Chevron (CVX) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2020shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-00368
Entity Registrant Name	Chevron Corp
Entity Address, Address Line One	6001 Bollinger Canyon Road
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-0890210
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 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 Common Stock, Shares Outstanding	1,867,267,832
Entity Central Index Key	0000093410
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues and Other Income
Sales and other operating revenues	$ 15,926	$ 36,323	$ 45,631	$ 70,512
Income (loss) from equity affiliates	(2,515)	1,196	(1,550)	2,258
Other income (loss)	83	1,331	914	1,280
Total Revenues and Other Income	13,494	38,850	44,995	74,050
Costs and Other Deductions
Purchased crude oil and products	8,144	20,835	23,653	40,538
Operating expenses	5,530	5,187	10,821	10,073
Selling, general and administrative expenses	1,569	1,076	2,252	2,060
Exploration expenses	895	141	1,053	330
Depreciation, depletion and amortization	6,717	4,334	11,005	8,428
Taxes other than on income	965	1,047	2,132	2,108
Interest and debt expense	172	198	334	423
Other components of net periodic benefit costs	99	97	197	198
Total Costs and Other Deductions	24,091	32,915	51,447	64,158
Income (Loss) Before Income Tax Expense	(10,597)	5,935	(6,452)	9,892
Income Tax Expense (Benefit)	(2,320)	1,645	(1,756)	2,960
Net Income (Loss)	(8,277)	4,290	(4,696)	6,932
Less: Net income (loss) attributable to noncontrolling interests	(7)	(15)	(25)	(22)
Net Income (Loss) Attributable to Chevron Corporation	$ (8,270)	$ 4,305	$ (4,671)	$ 6,954
Net Income (Loss) Attributable to Chevron Corporation
Basic (in dollars per share)	$ (4.44)	$ 2.28	$ (2.51)	$ 3.68
Diluted (in dollars per share)	$ (4.44)	$ 2.27	$ (2.51)	$ 3.66
Weighted Average Number of Shares Outstanding
Basic (in shares)	1,853,313	1,889,265	1,857,793	1,888,637
Diluted (in shares)	1,853,313	1,902,977	1,857,793	1,901,869

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (8,277)	$ 4,290	$ (4,696)	$ 6,932
Currency translation adjustment	7	5	(12)	1
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period	(1)	1	(4)	0
Derivatives
Net derivatives loss on hedge transactions	0	(1)	0	(1)
Reclassification to net income of net realized gain	0	0	0	0
Income taxes on derivatives transactions	0	0	0	0
Total	0	(1)	0	(1)
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements	169	125	335	250
Actuarial gain (loss) arising during period	0	(1)	0	(4)
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments	(5)	(3)	(8)	(7)
Prior service (costs) credits arising during period	0	1	0	1
Defined benefit plans sponsored by equity affiliates - benefit (cost)	7	3	9	5
Income (taxes) benefit on defined benefit plans	(43)	(28)	(80)	(58)
Total	128	97	256	187
Other Comprehensive Gain (Loss), Net of Tax	134	102	240	187
Comprehensive Income (Loss)	(8,143)	4,392	(4,456)	7,119
Comprehensive income (loss) attributable to noncontrolling interests	7	15	25	22
Comprehensive Income (Loss) Attributable to Chevron Corporation	$ (8,136)	$ 4,407	$ (4,431)	$ 7,141

CONSOLIDATED BALANCE SHEET (Una

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions		Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents		$ 6,855	$ 5,686
Marketable securities		59	63
Accounts and notes receivable, net		8,570	13,325
Inventories:
Crude oil and petroleum products		3,327	3,722
Chemicals		485	492
Materials, supplies and other		1,699	1,634
Total inventories		5,511	5,848
Prepaid expenses and other current assets		2,737	3,407
Total Current Assets		23,732	28,329
Long-term receivables, net		812	1,511
Investments and advances		37,290	38,688
Properties, plant and equipment, at cost		323,522	326,722
Less: Accumulated depreciation, depletion and amortization		179,672	176,228
Properties, plant and equipment, net		143,850	150,494
Deferred charges and other assets		11,511	10,532
Goodwill		4,416	4,463
Assets held for sale		1,792	3,411
Total Assets		223,403	237,428
Liabilities and Equity
Short-term debt		3,751	3,282
Accounts payable		8,250	14,103
Accrued liabilities		7,405	6,589
Federal and other taxes on income		628	1,554
Other taxes payable		791	1,002
Total Current Liabilities		20,825	26,530
Long-term debt		30,302	23,691
Deferred credits and other noncurrent obligations		19,291	20,445
Noncurrent deferred income taxes		11,110	13,688
Noncurrent employee benefit plans		7,489	7,866
Total Liabilities	[1]	89,017	92,220
Preferred stock (authorized 100,000,000 shares; $1.00 par value; none issued)		0	0
Common stock (authorized 6,000,000,000 shares, $0.75 par value; 2,442,676,580 shares issued at June 30, 2020 and December 31, 2019)		1,832	1,832
Capital in excess of par value		17,297	17,265
Retained earnings		166,122	174,945
Accumulated other comprehensive losses		(4,750)	(4,990)
Deferred compensation and benefit plan trust		(240)	(240)
Treasury stock, at cost (575,408,748 and 560,508,479 shares at June 30, 2020 and December 31, 2019, respectively)		(46,143)	(44,599)
Total Chevron Corporation Stockholders’ Equity		134,118	144,213
Noncontrolling interests		268	995
Total Equity		134,386	145,208
Total Liabilities and Equity		$ 223,403	$ 237,428
[1]	Refer to Note 13, "Other Contingencies and Commitments" beginning on page 18.

CONSOLIDATED BALANCE SHEET (U_2

CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars 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 (in dollars per share)	$ 0.75	$ 0.75
Common stock, shares issued (in shares)	2,442,676,580	2,442,676,580
Treasury stock (in shares)	575,408,748	560,508,479

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Net Income (Loss)	$ (4,696)	$ 6,932
Adjustments
Depreciation, depletion and amortization	11,005	8,428
Dry hole expense	845	123
Distributions less than income from equity affiliates	2,278	(1,287)
Net before-tax losses (gains) on asset retirements and sales	(598)	(97)
Net foreign currency effects	(19)	80
Deferred income tax provision	(2,547)	394
Net decrease (increase) in operating working capital	(373)	(279)
Decrease (increase) in long-term receivables	49	233
Net decrease (increase) in other deferred charges	(109)	(98)
Cash contributions to employee pension plans	(531)	(728)
Other	(502)	139
Net Cash Provided by Operating Activities	4,802	13,840
Investing Activities
Capital expenditures	(5,225)	(6,537)
Proceeds and deposits related to asset sales and returns of investment	1,852	937
Net maturities of (investments in) time deposits	0	950
Net sales (purchases) of marketable securities	(1)	2
Net repayment (borrowing) of loans by equity affiliates	(1,074)	(620)
Net Cash Used for Investing Activities	(4,448)	(5,268)
Financing Activities
Net borrowings (repayments) of short-term obligations	2,571	(189)
Proceeds from issuances of long-term debt	8,250	0
Repayments of long-term debt and other financing obligations	(3,820)	(3,863)
Cash dividends - common stock	(4,796)	(4,494)
Distributions to noncontrolling interests	(10)	(8)
Net sales (purchases) of treasury shares	(1,550)	(840)
Net Cash Provided by (Used for) Financing Activities	645	(9,394)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(131)	32
Net Change in Cash, Cash Equivalents and Restricted Cash	868	(790)
Cash, Cash Equivalents and Restricted Cash at January 1	6,911	10,481
Cash, Cash Equivalents and Restricted Cash at June 30	$ 7,779	$ 9,691

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - USD ($) $ in Millions		Total	Chevron Corp. Stockholders’ Equity	Common Stock		Retained Earnings	Accumulated Other Comp. Income (Loss)	Treasury Stock (at cost)	Non-Controlling Interests
Beginning balance at Dec. 31, 2018		$ 155,642	$ 154,554	$ 18,704		$ 180,987	$ (3,544)	$ (41,593)	$ 1,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock transactions		72	72	72
Net income		6,932	6,954			6,954			(22)
Cash dividends		(4,502)	(4,494)			(4,494)			(8)
Stock dividends		(1)	(1)			(1)
Other comprehensive income		187	187				187
Purchases of treasury shares		(1,539)	(1,539)					(1,539)
Issuances of treasury shares		666	666					666
Other changes, net		(6)	(4)			(4)			(2)
Ending balance at Jun. 30, 2019		$ 157,451	156,395	18,776	[1]	183,442	(3,357)	(42,466)	1,056
Beginning balance, shares issued (in shares) at Dec. 31, 2018		2,442,676,580
Beginning balance, treasury shares (in shares) at Dec. 31, 2018		(539,838,890)
Beginning balance, shares outstanding (in shares) at Dec. 31, 2018		1,902,837,690
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases (in shares)		(13,039,767)
Issuances (in shares)		8,620,548
Ending balance, shares issued (in shares) at Jun. 30, 2019	[2]	2,442,676,580
Ending balance, treasury shares (in shares) at Jun. 30, 2019		(544,258,109)
Ending balance, shares outstanding (in shares) at Jun. 30, 2019		1,898,418,471
Beginning balance at Mar. 31, 2019		$ 156,118	155,045	18,738	[1]	181,387	(3,459)	(41,621)	1,073
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock transactions		38	38	38	[1]
Net income		4,290	4,305			4,305			(15)
Cash dividends		(2,252)	(2,250)			(2,250)			(2)
Stock dividends		0	0
Other comprehensive income		102	102				102
Purchases of treasury shares		(1,001)	(1,001)					(1,001)
Issuances of treasury shares		156	156					156
Other changes, net		0	0
Ending balance at Jun. 30, 2019		$ 157,451	156,395	18,776	[1]	183,442	(3,357)	(42,466)	1,056
Beginning balance, shares issued (in shares) at Mar. 31, 2019	[2]	2,442,676,580
Beginning balance, treasury shares (in shares) at Mar. 31, 2019		(537,950,519)
Beginning balance, shares outstanding (in shares) at Mar. 31, 2019		1,904,726,061
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases (in shares)		(8,329,071)
Issuances (in shares)		2,021,481
Ending balance, shares issued (in shares) at Jun. 30, 2019	[2]	2,442,676,580
Ending balance, treasury shares (in shares) at Jun. 30, 2019		(544,258,109)
Ending balance, shares outstanding (in shares) at Jun. 30, 2019		1,898,418,471
Beginning balance at Dec. 31, 2019		$ 145,208	144,213	18,857		174,945	(4,990)	(44,599)	995
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock transactions		32	32	32
Net income		(4,696)	(4,671)			(4,671)			(25)
Cash dividends		(4,806)	(4,796)			(4,796)			(10)
Stock dividends		(1)	(1)			(1)
Other comprehensive income		240	240				240
Purchases of treasury shares		(1,751)	(1,751)					(1,751)
Issuances of treasury shares		207	207					207
Other changes, net		(47)	645			645			(692)
Ending balance at Jun. 30, 2020		$ 134,386	134,118	18,889	[1]	166,122	(4,750)	(46,143)	268
Beginning balance, shares issued (in shares) at Dec. 31, 2019		2,442,676,580
Beginning balance, treasury shares (in shares) at Dec. 31, 2019		(560,508,479)
Beginning balance, shares outstanding (in shares) at Dec. 31, 2019		1,882,168,101
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases (in shares)		(17,501,326)
Issuances (in shares)		2,601,057
Ending balance, shares issued (in shares) at Jun. 30, 2020	[2]	2,442,676,580
Ending balance, treasury shares (in shares) at Jun. 30, 2020		(575,408,748)
Ending balance, shares outstanding (in shares) at Jun. 30, 2020		1,867,267,832
Beginning balance at Mar. 31, 2020		$ 144,914	143,930	18,867	[1]	176,113	(4,884)	(46,166)	984
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock transactions		22	22	22	[1]
Net income		(8,277)	(8,270)			(8,270)			(7)
Cash dividends		(2,399)	(2,394)			(2,394)			(5)
Stock dividends		0	0
Other comprehensive income		134	134				134
Purchases of treasury shares		0	0
Issuances of treasury shares		23	23					23
Other changes, net		(31)	673			673			(704)
Ending balance at Jun. 30, 2020		$ 134,386	$ 134,118	$ 18,889	[1]	$ 166,122	$ (4,750)	$ (46,143)	$ 268
Beginning balance, shares issued (in shares) at Mar. 31, 2020	[2]	2,442,676,580
Beginning balance, treasury shares (in shares) at Mar. 31, 2020		(575,697,930)
Beginning balance, shares outstanding (in shares) at Mar. 31, 2020		1,866,978,650
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases (in shares)		(224)
Issuances (in shares)		289,406
Ending balance, shares issued (in shares) at Jun. 30, 2020	[2]	2,442,676,580
Ending balance, treasury shares (in shares) at Jun. 30, 2020		(575,408,748)
Ending balance, shares outstanding (in shares) at Jun. 30, 2020		1,867,267,832
[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 14,168,000 shares associated with Chevron’s Benefit Plan Trust for all periods.

