Chevron (CVX) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	1,894,215,264
Entity Central Index Key	0000093410
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues and Other Income
Sales and other operating revenues	$ 48,842	$ 52,314
Income (loss) from equity affiliates	1,588	2,085
Other income (loss)	363	(26)
Total Revenues and Other Income	50,793	54,373
Costs and Other Deductions
Purchased crude oil and products	29,407	33,411
Operating expenses	6,021	5,638
Selling, general and administrative expenses	881	967
Exploration expenses	190	209
Depreciation, depletion and amortization	3,526	3,654
Taxes other than on income	1,096	1,240
Interest and debt expense	115	136
Other components of net periodic benefit costs	38	64
Total Costs and Other Deductions	41,274	45,319
Income (Loss) Before Income Tax Expense	9,519	9,054
Income Tax Expense (Benefit)	2,914	2,777
Net Income (Loss)	6,605	6,277
Less: Net income (loss) attributable to noncontrolling interests	31	18
Net Income (Loss) Attributable to Chevron Corporation	$ 6,574	$ 6,259
Net Income (Loss) Attributable to Chevron Corporation
Basic (in dollars per share)	$ 3.48	$ 3.23
Diluted (in dollars per share)	$ 3.46	$ 3.22
Weighted Average Number of Shares Outstanding
Basic (in shares)	1,891,695	1,935,668
Diluted (in shares)	1,900,785	1,944,542

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 6,605	$ 6,277
Currency translation adjustment	7	(11)
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period	(4)	0
Derivatives
Net derivatives gain (loss) on hedge transactions	2	2
Reclassification to net income	15	0
Income taxes on derivatives transactions	(4)	0
Total	13	2
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements	48	158
Actuarial gain (loss) arising during period	0	139
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments	(3)	(4)
Prior service (costs) credits arising during period	0	0
Defined benefit plans sponsored by equity affiliates - benefit (cost)	6	6
Income (taxes) benefit on defined benefit plans	(10)	(53)
Total	41	246
Other Comprehensive Gain (Loss), Net of Tax	57	237
Comprehensive Income (Loss)	6,662	6,514
Comprehensive loss (income) attributable to noncontrolling interests	(31)	(18)
Comprehensive Income (Loss) Attributable to Chevron Corporation	$ 6,631	$ 6,496

CONSOLIDATED BALANCE SHEET (Una

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents		$ 15,668	$ 17,678
Marketable securities		130	223
Accounts and notes receivable (less allowance: 2023 - $447; 2022 - $457)		19,021	20,456
Inventories:
Crude oil and products		6,268	5,866
Chemicals		553	515
Materials, supplies and other		2,411	1,866
Total inventories		9,232	8,247
Prepaid expenses and other current assets		4,300	3,739
Total Current Assets		48,351	50,343
Long-term receivables (less allowance: 2023 - $504; 2022 - $552)		1,036	1,069
Investments and advances		46,248	45,238
Properties, plant and equipment, at cost		330,409	327,785
Less: Accumulated depreciation, depletion and amortization		187,458	184,194
Properties, plant and equipment, net		142,951	143,591
Deferred charges and other assets		12,146	12,310
Goodwill		4,722	4,722
Assets held for sale		432	436
Total Assets		255,886	257,709
Liabilities and Equity
Short-term debt		2,931	1,964
Accounts payable		17,942	18,955
Accrued liabilities		6,658	7,486
Federal and other taxes on income		4,883	4,381
Other taxes payable		1,321	1,422
Total Current Liabilities		33,735	34,208
Long-term debt		20,275	21,375
Deferred credits and other noncurrent obligations		19,606	20,396
Noncurrent deferred income taxes		17,736	17,131
Noncurrent employee benefit plans		4,100	4,357
Total Liabilities	[1]	95,452	97,467
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, 2023 and December 31, 2022)		1,832	1,832
Capital in excess of par value		18,714	18,660
Retained earnings		193,738	190,024
Accumulated other comprehensive losses		(2,741)	(2,798)
Deferred compensation and benefit plan trust		(240)	(240)
Treasury stock, at cost (548,461,316 and 527,460,237 shares at March 31, 2023 and December 31, 2022, respectively)		(51,854)	(48,196)
Total Chevron Corporation Stockholders’ Equity		159,449	159,282
Noncontrolling interests (includes redeemable noncontrolling interest of $145 and $142 at March 31, 2023 and December 31, 2022)		985	960
Total Equity		160,434	160,242
Total Liabilities and Equity		$ 255,886	$ 257,709
[1] * Refer to Note 11 Other Contingencies and Commitments .

CONSOLIDATED BALANCE SHEET (U_2

CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable, current	$ 447	$ 457
Allowance for long-term receivables	$ 504	$ 552
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)	548,461,316	527,460,237
Redeemable equity	$ 145	$ 142

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net Income (Loss)	$ 6,605	$ 6,277
Adjustments
Depreciation, depletion and amortization	3,526	3,654
Dry hole expense	105	135
Distributions more (less) than income from equity affiliates	(901)	(1,441)
Net before-tax losses (gains) on asset retirements and sales	34	(99)
Net foreign currency effects	23	248
Deferred income tax provision	790	626
Net decrease (increase) in operating working capital	(1,815)	(937)
Decrease (increase) in long-term receivables	36	86
Net decrease (increase) in other deferred charges	(185)	(56)
Cash contributions to employee pension plans	(345)	(463)
Other	(668)	25
Net Cash Provided by Operating Activities	7,205	8,055
Investing Activities
Capital expenditures	(3,038)	(1,960)
Proceeds and deposits related to asset sales and returns of investment	219	1,283
Net sales (purchases) of marketable securities	95	0
Net repayment (borrowing) of loans by equity affiliates	(83)	12
Net Cash Used for Investing Activities	(2,807)	(665)
Financing Activities
Net borrowings (repayments) of short-term obligations	(87)	61
Repayments of long-term debt and other financing obligations	(13)	(2,062)
Cash dividends - common stock	(2,857)	(2,746)
Net contributions from (distributions to) noncontrolling interests	(9)	(5)
Net sales (purchases) of treasury shares	(3,607)	3,386
Net Cash Provided by (Used for) Financing Activities	(6,573)	(1,366)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(47)	(13)
Net Change in Cash, Cash Equivalents and Restricted Cash	(2,222)	6,011
Cash, Cash Equivalents and Restricted Cash at January 1	19,121	6,795
Cash, Cash Equivalents and Restricted Cash at March 31	$ 16,899	$ 12,806

