Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 | |
Document Type | S-4/A |
Entity Registrant Name | Chevron Corp |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 94-0890210 |
Entity Address, Address Line One | 6001 Bollinger Canyon Road |
Entity Address, City or Town | San Ramon |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94583-2324 |
City Area Code | 925 |
Local Phone Number | 842-1000 |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000093410 |
Amendment Flag | false |
Entity Primary SIC Number | 2911 |
Business Contact [Member] | |
Entity Address, Address Line One | 6001 Bollinger Canyon Road |
Entity Address, City or Town | San Ramon |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94583 |
City Area Code | 925 |
Local Phone Number | 842-1000 |
Contact Personnel Name | Mary A. Francis |
Annex D [Member] | |
Document Type | 10-K |
Entity Registrant Name | Chevron Corp |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 94-0890210 |
Entity Address, Address Line One | 6001 Bollinger Canyon Road |
Entity Address, City or Town | San Ramon |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94583-2324 |
City Area Code | 925 |
Local Phone Number | 842-1000 |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues and Other Income | |||
Sales and other operating revenues | $ 196,913 | $ 235,717 | $ 155,606 |
Income (loss) from equity affiliates | 5,131 | 8,585 | 5,657 |
Other income (loss) | (1,095) | 1,950 | 1,202 |
Total Revenues and Other Income | 200,949 | 246,252 | 162,465 |
Costs and Other Deductions | |||
Purchased crude oil and products | 119,196 | 145,416 | 92,249 |
Operating expenses | 24,887 | 24,714 | 20,726 |
Selling, general and administrative expenses | 4,141 | 4,312 | 4,014 |
Exploration expenses | 914 | 974 | 549 |
Depreciation, depletion and amortization | 17,326 | 16,319 | 17,925 |
Taxes other than on income | 4,220 | 4,032 | 3,963 |
Interest and debt expense | 469 | 516 | 712 |
Other components of net periodic benefit costs | 212 | 295 | 688 |
Total Costs and Other Deductions | 171,365 | 196,578 | 140,826 |
Income (Loss) Before Income Tax Expense | 29,584 | 49,674 | 21,639 |
Income Tax Expense (Benefit) | 8,173 | 14,066 | 5,950 |
Net Income (Loss) | 21,411 | 35,608 | 15,689 |
Less: Net income (loss) attributable to noncontrolling interests | 42 | 143 | 64 |
Net Income (Loss) Attributable to Chevron Corporation | $ 21,369 | $ 35,465 | $ 15,625 |
Net Income (Loss) Attributable to Chevron Corporation | |||
– Basic (in dollars per share) | $ 11.41 | $ 18.36 | $ 8.15 |
– Diluted (in dollars per share) | $ 11.36 | $ 18.28 | $ 8.14 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 21,411 | $ 35,608 | $ 15,689 |
Currency translation adjustment | |||
Unrealized net change arising during period | 11 | (41) | (55) |
Unrealized holding gain (loss) on securities | |||
Net gain (loss) arising during period | 1 | (1) | (1) |
Derivatives | |||
Net derivatives gain (loss) on hedge transactions | (11) | 65 | (6) |
Reclassification to net income | 33 | (80) | 6 |
Income tax benefit (cost) on derivatives transactions | (5) | 3 | 0 |
Total | 17 | (12) | 0 |
Actuarial gain (loss) | |||
Amortization to net income of net actuarial loss and settlements | 244 | 599 | 1,069 |
Actuarial gain (loss) arising during period | (550) | 1,050 | 1,244 |
Prior service credits (cost) | |||
Amortization to net income of net prior service costs and curtailments | (13) | (19) | (14) |
Prior service (costs) credits arising during period | (29) | (96) | 0 |
Defined benefit plans sponsored by equity affiliates - benefit (cost) | 6 | 100 | 127 |
Income tax benefit (cost) on defined benefit plans | 151 | (489) | (647) |
Total | (191) | 1,145 | 1,779 |
Other Comprehensive Gain (Loss), Net of Tax | (162) | 1,091 | 1,723 |
Comprehensive Income (Loss) | 21,249 | 36,699 | 17,412 |
Comprehensive loss (income) attributable to noncontrolling interests | (42) | (143) | (64) |
Comprehensive Income (Loss) Attributable to Chevron Corporation | $ 21,207 | $ 36,556 | $ 17,348 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and cash equivalents | $ 8,178 | $ 17,678 | |
Marketable securities | 45 | 223 | |
Accounts and notes receivable (less allowance: 2023 - $301; 2022 - $457) | 19,921 | 20,456 | |
Inventories: | |||
Crude oil and products | 6,059 | 5,866 | |
Chemicals | 406 | 515 | |
Materials, supplies and other | 2,147 | 1,866 | |
Total inventories | 8,612 | 8,247 | |
Prepaid expenses and other current assets | 4,372 | 3,739 | |
Total Current Assets | 41,128 | 50,343 | |
Long-term receivables, net (less allowances: 2023 - $340; 2022 - $552) | 942 | 1,069 | |
Investments and advances | 46,812 | 45,238 | |
Properties, plant and equipment, at cost | 346,081 | 327,785 | |
Less: Accumulated depreciation, depletion and amortization | 192,462 | 184,194 | |
Properties, plant and equipment, net | 153,619 | 143,591 | |
Deferred charges and other assets | 13,734 | 12,310 | |
Goodwill | 4,722 | 4,722 | |
Assets held for sale | 675 | 436 | |
Total Assets | 261,632 | 257,709 | |
Liabilities and Equity | |||
Short-term debt | 529 | 1,964 | |
Accounts payable | 20,423 | 18,955 | |
Accrued liabilities | 7,655 | 7,486 | |
Federal and other taxes on income | 1,863 | 4,381 | |
Other taxes payable | 1,788 | 1,422 | |
Total Current Liabilities | 32,258 | 34,208 | |
Long-term debt | [1] | 20,307 | 21,375 |
Deferred credits and other noncurrent obligations | 24,226 | 20,396 | |
Noncurrent deferred income taxes | 18,830 | 17,131 | |
Noncurrent employee benefit plans | 4,082 | 4,357 | |
Total Liabilities | [2] | 99,703 | 97,467 |
Preferred stock (authorized 100,000,000 shares; $1.00 par value; none issued) | 0 | 0 | |
Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares issued at December 31, 2023 and 2022) | 1,832 | 1,832 | |
Capital in excess of par value | 21,365 | 18,660 | |
Retained earnings | 200,025 | 190,024 | |
Accumulated other comprehensive losses | (2,960) | (2,798) | |
Deferred compensation and benefit plan trust | (240) | (240) | |
Treasury stock, at cost (2023 - 577,028,776 shares; 2022 - 527,460,237 shares) | (59,065) | (48,196) | |
Total Chevron Corporation Stockholders' Equity | 160,957 | 159,282 | |
Noncontrolling interests (includes redeemable noncontrolling interest of $166 and $142 at December 31, 2023 and 2022) | 972 | 960 | |
Total Equity | 161,929 | 160,242 | |
Total Liabilities and Equity | $ 261,632 | $ 257,709 | |
[1]Includes finance lease liabilities of $574 and $403 at December 31, 2023 and 2022, respectively.[2]Refer to Note 24 Other Contingencies and Commitments. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts and notes receivable, current | $ 301 | $ 457 |
Allowance for long-term receivables, noncurrent | $ 340 | $ 552 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, par value (usd per share) | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 6,000,000,000 | 6,000,000,000 |
Common stock, par value (usd per share) | $ 0.75 | $ 0.75 |
Common stock, shares issued (in shares) | 2,442,676,580 | 2,442,676,580 |
Treasury stock, shares (in shares) | 577,028,776 | 527,460,237 |
Redeemable mezzanine equity | $ 166 | $ 142 |
Finance lease liabilities | $ 574 | $ 403 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Net Income (Loss) | $ 21,411 | $ 35,608 | $ 15,689 |
Adjustments | |||
Depreciation, depletion and amortization | 17,326 | 16,319 | 17,925 |
Dry hole expense | 436 | 486 | 118 |
Distributions more (less) than income from equity affiliates | (885) | (4,730) | (1,998) |
Net before-tax gains on asset retirements and sales | (138) | (550) | (1,021) |
Net foreign currency effects | 578 | (412) | (7) |
Deferred income tax provision | 298 | 2,124 | 700 |
Net decrease (increase) in operating working capital | (3,185) | 2,125 | (1,361) |
Decrease (increase) in long-term receivables | 150 | 153 | 21 |
Net decrease (increase) in other deferred charges | (300) | (212) | (320) |
Cash contributions to employee pension plans | (1,120) | (1,322) | (1,751) |
Other | 1,038 | 13 | 1,192 |
Net Cash Provided by Operating Activities | 35,609 | 49,602 | 29,187 |
Investing Activities | |||
Acquisition of businesses, net of cash received | 55 | (2,862) | 0 |
Capital expenditures | (15,829) | (11,974) | (8,056) |
Proceeds and deposits related to asset sales and returns of investment | 669 | 2,635 | 1,791 |
Net sales (purchases) of marketable securities | 175 | 117 | (1) |
Net repayment (borrowing) of loans by equity affiliates | (302) | (24) | 401 |
Net Cash Used for Investing Activities | (15,232) | (12,108) | (5,865) |
Financing Activities | |||
Net borrowings (repayments) of short-term obligations | 135 | 263 | (5,572) |
Proceeds from issuances of long-term debt | 150 | 0 | 0 |
Repayments of long-term debt and other financing obligations | (4,340) | (8,742) | (7,364) |
Cash dividends - common stock | (11,336) | (10,968) | (10,179) |
Net contributions from (distributions to) noncontrolling interests | (40) | (114) | (36) |
Net sales (purchases) of treasury shares | (14,678) | (5,417) | 38 |
Net Cash Provided by (Used for) Financing Activities | (30,109) | (24,978) | (23,113) |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (114) | (190) | (151) |
Net Change in Cash, Cash Equivalents and Restricted Cash | (9,846) | 12,326 | 58 |
Cash, cash equivalents, and restricted cash beginning balance | 19,121 | 6,795 | 6,737 |
Cash, cash equivalents, and restricted cash ending balance | $ 9,275 | $ 19,121 | $ 6,795 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) $ in Millions | Total | Common Stock | Retained Earnings | Acc. Other Comprehensive Income (Loss) | Treasury Stock (at cost) | Chevron Corp. Stockholders' Equity | Noncontrolling Interests | ||
Beginning balance at Dec. 31, 2020 | $ 132,726 | $ 18,421 | [1] | $ 160,377 | $ (5,612) | $ (41,498) | $ 131,688 | $ 1,038 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury stock transactions | 315 | 315 | [1] | 315 | |||||
Acquisitions | 46 | 138 | [1] | (148) | 377 | 367 | (321) | ||
Net Income (Loss) | 15,689 | 15,625 | 15,625 | 64 | |||||
Cash dividends | (10,232) | (10,179) | (10,179) | (53) | |||||
Stock dividends | (3) | (3) | (3) | ||||||
Other comprehensive income | 1,723 | 1,723 | 1,723 | ||||||
Purchases of treasury shares2 | (1,383) | (1,383) | (1,383) | ||||||
Issuances of treasury shares | 1,040 | 1,040 | 1,040 | ||||||
Other changes, net | 19 | (126) | (126) | 145 | |||||
Ending balance at Dec. 31, 2021 | 139,940 | $ 18,874 | [1] | 165,546 | (3,889) | $ (41,464) | 139,067 | 873 | |
Beginning balance, shares issued (in shares) at Dec. 31, 2020 | [2] | 2,442,676,580 | |||||||
Beginning balance, treasury shares (in shares) at Dec. 31, 2020 | (517,490,263) | ||||||||
Beginning balance, shares outstanding (in shares) at Dec. 31, 2020 | 1,925,186,317 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Purchases (in shares) | (13,015,737) | (13,015,737) | |||||||
Issuances (in shares) | 17,635,477 | 17,635,477 | |||||||
Ending balance, shares issued (in shares) at Dec. 31, 2021 | [2] | 2,442,676,580 | |||||||
Ending balance, treasury shares (in shares) at Dec. 31, 2021 | (512,870,523) | ||||||||
Ending balance, shares outstanding (in shares) at Dec. 31, 2021 | 1,929,806,057 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury stock transactions | 63 | $ 63 | [1] | 63 | |||||
Net Income (Loss) | 35,608 | 35,465 | 35,465 | 143 | |||||
Cash dividends | (11,086) | (10,968) | (10,968) | (118) | |||||
Stock dividends | (3) | (3) | (3) | ||||||
Other comprehensive income | 1,091 | 1,091 | 1,091 | ||||||
Purchases of treasury shares2 | (11,255) | $ (11,255) | (11,255) | ||||||
Issuances of treasury shares | 5,838 | 1,315 | [1] | 4,523 | 5,838 | ||||
Other changes, net | 46 | (16) | (16) | 62 | |||||
Ending balance at Dec. 31, 2022 | $ 160,242 | $ 20,252 | [1] | 190,024 | (2,798) | $ (48,196) | 159,282 | 960 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Purchases (in shares) | (69,912,961) | (69,912,961) | |||||||
Issuances (in shares) | 55,323,247 | 55,323,247 | |||||||
Ending balance, shares issued (in shares) at Dec. 31, 2022 | 2,442,676,580 | 2,442,676,580 | [2] | ||||||
Ending balance, treasury shares (in shares) at Dec. 31, 2022 | (527,460,237) | (527,460,237) | |||||||
Ending balance, shares outstanding (in shares) at Dec. 31, 2022 | 1,915,216,343 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury stock transactions | $ 174 | $ 174 | [1] | 174 | |||||
Acquisitions | 6,520 | 2,550 | [1] | $ 3,970 | 6,520 | ||||
Net Income (Loss) | 21,411 | 21,369 | 21,369 | 42 | |||||
Cash dividends | (11,390) | (11,336) | (11,336) | (54) | |||||
Stock dividends | (9) | (9) | (9) | ||||||
Other comprehensive income | (162) | (162) | (162) | ||||||
Purchases of treasury shares2 | [3] | (15,085) | (15,085) | (15,085) | |||||
Issuances of treasury shares | 263 | 17 | [1] | 246 | 263 | ||||
Other changes, net | (35) | (36) | [1] | (23) | (59) | 24 | |||
Ending balance at Dec. 31, 2023 | $ 161,929 | $ 22,957 | [1] | $ 200,025 | $ (2,960) | $ (59,065) | $ 160,957 | $ 972 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Purchases (in shares) | (92,849,905) | (92,849,905) | |||||||
Issuances (in shares) | 43,281,366 | 43,281,366 | |||||||
Ending balance, shares issued (in shares) at Dec. 31, 2023 | 2,442,676,580 | 2,442,676,580 | [2] | ||||||
Ending balance, treasury shares (in shares) at Dec. 31, 2023 | (577,028,776) | (577,028,776) | |||||||
Ending balance, shares outstanding (in shares) at Dec. 31, 2023 | 1,865,647,804 | ||||||||
[1]Beginning and ending balances for all periods include capital in excess of par, common stock issued at par for $1,832, and $(240) associated with Chevron’s Benefit Plan Trust. Changes reflect capital in excess of par.[2]Beginning and ending total issued share balances include 14,168,000 shares associated with Chevron’s Benefit Plan Trust.[3]Includes excise tax on share repurchases. |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 6.04 | $ 5.68 | $ 5.31 | |
Common stock issued at par | $ 1,832 | $ 1,832 | $ 1,832 | $ 1,832 |
Benefit plan trust | $ (240) | $ (240) | $ (240) | $ (240) |
Number of Chevron treasury stocks held in benefit plan trust for funding obligations (in shares) | 14,168,000 | 14,168,000 | 14,168,000 | 14,168,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 Summary of Significant Accounting Policies General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America. These require the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and judgments, actual results could differ from these estimates as circumstances change and additional information becomes known. Prior years’ data have been reclassified in certain cases to conform to the 2023 presentation basis. Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary companies more than 50 percent-owned and any variable interest entities in which the company is the primary beneficiary. Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis. Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately 20 percent to 50 percent, or for which the company exercises significant influence but not control over policy decisions, are accounted for by the equity method. Investments in affiliates are assessed for possible impairment when events indicate that the fair value of the investment may be below the company’s carrying value. When such a condition is deemed to be other than temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in net income. In making the determination as to whether a decline is other than temporary, the company considers such factors as the duration and extent of the decline, the investee’s financial performance, and the company’s ability and intention to retain its investment for a period that will be sufficient to allow for any anticipated recovery in the investment’s market value. The new cost basis of investments in these equity investees is not changed for subsequent recoveries in fair value. Differences between the company’s carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned to the extent practicable to specific assets and liabilities based on the company’s analysis of the various factors giving rise to the difference. When appropriate, the company’s share of the affiliate’s reported earnings is adjusted quarterly to reflect the difference between these allocated values and the affiliate’s historical book values. Noncontrolling Interests Ownership interests in the company’s subsidiaries held by parties other than the parent are presented separately from the parent’s equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the parent and the noncontrolling interests are both presented on the face of the Consolidated Statement of Income and Consolidated Statement of Equity. Included within noncontrolling interest is redeemable noncontrolling interest. Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or a liability are as follows. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Level 3 inputs are inputs that are not observable in the market. Derivatives Inventories oil last-in, first-out Properties, Plant and Equipment Note 21 Accounting for Suspended Exploratory Wells for additional discussion of accounting for suspended exploratory well costs. Long-lived assets to be held and used, including proved crude oil and natural gas properties, are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast or carbon costs), significant change in the extent or manner of use of or a physical change in an asset, and a more likely than not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved crude oil and natural gas properties, the company performs impairment reviews on a country, concession, PSC, development area or field basis, as appropriate. In downstream, impairment reviews are performed on the basis of a refinery, a plant, a marketing/lubricants area or distribution area, as appropriate. Impairment amounts are recorded as incremental “Depreciation, depletion and amortization” expense. Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the asset is considered impaired and adjusted to the lower value. Refer to Note 9 Fair Value Measurements relating to fair value measurements. The fair value of a liability for an ARO is recorded as an asset and a liability when there is a legal obligation associated with the retirement of a long-lived asset and the amount can be reasonably estimated. Refer also to Note 25 Asset Retirement Obligations relating to AROs. Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using the unit-of-production unit-of-production The capitalized costs of all other plant and equipment are depreciated or amortized over their estimated useful lives. In general, the declining-balance method is used to depreciate plant and equipment in the United States; the straight-line method is generally used to depreciate international plant and equipment and to amortize finance lease right-of-use Gains or losses are not recognized for normal retirements of properties, plant and equipment subject to composite group amortization or depreciation. Gains or losses from abnormal retirements are recorded as expenses, and from sales as “Other income.” Expenditures for maintenance (including those for planned major maintenance projects), repairs and minor renewals to maintain facilities in operating condition are generally expensed as incurred. Major replacements and renewals are capitalized. Leases Leases are classified as operating or finance leases. Both operating and finance leases recognize lease liabilities and associated right-of-use right-of-use non-lease non-lease Where leases are used in joint ventures, the company recognizes 100 percent of the right-of-use reasonably certain to exercise. The company uses its incremental borrowing rate as a proxy for the discount rate based on the term of the lease unless the implicit rate is available. Goodwill Goodwill resulting from a business combination is not subject to amortization. The company tests such goodwill at the reporting unit level for impairment annually at December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Environmental Expenditures Environmental expenditures that relate to ongoing operations or to conditions caused by past operations are expensed. Expenditures that create future benefits or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments or cleanups or both are probable and the costs can be reasonably estimated. For crude oil, natural gas and mineral-producing properties, a liability for an ARO is made in accordance with accounting standards for asset retirement and environmental obligations. Refer to Note 25 Asset Retirement Obligations for a discussion of the company’s AROs. For abandonment and decommissioning obligations related to previously sold assets, refer to Note 24 Other Contingencies and Commitments . For U.S. federal Superfund sites and analogous sites under state laws, the company records a liability for its designated share of the probable and estimable costs, and probable amounts for other potentially responsible parties when mandated by the regulatory agencies because the other parties are not able to pay their respective shares. The gross amount of environmental liabilities is based on the company’s best estimate of future costs using currently available technology and applying current regulations and the company’s own internal environmental policies. Future amounts are not discounted. Recoveries or reimbursements are recorded as assets when receipt is reasonably assured. Currency Translation The U.S. dollar is the functional currency for substantially all of the company’s consolidated operations and those of its equity affiliates. For those operations, all gains and losses from currency remeasurement are included in current period income. The cumulative translation effects for those few entities, both consolidated and affiliated, using functional currencies other than the U.S. dollar are included in “Currency translation adjustment” on the Consolidated Statement of Equity. Revenue Recognition The company accounts for each delivery order of crude oil, NGLs, natural gas, petroleum and chemical products as a separate performance obligation. Revenue is recognized when the performance obligation is satisfied, which typically occurs at the point in time when control of the product transfers to the customer. Payment is generally due within 30 days of delivery. The company accounts for delivery transportation as a fulfillment cost, not a separate performance obligation, and recognizes these costs as an operating expense in the period when revenue for the related commodity is recognized. Revenue is measured as the amount the company expects to receive in exchange for transferring commodities to the customer. The company’s commodity sales are typically based on prevailing market-based prices and may include discounts and allowances. Until market prices become known under terms of the company’s contracts, the transaction price included in revenue is based on the company’s estimate of the most likely outcome. Discounts and allowances are estimated using a combination of historical and recent data trends. When deliveries contain multiple products, an observable standalone selling price is generally used to measure revenue for each product. The company includes estimates in the transaction price only to the extent that a significant reversal of revenue is not probable in subsequent periods. Stock Options and Other Share-Based Compensation The company issues stock options and other share-based compensation to certain employees. For equity awards, such as stock options and certain restricted stock units, total compensation cost is based on the grant date fair value, and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period in which an employee becomes eligible to retain the award at retirement. The company’s Long-Term Incentive Plan (LTIP) awards include stock options and stock appreciation rights, which have graded vesting provisions by which one-third one-third 31 the fifth anniversary of the grant date, subject to adjustment upon termination pursuant to the satisfaction of certain criteria. Commencing for grants issued in January 2023 and after, standard restricted stock units vest ratably on an annual basis over a three-year period. The company amortizes these awards on a straight-line basis. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Losses | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Losses | Note 2 Changes in Accumulated Other Comprehensive Losses The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the year ended December 31, 2023, are reflected in the table below. Currency Unrealized Derivatives Defined Total Balance at December 31, 2020 $ (107 ) $ (10 ) $ — $ (5,495 ) $ (5,612 ) Components of Other Comprehensive Income (Loss) 1 Before Reclassifications (55 ) (1 ) (6 ) 949 887 Reclassifications 2,3 — — 6 830 836 Net Other Comprehensive Income (Loss) (55 ) (1 ) — 1,779 1,723 Balance at December 31, 2021 $ (162 ) $ (11 ) $ — $ (3,716 ) $ (3,889 ) Components of Other Comprehensive Income (Loss) 1 Before Reclassifications (41 ) (1 ) 68 703 729 Reclassifications 2, 3 — — (80 ) 442 362 Net Other Comprehensive Income (Loss) (41 ) (1 ) (12 ) 1,145 1,091 Balance at December 31, 2022 $ (203 ) $ (12 ) $ (12 ) $ (2,571 ) $ (2,798 ) Components of Other Comprehensive Income (Loss) 1 Before Reclassifications 11 1 (16 ) (397 ) (401 ) Reclassifications 2, 3 — — 33 206 239 Net Other Comprehensive Income (Loss) 11 1 17 (191 ) (162 ) Balance at December 31, 2023 $ (192 ) $ (11 ) $ 5 $ (2,762 ) $ (2,960 ) 1 All amounts are net of tax. 2 Refer to Note 23 Employee Benefit Plans 3 Refer to Note 10 Financial and Derivative Instruments for cash flow hedging. |
Information Relating to the Con
Information Relating to the Consolidated Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Information Relating to the Consolidated Statement of Cash Flows | Note 3 Information Relating to the Consolidated Statement of Cash Flows Year ended December 31 2023 2022 2021 Distributions more (less) than income from equity affiliates includes the following: Distributions from equity affiliates $ 4,246 $ 3,855 $ 3,659 (Income) loss from equity affiliates (5,131 ) (8,585 ) (5,657) Distributions more (less) than income from equity affiliates $ (885 ) $ (4,730 ) $ (1,998) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ 1,187 $ (2,317 ) $ (7,548) Decrease (increase) in inventories (320 ) (930 ) (530) Decrease (increase) in prepaid expenses and other current assets (1,202 ) (226 ) 19 Increase (decrease) in accounts payable and accrued liabilities (49 ) 2,750 5,475 Increase (decrease) in income and other taxes payable (2,801 ) 2,848 1,223 Net decrease (increase) in operating working capital $ (3,185 ) $ 2,125 $ (1,361) Net cash provided by operating activities includes the following cash payments: Interest on debt (net of capitalized interest) $ 465 $ 525 $ 699 Income taxes 10,416 9,148 4,355 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 446 $ 1,435 $ 1,352 Returns of investment from equity affiliates 223 1,200 439 Proceeds and deposits related to asset sales and returns of investment $ 669 $ 2,635 $ 1,791 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ (289 ) $ (7 ) $ (4) Marketable securities sold 464 124 3 Net sales (purchases) of marketable securities $ 175 $ 117 $ (1) Net repayment (borrowing) of loans by equity affiliates: Borrowing of loans by equity affiliates $ (368 ) $ (108 ) $ — Repayment of loans by equity affiliates 66 84 401 Net repayment (borrowing) of loans by equity affiliates $ (302 ) $ (24 ) $ 401 Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: Repayments of short-term obligations $ — $ — $ (6,906) Proceeds from issuances of short-term debt obligations — — 4,448 Net borrowings (repayments) of short-term obligations with three months or less maturity 135 263 (3,114) Net borrowings (repayments) of short-term obligations $ 135 $ 263 $ (5,572) Net sales (purchases) of treasury shares consists of the following gross and net amounts: Shares issued for share-based compensation plans $ 261 $ 5,838 $ 1,421 Shares purchased under share repurchase and deferred compensation plans (14,939 ) (11,255 ) (1,383) Net sales (purchases) of treasury shares $ (14,678 ) $ (5,417 ) $ 38 Net contributions from (distributions to) noncontrolling interests consisted of the following gross and net amounts: Distributions to noncontrolling interests $ (54 ) $ (118 ) $ (53) Contributions from noncontrolling interests 14 4 17 Net contributions from (distributions to) noncontrolling interests $ (40 ) $ (114 ) $ (36) The “Other” line in the Operating Activities section includes changes in postretirement benefits obligations and other long-term liabilities. The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. “Depreciation, depletion and amortization” and “Deferred income tax provision” collectively include approximately $1,765 in non-cash non-cash Refer also to Note 25 Asset Retirement Obligations for a discussion of revisions to the company’s AROs that also did not involve cash receipts or payments for the three years ending December 31, 2023. The components of “Capital expenditures” are presented in the following table: Year ended December 31 2023 2022 2021 Additions to properties, plant and equipment * $ 14,788 $ 10,349 $ 7,515 Additions to investments 690 1,147 460 Current-year dry hole expenditures 326 309 83 Payments for other assets and liabilities, net 25 169 (2) Capital expenditures $ 15,829 $ 11,974 $ 8,056 * Excludes non-cash The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: Year ended December 31 2023 2022 2021 Cash and cash equivalents $ 8,178 $ 17,678 $ 5,640 Restricted cash included in “Prepaid expenses and other current assets” 275 630 333 Restricted cash included in “Deferred charges and other assets” 822 813 822 Total cash, cash equivalents and restricted cash $ 9,275 $ 19,121 $ 6,795 |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | Note 4 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, Income Taxes (Topic 740) Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease Commitments | Note 5 Lease Commitments The company enters into leasing arrangements as a lessee; any lessor arrangements are not significant. Operating lease arrangements mainly involve land, bareboat charters, terminals, drill ships, drilling rigs, time chartered vessels, office buildings and warehouses, and exploration and production equipment. Finance leases primarily include facilities, vessels and office buildings. Details of the right-of-use At December 31, 2023 At December 31, 2022 Operating Leases Finance Leases Operating Leases Finance Leases Deferred charges and other assets $ 5,422 $ — $ 4,262 $ — Properties, plant — 583 — 392 Right-of-use $ 5,422 $ 583 $ 4,262 $ 392 Accrued $ 1,538 $ — $ 1,111 $ — Short-term Debt — 60 — 45 Current lease liabilities 1,538 60 1,111 45 Deferred credits and other noncurrent obligations 3,696 — 2,920 — Long-term Debt — 574 — 403 Noncurrent lease liabilities 3,696 574 2,920 403 Total lease liabilities $ 5,234 $ 634 $ 4,031 $ 448 Weighted-average remaining lease term (in years) 6 .7 12 .6 7 .0 11 .9 Weighted-average discount rate 3.3 % 4.5 % 1.9 % 4.1 % * Includes non-cash right-of-use Total lease costs consist of both amounts recognized in the Consolidated Statement of Income during the period and amounts capitalized as part of the cost of another asset. Total lease costs incurred for operating and finance leases were as follows: Year-ended December 31 2023 2022 2021 Operating lease costs* $ 2,984 $ 2,359 $ 2,199 Finance lease costs 52 57 66 Total lease costs $ 3,036 $ 2,416 $ 2,265 * Includes variable and short-term lease costs. Cash paid for amounts included in the measurement of lease liabilities was as follows: Year-ended December 31 2023 2022 2021 Operating cash flows from operating leases $ 2,271 $ 1,892 $ 1,670 Investing cash flows from operating leases 713 467 398 Operating cash flows from finance leases 15 18 21 Financing cash flows from finance leases 42 44 193 At December 31, 2023, the estimated future undiscounted cash flows for operating and finance leases were as follows: At December 31, 2023 Operating Leases Finance Leases Year 2024 $ 1,673 $ 84 2025 1,153 79 2026 734 76 2027 544 68 2028 396 66 Thereafter 1,364 443 Total $ 5,864 $ 816 Less: Amounts representing interest 630 182 Total lease liabilities $ 5,234 $ 634 Additionally, the company has $232 in future undiscounted cash flows for operating leases not yet commenced. These leases are primarily for drill ships, drilling rigs and storage tanks. For those leasing arrangements where the underlying asset is not yet constructed, the lessor is primarily involved in the design and construction of the asset. |
Lease Commitments | Note 5 Lease Commitments The company enters into leasing arrangements as a lessee; any lessor arrangements are not significant. Operating lease arrangements mainly involve land, bareboat charters, terminals, drill ships, drilling rigs, time chartered vessels, office buildings and warehouses, and exploration and production equipment. Finance leases primarily include facilities, vessels and office buildings. Details of the right-of-use At December 31, 2023 At December 31, 2022 Operating Leases Finance Leases Operating Leases Finance Leases Deferred charges and other assets $ 5,422 $ — $ 4,262 $ — Properties, plant — 583 — 392 Right-of-use $ 5,422 $ 583 $ 4,262 $ 392 Accrued $ 1,538 $ — $ 1,111 $ — Short-term Debt — 60 — 45 Current lease liabilities 1,538 60 1,111 45 Deferred credits and other noncurrent obligations 3,696 — 2,920 — Long-term Debt — 574 — 403 Noncurrent lease liabilities 3,696 574 2,920 403 Total lease liabilities $ 5,234 $ 634 $ 4,031 $ 448 Weighted-average remaining lease term (in years) 6 .7 12 .6 7 .0 11 .9 Weighted-average discount rate 3.3 % 4.5 % 1.9 % 4.1 % * Includes non-cash right-of-use Total lease costs consist of both amounts recognized in the Consolidated Statement of Income during the period and amounts capitalized as part of the cost of another asset. Total lease costs incurred for operating and finance leases were as follows: Year-ended December 31 2023 2022 2021 Operating lease costs* $ 2,984 $ 2,359 $ 2,199 Finance lease costs 52 57 66 Total lease costs $ 3,036 $ 2,416 $ 2,265 * Includes variable and short-term lease costs. Cash paid for amounts included in the measurement of lease liabilities was as follows: Year-ended December 31 2023 2022 2021 Operating cash flows from operating leases $ 2,271 $ 1,892 $ 1,670 Investing cash flows from operating leases 713 467 398 Operating cash flows from finance leases 15 18 21 Financing cash flows from finance leases 42 44 193 At December 31, 2023, the estimated future undiscounted cash flows for operating and finance leases were as follows: At December 31, 2023 Operating Leases Finance Leases Year 2024 $ 1,673 $ 84 2025 1,153 79 2026 734 76 2027 544 68 2028 396 66 Thereafter 1,364 443 Total $ 5,864 $ 816 Less: Amounts representing interest 630 182 Total lease liabilities $ 5,234 $ 634 Additionally, the company has $232 in future undiscounted cash flows for operating leases not yet commenced. These leases are primarily for drill ships, drilling rigs and storage tanks. For those leasing arrangements where the underlying asset is not yet constructed, the lessor is primarily involved in the design and construction of the asset. |
Summarized Financial Data - Che
