Chevron (CVX) 8-K 13 May 10 Other Events Financial data

Document and Entity Information

Document and Entity Information
	12 Months Ended Dec. 31, 2009
Document and Entity Information [Abstract]
Entity Registrant Name	CHEVRON CORP
Entity Central Index Key	0000093410
Document Type	8-K
Document Period End Date	2010-05-13
Amendment Flag	false

Consolidated Statement of Incom

Consolidated Statement of Income (USD $)
In Millions, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Revenues and Other Income
Sales and other operating revenues*	$167,402	$264,958	$214,091
Income from equity affiliates	3,316	5,366	4,144
Other income	918	2,681	2,669
Total Revenues and Other Income	171,636	273,005	220,904
Costs and Other Deductions
Purchased crude oil and products	99,653	171,397	133,309
Operating expenses	17,857	20,795	16,932
Selling, general and administrative expenses	4,527	5,756	5,926
Exploration expenses	1,342	1,169	1,323
Depreciation, depletion and amortization	12,110	9,528	8,708
Taxes other than on income*	17,591	21,303	22,266
Interest and debt expense	28	0	166
Total Costs and Other Deductions	153,108	229,948	188,630
Income Before Income Tax Expense	18,528	43,057	32,274
Income Tax Expense	7,965	19,026	13,479
Net Income	10,563	24,031	18,795
Less: Net income attributable to noncontrolling interests	80	100	107
Net Income Attributable to Chevron Corporation	10,483	23,931	18,688
Per-Share of Common Stock
Net Income Attributable to Chevron Corporation - Basic	5.26	11.74	8.83
Net Income Attributable to Chevron Corporation - Diluted	5.24	11.67	8.77
*Includes excise, value-added and similar taxes.	$8,109	$9,846	$10,121

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Consolidated Statement of Comprehensive Income [Abstract]
Net Income	$10,563	$24,031	$18,795
Currency translation adjustment
Unrealized net change arising during period	60	(112)	31
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period	2	(6)	17
Reclassification to net income of net realized loss	0	0	2
Total	2	(6)	19
Derivatives
Net derivatives (loss) gain on hedge transactions	(69)	139	(10)
Reclassification to net income of net realized (gain) loss	(23)	32	7
Income taxes on derivatives transactions	32	(61)	(3)
Total	(60)	110	(6)
Defined benefit plans - Actuarial loss
Amortization to net income of net actuarial loss	575	483	356
Actuarial (loss) gain arising during period	(1,099)	(3,228)	530
Defined benefit plans - Prior service cost
Amortization to net income of net prior service credits	(65)	(64)	(15)
Prior service (cost) credit arising during period	(34)	(32)	204
Defined benefit plans sponsored by equity affiliates	65	(97)	19
Income taxes on defined benefit plans	159	1,037	(409)
Total	(399)	(1,901)	685
Other Comprehensive (Loss) Gain, Net of Tax	(397)	(1,909)	729
Comprehensive Income	10,166	22,122	19,524
Comprehensive income attributable to noncontrolling interests	(80)	(100)	(107)
Comprehensive Income Attributable to Chevron Corporation	$10,086	$22,022	$19,417

Consolidated Balance Sheet

Consolidated Balance Sheet (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Assets
Cash and cash equivalents	$8,716	$9,347
Marketable securities	106	213
Accounts and notes receivable (less allowance: 2009 - $228; 2008 - $246)	17,703	15,856
Inventories:
Crude oil and petroleum products	3,680	5,175
Chemicals	383	459
Materials, supplies and other	1,466	1,220
Total inventories	5,529	6,854
Prepaid expenses and other current assets	5,162	4,200
Total Current Assets	37,216	36,470
Long-term receivables, net	2,282	2,413
Investments and advances	21,158	20,920
Properties, plant and equipment, at cost	188,288	173,299
Less: Accumulated depreciation, depletion and amortization	91,820	81,519
Properties, plant and equipment, net	96,468	91,780
Deferred charges and other assets	2,879	4,711
Goodwill	4,618	4,619
Assets held for sale	0	252
Total Assets	164,621	161,165
Liabilities and Equity
Short-term debt	384	2,818
Accounts payable	16,437	16,580
Accrued liabilities	5,375	8,077
Federal and other taxes on income	2,624	3,079
Other taxes payable	1,391	1,469
Total Current Liabilities	26,211	32,023
Long-term debt	9,829	5,742
Capital lease obligations	301	341
Deferred credits and other noncurrent obligations	17,390	17,678
Noncurrent deferred income taxes	11,521	11,539
Reserves for employee benefit plans	6,808	6,725
Total Liabilities	72,060	74,048
Preferred stock (authorized 100,000,000 shares, $1.00 par value; none issued)	0	0
Common stock (authorized 6,000,000,000 shares; $.75 par value; 2,442,676,580 shares issued at December 31, 2009 and 2008)	1,832	1,832
Capital in excess of par value	14,631	14,448
Retained earnings	106,289	101,102
Accumulated other comprehensive loss	(4,321)	(3,924)
Deferred compensation and benefit plan trust	(349)	(434)
Treasury stock, at cost (2009 - 434,954,774 shares; 2008 - 438,444,795 shares)	(26,168)	(26,376)
Total Chevron Corporation Stockholders' Equity	91,914	86,648
Noncontrolling interests	647	469
Total Equity	92,561	87,117
Total Liabilities and Equity	$164,621	$161,165

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) (USD $)
In Millions, except Share data	Dec. 31, 2009	Dec. 31, 2008
Assets
Allowance for Doubtful Accounts Receivable, Current	$228	$246
Liabilities and Equity
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, par value	$1	$1
Preferred stock, shares issued	0	0
Common stock, shares authorized	6,000,000,000	6,000,000,000
Common stock, par value	0.75	0.75
Common stock, shares issued	2,442,676,580	2,442,676,580
Treasury stock, shares	434,954,774	438,444,795

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating Activities
Net Income	$10,563	$24,031	$18,795
Adjustments
Depreciation, depletion and amortization	12,110	9,528	8,708
Dry hole expense	552	375	507
Distributions less than income from equity affiliates	(103)	(440)	(1,439)
Net before-tax gains on asset retirements and sales	(1,255)	(1,358)	(2,315)
Net foreign currency effects	466	(355)	378
Deferred income tax provision	467	598	261
Net (increase) decrease in operating working capital	(2,301)	(1,673)	685
Increase in long-term receivables	(258)	(161)	(82)
Decrease (increase) in other deferred charges	201	(84)	(530)
Cash contributions to employee pension plans	(1,739)	(839)	(317)
Other	670	10	326
Net Cash Provided by Operating Activities	19,373	29,632	24,977
Investing Activities
Capital expenditures	(19,843)	(19,666)	(16,678)
Proceeds and deposits related to asset sales	2,564	1,491	3,338
Net sales of marketable securities	127	483	185
Repayment of loans by equity affiliates	336	179	21
Net sales (purchases) of other short-term investments	244	432	(799)
Net Cash Used for Investing Activities	(16,572)	(17,081)	(13,933)
Financing Activities
Net (payments) borrowings of short-term obligations	(3,192)	2,647	(345)
Proceeds from issuance of long-term debt	5,347	0	650
Repayments of long-term debt and other financing obligations	(496)	(965)	(3,343)
Cash dividends - common stock	(5,302)	(5,162)	(4,791)
Distributions to noncontrolling interests	(71)	(99)	(77)
Net sales (purchases) of treasury shares	168	(6,821)	(6,389)
Net Cash Used for Financing Activities	(3,546)	(10,400)	(14,295)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	114	(166)	120
Net Change in Cash and Cash Equivalents	(631)	1,985	(3,131)
Cash and Cash Equivalents at January 1	9,347	7,362	10,493
Cash and Cash Equivalents at December 31	$8,716	$9,347	$7,362

