Chevron (CVX) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	5001 Executive Parkway, Suite 200
Entity Address, City or Town	San Ramon,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94583-5006
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	1,828,917,113
Entity Central Index Key	0000093410
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues and Other Income
Sales and other operating revenues	$ 49,574	$ 47,216	$ 96,154	$ 96,058
Income (loss) from equity affiliates	1,206	1,240	2,647	2,828
Other income (loss)	401	440	1,096	803
Total Revenues and Other Income	51,181	48,896	99,897	99,689
Costs and Other Deductions
Purchased crude oil and products	30,867	28,984	58,608	58,391
Operating expenses	6,614	6,057	13,147	12,078
Selling, general and administrative expenses	1,048	1,128	2,058	2,009
Exploration expenses	263	169	392	359
Depreciation, depletion and amortization	4,004	3,521	8,095	7,047
Taxes other than on income	1,188	1,041	2,312	2,137
Interest and debt expense	113	120	231	235
Other components of net periodic benefit costs	48	39	96	77
Total Costs and Other Deductions	44,145	41,059	84,939	82,333
Income (Loss) Before Income Tax Expense	7,036	7,837	14,958	17,356
Income Tax Expense (Benefit)	2,593	1,829	4,964	4,743
Net Income (Loss)	4,443	6,008	9,994	12,613
Less: Net income (loss) attributable to noncontrolling interests	9	(2)	59	29
Net Income (Loss) Attributable to Chevron Corporation	$ 4,434	$ 6,010	$ 9,935	$ 12,584
Net Income (Loss) Attributable to Chevron Corporation
Basic (in dollars per share)	$ 2.43	$ 3.22	$ 5.42	$ 6.70
Diluted (in dollars per share)	$ 2.43	$ 3.20	$ 5.40	$ 6.66
Weighted Average Number of Shares Outstanding
Basic (in shares)	1,825,842	1,867,165	1,834,110	1,879,363
Diluted (in shares)	1,833,431	1,875,508	1,841,274	1,888,077

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 4,443	$ 6,008	$ 9,994	$ 12,613
Currency translation adjustment	(12)	(7)	(32)	0
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period	(3)	1	(9)	(3)
Derivatives
Net derivatives gain (loss) on hedge transactions	(17)	(4)	(51)	(2)
Reclassification to net income	34	(2)	27	13
Income taxes on derivatives transactions	(4)	1	5	(3)
Total	13	(5)	(19)	8
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements	62	48	124	96
Actuarial gain (loss) arising during period	0	0	0	0
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments	(3)	(4)	(5)	(7)
Prior service (costs) credits arising during period	0	0	0	0
Defined benefit plans sponsored by equity affiliates - benefit (cost)	(2)	8	2	14
Income (taxes) benefit on defined benefit plans	(14)	(11)	(25)	(21)
Total	43	41	96	82
Other Comprehensive Gain (Loss), Net of Tax	41	30	36	87
Comprehensive Income (Loss)	4,484	6,038	10,030	12,700
Comprehensive loss (income) attributable to noncontrolling interests	(9)	2	(59)	(29)
Comprehensive Income (Loss) Attributable to Chevron Corporation	$ 4,475	$ 6,040	$ 9,971	$ 12,671

CONSOLIDATED BALANCE SHEET (Una

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents		$ 4,008	$ 8,178
Marketable securities		0	45
Accounts and notes receivable (less allowance: 2024 - $266; 2023 - $301)		20,752	19,921
Inventories:
Crude oil and products		7,662	6,059
Chemicals		426	406
Materials, supplies and other		2,389	2,147
Total inventories		10,477	8,612
Prepaid expenses and other current assets		4,132	4,372
Total Current Assets		39,369	41,128
Long-term receivables (less allowance: 2024 - $353; 2023 - $340)		974	942
Investments and advances		47,654	46,812
Properties, plant and equipment, at cost		349,859	346,081
Less: Accumulated depreciation, depletion and amortization		196,856	192,462
Properties, plant and equipment, net		153,003	153,619
Deferred charges and other assets		13,913	13,734
Goodwill		4,722	4,722
Assets held for sale		1,009	675
Total Assets		260,644	261,632
Liabilities and Equity
Short-term debt		1,735	529
Accounts payable		21,007	20,423
Accrued liabilities		9,054	7,655
Federal and other taxes on income		893	1,863
Other taxes payable		1,338	1,788
Total Current Liabilities		34,027	32,258
Long-term debt		21,449	20,307
Deferred credits and other noncurrent obligations		21,454	24,226
Noncurrent deferred income taxes		19,509	18,830
Noncurrent employee benefit plans		3,942	4,082
Total Liabilities	[1]	100,381	99,703
Preferred stock (authorized 100,000,000 shares; $1.00 par value; none issued)		0	0
Common stock (authorized 6,000,000,000 shares, $0.75 par value; 2,442,676,580 shares issued at June 30, 2024 and December 31, 2023)		1,832	1,832
Capital in excess of par value		21,495	21,365
Retained earnings		203,960	200,025
Accumulated other comprehensive losses		(2,924)	(2,960)
Deferred compensation and benefit plan trust		(240)	(240)
Treasury stock, at cost (613,759,467 and 577,028,776 shares at June 30, 2024 and December 31, 2023, respectively)		(64,890)	(59,065)
Total Chevron Corporation Stockholders’ Equity		159,233	160,957
Noncontrolling interests (includes redeemable noncontrolling interest of $177 and $166 at June 30, 2024 and December 31, 2023, respectively)		1,030	972
Total Equity		160,263	161,929
Total Liabilities and Equity		$ 260,644	$ 261,632
[1] * Refer to Note 12 Other Contingencies and Commitments .

CONSOLIDATED BALANCE SHEET (U_2

CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable, current	$ 266	$ 301
Allowance for long-term receivables	$ 353	$ 340
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)	613,759,467	577,028,776
Redeemable equity	$ 177	$ 166

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net Income (Loss)	$ 9,994	$ 12,613
Adjustments
Depreciation, depletion and amortization	8,095	7,047
Dry hole expense	209	143
Distributions more (less) than income from equity affiliates	(628)	(1,352)
Net before-tax losses (gains) on asset retirements and sales	(47)	2
Net foreign currency effects	(88)	103
Deferred income tax provision	1,142	1,461
Net decrease (increase) in operating working capital	(3,575)	(4,948)
Decrease (increase) in long-term receivables	19	133
Net decrease (increase) in other deferred charges	(559)	(301)
Cash contributions to employee pension plans	(454)	(563)
Other	(985)	(836)
Net Cash Provided by Operating Activities	13,123	13,502
Investing Activities
Capital expenditures	(8,055)	(6,795)
Proceeds and deposits related to asset sales and returns of investment	218	324
Net sales (purchases) of marketable securities	45	(91)
Net repayment (borrowing) of loans by equity affiliates	(118)	(189)
Net Cash Used for Investing Activities	(7,910)	(6,751)
Financing Activities
Net borrowings (repayments) of short-term obligations	3,119	(104)
Proceeds from issuances of long-term debt	303	150
Repayments of long-term debt and other financing obligations	(1,050)	(1,742)
Cash dividends - common stock	(5,981)	(5,675)
Net contributions from (distributions to) noncontrolling interests	2	(3)
Net sales (purchases) of treasury shares	(5,821)	(7,947)
Net Cash Provided by (Used for) Financing Activities	(9,428)	(15,321)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(95)	(151)
Net Change in Cash, Cash Equivalents and Restricted Cash	(4,310)	(8,721)
Cash, Cash Equivalents and Restricted Cash at January 1	9,275	19,121
Cash, Cash Equivalents and Restricted Cash at June 30	$ 4,965	$ 10,400