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, 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 ($1.42 per share)		(2,751)	(2,746)			(2,746)			(5)
Stock dividends		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	[1]			3,561
Other changes, net		(5)	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)				(8,897,011)
Issuances (in shares)				43,904,410				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
Beginning balance at Dec. 31, 2022		160,242	159,282	$ 20,252	[1]	190,024	(2,798)	$ (48,196)	960
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock transactions		38	38	38	[1]
Net income (loss)		6,605	6,574			6,574			31
Cash dividends ($1.42 per share)		(2,866)	(2,857)			(2,857)			(9)
Stock dividends		(1)	(1)			(1)
Other comprehensive income		57	57				57
Purchases of treasury shares	[3]	(3,788)	(3,788)					(3,788)
Issuances of treasury shares		146	146	16	[1]			130
Other changes, net		1	(2)			(2)			3
Ending balance at Mar. 31, 2023		$ 160,434	$ 159,449	$ 20,306	[1]	$ 193,738	$ (2,741)	$ (51,854)	$ 985
Beginning balance, shares issued (in shares) at Dec. 31, 2022		2,442,676,580		2,442,676,580	[2]
Beginning balance, treasury shares (in shares) at Dec. 31, 2022		(527,460,237)						(527,460,237)
Beginning balance, shares outstanding (in shares) at Dec. 31, 2022				1,915,216,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases (in shares)				(22,418,644)				(22,418,644)
Issuances (in shares)				1,417,565				1,417,565
Ending balance, shares issued (in shares) at Mar. 31, 2023		2,442,676,580		2,442,676,580	[2]
Ending balance, treasury shares (in shares) at Mar. 31, 2023		(548,461,316)						(548,461,316)
Ending balance, shares outstanding (in shares) at Mar. 31, 2023				1,894,215,264
[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.[3]Includes excise tax on share repurchases.

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 1.51	$ 1.42
Common stock	$ 1,832	$ 1,832	$ 1,832	$ 1,832
Benefit Plan Trust	$ (240)	$ (240)	$ (240)	$ (240)
Number of Chevron share issued held in benefit plan trust for funding obligations (in shares)	14,168,000	14,168,000	14,168,000	14,168,000

General

General	3 Months Ended
	Mar. 31, 2023
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, 2023, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron. Prior years’ data have been reclassified in certain cases to conform to the 2023 presentation basis.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Losses	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 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, 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) Balance at December 31, 2022 $ (203) $ (12) $ (12) $ (2,571) $ (2,798) Components of Other Comprehensive Income (Loss): Before Reclassifications 7 (4) (2) 6 7 Reclassifications (2) (3) — — 15 35 50 Net Other Comprehensive Income (Loss) 7 (4) 13 41 57 Balance at March 31, 2023 $ (196) $ (16) $ 1 $ (2,530) $ (2,741) (1) All amounts are net of tax. (2) Refer to Note 1 3 Financial and Derivative Instruments for reclassified components of cash flow hedging. (3) Refer to Note 7 Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $45 that are included in employee benefit costs for the three months ended March 31, 2023. Related income taxes for the same period, totaling $10, 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, 2023
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 2023 2022 (Millions of dollars) Distributions more (less) than income from equity affiliates included the following: Distributions from equity affiliates $ 687 $ 644 (Income) loss from equity affiliates (1,588) (2,085) Distributions more (less) than income from equity affiliates $ (901) $ (1,441) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ 1,458 $ (5,289) Decrease (increase) in inventories (985) (222) Decrease (increase) in prepaid expenses and other current assets (822) 137 Increase (decrease) in accounts payable and accrued liabilities (1,849) 3,768 Increase (decrease) in income and other taxes payable 383 669 Net decrease (increase) in operating working capital $ (1,815) $ (937) Net cash provided by operating activities included the following cash payments: Interest on debt (net of capitalized interest) $ 53 $ 47 Income taxes 1,830 1,071 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 131 $ 747 Returns of investment from equity affiliates 88 536 Proceeds and deposits related to asset sales and returns of investment $ 219 $ 1,283 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ — $ (2) Marketable securities sold 95 2 Net sales (purchases) of marketable securities $ 95 $ — Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: Borrowing of loans by equity affiliates $ (103) $ — Repayment of loans by equity affiliates 20 12 Net repayment (borrowing) of loans by equity affiliates $ (83) $ 12 Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: Proceeds from issuances of short-term debt obligations $ — $ — Repayments of short-term debt obligations — — Net borrowings (repayments) of short-term debt obligations with three months or less maturity (87) 61 Net borrowings (repayments) of short-term obligations $ (87) $ 61 Net sales (purchases) of treasury shares consisted of the following gross and net amounts: Shares issued for share-based compensation plans $ 146 $ 4,641 Shares purchased under share repurchase and deferred compensation plans (3,753) (1,255) Net sales (purchases) of treasury shares $ (3,607) $ 3,386 Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts: Distributions to noncontrolling interests $ (9) $ (5) Contributions from noncontrolling interests — — Net contributions from (distributions to) noncontrolling interests $ (9) $ (5) 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 $1.51 per share of common stock in first quarter 2023. This compares to dividends of $1.42 per share paid in the year-ago corresponding period. The components of “Capital expenditures” are presented in the following table: Three Months Ended 2023 2022 (Millions of dollars) Additions to properties, plant and equipment $ 2,907 $ 1,732 Additions to investments 111 158 Current-year dry hole expenditures 20 70 Payments for other assets and liabilities, net — — Capital expenditures $ 3,038 $ 1,960 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 2023 2022 2022 2021 (Millions of dollars) (Millions of dollars) Cash and cash equivalents $ 15,668 $ 11,671 $ 17,678 $ 5,640 Restricted cash included in “Prepaid expenses and other current assets” 357 317 630 333 Restricted cash included in “Deferred charges and other assets” 874 818 813 822 Total cash, cash equivalents and restricted cash $ 16,899 $ 12,806 $ 19,121 $ 6,795 Additional information related to restricted cash is included in Note 1 2 Fair Value Measurements

Summarized Financial Data - Ten

Summarized Financial Data - Tengizchevroil LLP	3 Months Ended
	Mar. 31, 2023
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 2023 2022 (Millions of dollars) Sales and other operating revenues $ 4,999 $ 6,187 Costs and other deductions 2,665 2,978 Net income attributable to TCO $ 1,658 $ 2,233