Consolidated Statement of Equit

Consolidated Statement of Equities (USD $)
In Millions, except Share data in Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007	Dec. 31, 2009 Common Stock	Dec. 31, 2008 Common Stock	Dec. 31, 2007 Common Stock	Dec. 31, 2006 Common Stock	12 Months Ended Dec. 31, 2009 Capital in Excess of Par	12 Months Ended Dec. 31, 2008 Capital in Excess of Par	12 Months Ended Dec. 31, 2007 Capital in Excess of Par	Dec. 31, 2006 Capital in Excess of Par	12 Months Ended Dec. 31, 2009 Retained Earnings	12 Months Ended Dec. 31, 2008 Retained Earnings	12 Months Ended Dec. 31, 2007 Retained Earnings	Dec. 31, 2006 Retained Earnings	12 Months Ended Dec. 31, 2009 Accumulated Other Comprehensive Loss	12 Months Ended Dec. 31, 2008 Accumulated Other Comprehensive Loss	12 Months Ended Dec. 31, 2007 Accumulated Other Comprehensive Loss	Dec. 31, 2006 Accumulated Other Comprehensive Loss	12 Months Ended Dec. 31, 2009 Deferred Compensation and Benefit Plan Trust	12 Months Ended Dec. 31, 2008 Deferred Compensation and Benefit Plan Trust	12 Months Ended Dec. 31, 2007 Deferred Compensation and Benefit Plan Trust	Dec. 31, 2006 Deferred Compensation and Benefit Plan Trust	12 Months Ended Dec. 31, 2009 Treasury Stock at Cost	12 Months Ended Dec. 31, 2008 Treasury Stock at Cost	12 Months Ended Dec. 31, 2007 Treasury Stock at Cost	Dec. 31, 2006 Treasury Stock at Cost	Dec. 31, 2009 Noncontrolling Interest	Dec. 31, 2008 Noncontrolling Interest	Dec. 31, 2007 Noncontrolling Interest
Beginning Balance	$86,648	$77,088						$14,448	$14,289	$14,126		$101,102	$82,329	$68,464		($3,924)	($2,015)			($434)	($454)			($26,376)	($18,892)	($12,395)
Shares, Beginning Balance																				14,168	14,168			438,445	352,243	278,118
Treasury stock transactions								183	159	163
Net Income Attributable to Chevron Corporation	10,483	23,931	18,688									10,483	23,931	18,688
Cash dividends on common stock												(5,302)	(5,162)	(4,791)
Adoption of new accounting standard for uncertain income tax positions												0	0	(35)
Tax benefit from dividends paid on unallocated ESOP shares and other												6	4	3
Notes Receivable - Key Employees	0	0	(1)
Currency translation adjustment
Currency Translation Adjustment, Beginning Balance																(171)	(59)	(90)
Unrealized net change arising during period	60	(112)	31													60	(112)	31
Currency Translation Adjustment, Ending Balance																(111)	(171)	(59)	(90)
Pension And Other Postretirement Benefit Plans
Pension and other postretirement benefit plans, Beginning Balance																(3,909)	(2,008)	(2,585)
Change to defined benefit plans during year																(399)	(1,901)	685
Adoption of new accounting standard for defined benefit pension and other retirement plans																0	0	(108)
Pension and other postretirement benefit plans, Ending Balance																(4,308)	(3,909)	(2,008)	(2,585)
Unrealized Net Holding Gain On Securities
Unrealized net holding gain on securities, Beginning Balance																13	19	0
Change during year (Unrealized net holding gain on securities)	2	(6)	19													2	(6)	19
Unrealized net holding gain on securities, Ending Balance																15	13	19	0
Net derivatives gain (loss) on hedge transactions
Net derivatives gain (loss) on hedge transactions, Beginning Balance																143	33	39
Change during year (derivatives)																(60)	110	(6)
Net derivatives gain (loss) on hedge transactions, Ending Balance																83	143	33	39
Deferred Compensation and Benefit Plan Trust Deferred Compensation, Beginning Balance																				(194)	(214)	(214)
Net reduction of ESOP debt and other																				85	20	0
Deferred Compensation and Benefit Plan Trust Deferred Compensation, Ending Balance																				(109)	(194)	(214)	(214)
Benefit Plan Trust (Common Stock)																				(240)	(240)	(240)
Benefit Plan Trust (Common Stock), shares																				14,168	14,168	14,168
Treasury Stock at cost, Purchases																								(6)	(8,011)	(7,036)
Treasury Stock at cost, Purchases, shares																								85	95,631	85,429
Issuances- mainly employee benefit plans																								214	527	539
Issuances - mainly employee benefit plans, shares																								(3,575)	(9,429)	(11,304)
Ending Balance	91,914	86,648	77,088	1,832	1,832	1,832	1,832	14,631	14,448	14,289	14,126	106,289	101,102	82,329	68,464	(4,321)	(3,924)	(2,015)		(349)	(434)	(454)		(26,168)	(26,376)	(18,892)	(12,395)
Shares, Ending Balance				2,442,677	2,442,677	2,442,677	2,442,677													14,168	14,168	14,168		434,955	438,445	352,243	278,118
Noncontrolling interests	647	469																										647	469	204
Total Equity	$92,561	$87,117	$77,292

Summary of Significant Accounti

Summary of Significant Accounting Policies
	12 Months Ended Dec. 31, 2009
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 Summary of Significant Accounting Policies General Upstreamoperations consist of primarily exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation, regasification, storage and marketing associated with natural gas; transporting crude oil by major international oil-export pipelines; and a gas-to-liquids project. Downstreamoperations relate primarily to refining crude oil into petroleum products; marketing of crude oil and refined products; transporting 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 additives for fuels and lubricant oils. The companys Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America. These require the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and judgments, actual results could differ from these estimates as future confirming events occur. The nature of the companys operations and the many countries in which it operates subject the company to changing economic, regulatory and political conditions. The company does not believe it is vulnerable to the risk of near-term severe impact as a result of any concentration of its activities. Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary companies more than 50percent-owned and variable-interest entities in which the company is the primary beneficiary. Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis. Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately 20percent to 50percent or for which the company exercises significant influence but not control over policy decisions are accounted for by the equity method. As part of that accounting, the company recognizes gains and losses that arise from the issuance of stock by an affiliate that results in changes in the companys proportionate share of the dollar amount of the affiliates equity currently in income. Investments are assessed for possible impairment when events indicate that the fair value of the investment may be below the companys carrying value. When such a condition is deemed to be other than temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in net income. In making the determination as to whether a decline is other than temporary, the company considers such factors as the duration and extent of the decline, the investees financial performance, and the companys ability and intention to retain its investment for a period that will be sufficient to allow for any anticipated recovery in the investments market va

Noncontrolling Interests

Noncontrolling Interests
	12 Months Ended Dec. 31, 2009
Noncontrolling Interests [Abstract]
Noncontrolling Interests	Note 2 Noncontrolling Interests The company adopted accounting standards for noncontrolling interests (ASC 810) in the consolidated financial statements effective January1, 2009, and retroactive to the earliest period presented. Ownership interests in the companys subsidiaries held by parties other than the parent are presented separately from the parents equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the parent and the noncontrolling interests are both presented on the face of the Consolidated Statement of Income. The term earnings is defined as Net Income Attributable to Chevron Corporation. Activity for the equity attributable to noncontrolling interests for 2009, 2008 and 2007 is as follows: 2009 2008 2007 Balance at January 1 $ 469 $ 204 $ 209 Net income 80 100 107 Distributions to noncontrolling interests (71 ) (99 ) (77 ) Other changes, net 169 264 (35 ) Balance at December 31 $ 647 $ 469 $ 204

Equity

Equity
	12 Months Ended Dec. 31, 2009
Equity [Abstract]
Equity	Note 3 Equity Retained earnings at December31, 2009 and 2008, included approximately $8,122 and $7,951, respectively, for the companys share of undistributed earnings of equity affiliates. At December31, 2009, about 94million shares of Chevrons common stock remained available for issuance from the 160million shares that were reserved for issuance under the Chevron Corporation Long-Term Incentive Plan (LTIP). In addition, approximately 342,000 shares remain available for issuance from the 800,000 shares of the companys common stock that were reserved for awards under the Chevron Corporation Non-Employee Directors Equity Compensation and Deferral Plan (Non-Employee DirectorsPlan).

