | $ 0 | 0 | ||
Acquisitions | 49 | |||
Divestitures/Acquisitions | 0 | |||
Benefit obligation at December 31 | 14,465 | 11,726 | 13,580 | |
Change in Plan Assets | ||||
Fair value of plan assets at January 1 | 8,532 | 9,948 | ||
Actual return on plan assets | 1,548 | (566) | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Employer contributions | 1,096 | 803 | ||
Plan participants’ contributions | 0 | 0 | ||
Benefits paid | (1,035) | (1,653) | ||
Acquisitions | 36 | |||
Divestitures/Acquisitions | 0 | |||
Fair value of plan assets at December 31 | 10,177 | 8,532 | 9,948 | |
Funded status at December 31 | (4,288) | (3,194) | ||
Pension Benefits | Int’l. | ||||
Change in Benefit Obligation | ||||
Benefit obligation at January 1 | 4,820 | 5,540 | ||
Service cost | 139 | 141 | 151 | |
Interest cost | 199 | 206 | 219 | |
Plan participants’ contributions | 4 | 4 | ||
Plan amendments | 29 | 23 | ||
Actuarial (gain) loss | 673 | (239) | ||
Foreign currency exchange rate changes | 121 | (227) | ||
Benefits paid | (302) | (432) | ||
Curtailment | 0 | (3) | ||
Acquisitions | 0 | |||
Divestitures/Acquisitions | (196) | |||
Benefit obligation at December 31 | 5,680 | 4,820 | 5,540 | |
Change in Plan Assets | ||||
Fair value of plan assets at January 1 | 4,142 | 4,766 | ||
Actual return on plan assets | 566 | (9) | ||
Foreign currency exchange rate changes | 115 | (221) | ||
Employer contributions | 266 | 232 | ||
Plan participants’ contributions | 4 | 4 | ||
Benefits paid | (302) | (432) | ||
Acquisitions | 0 | |||
Divestitures/Acquisitions | (198) | |||
Fair value of plan assets at December 31 | 4,791 | 4,142 | 4,766 | |
Funded status at December 31 | (889) | (678) | ||
Other Benefits | ||||
Change in Benefit Obligation | ||||
Benefit obligation at January 1 | 2,430 | 2,788 | ||
Service cost | 36 | 42 | 32 | |
Interest cost | 96 | 94 | 95 | |
Plan participants’ contributions | 72 | 71 | ||
Plan amendments | 0 | 2 | ||
Actuarial (gain) loss | 125 | (272) | ||
Foreign currency exchange rate changes | 2 | (9) | ||
Benefits paid | (240) | (237) | ||
Curtailment | $ 0 | 0 | ||
Divestitures/Acquisitions | (1) | (49) | ||
Benefit obligation at December 31 | 2,520 | 2,430 | 2,788 | |
Change in Plan Assets | ||||
Fair value of plan assets at January 1 | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Employer contributions | 168 | 166 | ||
Plan participants’ contributions | 72 | 71 | ||
Benefits paid | (240) | (237) | ||
Divestitures/Acquisitions | 0 | 0 | ||
Fair value of plan assets at December 31 | 0 | 0 | $ 0 | |
Funded status at December 31 | $ (2,520) | $ (2,430) |
Employee Benefit Plans - Sumamr
Employee Benefit Plans - Sumamry of Balance Sheet Components (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Noncurrent employee benefit plans | $ (7,866) | $ (6,654) |
Pension Benefits | U.S. | ||
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Deferred charges and other assets | 23 | 17 |
Accrued liabilities | (239) | (180) |
Noncurrent employee benefit plans | (4,072) | (3,031) |
Net amount recognized at December 31 | (4,288) | (3,194) |
Pension Benefits | Int’l. | ||
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Deferred charges and other assets | 413 | 412 |
Accrued liabilities | (71) | (66) |
Noncurrent employee benefit plans | (1,231) | (1,024) |
Net amount recognized at December 31 | (889) | (678) |
Other Benefits | ||
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Deferred charges and other assets | 0 | 0 |
Accrued liabilities | (174) | (175) |
Noncurrent employee benefit plans | (2,346) | (2,255) |
Net amount recognized at December 31 | $ (2,520) | $ (2,430) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Before tax basis amount in accumulated other comprehensive loss. | ||
Total recognized at December 31 | $ 6,357 | $ 4,448 |
Other Benefits | ||
Before tax basis amount in accumulated other comprehensive loss. | ||
Net actuarial loss | 74 | (56) |
Prior service (credit) costs | (228) | (256) |
Total recognized at December 31 | (154) | (312) |
U.S. | Pension Benefits | ||
Before tax basis amount in accumulated other comprehensive loss. | ||
Net actuarial loss | 5,135 | 3,694 |
Prior service (credit) costs | 5 | 7 |
Total recognized at December 31 | 5,140 | 3,701 |
Int’l. | Pension Benefits | ||
Before tax basis amount in accumulated other comprehensive loss. | ||
Net actuarial loss | 1,269 | 955 |
Prior service (credit) costs | 102 | 104 |
Total recognized at December 31 | $ 1,371 | $ 1,059 |
Employee Benefit Plans - Accumu
Employee Benefit Plans - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. | ||
Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets | ||
Projected benefit obligations | $ 14,401 | $ 11,667 |
Accumulated benefit obligations | 12,718 | 10,456 |
Fair value of plan assets | 10,091 | 8,456 |
Int’l. | ||
Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets | ||
Projected benefit obligations | 1,554 | 1,277 |
Accumulated benefit obligations | 1,268 | 1,062 |
Fair value of plan assets | $ 278 | $ 198 |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | $ 2,404 | $ (85) | $ 571 |
Amortization of actuarial loss | (519) | (792) | (817) |
Prior service (credits) costs during period | 28 | 26 | 1 |
Amortization of prior service (costs) credits | (4) | 13 | 20 |
Other Benefits | |||
Net Periodic Benefit Cost | |||
Service cost | 36 | 42 | 32 |
Interest cost | 96 | 94 | 95 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service costs (credits) | (28) | (28) | (28) |
Recognized actuarial losses | (3) | 15 | (5) |
Settlement losses | 0 | 0 | 0 |
Curtailment losses (gains) | 0 | 0 | 0 |
Total net periodic benefit cost | 101 | 123 | 94 |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | 128 | (248) | 284 |
Amortization of actuarial loss | 3 | (15) | 5 |
Prior service (credits) costs during period | (1) | 3 | 0 |
Amortization of prior service (costs) credits | 28 | 28 | 28 |
Total changes recognized in other comprehensive income | 158 | (232) | 317 |
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | 259 | (109) | 411 |
U.S. | Pension Benefits | |||
Net Periodic Benefit Cost | |||
Service cost | 406 | 480 | 489 |
Interest cost | 397 | 370 | 366 |
Expected return on plan assets | (565) | (636) | (597) |
Amortization of prior service costs (credits) | 2 | 2 | (5) |
Recognized actuarial losses | 239 | 304 | 340 |
Settlement losses | 259 | 411 | 436 |
Curtailment losses (gains) | 0 | 0 | 0 |
Total net periodic benefit cost | 738 | 931 | 1,029 |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | 1,939 | 151 | 381 |
Amortization of actuarial loss | (498) | (715) | (776) |
Prior service (credits) costs during period | 0 | 0 | 0 |
Amortization of prior service (costs) credits | (2) | (2) | 5 |
Total changes recognized in other comprehensive income | 1,439 | (566) | (390) |
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | 2,177 | 365 | 639 |
Int’l. | Pension Benefits | |||
Net Periodic Benefit Cost | |||
Service cost | 139 | 141 | 151 |
Interest cost | 199 | 206 | 219 |
Expected return on plan assets | (231) | (253) | (239) |
Amortization of prior service costs (credits) | 11 | 10 | 13 |
Recognized actuarial losses | 21 | 29 | 44 |
Settlement losses | 3 | 33 | 2 |
Curtailment losses (gains) | 16 | 3 | 0 |
Total net periodic benefit cost | 158 | 169 | 190 |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | 338 | 12 | (94) |
Amortization of actuarial loss | (24) | (62) | (46) |
Prior service (credits) costs during period | 29 | 23 | 1 |
Amortization of prior service (costs) credits | (30) | (13) | (13) |
Total changes recognized in other comprehensive income | 313 | (40) | (152) |
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $ 471 | $ 129 | $ 38 |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effects of change in the assumed health care cost-trend rates | |||
Effect on total service and interest cost components, 1 Percent Increase | $ 20 | ||
Effect on total service and interest cost components, 1 Percent Decrease | (15) | ||
Effect on postretirement benefit obligation, 1 Percent Increase | 224 | ||
Effect on postretirement benefit obligation, 1 Percent Decrease | $ (176) | ||
Other Benefits | |||
Assumptions used to determine benefit obligations: | |||
Discount rate | 3.20% | 4.40% | 3.80% |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate for service cost | 4.60% | 3.90% | 4.60% |
Discount rate for interest cost | 4.20% | 3.50% | 3.80% |
U.S. | |||
Assumptions used to determine benefit obligations: | |||
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
Assumptions used to determine net periodic benefit cost: | |||
Expected return on plan assets | 6.75% | 6.75% | 6.75% |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
U.S. | Pension Benefits | |||
Assumptions used to determine benefit obligations: | |||
Discount rate | 3.10% | 4.20% | 3.50% |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate for service cost | 4.40% | 3.70% | 4.20% |
Discount rate for interest cost | 3.70% | 3.00% | 3.00% |
Expected return on plan assets | 7.50% | ||
U.S. | Other Benefits | |||
Assumptions used to determine benefit obligations: | |||
Discount rate | 3.10% | 4.30% | 3.60% |
Int’l. | |||
Assumptions used to determine benefit obligations: | |||