Summarized Financial Data - Che

Summarized Financial Data - Chevron U.S.A. Inc.	3 Months Ended
	Mar. 31, 2023
Summarized Financial Data of Subsidiary One [Abstract]
Summarized Financial Data - Chevron U.S.A. Inc.	Summarized Financial Data — Chevron U.S.A. Inc. Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas and natural gas liquids and those associated with refining, marketing, and supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical LLC (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 2023 2022 (Millions of dollars) Sales and other operating revenues $ 37,729 $ 41,502 Costs and other deductions 35,522 39,636 Net income (loss) attributable to CUSA $ 1,830 $ 1,754 At March 31, At December 31, (Millions of dollars) Current assets $ 18,348 $ 18,704 Other assets 50,969 50,153 Current liabilities 20,756 22,452 Other liabilities 19,582 19,274 Total CUSA net equity $ 28,979 $ 27,131 Memo: Total debt $ 10,628 $ 10,800

Operating Segments and Geograph

Operating Segments and Geographic Data	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022, are presented in the following table: Three Months Ended 2023 2022 Segment Earnings (Millions of dollars) Upstream United States $ 1,781 $ 3,238 International 3,380 3,696 Total Upstream 5,161 6,934 Downstream United States 977 486 International 823 (155) Total Downstream 1,800 331 Total Segment Earnings 6,961 7,265 All Other Interest expense (106) (126) Interest income 152 10 Other (433) (890) Net Income Attributable to Chevron Corporation $ 6,574 $ 6,259 Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at March 31, 2023, and December 31, 2022, are as follows: At March 31, At December 31, Segment Assets (Millions of dollars) Upstream United States $ 44,621 $ 44,246 International 132,891 134,489 Goodwill 4,370 4,370 Total Upstream 181,882 183,105 Downstream United States 32,075 31,676 International 22,114 21,193 Goodwill 352 352 Total Downstream 54,541 53,221 Total Segment Assets 236,423 236,326 All Other United States 14,084 17,861 International 5,379 3,522 Total All Other 19,463 21,383 Total Assets — United States 90,780 93,783 Total Assets — International 160,384 159,204 Goodwill 4,722 4,722 Total Assets $ 255,886 $ 257,709 Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three-month period ended March 31, 2023 and 2022, 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, other products derived from crude oil, and manufacturing and marketing of renewable fuels. 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 2023 2022 Sales and Other Operating Revenues (Millions of dollars) Upstream United States $ 9,623 $ 11,316 International 11,196 13,502 Subtotal 20,819 24,818 Intersegment Elimination — United States (5,902) (6,919) Intersegment Elimination — International (2,606) (3,649) Total Upstream 12,311 14,250 Downstream United States 19,390 19,771 International 19,105 19,607 Subtotal 38,495 39,378 Intersegment Elimination — United States (1,565) (999) Intersegment Elimination — International (429) (331) Total Downstream 36,501 38,048 All Other United States 108 83 International 1 — Subtotal 109 83 Intersegment Elimination — United States (79) (67) Intersegment Elimination — International — — Total All Other 30 16 Sales and Other Operating Revenues United States 29,121 31,170 International 30,302 33,109 Subtotal 59,423 64,279 Intersegment Elimination — United States (7,546) (7,985) Intersegment Elimination — International (3,035) (3,980) Total Sales and Other Operating Revenues $ 48,842 $ 52,314

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2023
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 2023 and 2022 are as follows: Three Months Ended 2023 2022 (Millions of dollars) Pension Benefits United States Service cost $ 86 $ 118 Interest cost 112 66 Expected return on plan assets (140) (161) Amortization of prior service costs (credits) 1 — Amortization of actuarial losses (gains) 51 65 Settlement losses — 86 Total United States 110 174 International Service cost 15 22 Interest cost 47 36 Expected return on plan assets (51) (48) Amortization of prior service costs (credits) 2 2 Amortization of actuarial losses (gains) 2 4 Settlement losses — — Acquisitions / (divestitures) (2) — Total International 13 16 Net Periodic Pension Benefit Costs $ 123 $ 190 Other Benefits* Service cost $ 8 $ 11 Interest cost 24 15 Amortization of prior service costs (credits) (6) (6) Amortization of actuarial losses (gains) (5) 3 Net Periodic Other Benefit Costs $ 21 $ 23 * 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, 2023, a total of $345 million was contributed to employee pension plans (including $304 million to the U.S. plans). Contribution amounts are dependent upon plan investment returns, changes in pension obligations, regulatory requirements and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. During the first three months of 2023, the company contributed $46 million to its OPEB plans.

Assets Held For Sale

Assets Held For Sale	3 Months Ended
	Mar. 31, 2023
Assets Held For Sale [Abstract]
Assets Held For Sale	Assets Held For SaleAt March 31, 2023, the company classified $432 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 2022 and the first three months of 2023 were not material.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax expense increased between quarterly periods from $2.8 billion in 2022 to $2.9 billion in 2023. The company’s income before income tax expense increased $465 million from $9.1 billion in 2022 to $9.5 billion in 2023, primarily due to higher downstream margins partially offset by lower upstream realizations. The company’s effective tax rate remained unchanged between quarterly periods at 31 percent in 2022 and 2023. 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, 2023. For these jurisdictions, the latest years for which income tax examinations had been finalized were as follows: United States — 2016, Nigeria — 2007, Australia — 2010, Kazakhstan — 2012 and Saudi Arabia — 2016. 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. 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 beyond the next 12 months.