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, 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		80	80	80	[1]
Net income (loss)		12,613	12,584			12,584			29
Cash dividends		(5,684)	(5,675)			(5,675)			(9)
Stock dividends		(1)	(1)			(1)
Other comprehensive income		87	87				87
Purchases of treasury shares		(8,207)	(8,207)					(8,207)
Issuances of treasury shares		181	181	$ 18	[1]			$ 163
Other changes, net		(13)	(6)			(6)			(7)
Purchases (in shares)				(49,733,460)				(49,733,460)
Issuances (in shares)				1,762,335				1,762,335
Ending balance at Jun. 30, 2023		159,298	158,325	$ 20,350	[1]	196,926	(2,711)	$ (56,240)	973
Beginning balance, shares issued (in shares) at Dec. 31, 2022	[2]			2,442,676,580
Beginning balance, treasury shares (in shares) at Dec. 31, 2022								(527,460,237)
Beginning balance, shares outstanding (in shares) at Dec. 31, 2022				1,915,216,343
Ending balance, shares issued (in shares) at Jun. 30, 2023	[2]			2,442,676,580
Ending balance, treasury shares (in shares) at Jun. 30, 2023								(575,431,362)
Ending balance, shares outstanding (in shares) at Jun. 30, 2023				1,867,245,218
Beginning balance at Mar. 31, 2023		160,434	159,449	$ 20,306	[1]	193,738	(2,741)	$ (51,854)	985
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock transactions		42	42	42	[1]
Net income (loss)		6,008	6,010			6,010			(2)
Cash dividends		(2,818)	(2,818)			(2,818)
Other comprehensive income		30	30				30
Purchases of treasury shares		(4,419)	(4,419)					(4,419)
Issuances of treasury shares		35	35	$ 2	[1]			$ 33
Other changes, net		(14)	(4)			(4)			(10)
Purchases (in shares)				(27,314,816)				(27,314,816)
Issuances (in shares)				344,770				344,770
Ending balance at Jun. 30, 2023		159,298	158,325	$ 20,350	[1]	196,926	(2,711)	$ (56,240)	973
Beginning balance, shares issued (in shares) at Mar. 31, 2023	[2]			2,442,676,580
Beginning balance, treasury shares (in shares) at Mar. 31, 2023								(548,461,316)
Beginning balance, shares outstanding (in shares) at Mar. 31, 2023				1,894,215,264
Ending balance, shares issued (in shares) at Jun. 30, 2023	[2]			2,442,676,580
Ending balance, treasury shares (in shares) at Jun. 30, 2023								(575,431,362)
Ending balance, shares outstanding (in shares) at Jun. 30, 2023				1,867,245,218
Beginning balance at Dec. 31, 2023		161,929	160,957	$ 22,957	[1]	200,025	(2,960)	$ (59,065)	972
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock transactions		165	165	165	[1]
Net income (loss)		9,994	9,935			9,935			59
Cash dividends		(5,988)	(5,981)			(5,981)			(7)
Stock dividends		(11)	(11)			(11)
Other comprehensive income		36	36				36
Purchases of treasury shares	[3]	(6,036)	(6,036)					(6,036)
Issuances of treasury shares		176	176	$ (35)	[1]			$ 211
Other changes, net		(2)	(8)			(8)			6
Purchases (in shares)				(38,772,111)				(38,772,111)
Issuances (in shares)				2,041,420				2,041,420
Ending balance at Jun. 30, 2024		$ 160,263	159,233	$ 23,087	[1]	203,960	(2,924)	$ (64,890)	1,030
Beginning balance, shares issued (in shares) at Dec. 31, 2023		2,442,676,580		2,442,676,580	[2]
Beginning balance, treasury shares (in shares) at Dec. 31, 2023		(577,028,776)						(577,028,776)
Beginning balance, shares outstanding (in shares) at Dec. 31, 2023				1,865,647,804
Ending balance, shares issued (in shares) at Jun. 30, 2024		2,442,676,580		2,442,676,580	[2]
Ending balance, treasury shares (in shares) at Jun. 30, 2024		(613,759,467)						(613,759,467)
Ending balance, shares outstanding (in shares) at Jun. 30, 2024				1,828,917,113
Beginning balance at Mar. 31, 2024		$ 161,656	160,625	$ 23,035	[1]	202,514	(2,965)	$ (61,959)	1,031
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock transactions		73	73	73	[1]
Net income (loss)		4,443	4,434			4,434			9
Cash dividends		(2,982)	(2,978)			(2,978)			(4)
Stock dividends		(5)	(5)			(5)
Other comprehensive income		41	41				41
Purchases of treasury shares	[3]	(3,030)	(3,030)					(3,030)
Issuances of treasury shares		78	78	$ (21)	[1]			$ 99
Other changes, net		(11)	(5)			(5)			(6)
Purchases (in shares)				(19,034,424)				(19,034,424)
Issuances (in shares)				942,504				942,504
Ending balance at Jun. 30, 2024		$ 160,263	$ 159,233	$ 23,087	[1]	$ 203,960	$ (2,924)	$ (64,890)	$ 1,030
Beginning balance, shares issued (in shares) at Mar. 31, 2024	[2]			2,442,676,580
Beginning balance, treasury shares (in shares) at Mar. 31, 2024								(595,667,547)
Beginning balance, shares outstanding (in shares) at Mar. 31, 2024				1,847,009,033
Ending balance, shares issued (in shares) at Jun. 30, 2024		2,442,676,580		2,442,676,580	[2]
Ending balance, treasury shares (in shares) at Jun. 30, 2024		(613,759,467)						(613,759,467)
Ending balance, shares outstanding (in shares) at Jun. 30, 2024				1,828,917,113
[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.

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 1.63	$ 1.51	$ 3.26	$ 3.02
Common stock	$ 1,832	$ 1,832	$ 1,832	$ 1,832	$ 1,832	$ 1,832	$ 1,832	$ 1,832
Benefit Plan Trust	$ (240)	$ (240)	$ (240)	$ (240)	$ (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	14,168,000	14,168,000	14,168,000	14,168,000

General

General	6 Months Ended
	Jun. 30, 2024
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- and six-month periods ended June 30, 2024, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Losses	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Changes in Accumulated Other Comprehensive Losses	Changes in Accumulated Other Comprehensive Losses The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the six months ended June 30, 2024 and 2023, are reflected in the table below. Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) Currency Translation Adjustment Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total (Millions of dollars) Balance at December 31, 2022 $ (203) $ (12) $ (12) $ (2,571) $ (2,798) Components of Other Comprehensive Income (Loss): Before Reclassifications — (3) (5) 14 6 Reclassifications (2) (3) — — 13 68 81 Net Other Comprehensive Income (Loss) — (3) 8 82 87 Balance at June 30, 2023 $ (203) $ (15) $ (4) $ (2,489) $ (2,711) Balance at December 31, 2023 $ (192) $ (11) $ 5 $ (2,762) $ (2,960) Components of Other Comprehensive Income (Loss): Before Reclassifications (32) (9) (46) 12 (75) Reclassifications (2) (3) — — 27 84 111 Net Other Comprehensive Income (Loss) (32) (9) (19) 96 36 Balance at June 30, 2024 $ (224) $ (20) $ (14) $ (2,666) $ (2,924) (1) All amounts are net of tax. (2) Refer to Note 14 Financial and Derivative Instruments for reclassified components of cash flow hedging. (3) Refer to Note 8 Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $118 that are included in employee benefit costs for the six months ended June 30, 2024. Related income taxes for the same period, totaling $34, are reflected in “Income Tax Expense (Benefit)” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