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Assumptions used to determine net periodic benefit cost: | |||
Expected return on plan assets | 5.60% | 5.50% | 5.50% |
Rate of compensation increase | 4.00% | 4.00% | 4.50% |
Int’l. | Pension Benefits | |||
Assumptions used to determine benefit obligations: | |||
Discount rate | 3.20% | 4.40% | 3.90% |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate for service cost | 4.40% | 3.90% | 4.30% |
Discount rate for interest cost | 4.40% | 3.90% | 4.30% |
Employee Benefit Plans - Plan A
Employee Benefit Plans - Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | $ 112 | $ 129 | $ 143 |
U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 10,177 | 8,532 | |
U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 4,002 | 2,965 | |
U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2,117 | 1,758 | |
U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 51 | 49 | |
U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 4,007 | 3,760 | |
Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 4,791 | 4,142 | |
Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,388 | 1,441 | |
Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 715 | 642 | |
Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 61 | 80 | |
Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2,627 | 1,979 | |
U.S. | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,769 | 1,110 | |
U.S. | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,769 | 1,110 | |
U.S. | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
U.S. | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
U.S. | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 471 | 520 | |
U.S. | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 471 | 520 | |
U.S. | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
International | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1 | 1 | 0 |
International | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,958 | 1,631 | |
International | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,958 | 1,630 | |
International | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 1 | |
International | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
International | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
International | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 422 | 521 | |
International | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 421 | 520 | |
International | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
International | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1 | 1 | |
International | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,079 | 893 | |
Collective Trusts/Mutual Funds | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 52 | 21 | |
Collective Trusts/Mutual Funds | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,027 | 872 | |
Collective Trusts/Mutual Funds | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 184 | 152 | |
Collective Trusts/Mutual Funds | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 6 | 9 | |
Collective Trusts/Mutual Funds | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 178 | 143 | |
Government | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 523 | 225 | |
Government | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Government | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 523 | 225 | |
Government | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Government | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Government | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 265 | 254 | |
Government | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 144 | 97 | |
Government | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 121 | 157 | |
Government | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Government | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 3 | 21 | 30 |
Corporate | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,444 | 1,382 | |
Corporate | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,444 | 1,382 | |
Corporate | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 493 | 409 | |
Corporate | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 490 | 389 | |
Corporate | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 3 | 20 | |
Corporate | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 7 | 5 | 11 |
Bank Loans | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 120 | 119 | |
Bank Loans | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 113 | 114 | |
Bank Loans | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 7 | 5 | |