Information Relating to the Con

Information Relating to the Consolidated Statements of Cash Flows
	12 Months Ended Dec. 31, 2009
Information Relating to the Consolidated Statements of Cash Flows [Abstract]
Information Relating to the Consolidated Statements of Cash Flows	Note 4 Information Relating to the Consolidated Statements of Cash Flows Year ended December 31 2009 2008 2007 Net (increase)decrease in operating working capital was composed of the following: (Increase) decrease in accounts and notes receivable $ (1,476 ) $ 6,030 $ (3,867 ) Decrease (increase)in inventories 1,213 (1,545 ) (749 ) Increase in prepaid expenses and other current assets (264 ) (621 ) (370 ) (Decrease) increase in accounts payable and accrued liabilities (1,121 ) (4,628 ) 4,930 (Decrease) increase in income and other taxes payable (653 ) (909 ) 741 Net (increase)decrease in operating working capital $ (2,301 ) $ (1,673 ) $ 685 Net cash provided by operating activities includes the following cash payments for interest and income taxes: Interest paid on debt (net of capitalized interest) $ $ $ 203 Income taxes $ 7,537 $ 19,130 $ 12,340 Net sales of marketable securities consisted of the following gross amounts: Marketable securities sold $ 157 $ 3,719 $ 2,160 Marketable securities purchased (30 ) (3,236 ) (1,975 ) Net sales of marketable securities $ 127 $ 483 $ 185 In accordance with accounting standards for cash-flow classifications for stock options (ASC 718), the Net (increase) decrease in operating working capital includes reductions of $25, $106 and $96 for excess income tax benefits associated with stock options exercised during 2009, 2008 and 2007, respectively. These amounts are offset by an equal amount in Net sales (purchases)of treasury shares. The Net sales (purchases)of treasury shares represents the cost of common shares purchased less the cost of shares issued for share-based compensation plans. Purchases totaled $6, $8,011 and $7,036 in 2009, 2008 and 2007, respectively. Purchases in 2008 and 2007 included shares purchased under the companys common stock repurchase programs. In 2009, Net sales (purchases)of other short-term investments consisted of $123 in restricted cash associated with capital-investment projects at the companys Pascagoula, Mississippi refinery and the Angola liquefied-natural-gas project that was invested in short-term securities and reclassified from Cash and cash equivalents to Deferred charges and other assets on the Consolidated Balance Sheet. The company issued $350 and $650, in 2009 and 2007 respectively, of tax exempt Mississippi Gulf Opportunity Zone Bonds as a source of funds for Pascagoula Refinery projects. The Consolidated Statement of Cash Flows for 2009 excludes changes to the Consolidated Balance Sheet that did not affect cash. In 2008, Net sales (purchases)of treasury shares excludes $680 of treasury shares acquired in exchange for a U.S. upstream property and $280 in cash. The carrying value of this property in Properties, plant and equipment on the Consolidated Balance Sheet was not signif

Summarized Financial Data - Che

Summarized Financial Data - Chevron U.S.A. Inc.
	12 Months Ended Dec. 31, 2009
Summarized Financial Data - Chevron U.S.A. Inc. [Abstract]
Summarized Financial Data - Chevron U.S.A. Inc.	Note 5 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 Chevrons U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas and natural gas liquids and those associated with the refining, marketing, supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the companys investment in the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method. During 2008, Chevron implemented legal reorganizations in which certain Chevron subsidiaries transferred assets to or under CUSA. The summarized financial information for CUSA and its consolidated subsidiaries presented in the table below gives retroactive effect to the reorganizations as if they had occurred on January1, 2007. However, the financial information in the following table may not reflect the financial position and operating results in the future or the historical results in the periods presented if the reorganization actually had occurred on that date. The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Year ended December 31 2009 2008 2007 Sales and other operating revenues $ 121,553 $ 195,593 $ 153,574 Total costs and other deductions 120,053 185,788 147,509 Net income attributable to CUSA 1,141 7,318 5,191 At December 31 2009 2008 Current assets $ 23,286 $ 32,760 Other assets 32,827 31,806 Current liabilities 16,098 14,322 Other liabilities 14,625 14,049 Total CUSA net equity 25,390 36,195 Memo: Total debt $6,999 $6,813 The amount for the years ended December31, 2008, and December31, 2007, for Net income attributable to CUSA and the balances at December31, 2008, for Other liabilities and Total CUSA net equity have been adjusted by immaterial amounts associated with the allocation of income-tax liabilities among Chevron Corporation subsidiaries.

1_Summarized Financial Data - C

Summarized Financial Data - Chevron Transport Corporation Ltd.
	12 Months Ended Dec. 31, 2009
Summarized Financial Data - Chevron Transport Corporation Ltd. [Abstract]
Summarized Financial Data - Chevron Transport Corporation Ltd.	Note 6 Summarized Financial Data Chevron Transport Corporation Ltd. Chevron Transport Corporation Ltd. (CTC), incorporated in Bermuda, is an indirect, wholly owned subsidiary of Chevron Corporation. CTC is the principal operator of Chevrons international tanker fleet and is engaged in the marine transportation of crude oil and refined petroleum products. Most of CTCs shipping revenue is derived from providing transportation services to other Chevron companies. Chevron Corporation has fully and unconditionally guaranteed this subsidiarys obligations in connection with certain debt securities issued by a third party. Summarized financial information for CTC and its consolidated subsidiaries is as follows: Year ended December 31 2009 2008 2007 Sales and other operating revenues $ 683 $ 1,022 $ 667 Total costs and other deductions 810 947 713 Net income attributable to CTC (124 ) 120 (39 ) At December 31 2009 2008 Current assets $ 377 $ 482 Other assets 173 172 Current liabilities 115 98 Other liabilities 90 88 Total CTC net equity 345 468 There were no restrictions on CTCs ability to pay dividends or make loans or advances at December31, 2009.

Summarized Financial Data - Ten

Summarized Financial Data - Tengizchevroil LLP
	12 Months Ended Dec. 31, 2009
Summarized Financial Data - Tengizchevroil LLP [Abstract]
Summarized Financial Data - Tengizchevroil LLP	Note 7 Summarized Financial Data Tengizchevroil LLP Chevron has a 50percent equity ownership interest in Tengizchevroil LLP (TCO). Refer to Note 12, on page 41, for a discussion of TCO operations. Summarized financial information for 100percent of TCO is presented in the following table: Year ended December 31 2009 2008 2007 Sales and other operating revenues $ 12,013 $ 14,329 $ 8,919 Costs and other deductions 6,044 5,621 3,387 Net income attributable to TCO 4,178 6,134 3,952 At December 31 2009 2008 Current assets $ 3,190 $ 2,740 Other assets 12,022 12,240 Current liabilities 2,426 1,867 Other liabilities 4,484 4,759 Total TCO net equity 8,302 8,354

