Chevron (CVX) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	1,928,052,179
Entity Central Index Key	0000093410
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues and Other Income
Sales and other operating revenues	$ 31,076	$ 29,705
Income (loss) from equity affiliates	911	965
Other income (loss)	42	831
Total Revenues and Other Income	32,029	31,501
Costs and Other Deductions
Purchased crude oil and products	17,568	15,509
Operating expenses	4,967	5,291
Selling, general and administrative expenses	990	683
Exploration expenses	86	158
Depreciation, depletion and amortization	4,286	4,288
Taxes other than on income	1,420	1,167
Interest and debt expense	198	162
Other components of net periodic benefit costs	337	98
Total Costs and Other Deductions	29,852	27,356
Income (Loss) Before Income Tax Expense	2,177	4,145
Income Tax Expense (Benefit)	779	564
Net Income (Loss)	1,398	3,581
Less: Net income (loss) attributable to noncontrolling interests	21	(18)
Net Income (Loss) Attributable to Chevron Corporation	$ 1,377	$ 3,599
Net Income (Loss) Attributable to Chevron Corporation
Basic (in dollars per share)	$ 0.72	$ 1.93
Diluted (in dollars per share)	$ 0.72	$ 1.93
Weighted Average Number of Shares Outstanding
Basic (in shares)	1,912,925	1,862,273
Diluted (in shares)	1,915,889	1,865,649

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 1,398	$ 3,581
Currency translation adjustment	(19)	(19)
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period	(3)	(3)
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements	435	166
Actuarial gain (loss) arising during period	907	0
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments	(4)	(3)
Prior service (costs) credits arising during period	0	0
Defined benefit plans sponsored by equity affiliates - benefit (cost)	11	2
Income (taxes) benefit on defined benefit plans	(301)	(37)
Total	1,048	128
Other Comprehensive Gain (Loss), Net of Tax	1,026	106
Comprehensive Income (Loss)	2,424	3,687
Comprehensive loss (income) attributable to noncontrolling interests	(21)	18
Comprehensive Income (Loss) Attributable to Chevron Corporation	$ 2,403	$ 3,705

CONSOLIDATED BALANCE SHEET (Una

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents		$ 7,076	$ 5,596
Marketable securities		32	31
Accounts and notes receivable (less allowance: 2021 - $297; 2020 - $284)		14,118	11,471
Inventories:
Crude oil and petroleum products		3,535	3,576
Chemicals		448	457
Materials, supplies and other		1,637	1,643
Total inventories		5,620	5,676
Prepaid expenses and other current assets		3,587	3,304
Total Current Assets		30,433	26,078
Long-term receivables (less allowance: 2021 - $404; 2020 - $387)		571	589
Investments and advances		39,591	39,052
Properties, plant and equipment, at cost		346,228	345,232
Less: Accumulated depreciation, depletion and amortization		192,225	188,614
Properties, plant and equipment, net		154,003	156,618
Deferred charges and other assets		11,530	11,950
Goodwill		4,402	4,402
Assets held for sale		1,115	1,101
Total Assets		241,645	239,790
Liabilities and Equity
Short-term debt		4,841	1,548
Accounts payable		12,858	10,950
Accrued liabilities		7,557	7,812
Federal and other taxes on income		1,315	921
Other taxes payable		909	952
Total Current Liabilities		27,480	22,183
Long-term debt		40,599	42,767
Deferred credits and other noncurrent obligations		20,139	20,328
Noncurrent deferred income taxes		12,474	12,569
Noncurrent employee benefit plans		8,020	9,217
Total Liabilities	[1]	108,712	107,064
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 March 31, 2021 and December 31, 2020)		1,832	1,832
Capital in excess of par value		16,866	16,829
Retained earnings		159,285	160,377
Accumulated other comprehensive losses		(4,586)	(5,612)
Deferred compensation and benefit plan trust		(240)	(240)
Treasury stock, at cost (514,624,401 and 517,490,263 shares at March 31, 2021 and December 31, 2020, respectively)		(41,269)	(41,498)
Total Chevron Corporation Stockholders’ Equity		131,888	131,688
Noncontrolling interests (redeemable noncontrolling interest of $123 and $120 at March 31, 2021 and December 31, 2020, respectively)		1,045	1,038
Total Equity		132,933	132,726
Total Liabilities and Equity		$ 241,645	$ 239,790
[1]	Refer to Note 12, "Other Contingencies and Commitments" beginning on page 17.

CONSOLIDATED BALANCE SHEET (U_2

CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable, current	$ 297	$ 284
Allowance for long-term receivables	$ 404	$ 387
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)	514,624,401	517,490,263
Redeemable equity	$ 123	$ 120

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net Income (Loss)	$ 1,398	$ 3,581
Adjustments
Depreciation, depletion and amortization	4,286	4,288
Dry hole expense	4	50
Distributions more (less) than income from equity affiliates	(491)	(639)
Net before-tax losses (gains) on asset retirements and sales	(56)	(226)
Net foreign currency effects	111	(403)
Deferred income tax provision	(254)	58
Net decrease (increase) in operating working capital	(902)	(1,096)
Decrease (increase) in long-term receivables	15	239
Net decrease (increase) in other deferred charges	(31)	(43)
Cash contributions to employee pension plans	(331)	(213)
Other	447	(874)
Net Cash Provided by Operating Activities	4,196	4,722
Investing Activities
Capital expenditures	(1,746)	(3,133)
Proceeds and deposits related to asset sales and returns of investment	158	374
Net sales (purchases) of marketable securities	0	0
Net repayment (borrowing) of loans by equity affiliates	25	(399)
Net Cash Used for Investing Activities	(1,563)	(3,158)
Financing Activities
Net borrowings (repayments) of short-term obligations	1,237	8,167
Proceeds from issuances of long-term debt	0	0
Repayments of long-term debt and other financing obligations	(78)	(2,809)
Cash dividends - common stock	(2,468)	(2,402)
Distributions to noncontrolling interests	(11)	(5)
Net sales (purchases) of treasury shares	267	(1,573)
Net Cash Provided by (Used for) Financing Activities	(1,053)	1,378
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(53)	(163)
Net Change in Cash, Cash Equivalents and Restricted Cash	1,527	2,779
Cash, Cash Equivalents and Restricted Cash at January 1	6,737	6,911
Cash, Cash Equivalents and Restricted Cash at March 31	$ 8,264	$ 9,690