Litigation

Litigation	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation Ecuador In 2003, Chevron was sued in Ecuador for environmental harm allegedly caused by an oil consortium formerly operated by a Texaco subsidiary. The subsidiary previously had been released from environmental claims by Ecuador after it completed a three-year remediation program, which Ecuador certified. Nonetheless, in February 2011, the Ecuadorian trial court entered judgment against Chevron for approximately $9.5 billion, plus punitive damages. An appellate panel affirmed, and Ecuador’s National Court of Justice ratified the judgment but nullified the punitive damages. Ecuador’s highest Constitutional Court rejected Chevron’s final appeal in July 2018. In 2011, Chevron sued the Ecuadorian plaintiffs and several of their lawyers and cohorts 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 ruled that the Ecuadorian judgment had been procured through fraud, bribery, and corruption, and prohibited the defendants from seeking to enforce the judgment in the United States or profiting from their illegal acts. The Second Circuit affirmed, and the U.S. Supreme Court denied certiorari in 2017. The Ecuadorian plaintiffs sought to have the Ecuadorian judgment recognized and enforced in Canada, Brazil, and Argentina, but all of those actions were dismissed in Chevron’s favor. In 2009, Chevron filed an arbitration claim against Ecuador before an arbitral tribunal administered by the Permanent Court of Arbitration in The Hague, under the United States-Ecuador Bilateral Investment Treaty. In 2018, the Tribunal ruled that the Ecuadorian judgment was procured through fraud, bribery, and corruption, and was based on environmental claims that Ecuador had already settled and released. According to the Tribunal, the Ecuadorian judgment “violates international public policy” and “should not be recognized or enforced by the courts of other States.” The Tribunal ordered Ecuador to remove the judgment’s status of enforceability and to compensate Chevron for its injuries. The arbitration’s final phases, to determine the amount of compensation owed to Chevron and to allocate the arbitration’s costs, remain pending. In 2020, the District Court of The Hague denied Ecuador’s request to set aside the Tribunal’s award. Based on Ecuador’s admissions during the litigation, the Court stated that it now is “common ground” between Ecuador and Chevron that the Ecuadorian judgment is fraudulent. In June 2022, The Hague Court of Appeals dismissed Ecuador’s appeal. In September 2022, Ecuador appealed to the Dutch Supreme Court. In a separate proceeding before the Office of the United States Trade Representative, Ecuador also admitted in July 2020 that the Ecuadorian judgment is fraudulent. 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 23 separate lawsuits brought by 17 U.S. cities and counties, three U.S. states, the District of Columbia, a group of municipalities in Puerto Rico 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, fraud, conspiracy to commit fraud, design defect, product defect, trespass, negligence, impairment of public trust, violations of consumer protection statutes, violations of a federal antitrust statute, and violations of federal and state RICO statutes, based upon, among other things, the company’s production of oil and gas products and alleged misrepresentations or omissions relating to climate change risks associated with those products. Further such proceedings are likely to be filed by other parties. As of April 2023, the Supreme Court has denied petitions for writ of certiorari on jurisdictional questions in many of these cases, and those cases have been or will be remanded to state court. 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. 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. As of the first quarter of 2023, the Supreme Court has denied petition for writ of certiorari on jurisdictional questions impacting certain of these cases, and those cases have been or will be remanded to Louisiana state court. These cases are progressing to trial in state court, with the first trial scheduled to begin as early as the fourth quarter of 2023. Jurisdictional questions are still being decided for other cases that remain in Federal court at this time. 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, 2023
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 9 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 The company often includes standard indemnification provisions in its arrangements with its partners, suppliers and vendors in the ordinary course of business, the terms of which range in duration and sometimes are not limited. The company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service or other claims made against such parties. 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, 2023
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 at March 31, 2023, and December 31, 2022, is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis (Millions of dollars) At March 31, 2023 At December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable Securities $ 130 $ 130 $ — $ — $ 223 $ 223 $ — $ — Derivatives - not designated 157 87 70 — 184 111 73 — Derivatives - designated 2 2 — — — — — — Total Assets at Fair Value $ 289 $ 219 $ 70 $ — $ 407 $ 334 $ 73 $ — Derivatives - not designated 103 74 29 — 43 33 10 — Derivatives - designated — — — — 15 15 — — Total Liabilities at Fair Value $ 103 $ 74 $ 29 $ — $ 58 $ 48 $ 10 $ — 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, 2023. 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, 2023, and December 31, 2022, 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 $15.7 billion and $17.7 billion at March 31, 2023, and December 31, 2022, 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, 2023. Restricted Cash had a carrying/fair value of $1.2 billion and $1.4 billion at March 31, 2023 and December 31, 2022, respectively. At March 31, 2023, 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 $15.3 billion and $16.3 billion at March 31, 2023, and December 31, 2022, respectively. The fair value of long-term debt for the company was $14.3 billion and $15.0 billion at March 31, 2023 and December 31, 2022, respectively. Long-term debt primarily includes corporate issued bonds, classified as Level 1 and are $13.9 billion for the period. The fair value of other long-term debt classified as Level 2 is $398 million. 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, 2023, and December 31, 2022, were not material. Properties, plant and equipment The company did not have any individually material impairments of long-lived assets measured at fair value on a nonrecurring basis to report in first quarter 2023.

