Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 10, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-00368 | ||
Entity Registrant Name | Chevron Corp | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 94-0890210 | ||
Entity Address, Address Line One | 6001 Bollinger Canyon Road | ||
Entity Address, City or Town | San Ramon, | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94583-2324 | ||
City Area Code | 925 | ||
Local Phone Number | 842-1000 | ||
Title of 12(b) Security | Common stock, par value $.75 per share | ||
Trading Symbol | CVX | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 202.5 | ||
Entity Common Stock, Shares Outstanding | 1,947,553,346 | ||
Documents Incorporated by Reference | Notice of the 2022 Annual Meeting and 2022 Proxy Statement, to be filed pursuant to Rule 14a-6(b) under the Securities Exchange Act of 1934, in connection with the company’s 2022 Annual Meeting of Stockholders (in Part III) | ||
Entity Central Index Key | 0000093410 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | San Francisco, California |
Auditor Firm ID | 238 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues and Other Income | |||
Sales and other operating revenues | $ 155,606 | $ 94,471 | $ 139,865 |
Income (loss) from equity affiliates | 5,657 | (472) | 3,968 |
Other income | 1,202 | 693 | 2,683 |
Total Revenues and Other Income | 162,465 | 94,692 | 146,516 |
Costs and Other Deductions | |||
Purchased crude oil and products | 89,372 | 50,488 | 80,113 |
Operating expenses | 20,726 | 20,323 | 21,385 |
Selling, general and administrative expenses | 4,014 | 4,213 | 4,143 |
Exploration expenses | 549 | 1,537 | 770 |
Depreciation, depletion and amortization | 17,925 | 19,508 | 29,218 |
Taxes other than on income | 6,840 | 4,499 | 4,136 |
Interest and debt expense | 712 | 697 | 798 |
Other components of net periodic benefit costs | 688 | 880 | 417 |
Total Costs and Other Deductions | 140,826 | 102,145 | 140,980 |
Income (Loss) Before Income Tax Expense | 21,639 | (7,453) | 5,536 |
Income Tax Expense (Benefit) | 5,950 | (1,892) | 2,691 |
Net Income (Loss) | 15,689 | (5,561) | 2,845 |
Less: Net income (loss) attributable to noncontrolling interests | 64 | (18) | (79) |
Net Income (Loss) Attributable to Chevron Corporation | $ 15,625 | $ (5,543) | $ 2,924 |
Net Income (Loss) Attributable to Chevron Corporation | |||
– Basic (in dollars per share) | $ 8.15 | $ (2.96) | $ 1.55 |
– Diluted (in dollars per share) | $ 8.14 | $ (2.96) | $ 1.54 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 15,689 | $ (5,561) | $ 2,845 |
Currency translation adjustment | |||
Unrealized net change arising during period | (55) | 35 | (18) |
Unrealized holding gain (loss) on securities | |||
Net gain (loss) arising during period | (1) | (2) | 2 |
Derivatives | |||
Net derivatives loss on hedge transactions | (6) | 0 | (1) |
Reclassification to net income | 6 | 0 | 0 |
Income taxes on derivatives transactions | 0 | 0 | 3 |
Total | 0 | 0 | 2 |
Actuarial gain (loss) | |||
Amortization to net income of net actuarial loss and settlements | 1,069 | 1,107 | 519 |
Actuarial gain (loss) arising during period | 1,244 | (2,004) | (2,404) |
Prior service credits (cost) | |||
Amortization to net income of net prior service costs and curtailments | (14) | (23) | 4 |
Prior service (costs) credits arising during period | 0 | 0 | (28) |
Defined benefit plans sponsored by equity affiliates - benefit (cost) | 127 | (104) | (33) |
Income tax benefit (cost) on defined benefit plans | (647) | 369 | 510 |
Total | 1,779 | (655) | (1,432) |
Other Comprehensive Gain (Loss), Net of Tax | 1,723 | (622) | (1,446) |
Comprehensive Income | 17,412 | (6,183) | 1,399 |
Comprehensive loss (income) attributable to noncontrolling interests | (64) | 18 | 79 |
Comprehensive Income (Loss) Attributable to Chevron Corporation | $ 17,348 | $ (6,165) | $ 1,478 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and cash equivalents | $ 5,640 | $ 5,596 | |
Marketable securities | 35 | 31 | |
Accounts and notes receivable (less allowance: 2021 - $303; 2020 - $284) | 18,419 | 11,471 | |
Inventories: | |||
Crude oil and petroleum products | 4,248 | 3,576 | |
Chemicals | 565 | 457 | |
Materials, supplies and other | 1,492 | 1,643 | |
Total inventories | 6,305 | 5,676 | |
Prepaid expenses and other current assets | 3,339 | 3,304 | |
Total Current Assets | 33,738 | 26,078 | |
Long-term receivables, net (less allowances: 2021 - $442; 2020 - $387) | 603 | 589 | |
Investments and advances | 40,696 | 39,052 | |
Properties, plant and equipment, at cost | 336,045 | 345,232 | |
Less: Accumulated depreciation, depletion and amortization | 189,084 | 188,614 | |
Properties, plant and equipment, net | 146,961 | 156,618 | |
Deferred charges and other assets | 12,384 | 11,950 | |
Goodwill | 4,385 | 4,402 | |
Assets held for sale | 768 | 1,101 | |
Total Assets | 239,535 | 239,790 | |
Liabilities and Equity | |||
Short-term debt | 256 | 1,548 | |
Accounts payable | 16,454 | 10,950 | |
Accrued liabilities | 6,972 | 7,812 | |
Federal and other taxes on income | 1,700 | 921 | |
Other taxes payable | 1,409 | 952 | |
Total Current Liabilities | 26,791 | 22,183 | |
Long-term debt | [1] | 31,113 | 42,767 |
Deferred credits and other noncurrent obligations | 20,778 | 20,328 | |
Noncurrent deferred income taxes | 14,665 | 12,569 | |
Noncurrent employee benefit plans | 6,248 | 9,217 | |
Total Liabilities | [2] | 99,595 | 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 December 31,2021 and 2020) | 1,832 | 1,832 | |
Capital in excess of par value | 17,282 | 16,829 | |
Retained earnings | 165,546 | 160,377 | |
Accumulated other comprehensive losses | (3,889) | (5,612) | |
Deferred compensation and benefit plan trust | (240) | (240) | |
Treasury stock, at cost (2021 - 512,870,523 shares; 2020 - 517,490,263 shares) | (41,464) | (41,498) | |
Total Chevron Corporation Stockholders’ Equity | 139,067 | 131,688 | |
Noncontrolling interests (includes redeemable noncontrolling interest of $135 and $120 at December 31, 2021 and 2020) | 873 | 1,038 | |
Total Equity | 139,940 | 132,726 | |
Total Liabilities and Equity | $ 239,535 | $ 239,790 | |
[1] | Includes finance lease liabilities of $449 and $447 at December 31, 2021 and 2020, respectively. | ||
[2] | Refer to Note 24 Other Contingencies and Commitments . |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts and notes receivable, current | $ 303 | $ 284 |
Allowance for long-term receivables, noncurrent | $ 442 | $ 387 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, par value (usd per share) | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 6,000,000,000 | 6,000,000,000 |
Common stock, par value (usd per share) | $ 0.75 | $ 0.75 |
Common stock, shares issued (in shares) | 2,442,676,580 | 2,442,676,580 |
Treasury stock, shares (in shares) | 512,870,523 | 517,490,263 |
Redeemable mezzanine equity | $ 135 | $ 120 |
Finance lease liabilities | $ 449 | $ 447 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net Income (Loss) | $ 15,689 | $ (5,561) | $ 2,845 |
Adjustments | |||
Depreciation, depletion and amortization | 17,925 | 19,508 | 29,218 |
Dry hole expense | 118 | 1,036 | 172 |
Distributions more (less) than income from equity affiliates | (1,998) | 2,015 | (2,073) |
Net before-tax gains on asset retirements and sales | (1,021) | (760) | (1,367) |
Net foreign currency effects | (7) | 619 | 272 |
Deferred income tax provision | 700 | (3,604) | (1,966) |
Net decrease (increase) in operating working capital | (1,361) | (1,652) | 1,494 |
Decrease (increase) in long-term receivables | 21 | 296 | 502 |
Net decrease (increase) in other deferred charges | (320) | (248) | (69) |
Cash contributions to employee pension plans | (1,751) | (1,213) | (1,362) |
Other | 1,192 | 141 | (352) |
Net Cash Provided by Operating Activities | 29,187 | 10,577 | 27,314 |
Investing Activities | |||
Cash acquired from Noble Energy, Inc. | 0 | 373 | 0 |
Capital expenditures | (8,056) | (8,922) | (14,116) |
Proceeds and deposits related to asset sales and returns of investment | 1,791 | 2,968 | 2,951 |
Net maturities of (investments in) time deposits | 0 | 0 | 950 |
Net sales (purchases) of marketable securities | (1) | 35 | 2 |
Net repayment (borrowing) of loans by equity affiliates | 401 | (1,419) | (1,245) |
Net Cash Used for Investing Activities | (5,865) | (6,965) | (11,458) |
Financing Activities | |||
Net borrowings (repayments) of short-term obligations | (5,572) | 651 | (2,821) |
Proceeds from issuances of long-term debt | 0 | 12,308 | 0 |
Repayments of long-term debt and other financing obligations | (7,364) | (5,489) | (5,025) |
Cash dividends - common stock | (10,179) | (9,651) | (8,959) |
Net contributions from (distributions to) noncontrolling interests | (36) | (24) | (18) |
Net sales (purchases) of treasury shares | 38 | (1,531) | (2,935) |
Net Cash Provided by (Used for) Financing Activities | (23,113) | (3,736) | (19,758) |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (151) | (50) | 332 |
Net Change in Cash, Cash Equivalents and Restricted Cash | 58 | (174) | (3,570) |
Cash, Cash Equivalents and Restricted Cash at January 1 | 6,737 | 6,911 | 10,481 |
Cash, Cash Equivalents and Restricted Cash at December 31 | $ 6,795 | $ 6,737 | $ 6,911 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) $ in Millions | Total | Noble | Chevron Corp. Stockholders' Equity | Chevron Corp. Stockholders' EquityNoble | Common Stock | [1] | Common StockNoble | [1] | Retained Earnings | Retained EarningsNoble | Acc. Other Comprehensive Income (Loss) | Treasury Stock (at cost) | Treasury Stock (at cost)Noble | Noncontrolling Interests | Noncontrolling InterestsNoble | |
Balance at January 1 at Dec. 31, 2018 | $ 155,642 | $ 154,554 | $ 18,704 | $ 180,987 | $ (3,544) | $ (41,593) | $ 1,088 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Treasury stock transactions | 153 | 153 | 153 | |||||||||||||
Net income (loss) | 2,845 | 2,924 | 2,924 | (79) | ||||||||||||
Cash dividends | (8,977) | (8,959) | (8,959) | (18) | ||||||||||||
Stock dividends | (3) | (3) | (3) | |||||||||||||
Other comprehensive income | (1,446) | (1,446) | (1,446) | |||||||||||||
Purchases of treasury shares | (4,039) | (4,039) | (4,039) | |||||||||||||
Issuances of treasury shares | 1,033 | 1,033 | 1,033 | |||||||||||||
Other changes, net | 0 | (4) | (4) | 0 | 4 | |||||||||||
Balance at December 31 at Dec. 31, 2019 | $ 145,208 | 144,213 | 18,857 | 174,945 | (4,990) | (44,599) | 995 | |||||||||
Beginning balance, shares issued (in shares) at Dec. 31, 2018 | [2] | 2,442,676,580 | ||||||||||||||
Beginning balance, treasury shares (in shares) at Dec. 31, 2018 | (539,838,890) | |||||||||||||||
Beginning balance, shares outstanding (in shares) at Dec. 31, 2018 | 1,902,837,690 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Purchases (in shares) | (33,955,300) | |||||||||||||||
Issuances (in shares) | 13,285,711 | |||||||||||||||
Ending balance, shares issued (in shares) at Dec. 31, 2019 | [2] | 2,442,676,580 | ||||||||||||||
Ending balance, treasury shares (in shares) at Dec. 31, 2019 | (560,508,479) | |||||||||||||||
Ending balance, shares outstanding (in shares) at Dec. 31, 2019 | 1,882,168,101 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Treasury stock transactions | $ 84 | 84 | 84 | |||||||||||||
Acquisitions | [3] | $ 4,888 | $ 4,109 | $ (520) | $ 4,629 | $ 779 | ||||||||||
Net income (loss) | (5,561) | (5,543) | (5,543) | (18) | ||||||||||||
Cash dividends | (9,675) | (9,651) | (9,651) | (24) | ||||||||||||
Stock dividends | (5) | (5) | (5) | |||||||||||||
Other comprehensive income | (622) | (622) | (622) | |||||||||||||
Purchases of treasury shares | (1,757) | (1,757) | (1,757) | |||||||||||||
Issuances of treasury shares | 229 | 229 | 229 | |||||||||||||
Other changes, net | (63) | 631 | 631 | (694) | ||||||||||||
Balance at December 31 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] | ||||||||||||||||
Purchases (in shares) | (17,577,457) | |||||||||||||||
Issuances (in shares) | 60,595,673 | |||||||||||||||
Ending balance, shares issued (in shares) at Dec. 31, 2020 | [2] | 2,442,676,580 | ||||||||||||||
Ending balance, treasury shares (in shares) at Dec. 31, 2020 | (517,490,263) | |||||||||||||||
Ending balance, shares outstanding (in shares) at Dec. 31, 2020 | 1,925,186,317 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Treasury stock transactions | $ 315 | 315 | 315 | |||||||||||||
Acquisitions | $ 46 | $ 367 | $ 138 | $ (148) | $ 377 | $ (321) | ||||||||||
Net income (loss) | 15,689 | 15,625 | 15,625 | 64 | ||||||||||||
Cash dividends | (10,232) | (10,179) | (10,179) | (53) | ||||||||||||
Stock dividends | (3) | (3) | (3) | |||||||||||||
Other comprehensive income | 1,723 | 1,723 | 1,723 | |||||||||||||
Purchases of treasury shares | (1,383) | (1,383) | (1,383) | |||||||||||||
Issuances of treasury shares | 1,040 | 1,040 | 1,040 | |||||||||||||
Other changes, net | 19 | (126) | (126) | 145 | ||||||||||||
Balance at December 31 at Dec. 31, 2021 | $ 139,940 | $ 139,067 | $ 18,874 | $ 165,546 | $ (3,889) | $ (41,464) | $ 873 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Purchases (in shares) | (13,015,737) | |||||||||||||||
Issuances (in shares) | 17,635,477 | |||||||||||||||
Ending balance, shares issued (in shares) at Dec. 31, 2021 | [2] | 2,442,676,580 | ||||||||||||||
Ending balance, treasury shares (in shares) at Dec. 31, 2021 | (512,870,523) | |||||||||||||||
Ending balance, shares outstanding (in shares) at Dec. 31, 2021 | 1,929,806,057 | |||||||||||||||
[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. | |||||||||||||||
[3] | Includes $120 redeemable noncontrolling interest. |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends (in dollars per share) | $ 5.31 | $ 5.16 | $ 4.76 |
Common stock issued at par | $ 1,832 | $ 1,832 | $ 1,832 |
Benefit Plan Trust | $ (240) | $ (240) | $ (240) |
Number of Chevron treasury stocks held in benefit plan trust for funding obligations (in shares) | 14,168,000 | 14,168,000 | 14,168,000 |
Redeemable mezzanine equity | $ 135 | $ 120 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America. These require the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and judgments, actual results could differ from these estimates as circumstances change and additional information becomes known. Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary companies more than 50 percent-owned and any variable interest entities in which the company is the primary beneficiary. Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis. Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately 20 percent to 50 percent, or for which the company exercises significant influence but not control over policy decisions, are accounted for by the equity method. Investments in affiliates are assessed for possible impairment when events indicate that the fair value of the investment may be below the company’s carrying value. When such a condition is deemed to be other than temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in net income. In making the determination as to whether a decline is other than temporary, the company considers such factors as the duration and extent of the decline, the investee’s financial performance, and the company’s ability and intention to retain its investment for a period that will be sufficient to allow for any anticipated recovery in the investment’s market value. The new cost basis of investments in these equity investees is not changed for subsequent recoveries in fair value. Differences between the company’s carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned to the extent practicable to specific assets and liabilities based on the company’s analysis of the various factors giving rise to the difference. When appropriate, the company’s share of the affiliate’s reported earnings is adjusted quarterly to reflect the difference between these allocated values and the affiliate’s historical book values. Noncontrolling Interests Ownership interests in the company’s subsidiaries held by parties other than the parent are presented separately from the parent’s equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the parent and the noncontrolling interests are both presented on the face of the Consolidated Statement of Income and Consolidated Statement of Equity. Included within noncontrolling interest is redeemable noncontrolling interest. Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or a liability are as follows. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Level 3 inputs are inputs that are not observable in the market. Derivatives The majority of the company’s activity in derivative commodity instruments is intended to manage the financial risk posed by physical transactions. For some of this derivative activity, the company may elect to apply fair value or cash flow hedge accounting with changes in fair value recorded as components of accumulated other comprehensive income (loss). For other similar derivative instruments, generally because of the short-term nature of the contracts or their limited use, the company does not apply hedge accounting, and changes in the fair value of those contracts are reflected in current income. For the company’s commodity trading activity, gains and losses from derivative instruments are reported in current income. The company may enter into interest rate swaps from time to time as part of its overall strategy to manage the interest rate risk on its debt. Interest rate swaps related to a portion of the company’s fixed-rate debt, if any, may be accounted for as fair value hedges. Interest rate swaps related to floating-rate debt, if any, are recorded at fair value on the balance sheet with resulting gains and losses reflected in income. Where Chevron is a party to master netting arrangements, fair value receivable and payable amounts recognized for derivative instruments executed with the same counterparty are generally offset on the balance sheet. Inventories Crude oil, petroleum products and chemicals inventories are generally stated at cost, using a last-in, first-out method. In the aggregate, these costs are below market. “Materials, supplies and other” inventories are primarily stated at cost or net realizable value. Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation (ARO) assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. Refer to Note 21 Accounting for Suspended Exploratory Wells for additional discussion of accounting for suspended exploratory well costs. Long-lived assets to be held and used, including proved crude oil and natural gas properties, are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast or carbon costs), significant change in the extent or manner of use of or a physical change in an asset, and a more-likely-than-not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved crude oil and natural gas properties, the company performs impairment reviews on a country, concession, PSC, development area or field basis, as appropriate. In Downstream, impairment reviews are performed on the basis of a refinery, a plant, a marketing/lubricants area or distribution area, as appropriate. Impairment amounts are recorded as incremental “Depreciation, depletion and amortization” expense. Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the asset is considered impaired and adjusted to the lower value. Refer to Note 9 Fair Value Measurements relating to fair value measurements. The fair value of a liability for an ARO is recorded as an asset and a liability when there is a legal obligation associated with the retirement of a long-lived asset and the amount can be reasonably estimated. Refer also to Note 25 Asset Retirement Obligations relating to AROs. Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using the unit-of-production method, generally by individual field, as the proved developed reserves are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. Impairments of capitalized costs of unproved mineral interests are expensed. The capitalized costs of all other plant and equipment are depreciated or amortized over their estimated useful lives. In general, the declining-balance method is used to depreciate plant and equipment in the United States; the straight-line method is generally used to depreciate international plant and equipment and to amortize finance lease right-of-use assets. Gains or losses are not recognized for normal retirements of properties, plant and equipment subject to composite group amortization or depreciation. Gains or losses from abnormal retirements are recorded as expenses, and from sales as “Other income.” Expenditures for maintenance (including those for planned major maintenance projects), repairs and minor renewals to maintain facilities in operating condition are generally expensed as incurred. Major replacements and renewals are capitalized. Leases Leases are classified as operating or finance leases. Both operating and finance leases recognize lease liabilities and associated right-of-use assets. The company has elected the short-term lease exception and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. The company has elected the practical expedient to not separate non-lease components from lease components for most asset classes except for certain asset classes that have significant non-lease (i.e., service) components. Where leases are used in joint ventures, the company recognizes 100 percent of the right-of-use assets and lease liabilities when the company is the sole signatory for the lease (in most cases, where the company is the operator of a joint venture). Lease costs reflect only the costs associated with the operator’s working interest share. The lease term includes the committed lease term identified in the contract, taking into account renewal and termination options that management is reasonably certain to exercise. The company uses its incremental borrowing rate as a proxy for the discount rate based on the term of the lease unless the implicit rate is available. Goodwill Goodwill resulting from a business combination is not subject to amortization. The company tests such goodwill at the reporting unit level for impairment annually at December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Environmental Expenditures Environmental expenditures that relate to ongoing operations or to conditions caused by past operations are expensed. Expenditures that create future benefits or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments or cleanups or both are probable and the costs can be reasonably estimated. For crude oil, natural gas and mineral-producing properties, a liability for an ARO is made in accordance with accounting standards for asset retirement and environmental obligations. Refer to Note 25 Asset Retirement Obligations for a discussion of the company’s AROs. For U.S. federal Superfund sites and analogous sites under state laws, the company records a liability for its designated share of the probable and estimable costs, and probable amounts for other potentially responsible parties when mandated by the regulatory agencies because the other parties are not able to pay their respective shares. The gross amount of environmental liabilities is based on the company’s best estimate of future costs using currently available technology and applying current regulations and the company’s own internal environmental policies. Future amounts are not discounted. Recoveries or reimbursements are recorded as assets when receipt is reasonably assured. Currency Translation The U.S. dollar is the functional currency for substantially all of the company’s consolidated operations and those of its equity affiliates. For those operations, all gains and losses from currency remeasurement are included in current period income. The cumulative translation effects for those few entities, both consolidated and affiliated, using functional currencies other than the U.S. dollar are included in “Currency translation adjustment” on the Consolidated Statement of Equity. Revenue Recognition The company accounts for each delivery order of crude oil, natural gas, petroleum and chemical products as a separate performance obligation. Revenue is recognized when the performance obligation is satisfied, which typically occurs at the point in time when control of the product transfers to the customer. Payment is generally due within 30 days of delivery. The company accounts for delivery transportation as a fulfillment cost, not a separate performance obligation, and recognizes these costs as an operating expense in the period when revenue for the related commodity is recognized. Revenue is measured as the amount the company expects to receive in exchange for transferring commodities to the customer. The company’s commodity sales are typically based on prevailing market-based prices and may include discounts and allowances. Until market prices become known under terms of the company’s contracts, the transaction price included in revenue is based on the company’s estimate of the most likely outcome. Discounts and allowances are estimated using a combination of historical and recent data trends. When deliveries contain multiple products, an observable standalone selling price is generally used to measure revenue for each product. The company includes estimates in the transaction price only to the extent that a significant reversal of revenue is not probable in subsequent periods. Stock Options and Other Share-Based Compensation The company issues stock options and other share-based compensation to certain employees. For equity awards, such as stock options, total compensation cost is based on the grant date fair value, and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period in which an employee becomes eligible to retain the award at retirement. The company’s Long-Term Incentive Plan (LTIP) awards include stock options and stock appreciation rights, which have graded vesting provisions by which one-third of each award vests on each of the first, second and third anniversaries of the date of grant. In addition, performance shares granted under the company’s LTIP will vest at the end of the three |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Losses | 12 Months Ended |
Dec. 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 year ended December 31, 2021, are reflected in the table below. Currency Translation Adjustments Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total Balance at December 31, 2018 $ (124) $ (10) $ (2) $ (3,408) $ (3,544) Components of Other Comprehensive Income (Loss) 1 : Before Reclassifications (18) 2 (1) (1,838) (1,855) Reclassifications 3 — — 3 406 409 Net Other Comprehensive Income (Loss) (18) 2 2 (1,432) (1,446) Balance at December 31, 2019 $ (142) $ (8) $ — $ (4,840) $ (4,990) Components of Other Comprehensive Income (Loss) 1 : Before Reclassifications 35 (2) — (1,487) (1,454) Reclassifications 3 — — — 832 832 Net Other Comprehensive Income (Loss) 35 (2) — (655) (622) Balance at December 31, 2020 $ (107) $ (10) $ — $ (5,495) $ (5,612) Components of Other Comprehensive Income (Loss) 1 : Before Reclassifications (55) (1) (6) 949 887 Reclassifications 2, 3 — — 6 830 836 Net Other Comprehensive Income (Loss) (55) (1) — 1,779 1,723 Balance at December 31, 2021 $ (162) $ (11) $ — $ (3,716) $ (3,889) 1 All amounts are net of tax. 2 Refer to Note 10 Financial and Derivative Instruments for cash flow hedging. 3 Refer to Note 23 Employee Benefit Plans , for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $1,055 that are included in employee benefit costs for the year ended December 31, 2021. Related income taxes for the same period, totaling $225, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant. |
Information Relating to the Con
Information Relating to the Consolidated Statement of Cash Flows | 12 Months Ended |
Dec. 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 Year ended December 31 2021 2020 2019 Distributions more (less) than income from equity affiliates includes the following: Distributions from equity affiliates $ 3,659 $ 1,543 $ 1,895 (Income) loss from equity affiliates (5,657) 472 (3,968) Distributions more (less) than income from equity affiliates $ (1,998) $ 2,015 $ (2,073) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ (7,548) $ 2,423 $ 1,852 Decrease (increase) in inventories (530) 284 7 Decrease (increase) in prepaid expenses and other current assets 19 (87) (323) Increase (decrease) in accounts payable and accrued liabilities 5,475 (3,576) (109) Increase (decrease) in income and other taxes payable 1,223 (696) 67 Net decrease (increase) in operating working capital $ (1,361) $ (1,652) $ 1,494 Net cash provided by operating activities includes the following cash payments: Interest on debt (net of capitalized interest) $ 699 $ 720 $ 810 Income taxes 4,355 2,987 4,817 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 1,352 $ 2,891 $ 2,809 Returns of investment from equity affiliates 439 77 142 Proceeds and deposits related to asset sales and returns of investment $ 1,791 $ 2,968 $ 2,951 Net maturities (investments) of time deposits consisted of the following gross amounts: Investments in time deposits $ — $ — $ — Maturities of time deposits — — 950 Net maturities of (investments in) time deposits $ — $ — $ 950 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ (4) $ — $ (1) Marketable securities sold 3 35 3 Net sales (purchases) of marketable securities $ (1) $ 35 $ 2 Net repayment (borrowing) of loans by equity affiliates: Borrowing of loans by equity affiliates $ — $ (3,925) $ (1,350) Repayment of loans by equity affiliates 401 2,506 105 Net repayment (borrowing) of loans by equity affiliates $ 401 $ (1,419) $ (1,245) Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: Proceeds from issuances of short-term obligations $ 4,448 $ 10,846 $ 2,586 Repayments of short-term obligations (6,906) (9,771) (1,430) Net borrowings (repayments) of short-term obligations with three months or less maturity (3,114) (424) (3,977) Net borrowings (repayments) of short-term obligations $ (5,572) $ 651 $ (2,821) Net sales (purchases) of treasury shares consists of the following gross and net amounts: Shares issued for share-based compensation plans $ 1,421 $ 226 $ 1,104 Shares purchased under share repurchase and deferred compensation plans (1,383) (1,757) (4,039) Net sales (purchases) of treasury shares $ 38 $ (1,531) $ (2,935) Net contributions from (distributions to) noncontrolling interests consisted of the following gross and net amounts: Distributions to noncontrolling interests $ (53) $ (26) $ (18) Contributions from noncontrolling interests 17 2 — Net contributions from (distributions to) noncontrolling interests $ (36) $ (24) $ (18) The “Other” line in the Operating Activities section includes changes in postretirement benefits obligations and other long-term liabilities. The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. “Distributions more (less) than income from equity affiliates,” “Depreciation, depletion and amortization,” “Deferred income tax provision,” and “Dry hole expense,” collectively include approximately $4.8 billion in non-cash reductions to properties, plant and equipment in 2020 relating to impairments and other non-cash charges. The company did not have any material impairments in 2021. Refer also to Note 25 Asset Retirement Obligations for a discussion of revisions to the company’s AROs that also did not involve cash receipts or payments for the three years ending December 31, 2021. The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory expenditures, including equity affiliates, are presented in the following table. Year ended December 31 2021 2020 2019 Additions to properties, plant and equipment * $ 7,515 $ 8,492 $ 13,839 Additions to investments 460 136 140 Current-year dry hole expenditures 83 327 124 Payments for other assets and liabilities, net (2) (33) 13 Capital expenditures 8,056 8,922 14,116 Expensed exploration expenditures 431 500 598 Assets acquired through finance leases and other obligations 64 53 181 Payments for other assets and liabilities, net 2 42 (13) Capital and exploratory expenditures, excluding equity affiliates 8,553 9,517 14,882 Company’s share of expenditures by equity affiliates 3,167 3,982 6,112 Capital and exploratory expenditures, including equity affiliates $ 11,720 $ 13,499 $ 20,994 * Excludes non-cash movements of $316 in 2021, $816 in 2020 and $(239) in 2019. The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: Year ended December 31 2021 2020 2019 Cash and cash equivalents $ 5,640 $ 5,596 $ 5,686 Restricted cash included in “Prepaid expenses and other current assets” 333 365 452 Restricted cash included in “Deferred charges and other assets” 822 776 773 Total cash, cash equivalents and restricted cash $ 6,795 $ 6,737 $ 6,911 |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | New Accounting Standards There are not currently any new or pending accounting standards that have a significant impact on Chevron. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease Commitments | Lease Commitments The company enters into leasing arrangements as a lessee; any lessor arrangements are not significant. Operating lease arrangements mainly involve land, bareboat charters, terminals, drill ships, drilling rigs, time chartered vessels, office buildings and warehouses, and exploration and production equipment. Finance leases primarily include facilities, vessels, office buildings, and production equipment. Details of the right-of-use assets and lease liabilities for operating and finance leases, including the balance sheet presentation, are as follows: At December 31, 2021 At December 31, 2020 Operating Finance Operating Finance Deferred charges and other assets $ 3,668 $ — $ 3,949 $ — Properties, plant and equipment, net — 429 — 455 Right-of-use assets* $ 3,668 $ 429 $ 3,949 $ 455 Accrued Liabilities $ 995 $ — $ 1,291 $ — Short-term Debt — 48 — 186 Current lease liabilities 995 48 1,291 186 Deferred credits and other noncurrent obligations 2,508 — 2,615 — Long-term Debt — 449 — 447 Noncurrent lease liabilities 2,508 449 2,615 447 Total lease liabilities $ 3,503 $ 497 $ 3,906 $ 633 Weighted-average remaining lease term (in years) 7.8 13.2 7.2 10.4 Weighted-average discount rate 2.2 % 4.2 % 2.8 % 3.9 % * Includes non-cash additions of $1,063 and $60 in 2021, and $1,353 and $164 in 2020 for right-of-use assets obtained in exchange for new and modified lease liabilities for operating and finance leases, respectively. 2020 includes $566 in operating lease right-of-use assets and $566 lease liabilities associated with the Puma acquisition. 2020 also includes $124 in operating lease right-of-use assets and $148 lease liabilities, and $112 in finance lease right-of-use assets and $309 lease liabilities associated with the Noble acquisition. Total lease costs consist of both amounts recognized in the Consolidated Statement of Income during the period and amounts capitalized as part of the cost of another asset. Total lease costs incurred for operating and finance leases were as follows: Year-ended December 31 2021 2020 2019 Operating lease costs* $ 2,199 $ 2,551 $ 2,621 Finance lease costs 66 45 66 Total lease costs $ 2,265 $ 2,596 $ 2,687 * Includes variable and short-term lease costs. Cash paid for amounts included in the measurement of lease liabilities was as follows: Year-ended December 31 2021 2020 2019 Operating cash flows from operating leases $ 1,670 $ 1,744 $ 1,574 Investing cash flows from operating leases 398 762 1,047 Operating cash flows from finance leases 21 14 13 Financing cash flows from finance leases 193 34 24 At December 31, 2021, the estimated future undiscounted cash flows for operating and finance leases were as follows: At December 31, 2021 Operating Leases Finance Year 2022 $ 1,054 $ 64 2023 674 62 2024 487 61 2025 376 58 2026 245 55 Thereafter 1,049 316 Total $ 3,885 $ 616 Less: Amounts representing interest 382 119 Total lease liabilities $ 3,503 $ 497 Additionally, the company has $1,074 in future undiscounted cash flows for operating leases not yet commenced. These leases are primarily for a drill ship and drilling rigs. For those leasing arrangements where the underlying asset is not yet constructed, the lessor is primarily involved in the design and construction of the asset. |