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - USD ($) $ in Millions		Total	Chevron Corp. Stockholders’ Equity	Common Stock	[1]	Retained Earnings	Accumulated Other Comp. Income (Loss)	Treasury Stock (at cost)	Non-Controlling Interests
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		10	10	10
Net income (loss)		3,581	3,599			3,599			(18)
Cash dividends		(2,407)	(2,402)			(2,402)			(5)
Stock dividends		(1)	(1)			(1)
Other comprehensive income		106	106				106
Purchases of treasury shares		(1,751)	(1,751)					(1,751)
Issuances of treasury shares		184	184					184
Other changes, net		(16)	(28)			(28)			12
Ending balance at Mar. 31, 2020		$ 144,914	143,930	18,867		176,113	(4,884)	(46,166)	984
Beginning balance, shares issued (in shares) at Dec. 31, 2019	[2]	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)		(17,501,102)
Issuances (in shares)		2,311,651
Ending balance, shares issued (in shares) at Mar. 31, 2020	[2]	2,442,676,580
Ending balance, treasury shares (in shares) at Mar. 31, 2020		(575,697,930)
Ending balance, shares outstanding (in shares) at Mar. 31, 2020		1,866,978,650
Beginning balance at Dec. 31, 2020		$ 132,726	131,688	18,421		160,377	(5,612)	(41,498)	1,038
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock transactions		37	37	37
Net income (loss)		1,398	1,377			1,377			21
Cash dividends		(2,479)	(2,468)			(2,468)			(11)
Stock dividends		(1)	(1)			(1)
Other comprehensive income		1,026	1,026				1,026
Purchases of treasury shares		(6)	(6)					(6)
Issuances of treasury shares		235	235					235
Other changes, net		(3)	0			0			(3)
Ending balance at Mar. 31, 2021		$ 132,933	$ 131,888	$ 18,458		$ 159,285	$ (4,586)	$ (41,269)	$ 1,045
Beginning balance, shares issued (in shares) at Dec. 31, 2020	[2]	2,442,676,580
Beginning balance, treasury shares (in shares) at Dec. 31, 2020		(517,490,263)
Beginning balance, shares outstanding (in shares) at Dec. 31, 2020		1,925,186,317
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases (in shares)		(67,003)
Issuances (in shares)		2,932,865
Ending balance, shares issued (in shares) at Mar. 31, 2021	[2]	2,442,676,580
Ending balance, treasury shares (in shares) at Mar. 31, 2021		(514,624,401)
Ending balance, shares outstanding (in shares) at Mar. 31, 2021		1,928,052,179
[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 (Unaudited) (Parenthetical) $ in Millions	Mar. 31, 2021USD ($)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	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [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-month period ended March 31, 2021, 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 2020 Annual Report on Form 10-K. Impact of the Coronavirus Disease 2019 (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 caused a significant decline in the demand for our products and created disruptions and volatility in the global marketplace beginning late in the first quarter 2020, which negatively affected our results of operations and cash flows throughout 2020. While demand and commodity prices have shown signs of recovery, demand is not back to pre-pandemic levels, and financial results could continue to be challenged in future quarters. There continues to be uncertainty and unpredictability around the extent to which the COVID-19 pandemic will impact our results, which could be material.

Information Relating to the Con

Information Relating to the Consolidated Statement of Cash Flows	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Information Relating to the Consolidated Statement of Cash Flows	Information Relating to the Consolidated Statement of Cash Flows Three Months Ended 2021 2020 (Millions of dollars) Distributions more (less) than income from equity affiliates includes the following: Distributions from equity affiliates $ 420 $ 326 (Income) loss from equity affiliates (911) (965) Distributions more (less) than income from equity affiliates $ (491) $ (639) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ (2,827) $ 2,986 Decrease (increase) in inventories 51 (733) Decrease (increase) in prepaid expenses and other current assets (102) 120 Increase (decrease) in accounts payable and accrued liabilities 1,599 (3,268) Increase (decrease) in income and other taxes payable 377 (201) Net decrease (increase) in operating working capital $ (902) $ (1,096) Net cash provided by operating activities includes the following cash payments: Interest on debt (net of capitalized interest) $ 70 $ 106 Income taxes 629 981 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 147 $ 363 Returns of investment from equity affiliates 11 11 Proceeds and deposits related to asset sales and returns of investment $ 158 $ 374 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ (1) $ — Marketable securities sold 1 — Net sales (purchases) of marketable securities $ — $ — Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: Borrowing of loans by equity affiliates $ — $ (425) Repayment of loans by equity affiliates 25 26 Net repayment (borrowing) of loans by equity affiliates $ 25 $ (399) Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: Proceeds from issuances of short-term obligations $ 2,872 $ 4,952 Repayments of short-term obligations (1,792) (1,010) Net borrowings (repayments) of short-term obligations with three months or less maturity 157 4,225 Net borrowings (repayments) of short-term obligations $ 1,237 $ 8,167 Net sales (purchases) of treasury shares consists of the following gross and net amounts: Shares issued for share-based compensation plans $ 273 $ 178 Shares purchased under share repurchase and deferred compensation plans (6) (1,751) Net sales (purchases) of treasury shares $ 267 $ (1,573) 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 first quarter 2021 and 2020. 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: Three Months Ended 2021 2020 (Millions of dollars) Additions to properties, plant and equipment $ 1,631 $ 3,071 Additions to investments 109 13 Current-year dry hole expenditures 4 49 Payments for other assets and liabilities, net 2 — Capital expenditures 1,746 3,133 Expensed exploration expenditures 82 108 Assets acquired through finance lease obligations and other financing obligations — — Payments for other assets and liabilities, net (2) — Capital and exploratory expenditures, excluding equity affiliates 1,826 3,241 Company’s share of expenditures by equity affiliates 678 1,183 Capital and exploratory expenditures, including equity affiliates $ 2,504 $ 4,424 The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: At March 31 At December 31 2021 2020 2020 2019 (Millions of dollars) Cash and Cash Equivalents $ 7,076 $ 8,492 $ 5,596 $ 5,686 Restricted cash included in “Prepaid expenses and other current assets” 412 434 365 452 Restricted cash included in “Deferred charges and other assets” 776 764 776 773 Total Cash, Cash Equivalents and Restricted Cash $ 8,264 $ 9,690 $ 6,737 $ 6,911 Additional information related to “Restricted Cash” is included on page 19 in Note 13

Summarized Financial Data - Ten

Summarized Financial Data - Tengizchevroil LLP	3 Months Ended
	Mar. 31, 2021
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: Three Months Ended 2021 2020 (Millions of dollars) Sales and other operating revenues $ 3,431 $ 3,296 Costs and other deductions 1,856 1,957 Net income attributable to TCO $ 1,012 $ 938 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. Three Months Ended 2021 2020 (Millions of dollars) Sales and other operating revenues $ 2,748 $ 2,195 Costs and other deductions 2,553 1,812 Net income attributable to CPChem $ 304 $ 337

Summarized Financial Data - Che

Summarized Financial Data - Chevron Phillips Chemical Company LLC	3 Months Ended
	Mar. 31, 2021
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: Three Months Ended 2021 2020 (Millions of dollars) Sales and other operating revenues $ 3,431 $ 3,296 Costs and other deductions 1,856 1,957 Net income attributable to TCO $ 1,012 $ 938 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. Three Months Ended 2021 2020 (Millions of dollars) Sales and other operating revenues $ 2,748 $ 2,195 Costs and other deductions 2,553 1,812 Net income attributable to CPChem $ 304 $ 337

Summarized Financial Data - C_2

Summarized Financial Data - Chevron U.S.A. Inc.	3 Months Ended
	Mar. 31, 2021
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: Three Months Ended 2021 2020 (Millions of dollars) Sales and other operating revenues $ 23,479 $ 22,039 Costs and other deductions 23,322 21,281 Net income (loss) attributable to CUSA $ 257 $ 860 At March 31, At December 31, (Millions of dollars) Current assets $ 17,492 $ 10,555 Other assets 47,554 48,054 Current liabilities 18,961 12,403 Other liabilities 21,538 14,102 Total CUSA net equity $ 24,547 $ 32,104 Memo: Total debt $ 14,831 $ 7,133