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) (Unaudited) $ in Millions	Jun. 30, 2020USD ($)shares
Statement of Stockholders' Equity [Abstract]
Common stock	$ 1,832
Benefit Plan Trust	$ (240)
Number of Chevron treasury stocks held in benefit plan trust for funding obligations (in shares) | shares	14,168,000

General

General	6 Months Ended
	Jun. 30, 2020
Quarterly Financial Information Disclosure [Abstract]
General	General Basis of Presentation The accompanying consolidated financial statements of Chevron Corporation and its subsidiaries (together, Chevron or the company) have not been audited by an independent registered public accounting firm. In the opinion of the company’s management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. These adjustments were of a normal recurring nature. The results for the three- and six-month periods ended June 30, 2020, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron. Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the company’s 2019 Annual Report on Form 10-K. Impact of the novel coronavirus (COVID-19) pandemic The outbreak of COVID-19 and decreases in commodity prices resulting from oversupply, government-imposed travel restrictions and other constraints on economic activity have caused a significant decrease in the demand for our products and has created disruptions and volatility in the global marketplace beginning in the first quarter 2020, which negatively affected our results of operations and cash flows. These conditions persisted throughout the second quarter and continue to negatively affect our results of operations and cash flows. While demand and commodity prices have shown signs of recovery, they are not back to pre-pandemic levels, and financial results may continue to be depressed in future quarters. Due to the rapidly changing environment, there continues to be uncertainty and unpredictability around the extent to which the COVID-19 pandemic will ultimately impact our results, which could be material.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Losses	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Changes in Accumulated Other Comprehensive Losses	Changes in Accumulated Other Comprehensive Losses The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the six months ended June 30, 2020 and 2019 are reflected in the table below. Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) (Millions of dollars) Currency Translation Adjustment Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total Balance at December 31, 2018 $ (124) $ (10) $ (2) $ (3,408) $ (3,544) Components of Other Comprehensive Income (Loss): Before Reclassifications 1 — (1) (1) (1) Reclassifications — — — 188 188 Net Other Comprehensive Income (Loss) 1 — (1) 187 187 Balance at June 30, 2019 $ (123) $ (10) $ (3) $ (3,221) $ (3,357) Balance at December 31, 2019 $ (142) $ (8) $ — $ (4,840) $ (4,990) Components of Other Comprehensive Income (Loss): Before Reclassifications (12) (4) — 9 (7) Reclassifications (2) — — — 247 247 Net Other Comprehensive Income (Loss) (12) (4) — 256 240 Balance at June 30, 2020 $ (154) $ (12) $ — $ (4,584) $ (4,750) _______________________________ (1) All amounts are net of tax. (2) Refer to Note 9, Employee Benefits for reclassified components totaling $327 million that are included in employee benefit costs for the six months ended June 30, 2020. Related income taxes for the same period, totaling $80 million, are reflected in “Income Tax Expense” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

Information Relating to the Con

Information Relating to the Consolidated Statement of Cash Flows	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Information Relating to the Consolidated Statement of Cash Flows	Information Relating to the Consolidated Statement of Cash Flows Six Months Ended 2020 2019 (Millions of dollars) Distributions less than income from equity affiliates includes the following: Distributions from equity affiliates $ 728 $ 971 (Income) loss from equity affiliates 1,550 (2,258) Distributions less than income from equity affiliates $ 2,278 $ (1,287) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ 4,769 $ 910 Decrease (increase) in inventories 371 (878) Decrease (increase) in prepaid expenses and other current assets 392 (303) Increase (decrease) in accounts payable and accrued liabilities (4,812) 284 Increase (decrease) in income and other taxes payable (1,093) (292) Net decrease (increase) in operating working capital $ (373) $ (279) Net cash provided by operating activities includes the following cash payments: Interest on debt (net of capitalized interest) $ 328 $ 443 Income taxes 2,142 2,590 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 1,821 $ 891 Returns of investment from equity affiliates 31 46 Proceeds and deposits related to asset sales and returns of investment $ 1,852 $ 937 Net maturities of (investments in) time deposits consisted of the following gross amounts: Investments in time deposits $ — $ — Maturities of time deposits — 950 Net maturities of (investments in) time deposits $ — $ 950 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ (1) $ (1) Marketable securities sold — 3 Net sales (purchases) of marketable securities $ (1) $ 2 Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: Borrowing of loans by equity affiliates $ (1,100) $ (675) Repayment of loans by equity affiliates 26 55 Net repayment (borrowing) of loans by equity affiliates $ (1,074) $ (620) Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: Proceeds from issuances of short-term obligations $ 7,922 $ 614 Repayments of short-term obligations (2,150) (366) Net borrowings (repayments) of short-term obligations with three months or less maturity (3,201) (437) Net borrowings (repayments) of short-term obligations $ 2,571 $ (189) Net sales (purchases) of treasury shares consists of the following gross and net amounts: Shares issued for share-based compensation plans $ 201 $ 699 Shares purchased under share repurchase and deferred compensation plans (1,751) (1,539) Net sales (purchases) of treasury shares $ (1,550) $ (840) 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 company paid dividends of $1.29 per share of common stock in second quarter 2020. This compares to dividends of $1.19 per share paid in the corresponding year-ago period. 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: Six Months Ended 2020 2019 (Millions of dollars) Additions to properties, plant and equipment $ 4,991 $ 6,381 Additions to investments 44 40 Current-year dry hole expenditures 223 103 Payments for other assets and liabilities, net (33) 13 Capital expenditures 5,225 6,537 Expensed exploration expenditures 208 207 Assets acquired through finance lease obligations and other financing obligations 6 147 Payments for other assets and liabilities, net 33 (13) Capital and exploratory expenditures, excluding equity affiliates 5,472 6,878 Company’s share of expenditures by equity affiliates 2,258 3,144 Capital and exploratory expenditures, including equity affiliates $ 7,730 $ 10,022 The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: At June 30 At December 31 2020 2019 2019 2018 (Millions of dollars) Cash and Cash Equivalents $ 6,855 $ 8,513 $ 5,686 $ 9,342 Restricted cash included in “Prepaid expenses and other current assets” 161 428 452 341 Restricted cash included in “Deferred charges and other assets” 763 750 773 798 Total Cash, Cash Equivalents and Restricted Cash $ 7,779 $ 9,691 $ 6,911 $ 10,481

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Financial Instruments - Credit Losses (Topic 326) Effective January 1, 2020, Chevron adopted Accounting Standards Update (ASU) 2016-13 and its related amendments. For additional information on the company’s expected credit losses, refer to Note 17 on page 23.

Summarized Financial Data - Ten

Summarized Financial Data - Tengizchevroil LLP	6 Months Ended
	Jun. 30, 2020
Summarized Financial Data of Affiliate [Abstract]
Summarized Financial Data - Tengizchevroil LLP	Summarized Financial Data — Tengizchevroil LLP Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Summarized financial information for 100 percent of TCO is presented in the following table: Six Months Ended 2020 2019 (Millions of dollars) Sales and other operating revenues $ 4,567 $ 8,369 Costs and other deductions 3,166 4,039 Net income attributable to TCO $ 984 $ 3,039 Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Summarized financial information for 100 percent of CPChem is presented in the table on the next page : Six Months Ended 2020 2019 (Millions of dollars) Sales and other operating revenues $ 3,998 $ 4,840 Costs and other deductions 3,500 4,012 Net income attributable to CPChem $ 420 $ 1,008

Summarized Financial Data - Che

Summarized Financial Data - Chevron Phillips Chemical Company LLC	6 Months Ended
	Jun. 30, 2020
Summarized Financial Data of Subsidiary Two [Abstract]
Summarized Financial Data – Chevron Phillips Chemical Company LLC	Summarized Financial Data — Tengizchevroil LLP Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Summarized financial information for 100 percent of TCO is presented in the following table: Six Months Ended 2020 2019 (Millions of dollars) Sales and other operating revenues $ 4,567 $ 8,369 Costs and other deductions 3,166 4,039 Net income attributable to TCO $ 984 $ 3,039 Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Summarized financial information for 100 percent of CPChem is presented in the table on the next page : Six Months Ended 2020 2019 (Millions of dollars) Sales and other operating revenues $ 3,998 $ 4,840 Costs and other deductions 3,500 4,012 Net income attributable to CPChem $ 420 $ 1,008