Lease Commitments

Lease Commitments
	12 Months Ended Dec. 31, 2009
Lease Commitments [Abstract]
Lease Commitments	Note 8 Lease Commitments Certain noncancelable leases are classified as capital leases, and the leased assets are included as part of Properties, plant and equipment, at cost on the Consolidated Balance Sheet. Such leasing arrangements involve tanker charters, crude-oil production and processing equipment, service stations, office buildings, and other facilities. Other leases are classified as operating leases and are not capitalized. The payments on such leases are recorded as expense. Details of the capitalized leased assets are as follows: At December 31 2009 2008 Upstream $ 510 $ 491 Downstream 334 401 All other 169 169 Total 1,013 1,061 Less: Accumulated amortization 585 522 Net capitalized leased assets $ 428 $ 539 Rental expenses incurred for operating leases during 2009, 2008 and 2007 were as follows: Year ended December 31 2009 2008 2007 Minimum rentals $ 2,179 $ 2,984 $ 2,419 Contingent rentals 7 6 6 Total 2,186 2,990 2,425 Less: Sublease rental income 41 41 30 Net rental expense $ 2,145 $ 2,949 $ 2,395 Contingent rentals are based on factors other than the passage of time, principally sales volumes at leased service stations. Certain leases include escalation clauses for adjusting rentals to reflect changes in price indices, renewal options ranging up to 25years, and options to purchase the leased property during or at the end of the initial or renewal lease period for the fair market value or other specified amount at that time. At December31, 2009, the estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases, which at inception had a non-cancelable term of more than one year, were as follows: At December 31 Operating Capital Leases Leases Year: 2010 568 90 2011 438 81 2012 406 87 2013 372 60 2014 347 44 Thereafter 1,233 137 Total $ 3,364 $ 499 Less: Amounts representing interest and executory costs (104 ) Net present values 395 Less: Capital lease obligations included in short-term debt (94 ) Long-term capital lease obligations $ 301

Fair Value Measurements

Fair Value Measurements
	12 Months Ended Dec. 31, 2009
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 9 Fair Value Measurements Accounting standards for fair-value measurement (ASC 820) establish a framework for measuring fair value and stipulate disclosures about fair-value measurements. The standards apply to recurring and nonrecurring financial and nonfinancial assets and liabilities that require or permit fair-value measurements. ASC 820 became effective for Chevron on January1, 2008, for all financial assets and liabilities and recurring nonfinancial assets and liabilities. On January1, 2009, the standard became effective for nonrecurring nonfinancial assets and liabilities. Among the required disclosures is the fair-value hierarchy of inputs the company uses to value an asset or a liability. The three levels of the fair-value hierarchy 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. In 2009, the company used Level 3 inputs to determine the fair value of certain nonrecurring nonfinancial assets. The fair-value hierarchy for recurring assets and liabilities measured at fair value at December31, 2009, and December31, 2008, is as follows: Assets and Liabilities Measured at Fair Value on a Recurring Basis Prices in Active Prices in Active Markets for Other Markets for Other Identical Observable Unobservable Identical Observable Unobservable At December 31 Assets/Liabilities Inputs Inputs At December 31 Assets/Liabilities Inputs Inputs 2009 (Level 1) (Level 2) (Level 3) 2008 (Level 1) (Level 2) (Level 3) Marketable Securities $ 106 $ 106 $ $ $ 213 $ 213 $ $ Derivatives 127 14 113 805 529 276 Total Recurring Assets at Fair Value $ 233 $ 120 $ 113 $ $ 1,018 $ 742 $ 276 $ Derivatives $ 101 $ 20 $ 81 $ $ 516 $ 98 $ 418 $ Total Recurring Liabilities at Fair Va

Financial and Derivative Instru

Financial and Derivative Instruments
	12 Months Ended Dec. 31, 2009
Financial and Derivative Instruments [Abstract]
Financial and Derivative Instruments	Note 10 Financial and Derivative Instruments Derivative Commodity Instruments Chevron is exposed to market risks related to price volatility of crude oil, refined products, natural gas, natural gas liquids, liquefied natural gas and refinery feedstocks. The company uses derivative commodity instruments to manage these exposures on a portion of its activity, including firm commitments and anticipated transactions for the purchase, sale and storage of crude oil, refined products, natural gas, natural gas liquids and feedstock for company refineries. From time to time, the company also uses derivative commodity instruments for limited trading purposes. The companys derivative commodity instruments principally include crude-oil, natural-gas and refined-product futures, swaps, options and forward contracts. None of the companys derivative instruments is designated as a hedging instrument, although certain of the companys affiliates make such designation. The companys derivatives are not material to the companys 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 International Swaps and Derivatives Association agreements to govern derivative contracts with certain counterparties to mitigate credit risk. Depending on the nature of the derivative transactions, bilateral collateral arrangements may also be required. When the company is engaged in more than one outstanding derivative transaction with the same counterparty and also has a legally enforceable netting agreement with that counterparty, the net mark-to-market exposure represents the netting of the positive and negative exposures with that counterparty and is a reasonable measure of the companys credit risk exposure. The company also uses other netting agreements with certain counterparties with which it conducts significant transactions to mitigate credit risk. Derivative instruments measured at fair value at December31, 2009, and December31, 2008, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments Asset Derivatives Fair Value Liability Derivatives Fair Value Type of Balance Sheet At December 31 At December 31 Balance Sheet At December 31 At December 31 Derivative Contract Classification 2009 2008 Classification 2009 2008 Foreign Exchange Accounts and notes receivable, net $ $ 11 Accrued liabilities $ $ 89 Commodity Accounts and notes receivable, net 99 764 Accounts payable 73 344 Commodity Long-term receivables, net 28 30 Deferred credits and other noncurrent obligations 28 83 $ 127 $ 805 $ 101 $ 516 Consolidated Statement of Income: The Effect of Derivatives Not Designat

Operating Segments and Geograph

Operating Segments and Geographic Data
	12 Months Ended Dec. 31, 2009
Operating Segments and Geographic Data [Abstract]
Operating Segments and Geographic Data	Note 11 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 companys reportable segments and operating segments as defined in accounting standards for segment reporting (ASC 280). Upstream operations consist primarily of exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation, regasification, storage and marketing associated with natural gas; transporting crude oil by major international oil-export pipelines; and a gas-to-liquids project. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil and refined products; transporting 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 additives for fuels and lubricant oils. All Other activities of the company include mining operations, power generation businesses, worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, energy services, alternative fuels and technology, and the companys interest in Dynegy (through May 2007, when Chevron sold its interest). The segments are separately managed for investment purposes under a structure that includes segment managers who report to the companys chief operating decision maker (CODM) (terms as defined in ASC 280). The CODM is the companys Executive Committee, a committee of senior officers that includes the Chief Executive Officer and that, in turn, reports to the Board of Directors of Chevron Corporation. The operating segments represent components of the company, as described in accounting standards for segment reporting (ASC 280), 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 to assess their performance; and (c)for which discrete financial information is available. Segment managers for the reportable segments are directly accountable to and maintain regular contact with the companys CODM to discuss the segments operating activities and financial performance. The CODM approves annual capital and exploratory budgets at the reportable segment level, as well as reviews capital and exploratory funding for major projects and approves major changes to the annual capital and exploratory budgets. However, business-unit managers within the operating segments are directly responsible for decisions relating to project implementation and all other matters connected with daily operations. Company officers who are members of the Executive Committee also have individual management responsibilities and participate in other committees for purposes other than acting as the CODM. The companys primary country of oper