Lease Commitments | Lease Commitments The company enters into leasing arrangements as a lessee; any lessor arrangements are not significant. Operating lease arrangements mainly involve land, bareboat charters, terminals, drill ships, drilling rigs, time chartered vessels, office buildings and warehouses, and exploration and production equipment. Finance leases primarily include facilities, vessels, office buildings, and production equipment. Details of the right-of-use assets and lease liabilities for operating and finance leases, including the balance sheet presentation, are as follows: At December 31, 2021 At December 31, 2020 Operating Finance Operating Finance Deferred charges and other assets $ 3,668 $ — $ 3,949 $ — Properties, plant and equipment, net — 429 — 455 Right-of-use assets* $ 3,668 $ 429 $ 3,949 $ 455 Accrued Liabilities $ 995 $ — $ 1,291 $ — Short-term Debt — 48 — 186 Current lease liabilities 995 48 1,291 186 Deferred credits and other noncurrent obligations 2,508 — 2,615 — Long-term Debt — 449 — 447 Noncurrent lease liabilities 2,508 449 2,615 447 Total lease liabilities $ 3,503 $ 497 $ 3,906 $ 633 Weighted-average remaining lease term (in years) 7.8 13.2 7.2 10.4 Weighted-average discount rate 2.2 % 4.2 % 2.8 % 3.9 % * Includes non-cash additions of $1,063 and $60 in 2021, and $1,353 and $164 in 2020 for right-of-use assets obtained in exchange for new and modified lease liabilities for operating and finance leases, respectively. 2020 includes $566 in operating lease right-of-use assets and $566 lease liabilities associated with the Puma acquisition. 2020 also includes $124 in operating lease right-of-use assets and $148 lease liabilities, and $112 in finance lease right-of-use assets and $309 lease liabilities associated with the Noble acquisition. Total lease costs consist of both amounts recognized in the Consolidated Statement of Income during the period and amounts capitalized as part of the cost of another asset. Total lease costs incurred for operating and finance leases were as follows: Year-ended December 31 2021 2020 2019 Operating lease costs* $ 2,199 $ 2,551 $ 2,621 Finance lease costs 66 45 66 Total lease costs $ 2,265 $ 2,596 $ 2,687 * Includes variable and short-term lease costs. Cash paid for amounts included in the measurement of lease liabilities was as follows: Year-ended December 31 2021 2020 2019 Operating cash flows from operating leases $ 1,670 $ 1,744 $ 1,574 Investing cash flows from operating leases 398 762 1,047 Operating cash flows from finance leases 21 14 13 Financing cash flows from finance leases 193 34 24 At December 31, 2021, the estimated future undiscounted cash flows for operating and finance leases were as follows: At December 31, 2021 Operating Leases Finance Year 2022 $ 1,054 $ 64 2023 674 62 2024 487 61 2025 376 58 2026 245 55 Thereafter 1,049 316 Total $ 3,885 $ 616 Less: Amounts representing interest 382 119 Total lease liabilities $ 3,503 $ 497 Additionally, the company has $1,074 in future undiscounted cash flows for operating leases not yet commenced. These leases are primarily for a drill ship and drilling rigs. For those leasing arrangements where the underlying asset is not yet constructed, the lessor is primarily involved in the design and construction of the asset. |
Summarized Financial Data - Che
Summarized Financial Data - Chevron U.S.A. Inc. | 12 Months Ended |
Dec. 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 the refining, marketing, supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method. The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Year ended December 31 2021 2020 2019 Sales and other operating revenues $ 120,380 $ 67,950 $ 109,314 Total costs and other deductions 114,641 72,575 116,365 Net income (loss) attributable to CUSA 6,904 (2,676) (5,061) At December 31 2021 2020 Current assets $ 20,216 $ 10,555 Other assets 47,355 48,054 Current liabilities 17,824 12,403 Other liabilities 18,438 14,102 Total CUSA net equity $ 31,309 $ 32,104 Memo: Total debt $ 11,693 $ 7,133 Summarized Financial Data – Chevron Phillips Chemical Company LLC Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Refer to Note 15 Investments and Advances for a discussion of CPChem operations. Summarized financial information for 100 percent of CPChem is presented in the table below: Year ended December 31 2021 2020 2019 Sales and other operating revenues $ 14,104 $ 8,407 $ 9,333 Costs and other deductions 10,862 7,221 7,863 Net income attributable to CPChem 3,684 1,260 1,760 At December 31 2021 2020 Current assets $ 3,381 $ 2,816 Other assets 14,396 14,210 Current liabilities 1,854 1,394 Other liabilities 3,160 3,380 Total CPChem net equity $ 12,763 $ 12,252 |
Summarized Financial Data - Ten
Summarized Financial Data - Tengizchevroil LLP | 12 Months Ended |
Dec. 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). Refer to Note 15 Investments and Advances for a discussion of TCO operations. Summarized financial information for 100 percent of TCO is presented in the table below: Year ended December 31 2021 2020 2019 Sales and other operating revenues $ 15,927 $ 9,194 $ 16,281 Costs and other deductions 8,186 6,076 7,903 Net income attributable to TCO 5,418 2,196 5,884 At December 31 2021 2020 Current assets $ 3,307 $ 2,114 Other assets 51,473 48,390 Current liabilities 3,436 1,686 Other liabilities 12,060 12,553 Total TCO net equity $ 39,284 $ 36,265 |
Summarized Financial Data _ Che
Summarized Financial Data – Chevron Phillips Chemical Company LLC | 12 Months Ended |
Dec. 31, 2021 | |
Summarized Financial Data of Subsidiary Two [Abstract] | |
Summarized Financial Data – Chevron Phillips Chemical Company LLC | Summarized Financial Data – Chevron U.S.A. Inc. Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas and natural gas liquids and those associated with the refining, marketing, supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method. The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Year ended December 31 2021 2020 2019 Sales and other operating revenues $ 120,380 $ 67,950 $ 109,314 Total costs and other deductions 114,641 72,575 116,365 Net income (loss) attributable to CUSA 6,904 (2,676) (5,061) At December 31 2021 2020 Current assets $ 20,216 $ 10,555 Other assets 47,355 48,054 Current liabilities 17,824 12,403 Other liabilities 18,438 14,102 Total CUSA net equity $ 31,309 $ 32,104 Memo: Total debt $ 11,693 $ 7,133 Summarized Financial Data – Chevron Phillips Chemical Company LLC Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Refer to Note 15 Investments and Advances for a discussion of CPChem operations. Summarized financial information for 100 percent of CPChem is presented in the table below: Year ended December 31 2021 2020 2019 Sales and other operating revenues $ 14,104 $ 8,407 $ 9,333 Costs and other deductions 10,862 7,221 7,863 Net income attributable to CPChem 3,684 1,260 1,760 At December 31 2021 2020 Current assets $ 3,381 $ 2,816 Other assets 14,396 14,210 Current liabilities 1,854 1,394 Other liabilities 3,160 3,380 Total CPChem net equity $ 12,763 $ 12,252 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The tables below show the fair value hierarchy for assets and liabilities measured at fair value on a recurring and nonrecurring basis at December 31, 2021 and December 31, 2020. Marketable Securities The company calculates fair value for its marketable securities based on quoted market prices for identical assets. The fair values reflect the cash that would have been received if the instruments were sold at December 31, 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 below. Derivatives classified as Level 1 include futures, swaps and options contracts traded in active markets such as the New York Mercantile Exchange. Derivatives classified as Level 2 include swaps, options and forward contracts principally with financial institutions and other oil and gas companies, the fair values of which are obtained from third-party broker quotes, industry pricing services and exchanges. The company obtains multiple sources of pricing information for the Level 2 instruments. Since this pricing information is generated from observable market data, it has historically been very consistent. The company does not materially adjust this information. Properties, Plant and Equipment The company did not have any individually material impairments in 2021. The company reported impairments for certain upstream properties in 2020 primarily due to downward revisions to its oil and gas price outlook. Investments and Advances In 2021, the company did not have any material impairments of investments and advances measured at fair value on a nonrecurring basis. In 2020, the company fully impaired its investments in Petropiar and Petroboscan in Venezuela. The impact of these impairments is included in “Income (loss) from equity affiliates” on the Consolidated Statement of Income. Assets and Liabilities Measured at Fair Value on a Recurring Basis At December 31, 2021 At December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable securities $ 35 $ 35 $ — $ — $ 31 $ 31 $ — $ — Derivatives - not designated 313 285 28 — 74 37 37 — Total assets at fair value $ 348 $ 320 $ 28 $ — $ 105 $ 68 $ 37 $ — Derivatives - not designated 72 24 48 — 173 58 115 — Total liabilities at fair value $ 72 $ 24 $ 48 $ — $ 173 $ 58 $ 115 $ — Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis At December 31 At December 31 Before-Tax Loss Before-Tax Loss Total Level 1 Level 2 Level 3 Year 2021 Total Level 1 Level 2 Level 3 Year 2020 Properties, plant and equipment, net (held and used) $ 124 $ — $ — $ 124 $ 414 $ 2,443 $ — $ 20 $ 2,423 $ 2,599 Properties, plant and equipment, net (held for sale) — — — — — 1,418 — 1,418 — 193 Investments and advances 16 — — 16 32 28 — — 28 2,555 Total nonrecurring assets at fair value $ 140 $ — $ — $ 140 $ 446 $ 3,889 $ — $ 1,438 $ 2,451 $ 5,347 At year-end 2021, the company had assets measured at fair value Level 3 using unobservable inputs of $140. The carrying value of these assets were written down to fair value based on estimates derived from internal discounted cash flow models. Cash flows were determined using estimates of future production, an outlook of future price based on published prices and a discount rate believed to be consistent with those used by principal market participants. Assets and Liabilities Not Required to Be Measured at Fair Value 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 $5,640 and $5,596 at December 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 December 31, 2021. “Cash and cash equivalents” do not include investments with a carrying/fair value of $1,155 and $1,141 at December 31, 2021, and December 31, 2020, respectively. At December 31, 2021, these investments are classified as Level 1 and include restricted funds related to certain upstream decommissioning activities, tax payments and a financing program. Long-term debt, excluding finance lease liabilities, of $22,164 and $30,805 at December 31, 2021, and December 31, 2020, respectively, had estimated fair values of $23,670 and $34,390, respectively. Long-term debt primarily includes corporate issued bonds. The fair value of corporate bonds is $22,835 and classified as Level 1. The fair value of other long-term debt is $835 and classified as Level 2. |
Financial and Derivative Instru
Financial and Derivative Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial and Derivative Instruments | Financial and Derivative Instruments Derivative Commodity Instruments The company’s derivative commodity instruments principally include crude oil, natural gas, liquefied 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 financial position, results of operations or liquidity. The company believes it has no material market or credit risks to its operations, financial position or liquidity as a result of its commodity derivative activities. The company uses derivative commodity instruments traded on the New York Mercantile Exchange and on electronic platforms of the Inter-Continental Exchange and Chicago Mercantile Exchange. In addition, the company enters into swap contracts and option contracts principally with major financial institutions and other oil and gas companies in the “over-the-counter” markets, which are governed by International Swaps and Derivatives Association agreements and other master netting arrangements. Depending on the nature of the derivative transactions, bilateral collateral arrangements may also be required. Derivative instruments measured at fair value at December 31, 2021, 2020 and 2019, and their classification on the Consolidated Balance Sheet below and Consolidated Statement of Income on the following page: Consolidated Balance Sheet: Fair Value of Derivatives At December 31 Type of Contract Balance Sheet Classification 2021 2020 Commodity Accounts and notes receivable, net $ 251 $ 73 Commodity Long-term receivables, net 62 1 Total assets at fair value $ 313 $ 74 Commodity Accounts payable $ 71 $ 172 Commodity Deferred credits and other noncurrent obligations 1 1 Total liabilities at fair value $ 72 $ 173 Consolidated Statement of Income: The Effect of Derivatives Gain/(Loss) Type of Derivative Statement of Year ended December 31 Contract Income Classification 2021 2020 2019 Commodity Sales and other operating revenues $ (685) $ 69 $ (291) Commodity Purchased crude oil and products (64) (36) (17) Commodity Other income (46) 7 (2) $ (795) $ 40 $ (310) All designated cash flow hedges during the year were settled by December 31, 2021. The impact on sales and other operating revenues from designated hedges in 2021 was immaterial. The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2021 and December 31, 2020. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amounts At December 31, 2021 Derivative Assets - not designated $ 1,684 $ 1,371 $ 313 $ — $ 313 Derivative Liabilities - not designated $ 1,443 $ 1,371 $ 72 $ — $ 72 At December 31, 2020 Derivative Assets - not designated $ 818 $ 744 $ 74 $ — $ 74 Derivative Liabilities - not designated $ 917 $ 744 $ 173 $ — $ 173 Derivative assets and liabilities are classified on the Consolidated Balance Sheet as accounts and notes receivable, long-term receivables, accounts payable, and deferred credits and other noncurrent obligations. Amounts not offset on the Consolidated Balance Sheet represent positions that do not meet all the conditions for “a right of offset.” Concentrations of Credit Risk The company’s financial instruments that are exposed to concentrations of credit risk consist primarily of its cash equivalents, marketable securities, derivative financial instruments and trade receivables. The company’s short-term investments are placed with a wide array of financial institutions with high credit ratings. Company investment policies limit the company’s exposure both to credit risk and to concentrations of credit risk. Similar policies on diversification and creditworthiness are applied to the company’s counterparties in derivative instruments. For a discussion of credit risk on trade receivables, see Note 28 Financial Instruments - Credit Losses |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2021 | |
Assets Held For Sale [Abstract] | |
Assets Held for Sale | Assets Held for Sale At December 31, 2021, the company classified $768 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 2021 were not material. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity | Equity Retained earnings at December 31, 2021 and 2020, included $28,876 and $26,532, respectively, for the company’s share of undistributed earnings of equity affiliates. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share (EPS) is based upon “Net Income (Loss) Attributable to Chevron Corporation” (“earnings”) and includes the effects of deferrals of salary and other compensation awards that are invested in Chevron stock units by certain officers and employees of the company. Diluted EPS includes the effects of these items as well as the dilutive effects of outstanding stock options awarded under the company’s stock option programs (refer to Note 22 Stock Options and Other Share-Based Compensation Year ended December 31 2021 2020 2019 Basic EPS Calculation Earnings available to common stockholders - Basic 1 $ 15,625 $ (5,543) $ 2,924 Weighted-average number of common shares outstanding 2 1,916 1,870 1,882 Add: Deferred awards held as stock units — — — Total weighted-average number of common shares outstanding 1,916 1,870 1,882 Earnings per share of common stock - Basic $ 8.15 $ (2.96) $ 1.55 Diluted EPS Calculation Earnings available to common stockholders - Diluted 1 $ 15,625 $ (5,543) $ 2,924 Weighted-average number of common shares outstanding 2 1,916 1,870 1,882 Add: Deferred awards held as stock units — — — Add: Dilutive effect of employee stock-based awards 4 — 13 Total weighted-average number of common shares outstanding 1,920 1,870 1,895 Earnings per share of common stock - Diluted $ 8.14 $ (2.96) $ 1.54 1 There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. 2 Millions of shares; 1 million shares of employee-based awards were not included in the 2020 diluted EPS calculation as the result would be anti-dilutive. |
Operating Segments and Geograph
Operating Segments and Geographic Data | 12 Months Ended |
Dec. 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, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. All Other activities of the company include worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology activities. The company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM). The segments represent components of the company that engage in activities (a) from which revenues are earned and expenses are incurred; (b) whose operating results are regularly reviewed by the CODM, which makes decisions about resources to be allocated to the segments and assesses their performance; and (c) for which discrete financial information is available. The company’s primary country of operation is the United States of America, its country of domicile. Other components of the company’s operations are reported as “International” (outside the United States). Segment Earnings The company evaluates the performance of its operating segments on an after-tax basis, without considering the effects of debt financing interest expense or investment interest income, both of which are managed by the company on a worldwide basis. Corporate administrative costs are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Non-billable costs remain at the corporate level in “All Other.” Earnings by major operating area are presented in the following table: Year ended December 31 2021 2020 2019 Upstream United States $ 7,319 $ (1,608) $ (5,094) International 8,499 (825) 7,670 Total Upstream 15,818 (2,433) 2,576 Downstream United States 2,389 (571) 1,559 International 525 618 922 Total Downstream 2,914 47 2,481 Total Segment Earnings 18,732 (2,386) 5,057 All Other Interest expense (662) (658) (761) Interest income 36 52 181 Other (2,481) (2,551) (1,553) Net Income (Loss) Attributable to Chevron Corporation $ 15,625 $ (5,543) $ 2,924 Segment Assets Segment assets do not include intercompany investments or receivables. Assets at year-end 2021 and 2020 are as follows: At December 31 2021 2020 Upstream United States $ 41,870 $ 42,431 International 138,157 144,476 Goodwill 4,385 4,402 Total Upstream 184,412 191,309 Downstream United States 26,376 23,490 International 18,848 16,096 Total Downstream 45,224 39,586 Total Segment Assets 229,636 230,895 All Other United States 5,746 4,017 International 4,153 4,878 Total All Other 9,899 8,895 Total Assets – United States 73,992 69,938 Total Assets – International 161,158 165,450 Goodwill 4,385 4,402 Total Assets $ 239,535 $ 239,790 Segment Sales and Other Operating Revenues Operating segment sales and other operating revenues, including internal transfers, for the years 2021, 2020 and 2019, are presented in the table on the next page. Products are transferred between operating segments at internal product values that approximate market prices. Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies. Year ended December 31 1 2021 2020 2019 Upstream United States $ 29,219 $ 14,577 $ 23,358 International 40,921 26,804 35,628 Subtotal 70,140 41,381 58,986 Intersegment Elimination — United States (15,154) (8,068) (14,944) Intersegment Elimination — International (10,994) (7,002) (12,335) Total Upstream 43,992 26,311 31,707 Downstream United States 57,209 32,589 55,271 International 58,098 38,936 57,654 Subtotal 115,307 71,525 112,925 Intersegment Elimination — United States (2,296) (2,150) (3,924) Intersegment Elimination — International (1,521) (1,292) (1,089) Total Downstream 111,490 68,083 107,912 All Other United States 506 744 1,064 International 2 15 20 Subtotal 508 759 1,084 Intersegment Elimination — United States (382) (667) (818) Intersegment Elimination — International (2) (15) (20) Total All Other 124 77 246 Sales and Other Operating Revenues United States 86,934 47,910 79,693 International 99,021 65,755 93,302 Subtotal 185,955 113,665 172,995 Intersegment Elimination — United States (17,832) (10,885) (19,686) Intersegment Elimination — International (12,517) (8,309) (13,444) Total Sales and Other Operating Revenues $ 155,606 $ 94,471 $ 139,865 1 Other than the United States, no other country accounted for 10 percent or more of the company’s Sales and Other Operating Revenues. Segment Income Taxes Segment income tax expense for the years 2021, 2020 and 2019 is as follows: Year ended December 31 2021 2020 2019 Upstream United States $ 1,934 $ (570) $ (1,550) International 4,192 (415) 3,492 Total Upstream 6,126 (985) 1,942 Downstream United States 547 (192) 392 International 203 253 170 Total Downstream 750 61 562 All Other (926) (968) 187 Total Income Tax Expense (Benefit) $ 5,950 $ (1,892) $ 2,691 Other Segment Information Additional information for the segmentation of major equity affiliates is contained in Note 15 Investments and Advances . Information related to properties, plant and equipment by segment is contained in Note 18 Properties, Plant and Equipment . |
Investments and Advances
Investments and Advances | 12 Months Ended |
Dec. 31, 2021 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments and Advances | Investments and Advances Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost, is shown in the following table. For certain equity affiliates, Chevron pays its share of some income taxes directly. For such affiliates, the equity in earnings does not include these taxes, which are reported on the Consolidated Statement of Income as “Income tax expense.” Investments and Advances Equity in Earnings At December 31 Year ended December 31 2021 2020 2021 2020 2019 Upstream Tengizchevroil $ 23,727 $ 22,685 $ 2,831 $ 1,238 $ 3,067 Petropiar — — — (1,396) 80 Petroboscan — — — (1,112) (11) Caspian Pipeline Consortium 805 835 155 159 155 Angola LNG Limited 2,180 2,258 336 (166) (26) Other* 1,859 1,875 187 137 (478) Total Upstream 28,571 27,653 3,509 (1,140) 2,787 Downstream Chevron Phillips Chemical Company LLC 6,455 6,181 1,842 630 880 GS Caltex Corporation 3,616 3,547 85 (185) 13 Other 1,725 1,389 220 223 288 Total Downstream 11,796 11,117 2,147 668 1,181 All Other Other (10) (14) 1 — — Total equity method $ 40,357 $ 38,756 $ 5,657 $ (472) $ 3,968 Other non-equity method investments 339 296 Total investments and advances $ 40,696 $ 39,052 Total United States $ 8,540 $ 7,978 $ 1,889 $ 709 $ 641 Total International $ 32,156 $ 31,074 $ 3,768 $ (1,181) $ 3,327 * Upstream Other line includes amounts previously reported as Noble Midstream equity affiliates. Descriptions of major affiliates and non-equity investments, including significant differences between the company’s carrying value of its investments and its underlying equity in the net assets of the affiliates, are as follows: Tengizchevroil Chevron has a 50 percent equity ownership interest in Tengizchevroil (TCO), which operates the Tengiz and Korolev crude oil fields in Kazakhstan. At December 31, 2021, the company’s carrying value of its investment in TCO was about $100 higher than the amount of underlying equity in TCO’s net assets. This difference results from Chevron acquiring a portion of its interest in TCO at a value greater than the underlying book value for that portion of TCO’s net assets. Included in the investment is a loan to TCO to fund the development of the FGP/WPMP with a balance of $4,500. Petropiar Chevron has a 30 percent interest in Petropiar, a joint stock company which operates the heavy oil Huyapari Field and upgrading project in Venezuela’s Orinoco Belt. In 2020, the company fully impaired its investments in the Petropiar affiliate and, effective July 1, 2020, began accounting for this venture as a non-equity method investment. Petroboscan Chevron has a 39.2 percent interest in Petroboscan, a joint stock company which operates the Boscan Field in Venezuela. In 2020, the company fully impaired its investments in the Petroboscan affiliate and, effective July 1, 2020, began accounting for this venture as a non-equity method investment. The company also has an outstanding long-term loan to Petroboscan of $560, which has been fully provisioned for at year-end 2021. Caspian Pipeline Consortium Chevron has a 15 percent interest in the Caspian Pipeline Consortium, which provides the critical export route for crude oil from both TCO and Karachaganak. Angola LNG Limited Chevron has a 36.4 percent interest in Angola LNG Limited, which processes and liquefies natural gas produced in Angola for delivery to international markets. Chevron Phillips Chemical Company LLC Chevron owns 50 percent of Chevron Phillips Chemical Company LLC. The other half is owned by Phillips 66. GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy in South Korea. The joint venture imports, refines and markets petroleum products, petrochemicals and lubricants. Other Information “Sales and other operating revenues” on the Consolidated Statement of Income includes $10,796, $6,038 and $8,006 with affiliated companies for 2021, 2020 and 2019, respectively. “Purchased crude oil and products” includes $5,778, $3,003 and $5,694 with affiliated companies for 2021, 2020 and 2019, respectively. “Accounts and notes receivable” on the Consolidated Balance Sheet includes $1,454 and $807 due from affiliated companies at December 31, 2021 and 2020, respectively. “Accounts payable” includes $552 and $244 due to affiliated companies at December 31, 2021 and 2020, respectively. The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron’s total share, which includes Chevron’s net loans to affiliates of $4,704, $5,153 and $4,331 at December 31, 2021, 2020 and 2019, respectively. Affiliates Chevron Share Year ended December 31 2021 2020 2019 2021 2020 2019 Total revenues $ 71,241 $ 49,093 $ 66,473 $ 34,359 $ 21,641 $ 32,628 Income before income tax expense 15,175 5,682 13,197 6,984 2,550 5,954 Net income attributable to affiliates 12,598 4,704 9,809 5,670 2,034 4,366 At December 31 Current assets $ 21,871 $ 17,087 $ 30,791 $ 9,267 $ 7,328 $ 12,998 Noncurrent assets 100,235 97,468 97,177 44,360 43,247 41,531 Current liabilities 17,275 12,164 26,032 7,492 5,052 10,610 Noncurrent liabilities 24,219 25,586 21,593 5,982 5,884 5,068 Total affiliates’ net equity $ 80,612 $ 76,805 $ 80,343 $ 40,153 $ 39,639 $ 38,851 |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation 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 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 continues to believe that the Ecuadorian judgment is illegitimate and unenforceable and will vigorously defend against any further attempts to have it recognized or enforced. Climate Change Governmental and other entities in various jurisdictions across the United States have filed legal proceedings against fossil fuel producing companies, including Chevron entities, purporting to seek legal and equitable relief to address alleged impacts of climate change. Chevron entities are or were among the codefendants in 21 separate lawsuits brought by 17 U.S. cities and counties, two U.S. states, the District of Columbia and a trade group. One of the city lawsuits was dismissed on the merits, and one of the county lawsuits was voluntarily dismissed by the plaintiff. The lawsuits assert various causes of action, including public nuisance, private nuisance, failure to warn, design defect, product defect, trespass, negligence, impairment of public trust, and violations of consumer protection statutes, based upon the company’s production of oil and gas products and alleged misrepresentations or omissions relating to climate change risks associated with those products. The unprecedented legal theories set forth in these proceedings entail the possibility of damages liability (both compensatory and punitive), injunctive and other forms of equitable relief, including without limitation abatement and disgorgement of profits, civil penalties and liability for fees and costs of suits, that, while we believe remote, could have a material adverse effect on the company’s results of operations and financial condition. Further such proceedings are likely to be filed by other parties. 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. Louisiana Seven coastal parishes and the State of Louisiana have filed 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. |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Taxes | Taxes Income Taxes Year ended December 31 2021 2020 2019 Income tax expense (benefit) U.S. federal Current $ 174 $ (182) $ (73) Deferred 1,004 (1,315) (1,074) State and local Current 222 65 153 Deferred 202 (152) (172) Total United States 1,602 (1,584) (1,166) International Current 4,854 1,833 4,577 Deferred (506) (2,141) (720) Total International 4,348 (308) 3,857 Total income tax expense (benefit) $ 5,950 $ (1,892) $ 2,691 The reconciliation between the U.S. statutory federal income tax rate and the company’s effective income tax rate is detailed in the following table: 2021 2020 2019 Income (loss) before income taxes United States $ 9,674 $ (5,700) $ (5,483) International 11,965 (1,753) 11,019 Total income (loss) before income taxes 21,639 (7,453) 5,536 Theoretical tax (at U.S. statutory rate of 21% ) 4,544 (1,565) 1,163 Effect of U.S. tax reform — — 3 Equity affiliate accounting effect (890) 211 (687) Effect of income taxes from international operations 2,692 (39) 2,196 State and local taxes on income, net of U.S. federal income tax benefit 216 (65) (18) Prior year tax adjustments, claims and settlements 1 362 (236) 192 Tax credits (173) (33) (18) Other U.S. 1, 2 (801) (165) (140) Total income tax expense (benefit) $ 5,950 $ (1,892) $ 2,691 Effective income tax rate 27.5 % 25.4 % 48.6 % 1 Includes one-time tax costs (benefits) associated with changes in uncertain tax positions. 