Operating Segments and Geograph

Operating Segments and Geographic Data	3 Months Ended
	Mar. 31, 2021
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 the 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-month periods ended March 31, 2021 and 2020, are presented in the following table: Three Months Ended 2021 2020 Segment Earnings (Millions of dollars) Upstream United States $ 941 $ 241 International 1,409 2,679 Total Upstream 2,350 2,920 Downstream United States (130) 450 International 135 653 Total Downstream 5 1,103 Total Segment Earnings 2,355 4,023 All Other Interest expense (184) (154) Interest income 8 23 Other (802) (293) Net Income Attributable to Chevron Corporation $ 1,377 $ 3,599 Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at March 31, 2021, and December 31, 2020, are as follows: At March 31, At December 31, Segment Assets (Millions of dollars) Upstream United States $ 42,093 $ 42,431 International 143,420 144,476 Goodwill 4,402 4,402 Total Upstream 189,915 191,309 Downstream United States 24,464 23,490 International 17,018 16,096 Total Downstream 41,482 39,586 Total Segment Assets 231,397 230,895 All Other United States 3,717 4,017 International 6,531 4,878 Total All Other 10,248 8,895 Total Assets — United States 70,274 69,938 Total Assets — International 166,969 165,450 Goodwill 4,402 4,402 Total Assets $ 241,645 $ 239,790 Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three-month periods ended March 31, 2021 and 2020, 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 2021 2020 Sales and Other Operating Revenues (Millions of dollars) Upstream United States $ 5,791 $ 4,466 International 8,790 9,013 Subtotal 14,581 13,479 Intersegment Elimination — United States (2,855) (2,812) Intersegment Elimination — International (2,375) (2,541) Total Upstream 9,351 8,126 Downstream United States 10,854 11,186 International 11,582 12,173 Subtotal 22,436 23,359 Intersegment Elimination — United States (466) (1,260) Intersegment Elimination — International (269) (585) Total Downstream 21,701 21,514 All Other United States 24 210 International — 2 Subtotal 24 212 Intersegment Elimination — United States — (145) Intersegment Elimination — International — (2) Total All Other 24 65 Sales and Other Operating Revenues United States 16,669 15,862 International 20,372 21,188 Subtotal 37,041 37,050 Intersegment Elimination — United States (3,321) (4,217) Intersegment Elimination — International (2,644) (3,128) Total Sales and Other Operating Revenues $ 31,076 $ 29,705

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Employee Benefits	Employee BenefitsChevron 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 2021 and 2020 are as follows: Three Months Ended 2021 2020 (Millions of dollars) Pension Benefits United States Service cost $ 117 $ 124 Interest cost 55 88 Expected return on plan assets (149) (162) Amortization of prior service costs (credits) 1 1 Amortization of actuarial losses (gains) 104 96 Settlement losses 317 60 Total United States 445 207 International Service cost 34 32 Interest cost 33 43 Expected return on plan assets (46) (52) Amortization of prior service costs (credits) 2 2 Amortization of actuarial losses (gains) 10 10 Settlement losses — — Total International 33 35 Net Periodic Pension Benefit Costs $ 478 $ 242 Other Benefits* Service cost $ 11 $ 9 Interest cost 13 18 Amortization of prior service costs (credits) (7) (6) Amortization of actuarial losses (gains) 4 — Net Periodic Other Benefit Costs $ 21 $ 21 ___________________________________ * 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 March 31, 2021, a total of $331 million was contributed to employee pension plans (including $291 million to the U.S. plans). Total contributions for the full year are currently estimated to be $1.25 billion ($1.05 billion for the U.S. plans and $200 million for the international 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 three months of 2021, the company contributed $46 million to its OPEB plans. The company anticipates contributing approximately $107 million during the remainder of 2021.

Assets Held For Sale

Assets Held For Sale	3 Months Ended
	Mar. 31, 2021
Assets Held For Sale [Abstract]
Assets Held For Sale	Assets Held For SaleAt March 31, 2021, the company classified $1.12 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 2020 and the first three months of 2021 were not material.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Losses	3 Months Ended
	Mar. 31, 2021
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 three months ended March 31, 2021 and 2020 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 Defined Benefit Plans Total Balance at December 31, 2019 $ (142) $ (8) $ (4,840) $ (4,990) Components of Other Comprehensive Income (Loss): Before Reclassifications (19) (3) 2 (20) Reclassifications — — 126 126 Net Other Comprehensive Income (Loss) (19) (3) 128 106 Balance at March 31, 2020 $ (161) $ (11) $ (4,712) $ (4,884) Balance at December 31, 2020 $ (107) $ (10) $ (5,495) $ (5,612) Components of Other Comprehensive Income (Loss): Before Reclassifications (19) (3) 715 693 Reclassifications (2) — — 333 333 Net Other Comprehensive Income (Loss) (19) (3) 1,048 1,026 Balance at March 31, 2021 $ (126) $ (13) $ (4,447) $ (4,586) ______ ___________________________________________________________________________________ (1) All amounts are net of tax. (2) Refer to Note 7 , Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $431 million that are included in employee benefit costs for the three months ended March 31, 2021. Related income taxes for the same period, totaling $98 million, are reflected in “Income Tax Expense” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax expense increased between quarterly periods from $564 million in 2020 to $779 million in 2021. The company's income before income tax expense decreased $1.97 billion from $4.15 billion in 2020 to $2.18 billion in 2021, primarily due to lower downstream margins, higher employee costs, unfavorable foreign exchange effects, absence of a 2020 gain on the sale of Philippines assets and lower sales volumes, partially offset by higher prices. The company’s effective tax rate changed between quarterly periods from 14 percent in 2020 to 36 percent in 2021. The change in the effective tax rate is primarily due to the absence of a favorable international tax item, foreign exchange gains and asset sale gains that were included in income before tax but did not have significant tax impacts. In addition, the change in the effective tax rate is also impacted by 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. 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 March 31, 2021. For these jurisdictions, the latest years for which income tax examinations had been finalized were as follows: United States — 2013, Nigeria — 2007, Australia — 2009, Kazakhstan — 2012 and Saudi Arabia — 2015. 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	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation MTBE Chevron and many other companies in the petroleum industry 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. 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 Texaco Petroleum Company (Texpet), a subsidiary of Texaco Inc., was a minority member of an oil production consortium with Ecuadorian state-owned Petroecuador from 1967 until 1992. After termination of the consortium and a third-party environmental audit, Ecuador and the consortium parties entered into a settlement agreement specifying Texpet’s remediation obligations. Following Texpet’s completion of a three-year remediation program, Ecuador certified the remediation as proper and released Texpet and its affiliates from environmental liability. In May 2003, plaintiffs alleging environmental harm from the consortium’s activities sued Chevron in the Superior Court in Lago Agrio, Ecuador. In February 2011, that court entered a judgment against Chevron for approximately $9.5 billion plus additional punitive damages. An appellate panel affirmed, and Ecuador’s National Court of Justice ratified the judgment but nullified the punitive damages, resulting in a judgment of approximately $9.5 billion. Ecuador’s highest Constitutional Court rejected Chevron’s final appeal in July 2018. In February 2011, Chevron sued the Lago Agrio plaintiffs and several of their lawyers and supporters in the U.S. District Court for the Southern District of New York (SDNY) for violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and state law. The SDNY court ruled that the Ecuadorian judgment had been procured through fraud, bribery, and corruption, and prohibited the RICO defendants from seeking to enforce the Ecuadorian judgment in the United States or profiting from their illegal acts. The Court of Appeals for the Second Circuit affirmed, and the U.S. Supreme Court denied certiorari in June 2017, rendering final the U.S. judgment in favor of Chevron. The Lago Agrio plaintiffs sought to have the Ecuadorian judgment recognized and enforced in Canada, Brazil, and Argentina. All of those recognition and enforcement actions were dismissed and resolved in Chevron’s favor. Chevron and Texpet filed an arbitration claim against Ecuador in September 2009 before an arbitral tribunal administered by the Permanent Court of Arbitration in The Hague, under the United States-Ecuador Bilateral Investment Treaty. In August 2018, the Tribunal issued an award holding that the Ecuadorian judgment was based on environmental claims that Ecuador had settled and released, and that it was procured through fraud, bribery, and corruption. 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 ordered Ecuador to remove the status of enforceability from the Ecuadorian judgment and to compensate Chevron for any injuries resulting from the judgment. The third and final phase of the arbitration, to determine the amount of compensation Ecuador owes to Chevron, is ongoing. In September 2020, the District Court of The Hague denied Ecuador’s request to set aside the Tribunal’s award, stating that it now is “common ground” between Ecuador and Chevron that the Ecuadorian judgment is fraudulent. In December 2020, Ecuador appealed the District Court’s decision to The Hague Court of Appeals. In a separate proceeding, Ecuador also admitted that the Ecuadorian judgment is fraudulent in a public filing with the Office of the United States Trade Representative in July 2020. Management ’ s Assessment The ultimate outcome of the foregoing matters, including any financial effect on Chevron, remains uncertain. Chevron continues to believe that the Ecuadorian judgment is illegitimate and unenforceable and that it does not provide any basis upon which an estimate of a reasonably possible loss or range of loss can be made.