Information Relating to the Con

Information Relating to the Consolidated Statement of Cash Flows	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Information Relating to the Consolidated Statement of Cash Flows	Information Relating to the Consolidated Statement of Cash Flows Six Months Ended 2024 2023 (Millions of dollars) Distributions more (less) than income from equity affiliates included the following: Distributions from equity affiliates $ 2,019 $ 1,476 (Income) loss from equity affiliates (2,647) (2,828) Distributions more (less) than income from equity affiliates $ (628) $ (1,352) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ (928) $ 1,205 Decrease (increase) in inventories (1,865) (951) Decrease (increase) in prepaid expenses and other current assets 44 (1,406) Increase (decrease) in accounts payable and accrued liabilities 419 (531) Increase (decrease) in income and other taxes payable (1,245) (3,265) Net decrease (increase) in operating working capital $ (3,575) $ (4,948) Net cash provided by operating activities included the following cash payments: Interest on debt (net of capitalized interest) $ 238 $ 232 Income taxes 4,738 6,616 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 103 $ 171 Returns of investment from equity affiliates 115 153 Proceeds and deposits related to asset sales and returns of investment $ 218 $ 324 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ — $ (287) Marketable securities sold 45 196 Net sales (purchases) of marketable securities $ 45 $ (91) Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: Borrowing of loans by equity affiliates $ (154) $ (222) Repayment of loans by equity affiliates 36 33 Net repayment (borrowing) of loans by equity affiliates $ (118) $ (189) 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 3,119 (104) Net borrowings (repayments) of short-term obligations $ 3,119 $ (104) Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts: Distributions to noncontrolling interests $ (7) $ (9) Contributions from noncontrolling interests 9 6 Net contributions from (distributions to) noncontrolling interests $ 2 $ (3) Net sales (purchases) of treasury shares consisted of the following gross and net amounts: Shares issued for share-based compensation plans $ 158 $ 181 Shares purchased under share repurchase and deferred compensation plans (5,979) (8,128) Net sales (purchases) of treasury shares $ (5,821) $ (7,947) 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 asset retirement obligations, postretirement benefits obligations and other long-term liabilities. The company paid dividends of $1.63 per share of common stock in second quarter 2024. This compares to dividends of $1.51 per share paid in the year-ago corresponding period. The components of “Capital expenditures” are presented in the following table: Six Months Ended 2024 2023 (Millions of dollars) Additions to properties, plant and equipment $ 7,678 $ 6,571 Additions to investments 265 166 Current-year dry hole expenditures 112 58 Payments for other assets and liabilities, net — — Capital expenditures $ 8,055 $ 6,795 The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: At June 30 At December 31 2024 2023 2023 2022 (Millions of dollars) (Millions of dollars) Cash and cash equivalents $ 4,008 $ 9,292 $ 8,178 $ 17,678 Restricted cash included in “Prepaid expenses and other current assets” 145 234 275 630 Restricted cash included in “Deferred charges and other assets” 812 874 822 813 Total cash, cash equivalents and restricted cash $ 4,965 $ 10,400 $ 9,275 $ 19,121 Additional information related to restricted cash is included in Note 13 Fair Value Measurements

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-07, which becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard requires companies to disclose significant segment expenses. The company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. Income Taxes (Topic 740) Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.

Summarized Financial Data - Ten

Summarized Financial Data - Tengizchevroil LLP	6 Months Ended
	Jun. 30, 2024
Summarized Financial Data of Affiliate [Abstract]
Summarized Financial Data - Tengizchevroil LLP	Summarized Financial Data — Tengizchevroil LLP Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Summarized financial information for 100 percent of TCO is presented in the following table: Six Months Ended 2024 2023 (Millions of dollars) Sales and other operating revenues $ 10,108 $ 10,031 Costs and other deductions 5,392 5,355 Net income attributable to TCO $ 3,339 $ 3,314

Summarized Financial Data - Che

Summarized Financial Data - Chevron U.S.A. Inc.	6 Months Ended
	Jun. 30, 2024
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 liquids and natural gas 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: Six Months Ended 2024 2023 (Millions of dollars) Sales and other operating revenues $ 75,590 $ 73,787 Costs and other deductions 72,170 68,982 Net income (loss) attributable to CUSA $ 3,057 $ 3,978 At June 30, At December 31, (Millions of dollars) Current assets $ 22,046 $ 19,489 Other assets 56,732 54,460 Current liabilities 25,011 20,624 Other liabilities 22,036 22,227 Total CUSA net equity $ 31,731 $ 31,098 Memo: Total debt $ 9,888 $ 9,740

Operating Segments and Geograph

Operating Segments and Geographic Data	6 Months Ended
	Jun. 30, 2024
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; carbon capture and storage; 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. Non-billable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three- and six-month periods ended June 30, 2024 and 2023, are presented in the following table: Three Months Ended Six Months Ended 2024 2023 2024 2023 Segment Earnings (Millions of dollars) (Millions of dollars) Upstream United States $ 2,161 $ 1,640 $ 4,236 $ 3,421 International 2,309 3,296 5,473 6,676 Total Upstream 4,470 4,936 9,709 10,097 Downstream United States 280 1,081 733 2,058 International 317 426 647 1,249 Total Downstream 597 1,507 1,380 3,307 Total Segment Earnings 5,067 6,443 11,089 13,404 All Other Interest expense (103) (111) (212) (217) Interest income 66 146 151 298 Other (596) (468) (1,093) (901) Net Income Attributable to Chevron Corporation $ 4,434 $ 6,010 $ 9,935 $ 12,584 Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at June 30, 2024, and December 31, 2023, are as follows: At June 30, At December 31, Segment Assets (Millions of dollars) Upstream United States $ 59,542 $ 58,750 International 129,758 131,685 Goodwill 4,370 4,370 Total Upstream 193,670 194,805 Downstream United States 35,508 33,066 International 22,623 21,070 Goodwill 352 352 Total Downstream 58,483 54,488 Total Segment Assets 252,153 249,293 All Other United States 6,526 10,292 International 1,965 2,047 Total All Other 8,491 12,339 Total Assets — United States 101,576 102,108 Total Assets — International 154,346 154,802 Goodwill 4,722 4,722 Total Assets $ 260,644 $ 261,632 Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and six-month periods ended June 30, 2024 and 2023, 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 Six Months Ended 2024 2023 2024 2023 Sales and Other Operating Revenues (Millions of dollars) (Millions of dollars) Upstream United States $ 11,287 $ 8,755 $ 22,454 $ 18,378 International 10,221 9,876 21,004 21,072 Subtotal 21,508 18,631 43,458 39,450 Intersegment Elimination — United States (7,890) (6,067) (15,479) (11,969) Intersegment Elimination — International (3,072) (2,419) (5,997) (5,025) Total Upstream 10,546 10,145 21,982 22,456 Downstream United States 21,482 20,255 41,722 39,645 International 20,631 19,366 38,722 38,471 Subtotal 42,113 39,621 80,444 78,116 Intersegment Elimination — United States (2,586) (2,086) (5,293) (3,651) Intersegment Elimination — International (532) (500) (1,039) (929) Total Downstream 38,995 37,035 74,112 73,536 All Other United States 153 156 273 264 International — — 1 1 Subtotal 153 156 274 265 Intersegment Elimination — United States (120) (119) (213) (198) Intersegment Elimination — International — (1) (1) (1) Total All Other 33 36 60 66 Sales and Other Operating Revenues United States 32,922 29,166 64,449 58,287 International 30,852 29,242 59,727 59,544 Subtotal 63,774 58,408 124,176 117,831 Intersegment Elimination — United States (10,596) (8,272) (20,985) (15,818) Intersegment Elimination — International (3,604) (2,920) (7,037) (5,955) Total Sales and Other Operating Revenues $ 49,574 $ 47,216 $ 96,154 $ 96,058

Employee Benefits

Employee Benefits	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits Chevron has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the company’s other investment alternatives. The company also sponsors other postretirement employee benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and the retirees share the costs. For the company’s main U.S. medical plan, the increase to the pre-Medicare company contribution for retiree medical coverage is limited to no more than four percent each year. Certain life insurance benefits are paid by the company. The components of net periodic benefit costs for 2024 and 2023 are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Millions of dollars) (Millions of dollars) Pension Benefits United States Service cost $ 89 $ 85 $ 178 $ 171 Interest cost 116 112 232 224 Expected return on plan assets (149) (139) (298) (279) Amortization of prior service costs (credits) 1 1 2 2 Amortization of actuarial losses (gains) 61 50 122 101 Settlement losses — — — — Total United States 118 109 236 219 International Service cost 13 14 27 29 Interest cost 48 49 95 96 Expected return on plan assets (47) (51) (97) (102) Amortization of prior service costs (credits) 2 2 5 4 Amortization of actuarial losses (gains) 4 2 9 4 Settlement losses — — — — Acquisitions / (divestitures) — — — (2) Total International 20 16 39 29 Net Periodic Pension Benefit Costs $ 138 $ 125 $ 275 $ 248 Other Benefits* Service cost $ 9 $ 8 $ 17 $ 16 Interest cost 25 25 50 49 Amortization of prior service costs (credits) (6) (7) (12) (13) Amortization of actuarial losses (gains) (3) (4) (7) (9) Net Periodic Other Benefit Costs $ 25 $ 22 $ 48 $ 43 * Includes costs for U.S. and international OPEB plans. Obligations for plans outside the United States are not significant relative to the company’s total OPEB obligation. Through June 30, 2024, a total of $454 million was contributed to employee pension plans (including $403 million to the U.S. plans). Contribution amounts are dependent upon plan investment returns, changes in pension obligations, regulatory requirements and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. During the first six months of 2024, the company contributed $81 million to its OPEB plans.