Summarized Financial Data - Chevron U.S.A. Inc. | 12 Months Ended |
Dec. 31, 2023 | |
Summarized Financial Data of Subsidiary One [Abstract] | |
Summarized Financial Data - Chevron U.S.A. Inc. | Summarized Financial Data – Chevron U.S.A. Inc. Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas liquids and natural gas and those associated with the refining, marketing, supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method. The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Year ended December 31 2023 2022 2021 Sales and other operating revenues $ 152,347 $ 183,032 $ 120,380 Total costs and other deductions 144,482 166,955 114,641 Net income (loss) attributable to CUSA 4,598 13,315 6,904 At December 31 2023 2022 Current assets $ 19,489 $ 18,704 Other assets 54,460 50,153 Current liabilities 20,624 22,452 Other liabilities 22,227 19,274 Total CUSA net equity $ 31,098 $ 27,131 Memo: Total debt $ 9,740 $ 10,800 |
Summarized Financial Data - Ten
Summarized Financial Data - Tengizchevroil LLP | 12 Months Ended |
Dec. 31, 2023 | |
Tengizchevroil LLP [Member] | |
Summarized Financial Data of Affiliate [Line Items] | |
Summarized Financial Data - Tengizchevroil LLP | Note 7 Summarized Financial Data – T Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Refer to Note 15 Investments and Advances for a discussion of TCO operations. Summarized financial information for 100 percent of TCO is presented in the table below: Year ended December 31 2023 2022 2021 Sales and other operating revenues $ 19,578 $ 23,795 $ 15,927 Costs and other deductions 10,193 11,596 8,186 Net income attributable to TCO 6,569 8,566 5,418 At December 31 2023 2022 Current assets $ 3,919 $ 6,522 Other assets 57,454 54,506 Current liabilities 2,372 3,567 Other liabilities 12,782 12,312 Total TCO net equity $ 46,219 $ 45,149 |
Summarized Financial Data - C_2
Summarized Financial Data - Chevron Phillips Chemical Company LLC | 12 Months Ended |
Dec. 31, 2023 | |
Chevron Phillips Chemical Company LLC [Member] | |
Summarized Financial Data of Subsidiary Two [Line Items] | |
Summarized Financial Data – Chevron Phillips Chemical Company LLC | Note 8 Summarized Financial Data – Chevron Phillips Chemical Company LLC Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Refer to Note 15 Investments and Advances for a discussion of CPChem operations. Summarized financial information for 100 percent of CPChem is presented in the table below: Year ended December 31 2023 2022 2021 Sales and other operating revenues $ 11,560 $ 14,180 $ 14,104 Costs and other deductions 10,561 12,870 10,862 Net income attributable to CPChem 1,173 1,662 3,684 At December 31 2023 2022 Current assets $ 3,284 $ 3,472 Other assets 16,425 15,184 Current liabilities 1,757 2,146 Other liabilities 3,269 2,941 Total CPChem net equity $ 14,683 $ 13,569 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9 Fair Value Measurements The tables below show the fair value hierarchy for assets and liabilities measured at fair value on a recurring and nonrecurring basis at December 31, 2023 and 2022. Marketable Securities The company calculates fair value for its marketable securities based on quoted market prices for identical assets. The fair values reflect the cash that would have been received if the instruments were sold at December 31, 2023. Derivatives Properties, Plant and Equipment In 2023, the company impaired a portion of its U.S. upstream assets, primarily in California, due to continuing regulatory challenges in the state that have resulted in lower anticipated future investment levels in its business plans. The company did not have any individually material impairments of long-lived assets measured at fair value on a nonrecurring basis to report in 2022. Investments and Advances The company did not have any material impairments of investments and advances measured at fair value on a nonrecurring basis to report in 2023 or 2022. Assets and Liabilities Measured at Fair Value on a Recurring Basis At December 31, 2023 At December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable securities $ 45 $ 45 $ — $ — $ 223 $ 223 $ — $ — Derivatives - not designated 152 24 128 — 184 111 73 — Derivatives - designated 7 7 — — — — — — Total assets at fair value $ 204 $ 76 $ 128 $ — $ 407 $ 334 $ 73 $ — Derivatives - not designated 262 160 102 — 43 33 10 — Derivatives - designated — — — — 15 15 — — Total liabilities at fair value $ 262 $ 160 $ 102 $ — $ 58 $ 48 $ 10 $ — Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis At December 31 At December 31 Total Level 1 Level 2 Level 3 Before-Tax Loss Total Level 1 Level 2 Level 3 Before-Tax Loss Properties, plant and equipment, net (held and used) $ 484 $ — $ — $ 484 $ 2,175 $ 54 $ — $ — $ 54 $ 518 Properties, plant and equipment, net (held for sale) — — — — 5 — — — — 432 Investments and advances 207 5 165 37 352 33 2 — 31 9 Total nonrecurring assets at fair value $ 691 $ 5 $ 165 $ 521 $ 2,532 $ 87 $ 2 $ — $ 85 $ 959 At year-end flows were determined using estimates of future production, an outlook of future price based on published prices and a discount rate believed to be consistent with those used by principal market participants. Assets and Liabilities Not Required to Be Measured at Fair Value The company holds cash equivalents in U.S. and non-U.S. “Cash and cash equivalents” do not include investments with a carrying/fair value of $1,097 and $1,443 at December 31, 2023, and December 31, 2022, respectively. At December 31, 2023, these investments are classified as Level 1 and include restricted funds related to certain upstream decommissioning activities, a financing program and tax payments. Long-term debt, excluding finance lease liabilities, of $14,612 and $16,258 at December 31, 2023, and December 31, 2022, respectively, had estimated fair values of $13,709 and $14,959, respectively. Long-term debt primarily includes corporate issued bonds. The fair value of corporate bonds is $13,321 and classified as Level 1. The fair value of other long-term debt classified as Level 2 is $388. 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 December 31, 2023 and 2022, were not material. |
Financial and Derivative Instru
Financial and Derivative Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial and Derivative Instruments | Note 10 Financial and Derivative Instruments Derivative Commodity Instruments The company’s derivative commodity instruments principally include crude oil, natural gas, liquefied natural gas and refined product futures, swaps, options, and forward contracts. The company applies cash flow hedge accounting to certain commodity transactions, where appropriate, to manage the market price risk associated with forecasted sales of crude oil. The company’s derivatives are not material to the company’s financial position, results of operations or liquidity. The company believes it has no material market or credit risks to its operations, financial position or liquidity as a result of its commodity derivative activities. The company uses derivative commodity instruments traded on the New York Mercantile Exchange and on electronic platforms of the Inter-Continental Exchange and Chicago Mercantile Exchange. In addition, the company enters into swap contracts and option contracts principally with major financial institutions and other oil and gas companies in the “over-the-counter” Derivative instruments measured at fair value at December 31, 2023, 2022 and 2021, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows: Consolidated Balance Sheet: Fair Value of Derivatives At December 31 Type of Contract Balance Sheet Classification 2023 2022 Commodity Accounts and notes receivable $ 151 $ 175 Commodity Long-term receivables, net 8 9 Total assets at fair value $ 159 $ 184 Commodity Accounts payable $ 216 $ 46 Commodity Deferred credits and other noncurrent obligations 46 12 Total liabilities at fair value $ 262 $ 58 Consolidated Statement of Income: The Effect of Derivatives Type of Derivative Statement of Gain/(Loss) Year ended December 31 Contract Income Classification 2023 2022 2021 Commodity Sales and other operating revenues $ (304 ) $ (651 ) $ (685) Commodity Purchased crude oil and products (154 ) (226 ) (64) Commodity Other income (loss) (47 ) 10 (46) $ (505 ) $ (867 ) $ (795) The amount reclassified from AOCL to “Sales and other operating revenues” from designated hedges was a decrease of $33 in 2023, compared with an increase of $80 in the prior year. At December 31, 2023, before-tax The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2023 and 2022. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities At December 31, 2023 Gross Amounts Gross Amounts Net Amounts Gross Amounts Net Amounts 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 $ — $ — $ — At December 31, 2022 Derivative Assets - not designated $ 2,591 $ 2,407 $ 184 $ 5 $ 179 Derivative Assets - designated $ 8 $ 8 $ — $ — $ — Derivative Liabilities - not designated $ 2,450 $ 2,407 $ 43 $ — $ 43 Derivative Liabilities - designated $ 23 $ 8 $ 15 $ — $ 15 Derivative assets and liabilities are classified on the Consolidated Balance Sheet as “Accounts and notes receivable,” “Long-term receivables,” “Accounts payable,” and “Deferred credits and other noncurrent obligations.” Amounts not offset on the Consolidated Balance Sheet represent positions that do not meet all the conditions for “a right of offset.” Concentrations of Credit Risk The company’s financial instruments that are exposed to concentrations of credit risk consist primarily of its cash equivalents, marketable securities, derivative financial instruments and trade receivables. The company’s short-term investments are placed with a wide array of financial institutions with high credit ratings. Company investment policies limit the company’s exposure both to credit risk and to concentrations of credit risk. Similar policies on diversification and creditworthiness are applied to the company’s counterparties in derivative instruments. For a discussion of credit risk on trade receivables, see Note 28 Financial Instruments - Credit Losses . |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2023 | |
Assets Held For Sale [Abstract] | |
Assets Held for Sale | Note 11 Assets Held for Sale At December 31, 2023, the company classified $675 of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet. These assets are associated with upstream operations that are anticipated to be sold in the next 12 months. The revenues and earnings contributions of these assets in 2023 were not material. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | Note 12 Equity Retained earnings at December 31, 2023 and 2022, included $34,359 and $33,570, respectively, for the company’s share of undistributed earnings of equity affiliates. At December 31, 2023, about 101 million shares of Chevron’s common stock remained available for issuance from the 104 million shares that were reserved for issuance under the 2022 Chevron Long-Term Incentive Plan. In addition, 578,044 shares remain available for issuance from the 1,600,000 shares of the company’s common stock that were reserved for awards under the Chevron Corporation Non-Employee |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 13 Earnings Per Share Basic earnings per share (EPS) is based upon “Net Income (Loss) Attributable to Chevron Corporation” (“earnings”) and includes the effects of deferrals of salary and other compensation awards that are invested in Chevron stock units by certain officers and employees of the company. Diluted EPS includes the effects of these items as well as the dilutive effects of outstanding stock options awarded under the company’s stock option programs (refer to Note 22 Stock Options and Other Share-Based Compensation ). The table below sets forth the computation of basic and diluted EPS: Year ended December 31 2023 2022 2021 Basic EPS Calculation Earnings available to common stockholders - Basic* $ 21,369 $ 35,465 $ 15,625 Weighted-average number of common shares outstanding 1,873 1,931 1,916 Add: Deferred awards held as stock units — — — Total weighted-average number of common shares outstanding 1,873 1,931 1,916 Earnings per share of common stock - Basic $ 11.41 $ 18.36 $ 8.15 Diluted EPS Calculation Earnings available to common stockholders - Diluted* $ 21,369 $ 35,465 $ 15,625 Weighted-average number of common shares outstanding 1,873 1,931 1,916 Add: Deferred awards held as stock units — — — Add: Dilutive effect of employee stock-based awards 7 9 4 Total weighted-average number of common shares outstanding 1,880 1,940 1,920 Earnings per share of common stock - Diluted $ 11.36 $ 18.28 $ 8.14 * There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. |
Operating Segments and Geograph
Operating Segments and Geographic Data | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Operating Segments and Geographic Data | Note 14 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 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 after-tax Non-billable Year ended December 31 2023 2022 2021 Upstream United States $ 4,148 $ 12,621 $ 7,319 International 13,290 17,663 8,499 Total Upstream 17,438 30,284 15,818 Downstream United States 3,904 5,394 2,389 International 2,233 2,761 525 Total Downstream 6,137 8,155 2,914 Total Segment Earnings 23,575 38,439 18,732 All Other Interest expense (432 ) (476 ) (662 ) Interest income 491 261 36 Other (2,265 ) (2,759 ) (2,481 ) Net Income (Loss) Attributable to Chevron Corporation $ 21,369 $ 35,465 $ 15,625 Segment Assets year-end At December 31 2023 2022 Upstream United States $ 58,750 $ 44,246 International 131,685 134,489 Goodwill 4,370 4,370 Total Upstream 194,805 183,105 Downstream United States 33,066 31,676 International 21,070 21,193 Goodwill 352 352 Total Downstream 54,488 53,221 Total Segment Assets 249,293 236,326 All Other United States 10,292 17,861 International 2,047 3,522 Total All Other 12,339 21,383 Total Assets – United States 102,108 93,783 Total Assets – International 154,802 159,204 Goodwill 4,722 4,722 Total Assets $ 261,632 $ 257,709 Segment Sales and Other Operating Revenues Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies. Year ended December 31* 2023 2022 2021 Upstream United States $ 40,115 $ 50,822 $ 29,219 International 43,805 56,156 40,921 Subtotal 83,920 106,978 70,140 Intersegment Elimination — United States (26,307 ) (29,870 ) (15,154 ) Intersegment Elimination — International (11,871 ) (13,815 ) (10,994 ) Total Upstream 45,742 63,293 43,992 Downstream United States 83,567 91,824 57,209 International 78,058 87,741 58,098 Subtotal 161,625 179,565 115,307 Intersegment Elimination — United States (8,793 ) (5,529 ) (2,296 ) Intersegment Elimination — International (1,794 ) (1,728 ) (1,521 ) Total Downstream 151,038 172,308 111,490 All Other United States 595 515 506 International 2 3 2 Subtotal 597 518 508 Intersegment Elimination — United States (462 ) (400 ) (382 ) Intersegment Elimination — International (2 ) (2 ) (2 ) Total All Other 133 116 124 Sales and Other Operating Revenues United States 124,277 143,161 86,934 International 121,865 143,900 99,021 Subtotal 246,142 287,061 185,955 Intersegment Elimination — United States (35,562 ) (35,799 ) (17,832 ) Intersegment Elimination — International (13,667 ) (15,545 ) (12,517 ) Total Sales and Other Operating Revenues $ 196,913 $ 235,717 $ 155,606 * Other than the United States, no other country accounted for 10 percent or more of the company’s Sales and Other Operating Revenues. Segment Income Taxes Year ended December 31 2023 2022 2021 Upstream United States $ 1,141 $ 3,678 $ 1,934 International 5,733 9,055 4,192 Total Upstream 6,874 12,733 6,126 Downstream United States 1,109 1,515 547 International 519 280 203 Total Downstream 1,628 1,795 750 All Other (329 ) (462 ) (926 ) Total Income Tax Expense (Benefit) $ 8,173 $ 14,066 $ 5,950 Other Segment Information Note 15 Investments and Advances . Information related to properties, plant and equipment by segment is contained in Note 18 Properties, Plant and Equipment . |
Investments and Advances
Investments and Advances | 12 Months Ended |