Investments and Advances

Investments and Advances
	12 Months Ended Dec. 31, 2009
Investments and Advances [Abstract]
Investments and Advances	Note 12 Investments and Advances Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost, is shown in the table below. For certain equity affiliates, Chevron pays its share of some income taxes directly. For such affiliates, the equity in earnings does not include these taxes, which are reported on the Consolidated Statement of Income as Income tax expense. Investments and Advances Equity in Earnings At December 31 Year ended December 31 2009 2008 2009 2008 2007 Upstream Tengizchevroil $ 5,938 $ 6,290 $ 2,216 $ 3,220 $ 2,135 Petropiar/Hamaca 1,139 1,130 122 317 327 Caspian Pipeline Consortium 852 749 105 103 102 Petroboscan 832 816 171 244 185 Angola LNG Limited 1,853 1,191 (12 ) (8 ) 21 Other 1,947 1,893 287 424 399 Total Upstream 12,561 12,069 2,889 4,300 3,169 Downstream GS Caltex Corporation 2,406 2,601 (191 ) 444 217 Chevron Phillips Chemical Company LLC 2,327 2,037 328 158 380 Star Petroleum Refining Company Ltd. 873 877 (4 ) 22 157 Caltex Australia Ltd. 740 723 11 250 129 Colonial Pipeline Company 514 536 51 32 39 Other 540 521 149 140 129 Total Downstream 7,400 7,295 344 1,046 1,051 All Other Other 507 567 83 20 (76 ) Total equity method $ 20,468 $ 19,931 $ 3,316 $ 5,366 $ 4,144 Other at or below cost 690 989 Total investments and advances $ 21,158 $ 20,920 Total United States $ 4,195 $ 4,002 $ 511 $ 307 $ 478 Total International $ 16,963 $ 16,918 $ 2,805 $ 5,059 $ 3,666 Descriptions of major affiliates, including significant differences between the companys carrying value of its investments and its underlying equity in the net assets of the affiliates, are as follows: Tengizchevroil Chevron has a 50percent equity ownership interest in Tengizchevroil (TCO), a joint venture formed in 1993 to develop the Tengiz and Korolev crude-oil fields in Kazakhstan over a 40-year period. At December31, 2009, the companys carrying value of its investment in TCO was about $200 higher than the amount of underlying equity in TCOs net assets. This difference results from Chevron acquiring a portion of its interest in TCO at a value greater than the underlying book value for that portion of TCOs net assets.

Properties, Plant and Equipment

Properties, Plant and Equipment
	12 Months Ended Dec. 31, 2009
Properties, Plant and Equipment [Abstract]
Properties, Plant and Equipment	Note 13 Properties, Plant and Equipment1 At December 31 Year ended December 31 Gross Investment at Cost Net Investment Additions at Cost2 Depreciation Expense3 2009 2008 2007 2009 2008 2007 2009 2008 2007 2009 2008 2007 Upstream United States $ 58,328 $ 54,878 $ 51,789 $ 22,273 $ 22,701 $ 20,263 $ 3,518 $ 5,395 $ 5,756 $ 3,992 $ 2,704 $ 2,718 International 96,557 86,676 72,138 57,450 53,371 44,017 10,803 14,997 10,514 6,669 5,461 4,623 Total Upstream 154,885 141,554 123,927 79,723 76,072 64,280 14,321 20,392 16,270 10,661 8,165 7,341 Downstream United States 18,962 17,397 15,687 10,032 8,908 7,580 1,874 2,061 1,523 666 627 510 International 9,852 10,021 10,556 4,154 4,266 4,557 456 537 570 454 482 641 Total Downstream 28,814 27,418 26,243 14,186 13,174 12,137 2,330 2,598 2,093 1,120 1,109 1,151 All Other4 United States 4,569 4,310 3,873 2,548 2,523 2,179 354 598 680 325 250 215 International 20 17 41 11 11 14 3 5 5 4 4 1 Total All Other 4,589 4,327 3,914 2,559 2,534 2,193 357 603 685 329 254 216 Total United States 81,859 76,585 71,349 34,853 34,132 30,022 5,746 8,054 7,959 4,983 3,581 3,443 Total International 106,429 96,714 82,735 61,615 57,648 48,588 11,262 15,539 11,089 7,127 5,947 5,265 Total $ 188,288 $ 173,299 $ 154,084 $ 96,468 $ 91,780 $ 78,610 $ 17,008 $ 23,593 $ 19,048 $ 12,110 $ 9,528 $ 8,708 1 Other than the United States and Nigeria, no other country accounted for 10 percent or more of the companys net properties, plant and equipment (PPE) in 2009 and 2008. Only the United States had more than 10percent in 2007. Nigeria had net PPE of $12,463 and $10,730 for 2009 and 2008, respectively. 2 Net of dry hole expense related to prior ye

Litigation

Litigation
	12 Months Ended Dec. 31, 2009
Litigation [Abstract]
Litigation	Note 14 Litigation MTBE Chevron and many other companies in the petroleum industry have used methyl tertiary butyl ether (MTBE)as a gasoline additive. Chevron is a party to 50 pending lawsuits and claims, the majority of which involve numerous other petroleum marketers and refiners. Resolution of these lawsuits and claims may ultimately require the company to correct or ameliorate the alleged effects on the environment of prior release of MTBE by the company or other parties. Additional lawsuits and claims related to the use of MTBE, including personal-injury claims, may be filed in the future. The companys ultimate exposure related to pending lawsuits and claims is not determinable, but could be material to net income in any one period. The company no longer uses MTBE in the manufacture of gasoline in the United States. Ecuador Chevron is a defendant in a civil lawsuit before the Superior Court of Nueva Loja in Lago Agrio, Ecuador, brought in May2003 by plaintiffs who claim to be representatives of certain residents of an area where an oil production consortium formerly had operations. The lawsuit alleges damage to the environment from the oil exploration and production operations and seeks unspecified damages to fund environmental remediation and restoration of the alleged environmental harm, plus a health monitoring program. Until 1992, Texaco Petroleum Company (Texpet), a subsidiary of Texaco Inc., was a minority member of this consortium with Petroecuador, the Ecuadorian state-owned oil company, as the majority partner; since 1990, the operations have been conducted solely by Petroecuador. At the conclusion of the consortium and following an independent third-party environmental audit of the concession area, Texpet entered into a formal agreement with the Republic of Ecuador and Petroecuador for Texpet to remediate specific sites assigned by the government in proportion to Texpets ownership share of the consortium. Pursuant to that agreement, Texpet conducted a three-year remediation program at a cost of $40. After certifying that the sites were properly remediated, the government granted Texpet and all related corporate entities a full release from any and all environmental liability arising from the consortium operations. Based on the history described above, Chevron believes that this lawsuit lacks legal or factual merit. As to matters of law, the company believes first, that the court lacks jurisdiction over Chevron; second, that the law under which plaintiffs bring the action, enacted in 1999, cannot be applied retroactively; third, that the claims are barred by the statute of limitations in Ecuador; and, fourth, that the lawsuit is also barred by the releases from liability previously given to Texpet by the Republic of Ecuador and Petroecuador. With regard to the facts, the company believes that the evidence confirms that Texpets remediation was properly conducted and that the remaining environmental damage reflects Petroecuadors failure to timely fulfill its legal obligations and Petroecuadors further conduct since assuming full control over the operations. In April2008, a mining engineer appointed by the court

