Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2022shares | |
Cover [Abstract] | |
Document Type | 10-Q/A |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2022 |
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 $.75 per share |
Trading Symbol | CVX |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,964,813,456 |
Entity Central Index Key | 0000093410 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | true |
Amendment Description | Chevron Corporation is filing this Amendment No. 1 to its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the Securities and Exchange Commission on May 4, 2022 (the “Original Filing”), solely for the purpose of removing the “INSIDER TRADING ALERT” header that inadvertently appeared on the cover page of the Original Filing. This Amendment No. 1 does not modify or update any other information reported in the Original Filing. |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues and Other Income | ||
Sales and other operating revenues | $ 52,314 | $ 31,076 |
Income (loss) from equity affiliates | 2,085 | 911 |
Other income (loss) | (26) | 42 |
Total Revenues and Other Income | 54,373 | 32,029 |
Costs and Other Deductions | ||
Purchased crude oil and products | 32,649 | 17,568 |
Operating expenses | 5,638 | 4,967 |
Selling, general and administrative expenses | 967 | 990 |
Exploration expenses | 209 | 86 |
Depreciation, depletion and amortization | 3,654 | 4,286 |
Taxes other than on income | 2,002 | 1,420 |
Interest and debt expense | 136 | 198 |
Other components of net periodic benefit costs | 64 | 337 |
Total Costs and Other Deductions | 45,319 | 29,852 |
Income (Loss) Before Income Tax Expense | 9,054 | 2,177 |
Income Tax Expense (Benefit) | 2,777 | 779 |
Net Income (Loss) | 6,277 | 1,398 |
Less: Net income (loss) attributable to noncontrolling interests | 18 | 21 |
Net Income (Loss) Attributable to Chevron Corporation | $ 6,259 | $ 1,377 |
Net Income (Loss) Attributable to Chevron Corporation | ||
Basic (in dollars per share) | $ 3.23 | $ 0.72 |
Diluted (in dollars per share) | $ 3.22 | $ 0.72 |
Weighted Average Number of Shares Outstanding | ||
Basic (in shares) | 1,935,668 | 1,912,925 |
Diluted (in shares) | 1,944,542 | 1,915,889 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss) | $ 6,277 | $ 1,398 |
Currency translation adjustment | (11) | (19) |
Unrealized holding gain (loss) on securities | ||
Net gain (loss) arising during period | 0 | (3) |
Derivatives | ||
Net derivatives loss on hedge transactions | 2 | 0 |
Reclassification to net income | 0 | 0 |
Income taxes on derivatives transactions | 0 | 0 |
Total | 2 | 0 |
Actuarial gain (loss) | ||
Amortization to net income of net actuarial loss and settlements | 158 | 435 |
Actuarial gain (loss) arising during period | 139 | 907 |
Prior service credits (cost) | ||
Amortization to net income of net prior service costs and curtailments | (4) | (4) |
Prior service (costs) credits arising during period | 0 | 0 |
Defined benefit plans sponsored by equity affiliates - benefit (cost) | 6 | 11 |
Income (taxes) benefit on defined benefit plans | (53) | (301) |
Total | 246 | 1,048 |
Other Comprehensive Gain (Loss), Net of Tax | 237 | 1,026 |
Comprehensive Income (Loss) | 6,514 | 2,424 |
Comprehensive loss (income) attributable to noncontrolling interests | (18) | (21) |
Comprehensive Income (Loss) Attributable to Chevron Corporation | $ 6,496 | $ 2,403 |
CONSOLIDATED BALANCE SHEET (Una
CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and cash equivalents | $ 11,671 | $ 5,640 | |
Marketable securities | 33 | 35 | |
Accounts and notes receivable (less allowance: 2022 - $302; 2021 - $303) | 23,255 | 18,419 | |
Inventories: | |||
Crude oil and petroleum products | 4,467 | 4,248 | |
Chemicals | 547 | 565 | |
Materials, supplies and other | 1,511 | 1,492 | |
Total inventories | 6,525 | 6,305 | |
Prepaid expenses and other current assets | 3,225 | 3,339 | |
Total Current Assets | 44,709 | 33,738 | |
Long-term receivables (less allowance: 2022 - $457; 2021 - $442) | 516 | 603 | |
Investments and advances | 41,732 | 40,696 | |
Properties, plant and equipment, at cost | 335,340 | 336,045 | |
Less: Accumulated depreciation, depletion and amortization | 190,896 | 189,084 | |
Properties, plant and equipment, net | 144,444 | 146,961 | |
Deferred charges and other assets | 12,502 | 12,384 | |
Goodwill | 4,374 | 4,385 | |
Assets held for sale | 771 | 768 | |
Total Assets | 249,048 | 239,535 | |
Liabilities and Equity | |||
Short-term debt | 314 | 256 | |
Accounts payable | 20,137 | 16,454 | |
Accrued liabilities | 6,974 | 6,972 | |
Federal and other taxes on income | 2,573 | 1,700 | |
Other taxes payable | 1,205 | 1,409 | |
Total Current Liabilities | 31,203 | 26,791 | |
Long-term debt | 29,019 | 31,113 | |
Deferred credits and other noncurrent obligations | 20,273 | 20,778 | |
Noncurrent deferred income taxes | 15,526 | 14,665 | |
Noncurrent employee benefit plans | 5,927 | 6,248 | |
Total Liabilities | [1] | 101,948 | 99,595 |
Preferred stock (authorized 100,000,000 shares; $1.00 par value; none issued) | 0 | 0 | |
Common stock (authorized 6,000,000,000 shares, $0.75 par value; 2,442,676,580 shares issued at March 31, 2022 and December 31, 2021) | 1,832 | 1,832 | |
Capital in excess of par value | 18,378 | 17,282 | |
Retained earnings | 169,059 | 165,546 | |
Accumulated other comprehensive losses | (3,652) | (3,889) | |
Deferred compensation and benefit plan trust | (240) | (240) | |
Treasury stock, at cost (477,863,124 and 512,870,523 shares at March 31, 2022 and December 31, 2021, respectively) | (39,158) | (41,464) | |
Total Chevron Corporation Stockholders’ Equity | 146,219 | 139,067 | |
Noncontrolling interests (includes redeemable noncontrolling interest of $135 at both March 31, 2022 and December 31, 2021) | 881 | 873 | |
Total Equity | 147,100 | 139,940 | |
Total Liabilities and Equity | $ 249,048 | $ 239,535 | |
[1] | Refer to Note 12 Other Contingencies and Commitments . |
CONSOLIDATED BALANCE SHEET (U_2
CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts and notes receivable, current | $ 302 | $ 303 |
Allowance for long-term receivables | $ 457 | $ 442 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 6,000,000,000 | 6,000,000,000 |
Common stock, par value (in dollars per share) | $ 0.75 | $ 0.75 |
Common stock, shares issued (in shares) | 2,442,676,580 | 2,442,676,580 |
Treasury stock (in shares) | 477,863,124 | 512,870,523 |
Redeemable equity | $ 135 | $ 135 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net Income (Loss) | $ 6,277 | $ 1,398 |
Adjustments | ||
Depreciation, depletion and amortization | 3,654 | 4,286 |
Dry hole expense | 135 | 4 |
Distributions more (less) than income from equity affiliates | (1,441) | (491) |
Net before-tax losses (gains) on asset retirements and sales | (99) | (56) |
Net foreign currency effects | 248 | 111 |
Deferred income tax provision | 626 | (254) |
Net decrease (increase) in operating working capital | (937) | (902) |
Decrease (increase) in long-term receivables | 86 | 15 |
Net decrease (increase) in other deferred charges | (56) | (31) |
Cash contributions to employee pension plans | (463) | (331) |
Other | 25 | 447 |
Net Cash Provided by Operating Activities | 8,055 | 4,196 |
Investing Activities | ||
Capital expenditures | (1,960) | (1,746) |
Proceeds and deposits related to asset sales and returns of investment | 1,283 | 158 |
Net sales (purchases) of marketable securities | 0 | 0 |
Net repayment (borrowing) of loans by equity affiliates | 12 | 25 |
Net Cash Used for Investing Activities | (665) | (1,563) |
Financing Activities | ||
Net borrowings (repayments) of short-term obligations | 61 | 1,237 |
Repayments of long-term debt and other financing obligations | (2,062) | (78) |
Cash dividends - common stock | (2,746) | (2,468) |
Net contributions from (distributions to) noncontrolling interests | (5) | (11) |
Net sales (purchases) of treasury shares | 3,386 | 267 |
Net Cash Provided by (Used for) Financing Activities | (1,366) | (1,053) |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (13) | (53) |
Net Change in Cash, Cash Equivalents and Restricted Cash | 6,011 | 1,527 |
Cash, Cash Equivalents and Restricted Cash at January 1 | 6,795 | 6,737 |
Cash, Cash Equivalents and Restricted Cash at March 31 | $ 12,806 | $ 8,264 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - USD ($) $ in Millions | Total | Chevron Corp. Stockholders’ Equity | Common Stock | Retained Earnings | Accumulated Other Comp. Income (Loss) | Treasury Stock (at cost) | Non-Controlling Interests | ||
Beginning balance at Dec. 31, 2020 | $ 132,726 | $ 131,688 | $ 18,421 | [1] | $ 160,377 | $ (5,612) | $ (41,498) | $ 1,038 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury stock transactions | 37 | 37 | 37 | [1] | |||||
Net income (loss) | 1,398 | 1,377 | 1,377 | 21 | |||||
Cash dividends ($1.29 per share) | (2,479) | (2,468) | (2,468) | (11) | |||||
Stock dividends | (1) | (1) | (1) | ||||||
Other comprehensive income | 1,026 | 1,026 | 1,026 | ||||||
Purchases of treasury shares | (6) | (6) | (6) | ||||||
Issuances of treasury shares | 235 | 235 | 235 | ||||||
Other changes, net | (3) | 0 | 0 | (3) | |||||
Ending balance at Mar. 31, 2021 | $ 132,933 | 131,888 | 18,458 | [1] | 159,285 | (4,586) | (41,269) | 1,045 | |
Beginning balance, shares issued (in shares) at Dec. 31, 2020 | [2] | 2,442,676,580 | |||||||
Beginning balance, treasury shares (in shares) at Dec. 31, 2020 | (517,490,263) | ||||||||
Beginning balance, shares outstanding (in shares) at Dec. 31, 2020 | 1,925,186,317 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Purchases (in shares) | (67,003) | ||||||||
Issuances (in shares) | 2,932,865 | ||||||||
Ending balance, shares issued (in shares) at Mar. 31, 2021 | [2] | 2,442,676,580 | |||||||
Ending balance, treasury shares (in shares) at Mar. 31, 2021 | (514,624,401) | ||||||||
Ending balance, shares outstanding (in shares) at Mar. 31, 2021 | 1,928,052,179 | ||||||||
Beginning balance at Dec. 31, 2021 | $ 139,940 | 139,067 | 18,874 | [1] | 165,546 | (3,889) | (41,464) | 873 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury stock transactions | 16 | 16 | 16 | [1] | |||||
Net income (loss) | 6,277 | 6,259 | 6,259 | 18 | |||||
Cash dividends ($1.29 per share) | (2,751) | (2,746) | (2,746) | (5) | |||||
Stock dividends | 0 | 0 | 0 | ||||||
Other comprehensive income | 237 | 237 | 237 | ||||||
Purchases of treasury shares | (1,255) | (1,255) | (1,255) | ||||||
Issuances of treasury shares | 4,641 | 4,641 | 1,080 | 3,561 | |||||
Other changes, net | (5) | 0 | 0 | (5) | |||||