2 Includes one-time tax costs (benefits) associated with changes in valuation allowances (2021 - $(624); 2020 - $0; 2019 - $0). The 2021 increase in income tax expense of $7,842 is a result of the year-over-year increase in total income before income tax expense, which is primarily due to higher upstream realizations, the absence of 2020 impairment and write-offs and higher downstream margins. The company’s effective tax rate changed from 25.4 percent in 2020 to 27.5 percent in 2021. The change in effective tax rate is mainly due to mix effects resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions. The company records its deferred taxes on a tax-jurisdiction basis. The reported deferred tax balances are composed of the following: At December 31 2021 2020 Deferred tax liabilities Properties, plant and equipment $ 17,169 $ 16,603 Investments and other 4,105 5,617 Total deferred tax liabilities 21,274 22,220 Deferred tax assets Foreign tax credits (11,718) (10,585) Asset retirement obligations/environmental reserves (4,553) (4,721) Employee benefits (3,037) (3,856) Deferred credits (996) (1,056) Tax loss carryforwards (4,175) (6,701) Other accrued liabilities (239) (228) Inventory (289) (633) Operating leases (1,255) (1,234) Miscellaneous (3,657) (3,685) Total deferred tax assets (29,919) (32,699) Deferred tax assets valuation allowance 17,651 17,762 Total deferred taxes, net $ 9,006 $ 7,283 Deferred tax liabilities decreased by $946 from year-end 2020. The decrease to Investments and other was driven by a consolidated subsidiary restructuring, partially offset with an increase to Properties, plant and equipment. Deferred tax assets decreased by $2,780 from year-end 2020. This decrease was primarily related to decreases in tax loss carryforwards for various locations, and employee benefits, partially offset by the increase in foreign tax credits. The overall valuation allowance relates to deferred tax assets for U.S. foreign tax credit carryforwards, tax loss carryforwards and temporary differences. The valuation allowance reduces the deferred tax assets to amounts that are, in management’s assessment, more likely than not to be realized. At the end of 2021, the company had gross tax loss carryforwards of approximately $10,750 and tax credit carryforwards of approximately $993, primarily related to various international tax jurisdictions. Whereas some of these tax loss carryforwards do not have an expiration date, others expire at various times from 2022 through 2040. U.S. foreign tax credit carryforwards of $11,718 will expire between 2022 and 2032. At December 31, 2021 and 2020, deferred taxes were classified on the Consolidated Balance Sheet as follows: At December 31 2021 2020 Deferred charges and other assets $ (5,659) $ (5,286) Noncurrent deferred income taxes 14,665 12,569 Total deferred income taxes, net $ 9,006 $ 7,283 Income taxes are not accrued for unremitted earnings of international operations that have been or are intended to be reinvested indefinitely. The indefinite reinvestment assertion continues to apply for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding tax purposes. U.S. state and foreign withholding taxes are not accrued for unremitted earnings of international operations that have been or are intended to be reinvested indefinitely. Undistributed earnings of international consolidated subsidiaries and affiliates for which no deferred income tax provision has been made for possible future remittances totaled approximately $49,200 at December 31, 2021. This amount represents earnings reinvested as part of the company’s ongoing international business. It is not practicable to estimate the amount of state and foreign taxes that might be payable on the possible remittance of earnings that are intended to be reinvested indefinitely. The company does not anticipate incurring significant additional taxes on remittances of earnings that are not indefinitely reinvested. Uncertain Income Tax Positions The company recognizes a tax benefit in the financial statements for an uncertain tax position only if management’s assessment is that the position is “more likely than not” (i.e., a likelihood greater than 50 percent) to be allowed by the tax jurisdiction based solely on the technical merits of the position. The term “tax position” in the accounting standards for income taxes refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019. The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements. Interest and penalties are not included. 2021 2020 2019 Balance at January 1 $ 5,018 $ 4,987 $ 5,070 Foreign currency effects (1) 2 1 Additions based on tax positions taken in current year 194 253 94 Additions for tax positions taken in prior years 218 437 313 Reductions for tax positions taken in prior years (36) (216) (194) Settlements with taxing authorities in current year (18) (429) (78) Reductions as a result of a lapse of the applicable statute of limitations (87) (16) (219) Balance at December 31 $ 5,288 $ 5,018 $ 4,987 Approximately 82 percent of the $5,288 of unrecognized tax benefits at December 31, 2021, would have an impact on the effective tax rate if subsequently recognized. Certain of these unrecognized tax benefits relate to tax carryforwards that may require a full valuation allowance at the time of any such recognition. Tax positions for Chevron and its subsidiaries and affiliates are subject to income tax audits by many tax jurisdictions throughout the world. For the company’s major tax jurisdictions, examinations of tax returns for certain prior tax years had not been completed as of December 31, 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 outcome of these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. However, it is reasonably possible that developments on tax matters in certain tax jurisdictions may result in significant increases or decreases in the company’s total unrecognized tax benefits within the next 12 months. Given the number of years that still remain subject to examination and the number of matters being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits. On the Consolidated Statement of Income, the company reports interest and penalties related to liabilities for uncertain tax positions as “Income tax expense.” As of December 31, 2021, accrual benefit of $(76) for anticipated interest and penalty was included on the Consolidated Balance Sheet, compared with accrual benefit of $(95) as of year-end 2020. Income tax expense (benefit) associated with interest and penalties was $19, $(124) and $(3) in 2021, 2020 and 2019, respectively. Taxes Other Than on Income Year ended December 31 2021 2020 2019 United States Import duties and other levies 7 7 2 Property and other miscellaneous taxes 3,378 2,248 1,785 Payroll taxes 302 235 254 Taxes on production 628 317 355 Total United States 4,315 2,807 2,396 International Import duties and other levies 49 39 35 Property and other miscellaneous taxes 2,225 1,461 1,435 Payroll taxes 113 117 125 Taxes on production 138 75 145 Total International 2,525 1,692 1,740 Total taxes other than on income $ 6,840 $ 4,499 $ 4,136 |
Properties, Plant and Equipment
Properties, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Properties, Plant and Equipment | Properties, Plant and Equipment 1 At December 31 Year ended December 31 Gross Investment at Cost Net Investment Additions at Cost 2 Depreciation Expense 3 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Upstream United States $ 93,393 $ 96,555 $ 82,117 $ 36,027 $ 38,175 $ 31,082 $ 4,520 $ 13,067 $ 7,751 $ 5,675 $ 6,841 $ 15,222 International 202,757 209,846 206,292 94,770 102,010 102,639 2,349 11,069 3,664 10,824 11,121 12,618 Total Upstream 296,150 306,401 288,409 130,797 140,185 133,721 6,869 24,136 11,415 16,499 17,962 27,840 Downstream United States 26,888 26,499 25,968 10,766 11,101 11,398 543 638 1,452 833 851 869 International 8,134 7,993 7,480 3,300 3,395 3,114 234 573 355 296 283 256 Total Downstream 35,022 34,492 33,448 14,066 14,496 14,512 777 1,211 1,807 1,129 1,134 1,125 All Other United States 4,729 4,195 4,719 2,078 1,916 2,236 143 194 324 290 403 243 International 144 144 146 20 21 25 7 5 9 7 9 10 Total All Other 4,873 4,339 4,865 2,098 1,937 2,261 150 199 333 297 412 253 Total United States 125,010 127,249 112,804 48,871 51,192 44,716 5,206 13,899 9,527 6,798 8,095 16,334 Total International 211,035 217,983 213,918 98,090 105,426 105,778 2,590 11,647 4,028 11,127 11,413 12,884 Total $ 336,045 $ 345,232 $ 326,722 $ 146,961 $ 156,618 $ 150,494 $ 7,796 $ 25,546 $ 13,555 $ 17,925 $ 19,508 $ 29,218 1 Other than the United States and Australia, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2021. Australia had PP&E of $46,395, $48,060 and $51,359 in 2021, 2020 and 2019, respectively. Gross Investment at Cost, Net Investment and Additions at Cost for 2020 each include $16,703 associated with the Noble acquisition. 2 Net of dry hole expense related to prior years’ expenditures of $35, $709 and $49 in 2021, 2020 and 2019, respectively. 3 Depreciation expense includes accretion expense of $616, $560 and $628 in 2021, 2020 and 2019, respectively, and impairments of $414, $2,792 and $10,797 in 2021, 2020 and 2019, respectively. |
Short-Term Debt
Short-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Short-Term Debt | Short-Term Debt At December 31 2021 2020 Commercial paper 1 $ — $ 5,612 Notes payable to banks and others with originating terms of one year or less 62 15 Current maturities of long-term debt 4,946 2,600 Current maturities of long-term finance leases 48 186 Redeemable long-term obligations 2,959 2,960 Subtotal 8,015 11,373 Reclassified to long-term debt (7,759) (9,825) Total short-term debt $ 256 $ 1,548 1 Weighted-average interest rate at December 31, 2020 was 0.15%. Redeemable long-term obligations consist primarily of tax-exempt variable-rate put bonds that are included as current liabilities because they become redeemable at the option of the bondholders during the year following the balance sheet date. The company may periodically enter into interest rate swaps on a portion of its short-term debt. At December 31, 2021, the company had no interest rate swaps on short-term debt. At December 31, 2021, the company had $10,075 in 364-day committed credit facilities with various major banks that enable the refinancing of short-term obligations on a long-term basis. The credit facilities allow the company to convert any amounts outstanding into a term loan for a period of up to one year. This supports commercial paper borrowing and can also be used for general corporate purposes. The company’s practice has been to continually replace expiring commitments with new commitments on substantially the same terms, maintaining levels management believes appropriate. Any borrowings under the facility would be unsecured indebtedness at interest rates based on the London Interbank Offered Rate (LIBOR), or Secured Overnight Financing Rate (SOFR) when LIBOR has permanently or indefinitely ceased or is no longer representative, or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under this facility at December 31, 2021. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Total long-term debt including finance lease liabilities at December 31, 2021, was $31,113. The company’s long-term debt outstanding at year-end 2021 and 2020 was as follows: At December 31 2021 2020 Weighted Average Interest Rate (%) 1 Range of Interest Rates (%) 2 Principal Principal Notes due 2022 2.179 0.333 - 2.498 $ 3,800 $ 3,800 Floating rate notes due 2022 0.536 0.264 - 0.705 1,000 1,000 Notes due 2023 2.377 0.426 - 7.250 4,800 4,800 Floating rate notes due 2023 0.617 0.354 - 1.054 800 800 Notes due 2024 3.291 2.895 - 3.900 1,650 1,650 Notes due 2025 1.724 0.687 - 3.326 4,000 4,000 Notes due 2026 2.954 2,250 2,250 Notes due 2027 2.379 1.018 - 8.000 2,000 2,000 Notes due 2028 3.850 600 600 Notes due 2029 3.250 500 500 Notes due 2030 2.236 1,500 1,500 Debentures due 2031 8.625 102 108 Debentures due 2032 8.416 8.000 - 8.625 183 222 Notes due 2040 2.978 293 500 Notes due 2041 6.000 397 850 Notes due 2043 5.250 330 1,000 Notes due 2044 5.050 222 850 Notes due 2047 4.950 187 500 Notes due 2049 4.200 237 500 Notes due 2050 2.763 2.343 - 3.078 1,750 1,750 Debentures due 2097 7.250 60 84 Bank loans due 2022 - 2023 1.765 1.520 - 1.920 239 1,402 3.400% loan 3 3.400 218 218 Medium-term notes, maturing from 2023 to 2038 4.485 0.080 - 7.900 23 23 Notes due 2021 — 2,600 Total including debt due within one year 27,141 33,507 Debt due within one year (4,946) (2,600) Fair market value adjustment for debt acquired in the Noble Energy acquisition 741 1,690 Reclassified from short-term debt 7,759 9,825 Unamortized discounts and debt issuance costs (31) (102) Finance lease liabilities 4 449 447 Total long-term debt $ 31,113 $ 42,767 1 Weighted-average interest rate at December 31, 2021 2 Range of interest rates at December 31, 2021. 3 Principal amount to be repaid in installments between 2022 and 2025. 4 For details on finance lease liabilities, see Note 5 Lease Commitments . Chevron has an automatic shelf registration statement that expires in August 2023. This registration statement is for an unspecified amount of nonconvertible debt securities issued or guaranteed by Chevron Corporation or CUSA. Long-term debt excluding finance lease liabilities with a principal balance of $27,141 matures as follows: 2022 – $4,946; 2023 – $5,785; 2024 – $1,697; 2025 – $4,082; 2026 – $2,250; and after 2026 – $8,381. In addition to the $2.6 billion in long-term debt that matured in 2021, the company also completed a tender offer in October 2021, with the objective of lowering future interest expenses, and redeemed bonds with a face value of $2.6 billion and a book value of $3.4 billion (including the fair market valuation adjustment for debt acquired in the Noble Energy acquisition), which resulted in an after-tax loss on the extinguishment of debt of $260 million. The company also repaid $1.1 billion of bank loans associated with the NBLX acquisition during 2021. In February 2022, the company early-redeemed $1.4 billion in notes at face value that were scheduled to mature in March 2022. See Note 9 Fair Value Measurements |
Accounting for Suspended Explor
Accounting for Suspended Exploratory Wells | 12 Months Ended |
Dec. 31, 2021 | |
Accounting for Suspended Exploratory Wells [Abstract] | |
Accounting for Suspended Exploratory Wells | Accounting for Suspended Exploratory Wells The company continues to capitalize exploratory well costs after the completion of drilling when the well has found a sufficient quantity of reserves to justify completion as a producing well, and the business unit is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense. The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2021: 2021 2020 2019 Beginning balance at January 1 $ 2,512 $ 3,041 $ 3,563 Additions to capitalized exploratory well costs pending the determination of proved reserves 56 28 244 Reclassifications to wells, facilities and equipment based on the determination of proved reserves (425) (102) (500) Capitalized exploratory well costs charged to expense (34) (667) (125) Other * — 212 (141) Ending balance at December 31 $ 2,109 $ 2,512 $ 3,041 * 2020 represents fair value of well costs acquired in the Noble acquisition. 2019 represents property sales. The following table provides an aging of capitalized well costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling. At December 31 2021 2020 2019 Exploratory well costs capitalized for a period of one year or less $ 65 $ 26 $ 214 Exploratory well costs capitalized for a period greater than one year 2,044 2,486 2,827 Balance at December 31 $ 2,109 $ 2,512 $ 3,041 Number of projects with exploratory well costs that have been capitalized for a period greater than one year * 15 17 22 * Certain projects have multiple wells or fields or both. Of the $2,044 of exploratory well costs capitalized for more than one year at December 31, 2021, $1,119 is related to nine projects that had drilling activities underway or firmly planned for the near future. The $925 balance is related to six projects in areas requiring a major capital expenditure before production could begin and for which additional drilling efforts were not underway or firmly planned for the near future. Additional drilling was not deemed necessary because the presence of hydrocarbons had already been established, and other activities were in process to enable a future decision on project development. The projects for the $925 referenced above had the following activities associated with assessing the reserves and the projects’ economic viability: (a) $486 (four projects) – undergoing front-end engineering and design with final investment decision expected within four years; (b) $439 (two projects) – development alternatives under review. While progress was being made on all 15 projects, the decision on the recognition of proved reserves under SEC rules in some cases may not occur for several years because of the complexity, scale and negotiations associated with the projects. More than half of these decisions are expected to occur in the next five years. The $2,044 of suspended well costs capitalized for a period greater than one year as of December 31, 2021, represents 83 exploratory wells in 15 projects. The tables below contain the aging of these costs on a well and project basis: Aging based on drilling completion date of individual wells: Amount Number of wells 2000-2009 $ 312 16 2010-2014 1,146 50 2015-2020 586 17 Total $ 2,044 83 Aging based on drilling completion date of last suspended well in project: Amount Number of projects 2003-2012 $ 341 3 2013-2016 1,318 9 2017-2021 385 3 Total $ 2,044 15 |
Stock Options and Other Share-B
Stock Options and Other Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Options and Other Share-Based Compensation | Stock Options and Other Share-Based Compensation Compensation expense for stock options for 2021, 2020 and 2019 was $60 ($47 after tax), $94 ($74 after tax) and $81 ($64 after tax), respectively. In addition, compensation expense for stock appreciation rights, restricted stock, performance shares and restricted stock units was $701 ($554 after tax), $96 ($76 after tax) and $313 ($266 after tax) for 2021, 2020 and 2019, respectively. No significant stock-based compensation cost was capitalized at December 31, 2021, or December 31, 2020. Cash received in payment for option exercises under all share-based payment arrangements for 2021, 2020 and 2019 was $1,274, $226 and $1,090, respectively. Actual tax benefits realized for the tax deductions from option exercises were $(15), $8 and $43 for 2021, 2020 and 2019, respectively. Cash paid to settle performance shares, restricted stock units and stock appreciation rights was $163, $95 and $119 for 2021, 2020 and 2019, respectively. Cash paid in 2021 included $4 million for Noble awards paid under change-in-control plan provisions. Awards under the Chevron Long-Term Incentive Plan (LTIP) may take the form of, but are not limited to, stock options, restricted stock, restricted stock units, stock appreciation rights, performance shares and nonstock grants. From April 2004 through May 2023, no more than 260 million shares may be issued under the LTIP. For awards issued on or after May 29, 2013, no more than 50 million of those shares may be in a form other than a stock option, stock appreciation right or award requiring full payment for shares by the award recipient. For the major types of awards issued before January 1, 2017, the contractual terms vary between three years for the performance shares and restricted stock units, and 10 years for the stock options and stock appreciation rights. For awards issued after January 1, 2017, contractual terms vary between three years for the performance shares and special restricted stock units, five years for standard restricted stock units and 10 years for the stock options and stock appreciation rights. Forfeitures for performance shares, restricted stock units, and stock appreciation rights are recognized as they occur. Forfeitures for stock options are estimated using historical forfeiture data dating back to 1990. Noble Share-Based Plans (Noble Plans) When Chevron acquired Noble in October 2020, outstanding stock options granted under various Noble Plans were exchanged for Chevron options. These awards retained the same provision as the original Noble Plans. Awards issued may be exercised for up to five years after termination of employment, depending upon the termination type, or the original expiration date, whichever is earlier. Other awards issued under the Noble Plans included restricted stock awards, restricted stock units, and performance shares, which retained the same provisions as the original Noble Plans. Upon termination of employment due to change-in-control, all unvested awards issued under the Noble Plans, including stock options, restricted stock awards, restricted stock units and performance shares become vested on the termination date. If not exercised, awards will expire between 2022 and 2029. Fair Value and Assumptions The fair market values of stock options and stock appreciation rights granted in 2021, 2020 and 2019 were measured on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions: Year ended December 31 2021 2020 2019 Expected term in years 1 6.8 6.6 6.6 Volatility 2 31.1 % 20.8 % 20.5 % Risk-free interest rate based on zero coupon U.S. treasury note 0.71 % 1.5 % 2.6 % Dividend yield 6.0 % 4.0 % 3.8 % Weighted-average fair value per option granted $ 12.22 $ 13.00 $ 15.82 1 Expected term is based on historical exercise and post-vesting cancellation data. 2 Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. A summary of option activity during 2021 is presented below: Shares (Thousands) Weighted-Average Averaged Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2021 90,150 $ 108.17 Granted 6,948 $ 88.20 Exercised (12,831) $ 99.64 Forfeited (6,868) $ 102.61 Outstanding at December 31, 2021 77,399 $ 108.10 4.17 $ 1,020 Exercisable at December 31, 2021 66,499 $ 109.80 3.45 $ 806 The total intrinsic value (i.e., the difference between the exercise price and the market price) of options exercised during 2021, 2020 and 2019 was $152, $92 and $516, respectively. During this period, the company continued its practice of issuing treasury shares upon exercise of these awards. As of December 31, 2021, there was $57 of total unrecognized before-tax compensation cost related to nonvested share-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average period of 1.7 years. At January 1, 2021, the number of LTIP performance shares outstanding was equivalent to 4,434,797 shares. During 2021, 2,219,379 performance shares were granted, 1,378,766 shares vested with cash proceeds distributed to recipients and 252,345 shares were forfeited. At December 31, 2021, there were 5,023,065 performance shares outstanding that are payable in cash. The fair value of the liability recorded for these instruments was $683 and was measured using the Monte Carlo simulation method. At January 1, 2021, the number of restricted stock units outstanding was equivalent to 3,303,933 shares. During 2021, 1,381,433 restricted stock units were granted, 111,831 units vested with cash proceeds distributed to recipients and 186,898 units were forfeited. At December 31, 2021, there were 4,386,637 restricted stock units outstanding that are payable in cash. The fair value of the liability recorded for the vested portion of these instruments was $381, valued at the stock price as of December 31, 2021. In addition, outstanding stock appreciation rights that were granted under LTIP totaled approximately 3.4 million equivalent shares as of December 31, 2021. The fair value of the liability recorded for the vested portion of these instruments was $75. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The company has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act (ERISA) minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the company’s other investment alternatives. The company also sponsors other postretirement benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and retirees share the costs. For the company’s main U.S. medical plan, the increase to the pre-Medicare company contribution for retiree medical coverage is limited to no more than 4 percent each year. Certain life insurance benefits are paid by the company. The company recognizes the overfunded or underfunded status of each of its defined benefit pension and OPEB plans as an asset or liability on the Consolidated Balance Sheet. The funded status of the company’s pension and OPEB plans for 2021 and 2020 follows: Pension Benefits 2021 2020 Other Benefits U.S. Int’l. U.S. Int’l. 2021 2020 Change in Benefit Obligation Benefit obligation at January 1 $ 15,166 $ 6,307 $ 14,465 $ 5,680 $ 2,650 $ 2,520 Service cost 450 123 497 130 43 38 Interest cost 235 137 353 175 53 71 Plan participants’ contributions — 3 — 3 43 59 Actuarial (gain) loss (325) (364) 1,782 550 (108) 191 Foreign currency exchange rate changes — (85) — 158 (3) (1) Benefits paid (2,560) (746) (2,045) (368) (189) (214) Divestitures/Acquisitions — — 22 — — — Curtailment — (24) 92 (21) — (14) Benefit obligation at December 31 12,966 5,351 15,166 6,307 2,489 2,650 Change in Plan Assets Fair value of plan assets at January 1 9,930 5,363 10,177 4,791 — — Actual return on plan assets 997 166 848 500 — — Foreign currency exchange rate changes — (35) — 174 — — Employer contributions 1,552 199 950 263 146 155 Plan participants’ contributions — 3 — 3 43 59 Benefits paid (2,560) (746) (2,045) (368) (189) (214) Fair value of plan assets at December 31 9,919 4,950 9,930 5,363 — — Funded status at December 31 $ (3,047) $ (401) $ (5,236) $ (944) $ (2,489) $ (2,650) Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2021 and 2020, include: Pension Benefits 2021 2020 Other Benefits U.S. Int’l. U.S. Int’l. 2021 2020 Deferred charges and other assets $ 36 $ 696 $ 24 $ 547 $ — $ — Accrued liabilities (303) (142) (258) (76) (151) (153) Noncurrent employee benefit plans (2,780) (955) (5,002) (1,415) (2,338) (2,497) Net amount recognized at December 31 $ (3,047) $ (401) $ (5,236) $ (944) $ (2,489) $ (2,650) For the year ended December 31, 2021, the decrease in benefit obligations was primarily due to actuarial gains caused by higher discount rates used to value the obligations and large benefit payments paid to retirees in 2021. For the year ended December 31, 2020, the increase in benefit obligations was primarily due to actuarial losses caused by lower discount rates used to value the obligations. Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB plans were $4,979 and $7,278 at the end of 2021 and 2020, respectively. These amounts consisted of: Pension Benefits 2021 2020 Other Benefits U.S. Int’l. U.S. Int’l. 2021 2020 Net actuarial loss $ 4,007 $ 920 $ 5,714 $ 1,401 $ 134 $ 260 Prior service (credit) costs 2 75 3 86 (159) (186) Total recognized at December 31 $ 4,009 $ 995 $ 5,717 $ 1,487 $ (25) $ 74 The accumulated benefit obligations for all U.S. and international pension plans were $11,337 and $4,976, respectively, at December 31, 2021, and $13,608 and $5,758, respectively, at December 31, 2020. Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2021 and 2020, was: Pension Benefits 2021 2020 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 1,957 $ 1,097 $ 15,103 $ 2,084 Accumulated benefit obligations 1,665 883 13,545 1,622 Fair value of plan assets 55 2 9,842 600 The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2021, 2020 and 2019 are shown in the table below: Pension Benefits 2021 2020 2019 Other Benefits U.S. Int’l. U.S. Int’l. U.S. Int’l. 2021 2020 2019 Net Periodic Benefit Cost Service cost $ 450 $ 123 $ 497 $ 130 $ 406 $ 139 $ 43 $ 38 $ 36 Interest cost 235 137 353 175 397 199 53 71 96 Expected return on plan assets (596) (171) (650) (209) (565) (231) — — — Amortization of prior service costs (credits) 2 8 2 10 2 11 (27) (28) (28) Recognized actuarial losses 309 46 385 45 239 21 16 3 (3) Settlement losses 672 7 620 37 259 3 — — — Curtailment losses (gains) — (1) 92 2 — 16 — (27) — Total net periodic benefit cost 1,072 149 1,299 190 738 158 85 57 101 Changes Recognized in Comprehensive Income Net actuarial (gain) loss during period (725) (408) 1,584 230 1,939 338 (111) 190 128 Amortization of actuarial loss (981) (73) (1,005) (98) (498) (24) (15) (4) 3 Prior service (credits) costs during period — — — — — 29 — — (1) Amortization of prior service (costs) credits (2) (11) (2) (17) (2) (30) 27 42 28 Total changes recognized in other (1,708) (492) 577 115 1,439 313 (99) 228 158 Recognized in Net Periodic Benefit Cost and Other Comprehensive Income $ (636) $ (343) $ 1,876 $ 305 $ 2,177 $ 471 $ (14) $ 285 $ 259 Assumptions The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits 2021 2020 2019 Other Benefits U.S. Int’l. U.S. Int’l. U.S. Int’l. 2021 2020 2019 Assumptions used to determine benefit obligations: Discount rate 2.8 % 2.8 % 2.4 % 2.4 % 3.1 % 3.2 % 2.9 % 2.6 % 3.2 % Rate of compensation increase 4.5 % 4.1 % 4.5 % 4.0 % 4.5 % 4.0 % N/A N/A N/A Assumptions used to determine net periodic benefit cost: Discount rate for service cost 3.0 % 2.4 % 3.3 % 3.2 % 4.4 % 4.4 % 3.0 % 3.5 % 4.6 % Discount rate for interest cost 1.9 % 2.4 % 2.6 % 3.2 % 3.7 % 4.4 % 2.1 % 3.0 % 4.2 % Expected return on plan assets 6.5 % 3.5 % 6.5 % 4.5 % 6.8 % 5.6 % N/A N/A N/A Rate of compensation increase 4.5 % 4.0 % 4.5 % 4.0 % 4.5 % 4.0 % N/A N/A N/A Expected Return on Plan Assets The company’s estimated long-term rates of return on pension assets are driven primarily by actual historical asset-class returns, an assessment of expected future performance, advice from external actuarial firms and the incorporation of specific asset-class risk factors. Asset allocations are periodically updated using pension plan asset/liability studies, and the company’s estimated long-term rates of return are consistent with these studies. For 2021, the company used an expected long-term rate of return of 6.50 percent for U.S. pension plan assets, which account for 67 percent of the company’s pension plan assets. The market-related value of assets of the main U.S. pension plan used in the determination of pension expense was based on the market values in the three months preceding the year-end measurement date. Management considers the three Discount Rate The discount rate assumptions used to determine the U.S. and international pension and OPEB plan obligations and expense reflect the rate at which benefits could be effectively settled, and are equal to the equivalent single rate resulting from yield curve analysis. This analysis considered the projected benefit payments specific to the company’s plans and the yields on high-quality bonds. The projected cash flows were discounted to the valuation date using the yield curve for the main U.S. pension and OPEB plans. The effective discount rates derived from this analysis were 2.8 percent, 2.4 percent, and 3.1 percent for 2021, 2020, and 2019, respectively, for both the main U.S. pension and OPEB plans. Other Benefit Assumptions For the measurement of accumulated postretirement benefit obligation at December 31, 2021, for the main U.S. OPEB plan, the assumed health care cost-trend rates start with 6.2 percent in 2022 and gradually decline to 4.5 percent for 2031 and beyond. For this measurement at December 31, 2020, the assumed health care cost-trend rates started with 6.1 percent in 2021 and gradually declined to 4.5 percent for 2027 and beyond. Plan Assets and Investment Strategy The fair value measurements of the company’s pension plans for 2021 and 2020 are as follows: U.S. Int’l. Total Level 1 Level 2 Level 3 NAV Total Level 1 Level 2 Level 3 NAV At December 31, 2020 Equities U.S. 1 $ 2,286 $ 2,286 $ — $ — $ — $ 443 $ 443 $ — $ — $ — International 2,211 2,210 — 1 — 373 373 — — — Collective Trusts/Mutual Funds 2 1,107 48 — — 1,059 192 7 — — 185 Fixed Income Government 231 — 231 — — 240 125 115 — — Corporate 778 — 778 — — 578 10 568 — — Bank Loans 129 — 127 2 — — — — — — Mortgage/Asset Backed 1 — 1 — — 4 — 4 — — Collective Trusts/Mutual Funds 2 1,901 13 — — 1,888 2,520 4 — — 2,516 Mixed Funds 3 — — — — — 127 38 89 — — Real Estate 4 1,018 — — — 1,018 448 — — 45 403 Alternative Investments — — — — — — — — — — Cash and Cash Equivalents 221 209 12 — — 417 408 3 — 6 Other 5 47 (19) 22 41 3 21 (2) 19 4 — Total at December 31, 2020 $ 9,930 $ 4,747 $ 1,171 $ 44 $ 3,968 $ 5,363 $ 1,406 $ 798 $ 49 $ 3,110 At December 31, 2021 Equities U.S. 1 $ 1,677 $ 1,677 $ — $ — $ — $ 491 $ 491 $ — $ — $ — International 1,285 1,284 — 1 — 356 355 — 1 — Collective Trusts/Mutual Funds 2 2,541 32 — — 2,509 134 6 — — 128 Fixed Income Government 215 — 215 — — 229 135 94 — — Corporate 660 — 660 — — 532 2 530 — — Bank Loans 137 — 136 1 — — — — — — Mortgage/Asset Backed 1 — 1 — — 4 — 4 — — Collective Trusts/Mutual Funds 2 1,907 13 — — 1,894 2,388 1 — — 2,387 Mixed Funds 3 — — — — — 99 12 87 — — Real Estate 4 1,172 — — — 1,172 312 — — 42 270 Alternative Investments — — — — — — — — — — Cash and Cash Equivalents 264 263 1 — — 161 89 3 — 69 Other 5 60 (1) 14 46 1 244 — 17 113 114 Total at December 31, 2021 $ 9,919 $ 3,268 $ 1,027 $ 48 $ 5,576 $ 4,950 $ 1,091 $ 735 $ 156 $ 2,968 1 U.S. equities include investments in the company’s common stock in the amount of $0 at December 31, 2021, and $4 at December 31, 2020. 2 Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds. 3 Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk. 4 The year-end valuations of the U.S. real estate assets are based on third-party appraisals that occur at least once a year for each property in the portfolio. 5 The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts (Level 3); and investments in private-equity limited partnerships (NAV). The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below: Equity Fixed Income International Corporate Bank Loans Real Estate Other Total Total at December 31, 2019 $ 1 $ 3 $ 7 $ 55 $ 46 $ 112 Actual Return on Plan Assets: Assets held at the reporting date — — — — 1 1 Assets sold during the period — — — (10) — (10) Purchases, Sales and Settlements — (3) (5) — (2) (10) Transfers in and/or out of Level 3 — — — — — — Total at December 31, 2020 $ 1 $ — $ 2 $ 45 $ 45 $ 93 Actual Return on Plan Assets: Assets held at the reporting date — — — — 4 4 Assets sold during the period — — — (3) — (3) Purchases, Sales and Settlements — — (2) — 4 2 Transfers in and/or out of Level 3 — — — — 108 108 Total at December 31, 2021 $ 1 $ — $ — $ 42 $ 161 $ 204 The primary investment objectives of the pension plans are to achieve the highest rate of total return within prudent levels of risk and liquidity, to diversify and mitigate potential downside risk associated with the investments, and to provide adequate liquidity for benefit payments and portfolio management. The company’s U.S. and U.K. pension plans comprise 94 percent of the total pension assets. Both the U.S. and U.K. plans have an Investment Committee that regularly meets during the year to review the asset holdings and their returns. To assess the plans’ investment performance, long-term asset allocation policy benchmarks have been established. For the primary U.S. pension plan, the company’s Investment Committee has established the following approved asset allocation ranges: Equities 40–65 percent, Fixed Income 20–40 percent, Real Estate 0–15 percent, Alternative Investments 0–5 percent and Cash 0–25 percent. For the U.K. pension plan, the U.K. Board of Trustees has established the following asset allocation guidelines: Equities 10–30 percent, Fixed Income 55–85 percent, Real Estate 5–15 percent, and Cash 0–5 percent. The other significant international pension plans also have established maximum and minimum asset allocation ranges that vary by plan. Actual asset allocation within approved ranges is based on a variety of factors, including market conditions and illiquidity constraints. To mitigate concentration and other risks, assets are invested across multiple asset classes with active investment managers and passive index funds. Cash Contributions and Benefit Payments In 2021, the company contributed $1,552 and $199 to its U.S. and international pension plans, respectively. In 2022, the company expects contributions to be approximately $1,100 to its U.S. plans and $200 to its international pension plans. Actual contribution amounts are dependent upon investment returns, changes in pension obligations, regulatory environments, tax law changes and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. The company anticipates paying OPEB benefits of approximately $150 in 2022; $146 was paid in 2021. The following benefit payments, which include estimated future service, are expected to be paid by the company in the next 10 years: Pension Benefits Other U.S. Int’l. Benefits 2022 $ 826 $ 296 $ 151 2023 982 211 149 2024 1,025 225 146 2025 1,022 232 144 2026 998 245 142 2027-2031 4,640 1,367 682 Employee Savings Investment Plan Eligible employees of Chevron and certain of its subsidiaries participate in the Chevron Employee Savings Investment Plan (ESIP). Compensation expense for the ESIP totaled $252, $281 and $284 in 2021, 2020 and 2019, respectively. Benefit Plan Trusts Prior to its acquisition by Chevron, Texaco established a benefit plan trust for funding obligations under some of its benefit plans. At year-end 2021, the trust contained 14.2 million shares of Chevron treasury stock. The trust will sell the shares or use the dividends from the shares to pay benefits only to the extent that the company does not pay such benefits. The company intends to continue to pay its obligations under the benefit plans. The trustee will vote the shares held in the trust as instructed by the trust’s beneficiaries. The shares held in the trust are not considered outstanding for earnings-per-share purposes until distributed or sold by the trust in payment of benefit obligations. Prior to its acquisition by Chevron, Unocal established various grantor trusts to fund obligations under some of its benefit plans, including the deferred compensation and supplemental retirement plans. At December 31, 2021 and 2020, trust assets of $36 and $36, respectively, were invested primarily in interest-earning accounts. Employee Incentive Plans The Chevron Incentive Plan is an annual cash bonus plan for eligible employees that links awards to corporate, business unit and individual performance in the prior year. Charges to expense for cash bonuses were $1,165, $462 and $826 in 2021, 2020 and 2019, respectively. Chevron also has the LTIP for officers and other regular salaried employees of the company and its subsidiaries who hold positions of significant responsibility. Awards under the LTIP consist of stock options and other share-based compensation that are described in Note 22 Stock Options and Other Share-Based Compensation |