Taxes

Taxes
	12 Months Ended Dec. 31, 2009
Taxes [Abstract]
Taxes	Note 15 Taxes Income Taxes Year ended December 31 2009 2008 2007 Taxes on income U.S. Federal Current $ 128 $ 2,879 $ 1,446 Deferred (147 ) 274 225 State and local Current 216 528 356 Deferred 14 141 (18 ) Total United States 211 3,822 2,009 International Current 7,154 15,021 11,416 Deferred 600 183 54 Total International 7,754 15,204 11,470 Total taxes on income $ 7,965 $ 19,026 $ 13,479 In 2009, before-tax income for U.S. operations, including related corporate and other charges, was $1,310, compared with before-tax income of $10,765 and $7,886 in 2008 and 2007, respectively. For international operations, before-tax income was $17,218, $32,292 and $24,388 in 2009, 2008 and 2007, respectively. U.S. federal income tax expense was reduced by $204, $198 and $132 in 2009, 2008 and 2007, respectively, for business tax credits. The reconciliation between the U.S. statutory federal income tax rate and the companys effective income tax rate is explained in the following table: Year ended December 31 2009 2008 2007 U.S. statutory federal income tax rate 35.0 % 35.0 % 35.0 % Effect of income taxes from international operations at rates different from the U.S. statutory rate 10.4 10.1 8.2 State and local taxes on income, net of U.S. federal income tax benefit 0.9 1.0 0.8 Prior-year tax adjustments (0.3 ) (0.1 ) 0.3 Tax credits (1.1 ) (0.5 ) (0.4 ) Effects of enacted changes in tax laws 0.1 (0.6 ) (0.3 ) Other (2.0 ) (0.7 ) (1.8 ) Effective tax rate 43.0 % 44.2 % 41.8 % The companys effective tax rate decreased from 44.2percent in 2008 to 43.0 percent in 2009. The rate was lower in 2009 mainly due to the effect of deferred tax benefits and relatively low tax rates on asset sales, both related to an international upstream project. In addition, a greater proportion of before-tax income was earned in 2009 by equity affiliates than in 2008. (Equity-affiliate income is reported as a single amount on an after-tax basis on the Consolidated Statement of Income.) Partially offsetting these items was the effect of a greater proportion of income earned in 2009 in tax jurisdictions with higher tax rates. The company records its deferred taxes on a tax-jurisdiction basis and classifies those net amounts as current or noncurrent based on the balance sheet classification of the related assets or liabilities. The reported deferred tax balances are composed of the following: At December 31 2009 2008 Deferred tax liabilities Properties, plant and equipment $ 18,545 $ 18,271 Invest

Short-Term Debt

Short-Term Debt
	12 Months Ended Dec. 31, 2009
Short-Term Debt [Abstract]
Short-Term Debt	Note 16 Short-Term Debt At December 31 2009 2008 Commercial paper* $ 2,499 $ 5,742 Notes payable to banks and others with originating terms of one year or less 213 149 Current maturities of long-term debt 66 429 Current maturities of long-term capital leases 76 78 Redeemable long-term obligations Long-term debt 1,702 1,351 Capital leases 18 19 Subtotal 4,574 7,768 Reclassified to long-term debt (4,190 ) (4,950 ) Total short-term debt $ 384 $ 2,818 * Weighted-average interest rates at December31, 2009 and 2008, were 0.08percent and 0.67percent, respectively. Redeemable long-term obligations consist primarily of tax-exempt variable-rate put bonds that are included as current liabilities because they become redeemable at the option of the bondholders within one year following the balance sheet date. In 2009, $350 of tax-exempt Gulf Opportunity Zone bonds related to projects at the Pascagoula Refinery were issued. The company periodically enters into interest rate swaps on a portion of its short-term debt. At December31, 2009, the company had no interest rate swaps on short-term debt. See Note 10, beginning on page 37, for information concerning the companys debt-related derivative activities. At December31, 2009, the company had $5,100 of committed credit facilities with banks worldwide, which permit the company to refinance short-term obligations on a long-term basis. The facilities support the companys commercial paper borrowings. Interest on borrowings under the terms of specific agreements may be based on the London Interbank Offered Rate or bank prime rate. No amounts were outstanding under these credit agreements during 2009 or at year-end. At December31, 2009 and 2008, the company classified $4,190 and $4,950, respectively, of short-term debt as long-term. Settlement of these obligations is not expected to require the use of working capital in 2010, as the company has both the intent and the ability to refinance this debt on a long-term basis.

Long-Term Debt

Long-Term Debt
	12 Months Ended Dec. 31, 2009
Long-Term Debt [Abstract]
Long-Term Debt	Note 17 Long-Term Debt Total long-term debt, excluding capital leases, at December31, 2009, was $9,829. The companys long-term debt outstanding at year-end 2009 and 2008 was as follows: At December 31 2009 2008 3.95% notes due 2014 $ 1,997 $ 3.45% notes due 2012 1,500 4.95% notes due 2019 1,500 5.5% notes due 2009 400 8.625% debentures due 2032 147 147 7.327% amortizing notes due 20141 109 194 8.625% debentures due 2031 107 108 7.5% debentures due 2043 83 85 8% debentures due 2032 74 74 9.75% debentures due 2020 56 56 8.875% debentures due 2021 40 40 8.625% debentures due 2010 30 30 Medium-term notes, maturing from 2021 to 2038 (5.97%)2 38 38 Fixed interest rate notes, maturing 2011 (9.378%)2 19 21 Other foreign currency obligations 13 Other long-term debt (6.69%)2 5 15 Total including debt due within one year 5,705 1,221 Debt due within one year (66 ) (429 ) Reclassified from short-term debt 4,190 4,950 Total long-term debt $ 9,829 $ 5,742 1 Guarantee of ESOP debt. 2 Weighted-average interest rate at December31, 2009. Long-term debt of $5,705 matures as follows: 2010 $66; 2011 $33; 2012 $1,520; 2013 $21; 2014 $2,020; and after 2014 $2,045. In 2009, $5,000 of public bonds was issued, and $400 of Texaco Capital Inc. bonds matured. In 2008, debt totaling $822 matured, including $749 of Chevron Canada Funding Company notes.

New Accounting Standards

New Accounting Standards
	12 Months Ended Dec. 31, 2009
New Accounting Standards [Abstract]
New Accounting Standards	Note 18 New Accounting Standards The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles a replacement of FASB Statement No.162 (FAS 168) In June2009, the FASB issued FAS 168, which became effective for the company in the quarter ending September30, 2009. This standard established the FASB Accounting Standards Codification (ASC)system as the single authoritative source of U.S. generally accepted accounting principles (GAAP)and superseded existing literature of the FASB, Emerging Issues Task Force, American Institute of CPAs and other sources. The ASC did not change GAAP, but organized the literature into about 90 accounting Topics. Adoption of the ASC did not affect the companys accounting. Employers Disclosures About Postretirement Benefit Plan Assets (FSP FAS 132(R)-1) In December2008, the FASB issued FSP FAS 132(R)-1, which was subsequently codified into ASC 715, Compensation Retirement Benefits, and became effective with the companys reporting at December31, 2009. This standard amended and expanded the disclosure requirements for the plan assets of defined benefit pension and other postretirement plans. Refer to information beginning on page 50 in Note 21, Employee Benefits, for these disclosures. Transfers and Servicing (ASC 860), Accounting for Transfers of Financial Assets (ASU 2009-16) The FASB issued ASU 2009-16 in December2009. This standard became effective for the company on January 1, 2010. ASU 2009-16 changes how companies account for transfers of financial assets and eliminates the concept of qualifying special-purpose entities. Adoption of the guidance is not expected to have an impact on the companys results of operations, financial position or liquidity. Consolidation (ASC 810), Improvements to Financial Reporting by Enterprises Involved With Variable Interest Entities (ASU 2009-17) The FASB issued ASU 2009-17 in December2009. This standard became effective for the company January1, 2010. ASU 2009-17 requires the enterprise to qualitatively assess if it is the primary beneficiary of a variable-interest entity (VIE), and, if so, the VIE must be consolidated. Adoption of the standard is not expected to have a material impact on the companys results of operations, financial position or liquidity. Extractive Industries Oil and Gas (ASC 932), Oil and Gas Reserve Estimation and Disclosures (ASU 2010-03) In January2010, the FASB issued ASU 2010-03, which became effective for the company on December31, 2009. The standard amends certain sections of ASC 932, Extractive Industries Oil and Gas, to align them with the requirements in the Securities and Exchange Commissions final rule, Modernization of the Oil and Gas Reporting Requirements (the final rule). The final rule was issued on December31, 2008. Refer to Table V Reserve Quantity Information, beginning on page FS-69 in our 2009 Form 10-K, for additional information on the final rule and the impact of adoption.