Bank Loans | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1 | 1 | |
Mortgage/Asset Backed | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1 | 1 | |
Mortgage/Asset Backed | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 4 | 6 | |
Mortgage/Asset Backed | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 4 | 6 | |
Mortgage/Asset Backed | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 963 | 877 | |
Collective Trusts/Mutual Funds | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 963 | 877 | |
Collective Trusts/Mutual Funds | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2,230 | 1,521 | |
Collective Trusts/Mutual Funds | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 5 | 15 | |
Collective Trusts/Mutual Funds | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2,225 | 1,506 | |
Mixed Funds | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 84 | 74 | |
Mixed Funds | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 7 | 3 | |
Mixed Funds | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 77 | 71 | |
Mixed Funds | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 55 | 56 | 56 |
Real Estate | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,089 | 1,065 | |
Real Estate | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,089 | 1,065 | |
Real Estate | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 277 | 378 | |
Real Estate | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 55 | 56 | |
Real Estate | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 222 | 322 | |
Alternative Investments | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 924 | 941 | |
Alternative Investments | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 924 | 941 | |
Alternative Investments | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 235 | 212 | |
Cash and Cash Equivalents | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 228 | 208 | |
Cash and Cash Equivalents | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 7 | 4 | |
Cash and Cash Equivalents | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 338 | 287 | |
Cash and Cash Equivalents | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 334 | 277 | |
Cash and Cash Equivalents | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2 | 2 | |
Cash and Cash Equivalents | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2 | 8 | |
Other | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 46 | 46 | $ 46 |
Other | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 72 | 76 | |
Other | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | (5) | (4) | |
Other | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 29 | 31 | |
Other | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 44 | 44 | |
Other | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 4 | 5 | |
Other | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 23 | 20 | |
Other | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Other | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 21 | 17 | |
Other | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2 | 3 | |
Other | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Common Stock | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | $ 6 | $ 9 |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Change in Assets Measured at Level 3 (Details) - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Fair value of plan assets at January 1 | $ 129 | $ 143 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | (1) | 15 |
Assets sold during the period | 0 | (4) |
Purchases, Sales and Settlements | (19) | (24) |
Transfers in and/or out of Level 3 | 3 | (1) |
Fair value of plan assets at December 31 | 112 | 129 |
International | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Fair value of plan assets at January 1 | 1 | 0 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | (1) | 4 |
Assets sold during the period | 0 | (4) |
Purchases, Sales and Settlements | 0 | 0 |
Transfers in and/or out of Level 3 | 1 | 1 |
Fair value of plan assets at December 31 | 1 | 1 |
Corporate | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Fair value of plan assets at January 1 | 21 | 30 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 1 | (2) |
Assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | (19) | (7) |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value of plan assets at December 31 | 3 | 21 |
Bank Loans | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Fair value of plan assets at January 1 | 5 | 11 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 0 | 0 |
Assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 0 | (4) |