Financial and Derivative Instru

Financial and Derivative Instruments	3 Months Ended
	Mar. 31, 2023
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, 2023, and December 31, 2022, 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 $ 153 $ 175 Commodity Long-term receivables, net 6 9 Total Assets at Fair Value $ 159 $ 184 Commodity Accounts payable $ 82 $ 46 Commodity Deferred credits and other noncurrent obligations 21 12 Total Liabilities at Fair Value $ 103 $ 58 Consolidated Statement of Income: The Effect of Derivatives (Millions of dollars) Type of Gain / (Loss) Contract Statement of Income Classification 2023 2022 Commodity Sales and other operating revenues $ (97) $ (873) Commodity Purchased crude oil and products 18 (105) Commodity Other income (6) 1 $ (85) $ (977) The amount reclassified from Accumulated Other Comprehensive Losses (AOCL) to Sales and other operating revenues from designated hedges for the reporting period was $15 million compared with no impact in the same period of the prior year. At March 31, 2023, before-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, 2023, and December 31, 2022. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars) Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At March 31, 2023 Derivative Assets - not designated $ 1,999 $ 1,842 $ 157 $ — $ 157 Derivative Assets - designated $ 16 $ 14 $ 2 $ — $ 2 Derivative Liabilities - not designated $ 1,945 $ 1,842 $ 103 $ — $ 103 Derivative Liabilities - designated $ 14 $ 14 $ — $ — $ — At December 31, 2022 Derivative Assets - not designated $ 2,591 $ 2,407 $ 184 $ 5 $ 179 Derivative Assets - designated $ 8 $ 8 $ — $ — $ — Derivative Liabilities - not designated $ 2,450 $ 2,407 $ 43 $ — $ 43 Derivative Liabilities - designated $ 23 $ 8 $ 15 $ — $ 15 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, 2023
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 $12.7 billion and $14.2 billion a t March 31, 2023, and December 31, 2022, 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, 2023
Receivables [Abstract]
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses Chevron’s expected credit loss allowance balance was $951 million as of March 31, 2023 and $1.0 billion as of December 31, 2022, with a majority of the allowance relating to non-trade receivable balances. The majority of the company’s receivable balance is concentrated in trade receivables, with a balance of $16.7 billion as of March 31, 2023, 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, 2023
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, 2023, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron. Prior years’ data have been reclassified in certain cases to conform to the 2023 presentation basis.
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).
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.
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 $12.7 billion and $14.2 billion a t March 31, 2023, and December 31, 2022, 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, 2023
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, 2023 and 2022 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, 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) Balance at December 31, 2022 $ (203) $ (12) $ (12) $ (2,571) $ (2,798) Components of Other Comprehensive Income (Loss): Before Reclassifications 7 (4) (2) 6 7 Reclassifications (2) (3) — — 15 35 50 Net Other Comprehensive Income (Loss) 7 (4) 13 41 57 Balance at March 31, 2023 $ (196) $ (16) $ 1 $ (2,530) $ (2,741) (1) All amounts are net of tax. (2) Refer to Note 1 3 Financial and Derivative Instruments for reclassified components of cash flow hedging. (3) Refer to Note 7 Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $45 that are included in employee benefit costs for the three months ended March 31, 2023. Related income taxes for the same period, totaling $10, 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, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Information Relating to Consolidated Statement of Cash Flows	Three Months Ended 2023 2022 (Millions of dollars) Distributions more (less) than income from equity affiliates included the following: Distributions from equity affiliates $ 687 $ 644 (Income) loss from equity affiliates (1,588) (2,085) Distributions more (less) than income from equity affiliates $ (901) $ (1,441) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ 1,458 $ (5,289) Decrease (increase) in inventories (985) (222) Decrease (increase) in prepaid expenses and other current assets (822) 137 Increase (decrease) in accounts payable and accrued liabilities (1,849) 3,768 Increase (decrease) in income and other taxes payable 383 669 Net decrease (increase) in operating working capital $ (1,815) $ (937) Net cash provided by operating activities included the following cash payments: Interest on debt (net of capitalized interest) $ 53 $ 47 Income taxes 1,830 1,071 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 131 $ 747 Returns of investment from equity affiliates 88 536 Proceeds and deposits related to asset sales and returns of investment $ 219 $ 1,283 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ — $ (2) Marketable securities sold 95 2 Net sales (purchases) of marketable securities $ 95 $ — Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: Borrowing of loans by equity affiliates $ (103) $ — Repayment of loans by equity affiliates 20 12 Net repayment (borrowing) of loans by equity affiliates $ (83) $ 12 Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: Proceeds from issuances of short-term debt obligations $ — $ — Repayments of short-term debt obligations — — Net borrowings (repayments) of short-term debt obligations with three months or less maturity (87) 61 Net borrowings (repayments) of short-term obligations $ (87) $ 61 Net sales (purchases) of treasury shares consisted of the following gross and net amounts: Shares issued for share-based compensation plans $ 146 $ 4,641 Shares purchased under share repurchase and deferred compensation plans (3,753) (1,255) Net sales (purchases) of treasury shares $ (3,607) $ 3,386 Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts: Distributions to noncontrolling interests $ (9) $ (5) Contributions from noncontrolling interests — — Net contributions from (distributions to) noncontrolling interests $ (9) $ (5)
Capital Expenditures	The components of “Capital expenditures” are presented in the following table: Three Months Ended 2023 2022 (Millions of dollars) Additions to properties, plant and equipment $ 2,907 $ 1,732 Additions to investments 111 158 Current-year dry hole expenditures 20 70 Payments for other assets and liabilities, net — — Capital expenditures $ 3,038 $ 1,960
Schedule of Cash and Cash Equivalents	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 2023 2022 2022 2021 (Millions of dollars) (Millions of dollars) Cash and cash equivalents $ 15,668 $ 11,671 $ 17,678 $ 5,640 Restricted cash included in “Prepaid expenses and other current assets” 357 317 630 333 Restricted cash included in “Deferred charges and other assets” 874 818 813 822 Total cash, cash equivalents and restricted cash $ 16,899 $ 12,806 $ 19,121 $ 6,795
Restrictions on Cash and Cash Equivalents	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 2023 2022 2022 2021 (Millions of dollars) (Millions of dollars) Cash and cash equivalents $ 15,668 $ 11,671 $ 17,678 $ 5,640 Restricted cash included in “Prepaid expenses and other current assets” 357 317 630 333 Restricted cash included in “Deferred charges and other assets” 874 818 813 822 Total cash, cash equivalents and restricted cash $ 16,899 $ 12,806 $ 19,121 $ 6,795

Summarized Financial Data - T_2

Summarized Financial Data - Tengizchevroil LLP (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 (Millions of dollars) Sales and other operating revenues $ 4,999 $ 6,187 Costs and other deductions 2,665 2,978 Net income attributable to TCO $ 1,658 $ 2,233

Summarized Financial Data - C_2

Summarized Financial Data - Chevron U.S.A. Inc. (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 (Millions of dollars) Sales and other operating revenues $ 37,729 $ 41,502 Costs and other deductions 35,522 39,636 Net income (loss) attributable to CUSA $ 1,830 $ 1,754
Summarized Financial Data and its Subsidiary	At March 31, At December 31, (Millions of dollars) Current assets $ 18,348 $ 18,704 Other assets 50,969 50,153 Current liabilities 20,756 22,452 Other liabilities 19,582 19,274 Total CUSA net equity $ 28,979 $ 27,131 Memo: Total debt $ 10,628 $ 10,800

Operating Segments and Geogra_2

Operating Segments and Geographic Data (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Earnings	Earnings by major operating area for the three-month period ended March 31, 2023 and 2022, are presented in the following table: Three Months Ended 2023 2022 Segment Earnings (Millions of dollars) Upstream United States $ 1,781 $ 3,238 International 3,380 3,696 Total Upstream 5,161 6,934 Downstream United States 977 486 International 823 (155) Total Downstream 1,800 331 Total Segment Earnings 6,961 7,265 All Other Interest expense (106) (126) Interest income 152 10 Other (433) (890) Net Income Attributable to Chevron Corporation $ 6,574 $ 6,259
Segment Assets	Segment assets at March 31, 2023, and December 31, 2022, are as follows: At March 31, At December 31, Segment Assets (Millions of dollars) Upstream United States $ 44,621 $ 44,246 International 132,891 134,489 Goodwill 4,370 4,370 Total Upstream 181,882 183,105 Downstream United States 32,075 31,676 International 22,114 21,193 Goodwill 352 352 Total Downstream 54,541 53,221 Total Segment Assets 236,423 236,326 All Other United States 14,084 17,861 International 5,379 3,522 Total All Other 19,463 21,383 Total Assets — United States 90,780 93,783 Total Assets — International 160,384 159,204 Goodwill 4,722 4,722 Total Assets $ 255,886 $ 257,709
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, 2023 and 2022, 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, other products derived from crude oil, and manufacturing and marketing of renewable fuels. 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 2023 2022 Sales and Other Operating Revenues (Millions of dollars) Upstream United States $ 9,623 $ 11,316 International 11,196 13,502 Subtotal 20,819 24,818 Intersegment Elimination — United States (5,902) (6,919) Intersegment Elimination — International (2,606) (3,649) Total Upstream 12,311 14,250 Downstream United States 19,390 19,771 International 19,105 19,607 Subtotal 38,495 39,378 Intersegment Elimination — United States (1,565) (999) Intersegment Elimination — International (429) (331) Total Downstream 36,501 38,048 All Other United States 108 83 International 1 — Subtotal 109 83 Intersegment Elimination — United States (79) (67) Intersegment Elimination — International — — Total All Other 30 16 Sales and Other Operating Revenues United States 29,121 31,170 International 30,302 33,109 Subtotal 59,423 64,279 Intersegment Elimination — United States (7,546) (7,985) Intersegment Elimination — International (3,035) (3,980) Total Sales and Other Operating Revenues $ 48,842 $ 52,314