Dec. 31, 2023 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments and Advances | Note 15 Investments and Advances Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost, is shown in the following table. For certain equity affiliates, Chevron pays its share of some income taxes directly. For such affiliates, the equity in earnings does not include these taxes, which are reported on the Consolidated Statement of Income as “Income tax expense.” Investments and Advances Equity in Earnings 2023 2022 2023 2022 2021 Upstream Tengizchevroil $ 26,954 $ 26,534 $ 3,375 $ 4,386 $ 2,831 Caspian Pipeline Consortium 797 761 158 128 155 Angola LNG Limited 1,762 1,963 513 1,857 336 Other 2,106 1,938 (161 ) 255 187 Total Upstream 31,619 31,196 3,885 6,626 3,509 Downstream Chevron Phillips Chemical Company LLC 7,765 6,843 608 867 1,842 GS Caltex Corporation 4,309 4,288 437 874 85 Other 2,426 2,288 210 224 220 Total Downstream 14,500 13,419 1,255 1,965 2,147 All Other Other (6 ) (5 ) (9 ) (6 ) 1 Total equity method $ 46,113 $ 44,610 $ 5,131 $ 8,585 $ 5,657 Other non-equity 699 628 Total investments and advances $ 46,812 $ 45,238 Total United States $ 10,985 $ 9,855 $ 340 $ 975 $ 1,889 Total International $ 35,827 $ 35,383 $ 4,791 $ 7,610 $ 3,768 Descriptions of major equity affiliates and non-equity Tengizchevroil Chevron has a 50 percent equity ownership interest in Tengizchevroil (TCO), which operates the Tengiz and Korolev crude oil fields in Kazakhstan. At December 31, 2023, the company’s carrying value of its investment in TCO was about $80 higher than the amount of underlying equity in TCO’s net assets. This difference results from Chevron acquiring a portion of its interest in TCO at a value greater than the underlying book value for that portion of TCO’s net assets. Included in the investment is a loan to TCO to fund the development of the FGP/WPMP with a principal balance of $4,500. Caspian Pipeline Consortium Chevron has a 15 percent interest in the Caspian Pipeline Consortium, which provides the critical export route for crude oil from both TCO and Karachaganak. Angola LNG Limited Chevron Phillips Chemical Company LLC Chevron owns 50 percent of Chevron Phillips Chemical Company LLC. Included in the investment balance is a loan with a principal balance of $387 to fund a portion of the Golden Triangle Polymers Project in Orange, Texas, in which Chevron Phillips Chemical Company LLC owns 51 percent. GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy in South Korea. The joint venture imports, produces and markets petroleum products, petrochemicals and lubricants. Other Information “Sales and other operating revenues” on the Consolidated Statement of Income includes $13,623, $16,286 and $10,796 with affiliated companies for 2023, 2022 and 2021, respectively. “Purchased crude oil and products” includes $7,404, $10,171 and $5,778 with affiliated companies for 2023, 2022 and 2021, respectively. “Accounts and notes receivable” on the Consolidated Balance Sheet includes $1,480 and $907 due from affiliated companies at December 31, 2023 and 2022, respectively. “Accounts payable” includes $591 and $709 due to affiliated companies at December 31, 2023 and 2022, respectively. The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron’s total share, which includes Chevron’s net loans to affiliates of $4,494, $4,278 and $4,704 at December 31, 2023, 2022 and 2021, respectively. Affiliates Chevron Share Year ended December 31 2023 2022 2021 2023 2022 2021 Total revenues $ 49,306 $ 100,184 $ 71,241 $ 23,217 $ 48,323 $ 34,359 Income before income tax expense* 15,304 23,811 15,175 7,209 10,876 6,984 Net income attributable to affiliates 11,618 19,077 12,598 5,485 8,595 5,670 At December 31 Current assets $ 22,772 $ 26,632 $ 21,871 $ 10,110 $ 11,671 $ 9,267 Noncurrent assets 105,965 101,557 100,235 48,753 46,428 44,360 Current liabilities 14,085 16,319 17,275 6,698 7,708 7,492 Noncurrent liabilities 23,797 22,943 24,219 6,342 5,980 5,982 Total affiliates’ net equity $ 90,855 $ 88,927 $ 80,612 $ 45,823 $ 44,411 $ 40,153 * Chevron’s net income attributable to affiliates is recorded in the company’s before-tax |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Note 16 Litigation Ecuador In 2003, Chevron was sued in Ecuador for environmental harm allegedly caused by an oil consortium formerly operated by a Texaco subsidiary. The Ecuadorian trial court entered judgment against Chevron, and Ecuador’s highest Constitutional Court affirmed the judgment for approximately $9.5 billion. In 2017, Chevron obtained a final court ruling in the United States determining that the Ecuadorian judgment had been procured through fraud, bribery, and corruption, and prohibiting the Ecuadorian plaintiffs and their cohorts from seeking to enforce the Ecuadorian judgment in the United States or profiting from their illegal acts. The Ecuadorian plaintiffs sought to have the Ecuadorian judgment recognized and enforced in Canada, Brazil, and Argentina, but all of those actions were dismissed in Chevron’s favor. In 2009, Chevron filed an arbitration claim against Ecuador before an arbitral tribunal administered by the Permanent Court of Arbitration in The Hague, under the United States-Ecuador Bilateral Investment Treaty. In 2018, the tribunal ruled in Chevron’s favor, finding that the Ecuadorian judgment was procured through fraud, bribery, and corruption and was based on environmental claims that Ecuador had already settled and released. The tribunal ruled that the Ecuadorian judgment “violates international public policy” and “should not be recognized or enforced by the courts of other States,” and ordered Ecuador to remove the judgment’s status of enforceability and to compensate Chevron for its injuries in an amount to be established separately by the tribunal. Ecuador’s requests to have a Dutch court set aside the tribunal’s award were denied, and the Dutch Supreme Court affirmed such denial in a final ruling in favor of Chevron in November 2023. Management continues to believe that the Ecuadorian judgment is illegitimate and unenforceable and will vigorously defend against any further attempts to have it recognized or enforced. Climate Change Governmental and other entities in various jurisdictions across the United States have 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 29 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 1 Bayamon v. Exxon Mobil Corp., et al. 22-cv-1550 City of Annapolis v. BP P.L.C., et al. C-02-CV-21-000250 County of Anne Arundel v. BP P.L.C., et al. C-02-CV-21-000565 Mayor and City Council of Baltimore v. BP P.L.C., et al. 24-C-18-004219 People ex rel. Bonta v. Exxon Mobil Corp., et al. CGC-23-609134 City of Charleston v. Brabham Oil Co., et al. 20-CP-10-3975 District of Columbia v. Exxon Mobil Corp., et al. 2020-CA-002892-B Delaware ex rel. Jennings v. BP America Inc., et al. N20C-09-097 City of Hoboken v. Exxon Mobil Corp., et al. HUD-L-003179-20 City and County of Honolulu, et al. v. Sunoco LP, et al. 1CCV-20-0000380 City of Imperial Beach v. Chevron Corp., et al. C17-01227 King County v. BP P.L.C. No. 18-2-11859-0 Makah Indian Tribe v. Exxon Mobil Corp., et al. 23-25216-1-SEA County of Marin v. Chevron Corp., et al. 17-cv-02586 County of Maui v. Sunoco LP, et al. 2CCV-20-0000283 County of Multnomah v. Exxon Mobil Corp., et al. 23-cv-25164 Municipality of San Juan, Puerto Rico v. Exxon Mobil Corp., et al. 23-cv-01608 City of Oakland v. BP p.l.c., et al. Platkin, et al. v. Exxon Mobil Corp., et al. MER-L-001797-22 City of New York v. Chevron Corp., et al. 18-cv-00182 Pacific Coast Federation of Fishermen’s Associations v. Chevron Corp., et al. CGC-18-571285 State of Rhode Island v. Chevron Corp., et al PC-2018-4716 City of Richmond v. Chevron Corp., et al. C18-00055 City of San Francisco v. BP P.L.C., et al. CGC-17-561370 County of San Mateo v. Chevron Corp., et al. 17-CIV-03222 City of Santa Cruz v. Chevron Corp., et al. 17-cv-03243 County of Santa Cruz v. Chevron Corp., et al 17-cv-03242 Shoalwater Bay Indian Tribe v. Exxon Mobil Corp., et al. 23-2-25215-2-SEA City of Chicago v. BP p.l.c., et al 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 2 Jefferson Parish v. Atlantic Richfield Company, et al No. 732-768 Jefferson Parish v. Chevron U.S.A. Holdings, Inc., et al. No. 732-769 Jefferson Parish v. Destin Operating Company, Inc., et al , No. 732-770 Jefferson Parish v. Canlan Oil Company, et al. No. 732-771 Jefferson Parish v. Anadarko E&P Onshore LLC, et al. No. 732-772 Jefferson Parish v. ExxonMobil Corporation, et al. No. 732-774 Jefferson Parish v. Equitable Petroleum Corporation, et al., No. 732-775 Plaquemines Parish v. ConocoPhillips Co., et al. No. 60-982 Plaquemines Parish v. HHE Energy Co., et al. No. 60-983 Plaquemines Parish v. Exchange Oil & Gas Corp. et al. No. 60-984 Plaquemines Parish v. LLOG Exploration & Production Co. et al. No. 60-985 Plaquemines Parish v. Equitable Petroleum Corporation, et al. No. 60-986 Plaquemines Parish v. June Energy, et al. No. 60-987 Plaquemines Parish v. Linder Oil Company, et al. No. 60-988 Plaquemines Parish v. Riverwood Production Company, et al. No. 60-989 Plaquemines Parish v. Helis Oil & Gas Company, et al No. 60-990 Plaquemines Parish v. Northcoast Oil Company, et al. No. 60-992 Plaquemines Parish v. Goodrich Petroleum Company, L.L.C., et al. No. 60-994 Plaquemines Parish v. Devon Energy Production Company, L.P., et al. No. 60-995 Plaquemines Parish v. Rozel Operating Co., et al. No. 60-996 Plaquemines Parish v. Palm Energy Offshore, L.L.C., et al. No. 60-997 Plaquemines Parish v. Great Southern Oil & Gas Company, Inc., et al. No. 60-998 Plaquemines Parish v. Hilcorp Energy Company, et al. No. 60-999 Plaquemines Parish v. Apache Oil Corporation, et al. No. 61-000 Plaquemines Parish v. Campbell Energy Corporation, et al. No. 61-001 Plaquemines Parish v. TotalPetrochemicals & Refining USA, Inc. et al. No. 61-002 Cameron Parish v. Alpine Exploration Companies, Inc., et al. No. 10-19580 Cameron Parish v. Anadarko E&P Onshore, LLC, et al. No. 10-19578 Cameron Parish v. Apache Corporation (of Delaware), et al. No. 10-19579 Cameron Parish v Auster Oil & Gas, Inc No. 10-19582 Cameron Parish v Ballard Exploration Company, Inc., et al. No. 10-19574 Cameron Parish v. Bay Coquille, Inc., et al. No. 10-19581 Cameron Parish v. BEPCO, LP, et al. No. 10-19572 Cameron Parish v. BP America Production Company, et al. No. 10-19576 Cameron Parish v. Brammer Engineering, Inc., et al No. 10-19573 Cameron Parish v Burlington Resources, et al. No. 10-19575 Stutes v. Gulfport Energy Corporation, et al. St. Bernard Parish v. Atlantic Richfield, et al. No. 16-1228 City of New Orleans v. Apache Louisiana Mins, LLC, et al. 19-cv-08290, |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Taxes | Note 17 Taxes Income Taxes Year ended December 31 2023 2022 2021 Income tax expense (benefit) U.S. federal Current $ 895 $ 1,723 $ 174 Deferred 666 2,240 1,004 State and local Current 211 482 222 Deferred 1 39 202 Total United States 1,773 4,484 1,602 International Current 6,745 9,738 4,854 Deferred (345 ) (156 ) (506 ) Total International 6,400 9,582 4,348 Total income tax expense (benefit) $ 8,173 $ 14,066 $ 5,950 The reconciliation between the U.S. statutory federal income tax rate and the company’s effective income tax rate is detailed in the following table: Year ended December 31 2023 2022 2021 Income (loss) before income taxes United States $ 8,565 $ 21,005 $ 9,674 International 21,019 28,669 11,965 Total income (loss) before income taxes 29,584 49,674 21,639 Theoretical tax (at U.S. statutory rate of 21%) 6,213 10,432 4,544 Equity affiliate accounting effect (1,072 ) (1,678 ) (890 ) Effect of income taxes from international operations 3,001 5,041 2,692 State and local taxes on income, net of U.S. federal income tax benefit 252 508 216 Prior year tax adjustments, claims and settlements 1 (32 ) (90 ) 362 Tax credits (20 ) (6 ) (173 ) Other U.S. 1, 2 (169 ) (141 ) (801 ) Total income tax expense (benefit) $ 8,173 $ 14,066 $ 5,950 Effective income tax rate 3 27.6 % 28.3 % 27.5 % 1 Includes one-time 2 Includes one-time 3 The company’s effective tax rate is reflective of equity income reported on an after-tax The 2023 decrease in income tax expense of $5,893 is a result of the year-over-year decrease in total income before income tax expense, which is primarily due to lower upstream realizations and downstream margins. The company’s effective tax rate changed from 28.3 percent in 2022 to 27.6 percent in 2023. The change in effective tax rate is mainly due to mix effects resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions. The company records its deferred taxes on a tax-jurisdiction At December 31 2023 2022 Deferred tax liabilities Properties, plant and equipment $ 20,303 $ 18,295 Investments and other 4,263 4,492 Total deferred tax liabilities 24,566 22,787 Deferred tax assets Foreign tax credits (13,560 ) (12,599) Asset retirement obligations/environmental reserves (4,543 ) (4,518) Employee benefits (1,785 ) (2,087) Deferred credits (268 ) (446) Tax loss carryforwards (3,492 ) (3,887) Other accrued liabilities (1,416 ) (746) Inventory (126 ) (219) Operating leases (1,479 ) (1,134) Miscellaneous (3,652 ) (4,057) Total deferred tax assets (30,321 ) (29,693) Deferred tax assets valuation allowance 20,416 19,532 Total deferred taxes, net $ 14,661 $ 12,626 Deferred tax liabilities increased by $1,779 from year-end year-end The overall valuation allowance relates to deferred tax assets for U.S. foreign tax credit carryforwards, tax loss carryforwards and temporary differences. The valuation allowance reduces the deferred tax assets to amounts that are, in management’s assessment, more likely than not to be realized. At the end of 2023, the company had gross tax loss carryforwards of approximately $9,600 and tax credit carryforwards of approximately $260, primarily related to various international tax jurisdictions. Whereas some of these tax loss carryforwards do not have an expiration date, others expire at various times from 2024 through 2042. U.S. foreign tax credit carryforwards of $13,560 will expire between 2024 and 2033. At December 31, 2023 and 2022, deferred taxes were classified on the Consolidated Balance Sheet as follows: At December 31 2023 2022 Deferred charges and other assets $ (4,169 ) $ (4,505) Noncurrent deferred income taxes 18,830 17,131 Total deferred income taxes, net $ 14,661 $ 12,626 Income taxes, including U.S. state and foreign withholding taxes, are not accrued for unremitted earnings of international operations that have been or are intended to be reinvested indefinitely, or where no taxable temporary differences exist that are attributable to unremitted earnings from an investment in a foreign entity. The indefinite reinvestment assertion continues to apply for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding tax purposes. It is not practicable to estimate the amount of state and foreign withholding taxes that might be payable on the possible remittance of earnings that are intended to be reinvested indefinitely. The company does not anticipate incurring significant additional taxes on remittances of earnings that are not indefinitely reinvested. Uncertain Income Tax Positions The company recognizes a tax benefit in the financial statements for an uncertain tax position only if management’s assessment is that the position is more likely than not (i.e., a likelihood greater than 50 percent) to be allowed by the tax jurisdiction based solely on the technical merits of the position. The term “tax position” in the accounting standards for income taxes refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021. The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements. Interest and penalties are not included. 2023 2022 2021 Balance at January 1 $ 5,323 $ 5,288 $ 5,018 Foreign currency effects (27 ) (2 ) (1 ) Additions based on tax positions taken in current year 248 30 194 Additions for tax positions taken in prior years 265 234 218 Reductions based on tax positions taken in current year (104 ) — — Reductions for tax positions taken in prior years (251 ) (117 ) (36 ) Settlements with taxing authorities in current year (2 ) (110 ) (18 ) Reductions as a result of a lapse of the applicable statute of limitations — — (87 ) Balance at December 31 $ 5,452 $ 5,323 $ 5,288 Approximately 79 percent of the $5,452 of unrecognized tax benefits at December 31, 2023, would have an impact on the effective tax rate if subsequently recognized. Certain of these unrecognized tax benefits relate to tax carryforwards that may require a full valuation allowance at the time of any such recognition. The company and its subsidiaries are subject to income taxation and audits throughout the world. With certain exceptions, income tax examinations are completed through 2016 for the United States and 2007 for other major jurisdictions. The company engages in ongoing discussions with tax authorities regarding the resolution of tax matters in the various jurisdictions. Both the outcome of these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. Given the number of years that still remain subject to examination and the number of matters being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits. On the Consolidated Statement of Income, the company reports interest and penalties related to liabilities for uncertain tax positions as “Income Tax Expense (Benefit).” As of December 31, 2023, accrued expense of $229 for anticipated interest and penalties was included on the Consolidated Balance Sheet, compared with accrued benefit of $112 as of year-end Taxes Other Than on Income Year ended December 31 2023 2022 2021 United States Import duties and other levies $ (9 ) $ 10 $ 7 Property and other miscellaneous taxes 818 609 552 Payroll taxes 286 248 302 Taxes on production 801 989 628 Total United States 1,896 1,856 1,489 International Import duties and other levies 72 63 49 Property and other miscellaneous taxes 2,004 1,789 2,174 Payroll taxes 121 122 113 Taxes on production 127 202 138 Total International 2,324 2,176 2,474 Total taxes other than on income $ 4,220 $ 4,032 $ 3,963 |
Properties, Plant and Equipment
Properties, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Properties, Plant and Equipment | Note 18 Properties, Plant and Equipment 1 At December 31 Year ended December 31 Gross Investment at Cost Net Investment Additions at Cost 2 Depreciation Expense 3 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Upstream United States $ 117,955 $ 96,590 $ 93,393 $ 50,390 $ 37,031 $ 36,027 $ 20,408 $ 6,461 $ 4,520 $ 7,666 $ 5,012 $ 5,675 International 183,996 188,556 202,757 84,561 88,549 94,770 4,130 2,599 2,349 8,109 9,830 10,824 Total Upstream 301,951 285,146 296,150 134,951 125,580 130,797 24,538 9,060 6,869 15,775 14,842 16,499 Downstream United States 31,192 29,802 26,888 13,521 12,827 10,766 1,623 2,742 543 931 913 833 International 8,401 8,281 8,134 3,122 3,226 3,300 237 246 234 301 311 296 Total Downstream 39,593 38,083 35,022 16,643 16,053 14,066 1,860 2,988 777 1,232 1,224 1,129 All Other United States 4,390 4,402 4,729 1,991 1,931 2,078 311 230 143 313 247 290 International 147 154 144 34 27 20 15 12 7 6 6 7 Total All Other 4,537 4,556 4,873 2,025 1,958 2,098 326 242 150 319 253 297 Total United States 153,537 130,794 125,010 65,902 51,789 48,871 22,342 9,433 5,206 8,910 6,172 6,798 Total International 192,544 196,991 211,035 87,717 91,802 98,090 4,382 2,857 2,590 8,416 10,147 11,127 Total $ 346,081 $ 327,785 $ 336,045 $ 153,619 $ 143,591 $ 146,961 $ 26,724 $ 12,290 $ 7,796 $ 17,326 $ 16,319 $ 17,925 1 Other than the United States and Australia, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2023. Australia had PP&E of $41,409, $44,012 and $46,687 in 2023, 2022 and 2021, respectively. Gross Investment at Cost and Additions at Cost for 2023 each include $10,487 associated with the PDC acquisition. 2 Net of dry hole expense related to prior years’ expenditures of $110, $177 and $35 in 2023, 2022 and 2021, respectively. 3 Depreciation expense includes accretion expense of $593, $560 and $616 in 2023, 2022 and 2021, respectively, and impairments and write-offs of $2,180, $950 and $414 in 2023, 2022 and 2021, respectively. |