Assets Held For Sale

Assets Held For Sale	6 Months Ended
	Jun. 30, 2024
Assets Held For Sale [Abstract]
Assets Held For Sale	Assets Held For SaleAt June 30, 2024, the company classified $1.0 billion 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 2023 and the first six months of 2024 were not material.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax expense increased $764 million between quarterly periods from $1.8 billion in 2023 to $2.6 billion in 2024. The company’s income before income tax expense decreased $801 million from $7.8 billion in 2023 to $7.0 billion in 2024, primarily due to lower downstream margins, higher upstream depreciation, depletion and amortization and higher operating expenses, partially offset by higher upstream realizations and sales volumes. The company’s effective tax rate increased between quarterly periods from 23 percent in 2023 to 37 percent in 2024. The change in effective tax rate was primarily due to the absence of prior period favorable tax items, current period unfavorable tax items and mix effects, resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions. The income tax expense increased $221 million between the six-month periods from $4.7 billion in 2023 to $5.0 billion in 2024. The company’s income before income tax expense decreased $2.4 billion from $17.4 billion in 2023 to $15.0 billion in 2024, primarily due to lower downstream margins, higher upstream depreciation, depletion and amortization and higher operating expenses, partially offset by higher upstream sales volumes. The company’s effective tax rate increased between six-month periods from 27 percent in 2023 to 33 percent in 2024. The change in effective tax rate was primarily due to the absence of prior period favorable tax items, current period unfavorable tax items and mix effects, resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions.

Litigation

Litigation	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation Climate Change Governmental and other plaintiffs in various jurisdictions across the United States have brought 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 31 separate lawsuits filed by various U.S. cities and counties, four U.S. states, the District of Columbia, two Native American tribes, and a trade group in both federal and state courts. 1 The lawsuits have asserted 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, equitable relief for pollution, impairment and destruction of natural resources, unjust enrichment, violations of consumer and environmental protection statutes, violations of unfair competition 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 brought by other parties. While defendants have sought to remove cases filed in state court to federal court, most of those cases have been remanded to state court and the U.S. Supreme Court has denied petitions for writ of certiorari on jurisdictional questions to date. The unprecedented legal theories set forth in these proceedings include claims for damages (both compensatory and punitive), injunctive and other forms of equitable relief, including without limitation abatement, contribution to abatement funds, disgorgement of profits and equitable relief for pollution, impairment and destruction of natural resources, civil penalties and liability for fees and costs of suits. Due to the unprecedented nature of the suits, the company is unable to estimate any range of possible liability, but given the uncertainty of litigation there can be no assurance that the cases will not 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. 2

Other Contingencies and Commitm

Other Contingencies and Commitments	6 Months Ended
	Jun. 30, 2024
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. Settlement of open tax years, as well as other tax issues in countries where the company conducts its businesses, are not expected to have a material effect on the consolidated financial position or liquidity of the company and, in the opinion of management, adequate provision has been made for income taxes for all years under examination or subject to future examination. Guarantees The company and its subsidiaries have certain contingent liabilities with respect to guarantees, direct or indirect, of debt of affiliated companies or third parties. Under the terms of the guarantee arrangements, the company would generally be required to perform should the affiliated company or third party fail to fulfill its obligations under the arrangements. In some cases, the guarantee arrangements may have recourse provisions that would enable the company to recover any payments made under the terms of the guarantees from assets provided as collateral. Indemnifications 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. In addition, some assets are sold along with their related liabilities and in certain instances, such transferred obligations have reverted and may in the future revert to the company and result in losses that could be significant.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, and December 31, 2023, is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis At June 30, At December 31, (Millions of dollars) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable Securities $ — $ — $ — $ — $ 45 $ 45 $ — $ — Derivatives - not designated 83 63 20 — 152 24 128 — Derivatives - designated — — — — 7 7 — — Total Assets at Fair Value $ 83 $ 63 $ 20 $ — $ 204 $ 76 $ 128 $ — Derivatives - not designated 156 32 124 — 262 160 102 — Derivatives - designated 17 17 — — — — — — Total Liabilities at Fair Value $ 173 $ 49 $ 124 $ — $ 262 $ 160 $ 102 $ — Marketable Securities The company calculates fair value for its marketable securities based on quoted market prices for identical assets. The fair values reflect the cash that would have been received if the instruments were sold at June 30, 2024. 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 June 30, 2024, and December 31, 2023, 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 deposits with maturities of 90 days or less, and money market funds. “Cash and cash equivalents” had carrying/fair values of $4.0 billion and $8.2 billion at June 30, 2024, and December 31, 2023, respectively. The fair values of cash and cash equivalents are classified as Level 1 and reflect the cash that would have been received if the instruments were settled at June 30, 2024. Restricted Cash had a carrying/fair value of $957 million and $1.1 billion at June 30, 2024, and December 31, 2023, respectively. At June 30, 2024, restricted cash is classified as Level 1 and includes primarily restricted funds related to certain upstream decommissioning activities that 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 $12.3 billion and $14.6 billion at June 30, 2024, and December 31, 2023, respectively. The fair value of these obligations was $11.2 billion and $13.7 billion at June 30, 2024, and December 31, 2023, respectively, and they primarily include corporate issued bonds. At June 30, 2024, the fair value of these obligations classified as Level 1 is $10.6 billion and Level 2 is $539 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 June 30, 2024, and December 31, 2023, 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 second quarter 2024. Investments and advances

Financial and Derivative Instru

Financial and Derivative Instruments	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, and December 31, 2023, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: Consolidated Balance Sheet: Fair Value of Derivatives Type of At June 30, At December 31, Contract Balance Sheet Classification (Millions of dollars) Commodity Accounts and notes receivable, net $ 80 $ 151 Commodity Long-term receivables, net 3 8 Total Assets at Fair Value $ 83 $ 159 Commodity Accounts payable $ 155 $ 216 Commodity Deferred credits and other noncurrent obligations 18 46 Total Liabilities at Fair Value $ 173 $ 262 Consolidated Statement of Income: The Effect of Derivatives Gain / (Loss) Gain / (Loss) Type of 2024 2023 2024 2023 Contract Statement of Income Classification (Millions of dollars) Commodity Sales and other operating revenues $ (82) $ 78 $ (240) $ (19) Commodity Purchased crude oil and products 25 1 (39) 19 Commodity Other income (loss) 8 (10) 21 (16) $ (49) $ 69 $ (258) $ (16) The amount reclassified from AOCL to “Sales and other operating revenues” from designated hedges for the first six months of 2024 was a decrease of $27 million compared with a decrease of $13 million in the same period of the prior year. At June 30, 2024, before-tax deferred losses in AOCL related to outstanding crude oil price hedging contracts were $17 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 June 30, 2024, and December 31, 2023. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At June 30, 2024 (Millions of dollars) Derivative Assets - not designated $ 2,451 $ 2,368 $ 83 $ 20 $ 63 Derivative Assets - designated $ — $ — $ — $ — $ — Derivative Liabilities - not designated $ 2,524 $ 2,368 $ 156 $ 12 $ 144 Derivative Liabilities - designated $ 17 $ — $ 17 $ — $ 17 At December 31, 2023 Derivative Assets - not designated $ 2,394 $ 2,242 $ 152 $ 4 $ 148 Derivative Assets - designated $ 8 $ 1 $ 7 $ — $ 7 Derivative Liabilities - not designated $ 2,504 $ 2,242 $ 262 $ 15 $ 247 Derivative Liabilities - designated $ 1 $ 1 $ — $ — $ —

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue “Sales and other operating revenues” on the Consolidated Statement of Income primarily arise from contracts with customers. Related receivables are included in “Accounts and notes receivable” on the Consolidated Balance Sheet, net of the current expected credit losses. The net balance of these receivables was $14.2 billion and $13.6 billion a t June 30, 2024, and December 31, 2023, respectively. Other items included in “Accounts and notes receivable” 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 Accounting Standard Codification (ASC) 606

Financial Instruments - Credit

Financial Instruments - Credit Losses	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses Chevron’s expected credit loss allowance balance was $619 million and $641 million at June 30, 2024, and December 31, 2023, respectively, 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 $18.3 billion at June 30, 2024, 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.