Summarized Financial Data - C_2

Summarized Financial Data - Chevron U.S.A. Inc.	6 Months Ended
	Jun. 30, 2020
Summarized Financial Data of Subsidiary One [Abstract]
Summarized Financial Data - Chevron U.S.A. Inc.	Summarized Financial Data — Chevron U.S.A. Inc. Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas and natural gas liquids and those associated with refining, marketing, and supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method. The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Six Months Ended 2020 2019 (Millions of dollars) Sales and other operating revenues $ 32,779 $ 54,777 Costs and other deductions 35,953 53,424 Net income (loss) attributable to CUSA $ (2,151) $ 1,225 At June 30, At December 31, (Millions of dollars) Current assets $ 8,516 $ 13,059 Other assets 49,972 50,796 Current liabilities 14,884 18,291 Other liabilities 11,392 12,565 Total CUSA net equity $ 32,212 $ 32,999 Memo: Total debt $ 3,219 $ 3,222

Operating Segments and Geograph

Operating Segments and Geographic Data	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Operating Segments and Geographic Data	Operating Segments and Geographic Data Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of exploring for, developing and producing crude oil and natural gas; liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil and refined products; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. “All Other” activities of the company include worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies. The company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM). The segments represent components of the company that engage in activities (a) from which revenues are earned and expenses are incurred; (b) whose operating results are regularly reviewed by the CODM, which makes decisions about resources to be allocated to the segments and assesses their performance; and (c) for which discrete financial information is available. The company’s primary country of operation is the United States of America, its country of domicile. Other components of the company’s operations are reported as “International” (outside the United States). Segment Earnings The company evaluates the performance of its operating segments on an after-tax basis, without considering the effects of debt financing interest expense or investment interest income, both of which are managed by the company on a worldwide basis. Corporate administrative costs and assets are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Nonbillable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three- and six-month periods ended June 30, 2020 and 2019, are presented in the following table: Three Months Ended Six Months Ended 2020 2019 2020 2019 Segment Earnings (Millions of dollars) (Millions of dollars) Upstream United States $ (2,066) $ 896 $ (1,825) $ 1,644 International (4,023) 2,587 (1,344) 4,962 Total Upstream (6,089) 3,483 (3,169) 6,606 Downstream United States (988) 465 (538) 682 International (22) 264 631 299 Total Downstream (1,010) 729 93 981 Total Segment Earnings (7,099) 4,212 (3,076) 7,587 All Other Interest expense (164) (189) (318) (404) Interest income 13 43 36 94 Other (1,020) 239 (1,313) (323) Net Income Attributable to Chevron Corporation $ (8,270) $ 4,305 $ (4,671) $ 6,954 Segment Assets Segment assets do not include intercompany investments or intercompany receivables. “All Other” assets consist primarily of worldwide cash, cash equivalents, time deposits and marketable securities; real estate; information systems; technology companies; and assets of the corporate administrative functions. Segment assets at June 30, 2020, and December 31, 2019, are as follows: At June 30, At December 31, Segment Assets (Millions of dollars) Upstream United States $ 33,869 $ 35,926 International 136,075 145,648 Goodwill 4,416 4,463 Total Upstream 174,360 186,037 Downstream United States 23,001 25,197 International 15,849 16,955 Total Downstream 38,850 42,152 Total Segment Assets 213,210 228,189 All Other United States 4,975 3,475 International 5,218 5,764 Total All Other 10,193 9,239 Total Assets — United States 61,845 64,598 Total Assets — International 157,142 168,367 Goodwill 4,416 4,463 Total Assets $ 223,403 $ 237,428 Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and six-month periods ended June 30, 2020 and 2019, are presented in the following table. Products are transferred between operating segments at internal product values that approximate market prices. Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies. Three Months Ended Six Months Ended 2020 2019 2020 2019 Sales and Other Operating Revenues (Millions of dollars) (Millions of dollars) Upstream United States $ 2,544 $ 5,927 $ 7,010 $ 11,809 International 4,554 8,977 13,567 18,346 Subtotal 7,098 14,904 20,577 30,155 Intersegment Elimination — United States (1,420) (3,865) (4,232) (7,384) Intersegment Elimination — International (1,021) (3,104) (3,562) (6,396) Total Upstream 4,657 7,935 12,783 16,375 Downstream United States 5,235 14,855 16,421 27,243 International 6,519 14,701 18,692 29,208 Subtotal 11,754 29,556 35,113 56,451 Intersegment Elimination — United States (332) (1,042) (1,592) (1,989) Intersegment Elimination — International (186) (186) (771) (451) Total Downstream 11,236 28,328 32,750 54,011 All Other United States 227 271 437 493 International 6 5 8 7 Subtotal 233 276 445 500 Intersegment Elimination — United States (194) (211) (339) (367) Intersegment Elimination — International (6) (5) (8) (7) Total All Other 33 60 98 126 Sales and Other Operating Revenues United States 8,006 21,053 23,868 39,545 International 11,079 23,683 32,267 47,561 Subtotal 19,085 44,736 56,135 87,106 Intersegment Elimination — United States (1,946) (5,118) (6,163) (9,740) Intersegment Elimination — International (1,213) (3,295) (4,341) (6,854) Total Sales and Other Operating Revenues $ 15,926 $ 36,323 $ 45,631 $ 70,512

Employee Benefits

Employee Benefits	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits Chevron has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the company’s other investment alternatives. The company also sponsors other postretirement employee benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and the retirees share the costs. 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 components of net periodic benefit costs for 2020 and 2019 are as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (Millions of dollars) (Millions of dollars) Pension Benefits United States Service cost $ 125 $ 102 $ 249 $ 203 Interest cost 88 99 176 198 Expected return on plan assets (163) (141) (325) (282) Amortization of prior service costs (credits) — 1 1 1 Amortization of actuarial losses (gains) 96 59 192 119 Settlement losses 60 60 120 120 Total United States 206 180 413 359 International Service cost 32 36 64 71 Interest cost 44 53 87 104 Expected return on plan assets (51) (57) (103) (115) Amortization of prior service costs (credits) 3 3 5 6 Amortization of actuarial losses (gains) 11 6 21 11 Settlement losses — — — 1 Total International 39 41 74 78 Net Periodic Pension Benefit Costs $ 245 $ 221 $ 487 $ 437 Other Benefits* Service cost $ 10 $ 9 $ 19 $ 18 Interest cost 17 24 35 48 Amortization of prior service costs (credits) (8) (7) (14) (14) Amortization of actuarial losses (gains) 2 — 2 (1) Net Periodic Other Benefit Costs $ 21 $ 26 $ 42 $ 51 _ ___________________________________ * Includes costs for U.S. and international OPEB plans. Obligations for plans outside the United States are not significant relative to the company’s total OPEB obligation. Through June 30, 2020, a total of $531 million was contributed to employee pension plans (including $411 million to the U.S. plans). Contribution amounts are dependent upon plan investment returns, changes in pension obligations, regulatory requirements and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. During the first six months of 2020, the company contributed $82 million to its OPEB plans. The company anticipates contributing approximately $92 million during the remainder of 2020.

Assets Held For Sale

Assets Held For Sale	6 Months Ended
	Jun. 30, 2020
Assets Held For Sale [Abstract]
Assets Held For Sale	Assets Held For SaleAt June 30, 2020, the company classified $1.79 billion 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 and the first six months of 2020 were not material.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe income tax expense decreased between quarterly periods from a charge of $1.65 billion in 2019 to a benefit of $2.32 billion in 2020. The company's income before income tax expense decreased $16.54 billion from $5.94 billion in 2019 to a loss of $10.60 billion in 2020, primarily due to the decrease in crude prices, impairments and other corporate charges. The company’s effective tax rate changed between quarterly periods from 28 percent in 2019 to 22 percent in 2020. The reduction in the effective tax rate is primarily due to the consequence of the mix effect resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions and is also due to the impact of a valuation allowance release and rate change. The income tax expense decreased between the six-month periods from a charge of $2.96 billion in 2019 to a benefit of $1.76 billion in 2020. This decrease is a direct result of the company’s income before income tax expense decreasing $16.34 billion, from $9.89 billion in 2019 to a loss of $6.45 billion in 2020. The decrease in income is primarily due to the reduction in prices, impairments and other corporate charges, partially offset by increased production in the U.S. The company’s effective tax rate changed between six-month periods from 30 percent in 2019 to 27 percent in 2020. The reduction in the effective tax rate is primarily due to the consequence of the mix effect resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions and is also due to the impact of tax benefits for releasing the reserve on an uncertain tax position, valuation allowance and tax rate change. Tax positions for Chevron and its subsidiaries and affiliates are subject to income tax audits by many tax jurisdictions throughout the world. For the company’s major tax jurisdictions, examinations of tax returns for certain prior tax years had not been completed as of June 30, 2020. For these jurisdictions, the latest years for which income tax examinations had been finalized were as follows: United States — 2013, Nigeria — 2007, 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 outcomes for these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. However, it is reasonably possible that developments regarding tax matters in certain tax jurisdictions may result in significant increases or decreases in the company’s total unrecognized tax benefits within the next 12 months. Given the number of years that still remain subject to examination and the number of matters being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits.

Litigation

Litigation	6 Months Ended
	Jun. 30, 2020
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 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 $8.6 billion in damages, plus approximately $900 million for the plaintiffs’ representatives, and approximately $8.6 billion 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 $8.6 billion punitive damage assessment, resulting in a judgment of $9.5 billion. 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’ appealed to the Supreme Court of Argentina. On July 30, 2020, in a unanimous 5-0 decision, the Supreme Court of Argentina dismissed the plaintiffs’ appeal of the decision by the Federal Civil Court of Appeals. 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 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 The ultimate outcome of the foregoing matters, including any financial effect on Chevron, remains uncertain. Management does not believe an estimate of a reasonably possible loss (or a range of loss) can be made in this case. Due to the defects associated with the Ecuadorian judgment, management does not believe the judgment has any utility in calculating a reasonably possible loss (or a range of loss). Moreover, the highly uncertain legal environment surrounding the case provides no basis for management to estimate a reasonably possible loss (or a range of loss).