Ending balance at Mar. 31, 2022 | $ 147,100 | $ 146,219 | $ 19,970 | [1] | $ 169,059 | $ (3,652) | $ (39,158) | $ 881 | |
Beginning balance, shares issued (in shares) at Dec. 31, 2021 | [2] | 2,442,676,580 | |||||||
Beginning balance, treasury shares (in shares) at Dec. 31, 2021 | (512,870,523) | ||||||||
Beginning balance, shares outstanding (in shares) at Dec. 31, 2021 | 1,929,806,057 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Purchases (in shares) | (8,897,011) | ||||||||
Issuances (in shares) | 43,904,410 | ||||||||
Ending balance, shares issued (in shares) at Mar. 31, 2022 | [2] | 2,442,676,580 | |||||||
Ending balance, treasury shares (in shares) at Mar. 31, 2022 | (477,863,124) | ||||||||
Ending balance, shares outstanding (in shares) at Mar. 31, 2022 | 1,964,813,456 | ||||||||
[1] | Beginning and ending balances for all periods include capital in excess of par, common stock issued at par for $1,832, and $(240) associated with Chevron’s Benefit Plan Trust. Changes reflect capital in excess of par. | ||||||||
[2] | Beginning and ending total issued share balances include 14,168,000 shares associated with Chevron’s Benefit Plan Trust for all periods. |
CONSOLIDATED STATEMENT OF EQU_2
CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) shares in Thousands, $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Statement of Stockholders' Equity [Abstract] | |
Dividends paid (in dollars per share) | $ / shares | $ 1.42 |
Common stock | $ 1,832 |
Benefit Plan Trust | $ (240) |
Number of Chevron treasury stocks held in benefit plan trust for funding obligations (in shares) | shares | 14,168 |
General
General | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General Basis of Presentation The accompanying consolidated financial statements of Chevron Corporation and its subsidiaries (together, Chevron or the company) have not been audited by an independent registered public accounting firm. In the opinion of the company’s management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. These adjustments were of a normal recurring nature. The results for the three-month period ended March 31, 2022, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Losses | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Losses | Changes in Accumulated Other Comprehensive Losses The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the three months ended March 31, 2022 and 2021 are reflected in the table below. Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) (Millions of dollars) Currency Translation Adjustment Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total Balance at December 31, 2020 $ (107) $ (10) $ — $ (5,495) $ (5,612) Components of Other Comprehensive Income (Loss): Before Reclassifications (19) (3) — 715 693 Reclassifications — — — 333 333 Net Other Comprehensive Income (Loss) (19) (3) — 1,048 1,026 Balance at March 31, 2021 $ (126) $ (13) $ — $ (4,447) $ (4,586) Balance at December 31, 2021 $ (162) $ (11) $ — $ (3,716) $ (3,889) Components of Other Comprehensive Income (Loss): Before Reclassifications (11) — 2 117 108 Reclassifications (2) (3) — — — 129 129 Net Other Comprehensive Income (Loss) (11) — 2 246 237 Balance at March 31, 2022 $ (173) $ (11) $ 2 $ (3,470) $ (3,652) (1) All amounts are net of tax. (2) Refer to Note 14 Financial and Derivative Instruments for reclassified components of cash flow hedging. (3) Refer to Note 8 Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $154 million that are included in employee benefit costs for the three months ended March 31, 2022. Related income taxes for the same period, totaling $25 million, are reflected in “Income Tax Expense” on the Consolidated Statement of Income. All other reclassified amounts were insignificant. |
Information Relating to the Con
Information Relating to the Consolidated Statement of Cash Flows | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Information Relating to the Consolidated Statement of Cash Flows | Information Relating to the Consolidated Statement of Cash Flows Three Months Ended 2022 2021 (Millions of dollars) Distributions more (less) than income from equity affiliates includes the following: Distributions from equity affiliates $ 644 $ 420 (Income) loss from equity affiliates (2,085) (911) Distributions more (less) than income from equity affiliates $ (1,441) $ (491) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ (5,289) $ (2,827) Decrease (increase) in inventories (222) 51 Decrease (increase) in prepaid expenses and other current assets 137 (102) Increase (decrease) in accounts payable and accrued liabilities 3,768 1,599 Increase (decrease) in income and other taxes payable 669 377 Net decrease (increase) in operating working capital $ (937) $ (902) Net cash provided by operating activities includes the following cash payments: Interest on debt (net of capitalized interest) $ 47 $ 70 Income taxes 1,071 629 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 747 $ 147 Returns of investment from equity affiliates 536 11 Proceeds and deposits related to asset sales and returns of investment $ 1,283 $ 158 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ (2) $ (1) Marketable securities sold 2 1 Net sales (purchases) of marketable securities $ — $ — Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: Borrowing of loans by equity affiliates $ — $ — Repayment of loans by equity affiliates 12 25 Net repayment (borrowing) of loans by equity affiliates $ 12 $ 25 Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: Proceeds from issuances of short-term obligations $ — $ 2,872 Repayments of short-term obligations — (1,792) Net borrowings (repayments) of short-term obligations with three months or less maturity 61 157 Net borrowings (repayments) of short-term obligations $ 61 $ 1,237 Net sales (purchases) of treasury shares consists of the following gross and net amounts: Shares issued for share-based compensation plans $ 4,641 $ 273 Shares purchased under share repurchase and deferred compensation plans (1,255) (6) Net sales (purchases) of treasury shares $ 3,386 $ 267 Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts: Distributions to noncontrolling interests $ (5) $ (11) Contributions from noncontrolling interests — — Net contributions from (distributions to) noncontrolling interests $ (5) $ (11) The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. The “Other” line in the Operating Activities section includes changes in postretirement benefits obligations and other long-term liabilities. The company paid dividends of $1.42 per share of common stock in first quarter 2022. This compares to dividends of $1.29 per share paid in the year-ago corresponding period. The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory expenditures, including equity affiliates, are presented in the following table: Three Months Ended 2022 2021 (Millions of dollars) Additions to properties, plant and equipment $ 1,732 $ 1,631 Additions to investments 158 109 Current-year dry hole expenditures 70 4 Payments for other assets and liabilities, net — 2 Capital expenditures 1,960 1,746 Expensed exploration expenditures 74 82 Assets acquired through finance lease obligations and other financing obligations (2) — Payments for other assets and liabilities, net — (2) Capital and exploratory expenditures, excluding equity affiliates 2,032 1,826 Company’s share of expenditures by equity affiliates 725 678 Capital and exploratory expenditures, including equity affiliates $ 2,757 $ 2,504 The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: At March 31 At December 31 2022 2021 2021 2020 (Millions of dollars) Cash and cash equivalents $ 11,671 $ 7,076 $ 5,640 $ 5,596 Restricted cash included in “Prepaid expenses and other current assets” 317 412 333 365 Restricted cash included in “Deferred charges and other assets” 818 776 822 776 Total cash, cash equivalents and restricted cash $ 12,806 $ 8,264 $ 6,795 $ 6,737 Additional information related to restricted cash is included in Note 13 Fair Value Measurements |
Summarized Financial Data - Ten
Summarized Financial Data - Tengizchevroil LLP | 3 Months Ended |
Mar. 31, 2022 | |
Summarized Financial Data of Affiliate [Abstract] | |
Summarized Financial Data - Tengizchevroil LLP | Summarized Financial Data — Tengizchevroil LLP Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Summarized financial information for 100 percent of TCO is presented in the following table: Three Months Ended 2022 2021 (Millions of dollars) Sales and other operating revenues $ 6,187 $ 3,431 Costs and other deductions 2,978 1,856 Net income attributable to TCO $ 2,233 $ 1,012 Three Months Ended 2022 2021 (Millions of dollars) Sales and other operating revenues $ 3,795 $ 2,748 Costs and other deductions 3,106 2,553 Net income attributable to CPChem $ 764 $ 304 |
Summarized Financial Data - Che
Summarized Financial Data - Chevron Phillips Chemical Company LLC | 3 Months Ended |
Mar. 31, 2022 | |
Summarized Financial Data of Subsidiary Two [Abstract] | |
Summarized Financial Data – Chevron Phillips Chemical Company LLC | Summarized Financial Data — Tengizchevroil LLP Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Summarized financial information for 100 percent of TCO is presented in the following table: Three Months Ended 2022 2021 (Millions of dollars) Sales and other operating revenues $ 6,187 $ 3,431 Costs and other deductions 2,978 1,856 Net income attributable to TCO $ 2,233 $ 1,012 Three Months Ended 2022 2021 (Millions of dollars) Sales and other operating revenues $ 3,795 $ 2,748 Costs and other deductions 3,106 2,553 Net income attributable to CPChem $ 764 $ 304 |
Summarized Financial Data - C_2
Summarized Financial Data - Chevron U.S.A. Inc. | 3 Months Ended |
Mar. 31, 2022 | |
Summarized Financial Data of Subsidiary One [Abstract] | |
Summarized Financial Data - Chevron U.S.A. Inc. | Summarized Financial Data — Chevron U.S.A. Inc. Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas and natural gas liquids and those associated with refining, marketing, and supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the CPChem joint venture, which is accounted for using the equity method. The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Three Months Ended 2022 2021 (Millions of dollars) Sales and other operating revenues $ 41,502 $ 23,479 Costs and other deductions 39,636 23,322 Net income (loss) attributable to CUSA $ 1,754 $ 257 At March 31, At December 31, (Millions of dollars) Current assets $ 25,167 $ 20,216 Other assets 47,406 47,355 Current liabilities 20,833 17,824 Other liabilities 18,667 18,438 Total CUSA net equity $ 33,073 $ 31,309 Memo: Total debt $ 11,837 $ 11,693 |