Short-Term Debt
Short-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Short-Term Debt | Note 19 Short-Term Debt At December 31 2023 2022 Commercial paper $ — $ — Notes payable to banks and others with originating terms of one year or less 469 328 Current maturities of long-term debt* 1,667 2,699 Current maturities of long-term finance leases 60 45 Redeemable long-term obligations 2,876 2,942 Subtotal 5,072 6,014 Reclassified to long-term debt (4,543 ) (4,050 ) Total short-term debt $ 529 $ 1,964 * Inclusive of unamortized premiums of $17 at December 31, 2023 and $5 at December 31, 2022. Redeemable long-term obligations consist primarily of tax-exempt The company may periodically enter into interest rate swaps on a portion of its short-term debt. At December 31, 2023, the company had no interest rate swaps on short-term debt. At December 31, 2023, the company had $8,050 in 364-day committed credit facilities with various major banks that enable the refinancing of short-term obligations on a long-term basis. The credit facilities allow the company to convert any amounts outstanding into a term loan for a period of up to one year. This supports commercial paper borrowing and can also be used for general corporate purposes. The company’s practice has been to continually replace expiring commitments with new commitments on substantially the same terms, maintaining levels management believes appropriate. Any borrowings under the facility would be unsecured indebtedness at interest rates based on the Secured Overnight Financing Rate (SOFR), or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under this facility at December 31, 2023. The company classified $4,543 and $4,050 of short-term debt as long-term at December 31, 2023 and 2022, respectively. Settlement of these obligations is not expected to require the use of working capital within one year, and the company has both the intent and the ability, as evidenced by committed credit facilities, to refinance them on a long-term basis. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 20 Long-Term Debt Total long-term debt including finance lease liabilities at December 31, 2023, was $20,307. The company’s long-term debt outstanding at year-end At December 31 2023 2022 Weighted Average 1 Range of Interest 2 Principal Principal Notes due 2024 3.291 2.895 - 3.900 $ 1,650 $ 1,650 Notes due 2025 1.724 0.687 - 3.326 4,000 4,000 Notes due 2026 2.954 2,250 2,250 Notes due 2027 2.379 1.018 - 8.000 2,000 2,000 Notes due 2028 3.850 600 600 Notes due 2029 3.250 500 500 Notes due 2030 2.236 1,500 1,500 Debentures due 2031 8.625 102 102 Debentures due 2032 8.416 8.000 - 8.625 183 183 Notes due 2040 2.978 293 293 Notes due 2041 6.000 397 397 Notes due 2043 5.250 330 330 Notes due 2044 5.050 222 222 Notes due 2047 4.950 187 187 Notes due 2049 4.200 237 237 Notes due 2050 2.763 2.343 - 3.078 1,750 1,750 Debentures due 2097 7.250 60 60 Bank loans due 2023 - — 91 Medium-term notes, maturing from 2023 to 2038 6.599 5.331 - 7.840 20 23 Notes due 2023 — 2,600 Total including debt due within one year 16,281 18,975 Debt due within one year (1,650 ) (2,694 ) Fair market value adjustment for debt acquired in the Noble acquisition 578 664 Reclassified from short-term debt 4,543 4,050 Unamortized discounts and debt issuance costs (19 ) (23 ) Finance lease liabilities 3 574 403 Total long-term debt $ 20,307 $ 21,375 1 Weighted-average interest rate at December 31, 2023. 2 Range of interest rates at December 31, 2023. 3 For details on finance lease liabilities, see Note 5 Lease Commitments Long-term debt excluding finance lease liabilities with a principal balance of $16,281 matures as follows: 2024 – $1,650; 2025 – $4,000; 2026 – $2,250; 2027 – $2,000; 2028 – $600; and after 2028 – $5,781. During the third quarter of 2023, the company assumed $1.5 billion of debt in conjunction with the PDC acquisition, including balances outstanding under the revolving credit facility, PDC’s 6.125% notes due 2024 (2024 notes) and PDC’s 5.75% notes due 2026 (2026 notes). The outstanding balances under the revolving credit facility and the 2024 notes were repaid during third quarter 2023. The company also irrevocably deposited sufficient U.S. Treasury securities with U.S. Bank Trust Company, N.A., as trustee, to fund the redemption of the 2026 notes, resulting in the indenture being satisfied and discharged. See Note 9 Fair Value Measurements for information concerning the fair value of the company’s long-term debt. |
Accounting for Suspended Explor
Accounting for Suspended Exploratory Wells | 12 Months Ended |
Dec. 31, 2023 | |
Accounting for Suspended Exploratory Wells [Abstract] | |
Accounting for Suspended Exploratory Wells | Note 21 Accounting for Suspended Exploratory Wells The company continues to capitalize exploratory well costs after the completion of drilling when the well has found a sufficient quantity of reserves to justify completion as a producing well, and the business unit is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense. The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2023: 2023 2022 2021 Beginning balance at January 1 $ 1,627 $ 2,109 $ 2,512 Additions to capitalized exploratory well costs pending the determination of proved reserves 88 72 56 Reclassifications to wells, facilities and equipment based on the determination of proved reserves — (481 ) (425) Capitalized exploratory well costs charged to expense (67 ) (73 ) (34) Ending balance at December 31 $ 1,648 $ 1,627 $ 2,109 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 2023 2022 2021 Exploratory well costs capitalized for a period of one year or less $ 78 $ 73 $ 65 Exploratory well costs capitalized for a period greater than one year 1,570 1,554 2,044 Balance at December 31 $ 1,648 $ 1,627 $ 2,109 Number of projects with exploratory well costs that have been capitalized for a period greater than one year * 13 12 15 * Certain projects have multiple wells or fields or both. Of the $1,570 of exploratory well costs capitalized for more than one year at December 31, 2023, $844 is related to seven projects that had drilling activities underway or firmly planned for the near future. The $726 balance is related to six projects in areas requiring a major capital expenditure before production could begin and for which additional drilling efforts were not underway or firmly planned for the near future. Additional drilling was not deemed necessary because the presence of hydrocarbons had already been established, and other activities were in process to enable a future decision on project development. The projects for the $726 referenced above had the following activities associated with assessing the reserves and the projects’ economic viability: (a) $311 (four projects) – undergoing front-end The $1,570 of suspended well costs capitalized for a period greater than one year as of December 31, 2023, represents 71 exploratory wells in 13 projects. The tables below contain the aging of these costs on a well and project basis: Aging based on drilling completion date of individual wells: Amount Number of wells 2000-2009 $ 263 14 2010-2014 1,121 49 2015-2022 186 8 Total $ 1,570 71 Aging based on drilling completion date of last suspended well in project: Amount Number of projects 2008-2012 $ 292 2 2013-2016 1,082 6 2017-2023 196 5 Total $ 1,570 13 |
Stock Options and Other Share-B
Stock Options and Other Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Options and Other Share-Based Compensation | Note 22 Stock Options and Other Share-Based Compensation Compensation expense for stock options for 2023, 2022 and 2021 was $85 ($65 after tax), $60 ($46 after tax) and $60 ($47 after tax), respectively. In addition, compensation expense for stock appreciation rights, restricted stock, performance shares and restricted stock units resulted in a net benefit of $(100) ($(76) after tax) for 2023, primarily as a result of reductions in the fair value of outstanding liability-classified performance shares that are remeasured each reporting period. Compensation expense for stock appreciation rights, restricted stock, performance shares and restricted stock units was $1,013 ($770 after tax) and $701 ($554 after tax) for 2022 and 2021, respectively. No significant stock-based compensation cost was capitalized at December 31, 2023, or December 31, 2022. Cash received in payment for option exercises under all share-based payment arrangements for 2023, 2022 and 2021 was $263, $5,835 and $1,274, respectively. Actual tax benefits realized for the tax deductions from option exercises were $20, $216 and $(15) for 2023, 2022 and 2021, respectively. Cash paid to settle performance shares, restricted stock units and stock appreciation rights was $566, $556 and $163 for 2023, 2022 and 2021, respectively. On May 25, 2022, stockholders approved the Chevron 2022 Long-Term Incentive Plan (2022 LTIP). Awards under the 2022 LTIP may take the form of, but are not limited to, stock options, restricted stock, restricted stock units, stock appreciation rights, performance shares and non-stock Fair Value and Assumptions The fair market values of stock options and stock appreciation rights granted in 2023, 2022 and 2021 were measured on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year ended December 31 2023 2022 2021 Expected term in years 1 6.4 6.9 6.8 Volatility 2 32.5 % 31.3 % 31.1 % Risk-free interest rate based on zero coupon U.S. treasury note 3.43 % 1.79 % 0.71 % Dividend yield 3.5 % 5.0 % 6.0 % Weighted-average fair value per option granted $ 45.82 $ 23.56 $ 12.22 1 Expected term is based on historical exercise and post-vesting cancellation data. 2 Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. A summary of option activity during 2023 is presented below: Shares (Thousands) Weighted-Average Exercise Price Averaged Remaining Aggregate Intrinsic Value Outstanding at January 1, 2023 25,265 $ 114.61 Granted 2,122 $ 179.08 Exercised (2,538 ) $ 104.30 Forfeited (474 ) $ 246.61 Outstanding at December 31, 2023 24,375 $ 118.72 5.14 $ 934 Exercisable at December 31, 2023 18,438 $ 113.38 4.11 $ 791 The total intrinsic value (i.e., the difference between the exercise price and the market price) of options exercised during 2023, 2022 and 2021 was $167, $2,369 and $152, respectively. During this period, the company continued its practice of issuing treasury shares upon exercise of these awards. As of December 31, 2023, there was $181 of total unrecognized before-tax At January 1, 2023, the number of LTIP performance shares outstanding was equivalent to 4,753,266 shares. During 2023, 1,291,262 performance shares were granted, 1,521,636 shares vested with cash proceeds distributed to recipients and 103,582 shares were forfeited. At December 31, 2023, there were 4,419,310 performance shares outstanding that are payable in cash. The fair value of the liability recorded for these instruments was $360 and was measured largely using the Monte Carlo simulation method. At January 1, 2023, the number of restricted stock units outstanding was equivalent to 4,287,826 shares. During 2023, 1,739,120 restricted stock units were granted, 866,494 units vested with cash proceeds distributed to recipients and 100,210 units were forfeited. At December 31, 2023, there were 5,060,242 restricted stock units outstanding, of which 3,905,243 are payable in cash and 1,154,999 are payable in shares. The fair value of the liability recorded for the vested portion of these instruments payable in cash was $457, valued at the stock price as of December 31, 2023. In addition, outstanding stock appreciation rights that were granted under the LTIP totaled 652,493 equivalent shares as of December 31, 2023. The fair value of the liability recorded for the vested portion of these instruments was $32. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 23 Employee Benefit Plans The company has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act (ERISA) minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the company’s other investment alternatives. The company also sponsors other postretirement benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and retirees share the costs. For the company’s main U.S. medical plan, the increase to the pre-Medicare The company recognizes the overfunded or underfunded status of each of its defined benefit pension and OPEB plans as an asset or liability on the Consolidated Balance Sheet. The funded status of the company’s pension and OPEB plans for 2023 and 2022 follows: Pension Benefits 2023 2022 Other Benefits U.S. Int’l. U.S. Int’l. 2023 2022 Change in Benefit Obligation Benefit obligation at January 1 $ 9,713 $ 3,354 $ 12,966 $ 5,351 $ 1,938 $ 2,489 Service cost 342 58 432 83 33 43 Interest cost 448 193 318 137 97 60 Plan participants’ contributions — 3 — 3 63 62 Plan amendments — 28 40 38 — 18 Actuarial (gain) loss 603 17 (2,753 ) (1,559 ) 103 (509 ) Foreign currency exchange rate changes — 180 — (423 ) 5 (5 ) Benefits paid (714 ) (218 ) (1,290 ) (276 ) (222 ) (220 ) Divestitures/Acquisitions — (14 ) — — — — Curtailment — 2 — — — — Special termination costs — 2 — — — — Benefit obligation at December 31 10,392 3,605 9,713 3,354 2,017 1,938 Change in Plan Assets Fair value of plan assets at January 1 7,942 3,286 9,919 4,950 — — Actual return on plan assets 889 46 (1,851 ) (1,096 ) — — Foreign currency exchange rate changes — 181 — (453 ) — — Employer contributions 1,020 100 1,164 158 159 158 Plan participants’ contributions — 3 — 3 63 62 Benefits paid (714 ) (218 ) (1,290 ) (276 ) (222 ) (220 ) Fair value of plan assets at December 31 9,137 3,398 7,942 3,286 — — Funded status at December 31 $ (1,255 ) $ (207 ) $ (1,771 ) $ (68 ) $ (2,017 ) $ (1,938 ) Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2023 and 2022, include: Pension Benefits 2023 2022 Other Benefits U.S. Int’l. U.S. Int’l. 2023 2022 Deferred charges and other assets $ 31 $ 703 $ 26 $ 759 $ — $ — Accrued liabilities (145 ) (73 ) (210 ) (62 ) (154 ) (152 ) Noncurrent employee benefit plans (1,141 ) (837 ) (1,587 ) (765 ) (1,863 ) (1,786 ) Net amount recognized at December 31 $ (1,255 ) $ (207 ) $ (1,771 ) $ (68 ) $ (2,017 ) $ (1,938 ) For the year ended December 31, 2023, the increase in benefit obligations was primarily due to actuarial losses caused by lower discount rates used to value the obligations. For the year ended December 31, 2022, the decrease in benefit obligations was primarily due to actuarial gains caused by higher discount rates used to value the obligations and benefit payments paid to retirees in 2022. Amounts recognized on a before-tax Pension Benefits 2023 2022 Other Benefits U.S. Int’l. U.S. Int’l. 2023 2022 Net actuarial loss $ 3,161 $ 823 $ 3,147 $ 659 $ (266 ) $ (392 ) Prior service (credit) costs 37 126 40 107 (89 ) (115 ) Total recognized at December 31 $ 3,198 $ 949 $ 3,187 $ 766 $ (355 ) $ (507 ) The accumulated benefit obligations for all U.S. and international pension plans were $9,284 and $3,378, respectively, at December 31, 2023, and $8,595 and $3,084, respectively, at December 31, 2022. Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2023 and 2022, was: Pension Benefits 2023 2022 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 1,203 $ 913 $ 1,322 $ 828 Accumulated benefit obligations 1,108 773 1,135 671 Fair value of plan assets — 4 — 3 The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2023, 2022 and 2021 are shown in the table below: Pension Benefits 2023 2022 2021 Other Benefits U.S. Int’l. U.S. Int’l. U.S. Int’l. 2023 2022 2021 Net Periodic Benefit Cost Service cost $ 342 $ 58 $ 432 $ 83 $ 450 $ 123 $ 33 $ 43 $ 43 Interest cost 448 193 318 137 235 137 97 60 53 Expected return on plan assets (557 ) (204 ) (624 ) (176 ) (596 ) (171 ) — — — Amortization of prior service costs (credits) 4 8 2 6 2 8 (25 ) (27 ) (27) Recognized actuarial losses 199 8 218 15 309 46 (19 ) 13 16 Settlement losses 56 — 363 (6 ) 672 7 — — — Curtailment losses (gains) — 2 — (5 ) — (1 ) — — — Special termination benefits — 2 — — — — — — — Acquisition/Divestiture losses (gains) — (2 ) — — — — — — — Total net periodic benefit cost 492 65 709 54 1,072 149 86 89 85 Changes Recognized in Comprehensive Income Net actuarial (gain) loss during period 270 172 (279 ) (257 ) (725 ) (408 ) 108 (514 ) (111) Amortization of actuarial loss (255 ) (8 ) (581 ) (5 ) (981 ) (73 ) 19 (13 ) (15) Prior service (credits) costs during period — 28 40 38 — — 1 18 — Amortization of prior service (costs) credits (4 ) (8 ) (2 ) (6 ) (2 ) (11 ) 25 27 27 Total changes recognized in other 11 184 (822 ) (230 ) (1,708 ) (492 ) 153 (482 ) (99) Recognized in Net Periodic Benefit Cost and Other Comprehensive Income $ 503 $ 249 $ (113 ) $ (176 ) $ (636 ) $ (343 ) $ 239 $ (393 ) $ (14) Assumptions The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits 2023 2022 2021 Other Benefits U.S. Int’l. U.S. Int’l. U.S. Int’l. 2023 2022 2021 Assumptions used to determine benefit obligations: Discount rate 5.0 % 5.5 % 5.2 % 5.8 % 2.8 % 2.8 % 5.1 % 5.3 % 2.9 % Rate of compensation increase 4.5 % 3.9 % 4.5 % 4.2 % 4.5 % 4.1 % N/A N/A N/A Assumptions used to determine net periodic benefit cost: Discount rate for service cost 5.2 % 5.8 % 3.6 % 2.8 % 3.0 % 2.4 % 5.4 % 3.1 % 3.0 % Discount rate for interest cost 5.0 % 5.8 % 2.8 % 2.8 % 1.9 % 2.4 % 5.2 % 2.4 % 2.1 % Expected return on plan assets 7.0 % 6.1 % 6.6 % 3.9 % 6.5 % 3.5 % N/A N/A N/A Rate of compensation increase 4.5 % 4.2 % 4.5 % 4.1 % 4.5 % 4.0 % N/A N/A N/A Expected Return on Plan Assets The company’s estimated long-term rates of return on pension assets are driven primarily by actual historical asset-class returns, an assessment of expected future performance, advice from external actuarial firms and the incorporation of specific asset-class risk factors. Asset allocations are periodically updated using pension plan asset/liability studies, and the company’s estimated long-term rates of return are consistent with these studies. For 2023, the company used an expected long-term rate of return of 7.0 percent for U.S. pension plan assets, which account for 71 percent of the company’s pension plan assets at the beginning of the year. The market-related value of assets of the main U.S. pension plan used in the determination of pension expense was based on the market values in the three months preceding the year-end three-month day-to-day year-end Discount Rate The discount rate assumptions used to determine the U.S. and international pension and OPEB plan obligations and expense reflect the rate at which benefits could be effectively settled, and are equal to the equivalent single rate resulting from yield curve analysis. This analysis considered the projected benefit payments specific to the company’s plans and the yields on high-quality bonds. The projected cash flows were discounted to the valuation date using the yield curve for the main U.S. pension and OPEB plans. The effective discount rates derived from this analysis were 5.0 percent, 5.2 percent, and 2.8 percent for 2023, 2022, and 2021, respectively, for both the main U.S. pension and OPEB plans. Other Benefit Assumptions For the measurement of accumulated postretirement benefit obligation at December 31, 2023, for the main U.S. OPEB plan, the assumed health care cost-trend rates start with 8.4 percent in 2024 and gradually decline to 4.5 percent for 2033 and beyond. For this measurement at December 31, 2022, the assumed health care cost-trend rates started with 6.6 percent in 2023 and gradually declined to 4.5 percent for 2032 and beyond. Plan Assets and Investment Strategy The fair value measurements of the company’s pension plans for 2023 and 2022 are as follows: U.S. Int’l. Total Level 1 Level 2 Level 3 NAV Total Level 1 Level 2 Level 3 NAV At December 31, 2022 Equities U.S. 1 $ 1,358 $ 1,358 $ — $ — $ — $ 164 $ 164 $ — $ — $ — International 946 946 — — — 120 120 — — — Collective Trusts/Mutual Funds 2 1,695 4 — — 1,691 87 6 — — 81 Fixed Income Government 110 — 110 — — 185 127 58 — — Corporate 680 — 680 — — 343 15 328 — — Bank Loans 45 — 45 — — — — — — — Mortgage/Asset Backed 1 — 1 — — 4 — 4 — — Collective Trusts/Mutual Funds 2 1,616 — — — 1,616 1,750 — — — 1,750 Mixed Funds 3 — — — — — 87 14 73 — — Real Estate 4 1,184 — — — 1,184 198 — — 38 160 Alternative Investments — — — — — — — — — — Cash and Cash Equivalents 200 25 — — 175 80 69 2 — 9 Other 5 107 37 15 54 1 268 — 18 85 165 Total at December 31, 2022 $ 7,942 $ 2,370 $ 851 $ 54 $ 4,667 $ 3,286 $ 515 $ 483 $ 123 $ 2,165 At December 31, 2023 Equities U.S. 1 $ 1,691 $ 1,689 $ 1 $ 1 $ — $ 188 $ 188 $ — $ — $ — International 1,128 1,128 — — — 124 124 — — — Collective Trusts/Mutual Funds 2 1,269 4 — — 1,265 95 6 — — 89 Fixed Income Government 82 — 82 — — 172 101 71 — — Corporate 964 — 964 — — 431 4 427 — — Bank Loans 5 — 5 — — — — — — — Mortgage/Asset Backed 1 — 1 — — 5 — 5 — — Collective Trusts/Mutual Funds 2 2,293 — — — 2,293 1,819 — — — 1,819 Mixed Funds 3 — — — — — 85 8 77 — — Real Estate 4 1,087 — — — 1,087 147 — 24 — 123 Alternative Investments — — — — — 9 — 9 — — Cash and Cash Equivalents 548 12 — — 536 81 74 1 — 6 Other 5 69 (2 ) 14 56 1 242 — 11 81 150 Total at December 31, 2023 $ 9,137 $ 2,831 $ 1,067 $ 57 $ 5,182 $ 3,398 $ 505 $ 625 $ 81 $ 2,187 1 There were no investments in the company’s common stock at December 31, 2023 or December 31, 2022. 2 Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds. 3 Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk. 4 The year-end 5 The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below: Equity U.S. International Real Estate Other Total Total at December 31, 2021 $ — $ 1 $ 42 $ 161 $ 204 Actual Return on Plan Assets: Assets held at the reporting date — (1 ) — (18 ) (19 ) Assets sold during the period — — (4 ) — (4 ) Purchases, Sales and Settlements — — — (4 ) (4 ) Transfers in and/or out of Level 3 — — — — — Total at December 31, 2022 $ — $ — $ 38 $ 139 $ 177 Actual Return on Plan Assets: Assets held at the reporting date 1 — 5 — 6 Assets sold during the period — — — (2 ) (2 ) Purchases, Sales and Settlements — — — — — Transfers in and/or out of Level 3 — — (43 ) — (43 ) Total at December 31, 2023 $ 1 $ — $ — $ 137 $ 138 The primary investment objectives of the pension plans are to achieve the highest rate of total return within prudent levels of risk and liquidity, to diversify and mitigate potential downside risk associated with the investments, and to provide adequate liquidity for benefit payments and portfolio management. The company’s U.S. and U.K. pension plans comprise 95 percent of the total pension assets. Both the U.S. and U.K. plans have an Investment Committee that regularly meets during the year to review the asset holdings and their returns. To assess the plans’ investment performance, long-term asset allocation policy benchmarks have been established. For the primary U.S. pension plan, the company’s Investment Committee has established the following approved asset allocation ranges: Equities 35–65 percent, Fixed Income 25–45 percent, Real Estate 5–25 percent, Alternative Investments 0–5 percent and Cash 0–15 percent. For the U.K. pension plan, the U.K. Board of Trustees has established the following asset allocation guidelines: Equities 5–15 percent, Fixed Income 63–93 percent, Real Estate 5–15 percent, and Cash 0–7 percent. The other significant international pension plans also have established maximum and minimum asset allocation ranges that vary by plan. Actual asset allocation within approved ranges is based on a variety of factors, including market conditions and liquidity constraints. To mitigate concentration and other risks, assets are invested across multiple asset classes with active investment managers and passive index funds. The company does not prefund its OPEB obligations. Cash Contributions and Benefit Payments In 2023, the company contributed $1,020 and $100 to its U.S. and international pension plans, respectively. In 2024, the company expects contributions to be approximately $750 to its U.S. plans and $100 to its international pension plans. Actual contribution amounts are dependent upon investment returns, changes in pension obligations, regulatory environments, tax law changes and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. The company anticipates paying OPEB benefits of approximately $150 in 2024; $159 was paid in 2023. The following benefit payments, which include estimated future service, are expected to be paid by the company in the next 10 years: Pension Benefits Other U.S. Int’l. Benefits 2024 $ 886 $ 216 $ 154 2025 912 210 151 2026 904 222 149 2027 901 228 147 2028 877 240 146 2029-2033 4,248 1,266 716 Employee Savings Investment Plan Eligible employees of Chevron and certain of its subsidiaries participate in the Chevron Employee Savings Investment Plan (ESIP). Compensation expense for the ESIP totaled $320, $283 and $252 in 2023, 2022 and 2021, respectively. Benefit Plan Trusts Prior to its acquisition by Chevron, Texaco established a benefit plan trust for funding obligations under some of its benefit plans. At year-end earnings-per-share Employee Incentive Plans The Chevron Incentive Plan is an annual cash bonus plan for eligible employees that links awards to corporate and individual performance in the prior year. Charges to expense for cash bonuses were $809, $1,169 and $1,165 in 2023, 2022 and 2021, respectively. Chevron also has the LTIP for officers and other regular salaried employees of the company and its subsidiaries who hold positions of significant responsibility. Awards under the LTIP consist of stock options and other share-based compensation that are described in Note 22 Stock Options and Other Share-Based Compensation . |
Other Contingencies and Commitm
Other Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Contingencies and Commitments | Note 24 Other Contingencies and Commitments Income Taxes The company calculates its income tax expense and liabilities quarterly. These liabilities generally are subject to audit and are not finalized with the individual taxing authorities until several years after the end of the annual period for which income taxes have been calculated. Refer to Note 17 Taxes for a discussion of the periods for which tax returns have been audited for the company’s major tax jurisdictions and a discussion for all tax jurisdictions of the differences between the amount of tax benefits recognized in the financial statements and the amount taken or expected to be taken in a tax return. Settlement of open tax years, as well as other tax issues in countries where the company conducts its businesses, are not expected to have a material effect on the consolidated financial position or liquidity of the company and, in the opinion of management, adequate provisions have been made for all years under examination or subject to future examination. Guarantees 4-year 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 take-or-pay take-or-pay Environmental The company is subject to loss contingencies pursuant to laws, regulations, private claims and legal proceedings related to environmental matters that are subject to legal settlements or that in the future may require the company to take action to correct or ameliorate the effects on the environment of prior release of chemicals or petroleum substances by the company or other parties. Such contingencies may exist for various operating, closed and divested sites, including, but not limited to, U.S. federal Superfund sites and analogous sites under state laws, refineries, chemical plants, marketing facilities, crude oil fields, and mining sites. Although the company has provided for known environmental obligations that are probable and reasonably estimable, it is likely that the company will continue to incur additional liabilities. The amount of additional future costs are not fully determinable due to such factors as the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions that may be required, the determination of the company’s liability in proportion to other responsible parties, and the extent to which such costs are recoverable from third parties. These future costs may be material to results of operations in the period in which they are recognized, but the company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Chevron’s environmental reserve Of the remaining year-end Refer to Note 25 Asset Retirement Obligations for a discussion of the company’s asset retirement obligations. Other Contingencies 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. In fourth quarter 2023, the company recognized an after-tax |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Note 25 Asset Retirement Obligations The company records the fair value of a liability for an asset retirement obligation (ARO) both as an asset and a liability when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The legal obligation to perform the asset retirement activity is unconditional, even though uncertainty may exist about the timing and/or method of settlement that may be beyond the company’s control. This uncertainty about the timing and/or method of settlement is factored into the measurement of the liability when sufficient information exists to reasonably estimate fair value. Recognition of the ARO includes: (1) the present value of a liability and offsetting asset, (2) the subsequent accretion of that liability and depreciation of the asset, and (3) the periodic review of the ARO liability estimates and discount rates. AROs are primarily recorded for the company’s crude oil and natural gas producing assets. No significant AROs associated with any legal obligations to retire downstream long-lived assets have been recognized, as indeterminate settlement dates for the asset retirements prevent estimation of the fair value of the associated ARO. The company performs periodic reviews of its downstream long-lived assets for any changes in facts and circumstances that might require recognition of a retirement obligation. The following table indicates the changes to the company’s before-tax 2023 2022 2021 Balance at January 1 $ 12,701 $ 12,808 $ 13,616 Liabilities assumed in the PDC acquisition 220 — — Liabilities incurred 183 9 31 Liabilities settled (1,565 ) (1,281 ) (1,887 ) Accretion expense 593 560 616 Revisions in estimated cash flows 1,701 605 432 Balance at December 31 $ 13,833 $ 12,701 $ 12,808 In the table above, the amount associated with “Revisions in estimated cash flows” primarily reflects increased cost estimates and scop e change |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 26 Revenue Revenue from contracts with customers is presented in “Sales and other operating revenues” along with some activity that is accounted for outside the scope of Accounting Standard Codification (ASC) 606, which is not material to this line, on the Consolidated Statement of Income. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported in “Purchased crude oil and products” on the Consolidated Statement of Income. Refer to Note 14 Operating Segments and Geographic Data for additional information on the company’s segmentation of revenue. Receivables related to revenue from contracts with customers are included in “Accounts and notes receivable” on the Consolidated Balance Sheet, net of the allowance for doubtful accounts. The net balance of these receivables was $ . Contract assets and related costs are reflected in “Prepaid expenses and other current assets” and contract liabilities are reflected in “Accrued liabilities” and “Deferred credits and other noncurrent obligations” on the Consolidated Balance Sheet. Amounts for these items are not material to the company’s financial position. |
Other Financial Information
Other Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other Financial Information | Note 27 Other Financial Information Earnings in 2023 included after-tax after-tax after-tax Earnings in 2023 included after-tax after-tax after-tax upstream remediation Other financial information is as follows: Year ended December 31 2023 2022 2021 Total financing interest and debt costs $ 617 $ 630 $ 775 Less: Capitalized interest 148 114 63 Interest and debt expense $ 469 $ 516 $ 712 Research and development expenses $ 320 $ 268 $ 268 Excess of replacement cost over the carrying value of inventories (LIFO method) $ 6,455 $ 9,061 $ 5,588 LIFO profits (losses) on inventory drawdowns included in earnings $ 14 $ 122 $ 35 Foreign currency effects * $ (224 ) $ 669 $ 306 * Includes $(11), $253 and $180 in 2023, 2022 and 2021, respectively, for the company’s share of equity affiliates’ foreign currency effects. The company has $4,722 in goodwill on the Consolidated Balance Sheet, of which $4,370 is in the upstream segment primarily related to the 2005 acquisition of Unocal and $352 is in the downstream segment. The compan y |
Financial Instruments - Credit
Financial Instruments - Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Financial Instruments - Credit Losses | Note 28 Financial Instruments - Credit Losses Chevron’s expected credit loss allowance balance was $641 and $1,009 at December 31, 2023 and December 31, 2022, respectively, with a majority of the allowance relating to non-trade The majority of the company’s receivable balance is concentrated in trade receivables, with a balance of $17,640 at December 31, 2023, which reflects the company’s diversified sources of revenues and is dispersed across the company’s broad worldwide customer base. As a result, the company believes the concentration of credit risk is limited. The company routinely assesses the financial strength of its customers. When the financial strength of a customer is not considered sufficient, alternative risk mitigation measures may be deployed, including requiring prepayments, letters of credit or other acceptable forms of collateral. Once credit is extended and a receivable balance exists, the company applies a quantitative calculation to current trade receivable balances that reflects credit risk predictive analysis, including probability of default and loss given default, which takes into consideration current and forward-looking market data as well as the company’s historical loss data. This statistical approach becomes the basis of the company’s expected credit loss allowance for current trade receivables with payment terms that are typically short-term in nature, with most due in less than 90 days. Chevron’s non-trade Non-trade non-equity non-trade |
Acquisition of PDC Energy, Inc.