Other Contingencies and Commitm

Other Contingencies and Commitments	6 Months Ended
	Jun. 30, 2020
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 11 on page 14 for a discussion of the periods for which tax returns have been audited for the company’s major tax jurisdictions. Settlement of open tax years, as well as other tax issues in countries where the company conducts its businesses, are not expected to have a material effect on the consolidated financial position or liquidity of the company and, in the opinion of management, adequate provision has been made for income taxes for all years under examination or subject to future examination. Guarantees The company and its subsidiaries have certain contingent liabilities with respect to guarantees, direct or indirect, of debt of affiliated companies or third parties. Under the terms of the guarantee arrangements, the company would generally be required to perform should the affiliated company or third party fail to fulfill its obligations under the arrangements. In some cases, the guarantee arrangements may have recourse provisions that would enable the company to recover any payments made under the terms of the guarantees from assets provided as collateral. Indemnifications In the acquisition of Unocal, the company assumed certain indemnities relating to contingent environmental liabilities associated with assets that were sold in 1997. The acquirer of those assets shared in certain environmental remediation costs up to a maximum obligation of $200 million, which had been reached at December 31, 2009. Under the indemnification agreement, after reaching the $200 million obligation, Chevron is solely responsible until April 2022, when the indemnification expires. The environmental conditions or events that are subject to these indemnities must have arisen prior to the sale of the assets in 1997. Although the company has provided for known obligations under this indemnity that are probable and reasonably estimable, the amount of additional future costs may be material to results of operations in the period in which they are recognized. The company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Off-Balance-Sheet Obligations The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional purchase obligations and commitments, including throughput and take-or-pay agreements, some of which 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. Environmental The company is subject to loss contingencies pursuant to laws, regulations, private claims and legal proceedings related to environmental matters that are subject to legal settlements or that in the future may require the company to take action to correct or ameliorate the effects on the environment of prior release of chemicals or petroleum substances, including MTBE, by the company or other parties. Such contingencies may exist for various sites, including, but not limited to, federal Superfund sites and analogous sites under state laws, refineries, crude oil fields, service stations, terminals, land development areas, and mining activities, whether operating, closed or divested. These future costs are not fully determinable due to factors such as the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions that may be required, the determination of the company’s liability in proportion to other responsible parties, and the extent to which such costs are recoverable from third parties. Although the company has provided for known environmental obligations that are probable and reasonably estimable, the amount of additional future costs may be material to results of operations in the period in which they are recognized. The company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Also, the company does not believe its obligations to make such expenditures have had, or will have, any significant impact on the company’s competitive position relative to other U.S. or international petroleum or chemical companies. Other Contingencies 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. Seven coastal parishes and the State of Louisiana have filed 43 separate lawsuits in Louisiana against numerous oil and gas companies seeking damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA). Chevron entities are defendants in 39 of these cases. The lawsuits allege that the defendants’ historical operations were conducted without necessary permits or failed to comply with permits obtained and seek damages and other relief, including the costs of restoring coastal wetlands allegedly impacted by oil field operations. Plaintiffs’ SLCRMA theories are unprecedented; thus, there remains significant uncertainty about the scope of the claims and alleged damages and any potential effects on the company’s results of operations and financial condition. Management believes that the claims lack legal and factual merit and will continue to vigorously defend against such proceedings . Chevron has interests in Venezuelan crude oil production assets, including those operated by independent equity affiliates. During the second quarter 2020, net oil equivalent production in Venezuela averaged 23,000 barrels per day, none of which was upgraded to synthetic crude. 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 was replaced and superseded by General License 8F on April 21, 2020. General License 8F authorizes the company to perform transactions and activities that are necessary for limited maintenance of essential operations, contracts, or other agreements, to ensure safety or the preservation of assets in Venezuela, and is effective until December 1, 2020. The company has evaluated the impacts of the revised authorizations granted by General License 8F on its activities in Venezuela. The company has completed its evaluation of the carrying value of its Venezuelan investments in line with its accounting policies and concluded that given the current operating environment and overall outlook which create significant uncertainties regarding the recovery of the company’s investment, an other than temporary loss of value has occurred, resulting in a full impairment of its investment in the country totaling $2.6 billion. As a result, the company removed approximately 160 million barrels of proved reserves and will no longer report production in the country commencing July 2020. Please see Note 13, “Investments and Advances,” on page 71 in the company's 2019 Annual Report on Form 10-K 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. The company and its affiliates also continue to review and analyze their operations and may close, decommission, sell, exchange, acquire or restructure assets to achieve operational or strategic benefits and to improve competitiveness and profitability. These activities, individually or together, may result in significant gains or losses in future periods.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability are described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract. Level 3: Unobservable inputs. The company does not use Level 3 inputs for any of its recurring fair value measurements. Level 3 inputs may be required for the determination of fair value associated with certain nonrecurring measurements of nonfinancial assets and liabilities. The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at June 30, 2020, and December 31, 2019, is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis (Millions of dollars) At June 30, 2020 At December 31, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable Securities $ 59 $ 59 $ — $ — $ 63 $ 63 $ — $ — Derivatives 23 14 9 — 11 1 10 — Total Assets at Fair Value $ 82 $ 73 $ 9 $ — $ 74 $ 64 $ 10 $ — Derivatives 83 32 51 — 74 26 48 — Total Liabilities at Fair Value $ 83 $ 32 $ 51 $ — $ 74 $ 26 $ 48 $ — Marketable Securities The company calculates fair value for its marketable securities based on quoted market prices for identical assets. The fair values reflect the cash that would have been received if the instruments were sold at June 30, 2020. Derivatives The company records its derivative instruments — other than any commodity derivative contracts that are designated as normal purchase and normal sale — on the Consolidated Balance Sheet at fair value, with the offsetting amount to the Consolidated Statement of Income. Derivatives classified as Level 1 include futures, swaps and options contracts traded in active markets such as the New York Mercantile Exchange. Derivatives classified as Level 2 include swaps, options and forward contracts principally with financial institutions and other oil and gas companies, the fair values of which are obtained from third-party broker quotes, industry pricing services and exchanges. The company obtains multiple sources of pricing information for the Level 2 instruments. Since this pricing information is generated from observable market data, it has historically been very consistent. The company does not materially adjust this information. Assets carried at fair value at June 30, 2020, and December 31, 2019, are as follows: Cash and Cash Equivalents The company holds cash equivalents in U.S. and non-U.S. portfolios. The instruments classified as cash equivalents are primarily bank time deposits with maturities of 90 days or less, and money market funds. “Cash and cash equivalents” had carrying/fair values of $6.9 billion and $5.7 billion at June 30, 2020, and December 31, 2019, respectively. The fair values of cash and cash equivalents are classified as Level 1 and reflect the cash that would have been received if the instruments were settled at June 30, 2020. Restricted Cash had a carrying/fair value of $924 million and $1.2 billion at June 30, 2020 and December 31, 2019, respectively. At June 30, 2020, restricted cash is classified as Level 1 and includes restricted funds related to certain upstream decommissioning activities, other corporate and tax items, which are reported in “Prepaid expenses and other current assets” and “Deferred charges and other assets” on the Consolidated Balance Sheet. Long-Term Debt had a net carrying value, excluding amounts reclassified from short-term debt and finance lease obligations, of $20.3 billion and $13.7 billion at June 30, 2020, and December 31, 2019, respectively. The fair value of long-term debt for the company was $21.7 billion and $14.3 billion at June 30, 2020 and December 31, 2019, respectively. Long-term debt primarily includes corporate issued bonds, classified as Level 1 and are $20.6 billion for the period. The fair value of other long-term debt classified as Level 2 is $1.1 billion. The carrying values of other short-term financial assets and liabilities on the Consolidated Balance Sheet approximate their fair values. Fair value remeasurements of other financial instruments at June 30, 2020, and December 31, 2019, were not material. The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at June 30, 2020, is as follows: Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Millions of dollars) At June 30, 2020 Before-Tax Loss Three Months Ended Six Months Ended Total Level 1 Level 2 Level 3 Properties, plant and equipment, net (held and used) $ 2,171 $ — $ 20 $ 2,151 $ 2,551 $ 2,551 Properties, plant and equipment, net (held for sale) 655 — 655 — 92 166 Investments and advances 12 — — 12 2,549 2,549 Total Assets at Fair Value $ 2,838 $ — $ 675 $ 2,163 $ 5,192 $ 5,266 Properties, plant and equipment The company reported impairments for certain upstream properties in second quarter 2020 primarily due to downward revisions to its oil and gas price outlook. The impact of these impairments is included in “Depreciation, depletion, and amortization” on the Consolidated Statement of Income. Investments and advances The company fully impaired its investments in the Petropiar and Petroboscan affiliates in Venezuela in second quarter 2020. The impact of these impairments is included in “Income from equity affiliates” on the Consolidated Statement of Income.

Financial and Derivative Instru

Financial and Derivative Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial and Derivative Instruments	inancial and Derivative Instruments The company’s derivative instruments principally include crude oil, natural gas and refined product futures, swaps, options, and forward contracts. None of the company’s derivative instruments are designated as hedging instruments, although certain of the company’s affiliates make such a designation. The company’s derivatives are not material to the company’s consolidated financial position, results of operations or liquidity. The company believes it has no material market or credit risks to its operations, financial position or liquidity as a result of its commodities and other derivatives activities. The company uses derivative commodity instruments traded on the New York Mercantile Exchange and on electronic platforms of the Inter-Continental Exchange and Chicago Mercantile Exchange. In addition, the company enters into swap contracts and option contracts principally with major financial institutions and other oil and gas companies in the “over-the-counter” markets, which are governed by International Swaps and Derivatives Association agreements and other master netting arrangements. Derivative instruments measured at fair value at June 30, 2020, and December 31, 2019, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments (Millions of dollars) Type of Balance Sheet Classification At June 30, At December 31, Commodity Accounts and notes receivable, net $ 16 $ 11 Commodity Long-term receivables, net 7 — Total Assets at Fair Value $ 23 $ 11 Commodity Accounts payable $ 80 $ 74 Commodity Deferred credits and other noncurrent obligations 3 — Total Liabilities at Fair Value $ 83 $ 74 Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments (Millions of dollars) Type of Gain / (Loss) Gain / (Loss) Contract Statement of Income Classification 2020 2019 2020 2019 Commodity Sales and other operating revenues $ (216) $ (6) $ 245 $ (244) Commodity Purchased crude oil and products (20) (2) (24) (9) Commodity Other income (3) (3) (3) (3) $ (239) $ (11) $ 218 $ (256) The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 2020, and December 31, 2019. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars) Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At June 30, 2020 Derivative Assets $ 1,603 $ 1,580 $ 23 $ — $ 23 Derivative Liabilities $ 1,663 $ 1,580 $ 83 $ — $ 83 At December 31, 2019 Derivative Assets $ 656 $ 645 $ 11 $ — $ 11 Derivative Liabilities $ 719 $ 645 $ 74 $ — $ 74 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.”

Revenue

Revenue	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue“Sales and other operating revenue” on the Consolidated Statement of Income primarily arise from contracts with customers. Related receivables are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the current expected credit losses. The net balance of these receivables was $5.7 billion and $9.2 billion at June 30, 2020, and December 31, 2019, 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.