Operating Segments and Geograph
Operating Segments and Geographic Data | 3 Months Ended |
Mar. 31, 2022 | |
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 companies. The company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM). The segments represent components of the company that engage in activities (a) from which revenues are earned and expenses are incurred; (b) whose operating results are regularly reviewed by the CODM, which makes decisions about resources to be allocated to the segments and assesses their performance; and (c) for which discrete financial information is available. The company’s primary country of operation is the United States of America, its country of domicile. Other components of the company’s operations are reported as “International” (outside the United States). Segment Earnings The company evaluates the performance of its operating segments on an after-tax basis, without considering the effects of debt financing interest expense or investment interest income, both of which are managed by the company on a worldwide basis. Corporate administrative costs and assets are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Nonbillable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three-month period ended March 31, 2022 and 2021, are presented in the following table: Three Months Ended 2022 2021 Segment Earnings (Millions of dollars) Upstream United States $ 3,238 $ 941 International 3,696 1,409 Total Upstream 6,934 2,350 Downstream United States 486 (130) International (155) 135 Total Downstream 331 5 Total Segment Earnings 7,265 2,355 All Other Interest expense (126) (184) Interest income 10 8 Other (890) (802) Net Income Attributable to Chevron Corporation $ 6,259 $ 1,377 Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at March 31, 2022, and December 31, 2021, are as follows: At March 31, At December 31, Segment Assets (Millions of dollars) Upstream United States $ 41,854 $ 41,870 International 138,451 138,157 Goodwill 4,374 4,385 Total Upstream 184,679 184,412 Downstream United States 28,216 26,376 International 21,195 18,848 Total Downstream 49,411 45,224 Total Segment Assets 234,090 229,636 All Other United States 9,759 5,746 International 5,199 4,153 Total All Other 14,958 9,899 Total Assets — United States 79,829 73,992 Total Assets — International 164,845 161,158 Goodwill 4,374 4,385 Total Assets $ 249,048 $ 239,535 Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three-month period ended March 31, 2022 and 2021, are presented in the following table. Products are transferred between operating segments at internal product values that approximate market prices. Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived primarily from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies. Three Months Ended 2022 2021 Sales and Other Operating Revenues (Millions of dollars) Upstream United States $ 11,316 $ 5,791 International 13,502 8,790 Subtotal 24,818 14,581 Intersegment Elimination — United States (6,919) (2,855) Intersegment Elimination — International (3,649) (2,375) Total Upstream 14,250 9,351 Downstream United States 19,771 10,854 International 19,607 11,582 Subtotal 39,378 22,436 Intersegment Elimination — United States (999) (466) Intersegment Elimination — International (331) (269) Total Downstream 38,048 21,701 All Other United States 83 24 International — — Subtotal 83 24 Intersegment Elimination — United States (67) — Intersegment Elimination — International — — Total All Other 16 24 Sales and Other Operating Revenues United States 31,170 16,669 International 33,109 20,372 Subtotal 64,279 37,041 Intersegment Elimination — United States (7,985) (3,321) Intersegment Elimination — International (3,980) (2,644) Total Sales and Other Operating Revenues $ 52,314 $ 31,076 |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Employee BenefitsChevron has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the company’s other investment alternatives. The company also sponsors other postretirement employee benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and the retirees share the costs. For the company’s main U.S. medical plan, the increase to the pre-Medicare company contribution for retiree medical coverage is limited to no more than four percent each year. Certain life insurance benefits are paid by the company. The components of net periodic benefit costs for 2022 and 2021 are as follows: Three Months Ended 2022 2021 (Millions of dollars) Pension Benefits United States Service cost $ 118 $ 117 Interest cost 66 55 Expected return on plan assets (161) (149) Amortization of prior service costs (credits) — 1 Amortization of actuarial losses (gains) 65 104 Settlement losses 86 317 Total United States 174 445 International Service cost 22 34 Interest cost 36 33 Expected return on plan assets (48) (46) Amortization of prior service costs (credits) 2 2 Amortization of actuarial losses (gains) 4 10 Settlement losses — — Total International 16 33 Net Periodic Pension Benefit Costs $ 190 $ 478 Other Benefits* Service cost $ 11 $ 11 Interest cost 15 13 Amortization of prior service costs (credits) (6) (7) Amortization of actuarial losses (gains) 3 4 Net Periodic Other Benefit Costs $ 23 $ 21 * Includes costs for U.S. and international OPEB plans. Obligations for plans outside the United States are not significant relative to the company’s total OPEB obligation. Through March 31, 2022, a total of $463 million was contributed to employee pension plans (including $431 million to the U.S. plans). Total contributions for the full year are currently estimated to be $1.3 billion ($1.1 billion for the U.S. plans and $200 million for the international plans). Contribution amounts are dependent upon plan investment returns, changes in pension obligations, regulatory requirements and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. During the first three months of 2022, the company contributed $46 million to its OPEB plans. The company anticipates contributing approximately $150 million in 2022. |
Assets Held For Sale
Assets Held For Sale | 3 Months Ended |
Mar. 31, 2022 | |
Assets Held For Sale [Abstract] | |
Assets Held For Sale | Assets Held For SaleAt March 31, 2022, the company classified $771 million 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 and the first three months of 2022 were not material. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax expense increased between quarterly periods from $779 million in 2021 to $2.78 billion in 2022. The company's income before income tax expense increased $6.88 billion from $2.18 billion in 2021 to $9.05 billion in 2022, primarily due to higher realizations. The company’s effective tax rate changed between quarterly periods from 36 percent in 2021 to 31 percent in 2022. The change in the effective tax rate is mainly due to the consequence of mix effects, resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions. Tax positions for Chevron and its subsidiaries and affiliates are subject to income tax audits by many tax jurisdictions throughout the world. For the company’s major tax jurisdictions, examinations of tax returns for certain prior tax years had not been completed as of March 31, 2022. For these jurisdictions, the latest years for which income tax examinations had been finalized were as follows: United States — 2013, Nigeria — 2007, Australia — 2009, Kazakhstan — 2012 and Saudi Arabia — 2015. The company engages in ongoing discussions with tax authorities regarding the resolution of tax matters in the various jurisdictions. Both the outcomes for these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. However, it is reasonably possible that developments regarding tax matters in certain tax jurisdictions may result in significant increases or decreases in the company’s total unrecognized tax benefits within the next 12 months. Given the number of years that still remain subject to examination and the number of matters being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits. |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2022 | |
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-year remediation program, Ecuador certified the remediation as proper and released Texpet and its affiliates from environmental liability. In May 2003, plaintiffs alleging environmental harm from the consortium’s activities sued Chevron in the Superior Court in Lago Agrio, Ecuador. In February 2011, that court entered a judgment against Chevron for approximately $9.5 billion plus additional punitive damages. An appellate panel affirmed, and Ecuador’s National Court of Justice ratified the judgment but nullified the punitive damages, resulting in a judgment of approximately $9.5 billion. Ecuador’s highest Constitutional Court rejected Chevron’s final appeal in July 2018. In February 2011, Chevron sued the Lago Agrio plaintiffs and several of their lawyers and supporters in the U.S. District Court for the Southern District of New York (SDNY) for violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and state law. The SDNY court ruled that the Ecuadorian judgment had been procured through fraud, bribery, and corruption, and prohibited the RICO defendants from seeking to enforce the Ecuadorian judgment in the United States or profiting from their illegal acts. The Court of Appeals for the Second Circuit affirmed, and the U.S. Supreme Court denied certiorari in June 2017, rendering final the U.S. judgment in favor of Chevron. The Lago Agrio plaintiffs sought to have the Ecuadorian judgment recognized and enforced in Canada, Brazil, and Argentina. All of those recognition and enforcement actions were dismissed and resolved in Chevron’s favor. Chevron and Texpet filed an arbitration claim against Ecuador in September 2009 before an arbitral tribunal administered by the Permanent Court of Arbitration in The Hague, under the United States-Ecuador Bilateral Investment Treaty. In August 2018, the Tribunal issued an award holding that the Ecuadorian judgment was based on environmental claims that Ecuador had settled and released, and that it was procured through fraud, bribery, and corruption. According to the Tribunal, the Ecuadorian judgment “violates international public policy” and “should not be recognized or enforced by the courts of other States.” The Tribunal ordered Ecuador to remove the status of enforceability from the Ecuadorian judgment and to compensate Chevron for any injuries resulting from the judgment. The third and final phase of the arbitration, to determine the amount of compensation Ecuador owes to Chevron, is ongoing. In September 2020, the District Court of The Hague denied Ecuador’s request to set aside the Tribunal’s award, stating that it now is “common ground” between Ecuador and Chevron that the Ecuadorian judgment is fraudulent. In December 2020, Ecuador appealed the District Court’s decision to The Hague Court of Appeals. In a separate proceeding, Ecuador also admitted that the Ecuadorian judgment is fraudulent in a public filing with the Office of the United States Trade Representative in July 2020. Management 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 . |