Other Contingencies and Commitm

Other Contingencies and Commitments	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Other Contingencies and Commitments	Other Contingencies and Commitments Income Taxes The company calculates its income tax expense and liabilities quarterly. These liabilities generally are subject to audit and are not finalized with the individual taxing authorities until several years after the end of the annual period for which income taxes have been calculated. Refer to Note 10 beginning on page 15 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. Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional purchase obligations and commitments, including throughput and take-or-pay agreements, some of which may relate to suppliers’ financing arrangements. The agreements typically provide goods and services, such as pipeline and storage capacity, utilities, and petroleum products, to be used or sold in the ordinary course of the company’s business. 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 various jurisdictions across the United States 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, including without limitation 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 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	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, and December 31, 2020, is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis (Millions of dollars) At March 31, 2021 At December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable Securities $ 32 $ 32 $ — $ — $ 31 $ 31 $ — $ — Derivatives - not designated 51 18 33 — 74 37 37 — Total Assets at Fair Value $ 83 $ 50 $ 33 $ — $ 105 $ 68 $ 37 $ — Derivatives - not designated 133 86 47 — 173 58 115 — Total Liabilities at Fair Value $ 133 $ 86 $ 47 $ — $ 173 $ 58 $ 115 $ — 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 March 31, 2021. Derivatives The company records most of its derivative instruments — other than any commodity derivative contracts that are accounted for as normal purchase and normal sale — on the Consolidated Balance Sheet at fair value, with the offsetting amount to the Consolidated Statement of Income. The company designates certain derivative instruments as cash flow hedges that, if applicable, are reflected in the table above. 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 and liabilities carried at fair value at March 31, 2021, and December 31, 2020, are as follows: Cash and Cash Equivalents The company holds cash equivalents in U.S. and non-U.S. portfolios. The instruments classified as cash equivalents are primarily bank time deposits with maturities of 90 days or less, and money market funds. “Cash and cash equivalents” had carrying/fair values of $7.1 billion and $5.6 billion at March 31, 2021, and December 31, 2020, 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 March 31, 2021. Restricted Cash had a carrying/fair value of $1.2 billion and $1.1 billion at March 31, 2021 and December 31, 2020, respectively. At March 31, 2021, 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, purchase price fair value adjustments and finance lease obligations, of $28.7 billion and $30.8 billion at March 31, 2021, and December 31, 2020, respectively. The fair value of long-term debt for the company was $31.1 billion and $34.4 billion at March 31, 2021 and December 31, 2020, respectively. Long-term debt primarily includes corporate issued bonds, classified as Level 1 and are $28.9 billion for the period. The fair value of other long-term debt classified as Level 2 is $2.2 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 March 31, 2021, and December 31, 2020, were not material. The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2021, is as follows: Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Millions of dollars) At March 31, 2021 Before- Tax Loss Total Level 1 Level 2 Level 3 Properties, plant and equipment, net (held and used) $ — $ — $ — $ — $ — Properties, plant and equipment, net (held for sale) — — — — — Investments and advances 15 — — 15 10 Total Assets at Fair Value $ 15 $ — $ — $ 15 $ 10 Properties, plant and equipment The company did not have any impairments of long-lived assets measured at fair value on a nonrecurring basis to report in first quarter 2021.

Financial and Derivative Instru

Financial and Derivative Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial and Derivative Instruments	Financial and Derivative Instruments The company’s commodity derivative instruments principally include crude oil, natural gas and refined product futures, swaps, options and forward contracts. The company applies cash flow hedge accounting to certain commodity transactions, where appropriate, to manage the market price risk associated with forecasted sales of crude oil. 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 commodity derivative 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 March 31, 2021, and December 31, 2020, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: Consolidated Balance Sheet: Fair Value of Derivatives (Millions of dollars) Type of Balance Sheet Classification At March 31, At December 31, Commodity Accounts and notes receivable, net $ 47 $ 73 Commodity Long-term receivables, net 4 1 Total Assets at Fair Value $ 51 $ 74 Commodity Accounts payable $ 131 $ 172 Commodity Deferred credits and other noncurrent obligations 2 1 Total Liabilities at Fair Value $ 133 $ 173 Consolidated Statement of Income: The Effect of Derivatives (Millions of dollars) Type of Gain / (Loss) Contract Statement of Income Classification 2021 2020 Commodity Sales and other operating revenues $ (274) $ 461 Commodity Purchased crude oil and products (3) (4) Commodity Other income (39) — $ (316) $ 457 All designated cash flow hedges in the first three months of 2021 were settled by March 31, 2021. The impact on sales and other operating revenues from designated hedges for the reporting period was immaterial. The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2021, and December 31, 2020. 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 March 31, 2021 Derivative Assets - not designated $ 1,186 $ 1,135 $ 51 $ — $ 51 Derivative Liabilities - not designated $ 1,268 $ 1,135 $ 133 $ — $ 133 At December 31, 2020 Derivative Assets - not designated $ 818 $ 744 $ 74 $ — $ 74 Derivative Liabilities - not designated $ 917 $ 744 $ 173 $ — $ 173

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
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 $10.1 billion and $7.6 billion at March 31, 2021, and December 31, 2020, 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	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses Chevron’s expected credit loss allowance balance was $701 million as of March 31, 2021 and $671 million as of December 31, 2020, with a majority of the allowance relating to non-trade receivable balances. The majority of the company’s receivable balance is concentrated in trade receivables, with a balance of $12.2 billion as of March 31, 2021, 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 and loss given 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

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term DebtOn January 6, 2021, the company announced that the aggregate principal amount of $5.697 billion of Noble Energy, Inc. (Noble) senior notes were exchanged for new senior notes issued by CUSA, guaranteed by Chevron, and have the same interest rates and maturity dates as the Noble senior notes. The aggregate principal amount of $5.697 billion Noble senior notes were validly tendered and accepted and subsequently terminated. Following such termination, $103 million aggregate principal amount remains outstanding across ten series of senior notes issued by Noble, for which Chevron provided no guarantee, and the indentures were modified to eliminate any financial reporting or credit rating requirements. In February 2021, the indenture governing Noble's 7.25 percent senior debentures due 2097 was modified to provide a guarantee by Chevron and eliminate any financial reporting or credit rating requirements. In the first three months of 2021, the company repaid $14 million of bonds at maturity.