Financial Instruments - Credit

Financial Instruments - Credit Losses	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses Chevron adopted Accounting Standards Update (ASU) 2016-13 Financial Instruments - Credit Losses, and its related amendments at the effective date of January 1, 2020. The standard replaces the “incurred loss model” and requires an estimate of expected credit losses, measured over the contractual life of a financial instrument, that considers forecast of future economic conditions in addition to information about past events and current conditions. The cumulative-effect adjustment to the opening retained earnings at January 1, 2020 was a reduction of $25 million, representing a decrease to the net accounts and notes receivable balances shown on the company’s consolidated balance sheet on page 5. Chevron’s expected credit loss allowance balance was $528 million as of June 30, 2020 and $849 million as of December 31, 2019, with a majority of the allowance relating to non-trade receivable balances. A reduction in the allowance for non-trade receivables of $550 million was recorded in the second quarter as an agreement was reached with a government joint venture partner that resulted in the write-off of the associated receivable balances. Additionally, new allowances of $140 million were recorded in June 2020 associated with receivables from government joint venture partners. The majority of the company’s receivable balance is concentrated in trade receivables, with a balance of $7.1 billion as of June 30, 2020, which reflects the company’s diversified sources of revenues and is dispersed across the company’s broad worldwide customer base. As a result, the company believes the concentration of credit risk is limited. The company routinely assesses the financial strength of its customers. When the financial strength of a customer is not considered sufficient, alternative risk mitigation measures may be deployed, including requiring pre-payments, letters of credit or other acceptable forms of collateral. Once credit is extended and a receivable balance exists, the company applies a quantitative calculation to current trade receivable balances that reflects credit risk predictive analysis, including probability of default, loss given default and exposure of default which takes into consideration current and forward-looking market data as well as the company’s historical loss data. This statistical approach becomes the basis of the company’s expected credit loss allowance for current trade receivables with payment terms that are typically short-term in nature, with most due in less than 90 days. A comprehensive review of credit risk was completed in the second quarter of 2020 in response to the COVID-19 pandemic and the significant reduction in crude prices resulting from decreased demand associated with government-mandated travel restrictions. Following the second quarter review, an additional allowance of $9 million was recorded for balances representing higher risk trade receivables. Chevron's non-trade receivable balance was $2.8 billion as of June 30, 2020, which includes receivables from certain governments in their capacity as joint venture partners. Joint venture partner balances that are paid as per contract terms or not yet due are subject to the statistical analysis described above while past due balances are subject to additional qualitative management quarterly review. This management review includes review of reasonable and supportable repayment forecasts. Non-trade receivables also include employee and tax receivables that are deemed immaterial and low risk. Equity affiliate loans are also considered non-trade and during the second quarter 2020 review, a $560 million allowance was recognized within “Investments and advances” on the Consolidated Balance Sheet.

Accounting for Suspended Explor

Accounting for Suspended Exploratory Wells	6 Months Ended
	Jun. 30, 2020
Accounting for Suspended Exploratory Wells [Abstract]
Accounting for Suspended Exploratory Wells	Accounting for Suspended Exploratory WellsThe capitalized cost of suspended wells at June 30, 2020, was $2.5 billion, a net decrease of $587 million from year-end 2019. The decrease was primarily due to well write-offs recorded in second quarter 2020. During the six months ended June 30, 2020, $496 million of exploratory well costs previously capitalized for greater than one year at December 31, 2019, were charged to expense.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term DebtIn May 2020, the company issued $300 million in aggregate principal amount of floating rate notes due 2023, $1.2 billion in aggregate principal amount of 1.141 percent notes due 2023, $2.5 billion in aggregate principal amount of 1.554 percent notes due 2025, $1.0 billion in aggregate principal amount of 1.995 percent notes due 2027, $1.5 billion in aggregate principal amount of 2.236 percent notes due 2030, $500 million in aggregate principal amount of 2.978 percent notes due 2040, and $1.0 billion in aggregate principal amount of 3.078 percent notes due 2050. In the first six months of 2020, the company repaid $3.8 billion of bonds at maturity.

Restructuring and Reorganizatio

Restructuring and Reorganization Costs	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Reorganization Costs	Restructuring and Reorganization Costs The company is undertaking an enterprise-wide transformation that includes the capture of cost efficiencies. As part of this restructuring, employee-reduction programs were announced, and in second quarter 2020, the company recorded severance accruals. The programs are expected to be substantially completed by the end of 2021. A before-tax charge of $1,015 million ($784 million after-tax) was recorded in second quarter 2020, with $895 million reported as “Operating expenses” and $120 million reported as “Selling, general and administrative expenses” on the Consolidated Statement of Income. The accrued liability, covering severance benefits, is classified as current on the Consolidated Balance Sheet. Approximately $157 million ($120 million after-tax) is associated with terminations in U.S. Upstream, $376 million ($296 million after-tax) in International Upstream, $109 million ($82 million after-tax) in U.S. Downstream, $78 million ($62 million after-tax) in International Downstream, and $295 million ($224 million after-tax) in All Other. Amounts Before Tax (Millions of dollars) Balance at January 1, 2020 $ 7 Accruals/Adjustments 1,031 Payments (11) Balance at June 30, 2020 $ 1,027

Agreement to Acquire Noble Ener

Agreement to Acquire Noble Energy, Inc.	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Agreement to Acquire Noble Energy, Inc.	Agreement to Acquire Noble Energy, Inc.On July 20, 2020, Chevron Corporation announced it had entered into a definitive agreement with Noble Energy, Inc. to acquire all of its outstanding shares in an all-stock transaction, valued at approximately $5 billion, pursuant to which Noble Energy stockholders will receive 0.1191 shares of Chevron common stock for each Noble Energy share. The transaction was approved by the Boards of Directors of both companies and is anticipated to close in fourth quarter 2020. The company will also assume Noble Energy debt balances, which were $8.7 billion as of March 31, 2020. The acquisition is subject to Noble Energy stockholder approval. It is also subject to regulatory approvals and other customary closing conditions. See Item 1A. “Risk Factors” for a discussion of risks related to the Noble Energy acquisition.

New Accounting Standards (Polic

New Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	Financial Instruments - Credit Losses (Topic 326) Effective January 1, 2020, Chevron adopted Accounting Standards Update (ASU) 2016-13 and its related amendments. For additional information on the company’s expected credit losses, refer to Note 17 on page 23.
Segment Reporting	Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of exploring for, developing and producing crude oil and natural gas; liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil and refined products; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. “All Other” activities of the company include worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies. The company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM). The segments represent components of the company that engage in activities (a) from which revenues are earned and expenses are incurred; (b) whose operating results are regularly reviewed by the CODM, which makes decisions about resources to be allocated to the segments and assesses their performance; and (c) for which discrete financial information is available. The company’s primary country of operation is the United States of America, its country of domicile. Other components of the company’s operations are reported as “International” (outside the United States).
Fair Value of Financial Instruments	The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability are described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract.
Revenue	“Sales and other operating revenue” on the Consolidated Statement of Income primarily arise from contracts with customers. Related receivables are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the current expected credit losses. The net balance of these receivables was $5.7 billion and $9.2 billion at June 30, 2020, and December 31, 2019, 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.

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Losses (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the six months ended June 30, 2020 and 2019 are reflected in the table below. Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) (Millions of dollars) Currency Translation Adjustment Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total Balance at December 31, 2018 $ (124) $ (10) $ (2) $ (3,408) $ (3,544) Components of Other Comprehensive Income (Loss): Before Reclassifications 1 — (1) (1) (1) Reclassifications — — — 188 188 Net Other Comprehensive Income (Loss) 1 — (1) 187 187 Balance at June 30, 2019 $ (123) $ (10) $ (3) $ (3,221) $ (3,357) Balance at December 31, 2019 $ (142) $ (8) $ — $ (4,840) $ (4,990) Components of Other Comprehensive Income (Loss): Before Reclassifications (12) (4) — 9 (7) Reclassifications (2) — — — 247 247 Net Other Comprehensive Income (Loss) (12) (4) — 256 240 Balance at June 30, 2020 $ (154) $ (12) $ — $ (4,584) $ (4,750) _______________________________ (1) All amounts are net of tax. (2) Refer to Note 9, Employee Benefits for reclassified components totaling $327 million that are included in employee benefit costs for the six months ended June 30, 2020. Related income taxes for the same period, totaling $80 million, are reflected in “Income Tax Expense” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

Information Relating to the C_2

Information Relating to the Consolidated Statement of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Information Relating to Consolidated Statement of Cash Flows	Six Months Ended 2020 2019 (Millions of dollars) Distributions less than income from equity affiliates includes the following: Distributions from equity affiliates $ 728 $ 971 (Income) loss from equity affiliates 1,550 (2,258) Distributions less than income from equity affiliates $ 2,278 $ (1,287) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ 4,769 $ 910 Decrease (increase) in inventories 371 (878) Decrease (increase) in prepaid expenses and other current assets 392 (303) Increase (decrease) in accounts payable and accrued liabilities (4,812) 284 Increase (decrease) in income and other taxes payable (1,093) (292) Net decrease (increase) in operating working capital $ (373) $ (279) Net cash provided by operating activities includes the following cash payments: Interest on debt (net of capitalized interest) $ 328 $ 443 Income taxes 2,142 2,590 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 1,821 $ 891 Returns of investment from equity affiliates 31 46 Proceeds and deposits related to asset sales and returns of investment $ 1,852 $ 937 Net maturities of (investments in) time deposits consisted of the following gross amounts: Investments in time deposits $ — $ — Maturities of time deposits — 950 Net maturities of (investments in) time deposits $ — $ 950 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ (1) $ (1) Marketable securities sold — 3 Net sales (purchases) of marketable securities $ (1) $ 2 Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: Borrowing of loans by equity affiliates $ (1,100) $ (675) Repayment of loans by equity affiliates 26 55 Net repayment (borrowing) of loans by equity affiliates $ (1,074) $ (620) Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: Proceeds from issuances of short-term obligations $ 7,922 $ 614 Repayments of short-term obligations (2,150) (366) Net borrowings (repayments) of short-term obligations with three months or less maturity (3,201) (437) Net borrowings (repayments) of short-term obligations $ 2,571 $ (189) Net sales (purchases) of treasury shares consists of the following gross and net amounts: Shares issued for share-based compensation plans $ 201 $ 699 Shares purchased under share repurchase and deferred compensation plans (1,751) (1,539) Net sales (purchases) of treasury shares $ (1,550) $ (840) The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: At June 30 At December 31 2020 2019 2019 2018 (Millions of dollars) Cash and Cash Equivalents $ 6,855 $ 8,513 $ 5,686 $ 9,342 Restricted cash included in “Prepaid expenses and other current assets” 161 428 452 341 Restricted cash included in “Deferred charges and other assets” 763 750 773 798 Total Cash, Cash Equivalents and Restricted Cash $ 7,779 $ 9,691 $ 6,911 $ 10,481
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: Six Months Ended 2020 2019 (Millions of dollars) Additions to properties, plant and equipment $ 4,991 $ 6,381 Additions to investments 44 40 Current-year dry hole expenditures 223 103 Payments for other assets and liabilities, net (33) 13 Capital expenditures 5,225 6,537 Expensed exploration expenditures 208 207 Assets acquired through finance lease obligations and other financing obligations 6 147 Payments for other assets and liabilities, net 33 (13) Capital and exploratory expenditures, excluding equity affiliates 5,472 6,878 Company’s share of expenditures by equity affiliates 2,258 3,144 Capital and exploratory expenditures, including equity affiliates $ 7,730 $ 10,022