Accounting for Suspended Explor

Accounting for Suspended Exploratory Wells
	12 Months Ended Dec. 31, 2009
Accounting for Suspended Exploratory Wells [Abstract]
Accounting for Suspended Exploratory Wells	Note 19 Accounting for Suspended Exploratory Wells Accounting standards for the costs of exploratory wells (ASC 932) provide that exploratory well costs continue to be capitalized after the completion of drilling when (a)the well has found a sufficient quantity of reserves to justify completion as a producing well and (b)the enterprise is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met or if an enterprise obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense. The accounting standards provide a number of indicators that can assist an entity in demonstrating that sufficient progress is being made in assessing the reserves and economic viability of the project. The following table indicates the changes to the companys suspended exploratory well costs for the three years ended December31, 2009: 2009 2008 2007 Beginning balance at January 1 $ 2,118 $ 1,660 $ 1,239 Additions to capitalized exploratory well costs pending the determination of proved reserves 663 643 486 Reclassifications to wells, facilities and equipment based on the determination of proved reserves (174 ) (49 ) (23 ) Capitalized exploratory well costs charged to expense (172 ) (136 ) (42 ) Ending balance at December 31 $ 2,435 $ 2,118 $ 1,660 The following table provides an aging of capitalized well costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling. At December 31 2009 2008 2007 Exploratory well costs capitalized for a period of one year or less $ 564 $ 559 $ 449 Exploratory well costs capitalized for a period greater than one year 1,871 1,559 1,211 Balance at December 31 $ 2,435 $ 2,118 $ 1,660 Number of projects with exploratory well costs that have been capitalized for a period greater than one year* 46 50 54 * Certain projects have multiple wells or fields or both. Of the $1,871 of exploratory well costs capitalized for more than one year at December31, 2009, $1,143 (28 projects) is related to projects that had drilling activities under way or firmly planned for the near future. The $728 balance is related to 18 projects in areas requiring a major capital expenditure before production could begin and for which additional drilling efforts were not under way or firmly planned for the near future. Additional drilling was not deemed necessary because the presence of hydrocarbons had already been established, and other activities were in process to enable a future decision on project development. The projects for the $728 referenced ab

Stock Options and Other Share-B

Stock Options and Other Share-Based Compensation
	12 Months Ended Dec. 31, 2009
Stock Options and Other Share-Based Compensation [Abstract]
Stock Options and Other Share-Based Compensation	Note 20 Stock Options and Other Share-Based Compensation Compensation expense for stock options for 2009, 2008 and 2007 was $182 ($119 after tax), $168 ($109 after tax) and $146 ($95 after tax), respectively. In addition, compensation expense for stock appreciation rights, restricted stock, performance units and restricted stock units was $170 ($110 after tax), $132 ($86 after tax) and $205 ($133 after tax) for 2009, 2008 and 2007, respectively. No significant stock-based compensation cost was capitalized at December31, 2009 and 2008. Cash received in payment for option exercises under all share-based payment arrangements for 2009, 2008 and 2007 was $147, $404 and $445, respectively. Actual tax benefits realized for the tax deductions from option exercises were $25, $103 and $94 for 2009, 2008 and 2007, respectively. Cash paid to settle performance units and stock appreciation rights was $89, $136 and $88 for 2009, 2008 and 2007, respectively. Chevron Long-Term Incentive Plan (LTIP) Awards under the LTIP may take the form of, but are not limited to, stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and nonstock grants. From April2004 through January2014, no more than 160 million shares may be issued under the LTIP, and no more than 64million of those shares may be in a form other than a stock option, stock appreciation right or award requiring full payment for shares by the award recipient. Texaco Stock Incentive Plan (Texaco SIP) On the closing of the acquisition of Texaco in October 2001, outstanding options granted under the Texaco SIP were converted to Chevron options. These options, which have 10-year contractual lives extending into 2011, retained a provision for being restored. This provision enables a participant who exercises a stock option to receive new options equal to the number of shares exchanged or who has shares withheld to satisfy tax withholding obligations to receive new options equal to the number of shares exchanged or withheld. The restored options are fully exercisable six months after the date of grant, and the exercise price is the market value of the common stock on the day the restored option is granted. Beginning in 2007, restored options were issued under the LTIP. No further awards may be granted under the former Texaco plans. Unocal Share-Based Plans (Unocal Plans) When Chevron acquired Unocal in August2005, outstanding stock options and stock appreciation rights granted under various Unocal Plans were exchanged for fully vested Chevron options and appreciation rights. These awards retained the same provisions as the original Unocal Plans. If not exercised, these awards will expire between early 2010 and early 2015. The fair market values of stock options and stock appreciation rights granted in 2009, 2008 and 2007 were measured on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions: Year ended December 31 2009 2008 2007 Stock Options Expected term in years1 6.0 6.1 6.3 Volat

Employee Benefit Plans

Employee Benefit Plans
	12 Months Ended Dec. 31, 2009
Employee Benefit Plans [Abstract]
Employee Benefit Plans	Note 21 Employee Benefit Plans The company has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act (ERISA)minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the companys other investment alternatives. The company also sponsors other postretirement (OPEB)plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and retirees share the costs. Medical coverage for Medicare-eligible retirees in the companys main U.S. medical plan is secondary to Medicare (including PartD), and the increase to the company contribution for retiree medical coverage is limited to no more than 4 percent per year. Certain life insurance benefits are paid by the company. Under accounting standards for postretirement benefits (ASC 715), the company recognizes the overfunded or underfunded status of each of its defined benefit pension and OPEB as an asset or liability on the Consolidated Balance Sheet. The funded status of the companys pension and other postretirement benefit plans for 2009 and 2008 is on the following page: Pension Benefits 2009 2008 Other Benefits U.S. Intl. U.S. Intl. 2009 2008 Change in Benefit Obligation Benefit obligation at January 1 $ 8,127 $ 3,891 $ 8,395 $ 4,633 $ 2,931 $ 2,939 Service cost 266 128 250 132 43 44 Interest cost 481 292 499 292 180 178 Plan participants contributions 7 9 145 152 Plan amendments 1 10 32 20 Curtailments (5 ) Actuarial loss (gain) 1,391 299 (62 ) (104 ) 56 (14 ) Foreign currency exchange rate changes 333 (858 ) 27 (28 ) Benefits paid (602 ) (245 ) (955 ) (246 ) (332 ) (340 ) Special termination benefits 1 Benefit obligation at December 31 9,664 4,715 8,127 3,891 3,065 2,931 Change in Plan Assets Fair value of plan assets at January 1 5,448 2,600 7,918 3,892 Actual return on plan assets 964 402 (2,092 ) (655 ) Foreign currency exchange rate changes 226 (662 )