Employee Benefits (Tables)

Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit costs for 2023 and 2022 are as follows: Three Months Ended 2023 2022 (Millions of dollars) Pension Benefits United States Service cost $ 86 $ 118 Interest cost 112 66 Expected return on plan assets (140) (161) Amortization of prior service costs (credits) 1 — Amortization of actuarial losses (gains) 51 65 Settlement losses — 86 Total United States 110 174 International Service cost 15 22 Interest cost 47 36 Expected return on plan assets (51) (48) Amortization of prior service costs (credits) 2 2 Amortization of actuarial losses (gains) 2 4 Settlement losses — — Acquisitions / (divestitures) (2) — Total International 13 16 Net Periodic Pension Benefit Costs $ 123 $ 190 Other Benefits* Service cost $ 8 $ 11 Interest cost 24 15 Amortization of prior service costs (credits) (6) (6) Amortization of actuarial losses (gains) (5) 3 Net Periodic Other Benefit Costs $ 21 $ 23

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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 at March 31, 2023, and December 31, 2022, is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis (Millions of dollars) At March 31, 2023 At December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable Securities $ 130 $ 130 $ — $ — $ 223 $ 223 $ — $ — Derivatives - not designated 157 87 70 — 184 111 73 — Derivatives - designated 2 2 — — — — — — Total Assets at Fair Value $ 289 $ 219 $ 70 $ — $ 407 $ 334 $ 73 $ — Derivatives - not designated 103 74 29 — 43 33 10 — Derivatives - designated — — — — 15 15 — — Total Liabilities at Fair Value $ 103 $ 74 $ 29 $ — $ 58 $ 48 $ 10 $ —

Financial and Derivative Inst_2

Financial and Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023, and December 31, 2022, 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 $ 153 $ 175 Commodity Long-term receivables, net 6 9 Total Assets at Fair Value $ 159 $ 184 Commodity Accounts payable $ 82 $ 46 Commodity Deferred credits and other noncurrent obligations 21 12 Total Liabilities at Fair Value $ 103 $ 58
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 2023 2022 Commodity Sales and other operating revenues $ (97) $ (873) Commodity Purchased crude oil and products 18 (105) Commodity Other income (6) 1 $ (85) $ (977)
Schedule of Offsetting Assets	The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2023, and December 31, 2022. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars) Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At March 31, 2023 Derivative Assets - not designated $ 1,999 $ 1,842 $ 157 $ — $ 157 Derivative Assets - designated $ 16 $ 14 $ 2 $ — $ 2 Derivative Liabilities - not designated $ 1,945 $ 1,842 $ 103 $ — $ 103 Derivative Liabilities - designated $ 14 $ 14 $ — $ — $ — At December 31, 2022 Derivative Assets - not designated $ 2,591 $ 2,407 $ 184 $ 5 $ 179 Derivative Assets - designated $ 8 $ 8 $ — $ — $ — Derivative Liabilities - not designated $ 2,450 $ 2,407 $ 43 $ — $ 43 Derivative Liabilities - designated $ 23 $ 8 $ 15 $ — $ 15
Schedule of Offsetting Liabilities	The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2023, and December 31, 2022. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars) Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At March 31, 2023 Derivative Assets - not designated $ 1,999 $ 1,842 $ 157 $ — $ 157 Derivative Assets - designated $ 16 $ 14 $ 2 $ — $ 2 Derivative Liabilities - not designated $ 1,945 $ 1,842 $ 103 $ — $ 103 Derivative Liabilities - designated $ 14 $ 14 $ — $ — $ — At December 31, 2022 Derivative Assets - not designated $ 2,591 $ 2,407 $ 184 $ 5 $ 179 Derivative Assets - designated $ 8 $ 8 $ — $ — $ — Derivative Liabilities - not designated $ 2,450 $ 2,407 $ 43 $ — $ 43 Derivative Liabilities - designated $ 23 $ 8 $ 15 $ — $ 15

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 160,242	$ 139,940
Components of Other Comprehensive Income (Loss):
Other Comprehensive Gain (Loss), Net of Tax	57	237
Ending balance	160,434	147,100
Related income taxes	2,914	2,777
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(2,798)	(3,889)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	7	108
Reclassifications	50	129
Other Comprehensive Gain (Loss), Net of Tax	57	237
Ending balance	(2,741)	(3,652)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(203)	(162)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	7	(11)
Reclassifications	0	0
Other Comprehensive Gain (Loss), Net of Tax	7	(11)
Ending balance	(196)	(173)
Unrealized Holding Gains (Losses) on Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(12)	(11)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(4)	0
Reclassifications	0	0
Other Comprehensive Gain (Loss), Net of Tax	(4)	0
Ending balance	(16)	(11)
Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(12)	0
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(2)	2
Reclassifications	15	0
Other Comprehensive Gain (Loss), Net of Tax	13	2
Ending balance	1	2
Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(2,571)	(3,716)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	6	117
Reclassifications	35	129
Other Comprehensive Gain (Loss), Net of Tax	41	246
Ending balance	(2,530)	$ (3,470)
Defined Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income
Components of Other Comprehensive Income (Loss):
Employee Benefits for reclassified components	45
Related income taxes	$ 10