Agreement to Acquire Hess Corpo

Agreement to Acquire Hess Corporation	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Agreement to Acquire Hess Corporation	Agreement to Acquire Hess Corporation On October 23, 2023, Chevron Corporation announced it had entered into a definitive agreement with Hess Corporation (Hess) to acquire all of its outstanding shares in an all-stock transaction, valued at approximately $53 billion, pursuant to which Hess stockholders will receive 1.0250 shares of Chevron common stock for each Hess share. The transaction was unanimously approved by the Boards of Directors of both companies. On May 28, 2024, a majority of Hess stockholders voted to approve the merger. On December 7, 2023, Chevron and Hess each received a request for additional information and documentary materials (Second Request) from the Federal Trade Commission (FTC). The parties have completed their responses to the Second Request and anticipate the FTC’s regulatory review concluding in the third quarter of 2024. The filing of the arbitration relating to the right of first refusal contained in an operating agreement among Hess Guyana Exploration Limited, a wholly owned subsidiary of Hess, affiliates of Exxon Mobil Corporation, and China National Offshore Oil Corporation may cause the transaction to be completed at a later time or to fail to be completed. The arbitration merits hearing about the applicability of the right of first refusal to the transaction has been scheduled for May 2025, with a decision expected in the following three months. Chevron and Hess are working to complete the merger as soon as practicable. However, neither Chevron nor Hess can predict the actual date on which the transaction will be completed, if at all, because it is subject to conditions beyond each company’s control. See Item 1A. Risk Factors for a discussion of risks related to the Hess acquisition.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,434	$ 6,010	$ 9,935	$ 12,584

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2024
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- and six-month periods ended June 30, 2024, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron.
New Accounting Standards	New Accounting Standards Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-07, which becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard requires companies to disclose significant segment expenses. The company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. Income Taxes (Topic 740) Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.
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; carbon capture and storage; 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. 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.
Revenue	“Sales and other operating revenues” on the Consolidated Statement of Income primarily arise from contracts with customers. Related receivables are included in “Accounts and notes receivable” on the Consolidated Balance Sheet, net of the current expected credit losses. The net balance of these receivables was $14.2 billion and $13.6 billion a t June 30, 2024, and December 31, 2023, respectively. Other items included in “Accounts and notes receivable” 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 Accounting Standard Codification (ASC) 606

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Losses (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the six months ended June 30, 2024 and 2023, are reflected in the table below. Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) Currency Translation Adjustment Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total (Millions of dollars) Balance at December 31, 2022 $ (203) $ (12) $ (12) $ (2,571) $ (2,798) Components of Other Comprehensive Income (Loss): Before Reclassifications — (3) (5) 14 6 Reclassifications (2) (3) — — 13 68 81 Net Other Comprehensive Income (Loss) — (3) 8 82 87 Balance at June 30, 2023 $ (203) $ (15) $ (4) $ (2,489) $ (2,711) Balance at December 31, 2023 $ (192) $ (11) $ 5 $ (2,762) $ (2,960) Components of Other Comprehensive Income (Loss): Before Reclassifications (32) (9) (46) 12 (75) Reclassifications (2) (3) — — 27 84 111 Net Other Comprehensive Income (Loss) (32) (9) (19) 96 36 Balance at June 30, 2024 $ (224) $ (20) $ (14) $ (2,666) $ (2,924) (1) All amounts are net of tax. (2) Refer to Note 14 Financial and Derivative Instruments for reclassified components of cash flow hedging. (3) Refer to Note 8 Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $118 that are included in employee benefit costs for the six months ended June 30, 2024. Related income taxes for the same period, totaling $34, are reflected in “Income Tax Expense (Benefit)” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

Information Relating to the C_2

Information Relating to the Consolidated Statement of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Information Relating to Consolidated Statement of Cash Flows	Six Months Ended 2024 2023 (Millions of dollars) Distributions more (less) than income from equity affiliates included the following: Distributions from equity affiliates $ 2,019 $ 1,476 (Income) loss from equity affiliates (2,647) (2,828) Distributions more (less) than income from equity affiliates $ (628) $ (1,352) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ (928) $ 1,205 Decrease (increase) in inventories (1,865) (951) Decrease (increase) in prepaid expenses and other current assets 44 (1,406) Increase (decrease) in accounts payable and accrued liabilities 419 (531) Increase (decrease) in income and other taxes payable (1,245) (3,265) Net decrease (increase) in operating working capital $ (3,575) $ (4,948) Net cash provided by operating activities included the following cash payments: Interest on debt (net of capitalized interest) $ 238 $ 232 Income taxes 4,738 6,616 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 103 $ 171 Returns of investment from equity affiliates 115 153 Proceeds and deposits related to asset sales and returns of investment $ 218 $ 324 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ — $ (287) Marketable securities sold 45 196 Net sales (purchases) of marketable securities $ 45 $ (91) Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: Borrowing of loans by equity affiliates $ (154) $ (222) Repayment of loans by equity affiliates 36 33 Net repayment (borrowing) of loans by equity affiliates $ (118) $ (189) 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 3,119 (104) Net borrowings (repayments) of short-term obligations $ 3,119 $ (104) Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts: Distributions to noncontrolling interests $ (7) $ (9) Contributions from noncontrolling interests 9 6 Net contributions from (distributions to) noncontrolling interests $ 2 $ (3) Net sales (purchases) of treasury shares consisted of the following gross and net amounts: Shares issued for share-based compensation plans $ 158 $ 181 Shares purchased under share repurchase and deferred compensation plans (5,979) (8,128) Net sales (purchases) of treasury shares $ (5,821) $ (7,947)
Capital Expenditures	The components of “Capital expenditures” are presented in the following table: Six Months Ended 2024 2023 (Millions of dollars) Additions to properties, plant and equipment $ 7,678 $ 6,571 Additions to investments 265 166 Current-year dry hole expenditures 112 58 Payments for other assets and liabilities, net — — Capital expenditures $ 8,055 $ 6,795
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 June 30 At December 31 2024 2023 2023 2022 (Millions of dollars) (Millions of dollars) Cash and cash equivalents $ 4,008 $ 9,292 $ 8,178 $ 17,678 Restricted cash included in “Prepaid expenses and other current assets” 145 234 275 630 Restricted cash included in “Deferred charges and other assets” 812 874 822 813 Total cash, cash equivalents and restricted cash $ 4,965 $ 10,400 $ 9,275 $ 19,121
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 June 30 At December 31 2024 2023 2023 2022 (Millions of dollars) (Millions of dollars) Cash and cash equivalents $ 4,008 $ 9,292 $ 8,178 $ 17,678 Restricted cash included in “Prepaid expenses and other current assets” 145 234 275 630 Restricted cash included in “Deferred charges and other assets” 812 874 822 813 Total cash, cash equivalents and restricted cash $ 4,965 $ 10,400 $ 9,275 $ 19,121

Summarized Financial Data - T_2

Summarized Financial Data - Tengizchevroil LLP (Tables)	6 Months Ended
	Jun. 30, 2024
Summarized Financial Data of Affiliate [Abstract]
Summarized Financial Data - Tengizchevroil LLP	Summarized financial information for 100 percent of TCO is presented in the following table: Six Months Ended 2024 2023 (Millions of dollars) Sales and other operating revenues $ 10,108 $ 10,031 Costs and other deductions 5,392 5,355 Net income attributable to TCO $ 3,339 $ 3,314

Summarized Financial Data - C_2

Summarized Financial Data - Chevron U.S.A. Inc. (Tables)	6 Months Ended
	Jun. 30, 2024
Summarized Financial Data of Subsidiary One [Abstract]
Summarized Financial Data - Chevron U.S.A. Inc.	The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Six Months Ended 2024 2023 (Millions of dollars) Sales and other operating revenues $ 75,590 $ 73,787 Costs and other deductions 72,170 68,982 Net income (loss) attributable to CUSA $ 3,057 $ 3,978
Summarized Financial Data and its Subsidiary	At June 30, At December 31, (Millions of dollars) Current assets $ 22,046 $ 19,489 Other assets 56,732 54,460 Current liabilities 25,011 20,624 Other liabilities 22,036 22,227 Total CUSA net equity $ 31,731 $ 31,098 Memo: Total debt $ 9,888 $ 9,740