Other Contingencies and Commitm
Other Contingencies and Commitments | 12 Months Ended |
Dec. 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 17 Taxes for a discussion of the periods for which tax returns have been audited for the company’s major tax jurisdictions and a discussion for all tax jurisdictions of the differences between the amount of tax benefits recognized in the financial statements and the amount taken or expected to be taken in a tax return. Settlement of open tax years, as well as other tax issues in countries where the company conducts its businesses, are not expected to have a material effect on the consolidated financial position or liquidity of the company and, in the opinion of management, adequate provisions have been made for all years under examination or subject to future examination. Guarantees Indemnifications In the acquisition of Unocal, the company assumed certain indemnities relating to contingent environmental liabilities associated with assets that were sold in 1997. The acquirer of those assets shared in certain environmental remediation costs up to a maximum obligation of $200, which had been reached at December 31, 2009. Under the indemnification agreement, after reaching the $200 obligation, Chevron is solely responsible until April 2022, when the indemnification expires. The environmental conditions or events that are subject to these indemnities must have arisen prior to the sale of the assets in 1997. Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional purchase obligations and commitments, including throughput and take-or-pay agreements, some of which may relate to suppliers’ financing arrangements. The agreements typically provide goods and services, such as pipeline and storage capacity, utilities, and petroleum products, to be used or sold in the ordinary course of the company’s business. The aggregate amounts of required payments under throughput and take-or-pay agreements are: 2022 – $1,049; 2023 – $1,106; 2024 – $1,119; 2025 – $1,193; 2026 – $1,223 ; after 2026 – $7,626. The aggregate amount of required payments for other unconditional purchase obligations are: 2022 – $57; 2023 – $257; 2024 – $242; 2025 – $252; 2026 – $200; after 2026 – 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 by the company or other parties. Such contingencies may exist for various operating, closed and divested sites, including, but not limited to, U.S. federal Superfund sites and analogous sites under state laws, refineries, chemical plants, marketing facilities, crude oil fields, and mining sites. Although the company has provided for known environmental obligations that are probable and reasonably estimable, it is likely that the company will continue to incur additional liabilities. The amount of additional future costs are not fully determinable due to such factors as the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions that may be required, the determination of the company’s liability in proportion to other responsible parties, and the extent to which such costs are recoverable from third parties. These future costs may be material to results of operations in the period in which they are recognized, but the company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Chevron’s environmental reserve as of December 31, 2021, was $960. Included in this balance was $230 related to remediation activities at approximately 145 sites for which the company had been identified as a potentially responsible party under the provisions of the U.S. federal Superfund law or analogous state laws which provide for joint and several liability for all responsible parties. Any future actions by regulatory agencies to require Chevron to assume other potentially responsible parties’ costs at designated hazardous waste sites are not expected to have a material effect on the company’s results of operations, consolidated financial position or liquidity. Of the remaining year-end 2021 environmental reserves balance of $730, $466 is related to the company’s U.S. downstream operations, $50 to its international downstream operations, and $214 to its upstream operations. Liabilities at all sites were primarily associated with the company’s plans and activities to remediate soil or groundwater contamination or both. The company manages environmental liabilities under specific sets of regulatory requirements, which in the United States include the Resource Conservation and Recovery Act and various state and local regulations. No single remediation site at year-end 2021 had a recorded liability that was material to the company’s results of operations, consolidated financial position or liquidity. Refer to Note 25 Asset Retirement Obligations Other Contingencies Chevron receives claims from and submits claims to customers; trading partners; joint venture partners; U.S. federal, state and local regulatory bodies; governments; contractors; insurers; suppliers; and individuals. The amounts of these claims, individually and in the aggregate, may be significant and take lengthy periods to resolve, and may result in gains or losses in future periods. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The company records the fair value of a liability for an asset retirement obligation (ARO) both as an asset and a liability when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The legal obligation to perform the asset retirement activity is unconditional, even though uncertainty may exist about the timing and/or method of settlement that may be beyond the company’s control. This uncertainty about the timing and/or method of settlement is factored into the measurement of the liability when sufficient information exists to reasonably estimate fair value. Recognition of the ARO includes: (1) the present value of a liability and offsetting asset, (2) the subsequent accretion of that liability and depreciation of the asset, and (3) the periodic review of the ARO liability estimates and discount rates. AROs are primarily recorded for the company’s crude oil and natural gas producing assets. No significant AROs associated with any legal obligations to retire downstream long-lived assets have been recognized, as indeterminate settlement dates for the asset retirements prevent estimation of the fair value of the associated ARO. The company performs periodic reviews of its downstream long-lived assets for any changes in facts and circumstances that might require recognition of a retirement obligation. The following table indicates the changes to the company’s before-tax asset retirement obligations in 2021, 2020 and 2019: 2021 2020 2019 Balance at January 1 $ 13,616 $ 12,832 $ 14,050 Liabilities assumed in the Noble acquisition — 630 — Liabilities incurred 31 10 32 Liabilities settled (1,887) (1,661) (1,694) Accretion expense 616 560 628 Revisions in estimated cash flows 432 1,245 (184) Balance at December 31 $ 12,808 $ 13,616 $ 12,832 In the table above, the amount associated with “Revisions in estimated cash flows” in 2021 primarily reflects increased cost estimates and scope changes to decommission wells, equipment and facilities. The long-term portion of the $12,808 balance at the end of 2021 was $11,611. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Revenue from contracts with customers is presented in “Sales and other operating revenue” along with some activity that is accounted for outside the scope of Accounting Standard Codification (ASC) 606, which is not material to this line, on the Consolidated Statement of Income. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported in “Purchased crude oil and products” on the Consolidated Statement of Income. Refer to Note 14 Operating Segments and Geographic Data for additional information on the company’s segmentation of revenue. Receivables related to revenue from contracts with customers are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the allowance for doubtful accounts. The net balance of these receivables was $12,877 and $7,631 at December 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 . Contract assets and related costs are reflected in “Prepaid expenses and other current assets” and contract liabilities are reflected in “Accrued liabilities” and “Deferred credits and other noncurrent obligations” on the Consolidated Balance Sheet. Amounts for these items are not material to the company’s financial position. |
Other Financial Information
Other Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other Financial Information | Other Financial Information Earnings in 2021 included after-tax gains of approximately $785 relating to the sale of certain properties. Of this amount, approximately $30 and $755 related to downstream and upstream, respectively. Earnings in 2020 included after-tax gains of approximately $765 relating to the sale of certain properties, of which approximately $30 and $735 related to downstream and upstream assets, respectively. Earnings in 2019 included after-tax gains of approximately $1,500 relating to the sale of certain properties, of which approximately $50 and $1,450 related to downstream and upstream assets, respectively. Earnings in 2021 included after-tax charges of approximately $519 for pension settlement costs, $260 for early retirement of debt, $120 relating to upstream remediation and $110 relating to downstream legal reserves. Earnings in 2020 included after-tax charges of approximately $4,800 for impairments and other asset write-offs related to upstream. Earnings in 2019 included after-tax charges of approximately $10,400 for impairments and other asset write-offs related to upstream. Other financial information is as follows: Year ended December 31 2021 2020 2019 Total financing interest and debt costs $ 775 $ 735 $ 817 Less: Capitalized interest 63 38 19 Interest and debt expense $ 712 $ 697 $ 798 Research and development expenses $ 268 $ 435 $ 500 Excess of replacement cost over the carrying value of inventories (LIFO method) $ 5,588 $ 2,749 $ 4,513 LIFO profits (losses) on inventory drawdowns included in earnings $ 35 $ (147) $ (9) Foreign currency effects * $ 306 $ (645) $ (304) * Includes $180, $(152) and $(28) in 2021, 2020 and 2019, respectively, for the company’s share of equity affiliates’ foreign currency effects. |
Financial Instruments - Credit
Financial Instruments - Credit Losses | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Financial Instruments - Credit Losses | Financial Instruments - Credit Losses Chevron’s expected credit loss allowance balance was $745 million as of December 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 $16.4 billion as of December 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 prepayments, 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 loss allowance for current trade receivables with payment terms that are typically short-term in nature, with most due in less than 90 days. Chevron’s non-trade receivable balance was $3.4 billion as of December 31, 2021, which includes receivables from certain governments in their capacity as joint venture partners. Joint venture partner balances that are paid as per contract terms or not yet due are subject to the statistical analysis described above while past due balances are subject to additional qualitative management quarterly review. This management review includes review of reasonable and supportable repayment forecasts. Non-trade receivables also include employee and tax receivables that are deemed immaterial and low risk. Loans to equity affiliates and non-equity investees are also considered non-trade and associated allowances of $560 million are included within “Investments and Advances” on the Consolidated Balance Sheet at both December 31, 2021 and December 30, 2020. |
Acquisition of Noble Energy, In
Acquisition of Noble Energy, Inc. | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisition of Noble Energy, Inc. | Acquisition of Noble Energy, Inc. On October 5, 2020, the company acquired Noble Energy, Inc., an independent oil and gas exploration and production company. Noble’s principal upstream operations are in the United States, the Eastern Mediterranean and West Africa. Noble’s operations also include an integrated midstream business in the United States. The acquisition of Noble provides the company with low-cost proved reserves, attractive undeveloped resources and cash-generating assets. The aggregate purchase price of Noble was $4,109, with approximately 58 million shares of Chevron common stock issued as consideration in the transaction, representing approximately 3 percent of shares of Chevron common stock outstanding immediately after the acquisition. As part of the transaction, the company recognized long-term debt and finance leases with a fair value of $9,231. The acquisition was accounted for as a business combination under ASC 805, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. Provisional fair value measurements were made for acquired assets and liabilities, and adjustments to those measurements may be made in subsequent periods, up to one year from the acquisition date, as information necessary to complete the analysis is obtained. Oil and gas properties were valued using a discounted cash flow approach that incorporated internally generated price assumptions and production profiles together with appropriate operating cost and development cost assumptions. Debt assumed in the acquisition was valued based on observable market prices for Noble’s debt. As a result of measuring the assets acquired and the liabilities assumed at fair value, there was no goodwill or bargain purchase recognized. The following table summarizes the values assigned to assets acquired and liabilities assumed: At October 5, 2020 Current assets $ 1,105 Investments and long-term receivables 1,282 Properties (includes $14,935 for oil and gas properties) 16,703 Other assets 607 Total assets acquired 19,697 Current liabilities 1,829 Long-term debt and finance leases 9,231 Deferred income taxes 2,355 Other liabilities 1,394 Total liabilities assumed 14,809 Noncontrolling interest and redeemable noncontrolling interest 779 Net assets acquired $ 4,109 The following unaudited pro forma summary presents the results of operations as if the acquisition of Noble had occurred January 1, 2019: Year ended December 31 2020 2019 Sales and other operating revenues $ 96,980 $ 144,303 Net income $ (9,890) $ 1,412 The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may differ significantly from this pro forma financial information. The pro forma information does not reflect any synergistic savings that might be achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II — Valuation and Qualifying Accounts Year ended December 31 Millions of Dollars 2021 2020 2019 Employee Termination Benefits Balance at January 1 $ 470 $ 7 $ 19 Additions (reductions) charged to expense (30) 859 6 Payments (397) (396) (18) Balance at December 31 $ 43 $ 470 $ 7 Expected Credit Losses Beginning allowance balance for expected credit losses $ 671 $ 849 $ 980 Current period provision 74 573 (128) Write-offs charged against the allowance, if any — (751) (3) Balance at December 31 $ 745 $ 671 $ 849 Deferred Income Tax Valuation Allowance 1 Balance at January 1 $ 17,762 $ 15,965 $ 15,973 Additions to deferred income tax expense 2 3,691 2,892 1,336 Reduction of deferred income tax expense (3,802) (1,095) (1,344) Balance at December 31 $ 17,651 $ 17,762 $ 15,965 1 See also Note 17 Taxes . 2 Includes $974 of additions associated with the purchase of Noble in 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
General | General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America. These require the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and judgments, actual results could differ from these estimates as circumstances change and additional information becomes known. |
Subsidiary and Affiliated Companies | Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary companies more than 50 percent-owned and any variable interest entities in which the company is the primary beneficiary. Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis. Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately 20 percent to 50 percent, or for which the company exercises significant influence but not control over policy decisions, are accounted for by the equity method. Investments in affiliates are assessed for possible impairment when events indicate that the fair value of the investment may be below the company’s carrying value. When such a condition is deemed to be other than temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in net income. In making the determination as to whether a decline is other than temporary, the company considers such factors as the duration and extent of the decline, the investee’s financial performance, and the company’s ability and intention to retain its investment for a period that will be sufficient to allow for any anticipated recovery in the investment’s market value. The new cost basis of investments in these equity investees is not changed for subsequent recoveries in fair value. |
Noncontrolling Interests | Noncontrolling Interests Ownership interests in the company’s subsidiaries held by parties other than the parent are presented separately from the parent’s equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the parent and the noncontrolling interests are both presented on the face of the Consolidated Statement of Income and Consolidated Statement of Equity. Included within noncontrolling interest is redeemable noncontrolling interest. |
Fair Value Measurements | Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or a liability are as follows. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Level 3 inputs are inputs that are not observable in the market. |
Derivatives | Derivatives |
Inventories | Inventories |
Properties, Plant and Equipment | Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation (ARO) assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. Refer to Note 21 Accounting for Suspended Exploratory Wells for additional discussion of accounting for suspended exploratory well costs. Long-lived assets to be held and used, including proved crude oil and natural gas properties, are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast or carbon costs), significant change in the extent or manner of use of or a physical change in an asset, and a more-likely-than-not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved crude oil and natural gas properties, the company performs impairment reviews on a country, concession, PSC, development area or field basis, as appropriate. In Downstream, impairment reviews are performed on the basis of a refinery, a plant, a marketing/lubricants area or distribution area, as appropriate. Impairment amounts are recorded as incremental “Depreciation, depletion and amortization” expense. Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the asset is considered impaired and adjusted to the lower value. Refer to Note 9 Fair Value Measurements relating to fair value measurements. The fair value of a liability for an ARO is recorded as an asset and a liability when there is a legal obligation associated with the retirement of a long-lived asset and the amount can be reasonably estimated. Refer also to Note 25 Asset Retirement Obligations relating to AROs. Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using the unit-of-production method, generally by individual field, as the proved developed reserves are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. Impairments of capitalized costs of unproved mineral interests are expensed. The capitalized costs of all other plant and equipment are depreciated or amortized over their estimated useful lives. In general, the declining-balance method is used to depreciate plant and equipment in the United States; the straight-line method is generally used to depreciate international plant and equipment and to amortize finance lease right-of-use assets. Gains or losses are not recognized for normal retirements of properties, plant and equipment subject to composite group amortization or depreciation. Gains or losses from abnormal retirements are recorded as expenses, and from sales as “Other income.” Expenditures for maintenance (including those for planned major maintenance projects), repairs and minor renewals to maintain facilities in operating condition are generally expensed as incurred. Major replacements and renewals are capitalized. |
Leases | Leases Leases are classified as operating or finance leases. Both operating and finance leases recognize lease liabilities and associated right-of-use assets. The company has elected the short-term lease exception and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. The company has elected the practical expedient to not separate non-lease components from lease components for most asset classes except for certain asset classes that have significant non-lease (i.e., service) components. Where leases are used in joint ventures, the company recognizes 100 percent of the right-of-use assets and lease liabilities when the company is the sole signatory for the lease (in most cases, where the company is the operator of a joint venture). Lease costs reflect only the costs associated with the operator’s working interest share. The lease term includes the committed lease term identified in the contract, taking into account renewal and termination options that management is |
Goodwill | Goodwill Goodwill resulting from a business combination is not subject to amortization. The company tests such goodwill at the reporting unit level for impairment annually at December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. |
Environmental Expenditures | Environmental Expenditures Environmental expenditures that relate to ongoing operations or to conditions caused by past operations are expensed. Expenditures that create future benefits or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments or cleanups or both are probable and the costs can be reasonably estimated. For crude oil, natural gas and mineral-producing properties, a liability for an ARO is made in accordance with accounting standards for asset retirement and environmental obligations. Refer to Note 25 Asset Retirement Obligations for a discussion of the company’s AROs. |
Currency Translation | Currency Translation The U.S. dollar is the functional currency for substantially all of the company’s consolidated operations and those of its equity affiliates. For those operations, all gains and losses from currency remeasurement are included in current period income. The cumulative translation effects for those few entities, both consolidated and affiliated, using functional currencies other than the U.S. dollar are included in “Currency translation adjustment” on the Consolidated Statement of Equity. |
Revenue Recognition | Revenue Recognition The company accounts for each delivery order of crude oil, natural gas, petroleum and chemical products as a separate performance obligation. Revenue is recognized when the performance obligation is satisfied, which typically occurs at the point in time when control of the product transfers to the customer. Payment is generally due within 30 days of delivery. The company accounts for delivery transportation as a fulfillment cost, not a separate performance obligation, and recognizes these costs as an operating expense in the period when revenue for the related commodity is recognized. Revenue is measured as the amount the company expects to receive in exchange for transferring commodities to the customer. The company’s commodity sales are typically based on prevailing market-based prices and may include discounts and allowances. Until market prices become known under terms of the company’s contracts, the transaction price included in revenue is based on the company’s estimate of the most likely outcome. Discounts and allowances are estimated using a combination of historical and recent data trends. When deliveries contain multiple products, an observable standalone selling price is generally used to measure revenue for each product. The company includes estimates in the transaction price only to the extent that a significant reversal of revenue is not probable in subsequent periods. Revenue from contracts with customers is presented in “Sales and other operating revenue” along with some activity that is accounted for outside the scope of Accounting Standard Codification (ASC) 606, which is not material to this line, on the Consolidated Statement of Income. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported in “Purchased crude oil and products” on the Consolidated Statement of Income. Refer to Note 14 Operating Segments and Geographic Data for additional information on the company’s segmentation of revenue. Receivables related to revenue from contracts with customers are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the allowance for doubtful accounts. The net balance of these receivables was $12,877 and $7,631 at December 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 . Contract assets and related costs are reflected in “Prepaid expenses and other current assets” and contract liabilities are reflected in “Accrued liabilities” and “Deferred credits and other noncurrent obligations” on the Consolidated Balance Sheet. Amounts for these items are not material to the company’s financial position. |
Stock Options and Other Share-Based Compensation | Stock Options and Other Share-Based Compensation The company issues stock options and other share-based compensation to certain employees. For equity awards, such as stock options, total compensation cost is based on the grant date fair value, and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period in which an employee becomes eligible to retain the award at retirement. The company’s Long-Term Incentive Plan (LTIP) awards include stock options and stock appreciation rights, which have graded vesting provisions by which one-third of each award vests on each of the first, second and third anniversaries of the date of grant. In addition, performance shares granted under the company’s LTIP will vest at the end of the three |
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, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. All Other activities of the company include worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology activities. The company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM). The segments represent components of the company that engage in activities (a) from which revenues are earned and expenses are incurred; (b) whose operating results are regularly reviewed by the CODM, which makes decisions about resources to be allocated to the segments and assesses their performance; and (c) for which discrete financial information is available. The company’s primary country of operation is the United States of America, its country of domicile. Other components of the company’s operations are reported as “International” (outside the United States). Segment Earnings |
Uncertain Income Tax Positions | Uncertain Income Tax Positions The company recognizes a tax benefit in the financial statements for an uncertain tax position only if management’s assessment is that the position is “more likely than not” (i.e., a likelihood greater than 50 percent) to be allowed by the tax jurisdiction based solely on the technical merits of the position. The term “tax position” in the accounting standards for income taxes refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. |
Accounting for Suspended Exploratory Wells | Accounting for Suspended Exploratory Wells The company continues to capitalize exploratory well costs after the completion of drilling when the well has found a sufficient quantity of reserves to justify completion as a producing well, and the business unit is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense. |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Losses (Tables) | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2021, are reflected in the table below. Currency Translation Adjustments Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total Balance at December 31, 2018 $ (124) $ (10) $ (2) $ (3,408) $ (3,544) Components of Other Comprehensive Income (Loss) 1 : Before Reclassifications (18) 2 (1) (1,838) (1,855) Reclassifications 3 — — 3 406 409 Net Other Comprehensive Income (Loss) (18) 2 2 (1,432) (1,446) Balance at December 31, 2019 $ (142) $ (8) $ — $ (4,840) $ (4,990) Components of Other Comprehensive Income (Loss) 1 : Before Reclassifications 35 (2) — (1,487) (1,454) Reclassifications 3 — — — 832 832 Net Other Comprehensive Income (Loss) 35 (2) — (655) (622) Balance at December 31, 2020 $ (107) $ (10) $ — $ (5,495) $ (5,612) Components of Other Comprehensive Income (Loss) 1 : Before Reclassifications (55) (1) (6) 949 887 Reclassifications 2, 3 — — 6 830 836 Net Other Comprehensive Income (Loss) (55) (1) — 1,779 1,723 Balance at December 31, 2021 $ (162) $ (11) $ — $ (3,716) $ (3,889) 1 All amounts are net of tax. 2 Refer to Note 10 Financial and Derivative Instruments for cash flow hedging. 3 Refer to Note 23 Employee Benefit Plans , for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $1,055 that are included in employee benefit costs for the year ended December 31, 2021. Related income taxes for the same period, totaling $225, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant. |
Information Relating to the C_2