Acquisition of PDC Energy, Inc. | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition of PDC Energy, Inc. | Note 29 Acquisition of PDC Energy, Inc. On August 7, 2023, the company acquired PDC Energy, Inc. (PDC), an independent exploration and production company with operations in the Denver-Julesburg Basin in Colorado and the Delaware Basin in west Texas. The aggregate purchase price of PDC was $6,520, with approximately 41 million shares of Chevron common stock issued as consideration in the transaction. The shares represented approximately two The acquisition was accounted for as a business combination under ASC 805, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair value. Provisional fair value measurements were made for acquired assets and liabilities, and adjustments to those measurements may be made in subsequent periods, up to one year from the date of acquisition, as information necessary to complete the analysis is obtained. Oil and gas properties were valued using a discounted cash flow approach that incorporated internally generated price assumptions and production profiles together with appropriate operating cost and development cost assumptions. Debt assumed in the acquisition was valued based on observable market prices for PDC’s debt. As a result of measuring the assets acquired and the liabilities assumed at fair value, there was no goodwill or bargain purchase recognized. The following table summarizes the provisional fair values assigned to assets acquired and liabilities assumed: Current assets $ 630 Properties, plant and equipment 10,487 Other assets 118 Total assets acquired 11,235 Current liabilities 1,376 Long-term debt 1,473 Deferred income tax 1,397 Other liabilities 469 Total liabilities assumed 4,715 Purchase Price $ 6,520 Pro forma financial information is not disclosed as the acquisition was deemed not to have a material impact on the company’s results of operations. |
Agreement to Acquire Hess Corpo
Agreement to Acquire Hess Corporation | 12 Months Ended |
Dec. 31, 2023 | |
Agreement to Acquire Hess Corporation | Note 29 Acquisition of PDC Energy, Inc. On August 7, 2023, the company acquired PDC Energy, Inc. (PDC), an independent exploration and production company with operations in the Denver-Julesburg Basin in Colorado and the Delaware Basin in west Texas. The aggregate purchase price of PDC was $6,520, with approximately 41 million shares of Chevron common stock issued as consideration in the transaction. The shares represented approximately two The acquisition was accounted for as a business combination under ASC 805, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair value. Provisional fair value measurements were made for acquired assets and liabilities, and adjustments to those measurements may be made in subsequent periods, up to one year from the date of acquisition, as information necessary to complete the analysis is obtained. Oil and gas properties were valued using a discounted cash flow approach that incorporated internally generated price assumptions and production profiles together with appropriate operating cost and development cost assumptions. Debt assumed in the acquisition was valued based on observable market prices for PDC’s debt. As a result of measuring the assets acquired and the liabilities assumed at fair value, there was no goodwill or bargain purchase recognized. The following table summarizes the provisional fair values assigned to assets acquired and liabilities assumed: Current assets $ 630 Properties, plant and equipment 10,487 Other assets 118 Total assets acquired 11,235 Current liabilities 1,376 Long-term debt 1,473 Deferred income tax 1,397 Other liabilities 469 Total liabilities assumed 4,715 Purchase Price $ 6,520 Pro forma financial information is not disclosed as the acquisition was deemed not to have a material impact on the company’s results of operations. |
Hess Corporation | |
Agreement to Acquire Hess Corporation | Note 30 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 shares of Chevron common stock for each Hess share. The transaction was unanimously approved by the Boards of Directors of both companies and is anticipated to close around the middle of 2024. The acquisition is subject to Hess stockholder approval. It is also subject to regulatory approvals and other closing conditions. See Item 1A. Risk Factors for a discussion of risks related to the Hess acquisition. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II — Valuation and Qualifying Accounts Year ended December 31 Millions of Dollars 2023 2022 2021 Employee Termination Benefits Balance at January 1 $ 11 $ 43 $ 470 Additions (reductions) charged to expense (2 ) 1 (30 ) Payments (3 ) (33 ) (397 ) Balance at December 31 $ 6 $ 11 $ 43 Expected Credit Losses Beginning allowance balance for expected credit losses $ 1,008 $ 745 $ 671 Current period provision (367 ) 263 74 Write-offs charged against the allowance, if any — — — Balance at December 31 $ 641 $ 1,008 $ 745 Deferred Income Tax Valuation Allowance * Balance at January 1 $ 19,532 $ 17,651 $ 17,762 Additions to deferred income tax expense 2,348 3,533 3,691 Reduction of deferred income tax expense (1,464 ) (1,652 ) (3,802 ) Balance at December 31 $ 20,416 $ 19,532 $ 17,651 * See also Note 17 Taxes |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
General | General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America. These require the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and judgments, actual results could differ from these estimates as circumstances change and additional information becomes known. Prior years’ data have been reclassified in certain cases to conform to the 2023 presentation basis. |
Subsidiary and Affiliated Companies | Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary companies more than 50 percent-owned and any variable interest entities in which the company is the primary beneficiary. Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis. Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately 20 percent to 50 percent, or for which the company exercises significant influence but not control over policy decisions, are accounted for by the equity method. Investments in affiliates are assessed for possible impairment when events indicate that the fair value of the investment may be below the company’s carrying value. When such a condition is deemed to be other than temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in net income. In making the determination as to whether a decline is other than temporary, the company considers such factors as the duration and extent of the decline, the investee’s financial performance, and the company’s ability and intention to retain its investment for a period that will be sufficient to allow for any anticipated recovery in the investment’s market value. The new cost basis of investments in these equity investees is not changed for subsequent recoveries in fair value. Differences between the company’s carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned to the extent practicable to specific assets and liabilities based on the company’s analysis of the various factors giving rise to the difference. When appropriate, the company’s share of the affiliate’s reported earnings is adjusted quarterly to reflect the difference between these allocated values and the affiliate’s historical book values. |
Noncontrolling Interests | Noncontrolling Interests Ownership interests in the company’s subsidiaries held by parties other than the parent are presented separately from the parent’s equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the parent and the noncontrolling interests are both presented on the face of the Consolidated Statement of Income and Consolidated Statement of Equity. Included within noncontrolling interest is redeemable noncontrolling interest. |
Fair Value Measurements | Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or a liability are as follows. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Level 3 inputs are inputs that are not observable in the market. |
Derivatives | Derivatives |
Inventories | Inventories oil last-in, first-out |
Properties, Plant and Equipment | Properties, Plant and Equipment Note 21 Accounting for Suspended Exploratory Wells for additional discussion of accounting for suspended exploratory well costs. Long-lived assets to be held and used, including proved crude oil and natural gas properties, are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast or carbon costs), significant change in the extent or manner of use of or a physical change in an asset, and a more likely than not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved crude oil and natural gas properties, the company performs impairment reviews on a country, concession, PSC, development area or field basis, as appropriate. In downstream, impairment reviews are performed on the basis of a refinery, a plant, a marketing/lubricants area or distribution area, as appropriate. Impairment amounts are recorded as incremental “Depreciation, depletion and amortization” expense. Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the asset is considered impaired and adjusted to the lower value. Refer to Note 9 Fair Value Measurements relating to fair value measurements. The fair value of a liability for an ARO is recorded as an asset and a liability when there is a legal obligation associated with the retirement of a long-lived asset and the amount can be reasonably estimated. Refer also to Note 25 Asset Retirement Obligations relating to AROs. Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using the unit-of-production unit-of-production The capitalized costs of all other plant and equipment are depreciated or amortized over their estimated useful lives. In general, the declining-balance method is used to depreciate plant and equipment in the United States; the straight-line method is generally used to depreciate international plant and equipment and to amortize finance lease right-of-use Gains or losses are not recognized for normal retirements of properties, plant and equipment subject to composite group amortization or depreciation. Gains or losses from abnormal retirements are recorded as expenses, and from sales as “Other income.” Expenditures for maintenance (including those for planned major maintenance projects), repairs and minor renewals to maintain facilities in operating condition are generally expensed as incurred. Major replacements and renewals are capitalized. |
Leases | Leases Leases are classified as operating or finance leases. Both operating and finance leases recognize lease liabilities and associated right-of-use right-of-use non-lease non-lease Where leases are used in joint ventures, the company recognizes 100 percent of the right-of-use reasonably certain to exercise. The company uses its incremental borrowing rate as a proxy for the discount rate based on the term of the lease unless the implicit rate is available. |
Goodwill | Goodwill Goodwill resulting from a business combination is not subject to amortization. The company tests such goodwill at the reporting unit level for impairment annually at December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. |
Environmental Expenditures | Environmental Expenditures Environmental expenditures that relate to ongoing operations or to conditions caused by past operations are expensed. Expenditures that create future benefits or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments or cleanups or both are probable and the costs can be reasonably estimated. For crude oil, natural gas and mineral-producing properties, a liability for an ARO is made in accordance with accounting standards for asset retirement and environmental obligations. Refer to Note 25 Asset Retirement Obligations for a discussion of the company’s AROs. For abandonment and decommissioning obligations related to previously sold assets, refer to Note 24 Other Contingencies and Commitments . For U.S. federal Superfund sites and analogous sites under state laws, the company records a liability for its designated share of the probable and estimable costs, and probable amounts for other potentially responsible parties when mandated by the regulatory agencies because the other parties are not able to pay their respective shares. The gross amount of environmental liabilities is based on the company’s best estimate of future costs using currently available technology and applying current regulations and the company’s own internal environmental policies. Future amounts are not discounted. Recoveries or reimbursements are recorded as assets when receipt is reasonably assured. |
Currency Translation | Currency Translation The U.S. dollar is the functional currency for substantially all of the company’s consolidated operations and those of its equity affiliates. For those operations, all gains and losses from currency remeasurement are included in current period income. The cumulative translation effects for those few entities, both consolidated and affiliated, using functional currencies other than the U.S. dollar are included in “Currency translation adjustment” on the Consolidated Statement of Equity. |
Revenue Recognition | Revenue Recognition The company accounts for each delivery order of crude oil, NGLs, natural gas, petroleum and chemical products as a separate performance obligation. Revenue is recognized when the performance obligation is satisfied, which typically occurs at the point in time when control of the product transfers to the customer. Payment is generally due within 30 days of delivery. The company accounts for delivery transportation as a fulfillment cost, not a separate performance obligation, and recognizes these costs as an operating expense in the period when revenue for the related commodity is recognized. Revenue is measured as the amount the company expects to receive in exchange for transferring commodities to the customer. The company’s commodity sales are typically based on prevailing market-based prices and may include discounts and allowances. Until market prices become known under terms of the company’s contracts, the transaction price included in revenue is based on the company’s estimate of the most likely outcome. Discounts and allowances are estimated using a combination of historical and recent data trends. When deliveries contain multiple products, an observable standalone selling price is generally used to measure revenue for each product. The company includes estimates in the transaction price only to the extent that a significant reversal of revenue is not probable in subsequent periods. |
Stock Options and Other Share-Based Compensation | Stock Options and Other Share-Based Compensation The company issues stock options and other share-based compensation to certain employees. For equity awards, such as stock options and certain restricted stock units, total compensation cost is based on the grant date fair value, and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period in which an employee becomes eligible to retain the award at retirement. The company’s Long-Term Incentive Plan (LTIP) awards include stock options and stock appreciation rights, which have graded vesting provisions by which one-third one-third 31 the fifth anniversary of the grant date, subject to adjustment upon termination pursuant to the satisfaction of certain criteria. Commencing for grants issued in January 2023 and after, standard restricted stock units vest ratably on an annual basis over a three-year period. The company amortizes these awards on a straight-line basis. |
Uncertain Income Tax Positions | Uncertain Income Tax Positions The company recognizes a tax benefit in the financial statements for an uncertain tax position only if management’s assessment is that the position is more likely than not (i.e., a likelihood greater than 50 percent) to be allowed by the tax jurisdiction based solely on the technical merits of the position. The term “tax position” in the accounting standards for income taxes refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the year ended December 31, 2023, are reflected in the table below. Currency Unrealized Derivatives Defined Total Balance at December 31, 2020 $ (107 ) $ (10 ) $ — $ (5,495 ) $ (5,612 ) Components of Other Comprehensive Income (Loss) 1 Before Reclassifications (55 ) (1 ) (6 ) 949 887 Reclassifications 2,3 — — 6 830 836 Net Other Comprehensive Income (Loss) (55 ) (1 ) — 1,779 1,723 Balance at December 31, 2021 $ (162 ) $ (11 ) $ — $ (3,716 ) $ (3,889 ) Components of Other Comprehensive Income (Loss) 1 Before Reclassifications (41 ) (1 ) 68 703 729 Reclassifications 2, 3 — — (80 ) 442 362 Net Other Comprehensive Income (Loss) (41 ) (1 ) (12 ) 1,145 1,091 Balance at December 31, 2022 $ (203 ) $ (12 ) $ (12 ) $ (2,571 ) $ (2,798 ) Components of Other Comprehensive Income (Loss) 1 Before Reclassifications 11 1 (16 ) (397 ) (401 ) Reclassifications 2, 3 — — 33 206 239 Net Other Comprehensive Income (Loss) 11 1 17 (191 ) (162 ) Balance at December 31, 2023 $ (192 ) $ (11 ) $ 5 $ (2,762 ) $ (2,960 ) 1 All amounts are net of tax. 2 Refer to Note 23 Employee Benefit Plans 3 Refer to Note 10 Financial and Derivative Instruments for cash flow hedging. |
Information Relating to the C_2