Transfers in and/or out of Level 3 | 2 | (2) |
Fair value of plan assets at December 31 | 7 | 5 |
Real Estate | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Fair value of plan assets at January 1 | 56 | 56 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 0 | 13 |
Assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | (1) | (13) |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value of plan assets at December 31 | 55 | 56 |
Other | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Fair value of plan assets at January 1 | 46 | 46 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | (1) | 0 |
Assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 1 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value of plan assets at December 31 | $ 46 | $ 46 |
Employee Benefit Plans - Execpe
Employee Benefit Plans - Execpected Benefit Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Other Benefits | |
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years | |
2020 | $ 174 |
2021 | 170 |
2022 | 165 |
2023 | 161 |
2024 | 156 |
2025-2028 | 725 |
U.S. | Pension Benefits | |
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years | |
2020 | 1,262 |
2021 | 1,176 |
2022 | 1,160 |
2023 | 1,150 |
2024 | 1,134 |
2025-2028 | 5,232 |
Int’l. | Pension Benefits | |
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years | |
2020 | 280 |
2021 | 602 |
2022 | 224 |
2023 | 234 |
2024 | 255 |
2025-2028 | $ 1,434 |
Other Contingencies and Commi_2
Other Contingencies and Commitments (Details) bbl / d in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)bbl / dLocationguaranty | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2009USD ($) | |
Guarantees | ||||
Number of guarantees | guaranty | 2 | |||
Guarantee for payments under terminal use agreements | $ 704,000,000 | |||
Idemnifications | ||||
Indemnifications acquirer environmental liabilities, maximum obligation | $ 200,000,000 | |||
Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements | ||||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2020 | 900,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2021 | 1,100,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2022 | 1,100,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2023 | 1,200,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2024 | 1,200,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2025 and after | 7,200,000,000 | |||
Total payments under long term unconditional purchase obligations and commitments including throughput and Take-or-Pay agreements | 800,000,000 | $ 1,400,000,000 | $ 1,300,000,000 | |
Environmental | ||||
Environmental reserve balance | $ 1,234,000,000 | |||
Sites with potential remediation activities (in sites) | Location | 145 | |||
Investments in equity affiliates | $ 38,688,000,000 | $ 35,546,000,000 | ||
Sites with Potential Remediation Activities | ||||
Environmental | ||||
Environmental reserve | 266,000,000 | |||
Environmental Reserve Less Environmental Reserve for Sites with Potential Remediation Activities | ||||
Environmental | ||||
Environmental reserve | 968,000,000 | |||
Other Businesses | ||||
Environmental | ||||
Environmental reserve | 1,000,000 | |||
Upstream | ||||
Environmental | ||||
Environmental reserve | 272,000,000 | |||
United States | Downstream | ||||
Environmental | ||||
Environmental reserve | 667,000,000 | |||
International | Downstream | ||||
Environmental | ||||
Environmental reserve | $ 28,000,000 | |||
Venezuela | ||||
Environmental | ||||
Oil production in barrels | bbl / d | 35 | |||
Investments in equity affiliates | $ 2,650,000,000 | |||
Recognized losses | $ 54,000,000 | |||
Venezuela | Synthetic Oil | ||||
Environmental | ||||
Oil production in barrels | bbl / d | 3 | |||
Financing Arrangement | ||||
Guarantees | ||||
Guarantee for payments under terminal use agreements | $ 412,000,000 | |||
Term of guarantee for payments under terminal use agreement (in years) | 2 years | |||
Affiliates | ||||
Guarantees | ||||
Guarantee for payments under terminal use agreements | $ 292,000,000 | |||
Term of guarantee for payments under terminal use agreement (in years) | 8 years |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Company Before Tax Obligation | |||
Balance at January 1 | $ 14,050 | $ 14,214 | $ 14,243 |
Liabilities incurred | 32 | 96 | 684 |
Liabilities settled | (1,694) | (830) | (1,721) |
Accretion expense | 628 | 654 | 668 |
Revisions in estimated cash flows | (184) | (84) | 340 |
Balance at December 31 | 12,832 | $ 14,050 | $ 14,214 |