Restructuring and Reorganizatio

Restructuring and Reorganization Costs	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Reorganization Costs	Restructuring and Reorganization Costs The following table summarizes the accrued severance liability, which is classified as current on the Consolidated Balance Sheet. Amounts Before Tax (Millions of dollars) Balance at January 1, 2021 $ 470 Accruals/Adjustments — Payments (272) Balance at March 31, 2021 $ 198

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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-month period ended March 31, 2021, 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 2020 Annual Report on Form 10-K. Impact of the Coronavirus Disease 2019 (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 caused a significant decline in the demand for our products and created disruptions and volatility in the global marketplace beginning late in the first quarter 2020, which negatively affected our results of operations and cash flows throughout 2020. While demand and commodity prices have shown signs of recovery, demand is not back to pre-pandemic levels, and financial results could continue to be challenged in future quarters. There continues to be uncertainty and unpredictability around the extent to which the COVID-19 pandemic will impact our results, which could be material.
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 the 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 $10.1 billion and $7.6 billion at March 31, 2021, and December 31, 2020, 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.

Information Relating to the C_2

Information Relating to the Consolidated Statement of Cash Flows (Tables)	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Information Relating to Consolidated Statement of Cash Flows	Three Months Ended 2021 2020 (Millions of dollars) Distributions more (less) than income from equity affiliates includes the following: Distributions from equity affiliates $ 420 $ 326 (Income) loss from equity affiliates (911) (965) Distributions more (less) than income from equity affiliates $ (491) $ (639) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ (2,827) $ 2,986 Decrease (increase) in inventories 51 (733) Decrease (increase) in prepaid expenses and other current assets (102) 120 Increase (decrease) in accounts payable and accrued liabilities 1,599 (3,268) Increase (decrease) in income and other taxes payable 377 (201) Net decrease (increase) in operating working capital $ (902) $ (1,096) Net cash provided by operating activities includes the following cash payments: Interest on debt (net of capitalized interest) $ 70 $ 106 Income taxes 629 981 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 147 $ 363 Returns of investment from equity affiliates 11 11 Proceeds and deposits related to asset sales and returns of investment $ 158 $ 374 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ (1) $ — Marketable securities sold 1 — Net sales (purchases) of marketable securities $ — $ — Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: Borrowing of loans by equity affiliates $ — $ (425) Repayment of loans by equity affiliates 25 26 Net repayment (borrowing) of loans by equity affiliates $ 25 $ (399) Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: Proceeds from issuances of short-term obligations $ 2,872 $ 4,952 Repayments of short-term obligations (1,792) (1,010) Net borrowings (repayments) of short-term obligations with three months or less maturity 157 4,225 Net borrowings (repayments) of short-term obligations $ 1,237 $ 8,167 Net sales (purchases) of treasury shares consists of the following gross and net amounts: Shares issued for share-based compensation plans $ 273 $ 178 Shares purchased under share repurchase and deferred compensation plans (6) (1,751) Net sales (purchases) of treasury shares $ 267 $ (1,573) The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: At March 31 At December 31 2021 2020 2020 2019 (Millions of dollars) Cash and Cash Equivalents $ 7,076 $ 8,492 $ 5,596 $ 5,686 Restricted cash included in “Prepaid expenses and other current assets” 412 434 365 452 Restricted cash included in “Deferred charges and other assets” 776 764 776 773 Total Cash, Cash Equivalents and Restricted Cash $ 8,264 $ 9,690 $ 6,737 $ 6,911
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: Three Months Ended 2021 2020 (Millions of dollars) Additions to properties, plant and equipment $ 1,631 $ 3,071 Additions to investments 109 13 Current-year dry hole expenditures 4 49 Payments for other assets and liabilities, net 2 — Capital expenditures 1,746 3,133 Expensed exploration expenditures 82 108 Assets acquired through finance lease obligations and other financing obligations — — Payments for other assets and liabilities, net (2) — Capital and exploratory expenditures, excluding equity affiliates 1,826 3,241 Company’s share of expenditures by equity affiliates 678 1,183 Capital and exploratory expenditures, including equity affiliates $ 2,504 $ 4,424

Summarized Financial Data - T_2

Summarized Financial Data - Tengizchevroil LLP (Tables)	3 Months Ended
	Mar. 31, 2021
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: Three Months Ended 2021 2020 (Millions of dollars) Sales and other operating revenues $ 3,431 $ 3,296 Costs and other deductions 1,856 1,957 Net income attributable to TCO $ 1,012 $ 938 Three Months Ended 2021 2020 (Millions of dollars) Sales and other operating revenues $ 2,748 $ 2,195 Costs and other deductions 2,553 1,812 Net income attributable to CPChem $ 304 $ 337

Summarized Financial Data - C_3

Summarized Financial Data - Chevron Phillips Chemical Company LLC (Tables)	3 Months Ended
	Mar. 31, 2021
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: Three Months Ended 2021 2020 (Millions of dollars) Sales and other operating revenues $ 3,431 $ 3,296 Costs and other deductions 1,856 1,957 Net income attributable to TCO $ 1,012 $ 938 Three Months Ended 2021 2020 (Millions of dollars) Sales and other operating revenues $ 2,748 $ 2,195 Costs and other deductions 2,553 1,812 Net income attributable to CPChem $ 304 $ 337

Summarized Financial Data - C_4

Summarized Financial Data - Chevron U.S.A. Inc. (Tables)	3 Months Ended
	Mar. 31, 2021
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: Three Months Ended 2021 2020 (Millions of dollars) Sales and other operating revenues $ 23,479 $ 22,039 Costs and other deductions 23,322 21,281 Net income (loss) attributable to CUSA $ 257 $ 860
Summarized Financial Data and its Subsidiary	At March 31, At December 31, (Millions of dollars) Current assets $ 17,492 $ 10,555 Other assets 47,554 48,054 Current liabilities 18,961 12,403 Other liabilities 21,538 14,102 Total CUSA net equity $ 24,547 $ 32,104 Memo: Total debt $ 14,831 $ 7,133

Operating Segments and Geogra_2

Operating Segments and Geographic Data (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Earnings	Earnings by major operating area for the three-month periods ended March 31, 2021 and 2020, are presented in the following table: Three Months Ended 2021 2020 Segment Earnings (Millions of dollars) Upstream United States $ 941 $ 241 International 1,409 2,679 Total Upstream 2,350 2,920 Downstream United States (130) 450 International 135 653 Total Downstream 5 1,103 Total Segment Earnings 2,355 4,023 All Other Interest expense (184) (154) Interest income 8 23 Other (802) (293) Net Income Attributable to Chevron Corporation $ 1,377 $ 3,599
Segment Assets	Segment assets at March 31, 2021, and December 31, 2020, are as follows: At March 31, At December 31, Segment Assets (Millions of dollars) Upstream United States $ 42,093 $ 42,431 International 143,420 144,476 Goodwill 4,402 4,402 Total Upstream 189,915 191,309 Downstream United States 24,464 23,490 International 17,018 16,096 Total Downstream 41,482 39,586 Total Segment Assets 231,397 230,895 All Other United States 3,717 4,017 International 6,531 4,878 Total All Other 10,248 8,895 Total Assets — United States 70,274 69,938 Total Assets — International 166,969 165,450 Goodwill 4,402 4,402 Total Assets $ 241,645 $ 239,790
Segment Sales and Other Operating Revenues	Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three-month periods ended March 31, 2021 and 2020, 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 2021 2020 Sales and Other Operating Revenues (Millions of dollars) Upstream United States $ 5,791 $ 4,466 International 8,790 9,013 Subtotal 14,581 13,479 Intersegment Elimination — United States (2,855) (2,812) Intersegment Elimination — International (2,375) (2,541) Total Upstream 9,351 8,126 Downstream United States 10,854 11,186 International 11,582 12,173 Subtotal 22,436 23,359 Intersegment Elimination — United States (466) (1,260) Intersegment Elimination — International (269) (585) Total Downstream 21,701 21,514 All Other United States 24 210 International — 2 Subtotal 24 212 Intersegment Elimination — United States — (145) Intersegment Elimination — International — (2) Total All Other 24 65 Sales and Other Operating Revenues United States 16,669 15,862 International 20,372 21,188 Subtotal 37,041 37,050 Intersegment Elimination — United States (3,321) (4,217) Intersegment Elimination — International (2,644) (3,128) Total Sales and Other Operating Revenues $ 31,076 $ 29,705