Information Relating to the Consolidated Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of information relating to the consolidated statement of cash flows | Year ended December 31 2021 2020 2019 Distributions more (less) than income from equity affiliates includes the following: Distributions from equity affiliates $ 3,659 $ 1,543 $ 1,895 (Income) loss from equity affiliates (5,657) 472 (3,968) Distributions more (less) than income from equity affiliates $ (1,998) $ 2,015 $ (2,073) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ (7,548) $ 2,423 $ 1,852 Decrease (increase) in inventories (530) 284 7 Decrease (increase) in prepaid expenses and other current assets 19 (87) (323) Increase (decrease) in accounts payable and accrued liabilities 5,475 (3,576) (109) Increase (decrease) in income and other taxes payable 1,223 (696) 67 Net decrease (increase) in operating working capital $ (1,361) $ (1,652) $ 1,494 Net cash provided by operating activities includes the following cash payments: Interest on debt (net of capitalized interest) $ 699 $ 720 $ 810 Income taxes 4,355 2,987 4,817 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 1,352 $ 2,891 $ 2,809 Returns of investment from equity affiliates 439 77 142 Proceeds and deposits related to asset sales and returns of investment $ 1,791 $ 2,968 $ 2,951 Net maturities (investments) of time deposits consisted of the following gross amounts: Investments in time deposits $ — $ — $ — Maturities of time deposits — — 950 Net maturities of (investments in) time deposits $ — $ — $ 950 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ (4) $ — $ (1) Marketable securities sold 3 35 3 Net sales (purchases) of marketable securities $ (1) $ 35 $ 2 Net repayment (borrowing) of loans by equity affiliates: Borrowing of loans by equity affiliates $ — $ (3,925) $ (1,350) Repayment of loans by equity affiliates 401 2,506 105 Net repayment (borrowing) of loans by equity affiliates $ 401 $ (1,419) $ (1,245) Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: Proceeds from issuances of short-term obligations $ 4,448 $ 10,846 $ 2,586 Repayments of short-term obligations (6,906) (9,771) (1,430) Net borrowings (repayments) of short-term obligations with three months or less maturity (3,114) (424) (3,977) Net borrowings (repayments) of short-term obligations $ (5,572) $ 651 $ (2,821) Net sales (purchases) of treasury shares consists of the following gross and net amounts: Shares issued for share-based compensation plans $ 1,421 $ 226 $ 1,104 Shares purchased under share repurchase and deferred compensation plans (1,383) (1,757) (4,039) Net sales (purchases) of treasury shares $ 38 $ (1,531) $ (2,935) Net contributions from (distributions to) noncontrolling interests consisted of the following gross and net amounts: Distributions to noncontrolling interests $ (53) $ (26) $ (18) Contributions from noncontrolling interests 17 2 — Net contributions from (distributions to) noncontrolling interests $ (36) $ (24) $ (18) The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: Year ended December 31 2021 2020 2019 Cash and cash equivalents $ 5,640 $ 5,596 $ 5,686 Restricted cash included in “Prepaid expenses and other current assets” 333 365 452 Restricted cash included in “Deferred charges and other assets” 822 776 773 Total cash, cash equivalents and restricted cash $ 6,795 $ 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. Year ended December 31 2021 2020 2019 Additions to properties, plant and equipment * $ 7,515 $ 8,492 $ 13,839 Additions to investments 460 136 140 Current-year dry hole expenditures 83 327 124 Payments for other assets and liabilities, net (2) (33) 13 Capital expenditures 8,056 8,922 14,116 Expensed exploration expenditures 431 500 598 Assets acquired through finance leases and other obligations 64 53 181 Payments for other assets and liabilities, net 2 42 (13) Capital and exploratory expenditures, excluding equity affiliates 8,553 9,517 14,882 Company’s share of expenditures by equity affiliates 3,167 3,982 6,112 Capital and exploratory expenditures, including equity affiliates $ 11,720 $ 13,499 $ 20,994 * Excludes non-cash movements of $316 in 2021, $816 in 2020 and $(239) in 2019. |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Assets And Liabilities, Lessee | Details of the right-of-use assets and lease liabilities for operating and finance leases, including the balance sheet presentation, are as follows: At December 31, 2021 At December 31, 2020 Operating Finance Operating Finance Deferred charges and other assets $ 3,668 $ — $ 3,949 $ — Properties, plant and equipment, net — 429 — 455 Right-of-use assets* $ 3,668 $ 429 $ 3,949 $ 455 Accrued Liabilities $ 995 $ — $ 1,291 $ — Short-term Debt — 48 — 186 Current lease liabilities 995 48 1,291 186 Deferred credits and other noncurrent obligations 2,508 — 2,615 — Long-term Debt — 449 — 447 Noncurrent lease liabilities 2,508 449 2,615 447 Total lease liabilities $ 3,503 $ 497 $ 3,906 $ 633 Weighted-average remaining lease term (in years) 7.8 13.2 7.2 10.4 Weighted-average discount rate 2.2 % 4.2 % 2.8 % 3.9 % |
Schedule of Lease, Cost | Total lease costs consist of both amounts recognized in the Consolidated Statement of Income during the period and amounts capitalized as part of the cost of another asset. Total lease costs incurred for operating and finance leases were as follows: Year-ended December 31 2021 2020 2019 Operating lease costs* $ 2,199 $ 2,551 $ 2,621 Finance lease costs 66 45 66 Total lease costs $ 2,265 $ 2,596 $ 2,687 * Includes variable and short-term lease costs. Cash paid for amounts included in the measurement of lease liabilities was as follows: Year-ended December 31 2021 2020 2019 Operating cash flows from operating leases $ 1,670 $ 1,744 $ 1,574 Investing cash flows from operating leases 398 762 1,047 Operating cash flows from finance leases 21 14 13 Financing cash flows from finance leases 193 34 24 |
Schedule of Lessee, Operating Lease, Liability, Maturity | At December 31, 2021, the estimated future undiscounted cash flows for operating and finance leases were as follows: At December 31, 2021 Operating Leases Finance Year 2022 $ 1,054 $ 64 2023 674 62 2024 487 61 2025 376 58 2026 245 55 Thereafter 1,049 316 Total $ 3,885 $ 616 Less: Amounts representing interest 382 119 Total lease liabilities $ 3,503 $ 497 |
Schedule of Finance Lease, Liability, Maturity | At December 31, 2021, the estimated future undiscounted cash flows for operating and finance leases were as follows: At December 31, 2021 Operating Leases Finance Year 2022 $ 1,054 $ 64 2023 674 62 2024 487 61 2025 376 58 2026 245 55 Thereafter 1,049 316 Total $ 3,885 $ 616 Less: Amounts representing interest 382 119 Total lease liabilities $ 3,503 $ 497 |
Summarized Financial Data - C_2
Summarized Financial Data - Chevron U.S.A. Inc. (Tables) | 12 Months Ended |
Dec. 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: Year ended December 31 2021 2020 2019 Sales and other operating revenues $ 120,380 $ 67,950 $ 109,314 Total costs and other deductions 114,641 72,575 116,365 Net income (loss) attributable to CUSA 6,904 (2,676) (5,061) Year ended December 31 2021 2020 2019 Sales and other operating revenues $ 14,104 $ 8,407 $ 9,333 Costs and other deductions 10,862 7,221 7,863 Net income attributable to CPChem 3,684 1,260 1,760 |
Summarized Financial Data and its Subsidiary | At December 31 2021 2020 Current assets $ 20,216 $ 10,555 Other assets 47,355 48,054 Current liabilities 17,824 12,403 Other liabilities 18,438 14,102 Total CUSA net equity $ 31,309 $ 32,104 Memo: Total debt $ 11,693 $ 7,133 At December 31 2021 2020 Current assets $ 3,381 $ 2,816 Other assets 14,396 14,210 Current liabilities 1,854 1,394 Other liabilities 3,160 3,380 Total CPChem net equity $ 12,763 $ 12,252 |
Summarized Financial Data - T_2
Summarized Financial Data - Tengizchevroil LLP (Tables) | 12 Months Ended |
Dec. 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 table below: Year ended December 31 2021 2020 2019 Sales and other operating revenues $ 15,927 $ 9,194 $ 16,281 Costs and other deductions 8,186 6,076 7,903 Net income attributable to TCO 5,418 2,196 5,884 |
Summarized Financial Data and its Affiliate | At December 31 2021 2020 Current assets $ 3,307 $ 2,114 Other assets 51,473 48,390 Current liabilities 3,436 1,686 Other liabilities 12,060 12,553 Total TCO net equity $ 39,284 $ 36,265 |
Summarized Financial Data _ C_2
Summarized Financial Data – Chevron Phillips Chemical Company LLC (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summarized Financial Data of Subsidiary Two [Abstract] | |
Summarized Financial Data - Chevron Phillips Chemical Company LLC | The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Year ended December 31 2021 2020 2019 Sales and other operating revenues $ 120,380 $ 67,950 $ 109,314 Total costs and other deductions 114,641 72,575 116,365 Net income (loss) attributable to CUSA 6,904 (2,676) (5,061) Year ended December 31 2021 2020 2019 Sales and other operating revenues $ 14,104 $ 8,407 $ 9,333 Costs and other deductions 10,862 7,221 7,863 Net income attributable to CPChem 3,684 1,260 1,760 |
Summarized Financial Data and its Subsidiary | At December 31 2021 2020 Current assets $ 20,216 $ 10,555 Other assets 47,355 48,054 Current liabilities 17,824 12,403 Other liabilities 18,438 14,102 Total CUSA net equity $ 31,309 $ 32,104 Memo: Total debt $ 11,693 $ 7,133 At December 31 2021 2020 Current assets $ 3,381 $ 2,816 Other assets 14,396 14,210 Current liabilities 1,854 1,394 Other liabilities 3,160 3,380 Total CPChem net equity $ 12,763 $ 12,252 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and Liabilities Measured at Fair Value on a Recurring Basis At December 31, 2021 At December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable securities $ 35 $ 35 $ — $ — $ 31 $ 31 $ — $ — Derivatives - not designated 313 285 28 — 74 37 37 — Total assets at fair value $ 348 $ 320 $ 28 $ — $ 105 $ 68 $ 37 $ — Derivatives - not designated 72 24 48 — 173 58 115 — Total liabilities at fair value $ 72 $ 24 $ 48 $ — $ 173 $ 58 $ 115 $ — |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis At December 31 At December 31 Before-Tax Loss Before-Tax Loss Total Level 1 Level 2 Level 3 Year 2021 Total Level 1 Level 2 Level 3 Year 2020 Properties, plant and equipment, net (held and used) $ 124 $ — $ — $ 124 $ 414 $ 2,443 $ — $ 20 $ 2,423 $ 2,599 Properties, plant and equipment, net (held for sale) — — — — — 1,418 — 1,418 — 193 Investments and advances 16 — — 16 32 28 — — 28 2,555 Total nonrecurring assets at fair value $ 140 $ — $ — $ 140 $ 446 $ 3,889 $ — $ 1,438 $ 2,451 $ 5,347 |
Financial and Derivative Inst_2
Financial and Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | Consolidated Balance Sheet: Fair Value of Derivatives At December 31 Type of Contract Balance Sheet Classification 2021 2020 Commodity Accounts and notes receivable, net $ 251 $ 73 Commodity Long-term receivables, net 62 1 Total assets at fair value $ 313 $ 74 Commodity Accounts payable $ 71 $ 172 Commodity Deferred credits and other noncurrent obligations 1 1 Total liabilities at fair value $ 72 $ 173 |
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | Consolidated Statement of Income: The Effect of Derivatives Gain/(Loss) Type of Derivative Statement of Year ended December 31 Contract Income Classification 2021 2020 2019 Commodity Sales and other operating revenues $ (685) $ 69 $ (291) Commodity Purchased crude oil and products (64) (36) (17) Commodity Other income (46) 7 (2) $ (795) $ 40 $ (310) |
Consolidated Balance Sheet: The Effect of Netting Derivative Assets | The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2021 and December 31, 2020. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amounts At December 31, 2021 Derivative Assets - not designated $ 1,684 $ 1,371 $ 313 $ — $ 313 Derivative Liabilities - not designated $ 1,443 $ 1,371 $ 72 $ — $ 72 At December 31, 2020 Derivative Assets - not designated $ 818 $ 744 $ 74 $ — $ 74 Derivative Liabilities - not designated $ 917 $ 744 $ 173 $ — $ 173 |
Consolidated Balance Sheet: The Effect of Netting Derivative Liabilities | The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2021 and December 31, 2020. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amounts At December 31, 2021 Derivative Assets - not designated $ 1,684 $ 1,371 $ 313 $ — $ 313 Derivative Liabilities - not designated $ 1,443 $ 1,371 $ 72 $ — $ 72 At December 31, 2020 Derivative Assets - not designated $ 818 $ 744 $ 74 $ — $ 74 Derivative Liabilities - not designated $ 917 $ 744 $ 173 $ — $ 173 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted EPS | The table below sets forth the computation of basic and diluted EPS: Year ended December 31 2021 2020 2019 Basic EPS Calculation Earnings available to common stockholders - Basic 1 $ 15,625 $ (5,543) $ 2,924 Weighted-average number of common shares outstanding 2 1,916 1,870 1,882 Add: Deferred awards held as stock units — — — Total weighted-average number of common shares outstanding 1,916 1,870 1,882 Earnings per share of common stock - Basic $ 8.15 $ (2.96) $ 1.55 Diluted EPS Calculation Earnings available to common stockholders - Diluted 1 $ 15,625 $ (5,543) $ 2,924 Weighted-average number of common shares outstanding 2 1,916 1,870 1,882 Add: Deferred awards held as stock units — — — Add: Dilutive effect of employee stock-based awards 4 — 13 Total weighted-average number of common shares outstanding 1,920 1,870 1,895 Earnings per share of common stock - Diluted $ 8.14 $ (2.96) $ 1.54 1 There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. 2 Millions of shares; 1 million shares of employee-based awards were not included in the 2020 diluted EPS calculation as the result would be anti-dilutive. |
Operating Segments and Geogra_2
Operating Segments and Geographic Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Earnings | Earnings by major operating area are presented in the following table: Year ended December 31 2021 2020 2019 Upstream United States $ 7,319 $ (1,608) $ (5,094) International 8,499 (825) 7,670 Total Upstream 15,818 (2,433) 2,576 Downstream United States 2,389 (571) 1,559 International 525 618 922 Total Downstream 2,914 47 2,481 Total Segment Earnings 18,732 (2,386) 5,057 All Other Interest expense (662) (658) (761) Interest income 36 52 181 Other (2,481) (2,551) (1,553) Net Income (Loss) Attributable to Chevron Corporation $ 15,625 $ (5,543) $ 2,924 |
Segment Assets | Assets at year-end 2021 and 2020 are as follows: At December 31 2021 2020 Upstream United States $ 41,870 $ 42,431 International 138,157 144,476 Goodwill 4,385 4,402 Total Upstream 184,412 191,309 Downstream United States 26,376 23,490 International 18,848 16,096 Total Downstream 45,224 39,586 Total Segment Assets 229,636 230,895 All Other United States 5,746 4,017 International 4,153 4,878 Total All Other 9,899 8,895 Total Assets – United States 73,992 69,938 Total Assets – International 161,158 165,450 Goodwill 4,385 4,402 Total Assets $ 239,535 $ 239,790 |
Segment Sales and Other Operating Revenues | Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies. Year ended December 31 1 2021 2020 2019 Upstream United States $ 29,219 $ 14,577 $ 23,358 International 40,921 26,804 35,628 Subtotal 70,140 41,381 58,986 Intersegment Elimination — United States (15,154) (8,068) (14,944) Intersegment Elimination — International (10,994) (7,002) (12,335) Total Upstream 43,992 26,311 31,707 Downstream United States 57,209 32,589 55,271 International 58,098 38,936 57,654 Subtotal 115,307 71,525 112,925 Intersegment Elimination — United States (2,296) (2,150) (3,924) Intersegment Elimination — International (1,521) (1,292) (1,089) Total Downstream 111,490 68,083 107,912 All Other United States 506 744 1,064 International 2 15 20 Subtotal 508 759 1,084 Intersegment Elimination — United States (382) (667) (818) Intersegment Elimination — International (2) (15) (20) Total All Other 124 77 246 Sales and Other Operating Revenues United States 86,934 47,910 79,693 International 99,021 65,755 93,302 Subtotal 185,955 113,665 172,995 Intersegment Elimination — United States (17,832) (10,885) (19,686) Intersegment Elimination — International (12,517) (8,309) (13,444) Total Sales and Other Operating Revenues $ 155,606 $ 94,471 $ 139,865 1 Other than the United States, no other country accounted for 10 percent or more of the company’s Sales and Other Operating Revenues. |
Segment income tax expense | Segment income tax expense for the years 2021, 2020 and 2019 is as follows: Year ended December 31 2021 2020 2019 Upstream United States $ 1,934 $ (570) $ (1,550) International 4,192 (415) 3,492 Total Upstream 6,126 (985) 1,942 Downstream United States 547 (192) 392 International 203 253 170 Total Downstream 750 61 562 All Other (926) (968) 187 Total Income Tax Expense (Benefit) $ 5,950 $ (1,892) $ 2,691 |
Investments and Advances (Table
Investments and Advances (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost | Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost, is shown in the following table. For certain equity affiliates, Chevron pays its share of some income taxes directly. For such affiliates, the equity in earnings does not include these taxes, which are reported on the Consolidated Statement of Income as “Income tax expense.” Investments and Advances Equity in Earnings At December 31 Year ended December 31 2021 2020 2021 2020 2019 Upstream Tengizchevroil $ 23,727 $ 22,685 $ 2,831 $ 1,238 $ 3,067 Petropiar — — — (1,396) 80 Petroboscan — — — (1,112) (11) Caspian Pipeline Consortium 805 835 155 159 155 Angola LNG Limited 2,180 2,258 336 (166) (26) Other* 1,859 1,875 187 137 (478) Total Upstream 28,571 27,653 3,509 (1,140) 2,787 Downstream Chevron Phillips Chemical Company LLC 6,455 6,181 1,842 630 880 GS Caltex Corporation 3,616 3,547 85 (185) 13 Other 1,725 1,389 220 223 288 Total Downstream 11,796 11,117 2,147 668 1,181 All Other Other (10) (14) 1 — — Total equity method $ 40,357 $ 38,756 $ 5,657 $ (472) $ 3,968 Other non-equity method investments 339 296 Total investments and advances $ 40,696 $ 39,052 Total United States $ 8,540 $ 7,978 $ 1,889 $ 709 $ 641 Total International $ 32,156 $ 31,074 $ 3,768 $ (1,181) $ 3,327 * Upstream Other line includes amounts previously reported as Noble Midstream equity affiliates. |
Summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron's total share, which includes Chevron loans to affiliates | The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron’s total share, which includes Chevron’s net loans to affiliates of $4,704, $5,153 and $4,331 at December 31, 2021, 2020 and 2019, respectively. Affiliates Chevron Share Year ended December 31 2021 2020 2019 2021 2020 2019 Total revenues $ 71,241 $ 49,093 $ 66,473 $ 34,359 $ 21,641 $ 32,628 Income before income tax expense 15,175 5,682 13,197 6,984 2,550 5,954 Net income attributable to affiliates 12,598 4,704 9,809 5,670 2,034 4,366 At December 31 Current assets $ 21,871 $ 17,087 $ 30,791 $ 9,267 $ 7,328 $ 12,998 Noncurrent assets 100,235 97,468 97,177 44,360 43,247 41,531 Current liabilities 17,275 12,164 26,032 7,492 5,052 10,610 Noncurrent liabilities 24,219 25,586 21,593 5,982 5,884 5,068 Total affiliates’ net equity $ 80,612 $ 76,805 $ 80,343 $ 40,153 $ 39,639 $ 38,851 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Taxes on income | Income Taxes Year ended December 31 2021 2020 2019 Income tax expense (benefit) U.S. federal Current $ 174 $ (182) $ (73) Deferred 1,004 (1,315) (1,074) State and local Current 222 65 153 Deferred 202 (152) (172) Total United States 1,602 (1,584) (1,166) International Current 4,854 1,833 4,577 Deferred (506) (2,141) (720) Total International 4,348 (308) 3,857 Total income tax expense (benefit) $ 5,950 $ (1,892) $ 2,691 |
Reconciliation between the U.S. statutory federal income tax rate and the company's effective income tax rate | The reconciliation between the U.S. statutory federal income tax rate and the company’s effective income tax rate is detailed in the following table: 2021 2020 2019 Income (loss) before income taxes United States $ 9,674 $ (5,700) $ (5,483) International 11,965 (1,753) 11,019 Total income (loss) before income taxes 21,639 (7,453) 5,536 Theoretical tax (at U.S. statutory rate of 21% ) 4,544 (1,565) 1,163 Effect of U.S. tax reform — — 3 Equity affiliate accounting effect (890) 211 (687) Effect of income taxes from international operations 2,692 (39) 2,196 State and local taxes on income, net of U.S. federal income tax benefit 216 (65) (18) Prior year tax adjustments, claims and settlements 1 362 (236) 192 Tax credits (173) (33) (18) Other U.S. 1, 2 (801) (165) (140) Total income tax expense (benefit) $ 5,950 $ (1,892) $ 2,691 Effective income tax rate 27.5 % 25.4 % 48.6 % 1 Includes one-time tax costs (benefits) associated with changes in uncertain tax positions. 2 Includes one-time tax costs (benefits) associated with changes in valuation allowances (2021 - $(624); 2020 - $0; 2019 - $0). |
Composition of deferred tax balances | The reported deferred tax balances are composed of the following: At December 31 2021 2020 Deferred tax liabilities Properties, plant and equipment $ 17,169 $ 16,603 Investments and other 4,105 5,617 Total deferred tax liabilities 21,274 22,220 Deferred tax assets Foreign tax credits (11,718) (10,585) Asset retirement obligations/environmental reserves (4,553) (4,721) Employee benefits (3,037) (3,856) Deferred credits (996) (1,056) Tax loss carryforwards (4,175) (6,701) Other accrued liabilities (239) (228) Inventory (289) (633) Operating leases (1,255) (1,234) Miscellaneous (3,657) (3,685) Total deferred tax assets (29,919) (32,699) Deferred tax assets valuation allowance 17,651 17,762 Total deferred taxes, net $ 9,006 $ 7,283 |
Classification of deferred taxes | At December 31, 2021 and 2020, deferred taxes were classified on the Consolidated Balance Sheet as follows: At December 31 2021 2020 Deferred charges and other assets $ (5,659) $ (5,286) Noncurrent deferred income taxes 14,665 12,569 Total deferred income taxes, net $ 9,006 $ 7,283 |
Changes to the Company's unrecognized tax benefits | The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019. The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements. Interest and penalties are not included. 2021 2020 2019 Balance at January 1 $ 5,018 $ 4,987 $ 5,070 Foreign currency effects (1) 2 1 Additions based on tax positions taken in current year 194 253 94 Additions for tax positions taken in prior years 218 437 313 Reductions for tax positions taken in prior years (36) (216) (194) Settlements with taxing authorities in current year (18) (429) (78) Reductions as a result of a lapse of the applicable statute of limitations (87) (16) (219) Balance at December 31 $ 5,288 $ 5,018 $ 4,987 |
Taxes other than on income | Taxes Other Than on Income Year ended December 31 2021 2020 2019 United States Import duties and other levies 7 7 2 Property and other miscellaneous taxes 3,378 2,248 1,785 Payroll taxes 302 235 254 Taxes on production 628 317 355 Total United States 4,315 2,807 2,396 International Import duties and other levies 49 39 35 Property and other miscellaneous taxes 2,225 1,461 1,435 Payroll taxes 113 117 125 Taxes on production 138 75 145 Total International 2,525 1,692 1,740 Total taxes other than on income $ 6,840 $ 4,499 $ 4,136 |
Properties, Plant and Equipme_2
Properties, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Properties, Plant and Equipment | At December 31 Year ended December 31 Gross Investment at Cost Net Investment Additions at Cost 2 Depreciation Expense 3 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Upstream United States $ 93,393 $ 96,555 $ 82,117 $ 36,027 $ 38,175 $ 31,082 $ 4,520 $ 13,067 $ 7,751 $ 5,675 $ 6,841 $ 15,222 International 202,757 209,846 206,292 94,770 102,010 102,639 2,349 11,069 3,664 10,824 11,121 12,618 Total Upstream 296,150 306,401 288,409 130,797 140,185 133,721 6,869 24,136 11,415 16,499 17,962 27,840 Downstream United States 26,888 26,499 25,968 10,766 11,101 11,398 543 638 1,452 833 851 869 International 8,134 7,993 7,480 3,300 3,395 3,114 234 573 355 296 283 256 Total Downstream 35,022 34,492 33,448 14,066 14,496 14,512 777 1,211 1,807 1,129 1,134 1,125 All Other United States 4,729 4,195 4,719 2,078 1,916 2,236 143 194 324 290 403 243 International 144 144 146 20 21 25 7 5 9 7 9 10 Total All Other 4,873 4,339 4,865 2,098 1,937 2,261 150 199 333 297 412 253 Total United States 125,010 127,249 112,804 48,871 51,192 44,716 5,206 13,899 9,527 6,798 8,095 16,334 Total International 211,035 217,983 213,918 98,090 105,426 105,778 2,590 11,647 4,028 11,127 11,413 12,884 Total $ 336,045 $ 345,232 $ 326,722 $ 146,961 $ 156,618 $ 150,494 $ 7,796 $ 25,546 $ 13,555 $ 17,925 $ 19,508 $ 29,218 1 Other than the United States and Australia, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2021. Australia had PP&E of $46,395, $48,060 and $51,359 in 2021, 2020 and 2019, respectively. Gross Investment at Cost, Net Investment and Additions at Cost for 2020 each include $16,703 associated with the Noble acquisition. 2 Net of dry hole expense related to prior years’ expenditures of $35, $709 and $49 in 2021, 2020 and 2019, respectively. 3 Depreciation expense includes accretion expense of $616, $560 and $628 in 2021, 2020 and 2019, respectively, and impairments of $414, $2,792 and $10,797 in 2021, 2020 and 2019, respectively. |
Short-Term Debt (Tables)
Short-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Short-Term Debt | At December 31 2021 2020 Commercial paper 1 $ — $ 5,612 Notes payable to banks and others with originating terms of one year or less 62 15 Current maturities of long-term debt 4,946 2,600 Current maturities of long-term finance leases 48 186 Redeemable long-term obligations 2,959 2,960 Subtotal 8,015 11,373 Reclassified to long-term debt (7,759) (9,825) Total short-term debt $ 256 $ 1,548 1 Weighted-average interest rate at December 31, 2020 was 0.15%. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term debt outstanding | The company’s long-term debt outstanding at year-end 2021 and 2020 was as follows: At December 31 2021 2020 Weighted Average Interest Rate (%) 1 Range of Interest Rates (%) 2 Principal Principal Notes due 2022 2.179 0.333 - 2.498 $ 3,800 $ 3,800 Floating rate notes due 2022 0.536 0.264 - 0.705 1,000 1,000 Notes due 2023 2.377 0.426 - 7.250 4,800 4,800 Floating rate notes due 2023 0.617 0.354 - 1.054 800 800 Notes due 2024 3.291 2.895 - 3.900 1,650 1,650 Notes due 2025 1.724 0.687 - 3.326 4,000 4,000 Notes due 2026 2.954 2,250 2,250 Notes due 2027 2.379 1.018 - 8.000 2,000 2,000 Notes due 2028 3.850 600 600 Notes due 2029 3.250 500 500 Notes due 2030 2.236 1,500 1,500 Debentures due 2031 8.625 102 108 Debentures due 2032 8.416 8.000 - 8.625 183 222 Notes due 2040 2.978 293 500 Notes due 2041 6.000 397 850 Notes due 2043 5.250 330 1,000 Notes due 2044 5.050 222 850 Notes due 2047 4.950 187 500 Notes due 2049 4.200 237 500 Notes due 2050 2.763 2.343 - 3.078 1,750 1,750 Debentures due 2097 7.250 60 84 Bank loans due 2022 - 2023 1.765 1.520 - 1.920 239 1,402 3.400% loan 3 3.400 218 218 Medium-term notes, maturing from 2023 to 2038 4.485 0.080 - 7.900 23 23 Notes due 2021 — 2,600 Total including debt due within one year 27,141 33,507 Debt due within one year (4,946) (2,600) Fair market value adjustment for debt acquired in the Noble Energy acquisition 741 1,690 Reclassified from short-term debt 7,759 9,825 Unamortized discounts and debt issuance costs (31) (102) Finance lease liabilities 4 449 447 Total long-term debt $ 31,113 $ 42,767 1 Weighted-average interest rate at December 31, 2021 2 Range of interest rates at December 31, 2021. 3 Principal amount to be repaid in installments between 2022 and 2025. 4 For details on finance lease liabilities, see Note 5 Lease Commitments . |
Accounting for Suspended Expl_2
Accounting for Suspended Exploratory Wells (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting for Suspended Exploratory Wells [Abstract] | |
Changes in company's suspended exploratory well costs | The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2021: 2021 2020 2019 Beginning balance at January 1 $ 2,512 $ 3,041 $ 3,563 Additions to capitalized exploratory well costs pending the determination of proved reserves 56 28 244 Reclassifications to wells, facilities and equipment based on the determination of proved reserves (425) (102) (500) Capitalized exploratory well costs charged to expense (34) (667) (125) Other * — 212 (141) Ending balance at December 31 $ 2,109 $ 2,512 $ 3,041 * 2020 represents fair value of well costs acquired in the Noble acquisition. 2019 represents property sales. |
Aging of capitalized well costs and number of project | The following table provides an aging of capitalized well costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling. At December 31 2021 2020 2019 Exploratory well costs capitalized for a period of one year or less $ 65 $ 26 $ 214 Exploratory well costs capitalized for a period greater than one year 2,044 2,486 2,827 Balance at December 31 $ 2,109 $ 2,512 $ 3,041 Number of projects with exploratory well costs that have been capitalized for a period greater than one year * 15 17 22 * Certain projects have multiple wells or fields or both. |
Aging of Costs on Well and Project Basis | The $2,044 of suspended well costs capitalized for a period greater than one year as of December 31, 2021, represents 83 exploratory wells in 15 projects. The tables below contain the aging of these costs on a well and project basis: Aging based on drilling completion date of individual wells: Amount Number of wells 2000-2009 $ 312 16 2010-2014 1,146 50 2015-2020 586 17 Total $ 2,044 83 Aging based on drilling completion date of last suspended well in project: Amount Number of projects 2003-2012 $ 341 3 2013-2016 1,318 9 2017-2021 385 3 Total $ 2,044 15 |
Stock Options and Other Share_2
Stock Options and Other Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Fair market values of stock options and stock appreciation rights granted | The fair market values of stock options and stock appreciation rights granted in 2021, 2020 and 2019 were measured on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions: Year ended December 31 2021 2020 2019 Expected term in years 1 6.8 6.6 6.6 Volatility 2 31.1 % 20.8 % 20.5 % Risk-free interest rate based on zero coupon U.S. treasury note 0.71 % 1.5 % 2.6 % Dividend yield 6.0 % 4.0 % 3.8 % Weighted-average fair value per option granted $ 12.22 $ 13.00 $ 15.82 1 Expected term is based on historical exercise and post-vesting cancellation data. 2 Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. |
Summary of option activity | A summary of option activity during 2021 is presented below: Shares (Thousands) Weighted-Average Averaged Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2021 90,150 $ 108.17 Granted 6,948 $ 88.20 Exercised (12,831) $ 99.64 Forfeited (6,868) $ 102.61 Outstanding at December 31, 2021 77,399 $ 108.10 4.17 $ 1,020 Exercisable at December 31, 2021 66,499 $ 109.80 3.45 $ 806 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Funded status of pension and other postretirement benefit plans | The funded status of the company’s pension and OPEB plans for 2021 and 2020 follows: Pension Benefits 2021 2020 Other Benefits U.S. Int’l. U.S. Int’l. 2021 2020 Change in Benefit Obligation Benefit obligation at January 1 $ 15,166 $ 6,307 $ 14,465 $ 5,680 $ 2,650 $ 2,520 Service cost 450 123 497 130 43 38 Interest cost 235 137 353 175 53 71 Plan participants’ contributions — 3 — 3 43 59 Actuarial (gain) loss (325) (364) 1,782 550 (108) 191 Foreign currency exchange rate changes — (85) — 158 (3) (1) Benefits paid (2,560) (746) (2,045) (368) (189) (214) Divestitures/Acquisitions — — 22 — — — Curtailment — (24) 92 (21) — (14) Benefit obligation at December 31 12,966 5,351 15,166 6,307 2,489 2,650 Change in Plan Assets Fair value of plan assets at January 1 9,930 5,363 10,177 4,791 — — Actual return on plan assets 997 166 848 500 — — Foreign currency exchange rate changes — (35) — 174 — — Employer contributions 1,552 199 950 263 146 155 Plan participants’ contributions — 3 — 3 43 59 Benefits paid (2,560) (746) (2,045) (368) (189) (214) Fair value of plan assets at December 31 9,919 4,950 9,930 5,363 — — Funded status at December 31 $ (3,047) $ (401) $ (5,236) $ (944) $ (2,489) $ (2,650) |
Consolidated Balance Sheet for pension and other postretirement benefit plans | Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2021 and 2020, include: Pension Benefits 2021 2020 Other Benefits U.S. Int’l. U.S. Int’l. 2021 2020 Deferred charges and other assets $ 36 $ 696 $ 24 $ 547 $ — $ — Accrued liabilities (303) (142) (258) (76) (151) (153) Noncurrent employee benefit plans (2,780) (955) (5,002) (1,415) (2,338) (2,497) Net amount recognized at December 31 $ (3,047) $ (401) $ (5,236) $ (944) $ (2,489) $ (2,650) |
Before tax basis amount in accumulated other comprehensive loss | Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB plans were $4,979 and $7,278 at the end of 2021 and 2020, respectively. These amounts consisted of: Pension Benefits 2021 2020 Other Benefits U.S. Int’l. U.S. Int’l. 2021 2020 Net actuarial loss $ 4,007 $ 920 $ 5,714 $ 1,401 $ 134 $ 260 Prior service (credit) costs 2 75 3 86 (159) (186) Total recognized at December 31 $ 4,009 $ 995 $ 5,717 $ 1,487 $ (25) $ 74 |
Pension plans with accumulated benefit obligation in excess of plan assets | Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2021 and 2020, was: Pension Benefits 2021 2020 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 1,957 $ 1,097 $ 15,103 $ 2,084 Accumulated benefit obligations 1,665 883 13,545 1,622 Fair value of plan assets 55 2 9,842 600 |