Other Contingencies and Commitm
Other Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Contingencies and Commitments | Other Contingencies and Commitments Income Taxes The company calculates its income tax expense and liabilities quarterly. These liabilities generally are subject to audit and are not finalized with the individual taxing authorities until several years after the end of the annual period for which income taxes have been calculated. Refer to Note 10 Income Taxes for a discussion of the periods for which tax returns have been audited for the company’s major tax jurisdictions. Settlement of open tax years, as well as other tax issues in countries where the company conducts its businesses, are not expected to have a material effect on the consolidated financial position or liquidity of the company and, in the opinion of management, adequate provision has been made for income taxes for all years under examination or subject to future examination. Guarantees The company and its subsidiaries have certain contingent liabilities with respect to guarantees, direct or indirect, of debt of affiliated companies or third parties. Under the terms of the guarantee arrangements, the company would generally be required to perform should the affiliated company or third party fail to fulfill its obligations under the arrangements. In some cases, the guarantee arrangements may Indemnifications In the acquisition of Unocal, the company assumed certain indemnities relating to contingent environmental liabilities associated with assets that were sold in 1997. The acquirer of those assets shared in certain environmental remediation costs up to a maximum obligation of $200 million, which had been reached at December 31, 2009. Under the indemnification agreement, after reaching the $200 million obligation, Chevron was solely responsible until April 2022, when the indemnification expired. Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional purchase obligations and commitments, including throughput and take-or-pay agreements, some of which may relate to suppliers’ financing arrangements. The agreements typically provide goods and services, such as pipeline and storage capacity, utilities, and petroleum products, to be used or sold in the ordinary course of the company’s business. Environmental The company is subject to loss contingencies pursuant to laws, regulations, private claims and legal proceedings related to environmental matters that are subject to legal settlements or that in the future may require the company to take action to correct or ameliorate the effects on the environment of prior release of chemicals or petroleum substances 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. 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. The company and its affiliates also continue to review and analyze their operations and may close, retire, sell, exchange, acquire or restructure assets to achieve operational or strategic benefits and to improve competitiveness and profitability. These activities, individually or together, may result in significant gains or losses in future periods. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability are described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract. Level 3: Unobservable inputs. The company does not use Level 3 inputs for any of its recurring fair value measurements. Level 3 inputs may be required for the determination of fair value associated with certain nonrecurring measurements of nonfinancial assets and liabilities. The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at March 31, 2022, and December 31, 2021, is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis (Millions of dollars) At March 31, 2022 At December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable Securities $ 33 $ 33 $ — $ — $ 35 $ 35 $ — $ — Derivatives - not designated 70 43 27 — 313 285 28 — Derivatives - designated 2 2 — — — — — — Total Assets at Fair Value $ 105 $ 78 $ 27 $ — $ 348 $ 320 $ 28 $ — Derivatives - not designated 498 254 244 — 72 24 48 — Total Liabilities at Fair Value $ 498 $ 254 $ 244 $ — $ 72 $ 24 $ 48 $ — Marketable Securities The company calculates fair value for its marketable securities based on quoted market prices for identical assets. The fair values reflect the cash that would have been received if the instruments were sold at March 31, 2022. Derivatives The company records most of its derivative instruments — other than any commodity derivative contracts that are accounted for as normal purchase and normal sale — on the Consolidated Balance Sheet at fair value, with the offsetting amount to the Consolidated Statement of Income. The company designates certain derivative instruments as cash flow hedges that, if applicable, are reflected in the table above. Derivatives classified as Level 1 include futures, swaps and options contracts valued using quoted prices from active markets such as the New York Mercantile Exchange. Derivatives classified as Level 2 include swaps, options and forward contracts, the fair values of which are obtained from third-party broker quotes, industry pricing services and exchanges. The company obtains multiple sources of pricing information for the Level 2 instruments. Since this pricing information is generated from observable market data, it has historically been very consistent. The company does not materially adjust this information. Assets and liabilities carried at fair value at March 31, 2022, and December 31, 2021, are as follows: Cash and Cash Equivalents The company holds cash equivalents in U.S. and non-U.S. portfolios. The instruments classified as cash equivalents are primarily bank time deposits with maturities of 90 days or less, and money market funds. “Cash and cash equivalents” had carrying/fair values of $11.7 billion and $5.6 billion at March 31, 2022, and December 31, 2021, respectively. The fair values of cash and cash equivalents are classified as Level 1 and reflect the cash that would have been received if the instruments were settled at March 31, 2022. Restricted Cash had a carrying/fair value of $1.1 billion and $1.2 billion at March 31, 2022 and December 31, 2021, respectively. At March 31, 2022, restricted cash is classified as Level 1 and includes restricted funds related to certain upstream decommissioning activities, tax payments and a financing program, which are reported in “Prepaid expenses and other current assets” and “Deferred charges and other assets” on the Consolidated Balance Sheet. Long-Term Debt had a net carrying value, excluding amounts reclassified from short-term debt, purchase price fair value adjustments and finance lease obligations, of $22.1 billion a nd $22.2 billion at March 31, 2022, and December 31, 2021, respectively. The fair va lue of long-term debt for the company was $22.5 billion and $23.7 billion at March 31, 2022 and December 31, 2021, respectively. Long-term debt primarily includes corporate issued bonds, classified as Level 1 and are $21.7 billion for the period. The fair value of other long-term debt classified as Level 2 is $0.8 billion. The carrying values of other short-term financial assets and liabilities on the Consolidated Balance Sheet approximate their fair values. Fair value remeasurements of other financial instruments at March 31, 2022, and December 31, 2021, were not material. Properties, plant and equipment The company did not have any impairments of long-lived assets measured at fair value on a nonrecurring basis to report. |
Financial and Derivative Instru
Financial and Derivative Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial and Derivative Instruments | Financial and Derivative Instruments The company’s commodity derivative instruments principally include crude oil, natural gas, 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 consolidated financial position, results of operations or liquidity. The company believes it has no material market or credit risks to its operations, financial position or liquidity as a result of its commodities and other derivatives activities. The company uses commodity derivative instruments traded on the New York Mercantile Exchange and on electronic platforms of the Inter-Continental Exchange and Chicago Mercantile Exchange. In addition, the company enters into swap contracts and option contracts principally with major financial institutions and other oil and gas companies in the “over-the-counter” markets, which are governed by International Swaps and Derivatives Association agreements and other master netting arrangements. Derivative instruments measured at fair value at March 31, 2022, and December 31, 2021, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: Consolidated Balance Sheet: Fair Value of Derivatives (Millions of dollars) Type of Balance Sheet Classification At March 31, At December 31, Commodity Accounts and notes receivable, net $ 51 $ 251 Commodity Long-term receivables, net 21 62 Total Assets at Fair Value $ 72 $ 313 Commodity Accounts payable $ 495 $ 71 Commodity Deferred credits and other noncurrent obligations 3 1 Total Liabilities at Fair Value $ 498 $ 72 Consolidated Statement of Income: The Effect of Derivatives (Millions of dollars) Type of Gain / (Loss) Contract Statement of Income Classification 2022 2021 Commodity Sales and other operating revenues $ (873) $ (274) Commodity Purchased crude oil and products (105) (3) Commodity Other income 1 (39) $ (977) $ (316) At March 31, 2022, pre-tax deferred gains in Accumulated Other Comprehensive Losses related to outstanding crude oil price hedging contracts were $2 million, of which all is expected to be reclassified into earnings during the next 12 months as the hedged crude oil sales are recognized in earnings. The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2022, and December 31, 2021. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars) Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At March 31, 2022 Derivative Assets - not designated $ 4,320 $ 4,250 $ 70 $ — $ 70 Derivative Assets - designated $ 35 $ 33 $ 2 $ — $ 2 Derivative Liabilities - not designated $ 4,748 $ 4,250 $ 498 $ 10 $ 488 Derivative Liabilities - designated $ 33 $ 33 $ — $ — $ — At December 31, 2021 Derivative Assets - not designated $ 1,684 $ 1,371 $ 313 $ — $ 313 Derivative Liabilities - not designated $ 1,443 $ 1,371 $ 72 $ — $ 72 Derivative assets and liabilities are classified on the Consolidated Balance Sheet as accounts and notes receivable, long-term receivables, accounts payable, and deferred credits and other noncurrent obligations. Amounts not offset on the Consolidated Balance Sheet represent positions that do not meet all the conditions for “a right of offset.” |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue“Sales and other operating revenue” on the Consolidated Statement of Income primarily arise from contracts with customers. Related receivables are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the current expected credit losses. The net balance of these receivables was $16.4 billion and $12.9 billion at March 31, 2022, and December 31, 2021, respectively. Other items included in “Accounts and notes receivable, net” represent amounts due from partners for their share of joint venture operating and project costs and amounts due from others, primarily related to derivatives, leases, buy/sell arrangements and product exchanges, which are accounted for outside the scope of ASC 606. |