Employee Benefits (Tables)

Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit costs for 2021 and 2020 are as follows: Three Months Ended 2021 2020 (Millions of dollars) Pension Benefits United States Service cost $ 117 $ 124 Interest cost 55 88 Expected return on plan assets (149) (162) Amortization of prior service costs (credits) 1 1 Amortization of actuarial losses (gains) 104 96 Settlement losses 317 60 Total United States 445 207 International Service cost 34 32 Interest cost 33 43 Expected return on plan assets (46) (52) Amortization of prior service costs (credits) 2 2 Amortization of actuarial losses (gains) 10 10 Settlement losses — — Total International 33 35 Net Periodic Pension Benefit Costs $ 478 $ 242 Other Benefits* Service cost $ 11 $ 9 Interest cost 13 18 Amortization of prior service costs (credits) (7) (6) Amortization of actuarial losses (gains) 4 — Net Periodic Other Benefit Costs $ 21 $ 21 ___________________________________

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Losses (Tables)	3 Months Ended
	Mar. 31, 2021
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 three months ended March 31, 2021 and 2020 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 Defined Benefit Plans Total Balance at December 31, 2019 $ (142) $ (8) $ (4,840) $ (4,990) Components of Other Comprehensive Income (Loss): Before Reclassifications (19) (3) 2 (20) Reclassifications — — 126 126 Net Other Comprehensive Income (Loss) (19) (3) 128 106 Balance at March 31, 2020 $ (161) $ (11) $ (4,712) $ (4,884) Balance at December 31, 2020 $ (107) $ (10) $ (5,495) $ (5,612) Components of Other Comprehensive Income (Loss): Before Reclassifications (19) (3) 715 693 Reclassifications (2) — — 333 333 Net Other Comprehensive Income (Loss) (19) (3) 1,048 1,026 Balance at March 31, 2021 $ (126) $ (13) $ (4,447) $ (4,586) ______ ___________________________________________________________________________________ (1) All amounts are net of tax. (2) Refer to Note 7 , Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $431 million that are included in employee benefit costs for the three months ended March 31, 2021. Related income taxes for the same period, totaling $98 million, are reflected in “Income Tax Expense” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, and December 31, 2020, is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis (Millions of dollars) At March 31, 2021 At December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable Securities $ 32 $ 32 $ — $ — $ 31 $ 31 $ — $ — Derivatives - not designated 51 18 33 — 74 37 37 — Total Assets at Fair Value $ 83 $ 50 $ 33 $ — $ 105 $ 68 $ 37 $ — Derivatives - not designated 133 86 47 — 173 58 115 — Total Liabilities at Fair Value $ 133 $ 86 $ 47 $ — $ 173 $ 58 $ 115 $ —
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 March 31, 2021, is as follows: Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Millions of dollars) At March 31, 2021 Before- Tax Loss Total Level 1 Level 2 Level 3 Properties, plant and equipment, net (held and used) $ — $ — $ — $ — $ — Properties, plant and equipment, net (held for sale) — — — — — Investments and advances 15 — — 15 10 Total Assets at Fair Value $ 15 $ — $ — $ 15 $ 10

Financial and Derivative Inst_2

Financial and Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, and December 31, 2020, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: Consolidated Balance Sheet: Fair Value of Derivatives (Millions of dollars) Type of Balance Sheet Classification At March 31, At December 31, Commodity Accounts and notes receivable, net $ 47 $ 73 Commodity Long-term receivables, net 4 1 Total Assets at Fair Value $ 51 $ 74 Commodity Accounts payable $ 131 $ 172 Commodity Deferred credits and other noncurrent obligations 2 1 Total Liabilities at Fair Value $ 133 $ 173
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments	Consolidated Statement of Income: The Effect of Derivatives (Millions of dollars) Type of Gain / (Loss) Contract Statement of Income Classification 2021 2020 Commodity Sales and other operating revenues $ (274) $ 461 Commodity Purchased crude oil and products (3) (4) Commodity Other income (39) — $ (316) $ 457
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 March 31, 2021, and December 31, 2020. 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 March 31, 2021 Derivative Assets - not designated $ 1,186 $ 1,135 $ 51 $ — $ 51 Derivative Liabilities - not designated $ 1,268 $ 1,135 $ 133 $ — $ 133 At December 31, 2020 Derivative Assets - not designated $ 818 $ 744 $ 74 $ — $ 74 Derivative Liabilities - not designated $ 917 $ 744 $ 173 $ — $ 173
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 March 31, 2021, and December 31, 2020. 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 March 31, 2021 Derivative Assets - not designated $ 1,186 $ 1,135 $ 51 $ — $ 51 Derivative Liabilities - not designated $ 1,268 $ 1,135 $ 133 $ — $ 133 At December 31, 2020 Derivative Assets - not designated $ 818 $ 744 $ 74 $ — $ 74 Derivative Liabilities - not designated $ 917 $ 744 $ 173 $ — $ 173

Restructuring and Reorganizat_2

Restructuring and Reorganization Costs (Tables)	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	Amounts Before Tax (Millions of dollars) Balance at January 1, 2021 $ 470 Accruals/Adjustments — Payments (272) Balance at March 31, 2021 $ 198

Information Relating to the C_3

Information Relating to the Consolidated Statement of Cash Flows - Summary of Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates	$ 420	$ 326
(Income) loss from equity affiliates	(911)	(965)
Distributions more (less) than income from equity affiliates	(491)	(639)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	(2,827)	2,986
Decrease (increase) in inventories	51	(733)
Decrease (increase) in prepaid expenses and other current assets	(102)	120
Increase (decrease) in accounts payable and accrued liabilities	1,599	(3,268)
Increase (decrease) in income and other taxes payable	377	(201)
Net decrease (increase) in operating working capital	(902)	(1,096)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	70	106
Income taxes	629	981
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	147	363
Returns of investment from equity affiliates	11	11
Proceeds and deposits related to asset sales and returns of investment	158	374
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	(1)	0
Marketable securities sold	1	0
Net sales (purchases) of marketable securities	0	0
Net repayment (borrowing) of loans by equity affiliates:
Borrowing of loans by equity affiliates	0	(425)
Repayment of loans by equity affiliates	25	26
Net repayment (borrowing) of loans by equity affiliates	25	(399)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	2,872	4,952
Repayments of short-term obligations	(1,792)	(1,010)
Net borrowings (repayments) of short-term obligations with three months or less maturity	157	4,225
Net borrowings (repayments) of short-term obligations	1,237	8,167
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans	273	178
Shares purchased under share repurchase and deferred compensation plans	(6)	(1,751)
Net sales (purchases) of treasury shares	267	(1,573)
Capital expenditures
Additions to properties, plant and equipment	1,631	3,071
Additions to investments	109	13
Current-year dry hole expenditures	4	49
Payments for other assets and liabilities, net	2	0
Capital expenditures	1,746	3,133
Expensed exploration expenditures	82	108
Assets acquired through finance lease obligations and other financing obligations	0	0
Payments for other assets and liabilities, net	(2)	0
Capital and exploratory expenditures, excluding equity affiliates	1,826	3,241
Company's share of expenditures by equity affiliates	678	1,183
Capital and exploratory expenditures, including equity affiliates	$ 2,504	$ 4,424