Operating Segments and Geogra_2

Operating Segments and Geographic Data (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Earnings	Earnings by major operating area for the three- and six-month periods ended June 30, 2024 and 2023, are presented in the following table: Three Months Ended Six Months Ended 2024 2023 2024 2023 Segment Earnings (Millions of dollars) (Millions of dollars) Upstream United States $ 2,161 $ 1,640 $ 4,236 $ 3,421 International 2,309 3,296 5,473 6,676 Total Upstream 4,470 4,936 9,709 10,097 Downstream United States 280 1,081 733 2,058 International 317 426 647 1,249 Total Downstream 597 1,507 1,380 3,307 Total Segment Earnings 5,067 6,443 11,089 13,404 All Other Interest expense (103) (111) (212) (217) Interest income 66 146 151 298 Other (596) (468) (1,093) (901) Net Income Attributable to Chevron Corporation $ 4,434 $ 6,010 $ 9,935 $ 12,584
Segment Assets	Segment assets at June 30, 2024, and December 31, 2023, are as follows: At June 30, At December 31, Segment Assets (Millions of dollars) Upstream United States $ 59,542 $ 58,750 International 129,758 131,685 Goodwill 4,370 4,370 Total Upstream 193,670 194,805 Downstream United States 35,508 33,066 International 22,623 21,070 Goodwill 352 352 Total Downstream 58,483 54,488 Total Segment Assets 252,153 249,293 All Other United States 6,526 10,292 International 1,965 2,047 Total All Other 8,491 12,339 Total Assets — United States 101,576 102,108 Total Assets — International 154,346 154,802 Goodwill 4,722 4,722 Total Assets $ 260,644 $ 261,632
Segment Sales and Other Operating Revenues	Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and six-month periods ended June 30, 2024 and 2023, 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 Six Months Ended 2024 2023 2024 2023 Sales and Other Operating Revenues (Millions of dollars) (Millions of dollars) Upstream United States $ 11,287 $ 8,755 $ 22,454 $ 18,378 International 10,221 9,876 21,004 21,072 Subtotal 21,508 18,631 43,458 39,450 Intersegment Elimination — United States (7,890) (6,067) (15,479) (11,969) Intersegment Elimination — International (3,072) (2,419) (5,997) (5,025) Total Upstream 10,546 10,145 21,982 22,456 Downstream United States 21,482 20,255 41,722 39,645 International 20,631 19,366 38,722 38,471 Subtotal 42,113 39,621 80,444 78,116 Intersegment Elimination — United States (2,586) (2,086) (5,293) (3,651) Intersegment Elimination — International (532) (500) (1,039) (929) Total Downstream 38,995 37,035 74,112 73,536 All Other United States 153 156 273 264 International — — 1 1 Subtotal 153 156 274 265 Intersegment Elimination — United States (120) (119) (213) (198) Intersegment Elimination — International — (1) (1) (1) Total All Other 33 36 60 66 Sales and Other Operating Revenues United States 32,922 29,166 64,449 58,287 International 30,852 29,242 59,727 59,544 Subtotal 63,774 58,408 124,176 117,831 Intersegment Elimination — United States (10,596) (8,272) (20,985) (15,818) Intersegment Elimination — International (3,604) (2,920) (7,037) (5,955) Total Sales and Other Operating Revenues $ 49,574 $ 47,216 $ 96,154 $ 96,058

Employee Benefits (Tables)

Employee Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit costs for 2024 and 2023 are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Millions of dollars) (Millions of dollars) Pension Benefits United States Service cost $ 89 $ 85 $ 178 $ 171 Interest cost 116 112 232 224 Expected return on plan assets (149) (139) (298) (279) Amortization of prior service costs (credits) 1 1 2 2 Amortization of actuarial losses (gains) 61 50 122 101 Settlement losses — — — — Total United States 118 109 236 219 International Service cost 13 14 27 29 Interest cost 48 49 95 96 Expected return on plan assets (47) (51) (97) (102) Amortization of prior service costs (credits) 2 2 5 4 Amortization of actuarial losses (gains) 4 2 9 4 Settlement losses — — — — Acquisitions / (divestitures) — — — (2) Total International 20 16 39 29 Net Periodic Pension Benefit Costs $ 138 $ 125 $ 275 $ 248 Other Benefits* Service cost $ 9 $ 8 $ 17 $ 16 Interest cost 25 25 50 49 Amortization of prior service costs (credits) (6) (7) (12) (13) Amortization of actuarial losses (gains) (3) (4) (7) (9) Net Periodic Other Benefit Costs $ 25 $ 22 $ 48 $ 43

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, and December 31, 2023, is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis At June 30, At December 31, (Millions of dollars) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable Securities $ — $ — $ — $ — $ 45 $ 45 $ — $ — Derivatives - not designated 83 63 20 — 152 24 128 — Derivatives - designated — — — — 7 7 — — Total Assets at Fair Value $ 83 $ 63 $ 20 $ — $ 204 $ 76 $ 128 $ — Derivatives - not designated 156 32 124 — 262 160 102 — Derivatives - designated 17 17 — — — — — — Total Liabilities at Fair Value $ 173 $ 49 $ 124 $ — $ 262 $ 160 $ 102 $ —

Financial and Derivative Inst_2

Financial and Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments	Derivative instruments measured at fair value at June 30, 2024, and December 31, 2023, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: Consolidated Balance Sheet: Fair Value of Derivatives Type of At June 30, At December 31, Contract Balance Sheet Classification (Millions of dollars) Commodity Accounts and notes receivable, net $ 80 $ 151 Commodity Long-term receivables, net 3 8 Total Assets at Fair Value $ 83 $ 159 Commodity Accounts payable $ 155 $ 216 Commodity Deferred credits and other noncurrent obligations 18 46 Total Liabilities at Fair Value $ 173 $ 262
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments	Consolidated Statement of Income: The Effect of Derivatives Gain / (Loss) Gain / (Loss) Type of 2024 2023 2024 2023 Contract Statement of Income Classification (Millions of dollars) Commodity Sales and other operating revenues $ (82) $ 78 $ (240) $ (19) Commodity Purchased crude oil and products 25 1 (39) 19 Commodity Other income (loss) 8 (10) 21 (16) $ (49) $ 69 $ (258) $ (16)
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 June 30, 2024, and December 31, 2023. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At June 30, 2024 (Millions of dollars) Derivative Assets - not designated $ 2,451 $ 2,368 $ 83 $ 20 $ 63 Derivative Assets - designated $ — $ — $ — $ — $ — Derivative Liabilities - not designated $ 2,524 $ 2,368 $ 156 $ 12 $ 144 Derivative Liabilities - designated $ 17 $ — $ 17 $ — $ 17 At December 31, 2023 Derivative Assets - not designated $ 2,394 $ 2,242 $ 152 $ 4 $ 148 Derivative Assets - designated $ 8 $ 1 $ 7 $ — $ 7 Derivative Liabilities - not designated $ 2,504 $ 2,242 $ 262 $ 15 $ 247 Derivative Liabilities - designated $ 1 $ 1 $ — $ — $ —
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 June 30, 2024, and December 31, 2023. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Gross Amounts Not Offset Net Amount At June 30, 2024 (Millions of dollars) Derivative Assets - not designated $ 2,451 $ 2,368 $ 83 $ 20 $ 63 Derivative Assets - designated $ — $ — $ — $ — $ — Derivative Liabilities - not designated $ 2,524 $ 2,368 $ 156 $ 12 $ 144 Derivative Liabilities - designated $ 17 $ — $ 17 $ — $ 17 At December 31, 2023 Derivative Assets - not designated $ 2,394 $ 2,242 $ 152 $ 4 $ 148 Derivative Assets - designated $ 8 $ 1 $ 7 $ — $ 7 Derivative Liabilities - not designated $ 2,504 $ 2,242 $ 262 $ 15 $ 247 Derivative Liabilities - designated $ 1 $ 1 $ — $ — $ —