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, 2023	Mar. 31, 2022
Distributions more (less) than income from equity affiliates included the following:
Distributions from equity affiliates	$ 687	$ 644
(Income) loss from equity affiliates	(1,588)	(2,085)
Distributions more (less) than income from equity affiliates	(901)	(1,441)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	1,458	(5,289)
Decrease (increase) in inventories	(985)	(222)
Decrease (increase) in prepaid expenses and other current assets	(822)	137
Increase (decrease) in accounts payable and accrued liabilities	(1,849)	3,768
Increase (decrease) in income and other taxes payable	383	669
Net decrease (increase) in operating working capital	(1,815)	(937)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	53	47
Income taxes	1,830	1,071
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	131	747
Returns of investment from equity affiliates	88	536
Proceeds and deposits related to asset sales and returns of investment	219	1,283
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	0	(2)
Marketable securities sold	95	2
Net sales (purchases) of marketable securities	95	0
Net repayment (borrowing) of loans by equity affiliates:
Borrowing of loans by equity affiliates	(103)	0
Repayment of loans by equity affiliates	20	12
Net repayment (borrowing) of loans by equity affiliates	(83)	12
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	0	0
Repayments of short-term obligations	0	0
Net borrowings (repayments) of short-term obligations with three months or less maturity	(87)	61
Net borrowings (repayments) of short-term obligations	(87)	61
Net sales (purchases) of treasury shares consisted of the following gross and net amounts:
Shares issued for share-based compensation plans	146	4,641
Shares purchased under share repurchase and deferred compensation plans	(3,753)	(1,255)
Net sales (purchases) of treasury shares	(3,607)	3,386
Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts:
Distributions to noncontrolling interests	(9)	(5)
Contributions from noncontrolling interests	0	0
Net contributions from (distributions to) noncontrolling interests	(9)	(5)
Capital expenditures
Additions to properties, plant and equipment	2,907	1,732
Additions to investments	111	158
Current-year dry hole expenditures	20	70
Payments for other assets and liabilities, net	0	0
Capital expenditures	$ 3,038	$ 1,960

Information Relating to the C_4

Information Relating to the Consolidated Statement of Cash Flows - Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Dividends paid (in dollars per share)	$ 1.51	$ 1.42

Information Relating to the C_5

Information Relating to the Consolidated Statement of Cash Flows - Cash Balances (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 15,668	$ 17,678	$ 11,671	$ 5,640
Restricted cash included in “Prepaid expenses and other current assets”	357	630	317	333
Restricted cash included in “Deferred charges and other assets”	874	813	818	822
Total cash, cash equivalents and restricted cash	$ 16,899	$ 19,121	$ 12,806	$ 6,795

Summarized Financial Data - T_3

Summarized Financial Data - Tengizchevroil LLP (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Affiliate Statements Captions [Line Items]
Sales and other operating revenues	$ 48,842	$ 52,314
Net Income (Loss)	$ 6,605	6,277
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100%
Sales and other operating revenues	$ 4,999	6,187
Costs and other deductions	2,665	2,978
Net Income (Loss)	$ 1,658	$ 2,233
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Equity ownership, percentage	50%

Summarized Financial Data - C_3

Summarized Financial Data - Chevron U.S.A. Inc. - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Subsidiary Statements Captions [Line Items]
Sales and other operating revenues	$ 48,842	$ 52,314
Costs and other deductions	41,274	45,319
Net income attributable to equity method investee	6,574	6,259
Chevron U.S.A. Inc.
Subsidiary Statements Captions [Line Items]
Sales and other operating revenues	37,729	41,502
Costs and other deductions	35,522	39,636
Net income attributable to equity method investee	$ 1,830	$ 1,754

Summarized Financial Data - C_4

Summarized Financial Data - Chevron U.S.A. Inc. - Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Subsidiary Statements Captions [Line Items]
Current assets	$ 48,351	$ 50,343
Current liabilities	33,735	34,208
Total CUSA net equity	160,434	160,242	$ 147,100	$ 139,940
Chevron U.S.A. Inc.
Subsidiary Statements Captions [Line Items]
Current assets	18,348	18,704
Other assets	50,969	50,153
Current liabilities	20,756	22,452
Other liabilities	19,582	19,274
Total CUSA net equity	28,979	27,131
Memo: Total debt	$ 10,628	$ 10,800

Operating Segments and Geogra_3

Operating Segments and Geographic Data - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 segment
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, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	$ 6,574	$ 6,259
Operating Segments
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	6,961	7,265
Operating Segments | Upstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	5,161	6,934
Operating Segments | Upstream | United States
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	1,781	3,238
Operating Segments | Upstream | International
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	3,380	3,696
Operating Segments | Downstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	1,800	331
Operating Segments | Downstream | United States
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	977	486
Operating Segments | Downstream | International
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	823	(155)
All Other
Segment Reporting Information [Line Items]
Interest expense	(106)	(126)
Interest income	152	10
Other	$ (433)	$ (890)

Operating Segments and Geogra_5

Operating Segments and Geographic Data - Segment Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Segment Assets
Assets	$ 255,886	$ 257,709
Goodwill	4,722	4,722
United States
Segment Assets
Assets	90,780	93,783
International
Segment Assets
Assets	160,384	159,204
Operating Segments
Segment Assets
Assets	236,423	236,326
Operating Segments | Upstream
Segment Assets
Assets	181,882	183,105
Goodwill	4,370	4,370
Operating Segments | Upstream | United States
Segment Assets
Assets	44,621	44,246
Operating Segments | Upstream | International
Segment Assets
Assets	132,891	134,489
Operating Segments | Downstream
Segment Assets
Assets	54,541	53,221
Goodwill	352	352
Operating Segments | Downstream | United States
Segment Assets
Assets	32,075	31,676
Operating Segments | Downstream | International
Segment Assets
Assets	22,114	21,193
All Other
Segment Assets
Assets	19,463	21,383
All Other | United States
Segment Assets
Assets	14,084	17,861
All Other | International
Segment Assets
Assets	$ 5,379	$ 3,522

Operating Segments and Geogra_6

Operating Segments and Geographic Data - Segment Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 48,842	$ 52,314
Oil and Gas
Segment Reporting Information [Line Items]
Sales and other operating revenues	48,842	52,314
Oil and Gas | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	59,423	64,279
Oil and Gas | All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	109	83
Oil and Gas | Total All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	30	16
Oil and Gas | United States | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	29,121	31,170
Oil and Gas | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(79)	(67)
Oil and Gas | United States | All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	108	83
Oil and Gas | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(7,546)	(7,985)
Oil and Gas | International | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	30,302	33,109
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	1	0
Oil and Gas | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(3,035)	(3,980)
Oil and Gas | Upstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	12,311	14,250
Oil and Gas | Upstream | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	20,819	24,818
Oil and Gas | Upstream | United States | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	9,623	11,316
Oil and Gas | Upstream | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(5,902)	(6,919)
Oil and Gas | Upstream | International | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	11,196	13,502
Oil and Gas | Upstream | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(2,606)	(3,649)
Oil and Gas | Downstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	36,501	38,048
Oil and Gas | Downstream | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	38,495	39,378
Oil and Gas | Downstream | United States | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	19,390	19,771
Oil and Gas | Downstream | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,565)	(999)
Oil and Gas | Downstream | International | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	19,105	19,607
Oil and Gas | Downstream | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ (429)	$ (331)