Financial Instruments - Credit
Financial Instruments - Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Financial Instruments - Credit Losses | Financial Instruments - Credit Losses Chevron’s expected credit loss allowance balance was $759 million as of March 31, 2022 and $745 million as of December 31, 2021, 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 $20.3 billion as of March 31, 2022, 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. |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of Chevron Corporation and its subsidiaries (together, Chevron or the company) have not been audited by an independent registered public accounting firm. In the opinion of the company’s management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. These adjustments were of a normal recurring nature. The results for the three-month period ended March 31, 2022, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron. |
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 companies. The company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM). The segments represent components of the company that engage in activities (a) from which revenues are earned and expenses are incurred; (b) whose operating results are regularly reviewed by the CODM, which makes decisions about resources to be allocated to the segments and assesses their performance; and (c) for which discrete financial information is available. |
Fair Value of Financial Instruments | The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability are described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract. |
Revenue | “Sales and other operating revenue” on the Consolidated Statement of Income primarily arise from contracts with customers. Related receivables are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the current expected credit losses. The net balance of these receivables was $16.4 billion and $12.9 billion at March 31, 2022, and December 31, 2021, respectively. Other items included in “Accounts and notes receivable, net” represent amounts due from partners for their share of joint venture operating and project costs and amounts due from others, primarily related to derivatives, leases, buy/sell arrangements and product exchanges, which are accounted for outside the scope of ASC 606. |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the three months ended March 31, 2022 and 2021 are reflected in the table below. Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) (Millions of dollars) Currency Translation Adjustment Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total Balance at December 31, 2020 $ (107) $ (10) $ — $ (5,495) $ (5,612) Components of Other Comprehensive Income (Loss): Before Reclassifications (19) (3) — 715 693 Reclassifications — — — 333 333 Net Other Comprehensive Income (Loss) (19) (3) — 1,048 1,026 Balance at March 31, 2021 $ (126) $ (13) $ — $ (4,447) $ (4,586) Balance at December 31, 2021 $ (162) $ (11) $ — $ (3,716) $ (3,889) Components of Other Comprehensive Income (Loss): Before Reclassifications (11) — 2 117 108 Reclassifications (2) (3) — — — 129 129 Net Other Comprehensive Income (Loss) (11) — 2 246 237 Balance at March 31, 2022 $ (173) $ (11) $ 2 $ (3,470) $ (3,652) (1) All amounts are net of tax. (2) Refer to Note 14 Financial and Derivative Instruments for reclassified components of cash flow hedging. (3) Refer to Note 8 Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $154 million that are included in employee benefit costs for the three months ended March 31, 2022. Related income taxes for the same period, totaling $25 million, are reflected in “Income Tax Expense” on the Consolidated Statement of Income. All other reclassified amounts were insignificant. |
Information Relating to the C_2
Information Relating to the Consolidated Statement of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Information Relating to Consolidated Statement of Cash Flows | Three Months Ended 2022 2021 (Millions of dollars) Distributions more (less) than income from equity affiliates includes the following: Distributions from equity affiliates $ 644 $ 420 (Income) loss from equity affiliates (2,085) (911) Distributions more (less) than income from equity affiliates $ (1,441) $ (491) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ (5,289) $ (2,827) Decrease (increase) in inventories (222) 51 Decrease (increase) in prepaid expenses and other current assets 137 (102) Increase (decrease) in accounts payable and accrued liabilities 3,768 1,599 Increase (decrease) in income and other taxes payable 669 377 Net decrease (increase) in operating working capital $ (937) $ (902) Net cash provided by operating activities includes the following cash payments: Interest on debt (net of capitalized interest) $ 47 $ 70 Income taxes 1,071 629 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 747 $ 147 Returns of investment from equity affiliates 536 11 Proceeds and deposits related to asset sales and returns of investment $ 1,283 $ 158 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ (2) $ (1) Marketable securities sold 2 1 Net sales (purchases) of marketable securities $ — $ — Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: Borrowing of loans by equity affiliates $ — $ — Repayment of loans by equity affiliates 12 25 Net repayment (borrowing) of loans by equity affiliates $ 12 $ 25 Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: Proceeds from issuances of short-term obligations $ — $ 2,872 Repayments of short-term obligations — (1,792) Net borrowings (repayments) of short-term obligations with three months or less maturity 61 157 Net borrowings (repayments) of short-term obligations $ 61 $ 1,237 Net sales (purchases) of treasury shares consists of the following gross and net amounts: Shares issued for share-based compensation plans $ 4,641 $ 273 Shares purchased under share repurchase and deferred compensation plans (1,255) (6) Net sales (purchases) of treasury shares $ 3,386 $ 267 Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts: Distributions to noncontrolling interests $ (5) $ (11) Contributions from noncontrolling interests — — Net contributions from (distributions to) noncontrolling interests $ (5) $ (11) The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: At March 31 At December 31 2022 2021 2021 2020 (Millions of dollars) Cash and cash equivalents $ 11,671 $ 7,076 $ 5,640 $ 5,596 Restricted cash included in “Prepaid expenses and other current assets” 317 412 333 365 Restricted cash included in “Deferred charges and other assets” 818 776 822 776 Total cash, cash equivalents and restricted cash $ 12,806 $ 8,264 $ 6,795 $ 6,737 |
Capital Expenditures | The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory expenditures, including equity affiliates, are presented in the following table: Three Months Ended 2022 2021 (Millions of dollars) Additions to properties, plant and equipment $ 1,732 $ 1,631 Additions to investments 158 109 Current-year dry hole expenditures 70 4 Payments for other assets and liabilities, net — 2 Capital expenditures 1,960 1,746 Expensed exploration expenditures 74 82 Assets acquired through finance lease obligations and other financing obligations (2) — Payments for other assets and liabilities, net — (2) Capital and exploratory expenditures, excluding equity affiliates 2,032 1,826 Company’s share of expenditures by equity affiliates 725 678 Capital and exploratory expenditures, including equity affiliates $ 2,757 $ 2,504 |
Summarized Financial Data - T_2
Summarized Financial Data - Tengizchevroil LLP (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summarized Financial Data of Affiliate [Abstract] | |
Summarized Financial Data - Tengizchevroil LLP | Summarized financial information for 100 percent of TCO is presented in the following table: Three Months Ended 2022 2021 (Millions of dollars) Sales and other operating revenues $ 6,187 $ 3,431 Costs and other deductions 2,978 1,856 Net income attributable to TCO $ 2,233 $ 1,012 Three Months Ended 2022 2021 (Millions of dollars) Sales and other operating revenues $ 3,795 $ 2,748 Costs and other deductions 3,106 2,553 Net income attributable to CPChem $ 764 $ 304 |
Summarized Financial Data - C_3
Summarized Financial Data - Chevron Phillips Chemical Company LLC (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summarized Financial Data of Subsidiary Two [Abstract] | |
Summarized Financial Data - Chevron Transport Corporation | Summarized financial information for 100 percent of TCO is presented in the following table: Three Months Ended 2022 2021 (Millions of dollars) Sales and other operating revenues $ 6,187 $ 3,431 Costs and other deductions 2,978 1,856 Net income attributable to TCO $ 2,233 $ 1,012 Three Months Ended 2022 2021 (Millions of dollars) Sales and other operating revenues $ 3,795 $ 2,748 Costs and other deductions 3,106 2,553 Net income attributable to CPChem $ 764 $ 304 |
Summarized Financial Data - C_4
Summarized Financial Data - Chevron U.S.A. Inc. (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summarized Financial Data of Subsidiary One [Abstract] | |