Components of net periodic benefit cost and amounts recognized in other comprehensive income | The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2021, 2020 and 2019 are shown in the table below: Pension Benefits 2021 2020 2019 Other Benefits U.S. Int’l. U.S. Int’l. U.S. Int’l. 2021 2020 2019 Net Periodic Benefit Cost Service cost $ 450 $ 123 $ 497 $ 130 $ 406 $ 139 $ 43 $ 38 $ 36 Interest cost 235 137 353 175 397 199 53 71 96 Expected return on plan assets (596) (171) (650) (209) (565) (231) — — — Amortization of prior service costs (credits) 2 8 2 10 2 11 (27) (28) (28) Recognized actuarial losses 309 46 385 45 239 21 16 3 (3) Settlement losses 672 7 620 37 259 3 — — — Curtailment losses (gains) — (1) 92 2 — 16 — (27) — Total net periodic benefit cost 1,072 149 1,299 190 738 158 85 57 101 Changes Recognized in Comprehensive Income Net actuarial (gain) loss during period (725) (408) 1,584 230 1,939 338 (111) 190 128 Amortization of actuarial loss (981) (73) (1,005) (98) (498) (24) (15) (4) 3 Prior service (credits) costs during period — — — — — 29 — — (1) Amortization of prior service (costs) credits (2) (11) (2) (17) (2) (30) 27 42 28 Total changes recognized in other (1,708) (492) 577 115 1,439 313 (99) 228 158 Recognized in Net Periodic Benefit Cost and Other Comprehensive Income $ (636) $ (343) $ 1,876 $ 305 $ 2,177 $ 471 $ (14) $ 285 $ 259 |
Weighted-average assumptions used to determine benefit obligations and net periodic benefit costs | The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits 2021 2020 2019 Other Benefits U.S. Int’l. U.S. Int’l. U.S. Int’l. 2021 2020 2019 Assumptions used to determine benefit obligations: Discount rate 2.8 % 2.8 % 2.4 % 2.4 % 3.1 % 3.2 % 2.9 % 2.6 % 3.2 % Rate of compensation increase 4.5 % 4.1 % 4.5 % 4.0 % 4.5 % 4.0 % N/A N/A N/A Assumptions used to determine net periodic benefit cost: Discount rate for service cost 3.0 % 2.4 % 3.3 % 3.2 % 4.4 % 4.4 % 3.0 % 3.5 % 4.6 % Discount rate for interest cost 1.9 % 2.4 % 2.6 % 3.2 % 3.7 % 4.4 % 2.1 % 3.0 % 4.2 % Expected return on plan assets 6.5 % 3.5 % 6.5 % 4.5 % 6.8 % 5.6 % N/A N/A N/A Rate of compensation increase 4.5 % 4.0 % 4.5 % 4.0 % 4.5 % 4.0 % N/A N/A N/A |
Fair value measurements of the Company's pension plans | The fair value measurements of the company’s pension plans for 2021 and 2020 are as follows: U.S. Int’l. Total Level 1 Level 2 Level 3 NAV Total Level 1 Level 2 Level 3 NAV At December 31, 2020 Equities U.S. 1 $ 2,286 $ 2,286 $ — $ — $ — $ 443 $ 443 $ — $ — $ — International 2,211 2,210 — 1 — 373 373 — — — Collective Trusts/Mutual Funds 2 1,107 48 — — 1,059 192 7 — — 185 Fixed Income Government 231 — 231 — — 240 125 115 — — Corporate 778 — 778 — — 578 10 568 — — Bank Loans 129 — 127 2 — — — — — — Mortgage/Asset Backed 1 — 1 — — 4 — 4 — — Collective Trusts/Mutual Funds 2 1,901 13 — — 1,888 2,520 4 — — 2,516 Mixed Funds 3 — — — — — 127 38 89 — — Real Estate 4 1,018 — — — 1,018 448 — — 45 403 Alternative Investments — — — — — — — — — — Cash and Cash Equivalents 221 209 12 — — 417 408 3 — 6 Other 5 47 (19) 22 41 3 21 (2) 19 4 — Total at December 31, 2020 $ 9,930 $ 4,747 $ 1,171 $ 44 $ 3,968 $ 5,363 $ 1,406 $ 798 $ 49 $ 3,110 At December 31, 2021 Equities U.S. 1 $ 1,677 $ 1,677 $ — $ — $ — $ 491 $ 491 $ — $ — $ — International 1,285 1,284 — 1 — 356 355 — 1 — Collective Trusts/Mutual Funds 2 2,541 32 — — 2,509 134 6 — — 128 Fixed Income Government 215 — 215 — — 229 135 94 — — Corporate 660 — 660 — — 532 2 530 — — Bank Loans 137 — 136 1 — — — — — — Mortgage/Asset Backed 1 — 1 — — 4 — 4 — — Collective Trusts/Mutual Funds 2 1,907 13 — — 1,894 2,388 1 — — 2,387 Mixed Funds 3 — — — — — 99 12 87 — — Real Estate 4 1,172 — — — 1,172 312 — — 42 270 Alternative Investments — — — — — — — — — — Cash and Cash Equivalents 264 263 1 — — 161 89 3 — 69 Other 5 60 (1) 14 46 1 244 — 17 113 114 Total at December 31, 2021 $ 9,919 $ 3,268 $ 1,027 $ 48 $ 5,576 $ 4,950 $ 1,091 $ 735 $ 156 $ 2,968 1 U.S. equities include investments in the company’s common stock in the amount of $0 at December 31, 2021, and $4 at December 31, 2020. 2 Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds. 3 Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk. 4 The year-end valuations of the U.S. real estate assets are based on third-party appraisals that occur at least once a year for each property in the portfolio. 5 The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts (Level 3); and investments in private-equity limited partnerships (NAV). |
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period | The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below: Equity Fixed Income International Corporate Bank Loans Real Estate Other Total Total at December 31, 2019 $ 1 $ 3 $ 7 $ 55 $ 46 $ 112 Actual Return on Plan Assets: Assets held at the reporting date — — — — 1 1 Assets sold during the period — — — (10) — (10) Purchases, Sales and Settlements — (3) (5) — (2) (10) Transfers in and/or out of Level 3 — — — — — — Total at December 31, 2020 $ 1 $ — $ 2 $ 45 $ 45 $ 93 Actual Return on Plan Assets: Assets held at the reporting date — — — — 4 4 Assets sold during the period — — — (3) — (3) Purchases, Sales and Settlements — — (2) — 4 2 Transfers in and/or out of Level 3 — — — — 108 108 Total at December 31, 2021 $ 1 $ — $ — $ 42 $ 161 $ 204 |
Benefit payments, which include estimated future service that are expected to be paid by the company in the next 10 years | The following benefit payments, which include estimated future service, are expected to be paid by the company in the next 10 years: Pension Benefits Other U.S. Int’l. Benefits 2022 $ 826 $ 296 $ 151 2023 982 211 149 2024 1,025 225 146 2025 1,022 232 144 2026 998 245 142 2027-2031 4,640 1,367 682 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Changes to the Company's Before-tax Asset Retirement Obligation | The following table indicates the changes to the company’s before-tax asset retirement obligations in 2021, 2020 and 2019: 2021 2020 2019 Balance at January 1 $ 13,616 $ 12,832 $ 14,050 Liabilities assumed in the Noble acquisition — 630 — Liabilities incurred 31 10 32 Liabilities settled (1,887) (1,661) (1,694) Accretion expense 616 560 628 Revisions in estimated cash flows 432 1,245 (184) Balance at December 31 $ 12,808 $ 13,616 $ 12,832 |
Other Financial Information (Ta
Other Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Financial Information | Other financial information is as follows: Year ended December 31 2021 2020 2019 Total financing interest and debt costs $ 775 $ 735 $ 817 Less: Capitalized interest 63 38 19 Interest and debt expense $ 712 $ 697 $ 798 Research and development expenses $ 268 $ 435 $ 500 Excess of replacement cost over the carrying value of inventories (LIFO method) $ 5,588 $ 2,749 $ 4,513 LIFO profits (losses) on inventory drawdowns included in earnings $ 35 $ (147) $ (9) Foreign currency effects * $ 306 $ (645) $ (304) * Includes $180, $(152) and $(28) in 2021, 2020 and 2019, respectively, for the company’s share of equity affiliates’ foreign currency effects. |
Acquisition of Noble Energy, _2
Acquisition of Noble Energy, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the values assigned to assets acquired and liabilities assumed: At October 5, 2020 Current assets $ 1,105 Investments and long-term receivables 1,282 Properties (includes $14,935 for oil and gas properties) 16,703 Other assets 607 Total assets acquired 19,697 Current liabilities 1,829 Long-term debt and finance leases 9,231 Deferred income taxes 2,355 Other liabilities 1,394 Total liabilities assumed 14,809 Noncontrolling interest and redeemable noncontrolling interest 779 Net assets acquired $ 4,109 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma summary presents the results of operations as if the acquisition of Noble had occurred January 1, 2019: Year ended December 31 2020 2019 Sales and other operating revenues $ 96,980 $ 144,303 Net income $ (9,890) $ 1,412 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Percent of the right-of-use assets recognized when the company is the sole signatory for the lease | 100.00% |
Percent of the lease liabilities recognized when the company is the sole signatory for the lease | 100.00% |
Revenue, performance obligation, description of timing | Payment is generally due within 30 days of delivery. |
Performance Shares | Chevron Long-Term Incentive Plan (LTIP) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at January 1 | $ 132,726 | $ 145,208 | $ 155,642 |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | 887 | (1,454) | (1,855) |
Reclassifications | 836 | 832 | 409 |
Other Comprehensive Gain (Loss), Net of Tax | 1,723 | (622) | (1,446) |
Balance at December 31 | 139,940 | 132,726 | 145,208 |
Income tax expense (benefit) | 5,950 | (1,892) | 2,691 |
Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at January 1 | (107) | (142) | (124) |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | (55) | 35 | (18) |
Reclassifications | 0 | 0 | 0 |
Other Comprehensive Gain (Loss), Net of Tax | (55) | 35 | (18) |
Balance at December 31 | (162) | (107) | (142) |
Unrealized Holding Gains (Losses) on Securities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at January 1 | (10) | (8) | (10) |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | (1) | (2) | 2 |
Reclassifications | 0 | 0 | 0 |
Other Comprehensive Gain (Loss), Net of Tax | (1) | (2) | 2 |
Balance at December 31 | (11) | (10) | (8) |
Derivatives | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at January 1 | 0 | 0 | (2) |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | (6) | 0 | (1) |
Reclassifications | 6 | 0 | 3 |
Other Comprehensive Gain (Loss), Net of Tax | 0 | 0 | 2 |
Balance at December 31 | 0 | 0 | 0 |
Defined Benefit Plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at January 1 | (5,495) | (4,840) | (3,408) |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | 949 | (1,487) | (1,838) |
Reclassifications | 830 | 832 | 406 |
Other Comprehensive Gain (Loss), Net of Tax | 1,779 | (655) | (1,432) |
Balance at December 31 | (3,716) | (5,495) | (4,840) |
Defined Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income | |||
Components of Other Comprehensive Income (Loss): | |||
Reclassification, before tax amount | 1,055 | ||
Income tax expense (benefit) | 225 | ||
Accumulated Other Comprehensive Loss | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at January 1 | (5,612) | (4,990) | (3,544) |
Components of Other Comprehensive Income (Loss): | |||
Other Comprehensive Gain (Loss), Net of Tax | 1,723 | (622) | (1,446) |
Balance at December 31 | $ (3,889) | $ (5,612) | $ (4,990) |
Information Relating to the C_3
Information Relating to the Consolidated Statement of Cash Flows - Summary of Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Distributions more (less) than income from equity affiliates includes the following: | |||
Distributions from equity affiliates | $ 3,659 | $ 1,543 | $ 1,895 |
(Income) loss from equity affiliates | (5,657) | 472 | (3,968) |
Distributions more (less) than income from equity affiliates | (1,998) | 2,015 | (2,073) |
Net decrease (increase) in operating working capital was composed of the following: | |||
Decrease (increase) in accounts and notes receivable | (7,548) | 2,423 | 1,852 |
Decrease (increase) in inventories | (530) | 284 | 7 |
Decrease (increase) in prepaid expenses and other current assets | 19 | (87) | (323) |
Increase (decrease) in accounts payable and accrued liabilities | 5,475 | (3,576) | (109) |
Increase (decrease) in income and other taxes payable | 1,223 | (696) | 67 |
Net decrease (increase) in operating working capital | (1,361) | (1,652) | 1,494 |
Net cash provided by operating activities includes the following cash payments: | |||
Interest on debt (net of capitalized interest) | 699 | 720 | 810 |
Income taxes | 4,355 | 2,987 | 4,817 |
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: | |||
Proceeds and deposits related to asset sales | 1,352 | 2,891 | 2,809 |
Returns of investment from equity affiliates | 439 | 77 | 142 |
Proceeds and deposits related to asset sales and returns of investment | 1,791 | 2,968 | 2,951 |
Net maturities (investments) of time deposits consisted of the following gross amounts: | |||
Investments in time deposits | 0 | 0 | 0 |
Maturities of time deposits | 0 | 0 | 950 |
Net maturities of (investments in) time deposits | 0 | 0 | 950 |
Net sales (purchases) of marketable securities consisted of the following gross amounts: | |||
Marketable securities purchased | (4) | 0 | (1) |
Marketable securities sold | 3 | 35 | 3 |
Net sales (purchases) of marketable securities | (1) | 35 | 2 |
Net repayment (borrowing) of loans by equity affiliates: | |||
Borrowing of loans by equity affiliates | 0 | (3,925) | (1,350) |
Repayment of loans by equity affiliates | 401 | 2,506 | 105 |
Net repayment (borrowing) of loans by equity affiliates | 401 | (1,419) | (1,245) |
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: | |||
Proceeds from issuances of short-term obligations | 4,448 | 10,846 | 2,586 |
Repayments of short-term obligations | (6,906) | (9,771) | (1,430) |
Net borrowings (repayments) of short-term obligations with three months or less maturity | (3,114) | (424) | (3,977) |
Net borrowings (repayments) of short-term obligations | (5,572) | 651 | (2,821) |
Net sales (purchases) of treasury shares consists of the following gross and net amounts: | |||
Shares issued for share-based compensation plans | 1,421 | 226 | 1,104 |
Shares purchased under share repurchase and deferred compensation plans | (1,383) | (1,757) | (4,039) |
Net sales (purchases) of treasury shares | 38 | (1,531) | (2,935) |
Net contributions from (distributions to) noncontrolling interests consisted of the following gross and net amounts: | |||
Distributions to noncontrolling interests | (53) | (26) | (18) |
Contributions from noncontrolling interests | 17 | 2 | 0 |
Net contributions from (distributions to) noncontrolling interests | (36) | (24) | (18) |
Non-cash additions to properties, plant and equipment | 316 | 816 | |
Non-cash additions to properties, plant and equipment | (239) | ||
Capital expenditures | |||
Additions to properties, plant and equipment | 7,515 | 8,492 | 13,839 |
Additions to investments | 460 | 136 | 140 |
Current-year dry hole expenditures | 83 | 327 | 124 |
Payments for other assets and liabilities, net | (2) | (33) | 13 |
Capital expenditures | 8,056 | 8,922 | 14,116 |
Expensed exploration expenditures | 431 | 500 | 598 |
Assets acquired through finance leases and other obligations | 64 | 53 | 181 |
Payments for other assets and liabilities, net | 2 | 42 | (13) |
Capital and exploratory expenditures, excluding equity affiliates | 8,553 | 9,517 | 14,882 |
Company’s share of expenditures by equity affiliates | 3,167 | 3,982 | 6,112 |
Capital and exploratory expenditures, including equity affiliates | $ 11,720 | $ 13,499 | $ 20,994 |
Information Relating to the C_4
Information Relating to the Consolidated Statement of Cash Flows - Narrative (Details) $ in Billions | Dec. 31, 2020USD ($) |
Upstream | Operating Segments | |
Segment Reporting Information [Line Items] | |
Non cash transaction in operating segments | $ 4.8 |
Information Relating to the C_5
Information Relating to the Consolidated Statement of Cash Flows - Cash Balances (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 5,640 | $ 5,596 | $ 5,686 | |
Restricted cash included in “Prepaid expenses and other current assets” | 333 | 365 | 452 | |
Restricted cash included in “Deferred charges and other assets” | 822 | 776 | 773 | |
Total cash, cash equivalents and restricted cash | $ 6,795 | $ 6,737 | $ 6,911 | $ 10,481 |
Lease Commitments - Balance She
Lease Commitments - Balance Sheets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Leases | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization |
Right-of-use asset | $ 3,668 | $ 3,949 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Operating lease liability, current | $ 995 | $ 1,291 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Noncurrent deferred income taxes | Noncurrent deferred income taxes |
Noncurrent operating lease liabilities | $ 2,508 | $ 2,615 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term Debt and Lease Obligation, Including Current Maturities | Long-term Debt and Lease Obligation, Including Current Maturities |
Total operating lease liabilities | $ 3,503 | $ 3,906 |
Weighted-average remaining lease term (in years) | 7 years 9 months 18 days | 7 years 2 months 12 days |
Weighted-average discount rate | 2.20% | 2.80% |
Finance Leases | ||
Right-of-use asset | $ 429 | $ 455 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total short-term debt | Total short-term debt |
Current lease liabilities | $ 48 | $ 186 |
Noncurrent lease liabilities | 449 | 447 |
Finance lease liability | $ 497 | $ 633 |
Weighted-average remaining lease term (in years) | 13 years 2 months 12 days | 10 years 4 months 24 days |
Weighted-average discount rate | 4.20% | 3.90% |
Right-of-use asset obtained in exchange for operating lease liability | $ 1,063 | $ 1,353 |
Right-of-use asset obtained in exchange for finance lease liability | 60 | $ 164 |
Puma | ||
Operating Leases | ||
Right-of-use asset | 566 | |
Total operating lease liabilities | 566 | |
Noble | ||
Operating Leases | ||
Right-of-use asset | 124 | |
Total operating lease liabilities | 148 | |
Finance Leases | ||
Right-of-use asset | 112 | |
Finance lease liability | $ 309 |
Lease Commitments - Lease Cost
Lease Commitments - Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease costs | $ 2,199 | $ 2,551 | $ 2,621 |
Finance lease costs | 66 | 45 | 66 |
Total lease costs | $ 2,265 | $ 2,596 | $ 2,687 |
Lease Commitments - Cash Paid (
Lease Commitments - Cash Paid (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 1,670 | $ 1,744 | $ 1,574 |
Investing cash flows from operating leases | 398 | 762 | 1,047 |
Operating cash flows from finance leases | 21 | 14 | 13 |
Financing cash flows from finance leases | $ 193 | $ 34 | $ 24 |
Lease Commitments - ASC 842 (De
Lease Commitments - ASC 842 (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 1,054 | |
2023 | 674 | |
2024 | 487 | |
2025 | 376 | |
2026 | 245 | |
Thereafter | 1,049 | |
Total | 3,885 | |
Less: Amounts representing interest | 382 | |
Total lease liabilities | 3,503 | $ 3,906 |
Finance Leases | ||
2022 | 64 | |
2023 | 62 | |
2024 | 61 | |
2025 | 58 | |
2026 | 55 | |
Thereafter | 316 | |
Total | 616 | |
Less: Amounts representing interest | 119 | |
Total lease liabilities | $ 497 | $ 633 |
Lease Commitments - Narrative (
Lease Commitments - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Leases [Abstract] | |
Future undiscounted cash flows for operating leases not yet commenced | $ 1,074 |
Summarized Financial Data - C_3
Summarized Financial Data - Chevron U.S.A. Inc. - Summary of Income Statement Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subsidiary Statements Captions [Line Items] | |||
Sales and other operating revenues | $ 155,606 | $ 94,471 | $ 139,865 |
Total costs and other deductions | 140,826 | 102,145 | 140,980 |
Net Income (Loss) Attributable to Chevron Corporation | 15,625 | (5,543) | 2,924 |
Chevron U.S.A. Inc. | |||
Subsidiary Statements Captions [Line Items] | |||
Sales and other operating revenues | 120,380 | 67,950 | 109,314 |
Total costs and other deductions | 114,641 | 72,575 | 116,365 |
Net Income (Loss) Attributable to Chevron Corporation | $ 6,904 | $ (2,676) | $ (5,061) |
Summarized Financial Data - C_4
Summarized Financial Data - Chevron U.S.A. Inc. - Summary of Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsidiary Statements Captions [Line Items] | ||||
Current assets | $ 33,738 | $ 26,078 | ||
Current liabilities | 26,791 | 22,183 | ||
Total CUSA net equity | 139,940 | 132,726 | $ 145,208 | $ 155,642 |
Chevron U.S.A. Inc. | ||||
Subsidiary Statements Captions [Line Items] | ||||
Current assets | 20,216 | 10,555 | ||
Other assets | 47,355 | 48,054 | ||
Current liabilities | 17,824 | 12,403 | ||
Other liabilities | 18,438 | 14,102 | ||
Total CUSA net equity | 31,309 | 32,104 | ||
Memo: Total debt | $ 11,693 | $ 7,133 |
Summarized Financial Data - T_3
Summarized Financial Data - Tengizchevroil LLP - Summary of Income Statement Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Affiliate Statements Captions [Line Items] | |||
Percentage of affiliate by summarized financial information | 100.00% | ||
Sales and other operating revenues | $ 155,606 | $ 94,471 | $ 139,865 |
Net income attributable to TCO | $ 15,689 | (5,561) | 2,845 |
Tengizchevroil | |||
Affiliate Statements Captions [Line Items] | |||
Percentage of affiliate by summarized financial information | 100.00% | ||
Sales and other operating revenues | $ 15,927 | 9,194 | 16,281 |
Costs and other deductions | 8,186 | 6,076 | 7,903 |
Net income attributable to TCO | $ 5,418 | $ 2,196 | $ 5,884 |
Tengizchevroil | |||
Affiliate Statements Captions [Line Items] | |||
Equity method investment, ownership percentage | 50.00% |
Summarized Financial Data - T_4
Summarized Financial Data - Tengizchevroil LLP - Summary of Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Affiliate Statements Captions [Line Items] | ||||
Current assets | $ 33,738 | $ 26,078 | ||
Current liabilities | 26,791 | 22,183 | ||
Total affiliates’ net equity | 139,940 | 132,726 | $ 145,208 | $ 155,642 |
Tengizchevroil LLP | ||||
Affiliate Statements Captions [Line Items] | ||||
Current assets | 3,307 | 2,114 | ||
Other assets | 51,473 | 48,390 | ||
Current liabilities | 3,436 | 1,686 | ||
Other liabilities | 12,060 | 12,553 | ||
Total affiliates’ net equity | $ 39,284 | $ 36,265 |
Summarized Financial Data _ C_3
Summarized Financial Data – Chevron Phillips Chemical Company LLC - Summary of Income Statement Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subsidiary Statements Captions [Line Items] | |||
Percentage of affiliate by summarized financial information | 100.00% | ||
Summarized Financial Data - Chevron Transport Corporation | |||
Total costs and other deductions | $ 140,826 | $ 102,145 | $ 140,980 |
Net Income (Loss) Attributable to Chevron Corporation | $ 15,625 | (5,543) | 2,924 |
Chevron Phillips Chemical Company LLC | |||
Subsidiary Statements Captions [Line Items] | |||
Percentage of affiliate by summarized financial information | 100.00% | ||
Summarized Financial Data - Chevron Transport Corporation | |||
Total costs and other deductions | $ 10,862 | 7,221 | 7,863 |
Net Income (Loss) Attributable to Chevron Corporation | 3,684 | 1,260 | 1,760 |
Chevron Phillips Chemical Company LLC | Oil and Gas | |||
Summarized Financial Data - Chevron Transport Corporation | |||
Sales and other operating revenues | $ 14,104 | $ 8,407 | $ 9,333 |
Chevron Phillips Chemical Company LLC | |||
Subsidiary Statements Captions [Line Items] | |||
Equity method investment, ownership percentage | 50.00% |
Summarized Financial Data _ C_4
Summarized Financial Data – Chevron Phillips Chemical Company LLC - Summary of Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsidiary Statements Captions [Line Items] | ||||
Current assets | $ 33,738 | $ 26,078 | ||
Current liabilities | 26,791 | 22,183 | ||
Total CTC net deficit | 139,940 | 132,726 | $ 145,208 | $ 155,642 |
Chevron Phillips Chemical Company LLC | ||||
Subsidiary Statements Captions [Line Items] | ||||
Current assets | 3,381 | 2,816 | ||
Other assets | 14,396 | 14,210 | ||
Current liabilities | 1,854 | 1,394 | ||
Other liabilities | 3,160 | 3,380 | ||
Total CTC net deficit | $ 12,763 | $ 12,252 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - not designated | $ 313 | $ 74 |
Derivatives | 72 | 173 |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 35 | 31 |
Total assets at fair value | 348 | 105 |
Total liabilities at fair value | 72 | 173 |
Recurring basis | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - not designated | 313 | 74 |
Derivatives | 72 | 173 |
Recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 35 | 31 |
Total assets at fair value | 320 | 68 |
Total liabilities at fair value | 24 | 58 |
Recurring basis | Level 1 | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - not designated | 285 | 37 |
Derivatives | 24 | 58 |
Recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Total assets at fair value | 28 | 37 |
Total liabilities at fair value | 48 | 115 |
Recurring basis | Level 2 | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - not designated | 28 | 37 |
Derivatives | 48 | 115 |
Recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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 [Line Items] | ||
Derivatives - not designated | 0 | 0 |
Derivatives | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets and Liabilities Measured On a Non-Recurring Basis (Details) - Nonrecurring basis - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | $ 124 | $ 2,443 |
Properties, plant and equipment, net (held for sale) | 0 | 1,418 |
Investments and advances | 16 | 28 |
Total assets at fair value | 140 | 3,889 |
Properties, plant and equipment, net (held and used), Before-Tax Loss | 414 | 2,599 |
Properties, plant and equipment, net (held for sale), Before-Tax Loss | 0 | 193 |
Investments and advances, Before-Tax Loss | 32 | 2,555 |
Total nonrecurring assets at fair value, Before-Tax Loss | 446 | 5,347 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | 0 | 0 |
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | 0 | 20 |
Properties, plant and equipment, net (held for sale) | 0 | 1,418 |
Investments and advances | 0 | 0 |
Total assets at fair value | 0 | 1,438 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | 124 | 2,423 |
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 16 | 28 |
Total assets at fair value | $ 140 | $ 2,451 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 5,640 | $ 5,596 | $ 5,686 |
Carrying/fair value of investments not included in cash and cash equivalents | 1,155 | 1,141 | |
Carrying amount of long-term debt | 25,676 | ||
Carrying Amount of Long-term Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying amount of long-term debt | 22,164 | 30,805 | |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying amount of long-term debt | $ 23,670 | 34,390 | |
Maximum | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Maturity period of primarily bank time deposits, classified as cash equivalents, maximum | 90 days | ||
Nonrecurring basis | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets at fair value | $ 140 | 3,889 | |
Level 3 | Nonrecurring basis | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets at fair value | 140 | 2,451 | |
Level 1 | Corporate Bond Securities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt | 22,835 | ||
Level 1 | Nonrecurring basis | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets at fair value | 0 | 0 | |
Level 2 | Other Long-term Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt | 835 | ||
Level 2 | Nonrecurring basis | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets at fair value | $ 0 | $ 1,438 |
Financial and Derivative Inst_3
Financial and Derivative Instruments - Fair Value of Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Total assets at fair value | $ 313 | $ 74 |
Total liabilities at fair value | 72 | 173 |
Commodity | Accounts and notes receivable, net | ||
Derivatives, Fair Value [Line Items] | ||
Total assets at fair value | 251 | 73 |
Commodity | Long-term receivables, net | ||
Derivatives, Fair Value [Line Items] | ||
Total assets at fair value | 62 | 1 |
Commodity | Accounts payable | ||
Derivatives, Fair Value [Line Items] | ||
Total liabilities at fair value | 71 | 172 |
Commodity | Deferred credits and other noncurrent obligations | ||
Derivatives, Fair Value [Line Items] | ||
Total liabilities at fair value | $ 1 | $ 1 |
Financial and Derivative Inst_4
Financial and Derivative Instruments - Effect of Derivatives Not Designated On Hedging Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ (795) | $ 40 | $ (310) |
Commodity | Sales and other operating revenues | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | (685) | 69 | (291) |
Commodity | Purchased crude oil and products | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | (64) | (36) | (17) |
Commodity | Other income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ (46) | $ 7 | $ (2) |
Financial and Derivative Inst_5
Financial and Derivative Instruments - Effect of Netting Derivative Assets and Liabilities (Details) - Not Designated - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Offsetting Assets [Abstract] | ||
Derivative Asset, Gross Amount Recognized | $ 1,684 | $ 818 |
Derivative Asset, Gross Amounts Offset | 1,371 | 744 |
Derivative Asset, Net Amounts Presented | 313 | 74 |
Derivative Asset, Gross Amounts Not Offset | 0 | 0 |
Derivative Asset, Net Amount | 313 | 74 |
Offsetting Liabilities [Abstract] | ||
Derivative Liability, Gross Amount Recognized | 1,443 | 917 |
Derivative Liability, Gross Amounts Offset | 1,371 | 744 |
Derivative Liability, Net Amounts Presented | 72 | 173 |
Derivative Liability, Gross Amounts Not Offset | 0 | 0 |
Derivative Liability, Net Amount | $ 72 | $ 173 |
Assets Held for Sale (Details)
Assets Held for Sale (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 768 | $ 1,101 |
Disposal Group, Held-for-sale or Disposed of by Sales, Not Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 768 |
Equity (Details)
Equity (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Company's share of undistributed earnings for equity affiliates | $ 28,876 | $ 26,532 |
Shares remaining available for issuance (in shares) | 614,768 | |
Shares available for issuance (in shares) | 1,600,000 | |
Chevron Long-Term Incentive Plan (LTIP) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares remaining available for issuance (in shares) | 66,000,000 | |
Shares available for issuance (in shares) | 260,000,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic EPS Calculation | |||
Earnings available to common stockholders - Basic | $ 15,625 | $ (5,543) | $ 2,924 |
Weighted-average number of common shares outstanding (in shares) | 1,916 | 1,870 | 1,882 |
Add: Deferred awards held as stock units (in shares) | 0 | 0 | 0 |
Total weighted-average number of common shares outstanding (in shares) | 1,916 | 1,870 | 1,882 |
Earnings per share of common stock - Basic (in dollars per share) | $ 8.15 | $ (2.96) | $ 1.55 |
Diluted EPS Calculation | |||
Earnings available to common stockholders - Diluted | $ 15,625 | $ (5,543) | $ 2,924 |
Weighted-average number of common shares outstanding (in shares) | 1,916 | 1,870 | 1,882 |
Add: Deferred awards held as stock units (in shares) | 0 | 0 | 0 |
Add: Dilutive effect of employee stock-based awards (in shares) | 4 | 0 | 13 |
Total weighted-average number of common shares outstanding (in shares) | 1,920 | 1,870 | 1,895 |
Earnings per share of common stock - Diluted (in dollars per share) | $ 8.14 | $ (2.96) | $ 1.54 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 1 |
Operating Segments and Geogra_3
Operating Segments and Geographic Data - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments (in segments) | 2 |
Number of operating segments (in segments) | 2 |
Operating Segments and Geogra_4
Operating Segments and Geographic Data - Segment Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | $ 15,625 | $ (5,543) | $ 2,924 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 18,732 | (2,386) | 5,057 |
Operating Segments | Upstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 15,818 | (2,433) | 2,576 |
Operating Segments | Downstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 2,914 | 47 | 2,481 |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Interest expense | (662) | (658) | (761) |
Interest income | 36 | 52 | 181 |
Other | (2,481) | (2,551) | (1,553) |
United States | Operating Segments | Upstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 7,319 | (1,608) | (5,094) |
United States | Operating Segments | Downstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 2,389 | (571) | 1,559 |
International | Operating Segments | Upstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 8,499 | (825) | 7,670 |
International | Operating Segments | Downstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | $ 525 | $ 618 | $ 922 |
Operating Segments and Geogra_5
Operating Segments and Geographic Data - Segment Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 239,535 | $ 239,790 |
Goodwill | 4,385 | 4,402 |
United States | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 73,992 | 69,938 |
International | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 161,158 | 165,450 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 229,636 | 230,895 |
Operating Segments | Upstream | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 184,412 | 191,309 |
Goodwill | 4,385 | 4,402 |
Operating Segments | Upstream | United States | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 41,870 | 42,431 |
Operating Segments | Upstream | International | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 138,157 | 144,476 |
Operating Segments | Downstream | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 45,224 | 39,586 |
Operating Segments | Downstream | United States | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 26,376 | 23,490 |
Operating Segments | Downstream | International | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 18,848 | 16,096 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 9,899 | 8,895 |
Segment Reconciling Items | United States | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 5,746 | 4,017 |
Segment Reconciling Items | International | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 4,153 | $ 4,878 |
Operating Segments and Geogra_6
Operating Segments and Geographic Data - Segment Sales and Operating Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | $ 155,606 | $ 94,471 | $ 139,865 |
Oil and Gas | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 155,606 | 94,471 | 139,865 |
Oil and Gas | Upstream | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 43,992 | 26,311 | 31,707 |
Oil and Gas | Downstream | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 111,490 | 68,083 | 107,912 |
Oil and Gas | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 185,955 | 113,665 | 172,995 |
Oil and Gas | Operating Segments | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 86,934 | 47,910 | 79,693 |