Employee Benefits - Additional

Employee Benefits - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Pre-Medicare company contribution for retiree medical coverage, maximum percent	4%
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	345
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer to employee pension plan	$ 304

Employee Benefits - Costs (Deta

Employee Benefits - Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Benefits
Net Periodic Benefit Cost
Net Periodic Other Benefit Costs	$ 123	$ 190
Pension Benefits | United States
Net Periodic Benefit Cost
Service cost	86	118
Interest cost	112	66
Expected return on plan assets	(140)	(161)
Amortization of prior service costs (credits)	1	0
Amortization of actuarial losses (gains)	51	65
Settlement losses	0	86
Net Periodic Other Benefit Costs	110	174
Pension Benefits | International
Net Periodic Benefit Cost
Service cost	15	22
Interest cost	47	36
Expected return on plan assets	(51)	(48)
Amortization of prior service costs (credits)	2	2
Amortization of actuarial losses (gains)	2	4
Settlement losses	0	0
Acquisitions / (divestitures)	(2)	0
Net Periodic Other Benefit Costs	13	16
Other Benefits
Net Periodic Benefit Cost
Service cost	8	11
Interest cost	24	15
Amortization of prior service costs (credits)	(6)	(6)
Amortization of actuarial losses (gains)	(5)	3
Net Periodic Other Benefit Costs	$ 21	$ 23

Assets Held For Sale (Details)

Assets Held For Sale (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 432	$ 436
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 432

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 2,914	$ 2,777
Increase (decrease) in income before income tax expense	465
Income (loss) before income tax expense	$ 9,519	$ 9,054
Effective tax rates	31%	31%

Litigation (Details)

Litigation (Details) $ in Billions	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2011 USD ($)	Mar. 31, 2023 lawsuit	Dec. 31, 1991
Ecuador Litigation | Pending Litigation
Loss Contingencies [Line Items]
Remediation program term (in years)			3 years
Amount assessed in damages | $	$ 9.5
Climate Change
Loss Contingencies [Line Items]
Claims dismissed (in number of claims)		1
Climate Change | Pending Litigation
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims)		23
Coastal Erosion | Pending Litigation
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims)		39

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities at Fair Value, Recurring (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable securities	$ 130	$ 223
Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	157	184
Derivatives - not designated	103	43
Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	2	0
Derivatives - not designated	0	15
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable securities	130	223
Total Assets at Fair Value	289	407
Total Liabilities at Fair Value	103	58
Recurring Basis | Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	157	184
Derivatives - not designated	103	43
Recurring Basis | Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	2	0
Derivatives - not designated	0	15
Recurring Basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable securities	130	223
Total Assets at Fair Value	219	334
Total Liabilities at Fair Value	74	48
Recurring Basis | Level 1 | Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	87	111
Derivatives - not designated	74	33
Recurring Basis | Level 1 | Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	2	0
Derivatives - not designated	0	15
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	70	73
Total Liabilities at Fair Value	29	10
Recurring Basis | Level 2 | Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	70	73
Derivatives - not designated	29	10
Recurring Basis | Level 2 | Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	0	0
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	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	0	0
Derivatives - not designated	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 15,700	$ 17,700
Restricted cash	1,200	1,400
Level 1 | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	13,900
Level 2 | Other Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	398
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net carrying value	15,300	16,300
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net carrying value	$ 14,300	$ 15,000
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, 2023	Dec. 31, 2022
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	$ 159	$ 184
Total Liabilities at Fair Value	103	58
Accounts and notes receivable, net
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	153	175
Long-term receivables, net
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	6	9
Accounts payable
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Liabilities at Fair Value	82	46
Deferred credits and other noncurrent obligations
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Liabilities at Fair Value	$ 21	$ 12

Financial and Derivative Inst_4

Financial and Derivative Instruments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from designated hedges	$ (15,000,000)	$ 0
Deferred gains in accumulated other comprehensive losses due to outstanding crude oil price hedging contracts	2,000,000
Cash Flow Hedging | Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from designated hedges	$ 15,000,000	$ 0

Financial and Derivative Inst_5

Financial and Derivative Instruments - Effect of Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Pre-tax deferred losses	$ (2)	$ (2)
Commodity
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Effect of derivatives, gain (loss), net	(85)	(977)
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	(97)	(873)
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	18	(105)
Commodity | Other income
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Effect of derivatives, gain (loss), net	$ (6)	$ 1

Financial and Derivative Inst_6

Financial and Derivative Instruments - Effect of Netting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Not Designated
Offsetting Assets [Abstract]
Derivative Assets, Gross Amounts Recognized	$ 1,999	$ 2,591
Derivative Assets, Gross Amounts Offset	1,842	2,407
Derivative Assets, Net Amounts Presented	157	184
Derivative Assets, Gross Amounts Not Offset	0	5
Derivative Assets, Net Amount	157	179
Offsetting Liabilities [Abstract]
Derivative Liabilities, Gross Amounts Recognized	1,945	2,450
Derivative Liabilities, Gross Amounts Offset	1,842	2,407
Derivative Liabilities, Net Amounts Presented	103	43
Derivative Liabilities, Gross Amounts Not Offset	0	0
Derivative Liabilities, Net Amount	103	43
Designated
Offsetting Assets [Abstract]
Derivative Assets, Gross Amounts Recognized	16	8
Derivative Assets, Gross Amounts Offset	14	8
Derivative Assets, Net Amounts Presented	2	0
Derivative Assets, Gross Amounts Not Offset	0	0
Derivative Assets, Net Amount	2	0
Offsetting Liabilities [Abstract]
Derivative Liabilities, Gross Amounts Recognized	14	23
Derivative Liabilities, Gross Amounts Offset	14	8
Derivative Liabilities, Net Amounts Presented	0	15
Derivative Liabilities, Gross Amounts Not Offset	0	0
Derivative Liabilities, Net Amount	$ 0	$ 15

Revenue (Details)

Revenue (Details) - USD ($) $ in Billions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables	$ 12.7	$ 14.2

Financial Instruments - Credi_2

Financial Instruments - Credit Losses (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Allowance for credit loss	$ 951	$ 1,000
Trade receivable	16,700
Non-trade receivable	4,400
Investments and Advances
Related Party Transaction [Line Items]
Allowance for credit loss	$ 560	$ 560