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 161,656	$ 160,434	$ 161,929	$ 160,242
Components of Other Comprehensive Income (Loss):
Other Comprehensive Gain (Loss), Net of Tax	41	30	36	87
Ending balance	160,263	159,298	160,263	159,298
Related income taxes	2,593	1,829	4,964	4,743
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(2,965)	(2,741)	(2,960)	(2,798)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			(75)	6
Reclassifications			111	81
Other Comprehensive Gain (Loss), Net of Tax	41	30	36	87
Ending balance	(2,924)	(2,711)	(2,924)	(2,711)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(192)	(203)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			(32)	0
Reclassifications			0	0
Other Comprehensive Gain (Loss), Net of Tax			(32)	0
Ending balance	(224)	(203)	(224)	(203)
Unrealized Holding Gains (Losses) on Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(11)	(12)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			(9)	(3)
Reclassifications			0	0
Other Comprehensive Gain (Loss), Net of Tax			(9)	(3)
Ending balance	(20)	(15)	(20)	(15)
Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			5	(12)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			(46)	(5)
Reclassifications			27	13
Other Comprehensive Gain (Loss), Net of Tax			(19)	8
Ending balance	(14)	(4)	(14)	(4)
Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(2,762)	(2,571)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			12	14
Reclassifications			84	68
Other Comprehensive Gain (Loss), Net of Tax			96	82
Ending balance	$ (2,666)	$ (2,489)	(2,666)	$ (2,489)
Defined Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income
Components of Other Comprehensive Income (Loss):
Employee Benefits for reclassified components			118
Related income taxes			$ 34

Information Relating to the C_3

Information Relating to the Consolidated Statement of Cash Flows - Summary of Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Distributions more (less) than income from equity affiliates included the following:
Distributions from equity affiliates	$ 2,019	$ 1,476
(Income) loss from equity affiliates	(2,647)	(2,828)
Distributions more (less) than income from equity affiliates	(628)	(1,352)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	(928)	1,205
Decrease (increase) in inventories	(1,865)	(951)
Decrease (increase) in prepaid expenses and other current assets	44	(1,406)
Increase (decrease) in accounts payable and accrued liabilities	419	(531)
Increase (decrease) in income and other taxes payable	(1,245)	(3,265)
Net decrease (increase) in operating working capital	(3,575)	(4,948)
Net cash provided by operating activities included the following cash payments:
Interest on debt (net of capitalized interest)	238	232
Income taxes	4,738	6,616
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	103	171
Returns of investment from equity affiliates	115	153
Proceeds and deposits related to asset sales and returns of investment	218	324
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	0	(287)
Marketable securities sold	45	196
Net sales (purchases) of marketable securities	45	(91)
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates	(154)	(222)
Repayment of loans by equity affiliates	36	33
Net repayment (borrowing) of loans by equity affiliates	(118)	(189)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term debt obligations	0	0
Repayments of short-term debt obligations	0	0
Net borrowings (repayments) of short-term debt obligations with three months or less maturity	3,119	(104)
Net borrowings (repayments) of short-term obligations	3,119	(104)
Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts:
Distributions to noncontrolling interests	(7)	(9)
Contributions from noncontrolling interests	9	6
Net contributions from (distributions to) noncontrolling interests	2	(3)
Net sales (purchases) of treasury shares consisted of the following gross and net amounts:
Shares issued for share-based compensation plans	158	181
Shares purchased under share repurchase and deferred compensation plans	(5,979)	(8,128)
Net sales (purchases) of treasury shares	(5,821)	(7,947)
Capital expenditures
Additions to properties, plant and equipment	7,678	6,571
Additions to investments	265	166
Current-year dry hole expenditures	112	58
Payments for other assets and liabilities, net	0	0
Capital expenditures	$ 8,055	$ 6,795

Information Relating to the C_4

Information Relating to the Consolidated Statement of Cash Flows - Additional Information (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Dividends paid (in dollars per share)	$ 1.63	$ 1.51	$ 3.26	$ 3.02

Information Relating to the C_5

Information Relating to the Consolidated Statement of Cash Flows - Cash Balances (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 4,008	$ 8,178	$ 9,292	$ 17,678
Restricted cash included in “Prepaid expenses and other current assets”	145	275	234	630
Restricted cash included in “Deferred charges and other assets”	812	822	874	813
Total cash, cash equivalents and restricted cash	$ 4,965	$ 9,275	$ 10,400	$ 19,121

Summarized Financial Data - T_3

Summarized Financial Data - Tengizchevroil LLP (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Affiliate Statements Captions [Line Items]
Sales and other operating revenues	$ 49,574	$ 47,216	$ 96,154	$ 96,058
Net Income (Loss)	$ 4,443	$ 6,008	$ 9,994	12,613
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100%		100%
Sales and other operating revenues			$ 10,108	10,031
Costs and other deductions			5,392	5,355
Net Income (Loss)			$ 3,339	$ 3,314
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Equity ownership, percentage	50%		50%

Summarized Financial Data - C_3

Summarized Financial Data - Chevron U.S.A. Inc. - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Subsidiary Statements Captions [Line Items]
Sales and other operating revenues	$ 49,574	$ 47,216	$ 96,154	$ 96,058
Costs and other deductions	44,145	41,059	84,939	82,333
Net income attributable to equity method investee	$ 4,434	$ 6,010	9,935	12,584
Chevron U.S.A. Inc.
Subsidiary Statements Captions [Line Items]
Sales and other operating revenues			75,590	73,787
Costs and other deductions			72,170	68,982
Net income attributable to equity method investee			$ 3,057	$ 3,978

Summarized Financial Data - C_4

Summarized Financial Data - Chevron U.S.A. Inc. - Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Subsidiary Statements Captions [Line Items]
Current assets	$ 39,369		$ 41,128
Current liabilities	34,027		32,258
Total CUSA net equity	160,263	$ 161,656	161,929	$ 159,298	$ 160,434	$ 160,242
Chevron U.S.A. Inc.
Subsidiary Statements Captions [Line Items]
Current assets	22,046		19,489
Other assets	56,732		54,460
Current liabilities	25,011		20,624
Other liabilities	22,036		22,227
Total CUSA net equity	31,731		31,098
Memo: Total debt	$ 9,888		$ 9,740

Operating Segments and Geogra_3

Operating Segments and Geographic Data - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	$ 4,434	$ 6,010	$ 9,935	$ 12,584
Operating Segments
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	5,067	6,443	11,089	13,404
Operating Segments | Upstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	4,470	4,936	9,709	10,097
Operating Segments | Upstream | United States
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	2,161	1,640	4,236	3,421
Operating Segments | Upstream | International
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	2,309	3,296	5,473	6,676
Operating Segments | Downstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	597	1,507	1,380	3,307
Operating Segments | Downstream | United States
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	280	1,081	733	2,058
Operating Segments | Downstream | International
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	317	426	647	1,249
All Other
Segment Reporting Information [Line Items]
Interest expense	(103)	(111)	(212)	(217)
Interest income	66	146	151	298
Other	$ (596)	$ (468)	$ (1,093)	$ (901)

Operating Segments and Geogra_5

Operating Segments and Geographic Data - Segment Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Segment Assets
Assets	$ 260,644	$ 261,632
Goodwill	4,722	4,722
United States
Segment Assets
Assets	101,576	102,108
International
Segment Assets
Assets	154,346	154,802
Operating Segments
Segment Assets
Assets	252,153	249,293
Operating Segments | Upstream
Segment Assets
Assets	193,670	194,805
Goodwill	4,370	4,370
Operating Segments | Upstream | United States
Segment Assets
Assets	59,542	58,750
Operating Segments | Upstream | International
Segment Assets
Assets	129,758	131,685
Operating Segments | Downstream
Segment Assets
Assets	58,483	54,488
Goodwill	352	352
Operating Segments | Downstream | United States
Segment Assets
Assets	35,508	33,066
Operating Segments | Downstream | International
Segment Assets
Assets	22,623	21,070
All Other
Segment Assets
Assets	8,491	12,339
All Other | United States
Segment Assets
Assets	6,526	10,292
All Other | International
Segment Assets
Assets	$ 1,965	$ 2,047