Oil and Gas | Operating Segments | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 99,021 | 65,755 | 93,302 |
Oil and Gas | Operating Segments | Upstream | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 70,140 | 41,381 | 58,986 |
Oil and Gas | Operating Segments | Upstream | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 29,219 | 14,577 | 23,358 |
Oil and Gas | Operating Segments | Upstream | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 40,921 | 26,804 | 35,628 |
Oil and Gas | Operating Segments | Downstream | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 115,307 | 71,525 | 112,925 |
Oil and Gas | Operating Segments | Downstream | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 57,209 | 32,589 | 55,271 |
Oil and Gas | Operating Segments | Downstream | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 58,098 | 38,936 | 57,654 |
Oil and Gas | Intersegment | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | (382) | (667) | (818) |
Oil and Gas | Intersegment | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | (2) | (15) | (20) |
Oil and Gas | Intersegment | Upstream | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | (15,154) | (8,068) | (14,944) |
Oil and Gas | Intersegment | Upstream | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | (10,994) | (7,002) | (12,335) |
Oil and Gas | Intersegment | Downstream | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | (2,296) | (2,150) | (3,924) |
Oil and Gas | Intersegment | Downstream | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | (1,521) | (1,292) | (1,089) |
Oil and Gas | Corporate And Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 124 | 77 | 246 |
Oil and Gas | Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 508 | 759 | 1,084 |
Oil and Gas | Corporate, Non-Segment | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 506 | 744 | 1,064 |
Oil and Gas | Corporate, Non-Segment | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 2 | 15 | 20 |
Oil and Gas | Intersegment Elimination | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | (17,832) | (10,885) | (19,686) |
Oil and Gas | Intersegment Elimination | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | $ (12,517) | $ (8,309) | $ (13,444) |
Operating Segments and Geogra_7
Operating Segments and Geographic Data - Segment Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | $ 5,950 | $ (1,892) | $ 2,691 |
Operating Segments | Upstream | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 6,126 | (985) | 1,942 |
Operating Segments | Upstream | United States | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 1,934 | (570) | (1,550) |
Operating Segments | Upstream | International | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 4,192 | (415) | 3,492 |
Operating Segments | Downstream | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 750 | 61 | 562 |
Operating Segments | Downstream | United States | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 547 | (192) | 392 |
Operating Segments | Downstream | International | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 203 | 253 | 170 |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | $ (926) | $ (968) | $ 187 |
Investments and Advances - Summ
Investments and Advances - Summary of Investment and Advances and Equity in Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | $ 40,357 | $ 38,756 | |
Other non-equity method investments | 339 | 296 | |
Total investments and advances | 40,696 | 39,052 | |
Equity in Earnings | 5,657 | (472) | $ 3,968 |
United States | Investments and Advances | |||
Schedule of Equity Method Investments [Line Items] | |||
Total investments and advances | 8,540 | 7,978 | |
United States | Equity in Earnings | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in Earnings | 1,889 | 709 | 641 |
International | Investments and Advances | |||
Schedule of Equity Method Investments [Line Items] | |||
Total investments and advances | 32,156 | 31,074 | |
International | Equity in Earnings | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in Earnings | 3,768 | (1,181) | 3,327 |
All Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | (10) | (14) | |
Equity in Earnings | 1 | 0 | 0 |
Upstream | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 28,571 | 27,653 | |
Equity in Earnings | 3,509 | (1,140) | 2,787 |
Upstream | Operating Segments | Tengizchevroil | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 23,727 | 22,685 | |
Equity in Earnings | 2,831 | 1,238 | 3,067 |
Upstream | Operating Segments | Petropiar | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 0 | 0 | |
Equity in Earnings | 0 | (1,396) | 80 |
Upstream | Operating Segments | Petroboscan | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 0 | 0 | |
Equity in Earnings | 0 | (1,112) | (11) |
Upstream | Operating Segments | Caspian Pipeline Consortium | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 805 | 835 | |
Equity in Earnings | 155 | 159 | 155 |
Upstream | Operating Segments | Angola LNG Limited | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 2,180 | 2,258 | |
Equity in Earnings | 336 | (166) | (26) |
Upstream | Operating Segments | Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 1,859 | 1,875 | |
Equity in Earnings | 187 | 137 | (478) |
Downstream | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 11,796 | 11,117 | |
Equity in Earnings | 2,147 | 668 | 1,181 |
Downstream | Operating Segments | Chevron Phillips Chemical Company LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 6,455 | 6,181 | |
Equity in Earnings | 1,842 | 630 | 880 |
Downstream | Operating Segments | GS Caltex Corporation | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 3,616 | 3,547 | |
Equity in Earnings | 85 | (185) | 13 |
Downstream | Operating Segments | Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 1,725 | 1,389 | |
Equity in Earnings | $ 220 | $ 223 | $ 288 |
Investments and Advances - Narr
Investments and Advances - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |||
Percentage of affiliate by summarized financial information | 100.00% | ||
Carrying amount of long-term debt | $ 25,676 | ||
Investments and advances | 40,357 | $ 38,756 | |
Other revenues from transactions with related party | 10,796 | 6,038 | $ 8,006 |
Purchased crude oil and products | 89,372 | 50,488 | 80,113 |
Accounts and notes receivable due from affiliated companies | 1,454 | 807 | |
Accounts payable due to affiliated companies | 552 | 244 | |
Chevron's loan to affiliates | 4,704 | 5,153 | 4,331 |
Affiliated Entity | Oil and Gas, Purchased | |||
Variable Interest Entity [Line Items] | |||
Purchased crude oil and products | $ 5,778 | $ 3,003 | $ 5,694 |
Tengizchevroil LLP | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Chevron investment carrying value over underlying equity in TCO's net assets | $ 100 | ||
Notes receivable from affiliate | $ 4,500 | ||
Petropiar | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 30.00% | ||
Petroboscan | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 39.20% | ||
Carrying amount of long-term debt | $ 560 | ||
Caspian Pipeline Consortium | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 15.00% | ||
Angola LNG Limited | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 36.40% | ||
Chevron Phillips Chemical Company LLC | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
GS Caltex Corporation | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 50.00% |
Investments and Advances - Su_2
Investments and Advances - Summary of Financial Information of All Equity Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Investments [Line Items] | ||||
Total revenues | $ 162,465 | $ 94,692 | $ 146,516 | |
Income before income tax expense | 21,639 | (7,453) | 5,536 | |
Net Income (Loss) | 15,689 | (5,561) | 2,845 | |
Current assets | 33,738 | 26,078 | ||
Current liabilities | 26,791 | 22,183 | ||
Total affiliates’ net equity | 139,940 | 132,726 | 145,208 | $ 155,642 |
Chevron | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Schedule of Investments [Line Items] | ||||
Total revenues | 34,359 | 21,641 | 32,628 | |
Income before income tax expense | 6,984 | 2,550 | 5,954 | |
Net Income (Loss) | 5,670 | 2,034 | 4,366 | |
Current assets | 9,267 | 7,328 | 12,998 | |
Noncurrent assets | 44,360 | 43,247 | 41,531 | |
Current liabilities | 7,492 | 5,052 | 10,610 | |
Noncurrent liabilities | 5,982 | 5,884 | 5,068 | |
Total affiliates’ net equity | 40,153 | 39,639 | 38,851 | |
Affiliates | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Schedule of Investments [Line Items] | ||||
Total revenues | 71,241 | 49,093 | 66,473 | |
Income before income tax expense | 15,175 | 5,682 | 13,197 | |
Net Income (Loss) | 12,598 | 4,704 | 9,809 | |
Current assets | 21,871 | 17,087 | 30,791 | |
Noncurrent assets | 100,235 | 97,468 | 97,177 | |
Current liabilities | 17,275 | 12,164 | 26,032 | |
Noncurrent liabilities | 24,219 | 25,586 | 21,593 | |
Total affiliates’ net equity | $ 80,612 | $ 76,805 | $ 80,343 |
Litigation (Details)
Litigation (Details) - Pending Litigation $ in Millions | Nov. 13, 2013USD ($) | Feb. 28, 2011USD ($) | Dec. 31, 1991 | Dec. 31, 2021lawsuit |
Ecuador Litigation | ||||
Loss Contingencies [Line Items] | ||||
Remediation program term (in years) | 3 years | |||
Damages awarded | $ | $ 9,500 | $ 9,500 | ||
Climate Change | ||||
Loss Contingencies [Line Items] | ||||
Pending lawsuits and claims (in number of claims) | 21 | |||
Coastal Erosion | ||||
Loss Contingencies [Line Items] | ||||
Pending lawsuits and claims (in number of claims) | 39 |
Taxes - Summary of Components o
Taxes - Summary of Components of Income Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
U.S. federal | |||
Current | $ 174 | $ (182) | $ (73) |
Deferred | 1,004 | (1,315) | (1,074) |
State and local | |||
Current | 222 | 65 | 153 |
Deferred | 202 | (152) | (172) |
Total United States | 1,602 | (1,584) | (1,166) |
International | |||
Current | 4,854 | 1,833 | 4,577 |
Deferred | (506) | (2,141) | (720) |
Total International | 4,348 | (308) | 3,857 |
Total income tax expense (benefit) | $ 5,950 | $ (1,892) | $ 2,691 |
Taxes - Effective Income Tax Re
Taxes - Effective Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (loss) before income taxes | |||
United States | $ 9,674,000,000 | $ (5,700,000,000) | $ (5,483,000,000) |
International | 11,965,000,000 | (1,753,000,000) | 11,019,000,000 |
Income (Loss) Before Income Tax Expense | 21,639,000,000 | (7,453,000,000) | 5,536,000,000 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Theoretical tax (at U.S. statutory rate of 21% ) | 4,544,000,000 | (1,565,000,000) | 1,163,000,000 |
Effect of U.S. tax reform | 0 | 0 | 3,000,000 |
Equity affiliate accounting effect | (890,000,000) | 211,000,000 | (687,000,000) |
Effect of income taxes from international operations | 2,692,000,000 | (39,000,000) | 2,196,000,000 |
State and local taxes on income, net of U.S. federal income tax benefit | 216,000,000 | (65,000,000) | (18,000,000) |
Prior year tax adjustments, claims and settlements | 362,000,000 | (236,000,000) | 192,000,000 |
Tax credits | (173,000,000) | (33,000,000) | (18,000,000) |
Other U.S. | (801,000,000) | (165,000,000) | (140,000,000) |
Total income tax expense (benefit) | $ 5,950,000,000 | $ (1,892,000,000) | $ 2,691,000,000 |
Effective income tax rate | 27.50% | 25.40% | 48.60% |
One-time tax costs (benefits) associated with changes in valuation allowances | $ (624,000,000) | $ 0 | $ 0 |
Taxes - Narrative (Details)
Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Increase in income tax expense | $ 7,842 | |||
Effective tax rate | 27.50% | 25.40% | 48.60% | |
Decrease in deferred tax liabilities | $ 946 | |||
Increase (decrease) in deferred tax assets | (2,780) | |||
Loss carryforward | 10,750 | |||
Tax credit carryforward | 993 | |||
Carry forward amount of foreign tax credit with expiration dates | 11,718 | |||
Existing undistributed accumulated earnings of foreign subsidiary | $ 49,200 | |||
Percentage of impact of unrecognized tax benefits on effective tax rate if subsequently recognized | 82.00% | |||
Unrecognized tax benefits | $ 5,288 | $ 5,018 | $ 4,987 | $ 5,070 |
Anticipated interest and penalty obligations | (76) | |||
Accrued charges | (95) | |||
Income tax benefit expense associated with interest and penalties | $ 19 | $ (124) | $ (3) |
Taxes - Summary of Deferred Tax
Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax liabilities | ||
Properties, plant and equipment | $ 17,169 | $ 16,603 |
Investments and other | 4,105 | 5,617 |
Total deferred tax liabilities | 21,274 | 22,220 |
Deferred tax assets | ||
Foreign tax credits | (11,718) | (10,585) |
Asset retirement obligations/environmental reserves | (4,553) | (4,721) |
Employee benefits | (3,037) | (3,856) |
Deferred credits | (996) | (1,056) |
Tax loss carryforwards | (4,175) | (6,701) |
Other accrued liabilities | (239) | (228) |
Inventory | (289) | (633) |
Operating leases | (1,255) | (1,234) |
Miscellaneous | (3,657) | (3,685) |
Total deferred tax assets | (29,919) | (32,699) |
Deferred tax assets valuation allowance | 17,651 | 17,762 |
Total deferred taxes, net | 9,006 | 7,283 |
Classification of deferred taxes | ||
Deferred charges and other assets | (5,659) | (5,286) |
Noncurrent deferred income taxes | 14,665 | 12,569 |
Total deferred income taxes, net | $ 9,006 | $ 7,283 |
Taxes - Summary of Unrecognized
Taxes - Summary of Unrecognized Income Tax Benefits and Taxes Other Than on Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes to company's unrecognized tax benefits | |||
Balance at January 1 | $ 5,018 | $ 4,987 | $ 5,070 |
Foreign currency effects | (1) | ||
Foreign currency effects | 2 | 1 | |
Additions based on tax positions taken in current year | 194 | 253 | 94 |
Additions for tax positions taken in prior years | 218 | 437 | 313 |
Reductions for tax positions taken in prior years | (36) | (216) | (194) |
Settlements with taxing authorities in current year | (18) | (429) | (78) |
Reductions as a result of a lapse of the applicable statute of limitations | (87) | (16) | (219) |
Balance at December 31 | 5,288 | 5,018 | 4,987 |
Income Tax Authority [Line Items] | |||
Import duties and other levies | 6,840 | 4,499 | 4,136 |
Total taxes other than on income | 6,840 | 4,499 | 4,136 |
United States | |||
Income Tax Authority [Line Items] | |||
Import duties and other levies | 7 | 7 | 2 |
Property and other miscellaneous taxes | 3,378 | 2,248 | 1,785 |
Payroll taxes | 302 | 235 | 254 |
Taxes on production | 628 | 317 | 355 |
Total taxes other than on income | 4,315 | 2,807 | 2,396 |
International | |||
Income Tax Authority [Line Items] | |||
Import duties and other levies | 49 | 39 | 35 |
Property and other miscellaneous taxes | 2,225 | 1,461 | 1,435 |
Payroll taxes | 113 | 117 | 125 |
Taxes on production | 138 | 75 | 145 |
Total taxes other than on income | $ 2,525 | $ 1,692 | $ 1,740 |
Properties, Plant and Equipme_3
Properties, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Properties, Plant and Equipment | |||
Gross Investment at Cost | $ 336,045 | $ 345,232 | |
Gross Investment at Cost | $ 326,722 | ||
Net Investment | 146,961 | 156,618 | |
Net Investment | 150,494 | ||
Additions at Cost | 7,796 | 25,546 | 13,555 |
Depreciation Expense | 17,925 | 19,508 | 29,218 |
Dry hole expense related to prior years expenditures, net | 35 | 709 | 49 |
Accretion expense | 616 | 560 | 628 |
Impairment charges | 414 | 2,792 | 10,797 |
Noble | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 16,703 | ||
Net Investment | 16,703 | ||
Additions at Cost | 16,703 | ||
United States | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 125,010 | 127,249 | |
Gross Investment at Cost | 112,804 | ||
Net Investment | 48,871 | 51,192 | |
Net Investment | 44,716 | ||
Additions at Cost | 5,206 | 13,899 | 9,527 |
Depreciation Expense | 6,798 | 8,095 | 16,334 |
International | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 211,035 | 217,983 | |
Gross Investment at Cost | 213,918 | ||
Net Investment | 98,090 | 105,426 | |
Net Investment | 105,778 | ||
Additions at Cost | 2,590 | 11,647 | 4,028 |
Depreciation Expense | 11,127 | 11,413 | 12,884 |
Australia | |||
Properties, Plant and Equipment | |||
Net Investment | 46,395 | 48,060 | |
Net Investment | 51,359 | ||
Operating Segments | Upstream | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 296,150 | 306,401 | |
Gross Investment at Cost | 288,409 | ||
Net Investment | 130,797 | 140,185 | |
Net Investment | 133,721 | ||
Additions at Cost | 6,869 | 24,136 | 11,415 |
Depreciation Expense | 16,499 | 17,962 | 27,840 |
Operating Segments | Upstream | United States | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 93,393 | 96,555 | |
Gross Investment at Cost | 82,117 | ||
Net Investment | 36,027 | 38,175 | |
Net Investment | 31,082 | ||
Additions at Cost | 4,520 | 13,067 | 7,751 |
Depreciation Expense | 5,675 | 6,841 | 15,222 |
Operating Segments | Upstream | International | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 202,757 | 209,846 | |
Gross Investment at Cost | 206,292 | ||
Net Investment | 94,770 | 102,010 | |
Net Investment | 102,639 | ||
Additions at Cost | 2,349 | 11,069 | 3,664 |
Depreciation Expense | 10,824 | 11,121 | 12,618 |
Operating Segments | Downstream | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 35,022 | 34,492 | |
Gross Investment at Cost | 33,448 | ||
Net Investment | 14,066 | 14,496 | |
Net Investment | 14,512 | ||
Additions at Cost | 777 | 1,211 | 1,807 |
Depreciation Expense | 1,129 | 1,134 | 1,125 |
Operating Segments | Downstream | United States | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 26,888 | 26,499 | |
Gross Investment at Cost | 25,968 | ||
Net Investment | 10,766 | 11,101 | |
Net Investment | 11,398 | ||
Additions at Cost | 543 | 638 | 1,452 |
Depreciation Expense | 833 | 851 | 869 |
Operating Segments | Downstream | International | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 8,134 | 7,993 | |
Gross Investment at Cost | 7,480 | ||
Net Investment | 3,300 | 3,395 | |
Net Investment | 3,114 | ||
Additions at Cost | 234 | 573 | 355 |
Depreciation Expense | 296 | 283 | 256 |
Segment Reconciling Items | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 4,873 | 4,339 | |
Gross Investment at Cost | 4,865 | ||
Net Investment | 2,098 | 1,937 | |
Net Investment | 2,261 | ||
Additions at Cost | 150 | 199 | 333 |
Depreciation Expense | 297 | 412 | 253 |
Segment Reconciling Items | United States | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 4,729 | 4,195 | |
Gross Investment at Cost | 4,719 | ||
Net Investment | 2,078 | 1,916 | |
Net Investment | 2,236 | ||
Additions at Cost | 143 | 194 | 324 |
Depreciation Expense | 290 | 403 | 243 |
Segment Reconciling Items | International | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 144 | 144 | |
Gross Investment at Cost | 146 | ||
Net Investment | 20 | 21 | |
Net Investment | 25 | ||
Additions at Cost | 7 | 5 | 9 |
Depreciation Expense | $ 7 | $ 9 | $ 10 |
Short-Term Debt - Summary (Deta
Short-Term Debt - Summary (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Short term borrowings | ||
Commercial paper | $ 0 | $ 5,612 |
Notes payable to banks and others with originating terms of one year or less | 62 | 15 |
Current maturities of long-term debt | 4,946 | 2,600 |
Current maturities of long-term finance leases | 48 | 186 |
Redeemable long term obligations | 2,959 | 2,960 |
Subtotal | 8,015 | 11,373 |
Reclassified to long-term debt | (7,759) | (9,825) |
Total short-term debt | $ 256 | $ 1,548 |
Weighted-average interest rate | 0.15% |
Short-Term Debt - Narrative (De
Short-Term Debt - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Committed credit facilities | $ 10,075,000,000 | |
Debt instrument, term | 364 days | |
Outstanding amount | $ 0 | |
Reclassified to long-term debt | $ 7,759,000,000 | $ 9,825,000,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 24, 2022 | |
Debt Instrument [Line Items] | ||||
Long-term debt instruments | $ 27,141,000,000 | $ 33,507,000,000 | ||
Debt due within one year | (4,946,000,000) | (2,600,000,000) | ||
Fair market value adjustment for debt acquired in the Noble Energy acquisition | 741,000,000 | 1,690,000,000 | ||
Reclassified from short-term debt | 7,759,000,000 | 9,825,000,000 | ||
Unamortized discounts and debt issuance costs | (31,000,000) | (102,000,000) | ||
Finance lease liabilities | 449,000,000 | 447,000,000 | ||
Total long-term debt | 31,113,000,000 | 42,767,000,000 | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||
2021 | 4,946,000,000 | |||
2022 | 5,785,000,000 | |||
2023 | 1,697,000,000 | |||
2024 | 4,082,000,000 | |||
2025 | 2,250,000,000 | |||
Thereafter | 8,381,000,000 | |||
Loss on extinguishment of debt | $ 260,000,000 | |||
Notes due 2022 | Subsequent Event | ||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||
Redemption amount | $ 1,400,000,000 | |||
Notes | Notes due 2022 | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 2.179% | |||
Long-term debt instruments | $ 3,800,000,000 | 3,800,000,000 | ||
Notes | Notes due 2022 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 0.333% | |||
Notes | Notes due 2022 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 2.498% | |||
Notes | Notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 2.377% | |||
Long-term debt instruments | $ 4,800,000,000 | 4,800,000,000 | ||
Notes | Notes due 2023 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 0.426% | |||
Notes | Notes due 2023 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 7.25% | |||
Notes | Notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 3.291% | |||
Long-term debt instruments | $ 1,650,000,000 | 1,650,000,000 | ||
Notes | Notes due 2024 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 2.895% | |||
Notes | Notes due 2024 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 3.90% | |||
Notes | Notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 1.724% | |||
Long-term debt instruments | $ 4,000,000,000 | 4,000,000,000 | ||
Notes | Notes due 2025 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 0.687% | |||
Notes | Notes due 2025 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 3.326% | |||
Notes | Notes due 2026 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.954% | |||
Long-term debt instruments | $ 2,250,000,000 | 2,250,000,000 | ||
Notes | Notes due 2027 | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 2.379% | |||
Long-term debt instruments | $ 2,000,000,000 | 2,000,000,000 | ||
Notes | Notes due 2027 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 1.018% | |||
Notes | Notes due 2027 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 8.00% | |||
Notes | Notes due 2028 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.85% | |||
Long-term debt instruments | $ 600,000,000 | 600,000,000 | ||
Notes | Notes due 2029 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.25% | |||
Long-term debt instruments | $ 500,000,000 | 500,000,000 | ||
Notes | Notes due 2030 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.236% | |||
Long-term debt instruments | $ 1,500,000,000 | 1,500,000,000 | ||
Notes | Notes due 2040 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.978% | |||
Long-term debt instruments | $ 293,000,000 | 500,000,000 | ||
Notes | Notes due 2041 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.00% | |||
Long-term debt instruments | $ 397,000,000 | 850,000,000 | ||
Notes | Notes due 2043 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.25% | |||
Long-term debt instruments | $ 330,000,000 | 1,000,000,000 | ||
Notes | Notes due 2044 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.05% | |||
Long-term debt instruments | $ 222,000,000 | 850,000,000 | ||
Notes | Notes due 2047 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.95% | |||
Long-term debt instruments | $ 187,000,000 | 500,000,000 | ||
Notes | Notes due 2049 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.20% | |||
Long-term debt instruments | $ 237,000,000 | 500,000,000 | ||
Notes | Notes due 2050 | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 2.763% | |||
Long-term debt instruments | $ 1,750,000,000 | 1,750,000,000 | ||
Notes | Notes due 2050 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 2.343% | |||
Notes | Notes due 2050 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 3.078% | |||
Notes | Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt instruments | $ 0 | 2,600,000,000 | ||
Floating Rate Notes | ||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||
Loss on extinguishment of debt | $ 260,000,000 | |||
Floating Rate Notes | Floating rate notes due 2022 | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 0.536% | |||
Long-term debt instruments | $ 1,000,000,000 | 1,000,000,000 | ||
Floating Rate Notes | Floating rate notes due 2022 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 0.264% | |||
Floating Rate Notes | Floating rate notes due 2022 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 0.705% | |||
Floating Rate Notes | Floating rate notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 0.617% | |||
Long-term debt instruments | $ 800,000,000 | 800,000,000 | ||
Floating Rate Notes | Floating rate notes due 2023 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 0.354% | |||
Floating Rate Notes | Floating rate notes due 2023 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 1.054% | |||
Debentures | Debentures due 2031 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 8.625% | |||
Long-term debt instruments | $ 102,000,000 | 108,000,000 | ||
Debentures | Debentures due 2032 | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 8.416% | |||
Long-term debt instruments | $ 183,000,000 | 222,000,000 | ||
Debentures | Debentures due 2032 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 8.00% | |||
Debentures | Debentures due 2032 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 8.625% | |||
Debentures | Debentures due 2097 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 7.25% | |||
Long-term debt instruments | $ 60,000,000 | 84,000,000 | ||
Loans | Bank loans due 2022 - 2023 | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 1.765% | |||
Long-term debt instruments | $ 239,000,000 | 1,402,000,000 | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||
Extinguishment of debt | $ 1,100,000,000 | |||
Loans | Bank loans due 2022 - 2023 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 1.52% | |||
Loans | Bank loans due 2022 - 2023 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 1.92% | |||
Loans | 3.400% loan | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.40% | |||
Long-term debt instruments | $ 218,000,000 | 218,000,000 | ||
Medium-term Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term debt instruments | 3,400,000,000 | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||
Debt issued | $ 2,600,000,000 | |||
Medium-term Notes | Medium-term notes, maturing from 2023 to 2038 | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 4.485% | |||
Long-term debt instruments | $ 23,000,000 | $ 23,000,000 | ||
Medium-term Notes | Medium-term notes, maturing from 2023 to 2038 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 0.08% | |||
Medium-term Notes | Medium-term notes, maturing from 2023 to 2038 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 7.90% |
Accounting for Suspended Expl_3
Accounting for Suspended Exploratory Wells - Summary of Changes and Aging of Capitalized Well Costs (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)Project | Dec. 31, 2020USD ($)Project | Dec. 31, 2019USD ($)Project | |
Changes in company's suspended exploratory well costs | |||
Beginning balance at January 1 | $ 2,512 | $ 3,041 | $ 3,563 |
Additions to capitalized exploratory well costs pending the determination of proved reserves | 56 | 28 | 244 |
Reclassifications to wells, facilities and equipment based on the determination of proved reserves | (425) | (102) | (500) |
Capitalized exploratory well costs charged to expense | (34) | (667) | (125) |
Other reductions | 0 | 212 | (141) |
Ending balance at December 31 | 2,109 | 2,512 | 3,041 |
Aging of capitalized well costs and number of project | |||
Exploratory well costs capitalized for a period of one year or less | 65 | 26 | 214 |
Exploratory well costs capitalized for a period greater than one year | 2,044 | 2,486 | 2,827 |
Balance at December 31 | $ 2,109 | $ 2,512 | $ 3,041 |
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 15 | 17 | 22 |
Accounting for Suspended Expl_4
Accounting for Suspended Exploratory Wells - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)ProjectWell | Dec. 31, 2020USD ($)Project | Dec. 31, 2019USD ($)Project | |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 2,044 | $ 2,486 | $ 2,827 |
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 15 | 17 | 22 |
Expected period for decision on the recognition of proved reserves | 5 years | ||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 83 | ||
Drilling Activity | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 1,119 | ||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 9 | ||
No Drilling Activity | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 925 | ||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 6 | ||
Undergoing Front End Engineering and Design with Final Investment Decision Expected | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 486 | ||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 4 | ||
Undergoing front-end engineering and design with final investment decision expected in three years | 4 years | ||
Reviewing Development Alternatives | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 439 | ||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 2 |
Accounting for Suspended Expl_5
Accounting for Suspended Exploratory Wells - Aging of Costs on a Well and Project Basis (Details) $ in Millions | Dec. 31, 2021USD ($)WellProject | Dec. 31, 2020USD ($)Project | Dec. 31, 2019USD ($)Project |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 2,044 | $ 2,486 | $ 2,827 |
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 83 | ||
Number of projects (in projects) | Project | 15 | 17 | 22 |
2000-2009 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 312 | ||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 16 | ||
2010-2014 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 1,146 | ||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 50 | ||
2015-2020 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 586 | ||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 17 | ||
2003-2012 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 341 | ||
Number of projects (in projects) | Project | 3 | ||
2013-2016 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 1,318 | ||
Number of projects (in projects) | Project | 9 | ||
2017-2021 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 385 | ||
Number of projects (in projects) | Project | 3 |
Stock Options and Other Share_3
Stock Options and Other Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions | Oct. 05, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense for stock options | $ 60 | $ 94 | $ 81 | ||
After tax compensation expense for stock options | 47 | 74 | 64 | ||
Compensation expense for stock appreciation rights restricted stock performance units and restricted stock units | 701 | 96 | 313 | ||
Compensation expense for stock appreciation rights, restricted stock, performance units and restricted stock units, after tax | 554 | 76 | 266 | ||
Cash received in payment for option exercises | 1,274 | 226 | 1,090 | ||
Tax benefits realized for the tax deductions from option exercises | (15) | 8 | 43 | ||
Cash paid to settle performance units and stock appreciation rights | $ 163 | 95 | 119 | ||
Maximum number of share that may be issued under LTIP (in shares) | 614,768 | ||||
Total intrinsic value options exercised | $ 152 | $ 92 | $ 516 | ||
Total before-tax compensation cost related to nonvested share-based compensation arrangements | $ 57 | ||||
Weighted-average period of recognition of unrecognized compensation cost related to nonvested share-based compensation arrangements | 1 year 8 months 12 days | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding (in shares) | 4,386,637 | 3,303,933 | |||
Shares granted (in shares) | 1,381,433 | ||||
Shares vested (in shares) | 111,831 | ||||
Shares forfeited (in shares) | 186,898 | ||||
Shares vested, fair value | $ 381 | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding (in shares) | 5,023,065 | 4,434,797 | |||
Shares granted (in shares) | 2,219,379 | ||||
Shares vested (in shares) | 1,378,766 | ||||
Shares forfeited (in shares) | 252,345 | ||||
Shares vested, fair value | $ 683 | ||||
Stock Appreciation Rights (SARs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding (in shares) | 3,400,000 | ||||
Shares vested, fair value | $ 75 | ||||
Noble, Change-in-Control Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash paid to settle performance units and stock appreciation rights | $ 4 | ||||
Chevron Long-Term Incentive Plan (LTIP) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of share that may be issued under LTIP (in shares) | 66,000,000 | ||||
For awards issued on or after May 29, 2013, the maximum number of shares that may be in a form other than a stock option, stock appreciation right or award requiring full payment for shares by the award recipient (in shares) | 50,000,000 | ||||
Chevron Long-Term Incentive Plan (LTIP) | Maximum | From April 2004 through May 2023 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of share that may be issued under LTIP (in shares) | 260,000,000 | ||||
Chevron Long-Term Incentive Plan (LTIP) | Performance Shares and Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award contractual term (in years) | 3 years | ||||
Chevron Long-Term Incentive Plan (LTIP) | Stock Options and Stock Appreciation Rights | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award contractual term (in years) | 10 years | ||||