Summarized Financial Data - T_2

Summarized Financial Data - Tengizchevroil LLP (Tables)	6 Months Ended
	Jun. 30, 2020
Summarized Financial Data of Affiliate [Abstract]
Summarized Financial Data - Tengizchevroil LLP	Summarized financial information for 100 percent of TCO is presented in the following table: Six Months Ended 2020 2019 (Millions of dollars) Sales and other operating revenues $ 4,567 $ 8,369 Costs and other deductions 3,166 4,039 Net income attributable to TCO $ 984 $ 3,039 Six Months Ended 2020 2019 (Millions of dollars) Sales and other operating revenues $ 3,998 $ 4,840 Costs and other deductions 3,500 4,012 Net income attributable to CPChem $ 420 $ 1,008

Summarized Financial Data - C_3

Summarized Financial Data - Chevron Phillips Chemical Company LLC (Tables)	6 Months Ended
	Jun. 30, 2020
Summarized Financial Data of Subsidiary Two [Abstract]
Summarized Financial Data - Chevron Transport Corporation	Summarized financial information for 100 percent of TCO is presented in the following table: Six Months Ended 2020 2019 (Millions of dollars) Sales and other operating revenues $ 4,567 $ 8,369 Costs and other deductions 3,166 4,039 Net income attributable to TCO $ 984 $ 3,039 Six Months Ended 2020 2019 (Millions of dollars) Sales and other operating revenues $ 3,998 $ 4,840 Costs and other deductions 3,500 4,012 Net income attributable to CPChem $ 420 $ 1,008

Summarized Financial Data - C_4

Summarized Financial Data - Chevron U.S.A. Inc. (Tables)	6 Months Ended
	Jun. 30, 2020
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: Six Months Ended 2020 2019 (Millions of dollars) Sales and other operating revenues $ 32,779 $ 54,777 Costs and other deductions 35,953 53,424 Net income (loss) attributable to CUSA $ (2,151) $ 1,225
Summarized Financial Data and its Subsidiary	At June 30, At December 31, (Millions of dollars) Current assets $ 8,516 $ 13,059 Other assets 49,972 50,796 Current liabilities 14,884 18,291 Other liabilities 11,392 12,565 Total CUSA net equity $ 32,212 $ 32,999 Memo: Total debt $ 3,219 $ 3,222

Operating Segments and Geogra_2

Operating Segments and Geographic Data (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Earnings	Earnings by major operating area for the three- and six-month periods ended June 30, 2020 and 2019, are presented in the following table: Three Months Ended Six Months Ended 2020 2019 2020 2019 Segment Earnings (Millions of dollars) (Millions of dollars) Upstream United States $ (2,066) $ 896 $ (1,825) $ 1,644 International (4,023) 2,587 (1,344) 4,962 Total Upstream (6,089) 3,483 (3,169) 6,606 Downstream United States (988) 465 (538) 682 International (22) 264 631 299 Total Downstream (1,010) 729 93 981 Total Segment Earnings (7,099) 4,212 (3,076) 7,587 All Other Interest expense (164) (189) (318) (404) Interest income 13 43 36 94 Other (1,020) 239 (1,313) (323) Net Income Attributable to Chevron Corporation $ (8,270) $ 4,305 $ (4,671) $ 6,954
Segment Assets	Segment assets at June 30, 2020, and December 31, 2019, are as follows: At June 30, At December 31, Segment Assets (Millions of dollars) Upstream United States $ 33,869 $ 35,926 International 136,075 145,648 Goodwill 4,416 4,463 Total Upstream 174,360 186,037 Downstream United States 23,001 25,197 International 15,849 16,955 Total Downstream 38,850 42,152 Total Segment Assets 213,210 228,189 All Other United States 4,975 3,475 International 5,218 5,764 Total All Other 10,193 9,239 Total Assets — United States 61,845 64,598 Total Assets — International 157,142 168,367 Goodwill 4,416 4,463 Total Assets $ 223,403 $ 237,428
Segment Sales and Other Operating Revenues	Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and six-month periods ended June 30, 2020 and 2019, are presented in the following table. Products are transferred between operating segments at internal product values that approximate market prices. Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies. Three Months Ended Six Months Ended 2020 2019 2020 2019 Sales and Other Operating Revenues (Millions of dollars) (Millions of dollars) Upstream United States $ 2,544 $ 5,927 $ 7,010 $ 11,809 International 4,554 8,977 13,567 18,346 Subtotal 7,098 14,904 20,577 30,155 Intersegment Elimination — United States (1,420) (3,865) (4,232) (7,384) Intersegment Elimination — International (1,021) (3,104) (3,562) (6,396) Total Upstream 4,657 7,935 12,783 16,375 Downstream United States 5,235 14,855 16,421 27,243 International 6,519 14,701 18,692 29,208 Subtotal 11,754 29,556 35,113 56,451 Intersegment Elimination — United States (332) (1,042) (1,592) (1,989) Intersegment Elimination — International (186) (186) (771) (451) Total Downstream 11,236 28,328 32,750 54,011 All Other United States 227 271 437 493 International 6 5 8 7 Subtotal 233 276 445 500 Intersegment Elimination — United States (194) (211) (339) (367) Intersegment Elimination — International (6) (5) (8) (7) Total All Other 33 60 98 126 Sales and Other Operating Revenues United States 8,006 21,053 23,868 39,545 International 11,079 23,683 32,267 47,561 Subtotal 19,085 44,736 56,135 87,106 Intersegment Elimination — United States (1,946) (5,118) (6,163) (9,740) Intersegment Elimination — International (1,213) (3,295) (4,341) (6,854) Total Sales and Other Operating Revenues $ 15,926 $ 36,323 $ 45,631 $ 70,512

Employee Benefits (Tables)

Employee Benefits (Tables)	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit costs for 2020 and 2019 are as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (Millions of dollars) (Millions of dollars) Pension Benefits United States Service cost $ 125 $ 102 $ 249 $ 203 Interest cost 88 99 176 198 Expected return on plan assets (163) (141) (325) (282) Amortization of prior service costs (credits) — 1 1 1 Amortization of actuarial losses (gains) 96 59 192 119 Settlement losses 60 60 120 120 Total United States 206 180 413 359 International Service cost 32 36 64 71 Interest cost 44 53 87 104 Expected return on plan assets (51) (57) (103) (115) Amortization of prior service costs (credits) 3 3 5 6 Amortization of actuarial losses (gains) 11 6 21 11 Settlement losses — — — 1 Total International 39 41 74 78 Net Periodic Pension Benefit Costs $ 245 $ 221 $ 487 $ 437 Other Benefits* Service cost $ 10 $ 9 $ 19 $ 18 Interest cost 17 24 35 48 Amortization of prior service costs (credits) (8) (7) (14) (14) Amortization of actuarial losses (gains) 2 — 2 (1) Net Periodic Other Benefit Costs $ 21 $ 26 $ 42 $ 51 _ ___________________________________

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at June 30, 2020, and December 31, 2019, is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis (Millions of dollars) At June 30, 2020 At December 31, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable Securities $ 59 $ 59 $ — $ — $ 63 $ 63 $ — $ — Derivatives 23 14 9 — 11 1 10 — Total Assets at Fair Value $ 82 $ 73 $ 9 $ — $ 74 $ 64 $ 10 $ — Derivatives 83 32 51 — 74 26 48 — Total Liabilities at Fair Value $ 83 $ 32 $ 51 $ — $ 74 $ 26 $ 48 $ —
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis	The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at June 30, 2020, is as follows: Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Millions of dollars) At June 30, 2020 Before-Tax Loss Three Months Ended Six Months Ended Total Level 1 Level 2 Level 3 Properties, plant and equipment, net (held and used) $ 2,171 $ — $ 20 $ 2,151 $ 2,551 $ 2,551 Properties, plant and equipment, net (held for sale) 655 — 655 — 92 166 Investments and advances 12 — — 12 2,549 2,549 Total Assets at Fair Value $ 2,838 $ — $ 675 $ 2,163 $ 5,192 $ 5,266

Financial and Derivative Inst_2

Financial and Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments	Derivative instruments measured at fair value at June 30, 2020, and December 31, 2019, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments (Millions of dollars) Type of Balance Sheet Classification At June 30, At December 31, Commodity Accounts and notes receivable, net $ 16 $ 11 Commodity Long-term receivables, net 7 — Total Assets at Fair Value $ 23 $ 11 Commodity Accounts payable $ 80 $ 74 Commodity Deferred credits and other noncurrent obligations 3 — Total Liabilities at Fair Value $ 83 $ 74
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments	Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments (Millions of dollars) Type of Gain / (Loss) Gain / (Loss) Contract Statement of Income Classification 2020 2019 2020 2019 Commodity Sales and other operating revenues $ (216) $ (6) $ 245 $ (244) Commodity Purchased crude oil and products (20) (2) (24) (9) Commodity Other income (3) (3) (3) (3) $ (239) $ (11) $ 218 $ (256)
Schedule of Offsetting Assets	The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 2020, and December 31, 2019. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars) Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At June 30, 2020 Derivative Assets $ 1,603 $ 1,580 $ 23 $ — $ 23 Derivative Liabilities $ 1,663 $ 1,580 $ 83 $ — $ 83 At December 31, 2019 Derivative Assets $ 656 $ 645 $ 11 $ — $ 11 Derivative Liabilities $ 719 $ 645 $ 74 $ — $ 74
Schedule of Offsetting Liabilities	The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 2020, and December 31, 2019. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars) Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At June 30, 2020 Derivative Assets $ 1,603 $ 1,580 $ 23 $ — $ 23 Derivative Liabilities $ 1,663 $ 1,580 $ 83 $ — $ 83 At December 31, 2019 Derivative Assets $ 656 $ 645 $ 11 $ — $ 11 Derivative Liabilities $ 719 $ 645 $ 74 $ — $ 74

Restructuring and Reorganizat_2

Restructuring and Reorganization Costs (Tables)	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	Amounts Before Tax (Millions of dollars) Balance at January 1, 2020 $ 7 Accruals/Adjustments 1,031 Payments (11) Balance at June 30, 2020 $ 1,027

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 144,914	$ 156,118	$ 145,208	$ 155,642
Components of Other Comprehensive Income (Loss):
Before Reclassifications			(7)	(1)
Reclassifications			247	188
Other Comprehensive Gain (Loss), Net of Tax	134	102	240	187
Ending balance	134,386	157,451	134,386	157,451
Related income taxes	(2,320)	1,645	(1,756)	2,960
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,884)	(3,459)	(4,990)	(3,544)
Components of Other Comprehensive Income (Loss):
Other Comprehensive Gain (Loss), Net of Tax	134	102	240	187
Ending balance	(4,750)	(3,357)	(4,750)	(3,357)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(142)	(124)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			(12)	1
Reclassifications			0	0
Other Comprehensive Gain (Loss), Net of Tax			(12)	1
Ending balance	(154)	(123)	(154)	(123)
Unrealized Holding Gains (Losses) on Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(8)	(10)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			(4)	0
Reclassifications			0	0
Other Comprehensive Gain (Loss), Net of Tax			(4)	0
Ending balance	(12)	(10)	(12)	(10)
Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			0	(2)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			0	(1)
Reclassifications			0	0
Other Comprehensive Gain (Loss), Net of Tax			0	(1)
Ending balance	0	(3)	0	(3)
Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(4,840)	(3,408)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			9	(1)
Reclassifications			247	188
Other Comprehensive Gain (Loss), Net of Tax			256	187
Ending balance	$ (4,584)	$ (3,221)	(4,584)	$ (3,221)
Defined Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income
Components of Other Comprehensive Income (Loss):
Employee Benefits for reclassified components			327
Related income taxes			$ 80