Other Contingencies and Commitm

Other Contingencies and Commitments
	12 Months Ended Dec. 31, 2009
Other Contingencies and Commitments [Abstract]
Other Contingencies and Commitments	Note 22 Other Contingencies and Commitments Income Taxes The company calculates its income tax expense and liabilities quarterly. These liabilities generally are subject to audit and are not finalized with the individual taxing authorities until several years after the end of the annual period for which income taxes have been calculated. Refer to Note 15 beginning on page 44 for a discussion of the periods for which tax returns have been audited for the companys major tax jurisdictions and a discussion for all tax jurisdictions of the differences between the amount of tax benefits recognized in the financial statements and the amount taken or expected to be taken in a tax return. The company does not expect settlement of income tax liabilities associated with uncertain tax positions will have a material effect on its results of operations, consolidated financial position or liquidity. Guarantees The companys guarantee of approximately $600 is associated with certain payments under a terminal use agreement entered into by a company affiliate. The terminal is expected to be operational by 2012. Over the approximate 16-year term of the guarantee, the maximum guarantee amount will be reduced over time as certain fees are paid by the affiliate. There are numerous cross-indemnity agreements with the affiliate and the other partners to permit recovery of any amounts paid under the guarantee. Chevron has recorded no liability for its obligation under this guarantee. Indemnifications The company provided certain indemnities of contingent liabilities of Equilon and Motiva to Shell and Saudi Refining, Inc., in connection with the February2002 sale of the companys interests in those investments. The company would be required to perform if the indemnified liabilities become actual losses. Were that to occur, the company could be required to make future payments up to $300. Through the end of 2009, the company paid $48 under these indemnities and continues to be obligated for possible additional indemnification payments in the future. The company has also provided indemnities relating to contingent environmental liabilities related to assets originally contributed by Texaco to the Equilon and Motiva joint ventures and environmental conditions that existed prior to the formation of Equilon and Motiva or that occurred during the period of Texacos ownership interest in the joint ventures. In general, the environmental conditions or events that are subject to these indemnities must have arisen prior to December2001. Claims had to be asserted by February2009 for Equilon indemnities and must be asserted no later than February2012 for Motiva indemnities. Under the terms of these indemnities, there is no maximum limit on the amount of potential future payments. In February2009, Shell delivered a letter to the company purporting to preserve unmatured claims for certain Equilon indemnities. The letter itself provides no estimate of the ultimate claim amount. Management does not believe this letter or any other information provides a basis to estimate the amount, if any, of a range of loss or potential range of loss with respect to either the Equi

Asset Retirement Obligations

Asset Retirement Obligations
	12 Months Ended Dec. 31, 2009
Asset Retirement Obligations [Abstract]
Asset Retirement Obligations	Note 23 Asset Retirement Obligations In accordance with accounting standards for asset retirement obligations (ASC 410), the company records the fair value of a liability for an asset retirement obligation (ARO)when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The legal obligation to perform the asset retirement activity is unconditional even though uncertainty may exist about the timing and/or method of settlement that may be beyond the companys control. This uncertainty about the timing and/or method of settlement is factored into the measurement of the liability when sufficient information exists to reasonably estimate fair value. The legal obligations associated with the retirement of the tangible long-lived assets require recognition in certain circumstances including: (1)the present value of a liability and offsetting asset for an ARO, (2)the subsequent accretion of that liability and depreciation of the asset, and (3)the periodic review of the ARO liability estimates and discount rates. Accounting standards for asset retirement obligations primarily affect the companys accounting for crude-oil and natural-gas producing assets. No significant AROs associated with any legal obligations to retire Downstream long-lived assets have been recognized, as indeterminate settlement dates for the asset retirements prevent estimation of the fair value of the associated ARO. The company performs periodic reviews of its downstream long-lived assets for any changes in facts and circumstances that might require recognition of a retirement obligation. The following table indicates the changes to the companys before-tax asset retirement obligations in 2009, 2008 and 2007: 2009 2008 2007 Balance at January 1 $ 9,395 $ 8,253 $ 5,773 Liabilities incurred 144 308 178 Liabilities settled (757 ) (973 ) (818 ) Accretion expense 463 430 399 * Revisions in estimated cash flows 930 1,377 2,721 Balance at December 31 $ 10,175 $ 9,395 $ 8,253 * Includes $175 for revision to the ARO liability retained on properties that had been sold. In the table above, the amounts associated with Revisions in estimated cash flows reflect increasing costs to abandon onshore and offshore wells, equipment and facilities. The long-term portion of the $10,175 balance at the end of 2009 was $9,289.

Other Financial Information

Other Financial Information
	12 Months Ended Dec. 31, 2009
Other Financial Information [Abstract]
Other Financial Information	Note 24 Other Financial Information Earnings in 2009 included gains of approximately $1,000 relating to the sale of nonstrategic properties. Of this amount, approximately $600 and $400 related to downstream and upstream assets, respectively. Earnings in 2008 included gains of approximately $1,200 relating to the sale of nonstrategic properties. Of this amount, approximately $1,000 related to upstream assets. Earnings in 2007 included gains of approximately $2,000 relating to the sale of nonstrategic properties. Of this amount, approximately $1,100 related to downstream assets and $680 related to the sale of the companys investment in Dynegy, Inc. Other financial information is as follows: Year ended December 31 2009 2008 2007 Total financing interest and debt costs $ 301 $ 256 $ 468 Less: Capitalized interest 273 256 302 Interest and debt expense $ 28 $ $ 166 Research and development expenses $ 603 $ 702 $ 510 Foreign currency effects* $ (744 ) $ 862 $ (352 ) * Includes $(194), $420 and $18 in 2009, 2008 and 2007, respectively, for the companys share of equity affiliates foreign currency effects. The excess of replacement cost over the carrying value of inventories for which the Last-In, First-Out (LIFO)method is used was $5,491 and $9,368 at December31, 2009 and 2008, respectively. Replacement cost is generally based on average acquisition costs for the year. LIFO (charges) profits of $(168), $210 and $113 were included in earnings for the years 2009, 2008 and 2007, respectively. The company has $4,618 in goodwill on the Consolidated Balance Sheet related to its 2005 acquisition of Unocal. Under the accounting standard for goodwill (ASC 350), the company tested this goodwill for impairment during 2009 and concluded no impairment was necessary. Events subsequent to December31, 2009, were evaluated until the time of the Form 10-K filing with the Securities and Exchange Commission on February25, 2010.

Assets Held for Sale

Assets Held for Sale
	12 Months Ended Dec. 31, 2009
Assets Held for Sale [Abstract]
Assets Held for Sale	Note 25 Assets Held for Sale At December31, 2009, the company reported no assets as Assets held for sale (AHS)on the Consolidated Balance Sheet. At December31, 2008, $252 of net properties, plant and equipment were reported as AHS. Assets in this category are related to groups of service stations, aviation facilities, lubricants blending plants, and commercial and industrial fuels business. These assets were sold in 2009.

Earnings Per Share

Earnings Per Share
	12 Months Ended Dec. 31, 2009
Earnings Per Share [Abstract]
Earnings Per Share	Note 26 Earnings Per Share Basic earnings per share (EPS)is based upon Net Income Attributable to Chevron Corporation (earnings) less preferred stock dividend requirements and includes the effects of deferrals of salary and other compensation awards that are invested in Chevron stock units by certain officers and employees of the company and the companys share of stock transactions of affiliates, which, under the applicable accounting rules, may be recorded directly to the companys retained earnings instead of net income. Diluted EPS includes the effects of these items as well as the dilutive effects of outstanding stock options awarded under the companys stock option programs (refer to Note 20, Stock Options and Other Share-Based Compensation, beginning on page 49). The table below sets forth the computation of basic and diluted EPS: Year ended December 31 2009 2008 2007 Basic EPS Calculation Earnings available to common stockholders Basic1 $ 10,483 $ 23,931 $ 18,688 Weighted-average number of common shares outstanding 1,991 2,037 2,117 Add: Deferred awards held as stock units 1 1 1 Total weighted-average number of common shares outstanding 1,992 2,038 2,118 Per share of common stock Earnings Basic $ 5.26 $ 11.74 $ 8.83 Diluted EPS Calculation Earnings available to common stockholders Diluted1 $ 10,483 $ 23,931 $ 18,688 Weighted-average number of common shares outstanding 1,991 2,037 2,117 Add: Deferred awards held as stock units 1 1 1 Add: Dilutive effect of employee stock-based awards 9 12 14 Total weighted-average number of common shares outstanding 2,001 2,050 2,132 Per share of common stock Earnings Diluted $ 5.24 $ 11.67 $ 8.77 1 There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.