Long-term portion of the company's before-tax asset retirement obligations | $ 11,592 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Receivables | $ 9,247 | $ 10,046 |
Other Financial Information (De
Other Financial Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 4,463,000,000 | $ 4,518,000,000 | |
Segment Reporting Information [Line Items] | |||
Gains on sale of nonstrategic properties | 1,500,000,000 | 630,000,000 | |
Company share of equity affiliates foreign currency effects | (28,000,000) | 416,000,000 | $ (45,000,000) |
Total financing interest and debt costs | 817,000,000 | 921,000,000 | 902,000,000 |
Less: Capitalized interest | 19,000,000 | 173,000,000 | 595,000,000 |
Interest and debt expense | 798,000,000 | 748,000,000 | 307,000,000 |
Research and development expenses | 500,000,000 | 453,000,000 | 433,000,000 |
Excess of replacement cost over the carrying value of inventories (LIFO method) | 4,513,000,000 | 5,134,000,000 | 3,937,000,000 |
LIFO profits (losses) on inventory drawdowns included in earnings | (9,000,000) | 26,000,000 | (5,000,000) |
Foreign currency effects | (304,000,000) | 611,000,000 | $ (446,000,000) |
Downstream | |||
Segment Reporting Information [Line Items] | |||
Gains on sale of nonstrategic properties | 50,000,000 | 365,000,000 | |
Upstream | |||
Segment Reporting Information [Line Items] | |||
Gains on sale of nonstrategic properties | 1,450,000,000 | 265,000,000 | |
Gain (loss) for impairments and other assets write-offs | 10,400,000,000 | $ 2,000,000,000 | |
Unocal | Upstream | |||
Business Acquisition [Line Items] | |||
Goodwill | 4,463,000,000 | ||
Goodwill impairment loss | $ 0 |
Summarized Financial Data _ C_3
Summarized Financial Data – Chevron Phillips Chemical Company LLC - Summary of Income Statement Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Subsidiary Statements Captions [Line Items] | ||||
Percentage of affiliate by summarized financial information | 100.00% | |||
Summarized Financial Data - Chevron Transport Corporation | ||||
Sales and other operating revenues | [1] | $ 134,674 | ||
Total costs and other deductions | $ 140,980 | $ 145,764 | 132,501 | |
Net Income (Loss) Attributable to Chevron Corporation | $ 2,924 | 14,824 | 9,195 | |
Chevron Phillips Chemical Company LLC | ||||
Subsidiary Statements Captions [Line Items] | ||||
Percentage of affiliate by summarized financial information | 100.00% | |||
Summarized Financial Data - Chevron Transport Corporation | ||||
Total costs and other deductions | $ 7,863 | 9,812 | 8,126 | |
Net Income (Loss) Attributable to Chevron Corporation | 1,760 | 2,069 | 1,446 | |
Chevron Phillips Chemical Company LLC | Oil and Gas | ||||
Summarized Financial Data - Chevron Transport Corporation | ||||
Sales and other operating revenues | $ 9,333 | $ 11,310 | $ 9,063 | |
Chevron Phillips Chemical Company LLC | ||||
Subsidiary Statements Captions [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
[1] | 2017 include excise, value-added and similar taxes of $7,189, collected on behalf of third parties. Beginning in 2018, these taxes are netted in "Taxes other than on income" in accordance with Accounting Standards Update (ASU) 2014-09. Refer to Note 24, "Revenue" beginning on page 89. |
Summarized Financial Data _ C_4
Summarized Financial Data – Chevron Phillips Chemical Company LLC - Summary of Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsidiary Statements Captions [Line Items] | ||||
Current assets | $ 28,329 | $ 34,021 | ||
Current liabilities | 26,530 | 27,171 | ||
Total CTC net deficit | 145,208 | 155,642 | $ 149,319 | $ 146,722 |
Chevron Phillips Chemical Company LLC | ||||
Subsidiary Statements Captions [Line Items] | ||||
Current assets | 2,554 | 2,820 | ||
Other assets | 14,314 | 13,790 | ||
Current liabilities | 1,247 | 1,281 | ||
Other liabilities | 3,174 | 2,892 | ||
Total CTC net deficit | $ 12,447 | $ 12,437 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Termination Benefits | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1 | $ 19 | $ 62 | $ 111 |
Additions (reductions) charged to expense | 6 | 5 | 20 |
Payments/ reductions | (18) | (48) | (69) |
Balance at December 31 | 7 | 19 | 62 |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1 | 980 | 606 | 487 |
Additions (reductions) charged to expense | (128) | 379 | 128 |
Payments/ reductions | (3) | (5) | (9) |
Balance at December 31 | 849 | 980 | 606 |
Deferred Income Tax Valuation Allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1 | 15,973 | 16,574 | 16,069 |
Additions (reductions) charged to expense | 1,336 | 2,000 | 2,681 |
Payments/ reductions | (1,344) | (2,601) | (2,176) |
Balance at December 31 | $ 15,965 | $ 15,973 | $ 16,574 |