Information Relating to the C_3

Information Relating to the Consolidated Statement of Cash Flows - Summary of Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Distributions less than income from equity affiliates includes the following:
Distributions from equity affiliates	$ 728	$ 971
(Income) loss from equity affiliates	1,550	(2,258)
Distributions less than income from equity affiliates	2,278	(1,287)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	4,769	910
Decrease (increase) in inventories	371	(878)
Decrease (increase) in prepaid expenses and other current assets	392	(303)
Increase (decrease) in accounts payable and accrued liabilities	(4,812)	284
Increase (decrease) in income and other taxes payable	(1,093)	(292)
Net decrease (increase) in operating working capital	(373)	(279)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	328	443
Income taxes	2,142	2,590
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	1,821	891
Returns of investment from equity affiliates	31	46
Proceeds and deposits related to asset sales and returns of investment	1,852	937
Net maturities (investments) of time deposits consisted of the following gross amounts:
Investments in time deposits	0	0
Maturities of time deposits	0	950
Net maturities of (investments in) time deposits	0	950
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	(1)	(1)
Marketable securities sold	0	3
Net sales (purchases) of marketable securities	(1)	2
Net repayment (borrowing) of loans by equity affiliates:
Borrowing of loans by equity affiliates	(1,100)	(675)
Repayment of loans by equity affiliates	26	55
Net repayment (borrowing) of loans by equity affiliates	(1,074)	(620)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	7,922	614
Repayments of short-term obligations	(2,150)	(366)
Net borrowings (repayments) of short-term obligations with three months or less maturity	(3,201)	(437)
Net borrowings (repayments) of short-term obligations	2,571	(189)
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans	201	699
Shares purchased under share repurchase and deferred compensation plans	(1,751)	(1,539)
Net sales (purchases) of treasury shares	(1,550)	(840)
Capital expenditures
Additions to properties, plant and equipment	4,991	6,381
Additions to investments	44	40
Current-year dry hole expenditures	223	103
Payments for other assets and liabilities, net	(33)	13
Capital expenditures	5,225	6,537
Expensed exploration expenditures	208	207
Assets acquired through finance lease obligations and other financing obligations	6	147
Payments for other assets and liabilities, net	33	(13)
Capital and exploratory expenditures, excluding equity affiliates	5,472	6,878
Company's share of expenditures by equity affiliates	2,258	3,144
Capital and exploratory expenditures, including equity affiliates	$ 7,730	$ 10,022

Information Relating to the C_4

Information Relating to the Consolidated Statement of Cash Flows - Additional Information (Details) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Dividends paid (in dollars per share)	$ 1.29	$ 1.19

Information Relating to the C_5

Information Relating to the Consolidated Statement of Cash Flows - Cash Balances (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 6,855	$ 5,686	$ 8,513	$ 9,342
Restricted cash included in Prepaid expenses and other current assets	161	452	428	341
Restricted cash included in Deferred charges and other assets	763	773	750	798
Total cash, cash equivalents and restricted cash	$ 7,779	$ 6,911	$ 9,691	$ 10,481

Summarized Financial Data - T_3

Summarized Financial Data - Tengizchevroil LLP (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Affiliate Statements Captions [Line Items]
Sales and other operating revenues	$ 13,494	$ 38,850	$ 44,995	$ 74,050
Net Income (Loss)	$ (8,277)	$ 4,290	$ (4,696)	6,932
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%		100.00%
Sales and other operating revenues			$ 4,567	8,369
Costs and other deductions			3,166	4,039
Net Income (Loss)			$ 984	$ 3,039
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Equity ownership, percentage	50.00%		50.00%

Summarized Financial Data - C_5

Summarized Financial Data - Chevron Phillips Chemical Company LLC (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Summarized Financial Data - Chevron Transport Corporation
Costs and other deductions	$ 24,091	$ 32,915	$ 51,447	$ 64,158
Net income attributable to equity method investee	$ (8,270)	$ 4,305	$ (4,671)	6,954
Chevron Phillips Chemical Company LLC
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%		100.00%
Summarized Financial Data - Chevron Transport Corporation
Costs and other deductions			$ 3,500	4,012
Net income attributable to equity method investee			420	1,008
Chevron Phillips Chemical Company LLC | Oil and Gas
Summarized Financial Data - Chevron Transport Corporation
Sales and other operating revenues			$ 3,998	$ 4,840
Chevron Phillips Chemical Company LLC
Affiliate Statements Captions [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%

Summarized Financial Data - C_6

Summarized Financial Data - Chevron U.S.A. Inc. - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales and other operating revenues	$ 15,926	$ 36,323	$ 45,631	$ 70,512
Costs and other deductions	24,091	32,915	51,447	64,158
Net income attributable to equity method investee	$ (8,270)	$ 4,305	(4,671)	6,954
Chevron U.S.A. Inc.
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales and other operating revenues			32,779	54,777
Costs and other deductions			35,953	53,424
Net income attributable to equity method investee			$ (2,151)	$ 1,225

Summarized Financial Data - C_7

Summarized Financial Data - Chevron U.S.A. Inc. - Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Subsidiary Statements Captions [Line Items]
Current assets	$ 23,732		$ 28,329
Current liabilities	20,825		26,530
Total CUSA net equity	134,386	$ 144,914	145,208	$ 157,451	$ 156,118	$ 155,642
Chevron U.S.A. Inc.
Subsidiary Statements Captions [Line Items]
Current assets	8,516		13,059
Other assets	49,972		50,796
Current liabilities	14,884		18,291
Other liabilities	11,392		12,565
Total CUSA net equity	32,212		32,999
Memo: Total debt	$ 3,219		$ 3,222

Operating Segments and Geogra_3

Operating Segments and Geographic Data - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	2
Number of operating segments	2

Operating Segments and Geogra_4

Operating Segments and Geographic Data - Earnings by Major Operating Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	$ (8,270)	$ 4,305	$ (4,671)	$ 6,954
Operating Segments
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(7,099)	4,212	(3,076)	7,587
Operating Segments | Upstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(6,089)	3,483	(3,169)	6,606
Operating Segments | Upstream | United States
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(2,066)	896	(1,825)	1,644
Operating Segments | Upstream | International
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(4,023)	2,587	(1,344)	4,962
Operating Segments | Downstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(1,010)	729	93	981
Operating Segments | Downstream | United States
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(988)	465	(538)	682
Operating Segments | Downstream | International
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(22)	264	631	299
All Other
Segment Reporting Information [Line Items]
Interest expense	(164)	(189)	(318)	(404)
Interest income	13	43	36	94
Other	$ (1,020)	$ 239	$ (1,313)	$ (323)

Operating Segments and Geogra_5

Operating Segments and Geographic Data - Segment Assets (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Segment Assets
Assets	$ 223,403	$ 237,428
Goodwill	4,416	4,463
United States
Segment Assets
Assets	61,845	64,598
International
Segment Assets
Assets	157,142	168,367
Operating Segments
Segment Assets
Assets	213,210	228,189
Operating Segments | Upstream
Segment Assets
Assets	174,360	186,037
Goodwill	4,416	4,463
Operating Segments | Upstream | United States
Segment Assets
Assets	33,869	35,926
Operating Segments | Upstream | International
Segment Assets
Assets	136,075	145,648
Operating Segments | Downstream
Segment Assets
Assets	38,850	42,152
Operating Segments | Downstream | United States
Segment Assets
Assets	23,001	25,197
Operating Segments | Downstream | International
Segment Assets
Assets	15,849	16,955
All Other
Segment Assets
Assets	10,193	9,239
All Other | United States
Segment Assets
Assets	4,975	3,475
All Other | International
Segment Assets
Assets	$ 5,218	$ 5,764

Operating Segments and Geogra_6

Operating Segments and Geographic Data - Segment Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 15,926	$ 36,323	$ 45,631	$ 70,512
Oil and Gas
Segment Reporting Information [Line Items]
Sales and other operating revenues	15,926	36,323	45,631	70,512
Oil and Gas | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	19,085	44,736	56,135	87,106
Oil and Gas | All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	233	276	445	500
Oil and Gas | Total All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	33	60	98	126
Oil and Gas | United States | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	8,006	21,053	23,868	39,545
Oil and Gas | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(194)	(211)	(339)	(367)
Oil and Gas | United States | All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	227	271	437	493
Oil and Gas | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,946)	(5,118)	(6,163)	(9,740)
Oil and Gas | International | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	11,079	23,683	32,267	47,561
Oil and Gas | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(6)	(5)	(8)	(7)
Oil and Gas | International | All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	6	5	8	7
Oil and Gas | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,213)	(3,295)	(4,341)	(6,854)
Oil and Gas | Upstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,657	7,935	12,783	16,375
Oil and Gas | Upstream | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	7,098	14,904	20,577	30,155
Oil and Gas | Upstream | United States | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	2,544	5,927	7,010	11,809
Oil and Gas | Upstream | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,420)	(3,865)	(4,232)	(7,384)
Oil and Gas | Upstream | International | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,554	8,977	13,567	18,346
Oil and Gas | Upstream | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,021)	(3,104)	(3,562)	(6,396)
Oil and Gas | Downstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	11,236	28,328	32,750	54,011
Oil and Gas | Downstream | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	11,754	29,556	35,113	56,451
Oil and Gas | Downstream | United States | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	5,235	14,855	16,421	27,243
Oil and Gas | Downstream | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(332)	(1,042)	(1,592)	(1,989)
Oil and Gas | Downstream | International | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	6,519	14,701	18,692	29,208
Oil and Gas | Downstream | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ (186)	$ (186)	$ (771)	$ (451)

Employee Benefits - Additional

Employee Benefits - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Defined Benefit Plan Disclosure [Line Items]
Pre-Medicare company contribution for retiree medical coverage, maximum percent	4.00%
Contribution to other post retirement plans	$ 82
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer to employee pension plan	531
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer to employee pension plan	411
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions during the remaining of fiscal year	$ 92