Summarized Financial Data - Chevron U.S.A. Inc. | The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Three Months Ended 2022 2021 (Millions of dollars) Sales and other operating revenues $ 41,502 $ 23,479 Costs and other deductions 39,636 23,322 Net income (loss) attributable to CUSA $ 1,754 $ 257 |
Summarized Financial Data and its Subsidiary | At March 31, At December 31, (Millions of dollars) Current assets $ 25,167 $ 20,216 Other assets 47,406 47,355 Current liabilities 20,833 17,824 Other liabilities 18,667 18,438 Total CUSA net equity $ 33,073 $ 31,309 Memo: Total debt $ 11,837 $ 11,693 |
Operating Segments and Geogra_2
Operating Segments and Geographic Data (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Earnings | Earnings by major operating area for the three-month period ended March 31, 2022 and 2021, are presented in the following table: Three Months Ended 2022 2021 Segment Earnings (Millions of dollars) Upstream United States $ 3,238 $ 941 International 3,696 1,409 Total Upstream 6,934 2,350 Downstream United States 486 (130) International (155) 135 Total Downstream 331 5 Total Segment Earnings 7,265 2,355 All Other Interest expense (126) (184) Interest income 10 8 Other (890) (802) Net Income Attributable to Chevron Corporation $ 6,259 $ 1,377 |
Segment Assets | Segment assets at March 31, 2022, and December 31, 2021, are as follows: At March 31, At December 31, Segment Assets (Millions of dollars) Upstream United States $ 41,854 $ 41,870 International 138,451 138,157 Goodwill 4,374 4,385 Total Upstream 184,679 184,412 Downstream United States 28,216 26,376 International 21,195 18,848 Total Downstream 49,411 45,224 Total Segment Assets 234,090 229,636 All Other United States 9,759 5,746 International 5,199 4,153 Total All Other 14,958 9,899 Total Assets — United States 79,829 73,992 Total Assets — International 164,845 161,158 Goodwill 4,374 4,385 Total Assets $ 249,048 $ 239,535 |
Segment Sales and Other Operating Revenues | Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three-month period ended March 31, 2022 and 2021, are presented in the following table. Products are transferred between operating segments at internal product values that approximate market prices. Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived primarily from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies. Three Months Ended 2022 2021 Sales and Other Operating Revenues (Millions of dollars) Upstream United States $ 11,316 $ 5,791 International 13,502 8,790 Subtotal 24,818 14,581 Intersegment Elimination — United States (6,919) (2,855) Intersegment Elimination — International (3,649) (2,375) Total Upstream 14,250 9,351 Downstream United States 19,771 10,854 International 19,607 11,582 Subtotal 39,378 22,436 Intersegment Elimination — United States (999) (466) Intersegment Elimination — International (331) (269) Total Downstream 38,048 21,701 All Other United States 83 24 International — — Subtotal 83 24 Intersegment Elimination — United States (67) — Intersegment Elimination — International — — Total All Other 16 24 Sales and Other Operating Revenues United States 31,170 16,669 International 33,109 20,372 Subtotal 64,279 37,041 Intersegment Elimination — United States (7,985) (3,321) Intersegment Elimination — International (3,980) (2,644) Total Sales and Other Operating Revenues $ 52,314 $ 31,076 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit costs for 2022 and 2021 are as follows: Three Months Ended 2022 2021 (Millions of dollars) Pension Benefits United States Service cost $ 118 $ 117 Interest cost 66 55 Expected return on plan assets (161) (149) Amortization of prior service costs (credits) — 1 Amortization of actuarial losses (gains) 65 104 Settlement losses 86 317 Total United States 174 445 International Service cost 22 34 Interest cost 36 33 Expected return on plan assets (48) (46) Amortization of prior service costs (credits) 2 2 Amortization of actuarial losses (gains) 4 10 Settlement losses — — Total International 16 33 Net Periodic Pension Benefit Costs $ 190 $ 478 Other Benefits* Service cost $ 11 $ 11 Interest cost 15 13 Amortization of prior service costs (credits) (6) (7) Amortization of actuarial losses (gains) 3 4 Net Periodic Other Benefit Costs $ 23 $ 21 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at March 31, 2022, and December 31, 2021, is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis (Millions of dollars) At March 31, 2022 At December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable Securities $ 33 $ 33 $ — $ — $ 35 $ 35 $ — $ — Derivatives - not designated 70 43 27 — 313 285 28 — Derivatives - designated 2 2 — — — — — — Total Assets at Fair Value $ 105 $ 78 $ 27 $ — $ 348 $ 320 $ 28 $ — Derivatives - not designated 498 254 244 — 72 24 48 — Total Liabilities at Fair Value $ 498 $ 254 $ 244 $ — $ 72 $ 24 $ 48 $ — |
Financial and Derivative Inst_2
Financial and Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments | Derivative instruments measured at fair value at March 31, 2022, and December 31, 2021, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: Consolidated Balance Sheet: Fair Value of Derivatives (Millions of dollars) Type of Balance Sheet Classification At March 31, At December 31, Commodity Accounts and notes receivable, net $ 51 $ 251 Commodity Long-term receivables, net 21 62 Total Assets at Fair Value $ 72 $ 313 Commodity Accounts payable $ 495 $ 71 Commodity Deferred credits and other noncurrent obligations 3 1 Total Liabilities at Fair Value $ 498 $ 72 |
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments | Consolidated Statement of Income: The Effect of Derivatives (Millions of dollars) Type of Gain / (Loss) Contract Statement of Income Classification 2022 2021 Commodity Sales and other operating revenues $ (873) $ (274) Commodity Purchased crude oil and products (105) (3) Commodity Other income 1 (39) $ (977) $ (316) |
Schedule of Offsetting Assets | following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2022, and December 31, 2021. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars) Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At March 31, 2022 Derivative Assets - not designated $ 4,320 $ 4,250 $ 70 $ — $ 70 Derivative Assets - designated $ 35 $ 33 $ 2 $ — $ 2 Derivative Liabilities - not designated $ 4,748 $ 4,250 $ 498 $ 10 $ 488 Derivative Liabilities - designated $ 33 $ 33 $ — $ — $ — At December 31, 2021 Derivative Assets - not designated $ 1,684 $ 1,371 $ 313 $ — $ 313 Derivative Liabilities - not designated $ 1,443 $ 1,371 $ 72 $ — $ 72 |
Schedule of Offsetting Liabilities | following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2022, and December 31, 2021. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars) Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At March 31, 2022 Derivative Assets - not designated $ 4,320 $ 4,250 $ 70 $ — $ 70 Derivative Assets - designated $ 35 $ 33 $ 2 $ — $ 2 Derivative Liabilities - not designated $ 4,748 $ 4,250 $ 498 $ 10 $ 488 Derivative Liabilities - designated $ 33 $ 33 $ — $ — $ — At December 31, 2021 Derivative Assets - not designated $ 1,684 $ 1,371 $ 313 $ — $ 313 Derivative Liabilities - not designated $ 1,443 $ 1,371 $ 72 $ — $ 72 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 139,940 | $ 132,726 |
Components of Other Comprehensive Income (Loss): | ||
Before Reclassifications | 108 | 693 |
Reclassifications | 129 | 333 |
Other Comprehensive Gain (Loss), Net of Tax | 237 | 1,026 |
Ending balance | 147,100 | 132,933 |
Related income taxes | 2,777 | 779 |
Total | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (3,889) | (5,612) |
Components of Other Comprehensive Income (Loss): | ||
Other Comprehensive Gain (Loss), Net of Tax | 237 | 1,026 |
Ending balance | (3,652) | (4,586) |
Currency Translation Adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (162) | (107) |
Components of Other Comprehensive Income (Loss): | ||
Before Reclassifications | (11) | (19) |
Reclassifications | 0 | 0 |
Other Comprehensive Gain (Loss), Net of Tax | (11) | (19) |
Ending balance | (173) | (126) |
Unrealized Holding Gains (Losses) on Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (11) | (10) |
Components of Other Comprehensive Income (Loss): | ||
Before Reclassifications | 0 | (3) |
Reclassifications | 0 | 0 |
Other Comprehensive Gain (Loss), Net of Tax | 0 | (3) |
Ending balance | (11) | (13) |
Derivatives | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 0 | 0 |
Components of Other Comprehensive Income (Loss): | ||
Before Reclassifications | 2 | 0 |
Reclassifications | 0 | 0 |
Other Comprehensive Gain (Loss), Net of Tax | 2 | 0 |
Ending balance | 2 | 0 |
Defined Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (3,716) | (5,495) |
Components of Other Comprehensive Income (Loss): | ||
Before Reclassifications | 117 | 715 |
Reclassifications | 129 | 333 |
Other Comprehensive Gain (Loss), Net of Tax | 246 | 1,048 |
Ending balance | (3,470) | $ (4,447) |
Defined Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income | ||
Components of Other Comprehensive Income (Loss): | ||
Employee Benefits for reclassified components | 154 | |
Related income taxes | $ 25 |
Information Relating to the C_3
Information Relating to the Consolidated Statement of Cash Flows - Summary of Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Distributions more (less) than income from equity affiliates includes the following: | ||
Distributions from equity affiliates | $ 644 | $ 420 |
(Income) loss from equity affiliates | (2,085) | (911) |
Distributions more (less) than income from equity affiliates | (1,441) | (491) |
Net decrease (increase) in operating working capital was composed of the following: | ||
Decrease (increase) in accounts and notes receivable | (5,289) | (2,827) |
Decrease (increase) in inventories | (222) | 51 |
Decrease (increase) in prepaid expenses and other current assets | 137 | (102) |
Increase (decrease) in accounts payable and accrued liabilities | 3,768 | 1,599 |
Increase (decrease) in income and other taxes payable | 669 | 377 |
Net decrease (increase) in operating working capital | (937) | (902) |
Net cash provided by operating activities includes the following cash payments: | ||
Interest on debt (net of capitalized interest) | 47 | 70 |
Income taxes | 1,071 | 629 |
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: | ||
Proceeds and deposits related to asset sales | 747 | 147 |
Returns of investment from equity affiliates | 536 | 11 |
Proceeds and deposits related to asset sales and returns of investment | 1,283 | 158 |