Chevron Long-Term Incentive Plan (LTIP), 2017 Issuance | Performance Shares and Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award contractual term (in years) | 3 years | ||||
Chevron Long-Term Incentive Plan (LTIP), 2017 Issuance | Stock Options and Stock Appreciation Rights | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award contractual term (in years) | 10 years | ||||
Chevron Long-Term Incentive Plan (LTIP), 2017 Issuance | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award contractual term (in years) | 5 years | ||||
Noble Share-Based Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercisable period | 5 years |
Stock Options and Other Share_4
Stock Options and Other Share-Based Compensation - Summary of Valuation Assumptions and Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Option | |||
Expected term in years | 6 years 9 months 18 days | 6 years 7 months 6 days | 6 years 7 months 6 days |
Volatility | 31.10% | 20.80% | 20.50% |
Risk-free interest rate based on zero coupon U.S. treasury note | 0.71% | 1.50% | 2.60% |
Dividend yield | 6.00% | 4.00% | 3.80% |
Weighted-average fair value per option granted (in dollars per share) | $ 12.22 | $ 13 | $ 15.82 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, beginning balance (in shares) | 90,150 | ||
Shares, Granted (in shares) | 6,948 | ||
Shares, Exercised (in shares) | (12,831) | ||
Shares, Forfeited (in shares) | (6,868) | ||
Outstanding, ending balance (in shares) | 77,399 | 90,150 | |
Shares, Exercisable at December 31 (in shares) | 66,499 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted-Average Exercise Price, Outstanding at January 1 (in dollars per share) | $ 108.17 | ||
Weighted-Average Exercise Price, Granted (in dollars per share) | 88.20 | ||
Weighted-Average Exercise Price, Exercised (in dollars per share) | 99.64 | ||
Weighted-Average Exercise Price, Forfeited (in dollars per share) | 102.61 | ||
Weighted-Average Exercise Price, Outstanding at December 31 (in dollars per share) | 108.10 | $ 108.17 | |
Weighted-Average Exercise Price, Exercisable at December 31 (in dollars per share) | $ 109.80 | ||
Average Remaining Contractual Term, Outstanding at December 31 (in years) | 4 years 2 months 1 day | ||
Average Remaining Contractual Term, Exercisable at December 31 (in years) | 3 years 5 months 12 days | ||
Aggregate Intrinsic Value, Outstanding at December 31 | $ 1,020 | ||
Aggregate Intrinsic Value, Exercisable at December 31 | $ 806 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Maximum annual increase percentage to company contribution for retiree medical coverage | 4.00% | |||
Funded Status: | ||||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | $ 4,979 | $ 7,278 | ||
Other Benefit Assumptions: | ||||
Assumed health care cost-trend rates in the next fiscal year | 6.20% | 6.10% | ||
Ultimate trend rate for health care cost | 4.50% | 4.50% | ||
Primary Investment: | ||||
Company's US and UK pension plans as a percentage of total pension assets | 94.00% | |||
Benefit Plan Trusts: | ||||
Number of Chevron treasury stocks held in benefit plan trust for funding obligations | 14,168,000 | 14,168,000 | 14,168,000 | 14,168,000 |
Various grantor trust assets invested primarily in interest earning accounts | $ 36 | $ 36 | ||
Employee Incentive Plan | ||||
Charges to expense for cash bonuses | 1,165 | 462 | $ 826 | |
Other Benefits | ||||
Funded Status: | ||||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | $ (25) | $ 74 | ||
Discount Rate: | ||||
Discount rate for pension plans | 2.90% | 2.60% | 3.20% | |
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | $ 146 | $ 155 | ||
Estimated contributions to employee pension plans for the next fiscal year | 150 | |||
ESIP | ||||
Employee Savings Investment Plan: | ||||
Compensation expense | $ 252 | 281 | $ 284 | |
U.S. | ||||
Expected Return on Plan Assets: | ||||
Estimated long-term rate of return on US pension plan assets | 6.50% | |||
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | $ 1,552 | |||
Estimated contributions to employee pension plans for the next fiscal year | 1,100 | |||
U.S. | Pension Benefits | ||||
Funded Status: | ||||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | 4,009 | 5,717 | ||
Accumulated benefit obligations pension plans | $ 11,337 | $ 13,608 | ||
Expected Return on Plan Assets: | ||||
Estimated long-term rate of return on US pension plan assets | 6.50% | 6.50% | 6.80% | |
Percentage of US pension plan assets relative to total pension plan assets | 67.00% | |||
Plan asset market valuation period, prior to year-end measurement date | 3 months | |||
Discount Rate: | ||||
Discount rate for pension plans | 2.80% | 2.40% | 3.10% | |
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | $ 1,552 | $ 950 | ||
U.S. | Pension Benefits | Equities | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 40.00% | |||
U.S. | Pension Benefits | Equities | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 65.00% | |||
U.S. | Pension Benefits | Fixed Income and Cash | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 20.00% | |||
U.S. | Pension Benefits | Fixed Income and Cash | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 40.00% | |||
U.S. | Pension Benefits | Real Estate | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 0.00% | |||
U.S. | Pension Benefits | Real Estate | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 15.00% | |||
U.S. | Pension Benefits | Other | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 0.00% | |||
U.S. | Pension Benefits | Other | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 5.00% | |||
U.S. | Pension Benefits | Cash | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 0.00% | |||
U.S. | Pension Benefits | Cash | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 25.00% | |||
Int’l. | ||||
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | $ 199 | |||
Estimated contributions to employee pension plans for the next fiscal year | 200 | |||
Int’l. | Pension Benefits | ||||
Funded Status: | ||||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | 995 | 1,487 | ||
Accumulated benefit obligations pension plans | $ 4,976 | $ 5,758 | ||
Expected Return on Plan Assets: | ||||
Estimated long-term rate of return on US pension plan assets | 3.50% | 4.50% | 5.60% | |
Discount Rate: | ||||
Discount rate for pension plans | 2.80% | 2.40% | 3.20% | |
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | $ 199 | $ 263 | ||
UNITED KINGDOM | Pension Benefits | Equities | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 10.00% | |||
UNITED KINGDOM | Pension Benefits | Equities | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 30.00% | |||
UNITED KINGDOM | Pension Benefits | Fixed Income and Cash | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 55.00% | |||
UNITED KINGDOM | Pension Benefits | Fixed Income and Cash | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 85.00% | |||
UNITED KINGDOM | Pension Benefits | Real Estate | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 5.00% | |||
UNITED KINGDOM | Pension Benefits | Real Estate | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 15.00% | |||
UNITED KINGDOM | Pension Benefits | Cash | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 0.00% | |||
UNITED KINGDOM | Pension Benefits | Cash | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 5.00% |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
U.S. | |||
Change in Plan Assets | |||
Fair value of plan assets at January 1 | $ 9,930 | ||
Employer contributions | 1,552 | ||
Fair value of plan assets at December 31 | 9,919 | $ 9,930 | |
Int’l. | |||
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 5,363 | ||
Employer contributions | 199 | ||
Fair value of plan assets at December 31 | 4,950 | 5,363 | |
Pension Benefits | U.S. | |||
Change in Benefit Obligation | |||
Benefit obligation at January 1 | 15,166 | 14,465 | |
Service cost | 450 | 497 | $ 406 |
Interest cost | 235 | 353 | 397 |
Plan participants’ contributions | 0 | 0 | |
Actuarial (gain) loss | (325) | 1,782 | |
Foreign currency exchange rate changes | 0 | 0 | |
Benefits paid | (2,560) | (2,045) | |
Acquisitions | 0 | 22 | |
Curtailment | 0 | 92 | |
Benefit obligation at December 31 | 12,966 | 15,166 | 14,465 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 9,930 | 10,177 | |
Actual return on plan assets | 997 | 848 | |
Foreign currency exchange rate changes | 0 | 0 | |
Employer contributions | 1,552 | 950 | |
Plan participants’ contributions | 0 | 0 | |
Benefits paid | (2,560) | (2,045) | |
Fair value of plan assets at December 31 | 9,919 | 9,930 | 10,177 |
Funded status at December 31 | (3,047) | (5,236) | |
Pension Benefits | Int’l. | |||
Change in Benefit Obligation | |||
Benefit obligation at January 1 | 6,307 | 5,680 | |
Service cost | 123 | 130 | 139 |
Interest cost | 137 | 175 | 199 |
Plan participants’ contributions | 3 | 3 | |
Actuarial (gain) loss | (364) | 550 | |
Foreign currency exchange rate changes | (85) | 158 | |
Benefits paid | (746) | (368) | |
Acquisitions | 0 | 0 | |
Curtailment | (24) | (21) | |
Benefit obligation at December 31 | 5,351 | 6,307 | 5,680 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 5,363 | 4,791 | |
Actual return on plan assets | 166 | 500 | |
Foreign currency exchange rate changes | (35) | 174 | |
Employer contributions | 199 | 263 | |
Plan participants’ contributions | 3 | 3 | |
Benefits paid | (746) | (368) | |
Fair value of plan assets at December 31 | 4,950 | 5,363 | 4,791 |
Funded status at December 31 | (401) | (944) | |
Other Benefits | |||
Change in Benefit Obligation | |||
Benefit obligation at January 1 | 2,650 | 2,520 | |
Service cost | 43 | 38 | 36 |
Interest cost | 53 | 71 | 96 |
Plan participants’ contributions | 43 | 59 | |
Actuarial (gain) loss | (108) | 191 | |
Foreign currency exchange rate changes | (3) | (1) | |
Benefits paid | (189) | (214) | |
Divestitures | 0 | 0 | |
Curtailment | 0 | (14) | |
Benefit obligation at December 31 | 2,489 | 2,650 | 2,520 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Employer contributions | 146 | 155 | |
Plan participants’ contributions | 43 | 59 | |
Benefits paid | (189) | (214) | |
Fair value of plan assets at December 31 | 0 | 0 | $ 0 |
Funded status at December 31 | $ (2,489) | $ (2,650) |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Balance Sheet Components (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Noncurrent employee benefit plans | $ (6,248) | $ (9,217) |
Pension Benefits | U.S. | ||
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Deferred charges and other assets | 36 | 24 |
Accrued liabilities | (303) | (258) |
Noncurrent employee benefit plans | (2,780) | (5,002) |
Net amount recognized at December 31 | (3,047) | (5,236) |
Pension Benefits | Int’l. | ||
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Deferred charges and other assets | 696 | 547 |
Accrued liabilities | (142) | (76) |
Noncurrent employee benefit plans | (955) | (1,415) |
Net amount recognized at December 31 | (401) | (944) |
Other Benefits | ||
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Deferred charges and other assets | 0 | 0 |
Accrued liabilities | (151) | (153) |
Noncurrent employee benefit plans | (2,338) | (2,497) |
Net amount recognized at December 31 | $ (2,489) | $ (2,650) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Before tax basis amount in accumulated other comprehensive loss. | ||
Total recognized at December 31 | $ 4,979 | $ 7,278 |
Other Benefits | ||
Before tax basis amount in accumulated other comprehensive loss. | ||
Net actuarial loss | 134 | 260 |
Prior service (credit) costs | (159) | (186) |
Total recognized at December 31 | (25) | 74 |
U.S. | Pension Benefits | ||
Before tax basis amount in accumulated other comprehensive loss. | ||
Net actuarial loss | 4,007 | 5,714 |
Prior service (credit) costs | 2 | 3 |
Total recognized at December 31 | 4,009 | 5,717 |
Int’l. | Pension Benefits | ||
Before tax basis amount in accumulated other comprehensive loss. | ||
Net actuarial loss | 920 | 1,401 |
Prior service (credit) costs | 75 | 86 |
Total recognized at December 31 | $ 995 | $ 1,487 |
Employee Benefit Plans - Accumu
Employee Benefit Plans - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
U.S. | ||
Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets | ||
Projected benefit obligations | $ 1,957 | $ 15,103 |
Accumulated benefit obligations | 1,665 | 13,545 |
Fair value of plan assets | 55 | 9,842 |
Int’l. | ||
Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets | ||
Projected benefit obligations | 1,097 | 2,084 |
Accumulated benefit obligations | 883 | 1,622 |
Fair value of plan assets | $ 2 | $ 600 |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | $ (1,244) | $ 2,004 | $ 2,404 |
Amortization of actuarial loss | (1,069) | (1,107) | (519) |
Prior service (credits) costs during period | 0 | 0 | 28 |
Amortization of prior service (costs) credits | 14 | 23 | (4) |
Other Benefits | |||
Net Periodic Benefit Cost | |||
Service cost | 43 | 38 | 36 |
Interest cost | 53 | 71 | 96 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service costs (credits) | (27) | (28) | (28) |
Recognized actuarial losses | 16 | 3 | (3) |
Settlement losses | 0 | 0 | 0 |
Curtailment losses (gains) | 0 | (27) | 0 |
Total net periodic benefit cost | 85 | 57 | 101 |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | (111) | 190 | 128 |
Amortization of actuarial loss | (15) | (4) | 3 |
Prior service (credits) costs during period | 0 | 0 | (1) |
Amortization of prior service (costs) credits | 27 | 42 | 28 |
Total changes recognized in other comprehensive income | (99) | 228 | 158 |
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | (14) | 285 | 259 |
U.S. | Pension Benefits | |||
Net Periodic Benefit Cost | |||
Service cost | 450 | 497 | 406 |
Interest cost | 235 | 353 | 397 |
Expected return on plan assets | (596) | (650) | (565) |
Amortization of prior service costs (credits) | 2 | 2 | 2 |
Recognized actuarial losses | 309 | 385 | 239 |
Settlement losses | 672 | 620 | 259 |
Curtailment losses (gains) | 0 | 92 | 0 |
Total net periodic benefit cost | 1,072 | 1,299 | 738 |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | (725) | 1,584 | 1,939 |
Amortization of actuarial loss | (981) | (1,005) | (498) |
Prior service (credits) costs during period | 0 | 0 | 0 |
Amortization of prior service (costs) credits | (2) | (2) | (2) |
Total changes recognized in other comprehensive income | (1,708) | 577 | 1,439 |
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | (636) | 1,876 | 2,177 |
Int’l. | Pension Benefits | |||
Net Periodic Benefit Cost | |||
Service cost | 123 | 130 | 139 |
Interest cost | 137 | 175 | 199 |
Expected return on plan assets | (171) | (209) | (231) |
Amortization of prior service costs (credits) | 8 | 10 | 11 |
Recognized actuarial losses | 46 | 45 | 21 |
Settlement losses | 7 | 37 | 3 |
Curtailment losses (gains) | (1) | 2 | 16 |
Total net periodic benefit cost | 149 | 190 | 158 |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | (408) | 230 | 338 |
Amortization of actuarial loss | (73) | (98) | (24) |
Prior service (credits) costs during period | 0 | 0 | 29 |
Amortization of prior service (costs) credits | (11) | (17) | (30) |
Total changes recognized in other comprehensive income | (492) | 115 | 313 |
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $ (343) | $ 305 | $ 471 |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Benefits | |||
Assumptions used to determine benefit obligations: | |||
Discount rate | 2.90% | 2.60% | 3.20% |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate for service cost | 3.00% | 3.50% | 4.60% |
Discount rate for interest cost | 2.10% | 3.00% | 4.20% |
U.S. | |||
Assumptions used to determine net periodic benefit cost: | |||
Expected return on plan assets | 6.50% | ||
U.S. | Pension Benefits | |||
Assumptions used to determine benefit obligations: | |||
Discount rate | 2.80% | 2.40% | 3.10% |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate for service cost | 3.00% | 3.30% | 4.40% |
Discount rate for interest cost | 1.90% | 2.60% | 3.70% |
Expected return on plan assets | 6.50% | 6.50% | 6.80% |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
Int’l. | Pension Benefits | |||
Assumptions used to determine benefit obligations: | |||
Discount rate | 2.80% | 2.40% | 3.20% |
Rate of compensation increase | 4.10% | 4.00% | 4.00% |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate for service cost | 2.40% | 3.20% | 4.40% |
Discount rate for interest cost | 2.40% | 3.20% | 4.40% |
Expected return on plan assets | 3.50% | 4.50% | 5.60% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Employee Benefit Plans - Plan A
Employee Benefit Plans - Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | $ 204 | $ 93 | $ 112 |
U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 9,919 | 9,930 | |
U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 3,268 | 4,747 | |
U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,027 | 1,171 | |
U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 48 | 44 | |
U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 5,576 | 3,968 | |
Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 4,950 | 5,363 | |
Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,091 | 1,406 | |
Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 735 | 798 | |
Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 156 | 49 | |
Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2,968 | 3,110 | |
U.S. | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,677 | 2,286 | |
U.S. | U.S. | Company's Own Stock | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 4 | |
U.S. | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,677 | 2,286 | |
U.S. | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
U.S. | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
U.S. | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 491 | 443 | |
U.S. | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 491 | 443 | |
U.S. | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
International | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1 | 1 | 1 |
International | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,285 | 2,211 | |
International | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,284 | 2,210 | |
International | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
International | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1 | 1 | |
International | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
International | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 356 | 373 | |
International | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 355 | 373 | |
International | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
International | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1 | 0 | |
International | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2,541 | 1,107 | |
Collective Trusts/Mutual Funds | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 32 | 48 | |
Collective Trusts/Mutual Funds | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2,509 | 1,059 | |
Collective Trusts/Mutual Funds | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 134 | 192 | |
Collective Trusts/Mutual Funds | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 6 | 7 | |
Collective Trusts/Mutual Funds | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 128 | 185 | |
Government | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 215 | 231 | |
Government | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Government | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 215 | 231 | |
Government | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Government | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Government | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 229 | 240 | |
Government | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 135 | 125 | |
Government | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 94 | 115 | |
Government | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Government | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | 3 |
Corporate | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 660 | 778 | |
Corporate | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 660 | 778 | |
Corporate | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 532 | 578 | |
Corporate | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2 | 10 | |
Corporate | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 530 | 568 | |
Corporate | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 2 | 7 |
Bank Loans | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 137 | 129 | |
Bank Loans | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 136 | 127 | |
Bank Loans | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1 | 2 | |
Bank Loans | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1 | 1 | |
Mortgage/Asset Backed | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1 | 1 | |
Mortgage/Asset Backed | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 4 | 4 | |
Mortgage/Asset Backed | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 4 | 4 | |
Mortgage/Asset Backed | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,907 | 1,901 | |
Collective Trusts/Mutual Funds | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 13 | 13 | |
Collective Trusts/Mutual Funds | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,894 | 1,888 | |
Collective Trusts/Mutual Funds | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2,388 | 2,520 | |
Collective Trusts/Mutual Funds | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1 | 4 | |
Collective Trusts/Mutual Funds | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2,387 | 2,516 | |
Mixed Funds | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 99 | 127 | |
Mixed Funds | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 12 | 38 | |
Mixed Funds | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 87 | 89 | |
Mixed Funds | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 42 | 45 | 55 |
Real Estate | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,172 | 1,018 | |
Real Estate | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,172 | 1,018 | |
Real Estate | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 312 | 448 | |
Real Estate | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 42 | 45 | |
Real Estate | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 270 | 403 | |
Alternative Investments | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 264 | 221 | |
Cash and Cash Equivalents | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 263 | 209 | |
Cash and Cash Equivalents | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1 | 12 | |
Cash and Cash Equivalents | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 161 | 417 | |
Cash and Cash Equivalents | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 89 | 408 | |
Cash and Cash Equivalents | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 3 | 3 | |
Cash and Cash Equivalents | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 69 | 6 | |
Other | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 161 | 45 | $ 46 |
Other | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 60 | 47 | |
Other | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | (1) | (19) | |
Other | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 14 | 22 | |
Other | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 46 | 41 | |
Other | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1 | 3 | |
Other | Int’l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 244 | 21 | |
Other | Int’l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | (2) | |
Other | Int’l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 17 | 19 | |
Other | Int’l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 113 | 4 | |
Other | Int’l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | $ 114 | $ 0 |
Employee Benefit Plans - Summ_3
Employee Benefit Plans - Summary of Change in Assets Measured at Level 3 (Details) - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Fair value of plan assets at January 1 | $ 93 | $ 112 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 4 | 1 |
Assets sold during the period | (3) | (10) |
Purchases, Sales and Settlements | 2 | (10) |
Transfers in and/or out of Level 3 | 108 | 0 |
Fair value of plan assets at December 31 | 204 | 93 |
International | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Fair value of plan assets at January 1 | 1 | 1 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 0 | 0 |
Assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value of plan assets at December 31 | 1 | 1 |
Corporate | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Fair value of plan assets at January 1 | 0 | 3 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 0 | 0 |
Assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 0 | (3) |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value of plan assets at December 31 | 0 | 0 |
Bank Loans | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Fair value of plan assets at January 1 | 2 | 7 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 0 | 0 |
Assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | (2) | (5) |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value of plan assets at December 31 | 0 | 2 |
Real Estate | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Fair value of plan assets at January 1 | 45 | 55 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 0 | 0 |
Assets sold during the period | (3) | (10) |
Purchases, Sales and Settlements | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value of plan assets at December 31 | 42 | 45 |
Other | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Fair value of plan assets at January 1 | 45 | 46 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 4 | 1 |
Assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 4 | (2) |
Transfers in and/or out of Level 3 | 108 | 0 |
Fair value of plan assets at December 31 | $ 161 | $ 45 |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Benefit Payments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Other Benefits | |
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years | |
2022 | $ 151 |
2023 | 149 |
2024 | 146 |
2025 | 144 |
2026 | 142 |
2027-2031 | 682 |
U.S. | Pension Benefits | |
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years | |
2022 | 826 |
2023 | 982 |
2024 | 1,025 |
2025 | 1,022 |
2026 | 998 |
2027-2031 | 4,640 |
Int’l. | Pension Benefits | |
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years | |
2022 | 296 |
2023 | 211 |
2024 | 225 |
2025 | 232 |
2026 | 245 |
2027-2031 | $ 1,367 |
Other Contingencies and Commi_2
Other Contingencies and Commitments (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)guarantyLocation | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2009USD ($) | |
Guarantees | ||||
Number of guarantees | guaranty | 1 | |||
Guarantee for payments under terminal use agreements | $ 215,000,000 | |||
Idemnifications | ||||
Indemnifications acquirer environmental liabilities, maximum obligation | $ 200,000,000 | |||
Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements | ||||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2022 | 1,049,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2023 | 1,106,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2024 | 1,119,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2025 | 1,193,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2026 | 1,223,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements after 2026 | 7,626,000,000 | |||
Total payments under long term unconditional purchase obligations and commitments including throughput and Take-or-Pay agreements | 861,000,000 | $ 514,000,000 | $ 836,000,000 | |
Environmental | ||||
Environmental reserve balance | $ 960,000,000 | |||
Sites with potential remediation activities (in sites) | Location | 145 | |||
Investments in equity affiliates | $ 40,696,000,000 | $ 39,052,000,000 | ||
Upstream | ||||
Environmental | ||||
Environmental reserve | 214,000,000 | |||
United States | Downstream | ||||
Environmental | ||||
Environmental reserve | 466,000,000 | |||
International | Downstream | ||||
Environmental | ||||
Environmental reserve | $ 50,000,000 | |||
Affiliates | ||||
Guarantees | ||||
Term of guarantee for payments under terminal use agreement (in years) | 6 years | |||
Other Obligations | ||||
Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements | ||||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2022 | $ 57,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2023 | 257,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2024 | 242,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2025 | 252,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in 2026 | 200,000,000 | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements after 2026 | 282,000,000 | |||
Sites with Potential Remediation Activities | ||||
Environmental | ||||
Environmental reserve | 230,000,000 | |||
Environmental Reserve Less Environmental Reserve for Sites with Potential Remediation Activities | ||||
Environmental | ||||
Environmental reserve | $ 730,000,000 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Company Before Tax Obligation | |||
Balance at January 1 | $ 13,616 | $ 12,832 | $ 14,050 |
Liabilities assumed in the Noble acquisition | 0 | 630 | 0 |
Liabilities incurred | 31 | 10 | 32 |
Liabilities settled | (1,887) | (1,661) | (1,694) |
Accretion expense | 616 | 560 | 628 |
Revisions in estimated cash flows | 432 | 1,245 | (184) |
Balance at December 31 | 12,808 | $ 13,616 | $ 12,832 |
Long-term portion of the company's before-tax asset retirement obligations | $ 11,611 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Receivables | $ 12,877 | $ 7,631 |
Other Financial Information (De
Other Financial Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Gains on sale of nonstrategic properties | $ 785,000,000 | $ 765,000,000 | $ 1,500,000,000 |
Loss on extinguishment of debt | 260,000,000 | ||
Goodwill | 4,385,000,000 | 4,402,000,000 | |
Total financing interest and debt costs | 775,000,000 | 735,000,000 | 817,000,000 |
Less: Capitalized interest | 63,000,000 | 38,000,000 | 19,000,000 |
Interest and debt expense | 712,000,000 | 697,000,000 | 798,000,000 |
Research and development expenses | 268,000,000 | 435,000,000 | 500,000,000 |
Excess of replacement cost over the carrying value of inventories (LIFO method) | 5,588,000,000 | 2,749,000,000 | 4,513,000,000 |
LIFO profits (losses) on inventory drawdowns included in earnings | 35,000,000 | (147,000,000) | (9,000,000) |
Foreign currency effects | 306,000,000 | (645,000,000) | (304,000,000) |
Company share of equity affiliates foreign currency effects | 180,000,000 | (152,000,000) | (28,000,000) |
Downstream | |||
Business Acquisition [Line Items] | |||
Gains on sale of nonstrategic properties | 30,000,000 | 30,000,000 | 50,000,000 |
Loss on extinguishment of debt | 110,000,000 | ||
Upstream | |||
Business Acquisition [Line Items] | |||
Gains on sale of nonstrategic properties | 755,000,000 | 735,000,000 | 1,450,000,000 |
Gain (loss) for impairments and other assets write-offs | 519,000,000 | $ 4,800,000,000 | $ 10,400,000,000 |
Loss on extinguishment of debt | 120,000,000 | ||
Unocal | Upstream | |||
Business Acquisition [Line Items] | |||
Goodwill | 4,385,000,000 | ||
Goodwill impairment loss | $ 0 |
Financial Instruments - Credi_2
Financial Instruments - Credit Losses (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Allowance for credit loss | $ 745 | $ 671 |
Trade receivable | 16,400 | |
Non-Trade Accounts Receivable | ||
Related Party Transaction [Line Items] | ||
Non-trade receivable | 3,400 | |
Equity Affiliate Loan | Investments and Advances | ||
Related Party Transaction [Line Items] | ||
Allowance for credit loss | $ 560 |
Acquisition of Noble Energy, _3
Acquisition of Noble Energy, Inc. (Details) - USD ($) shares in Millions, $ in Millions | Oct. 05, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||
Carrying amount of long-term debt | $ 25,676 | ||
Noble | |||
Business Acquisition [Line Items] | |||
Consideration transferred | $ 4,109 | ||
Number of shares (in shares) | 58 | ||
Carrying amount of long-term debt | $ 9,231 | ||
Provisional measurement of assets acquired and liabilities assumed | |||
Current assets | 1,105 | ||
Investments and long-term receivables | 1,282 | ||
Properties (includes $14,935 for oil and gas properties) | 16,703 | ||
Other assets | 607 | ||
Total assets acquired | 19,697 | ||
Current liabilities | 1,829 | ||
Long-term debt and finance leases | 9,231 | ||
Deferred income taxes | 2,355 | ||
Other liabilities | 1,394 | ||
Total liabilities assumed | 14,809 | ||
Noncontrolling interest and redeemable noncontrolling interest | 779 | ||
Net assets acquired | 4,109 | ||
Oil and gas property | $ 14,935 | ||
Unaudited pro forma summary | |||
Sales and other operating revenues | 96,980 | $ 144,303 | |
Net income | $ (9,890) | $ 1,412 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Termination Benefits | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1 | $ 470 | $ 7 | $ 19 |
Additions (reductions) charged to expense | (30) | 859 | 6 |
Payments/ reductions | (397) | (396) | (18) |
Balance at December 31 | 43 | 470 | 7 |
Expected Credit Losses | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1 | 671 | 849 | 980 |
Current period provision | 74 | 573 | (128) |
Additions (reductions) charged to expense | 0 | (751) | (3) |
Balance at December 31 | 745 | 671 | 849 |
Deferred Income Tax Valuation Allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1 | 17,762 | 15,965 | 15,973 |
Additions (reductions) charged to expense | 3,691 | 2,892 | 1,336 |
Payments/ reductions | (3,802) | (1,095) | (1,344) |
Balance at December 31 | 17,651 | $ 17,762 | $ 15,965 |
Deferred Income Tax Valuation Allowance | Noble | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Additions (reductions) charged to expense | $ 974 |