Operating Segments and Geogra_6

Operating Segments and Geographic Data - Segment Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 49,574	$ 47,216	$ 96,154	$ 96,058
Oil and Gas
Segment Reporting Information [Line Items]
Sales and other operating revenues	49,574	47,216	96,154	96,058
Oil and Gas | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	63,774	58,408	124,176	117,831
Oil and Gas | All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	153	156	274	265
Oil and Gas | Total All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	33	36	60	66
Oil and Gas | United States | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	32,922	29,166	64,449	58,287
Oil and Gas | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(120)	(119)	(213)	(198)
Oil and Gas | United States | All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	153	156	273	264
Oil and Gas | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(10,596)	(8,272)	(20,985)	(15,818)
Oil and Gas | International | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	30,852	29,242	59,727	59,544
Oil and Gas | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	(1)	(1)	(1)
Oil and Gas | International | All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0	1	1
Oil and Gas | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(3,604)	(2,920)	(7,037)	(5,955)
Oil and Gas | Upstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	10,546	10,145	21,982	22,456
Oil and Gas | Upstream | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	21,508	18,631	43,458	39,450
Oil and Gas | Upstream | United States | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	11,287	8,755	22,454	18,378
Oil and Gas | Upstream | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(7,890)	(6,067)	(15,479)	(11,969)
Oil and Gas | Upstream | International | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	10,221	9,876	21,004	21,072
Oil and Gas | Upstream | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(3,072)	(2,419)	(5,997)	(5,025)
Oil and Gas | Downstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	38,995	37,035	74,112	73,536
Oil and Gas | Downstream | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	42,113	39,621	80,444	78,116
Oil and Gas | Downstream | United States | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	21,482	20,255	41,722	39,645
Oil and Gas | Downstream | United States | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(2,586)	(2,086)	(5,293)	(3,651)
Oil and Gas | Downstream | International | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	20,631	19,366	38,722	38,471
Oil and Gas | Downstream | International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ (532)	$ (500)	$ (1,039)	$ (929)

Employee Benefits - Additional

Employee Benefits - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Pre-Medicare company contribution for retiree medical coverage, maximum percent	4%
Contribution to other post retirement plans	$ 81
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer to employee pension plan	454
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer to employee pension plan	$ 403

Employee Benefits - Costs (Deta

Employee Benefits - Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Benefits
Net Periodic Benefit Cost
Net Periodic Other Benefit Costs	$ 138	$ 125	$ 275	$ 248
Pension Benefits | United States
Net Periodic Benefit Cost
Service cost	89	85	178	171
Interest cost	116	112	232	224
Expected return on plan assets	(149)	(139)	(298)	(279)
Amortization of prior service costs (credits)	1	1	2	2
Amortization of actuarial losses (gains)	61	50	122	101
Settlement losses	0	0	0	0
Net Periodic Other Benefit Costs	118	109	236	219
Pension Benefits | International
Net Periodic Benefit Cost
Service cost	13	14	27	29
Interest cost	48	49	95	96
Expected return on plan assets	(47)	(51)	(97)	(102)
Amortization of prior service costs (credits)	2	2	5	4
Amortization of actuarial losses (gains)	4	2	9	4
Settlement losses	0	0	0	0
Acquisitions / (divestitures)	0	0	0	(2)
Net Periodic Other Benefit Costs	20	16	39	29
Other Benefits
Net Periodic Benefit Cost
Service cost	9	8	17	16
Interest cost	25	25	50	49
Amortization of prior service costs (credits)	(6)	(7)	(12)	(13)
Amortization of actuarial losses (gains)	(3)	(4)	(7)	(9)
Net Periodic Other Benefit Costs	$ 25	$ 22	$ 48	$ 43

Assets Held For Sale (Details)

Assets Held For Sale (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets Held For Sale [Abstract]
Assets held for sale	$ 1,009	$ 675

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Increase (decrease) in income tax expense (benefit)	$ 764		$ 221
Income tax expense (benefit)	2,593	$ 1,829	4,964	$ 4,743
Increase (decrease) in income before income tax expense	(801)		(2,400)
Income (loss) before income tax expense	$ 7,036	$ 7,837	$ 14,958	$ 17,356
Effective tax rates	37%	23%	33%	27%

Litigation (Details)

Litigation (Details)	Jun. 30, 2024 lawsuit tribe State parish
Loss Contingencies [Line Items]
Number of native american tribes | tribe	2
Climate Change | Pending Litigation
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims)	31
Number of defendants, U.S. states | State	4
Coastal Erosion | Pending Litigation
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims)	39
Number of parishes | parish	7

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities at Fair Value, Recurring (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable securities	$ 0	$ 45
Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	83	152
Derivatives - not designated	156	262
Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	0	7
Derivatives - not designated	17	0
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable securities	0	45
Total Assets at Fair Value	83	204
Total Liabilities at Fair Value	173	262
Recurring Basis | Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	83	152
Derivatives - not designated	156	262
Recurring Basis | Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	0	7
Derivatives - not designated	17	0
Recurring Basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable securities	0	45
Total Assets at Fair Value	63	76
Total Liabilities at Fair Value	49	160
Recurring Basis | Level 1 | Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	63	24
Derivatives - not designated	32	160
Recurring Basis | Level 1 | Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	0	7
Derivatives - not designated	17	0
Recurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable securities	0	0
Total Assets at Fair Value	20	128
Total Liabilities at Fair Value	124	102
Recurring Basis | Level 2 | Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	20	128
Derivatives - not designated	124	102
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	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 4,000	$ 8,200
Restricted cash	957	1,100
Level 1 | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	10,600
Level 2 | Other Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	539
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net carrying value	12,300	14,600
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net carrying value	$ 11,200	$ 13,700
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maturity period of primarily bank time deposits, maximum, classified as cash equivalents and money market funds (in days)	90 days

Financial and Derivative Inst_3

Financial and Derivative Instruments - Fair Value of Derivatives (Details) - Commodity - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	$ 83	$ 159
Total Liabilities at Fair Value	173	262
Accounts and notes receivable, net
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	80	151
Long-term receivables, net
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	3	8
Accounts payable
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Liabilities at Fair Value	155	216
Deferred credits and other noncurrent obligations
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Liabilities at Fair Value	$ 18	$ 46

Financial and Derivative Inst_4

Financial and Derivative Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from designated hedges	$ 34	$ (2)	$ 27	$ 13
Deferred losses in accumulated other comprehensive losses due to outstanding crude oil price hedging contracts	$ 17		17
Cash Flow Hedging | Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from designated hedges			$ 27	$ 13

Financial and Derivative Inst_5

Financial and Derivative Instruments - Effect of Derivatives (Details) - Commodity - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Effect of derivatives, gain (loss), net	$ (49)	$ 69	$ (258)	$ (16)
Sales and other operating revenues
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Effect of derivatives, gain (loss), net	(82)	78	(240)	(19)
Purchased crude oil and products
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Effect of derivatives, gain (loss), net	25	1	(39)	19
Other income (loss)
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Effect of derivatives, gain (loss), net	$ 8	$ (10)	$ 21	$ (16)

Financial and Derivative Inst_6

Financial and Derivative Instruments - Effect of Netting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Not Designated
Offsetting Assets [Abstract]
Derivative Assets, Gross Amounts Recognized	$ 2,451	$ 2,394
Derivative Assets, Gross Amounts Offset	2,368	2,242
Derivative Assets, Net Amounts Presented	83	152
Derivative Assets, Gross Amounts Not Offset	20	4
Derivative Assets, Net Amount	63	148
Offsetting Liabilities [Abstract]
Derivative Liabilities, Gross Amounts Recognized	2,524	2,504
Derivative Liabilities, Gross Amounts Offset	2,368	2,242
Derivative Liabilities, Net Amounts Presented	156	262
Derivative Liabilities, Gross Amounts Not Offset	12	15
Derivative Liabilities, Net Amount	144	247
Designated
Offsetting Assets [Abstract]
Derivative Assets, Gross Amounts Recognized	0	8
Derivative Assets, Gross Amounts Offset	0	1
Derivative Assets, Net Amounts Presented	0	7
Derivative Assets, Gross Amounts Not Offset	0	0
Derivative Assets, Net Amount	0	7
Offsetting Liabilities [Abstract]
Derivative Liabilities, Gross Amounts Recognized	17	1
Derivative Liabilities, Gross Amounts Offset	0	1
Derivative Liabilities, Net Amounts Presented	17	0
Derivative Liabilities, Gross Amounts Not Offset	0	0
Derivative Liabilities, Net Amount	$ 17	$ 0

Revenue (Details)

Revenue (Details) - USD ($) $ in Billions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables	$ 14.2	$ 13.6

Financial Instruments - Credi_2

Financial Instruments - Credit Losses (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Allowance for credit loss	$ 619	$ 641
Trade receivable	18,300
Non-trade receivable	4,000
Investments and Advances
Related Party Transaction [Line Items]
Allowance for credit loss	$ 0	$ 219

Agreement to Acquire Hess Cor_2

Agreement to Acquire Hess Corporation (Details) - Hess Corporation $ / shares in Units, $ in Billions	Oct. 23, 2023 USD ($) $ / shares
Business Acquisition [Line Items]
Consideration transferred | $	$ 53
Stock received on acquisition per share (in shares) | $ / shares	$ 1.0250