Net sales (purchases) of marketable securities consisted of the following gross amounts: | ||
Marketable securities purchased | (2) | (1) |
Marketable securities sold | 2 | 1 |
Net sales (purchases) of marketable securities | 0 | 0 |
Net repayment (borrowing) of loans by equity affiliates: | ||
Borrowing of loans by equity affiliates | 0 | 0 |
Repayment of loans by equity affiliates | 12 | 25 |
Net repayment (borrowing) of loans by equity affiliates | 12 | 25 |
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: | ||
Proceeds from issuances of short-term obligations | 0 | 2,872 |
Repayments of short-term obligations | 0 | (1,792) |
Net borrowings (repayments) of short-term obligations with three months or less maturity | 61 | 157 |
Net borrowings (repayments) of short-term obligations | 61 | 1,237 |
Net sales (purchases) of treasury shares consists of the following gross and net amounts: | ||
Shares issued for share-based compensation plans | 4,641 | 273 |
Shares purchased under share repurchase and deferred compensation plans | (1,255) | (6) |
Net sales (purchases) of treasury shares | 3,386 | 267 |
Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts: | ||
Distributions to noncontrolling interests | (5) | (11) |
Contributions from noncontrolling interests | 0 | 0 |
Net contributions from (distributions to) noncontrolling interests | (5) | (11) |
Capital expenditures | ||
Additions to properties, plant and equipment | 1,732 | 1,631 |
Additions to investments | 158 | 109 |
Current-year dry hole expenditures | 70 | 4 |
Payments for other assets and liabilities, net | 0 | 2 |
Capital expenditures | 1,960 | 1,746 |
Expensed exploration expenditures | 74 | 82 |
Assets acquired through finance lease obligations and other financing obligations | (2) | 0 |
Payments for other assets and liabilities, net | 0 | (2) |
Capital and exploratory expenditures, excluding equity affiliates | 2,032 | 1,826 |
Company's share of expenditures by equity affiliates | 725 | 678 |
Capital and exploratory expenditures, including equity affiliates | $ 2,757 | $ 2,504 |
Information Relating to the C_4
Information Relating to the Consolidated Statement of Cash Flows - Additional Information (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | ||
Dividends paid (in dollars per share) | $ 1.42 | $ 1.29 |
Information Relating to the C_5
Information Relating to the Consolidated Statement of Cash Flows - Cash Balances (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 11,671 | $ 5,640 | $ 7,076 | $ 5,596 |
Restricted cash included in “Prepaid expenses and other current assets” | 317 | 333 | 412 | 365 |
Restricted cash included in “Deferred charges and other assets” | 818 | 822 | 776 | 776 |
Total cash, cash equivalents and restricted cash | $ 12,806 | $ 6,795 | $ 8,264 | $ 6,737 |
Summarized Financial Data - T_3
Summarized Financial Data - Tengizchevroil LLP (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Affiliate Statements Captions [Line Items] | ||
Sales and other operating revenues | $ 52,314 | $ 31,076 |
Net Income (Loss) | $ 6,277 | 1,398 |
Tengizchevroil LLP | ||
Affiliate Statements Captions [Line Items] | ||
Percentage of affiliate by summarized financial information | 100.00% | |
Sales and other operating revenues | $ 6,187 | 3,431 |
Costs and other deductions | 2,978 | 1,856 |
Net Income (Loss) | $ 2,233 | $ 1,012 |
Tengizchevroil LLP | ||
Affiliate Statements Captions [Line Items] | ||
Equity ownership, percentage | 50.00% |
Summarized Financial Data - C_5
Summarized Financial Data - Chevron Phillips Chemical Company LLC (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Summarized Financial Data - Chevron Transport Corporation | ||
Sales and other operating revenues | $ 52,314 | $ 31,076 |
Costs and other deductions | 45,319 | 29,852 |
Net income attributable to equity method investee | 6,259 | 1,377 |
Oil and Gas | ||
Summarized Financial Data - Chevron Transport Corporation | ||
Sales and other operating revenues | $ 52,314 | 31,076 |
Chevron Phillips Chemical Company LLC | ||
Affiliate Statements Captions [Line Items] | ||
Percentage of affiliate by summarized financial information | 100.00% | |
Summarized Financial Data - Chevron Transport Corporation | ||
Costs and other deductions | $ 3,106 | 2,553 |
Net income attributable to equity method investee | 764 | 304 |
Chevron Phillips Chemical Company LLC | Oil and Gas | ||
Summarized Financial Data - Chevron Transport Corporation | ||
Sales and other operating revenues | $ 3,795 | $ 2,748 |
Chevron Phillips Chemical Company LLC | ||
Affiliate Statements Captions [Line Items] | ||
Equity method investment, ownership percentage | 50.00% |
Summarized Financial Data - C_6
Summarized Financial Data - Chevron U.S.A. Inc. - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Sales and other operating revenues | $ 52,314 | $ 31,076 |
Costs and other deductions | 45,319 | 29,852 |
Net income attributable to equity method investee | 6,259 | 1,377 |
Chevron U.S.A. Inc. | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Sales and other operating revenues | 41,502 | 23,479 |
Costs and other deductions | 39,636 | 23,322 |
Net income attributable to equity method investee | $ 1,754 | $ 257 |
Summarized Financial Data - C_7
Summarized Financial Data - Chevron U.S.A. Inc. - Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Subsidiary Statements Captions [Line Items] | ||||
Current assets | $ 44,709 | $ 33,738 | ||
Current liabilities | 31,203 | 26,791 | ||
Total CUSA net equity | 147,100 | 139,940 | $ 132,933 | $ 132,726 |
Chevron U.S.A. Inc. | ||||
Subsidiary Statements Captions [Line Items] | ||||
Current assets | 25,167 | 20,216 | ||
Other assets | 47,406 | 47,355 | ||
Current liabilities | 20,833 | 17,824 | ||
Other liabilities | 18,667 | 18,438 | ||
Total CUSA net equity | 33,073 | 31,309 | ||
Memo: Total debt | $ 11,837 | $ 11,693 |
Operating Segments and Geogra_3
Operating Segments and Geographic Data - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Number of operating segments | 2 |
Operating Segments and Geogra_4
Operating Segments and Geographic Data - Earnings by Major Operating Area (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net Income (Loss) Attributable to Chevron Corporation | $ 6,259 | $ 1,377 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net Income (Loss) Attributable to Chevron Corporation | 7,265 | 2,355 |
Operating Segments | Upstream | ||
Segment Reporting Information [Line Items] | ||
Net Income (Loss) Attributable to Chevron Corporation | 6,934 | 2,350 |
Operating Segments | Upstream | United States | ||
Segment Reporting Information [Line Items] | ||
Net Income (Loss) Attributable to Chevron Corporation | 3,238 | 941 |
Operating Segments | Upstream | International | ||
Segment Reporting Information [Line Items] | ||
Net Income (Loss) Attributable to Chevron Corporation | 3,696 | 1,409 |
Operating Segments | Downstream | ||
Segment Reporting Information [Line Items] | ||
Net Income (Loss) Attributable to Chevron Corporation | 331 | 5 |
Operating Segments | Downstream | United States | ||
Segment Reporting Information [Line Items] | ||
Net Income (Loss) Attributable to Chevron Corporation | 486 | (130) |
Operating Segments | Downstream | International | ||
Segment Reporting Information [Line Items] | ||
Net Income (Loss) Attributable to Chevron Corporation | (155) | 135 |
All Other | ||
Segment Reporting Information [Line Items] | ||
Interest expense | (126) | (184) |
Interest income | 10 | 8 |
Other | $ (890) | $ (802) |
Operating Segments and Geogra_5
Operating Segments and Geographic Data - Segment Assets (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Assets | ||
Assets | $ 249,048 | $ 239,535 |
Goodwill | 4,374 | 4,385 |
United States | ||
Segment Assets | ||
Assets | 79,829 | 73,992 |
International | ||
Segment Assets | ||
Assets | 164,845 | 161,158 |
Operating Segments | ||
Segment Assets | ||
Assets | 234,090 | 229,636 |
Operating Segments | Upstream | ||
Segment Assets | ||
Assets | 184,679 | 184,412 |
Goodwill | 4,374 | 4,385 |
Operating Segments | Upstream | United States | ||
Segment Assets | ||
Assets | 41,854 | 41,870 |
Operating Segments | Upstream | International | ||
Segment Assets | ||
Assets | 138,451 | 138,157 |
Operating Segments | Downstream | ||
Segment Assets | ||
Assets | 49,411 | 45,224 |
Operating Segments | Downstream | United States | ||
Segment Assets | ||
Assets | 28,216 | 26,376 |
Operating Segments | Downstream | International | ||
Segment Assets | ||
Assets | 21,195 | 18,848 |
All Other | ||
Segment Assets | ||
Assets | 14,958 | 9,899 |
All Other | United States | ||
Segment Assets | ||
Assets | 9,759 | 5,746 |
All Other | International | ||
Segment Assets | ||
Assets | $ 5,199 | $ 4,153 |
Operating Segments and Geogra_6
Operating Segments and Geographic Data - Segment Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | $ 52,314 | $ 31,076 |
Oil and Gas | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 52,314 | 31,076 |
Oil and Gas | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 64,279 | 37,041 |
Oil and Gas | All Other | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 83 | 24 |
Oil and Gas | Total All Other | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 16 | 24 |
Oil and Gas | United States | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 31,170 | 16,669 |
Oil and Gas | United States | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | (67) | 0 |
Oil and Gas | United States | All Other | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 83 | 24 |
Oil and Gas | United States | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | (7,985) | (3,321) |
Oil and Gas | International | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 33,109 | 20,372 |
Oil and Gas | International | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 0 | 0 |
Oil and Gas | International | All Other | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 0 | 0 |
Oil and Gas | International | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | (3,980) | (2,644) |
Oil and Gas | Upstream | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 14,250 | 9,351 |
Oil and Gas | Upstream | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 24,818 | 14,581 |
Oil and Gas | Upstream | United States | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 11,316 | 5,791 |
Oil and Gas | Upstream | United States | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | (6,919) | (2,855) |
Oil and Gas | Upstream | International | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 13,502 | 8,790 |