Employee Benefits - Costs (Deta

Employee Benefits - Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Pension Benefits
Net Periodic Benefit Cost
Net Periodic Other Benefit Costs	$ 245	$ 221	$ 487	$ 437
Pension Benefits | United States
Net Periodic Benefit Cost
Service cost	125	102	249	203
Interest cost	88	99	176	198
Expected return on plan assets	(163)	(141)	(325)	(282)
Amortization of prior service costs (credits)	0	1	1	1
Amortization of actuarial losses (gains)	96	59	192	119
Settlement losses	60	60	120	120
Net Periodic Other Benefit Costs	206	180	413	359
Pension Benefits | International
Net Periodic Benefit Cost
Service cost	32	36	64	71
Interest cost	44	53	87	104
Expected return on plan assets	(51)	(57)	(103)	(115)
Amortization of prior service costs (credits)	3	3	5	6
Amortization of actuarial losses (gains)	11	6	21	11
Settlement losses	0	0	0	1
Net Periodic Other Benefit Costs	39	41	74	78
Other Benefits
Net Periodic Benefit Cost
Service cost	10	9	19	18
Interest cost	17	24	35	48
Amortization of prior service costs (credits)	(8)	(7)	(14)	(14)
Amortization of actuarial losses (gains)	2	0	2	(1)
Net Periodic Other Benefit Costs	$ 21	$ 26	$ 42	$ 51

Assets Held For Sale (Details)

Assets Held For Sale (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 1,792	$ 3,411
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 1,790

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (2,320)	$ 1,645	$ (1,756)	$ 2,960
Decrease in income before income tax expense	16,540		16,340
Income (loss) before income tax expense	$ (10,597)	$ 5,935	$ (6,452)	$ 9,892
Effective tax rates	22.00%	28.00%	27.00%	30.00%

Litigation (Details)

Litigation (Details) - Pending Litigation $ in Millions	Nov. 13, 2013USD ($)	Feb. 28, 2011USD ($)	Dec. 31, 1991	Jun. 30, 2020legal_matter	Jan. 31, 2012
MTBE
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims) | legal_matter				6
Ecuador
Loss Contingencies [Line Items]
Conducted remediation program			3 years
Amount assessed in damages	$ 9,500	$ 8,600
Amount assessed for plaintiffs representatives		900
Additional amount assessed in punitive damages		$ 8,600
Public apology date within judgment/clarification ruling (in days)		15 days
Proposed additional payment for plaintiff attorney fees as percentage of judgment					0.10%

Other Contingencies and Commi_2

Other Contingencies and Commitments (Details) bbl / d in Thousands, bbl in Millions	6 Months Ended
	Jun. 30, 2020USD ($)bbl / dbbllegal_matter	Dec. 31, 2019USD ($)	Dec. 31, 2009USD ($)
Commitments and Contingencies Disclosure [Abstract]
Indemnifications acquirer environmental liabilities max obligation			$ 200,000,000
Reserve Quantities [Line Items]
Investments in equity affiliates	$ 37,290,000,000	$ 38,688,000,000
Number of barrels of prove reserve removed | bbl	160
Louisiana | All Companies Served With Claim
Reserve Quantities [Line Items]
Pending lawsuits and claims (in number of claims) | legal_matter	43
Louisiana | Chevron U.S.A. Inc.
Reserve Quantities [Line Items]
Pending lawsuits and claims (in number of claims) | legal_matter	39
Venezuela
Reserve Quantities [Line Items]
Oil production | bbl / d	23
Investments in equity affiliates	$ 2,600,000,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities at Fair Value, Recurring (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	$ 23	$ 11
Derivatives	83	74
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable Securities	59	63
Derivatives	23	11
Total Assets at Fair Value	82	74
Derivatives	83	74
Total Liabilities at Fair Value	83	74
Recurring Basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable Securities	59	63
Derivatives	14	1
Total Assets at Fair Value	73	64
Derivatives	32	26
Total Liabilities at Fair Value	32	26
Recurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable Securities	0	0
Derivatives	9	10
Total Assets at Fair Value	9	10
Derivatives	51	48
Total Liabilities at Fair Value	51	48
Recurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
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 - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 6,900	$ 5,700
Restricted cash	924	1,200
Level 1 | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	20,600
Level 2 | Other Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	1,100
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net carrying value	20,300	13,700
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net carrying value	$ 21,700	$ 14,300
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maturity period of primarily bank time deposits, maximum, classified as cash equivalents and money market funds (in days)	90 days

Fair Value Measurements - Ass_2

Fair Value Measurements - Assets and Liabilities at Fair Value, Nonrecurring (Details) - Nonrecurring Basis $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	$ 2,171	$ 2,171
Properties, plant and equipment, net (held for sale)	655	655
Investments and advances	12	12
Total Assets at Fair Value	2,838	2,838
Properties, plant and equipment, net (held and used), Before-Tax Loss	2,551	2,551
Properties, plant and equipment, net (held for sale), Before-Tax Loss	92	166
Investments and advances, Before-Tax Loss	2,549	2,549
Total Assets at Fair Value, Before-Tax Loss	5,192	5,266
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)	20	20
Properties, plant and equipment, net (held for sale)	655	655
Investments and advances	0	0
Total Assets at Fair Value	675	675
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	2,151	2,151
Properties, plant and equipment, net (held for sale)	0	0
Investments and advances	12	12
Total Assets at Fair Value	$ 2,163	$ 2,163

Financial and Derivative Inst_3

Financial and Derivative Instruments - Fair Value of Derivatives Not Designated as Hedging Instruments (Details) - Commodity - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	$ 23	$ 11
Total Liabilities at Fair Value	83	74
Accounts and notes receivable, net
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	16	11
Long-term receivables, net
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	7	0
Accounts payable
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Liabilities at Fair Value	80	74
Deferred credits and other noncurrent obligations
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Liabilities at Fair Value	$ 3	$ 0

Financial and Derivative Inst_4

Financial and Derivative Instruments - Effect of Derivatives Not Designated as Hedging Instruments (Details) - Commodity - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (239)	$ (11)	$ 218	$ (256)
Sales and other operating revenues
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(216)	(6)	245	(244)
Purchased crude oil and products
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(20)	(2)	(24)	(9)
Other income
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (3)	$ (3)	$ (3)	$ (3)

Financial and Derivative Inst_5

Financial and Derivative Instruments - Effect of Netting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Offsetting Assets [Abstract]
Derivative Assets, Gross Amount Recognized	$ 1,603	$ 656
Derivative Assets, Gross Amounts Offset	1,580	645
Derivative Assets, Net Amounts Presented	23	11
Derivative Assets, Gross Amounts Not Offset	0	0
Derivative Assets, Net Amounts Presented	23	11
Offsetting Liabilities [Abstract]
Derivative Liabilities, Gross Amount Recognized	1,663	719
Derivative Liabilities, Gross Amounts Offset	1,580	645
Derivative Liabilities, Net Amounts Presented	83	74
Derivative Liabilities, Gross Amounts Not Offset	0	0
Derivative Liabilities, Net Amounts Presented	$ 83	$ 74

Revenue (Details)

Revenue (Details) - USD ($) $ in Billions	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Receivables	$ 5.7	$ 9.2

Financial Instruments - Credi_2

Financial Instruments - Credit Losses (Details) - USD ($) $ in Millions	Jan. 01, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total Equity		$ (134,386)	$ (144,914)	$ (145,208)	$ (157,451)	$ (156,118)	$ (155,642)
Related Party Transaction [Line Items]
Allowance for credit loss		528		849
Trade receivable		7,100
Additional allowance		9
Non-trade receivable		2,800
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total Equity		(166,122)	$ (176,113)	$ (174,945)	$ (183,442)	$ (181,387)	$ (180,987)
Investments and Advances
Related Party Transaction [Line Items]
Allowance for credit loss		560
Government Joint Venture Partners
Related Party Transaction [Line Items]
Allowance for credit loss		140
Reduction in allowance for credit losses		$ 550
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total Equity	$ 25

Accounting for Suspended Expl_2

Accounting for Suspended Exploratory Wells (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Accounting for Suspended Exploratory Wells [Abstract]
Capitalized cost of exploratory wells	$ 2,500
Decrease in capitalized cost of suspended wells from the prior year end	(587)
Capitalized exploratory well cost, charged to expense	$ 496

Long-Term Debt (Details)

Long-Term Debt (Details) - Notes Payable - USD ($)	6 Months Ended
	Jun. 30, 2020	May 31, 2020
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 3,800,000,000
Floating Rate Notes due 2023
Debt Instrument [Line Items]
Debt instrument, face amount		$ 300,000,000
1.141% Notes due 2023
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,200,000,000
Debt instrument, interest rate, stated percentage		1.141%
1.554% Notes due 2025
Debt Instrument [Line Items]
Debt instrument, face amount		$ 2,500,000,000
Debt instrument, interest rate, stated percentage		1.554%
1.995% Notes due 2027
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,000,000,000
Debt instrument, interest rate, stated percentage		1.995%
2.236% Notes due 2030
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,500,000,000
Debt instrument, interest rate, stated percentage		2.236%
2.978% Notes due 2040
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
Debt instrument, interest rate, stated percentage		2.978%
3.078% Notes due 2050
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,000,000,000
Debt instrument, interest rate, stated percentage		3.078%

Restructuring and Reorganizat_3

Restructuring and Reorganization Costs - Additional Information (Details) $ in Millions	3 Months Ended
	Jun. 30, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Before tax charge	$ 1,015
After tax charge	784
Operating Segments | Upstream | United States
Restructuring Cost and Reserve [Line Items]
Before tax charge	157
After tax charge	120
Operating Segments | Upstream | International
Restructuring Cost and Reserve [Line Items]
Before tax charge	376
After tax charge	296
Operating Segments | Downstream | United States
Restructuring Cost and Reserve [Line Items]
Before tax charge	109
After tax charge	82
Operating Segments | Downstream | International
Restructuring Cost and Reserve [Line Items]
Before tax charge	78
After tax charge	62
All Other
Restructuring Cost and Reserve [Line Items]
Before tax charge	295
After tax charge	224
Operating Expenses
Restructuring Cost and Reserve [Line Items]
Before tax charge	895
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Before tax charge	$ 120

Restructuring and Reorganizat_4

Restructuring and Reorganization Costs - Amounts Before Tax (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Restructuring Reserve [Roll Forward]
Balance at January 1, 2020	$ 7
Accruals/Adjustments	1,031
Payments	(11)
Balance at June 30, 2020	$ 1,027

Agreement to Acquire Noble En_2

Agreement to Acquire Noble Energy, Inc. (Details) $ in Billions	3 Months Ended
	Dec. 31, 2020USD ($)	Jul. 20, 2020	Mar. 31, 2020USD ($)
Noble Energy, Inc.
Subsequent Event [Line Items]
Long-term debt, net carrying value			$ 8.7
Subsequent Event | Noble Energy, Inc.
Subsequent Event [Line Items]
Conversion ratio of outstanding shares		0.1191
Forecast | Noble Energy, Inc.
Subsequent Event [Line Items]
Consideration transferred	$ 5