Information Relating to the C_4

Information Relating to the Consolidated Statement of Cash Flows - Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Dividends paid (in dollars per share)	$ 1.29	$ 1.29

Information Relating to the C_5

Information Relating to the Consolidated Statement of Cash Flows - Cash Balances (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 7,076	$ 5,596	$ 8,492	$ 5,686
Restricted cash included in “Prepaid expenses and other current assets”	412	365	434	452
Restricted cash included in “Deferred charges and other assets”	776	776	764	773
Total Cash, Cash Equivalents and Restricted Cash	$ 8,264	$ 6,737	$ 9,690	$ 6,911

Summarized Financial Data - T_3

Summarized Financial Data - Tengizchevroil LLP (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Affiliate Statements Captions [Line Items]
Sales and other operating revenues	$ 31,076	$ 29,705
Net Income (Loss)	$ 1,398	3,581
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Sales and other operating revenues	$ 3,431	3,296
Costs and other deductions	1,856	1,957
Net Income (Loss)	$ 1,012	$ 938
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Equity ownership, percentage	50.00%

Summarized Financial Data - C_5

Summarized Financial Data - Chevron Phillips Chemical Company LLC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Summarized Financial Data - Chevron Transport Corporation
Sales and other operating revenues	$ 31,076	$ 29,705
Costs and other deductions	29,852	27,356
Net income attributable to equity method investee	1,377	3,599
Oil and Gas
Summarized Financial Data - Chevron Transport Corporation
Sales and other operating revenues	$ 31,076	29,705
Chevron Phillips Chemical Company LLC
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Summarized Financial Data - Chevron Transport Corporation
Costs and other deductions	$ 2,553	1,812
Net income attributable to equity method investee	304	337
Chevron Phillips Chemical Company LLC | Oil and Gas
Summarized Financial Data - Chevron Transport Corporation
Sales and other operating revenues	$ 2,748	$ 2,195
Chevron Phillips Chemical Company LLC
Affiliate Statements Captions [Line Items]
Equity method investment, ownership percentage	50.00%

Summarized Financial Data - C_6

Summarized Financial Data - Chevron U.S.A. Inc. - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales and other operating revenues	$ 31,076	$ 29,705
Costs and other deductions	29,852	27,356
Net income attributable to equity method investee	1,377	3,599
Chevron U.S.A. Inc.
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales and other operating revenues	23,479	22,039
Costs and other deductions	23,322	21,281
Net income attributable to equity method investee	$ 257	$ 860

Summarized Financial Data - C_7

Summarized Financial Data - Chevron U.S.A. Inc. - Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Subsidiary Statements Captions [Line Items]
Current assets	$ 30,433	$ 26,078
Current liabilities	27,480	22,183
Total CUSA net equity	132,933	132,726	$ 144,914	$ 145,208
Chevron U.S.A. Inc.
Subsidiary Statements Captions [Line Items]
Current assets	17,492	10,555
Other assets	47,554	48,054
Current liabilities	18,961	12,403
Other liabilities	21,538	14,102
Total CUSA net equity	24,547	32,104
Memo: Total debt	$ 14,831	$ 7,133

Operating Segments and Geogra_3

Operating Segments and Geographic Data - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021segment
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
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	$ 1,377	$ 3,599
Operating Segments
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	2,355	4,023
Operating Segments | Upstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	2,350	2,920
Operating Segments | Upstream | United States
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	941	241
Operating Segments | Upstream | International
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	1,409	2,679
Operating Segments | Downstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	5	1,103
Operating Segments | Downstream | United States
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(130)	450
Operating Segments | Downstream | International
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	135	653
All Other
Segment Reporting Information [Line Items]
Interest expense	(184)	(154)
Interest income	8	23
Other	$ (802)	$ (293)

Operating Segments and Geogra_5

Operating Segments and Geographic Data - Segment Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Segment Assets
Assets	$ 241,645	$ 239,790
Goodwill	4,402	4,402
United States
Segment Assets
Assets	70,274	69,938
International
Segment Assets
Assets	166,969	165,450
Operating Segments
Segment Assets
Assets	231,397	230,895
Operating Segments | Upstream
Segment Assets
Assets	189,915	191,309
Goodwill	4,402	4,402
Operating Segments | Upstream | United States
Segment Assets
Assets	42,093	42,431
Operating Segments | Upstream | International
Segment Assets
Assets	143,420	144,476
Operating Segments | Downstream
Segment Assets
Assets	41,482	39,586
Operating Segments | Downstream | United States
Segment Assets
Assets	24,464	23,490
Operating Segments | Downstream | International
Segment Assets
Assets	17,018	16,096
All Other
Segment Assets
Assets	10,248	8,895
All Other | United States
Segment Assets
Assets	3,717	4,017
All Other | International
Segment Assets
Assets	$ 6,531	$ 4,878

Operating Segments and Geogra_6

Operating Segments and Geographic Data - Segment Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 31,076	$ 29,705
Oil and Gas
Segment Reporting Information [Line Items]
Sales and other operating revenues	31,076	29,705
Oil and Gas | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	37,041	37,050
Oil and Gas | All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	24	212
Oil and Gas | Total All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	24	65
Oil and Gas | United States | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	16,669	15,862
Oil and Gas | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	(145)
Oil and Gas | United States | All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	24	210
Oil and Gas | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(3,321)	(4,217)
Oil and Gas | International | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	20,372	21,188
Oil and Gas | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	(2)
Oil and Gas | International | All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	2
Oil and Gas | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(2,644)	(3,128)
Oil and Gas | Upstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	9,351	8,126
Oil and Gas | Upstream | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	14,581	13,479
Oil and Gas | Upstream | United States | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	5,791	4,466
Oil and Gas | Upstream | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(2,855)	(2,812)
Oil and Gas | Upstream | International | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	8,790	9,013
Oil and Gas | Upstream | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(2,375)	(2,541)
Oil and Gas | Downstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	21,701	21,514
Oil and Gas | Downstream | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	22,436	23,359
Oil and Gas | Downstream | United States | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	10,854	11,186
Oil and Gas | Downstream | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(466)	(1,260)
Oil and Gas | Downstream | International | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	11,582	12,173
Oil and Gas | Downstream | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ (269)	$ (585)

Employee Benefits - Additional

Employee Benefits - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Defined Benefit Plan Disclosure [Line Items]
Pre-Medicare company contribution for retiree medical coverage, maximum percent	4.00%
Contribution to other post retirement plans	$ 46
Defined benefit plan, expected contributions during the remaining of fiscal year	1,250
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer to employee pension plan	331
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer to employee pension plan	291
Defined benefit plan, expected contributions during the remaining of fiscal year	1,050
Pension Benefits | International
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions during the remaining of fiscal year	200
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions during the remaining of fiscal year	$ 107