Oil and Gas | Upstream | International | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | (3,649) | (2,375) |
Oil and Gas | Downstream | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 38,048 | 21,701 |
Oil and Gas | Downstream | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 39,378 | 22,436 |
Oil and Gas | Downstream | United States | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 19,771 | 10,854 |
Oil and Gas | Downstream | United States | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | (999) | (466) |
Oil and Gas | Downstream | International | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 19,607 | 11,582 |
Oil and Gas | Downstream | International | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | $ (331) | $ (269) |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Pre-Medicare company contribution for retiree medical coverage, maximum percent | 4.00% |
Defined benefit plan, expected contributions during the remaining of fiscal year | $ 1,300 |
Contribution to other post retirement plans | 46 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, contributions by employer to employee pension plan | 463 |
Pension Benefits | United States | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, contributions by employer to employee pension plan | 431 |
Defined benefit plan, expected contributions during the remaining of fiscal year | 1,100 |
Pension Benefits | International | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, expected contributions during the remaining of fiscal year | 200 |
Other Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, expected contributions during the remaining of fiscal year | $ 150 |
Employee Benefits - Costs (Deta
Employee Benefits - Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension Benefits | ||
Net Periodic Benefit Cost | ||
Net Periodic Other Benefit Costs | $ 190 | $ 478 |
Pension Benefits | United States | ||
Net Periodic Benefit Cost | ||
Service cost | 118 | 117 |
Interest cost | 66 | 55 |
Expected return on plan assets | (161) | (149) |
Amortization of prior service costs (credits) | 0 | 1 |
Amortization of actuarial losses (gains) | 65 | 104 |
Settlement losses | 86 | 317 |
Net Periodic Other Benefit Costs | 174 | 445 |
Pension Benefits | International | ||
Net Periodic Benefit Cost | ||
Service cost | 22 | 34 |
Interest cost | 36 | 33 |
Expected return on plan assets | (48) | (46) |
Amortization of prior service costs (credits) | 2 | 2 |
Amortization of actuarial losses (gains) | 4 | 10 |
Settlement losses | 0 | 0 |
Net Periodic Other Benefit Costs | 16 | 33 |
Other Benefits | ||
Net Periodic Benefit Cost | ||
Service cost | 11 | 11 |
Interest cost | 15 | 13 |
Amortization of prior service costs (credits) | (6) | (7) |
Amortization of actuarial losses (gains) | 3 | 4 |
Net Periodic Other Benefit Costs | $ 23 | $ 21 |
Assets Held For Sale (Details)
Assets Held For Sale (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 771 | $ 768 |
Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 771 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ (2,777) | $ (779) |
Increase (decrease) in income before income tax expense | 6,880 | |
Income (loss) before income tax expense | $ 9,054 | $ 2,177 |
Effective tax rates | 31.00% | 36.00% |
Litigation (Details)
Litigation (Details) $ in Millions | 1 Months Ended | 3 Months Ended |
Feb. 28, 2011USD ($) | Mar. 31, 2022lawsuit | |
Louisiana | ||
Loss Contingencies [Line Items] | ||
Pending lawsuits and claims (in number of claims) | 39 | |
Ecuador | Pending Litigation | ||
Loss Contingencies [Line Items] | ||
Amount assessed in damages | $ | $ 9,500 | |
Climate Change | ||
Loss Contingencies [Line Items] | ||
New claims (in number of claims) | 21 | |
Claims dismissed (in number of claims) | 1 |
Other Contingencies and Commi_2
Other Contingencies and Commitments (Details) | Mar. 31, 2022lawsuit | Dec. 31, 2009USD ($) |
Commitments and Contingencies Disclosure [Abstract] | ||
Indemnifications acquirer environmental liabilities max obligation | $ | $ 200,000,000 | |
Louisiana | ||
Reserve Quantities [Line Items] | ||
Pending lawsuits and claims (in number of claims) | lawsuit | 39 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities at Fair Value, Recurring (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives - not designated | $ 70 | $ 313 |
Derivatives - not designated | 498 | 72 |
Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives - not designated | 2 | |
Derivatives - not designated | 0 | |
Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Marketable Securities | 33 | 35 |
Total Assets at Fair Value | 105 | 348 |
Total Liabilities at Fair Value | 498 | 72 |
Recurring Basis | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives - not designated | 70 | 313 |
Derivatives - not designated | 498 | 72 |
Recurring Basis | Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives - not designated | 2 | 0 |
Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Marketable Securities | 33 | 35 |
Total Assets at Fair Value | 78 | 320 |
Total Liabilities at Fair Value | 254 | 24 |
Recurring Basis | Level 1 | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives - not designated | 43 | 285 |
Derivatives - not designated | 254 | 24 |
Recurring Basis | Level 1 | Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives - not designated | 2 | 0 |
Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Marketable Securities | 0 | 0 |
Total Assets at Fair Value | 27 | 28 |
Total Liabilities at Fair Value | 244 | 48 |
Recurring Basis | Level 2 | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives - not designated | 27 | 28 |
Derivatives - not designated | 244 | 48 |
Recurring Basis | Level 2 | Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives - not designated | 0 | 0 |
Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Marketable Securities | 0 | 0 |
Total Assets at Fair Value | 0 | 0 |
Total Liabilities at Fair Value | 0 | 0 |
Recurring Basis | Level 3 | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives - not designated | 0 | 0 |
Derivatives - not designated | 0 | 0 |
Recurring Basis | Level 3 | Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Derivatives - not designated | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 11,700 | $ 5,600 |
Restricted cash | 1,100 | 1,200 |
Level 1 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | 21,700 | |
Level 2 | Other Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | 800 | |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, net carrying value | 22,100 | 22,200 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, net carrying value | $ 22,500 | $ 23,700 |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Maturity period of primarily bank time deposits, maximum, classified as cash equivalents and money market funds (in days) | 90 days |
Financial and Derivative Inst_3
Financial and Derivative Instruments - Fair Value of Derivatives (Details) - Commodity - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Assets at Fair Value | $ 72 | $ 313 |
Total Liabilities at Fair Value | 498 | 72 |
Accounts and notes receivable, net | ||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Assets at Fair Value | 51 | 251 |
Long-term receivables, net | ||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Assets at Fair Value | 21 | 62 |
Accounts payable | ||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Liabilities at Fair Value | 495 | 71 |
Deferred credits and other noncurrent obligations | ||
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | ||
Total Liabilities at Fair Value | $ 3 | $ 1 |
Financial and Derivative Inst_4
Financial and Derivative Instruments - Additional Information (Details) $ in Millions | Mar. 31, 2022USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Deferred losses in accumulated other comprehensive losses due to Outstanding crude oil price hedging contracts | $ (2) |
Financial and Derivative Inst_5
Financial and Derivative Instruments - Effect of Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ||
Pre-tax deferred losses | $ (2) | $ 0 |
Commodity | ||
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ||
Effect of derivatives, gain (loss), net | (977) | (316) |
Commodity | Sales and other operating revenues | ||
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ||
Effect of derivatives, gain (loss), net | (873) | (274) |
Commodity | Purchased crude oil and products | ||
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ||
Effect of derivatives, gain (loss), net | (105) | (3) |
Commodity | Other income | ||
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | ||
Effect of derivatives, gain (loss), net | $ 1 | $ (39) |
Financial and Derivative Inst_6
Financial and Derivative Instruments - Effect of Netting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Not Designated | ||
Offsetting Assets [Abstract] | ||
Derivative Assets, Gross Amount Recognized | $ 4,320 | $ 1,684 |
Derivative Assets, Gross Amounts Offset | 4,250 | 1,371 |
Derivative Assets, Net Amounts Presented | 70 | 313 |
Derivative Assets, Gross Amounts Not Offset | 0 | 0 |
Derivative Assets, Net Amounts Presented | 70 | 313 |
Offsetting Liabilities [Abstract] | ||
Derivative Liabilities, Gross Amount Recognized | 4,748 | 1,443 |
Derivative Liabilities, Gross Amounts Offset | 4,250 | 1,371 |
Derivative Liabilities, Net Amounts Presented | 498 | 72 |
Derivative Liabilities, Gross Amounts Not Offset | 10 | 0 |
Derivative Liabilities, Net Amounts Presented | 488 | $ 72 |
Designated | ||
Offsetting Assets [Abstract] | ||
Derivative Assets, Gross Amount Recognized | 35 | |
Derivative Assets, Gross Amounts Offset | 33 | |
Derivative Assets, Net Amounts Presented | 2 | |
Derivative Assets, Gross Amounts Not Offset | 0 | |
Derivative Assets, Net Amounts Presented | 2 | |
Offsetting Liabilities [Abstract] | ||
Derivative Liabilities, Gross Amount Recognized | 33 | |
Derivative Liabilities, Gross Amounts Offset | 33 | |
Derivative Liabilities, Net Amounts Presented | 0 | |
Derivative Liabilities, Gross Amounts Not Offset | 0 | |
Derivative Liabilities, Net Amounts Presented | $ 0 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Billions | Mar. 31, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Receivables | $ 16.4 | $ 12.9 |
Financial Instruments - Credi_2
Financial Instruments - Credit Losses (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Allowance for credit loss | $ 759 | $ 745 |
Trade receivable | 20,300 | |
Non-trade receivable | 4,200 | |
Investments and Advances | ||
Related Party Transaction [Line Items] | ||
Allowance for credit loss | $ 560 | $ 560 |