Employee Benefits - Costs (Deta

Employee Benefits - Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Pension Benefits
Net Periodic Benefit Cost
Net Periodic Other Benefit Costs	$ 478	$ 242
Pension Benefits | United States
Net Periodic Benefit Cost
Service cost	117	124
Interest cost	55	88
Expected return on plan assets	(149)	(162)
Amortization of prior service costs (credits)	1	1
Amortization of actuarial losses (gains)	104	96
Settlement losses	317	60
Net Periodic Other Benefit Costs	445	207
Pension Benefits | International
Net Periodic Benefit Cost
Service cost	34	32
Interest cost	33	43
Expected return on plan assets	(46)	(52)
Amortization of prior service costs (credits)	2	2
Amortization of actuarial losses (gains)	10	10
Settlement losses	0	0
Net Periodic Other Benefit Costs	33	35
Other Benefits
Net Periodic Benefit Cost
Service cost	11	9
Interest cost	13	18
Amortization of prior service costs (credits)	(7)	(6)
Amortization of actuarial losses (gains)	4	0
Net Periodic Other Benefit Costs	$ 21	$ 21

Assets Held For Sale (Details)

Assets Held For Sale (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 1,115	$ 1,101
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 1,120

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 132,726	$ 145,208
Components of Other Comprehensive Income (Loss):
Before Reclassifications	693	(20)
Reclassifications	333	126
Other Comprehensive Gain (Loss), Net of Tax	1,026	106
Ending balance	132,933	144,914
Related income taxes	779	564
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(5,612)	(4,990)
Components of Other Comprehensive Income (Loss):
Other Comprehensive Gain (Loss), Net of Tax	1,026	106
Ending balance	(4,586)	(4,884)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(107)	(142)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(19)	(19)
Reclassifications	0	0
Other Comprehensive Gain (Loss), Net of Tax	(19)	(19)
Ending balance	(126)	(161)
Unrealized Holding Gains (Losses) on Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(10)	(8)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(3)	(3)
Reclassifications	0	0
Other Comprehensive Gain (Loss), Net of Tax	(3)	(3)
Ending balance	(13)	(11)
Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(5,495)	(4,840)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	715	2
Reclassifications	333	126
Other Comprehensive Gain (Loss), Net of Tax	1,048	128
Ending balance	(4,447)	$ (4,712)
Defined Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income
Components of Other Comprehensive Income (Loss):
Employee Benefits for reclassified components	431
Related income taxes	$ 98

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 779	$ 564
Decrease in income before income tax expense	1,970
Income (loss) before income tax expense	$ 2,177	$ 4,145
Effective tax rates	36.00%	14.00%

Litigation (Details)

Litigation (Details) - Pending Litigation $ in Millions	1 Months Ended
	Feb. 28, 2011USD ($)	Mar. 31, 2021legal_matter
MTBE
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims) | legal_matter		6
Ecuador
Loss Contingencies [Line Items]
Amount assessed in damages | $	$ 9,500

Other Contingencies and Commi_2

Other Contingencies and Commitments (Details)	Mar. 31, 2021legal_matter	Dec. 31, 2009USD ($)
Commitments and Contingencies Disclosure [Abstract]
Indemnifications acquirer environmental liabilities max obligation | $		$ 200,000,000
Louisiana | All Companies Served With Claim
Reserve Quantities [Line Items]
Pending lawsuits and claims (in number of claims)	43
Louisiana | Chevron U.S.A. Inc.
Reserve Quantities [Line Items]
Pending lawsuits and claims (in number of claims)	39

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities at Fair Value, Recurring (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives - not designated	$ 51	$ 74
Derivatives - not designated	133	173
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Total Assets at Fair Value	15
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable Securities	32	31
Total Assets at Fair Value	83	105
Total Liabilities at Fair Value	133	173
Recurring Basis | Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives - not designated	51	74
Derivatives - not designated	133	173
Recurring Basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable Securities	32	31
Total Assets at Fair Value	50	68
Total Liabilities at Fair Value	86	58
Recurring Basis | Level 1 | Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives - not designated	18	37
Derivatives - not designated	86	58
Recurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable Securities	0	0
Total Assets at Fair Value	33	37
Total Liabilities at Fair Value	47	115
Recurring Basis | Level 2 | Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives - not designated	33	37
Derivatives - not designated	47	115
Recurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable Securities	0	0
Total Assets at Fair Value	0	0
Total Liabilities at Fair Value	0	0
Recurring Basis | Level 3 | Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives - not designated	0	0
Derivatives - not designated	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 7,100	$ 5,600
Restricted cash	1,200	1,100
Level 1 | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	28,900
Level 2 | Other Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	2,200
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	15
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net carrying value	28,700	30,800
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net carrying value	$ 31,100	$ 34,400
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) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets at Fair Value	$ 15
Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	0
Properties, plant and equipment, net (held for sale)	0
Investments and advances	15
Total Assets at Fair Value	15
Properties, plant and equipment, net (held and used), Before-Tax Loss	0
Properties, plant and equipment, net (held for sale), Before-Tax Loss	0
Investments and advances, Before-Tax Loss	10
Total Assets at Fair Value, Before-Tax Loss	10
Nonrecurring Basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	0
Properties, plant and equipment, net (held for sale)	0
Investments and advances	0
Total Assets at Fair Value	0
Nonrecurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	0
Properties, plant and equipment, net (held for sale)	0
Investments and advances	0
Total Assets at Fair Value	0
Nonrecurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	0
Properties, plant and equipment, net (held for sale)	0
Investments and advances	15
Total Assets at Fair Value	$ 15

Financial and Derivative Inst_3

Financial and Derivative Instruments - Fair Value of Derivatives (Details) - Commodity - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	$ 51	$ 74
Total Liabilities at Fair Value	133	173
Accounts and notes receivable, net
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	47	73
Long-term receivables, net
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	4	1
Accounts payable
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Liabilities at Fair Value	131	172
Deferred credits and other noncurrent obligations
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Liabilities at Fair Value	$ 2	$ 1

Financial and Derivative Inst_4

Financial and Derivative Instruments - Effect of Derivatives (Details) - Commodity - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (316)	$ 457
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	(274)	461
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	(3)	(4)
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	$ (39)	$ 0

Financial and Derivative Inst_5

Financial and Derivative Instruments - Effect of Netting Derivative Assets and Liabilities (Details) - Not Designated - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Offsetting Assets [Abstract]
Derivative Assets, Gross Amount Recognized	$ 1,186	$ 818
Derivative Assets, Gross Amounts Offset	1,135	744
Derivative Assets, Net Amounts Presented	51	74
Derivative Assets, Gross Amounts Not Offset	0	0
Derivative Assets, Net Amounts Presented	51	74
Offsetting Liabilities [Abstract]
Derivative Liabilities, Gross Amount Recognized	1,268	917
Derivative Liabilities, Gross Amounts Offset	1,135	744
Derivative Liabilities, Net Amounts Presented	133	173
Derivative Liabilities, Gross Amounts Not Offset	0	0
Derivative Liabilities, Net Amounts Presented	$ 133	$ 173

Revenue (Details)

Revenue (Details) - USD ($) $ in Billions	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Receivables	$ 10.1	$ 7.6

Financial Instruments - Credi_2

Financial Instruments - Credit Losses (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Allowance for credit loss	$ 701	$ 671
Trade receivable	12,200
Non-trade receivable	3,200
Investments and Advances
Related Party Transaction [Line Items]
Allowance for credit loss	$ 560

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Feb. 28, 2021	Jan. 06, 2021
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 14,000,000
Notes Payable
Debt Instrument [Line Items]
Debt instrument, face amount			$ 5,697,000,000
Debt outstanding			103,000,000
Notes Payable | Prior Noble Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 5,697,000,000
Unsecured Debt | Debentures Due 2097
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		7.25%

Restructuring and Reorganizat_3

Restructuring and Reorganization Costs (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Restructuring Reserve [Roll Forward]
Balance at January 1, 2021	$ 470
Accruals/Adjustments	0
Payments	(272)
Balance at March 31, 2021	$ 198