Information Relating to the Consolidated Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of information relating to the consolidated statement of cash flows | Year ended December 31 2023 2022 2021 Distributions more (less) than income from equity affiliates includes the following: Distributions from equity affiliates $ 4,246 $ 3,855 $ 3,659 (Income) loss from equity affiliates (5,131 ) (8,585 ) (5,657) Distributions more (less) than income from equity affiliates $ (885 ) $ (4,730 ) $ (1,998) Net decrease (increase) in operating working capital was composed of the following: Decrease (increase) in accounts and notes receivable $ 1,187 $ (2,317 ) $ (7,548) Decrease (increase) in inventories (320 ) (930 ) (530) Decrease (increase) in prepaid expenses and other current assets (1,202 ) (226 ) 19 Increase (decrease) in accounts payable and accrued liabilities (49 ) 2,750 5,475 Increase (decrease) in income and other taxes payable (2,801 ) 2,848 1,223 Net decrease (increase) in operating working capital $ (3,185 ) $ 2,125 $ (1,361) Net cash provided by operating activities includes the following cash payments: Interest on debt (net of capitalized interest) $ 465 $ 525 $ 699 Income taxes 10,416 9,148 4,355 Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: Proceeds and deposits related to asset sales $ 446 $ 1,435 $ 1,352 Returns of investment from equity affiliates 223 1,200 439 Proceeds and deposits related to asset sales and returns of investment $ 669 $ 2,635 $ 1,791 Net sales (purchases) of marketable securities consisted of the following gross amounts: Marketable securities purchased $ (289 ) $ (7 ) $ (4) Marketable securities sold 464 124 3 Net sales (purchases) of marketable securities $ 175 $ 117 $ (1) Net repayment (borrowing) of loans by equity affiliates: Borrowing of loans by equity affiliates $ (368 ) $ (108 ) $ — Repayment of loans by equity affiliates 66 84 401 Net repayment (borrowing) of loans by equity affiliates $ (302 ) $ (24 ) $ 401 Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: Repayments of short-term obligations $ — $ — $ (6,906) Proceeds from issuances of short-term debt obligations — — 4,448 Net borrowings (repayments) of short-term obligations with three months or less maturity 135 263 (3,114) Net borrowings (repayments) of short-term obligations $ 135 $ 263 $ (5,572) Net sales (purchases) of treasury shares consists of the following gross and net amounts: Shares issued for share-based compensation plans $ 261 $ 5,838 $ 1,421 Shares purchased under share repurchase and deferred compensation plans (14,939 ) (11,255 ) (1,383) Net sales (purchases) of treasury shares $ (14,678 ) $ (5,417 ) $ 38 Net contributions from (distributions to) noncontrolling interests consisted of the following gross and net amounts: Distributions to noncontrolling interests $ (54 ) $ (118 ) $ (53) Contributions from noncontrolling interests 14 4 17 Net contributions from (distributions to) noncontrolling interests $ (40 ) $ (114 ) $ (36) |
Capital expenditures | The components of “Capital expenditures” are presented in the following table: Year ended December 31 2023 2022 2021 Additions to properties, plant and equipment * $ 14,788 $ 10,349 $ 7,515 Additions to investments 690 1,147 460 Current-year dry hole expenditures 326 309 83 Payments for other assets and liabilities, net 25 169 (2) Capital expenditures $ 15,829 $ 11,974 $ 8,056 * Excludes non-cash |
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: Year ended December 31 2023 2022 2021 Cash and cash equivalents $ 8,178 $ 17,678 $ 5,640 Restricted cash included in “Prepaid expenses and other current assets” 275 630 333 Restricted cash included in “Deferred charges and other assets” 822 813 822 Total cash, cash equivalents and restricted cash $ 9,275 $ 19,121 $ 6,795 |
Restrictions on Cash and Cash Equivalents | The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet: Year ended December 31 2023 2022 2021 Cash and cash equivalents $ 8,178 $ 17,678 $ 5,640 Restricted cash included in “Prepaid expenses and other current assets” 275 630 333 Restricted cash included in “Deferred charges and other assets” 822 813 822 Total cash, cash equivalents and restricted cash $ 9,275 $ 19,121 $ 6,795 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Assets And Liabilities, Lessee | At December 31, 2023 At December 31, 2022 Operating Leases Finance Leases Operating Leases Finance Leases Deferred charges and other assets $ 5,422 $ — $ 4,262 $ — Properties, plant — 583 — 392 Right-of-use $ 5,422 $ 583 $ 4,262 $ 392 Accrued $ 1,538 $ — $ 1,111 $ — Short-term Debt — 60 — 45 Current lease liabilities 1,538 60 1,111 45 Deferred credits and other noncurrent obligations 3,696 — 2,920 — Long-term Debt — 574 — 403 Noncurrent lease liabilities 3,696 574 2,920 403 Total lease liabilities $ 5,234 $ 634 $ 4,031 $ 448 Weighted-average remaining lease term (in years) 6 .7 12 .6 7 .0 11 .9 Weighted-average discount rate 3.3 % 4.5 % 1.9 % 4.1 % * Includes non-cash right-of-use |
Schedule of Lease, Cost | Total lease costs consist of both amounts recognized in the Consolidated Statement of Income during the period and amounts capitalized as part of the cost of another asset. Total lease costs incurred for operating and finance leases were as follows: Year-ended December 31 2023 2022 2021 Operating lease costs* $ 2,984 $ 2,359 $ 2,199 Finance lease costs 52 57 66 Total lease costs $ 3,036 $ 2,416 $ 2,265 * Includes variable and short-term lease costs. Cash paid for amounts included in the measurement of lease liabilities was as follows: Year-ended December 31 2023 2022 2021 Operating cash flows from operating leases $ 2,271 $ 1,892 $ 1,670 Investing cash flows from operating leases 713 467 398 Operating cash flows from finance leases 15 18 21 Financing cash flows from finance leases 42 44 193 |
Schedule of Lessee, Operating Lease, Liability, Maturity | At December 31, 2023, the estimated future undiscounted cash flows for operating and finance leases were as follows: At December 31, 2023 Operating Leases Finance Leases Year 2024 $ 1,673 $ 84 2025 1,153 79 2026 734 76 2027 544 68 2028 396 66 Thereafter 1,364 443 Total $ 5,864 $ 816 Less: Amounts representing interest 630 182 Total lease liabilities $ 5,234 $ 634 |
Schedule of Finance Lease, Liability, Maturity | At December 31, 2023, the estimated future undiscounted cash flows for operating and finance leases were as follows: At December 31, 2023 Operating Leases Finance Leases Year 2024 $ 1,673 $ 84 2025 1,153 79 2026 734 76 2027 544 68 2028 396 66 Thereafter 1,364 443 Total $ 5,864 $ 816 Less: Amounts representing interest 630 182 Total lease liabilities $ 5,234 $ 634 |
Summarized Financial Data - C_3
Summarized Financial Data - Chevron U.S.A. Inc. (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summarized Financial Data of Subsidiary One [Abstract] | |
Summarized Financial Data - Chevron U.S.A. Inc. | The summarized financial information for CUSA and its consolidated subsidiaries is as follows: Year ended December 31 2023 2022 2021 Sales and other operating revenues $ 152,347 $ 183,032 $ 120,380 Total costs and other deductions 144,482 166,955 114,641 Net income (loss) attributable to CUSA 4,598 13,315 6,904 |
Summarized Financial Data Affiliate Net Equity One | At December 31 2023 2022 Current assets $ 19,489 $ 18,704 Other assets 54,460 50,153 Current liabilities 20,624 22,452 Other liabilities 22,227 19,274 Total CUSA net equity $ 31,098 $ 27,131 Memo: Total debt $ 9,740 $ 10,800 |
Summarized Financial Data - T_2
Summarized Financial Data - Tengizchevroil LLP (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summarized Financial Data of Affiliate [Abstract] | |
Summarized Financial Data - Income Statement | Summarized financial information for 100 percent of TCO is presented in the table below: Year ended December 31 2023 2022 2021 Sales and other operating revenues $ 19,578 $ 23,795 $ 15,927 Costs and other deductions 10,193 11,596 8,186 Net income attributable to TCO 6,569 8,566 5,418 |
Summarized Financial Data - Balance Sheet | At December 31 2023 2022 Current assets $ 3,919 $ 6,522 Other assets 57,454 54,506 Current liabilities 2,372 3,567 Other liabilities 12,782 12,312 Total TCO net equity $ 46,219 $ 45,149 |
Summarized Financial Data - C_4
Summarized Financial Data - Chevron Phillips Chemical Company LLC (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summarized Financial Data of Subsidiary Two [Abstract] | |
Summarized Financial Data - Income Statement | Summarized financial information for 100 percent of CPChem is presented in the table below: Year ended December 31 2023 2022 2021 Sales and other operating revenues $ 11,560 $ 14,180 $ 14,104 Costs and other deductions 10,561 12,870 10,862 Net income attributable to CPChem 1,173 1,662 3,684 |
Summarized Financial Data - Balance Sheet | At December 31 2023 2022 Current assets $ 3,284 $ 3,472 Other assets 16,425 15,184 Current liabilities 1,757 2,146 Other liabilities 3,269 2,941 Total CPChem net equity $ 14,683 $ 13,569 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and Liabilities Measured at Fair Value on a Recurring Basis At December 31, 2023 At December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable securities $ 45 $ 45 $ — $ — $ 223 $ 223 $ — $ — Derivatives - not designated 152 24 128 — 184 111 73 — Derivatives - designated 7 7 — — — — — — Total assets at fair value $ 204 $ 76 $ 128 $ — $ 407 $ 334 $ 73 $ — Derivatives - not designated 262 160 102 — 43 33 10 — Derivatives - designated — — — — 15 15 — — Total liabilities at fair value $ 262 $ 160 $ 102 $ — $ 58 $ 48 $ 10 $ — |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis At December 31 At December 31 Total Level 1 Level 2 Level 3 Before-Tax Loss Total Level 1 Level 2 Level 3 Before-Tax Loss Properties, plant and equipment, net (held and used) $ 484 $ — $ — $ 484 $ 2,175 $ 54 $ — $ — $ 54 $ 518 Properties, plant and equipment, net (held for sale) — — — — 5 — — — — 432 Investments and advances 207 5 165 37 352 33 2 — 31 9 Total nonrecurring assets at fair value $ 691 $ 5 $ 165 $ 521 $ 2,532 $ 87 $ 2 $ — $ 85 $ 959 |
Financial and Derivative Inst_2
Financial and Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments | Consolidated Balance Sheet: Fair Value of Derivatives At December 31 Type of Contract Balance Sheet Classification 2023 2022 Commodity Accounts and notes receivable $ 151 $ 175 Commodity Long-term receivables, net 8 9 Total assets at fair value $ 159 $ 184 Commodity Accounts payable $ 216 $ 46 Commodity Deferred credits and other noncurrent obligations 46 12 Total liabilities at fair value $ 262 $ 58 |
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments | Consolidated Statement of Income: The Effect of Derivatives Type of Derivative Statement of Gain/(Loss) Year ended December 31 Contract Income Classification 2023 2022 2021 Commodity Sales and other operating revenues $ (304 ) $ (651 ) $ (685) Commodity Purchased crude oil and products (154 ) (226 ) (64) Commodity Other income (loss) (47 ) 10 (46) $ (505 ) $ (867 ) $ (795) |
Consolidated Balance Sheet: The Effect of Netting Derivative Assets | The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2023 and 2022. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities At December 31, 2023 Gross Amounts Gross Amounts Net Amounts Gross Amounts Net Amounts 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 $ — $ — $ — At December 31, 2022 Derivative Assets - not designated $ 2,591 $ 2,407 $ 184 $ 5 $ 179 Derivative Assets - designated $ 8 $ 8 $ — $ — $ — Derivative Liabilities - not designated $ 2,450 $ 2,407 $ 43 $ — $ 43 Derivative Liabilities - designated $ 23 $ 8 $ 15 $ — $ 15 |
Consolidated Balance Sheet: The Effect of Netting Derivative Liabilities | The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2023 and 2022. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities At December 31, 2023 Gross Amounts Gross Amounts Net Amounts Gross Amounts Net Amounts 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 $ — $ — $ — At December 31, 2022 Derivative Assets - not designated $ 2,591 $ 2,407 $ 184 $ 5 $ 179 Derivative Assets - designated $ 8 $ 8 $ — $ — $ — Derivative Liabilities - not designated $ 2,450 $ 2,407 $ 43 $ — $ 43 Derivative Liabilities - designated $ 23 $ 8 $ 15 $ — $ 15 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted EPS | The table below sets forth the computation of basic and diluted EPS: Year ended December 31 2023 2022 2021 Basic EPS Calculation Earnings available to common stockholders - Basic* $ 21,369 $ 35,465 $ 15,625 Weighted-average number of common shares outstanding 1,873 1,931 1,916 Add: Deferred awards held as stock units — — — Total weighted-average number of common shares outstanding 1,873 1,931 1,916 Earnings per share of common stock - Basic $ 11.41 $ 18.36 $ 8.15 Diluted EPS Calculation Earnings available to common stockholders - Diluted* $ 21,369 $ 35,465 $ 15,625 Weighted-average number of common shares outstanding 1,873 1,931 1,916 Add: Deferred awards held as stock units — — — Add: Dilutive effect of employee stock-based awards 7 9 4 Total weighted-average number of common shares outstanding 1,880 1,940 1,920 Earnings per share of common stock - Diluted $ 11.36 $ 18.28 $ 8.14 * There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. |
Operating Segments and Geogra_2
Operating Segments and Geographic Data (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Earnings | Earnings by major operating area are presented in the following table: Year ended December 31 2023 2022 2021 Upstream United States $ 4,148 $ 12,621 $ 7,319 International 13,290 17,663 8,499 Total Upstream 17,438 30,284 15,818 Downstream United States 3,904 5,394 2,389 International 2,233 2,761 525 Total Downstream 6,137 8,155 2,914 Total Segment Earnings 23,575 38,439 18,732 All Other Interest expense (432 ) (476 ) (662 ) Interest income 491 261 36 Other (2,265 ) (2,759 ) (2,481 ) Net Income (Loss) Attributable to Chevron Corporation $ 21,369 $ 35,465 $ 15,625 |
Segment Assets | Assets at year-end At December 31 2023 2022 Upstream United States $ 58,750 $ 44,246 International 131,685 134,489 Goodwill 4,370 4,370 Total Upstream 194,805 183,105 Downstream United States 33,066 31,676 International 21,070 21,193 Goodwill 352 352 Total Downstream 54,488 53,221 Total Segment Assets 249,293 236,326 All Other United States 10,292 17,861 International 2,047 3,522 Total All Other 12,339 21,383 Total Assets – United States 102,108 93,783 Total Assets – International 154,802 159,204 Goodwill 4,722 4,722 Total Assets $ 261,632 $ 257,709 |
Segment Sales and Other Operating Revenues | Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies. Year ended December 31* 2023 2022 2021 Upstream United States $ 40,115 $ 50,822 $ 29,219 International 43,805 56,156 40,921 Subtotal 83,920 106,978 70,140 Intersegment Elimination — United States (26,307 ) (29,870 ) (15,154 ) Intersegment Elimination — International (11,871 ) (13,815 ) (10,994 ) Total Upstream 45,742 63,293 43,992 Downstream United States 83,567 91,824 57,209 International 78,058 87,741 58,098 Subtotal 161,625 179,565 115,307 Intersegment Elimination — United States (8,793 ) (5,529 ) (2,296 ) Intersegment Elimination — International (1,794 ) (1,728 ) (1,521 ) Total Downstream 151,038 172,308 111,490 All Other United States 595 515 506 International 2 3 2 Subtotal 597 518 508 Intersegment Elimination — United States (462 ) (400 ) (382 ) Intersegment Elimination — International (2 ) (2 ) (2 ) Total All Other 133 116 124 Sales and Other Operating Revenues United States 124,277 143,161 86,934 International 121,865 143,900 99,021 Subtotal 246,142 287,061 185,955 Intersegment Elimination — United States (35,562 ) (35,799 ) (17,832 ) Intersegment Elimination — International (13,667 ) (15,545 ) (12,517 ) Total Sales and Other Operating Revenues $ 196,913 $ 235,717 $ 155,606 * Other than the United States, no other country accounted for 10 percent or more of the company’s Sales and Other Operating Revenues. |
Segment income tax expense | Segment income tax expense for the years 2023, 2022 and 2021 is as follows: Year ended December 31 2023 2022 2021 Upstream United States $ 1,141 $ 3,678 $ 1,934 International 5,733 9,055 4,192 Total Upstream 6,874 12,733 6,126 Downstream United States 1,109 1,515 547 International 519 280 203 Total Downstream 1,628 1,795 750 All Other (329 ) (462 ) (926 ) Total Income Tax Expense (Benefit) $ 8,173 $ 14,066 $ 5,950 |
Investments and Advances (Table
Investments and Advances (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost | Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost, is shown in the following table. For certain equity affiliates, Chevron pays its share of some income taxes directly. For such affiliates, the equity in earnings does not include these taxes, which are reported on the Consolidated Statement of Income as “Income tax expense.” Investments and Advances Equity in Earnings 2023 2022 2023 2022 2021 Upstream Tengizchevroil $ 26,954 $ 26,534 $ 3,375 $ 4,386 $ 2,831 Caspian Pipeline Consortium 797 761 158 128 155 Angola LNG Limited 1,762 1,963 513 1,857 336 Other 2,106 1,938 (161 ) 255 187 Total Upstream 31,619 31,196 3,885 6,626 3,509 Downstream Chevron Phillips Chemical Company LLC 7,765 6,843 608 867 1,842 GS Caltex Corporation 4,309 4,288 437 874 85 Other 2,426 2,288 210 224 220 Total Downstream 14,500 13,419 1,255 1,965 2,147 All Other Other (6 ) (5 ) (9 ) (6 ) 1 Total equity method $ 46,113 $ 44,610 $ 5,131 $ 8,585 $ 5,657 Other non-equity 699 628 Total investments and advances $ 46,812 $ 45,238 Total United States $ 10,985 $ 9,855 $ 340 $ 975 $ 1,889 Total International $ 35,827 $ 35,383 $ 4,791 $ 7,610 $ 3,768 |
Summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron's total share, which includes Chevron loans to affiliates | The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron’s total share, which includes Chevron’s net loans to affiliates of $4,494, $4,278 and $4,704 at December 31, 2023, 2022 and 2021, respectively. Affiliates Chevron Share Year ended December 31 2023 2022 2021 2023 2022 2021 Total revenues $ 49,306 $ 100,184 $ 71,241 $ 23,217 $ 48,323 $ 34,359 Income before income tax expense* 15,304 23,811 15,175 7,209 10,876 6,984 Net income attributable to affiliates 11,618 19,077 12,598 5,485 8,595 5,670 At December 31 Current assets $ 22,772 $ 26,632 $ 21,871 $ 10,110 $ 11,671 $ 9,267 Noncurrent assets 105,965 101,557 100,235 48,753 46,428 44,360 Current liabilities 14,085 16,319 17,275 6,698 7,708 7,492 Noncurrent liabilities 23,797 22,943 24,219 6,342 5,980 5,982 Total affiliates’ net equity $ 90,855 $ 88,927 $ 80,612 $ 45,823 $ 44,411 $ 40,153 * Chevron’s net income attributable to affiliates is recorded in the company’s before-tax |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Taxes on income | Income Taxes Year ended December 31 2023 2022 2021 Income tax expense (benefit) U.S. federal Current $ 895 $ 1,723 $ 174 Deferred 666 2,240 1,004 State and local Current 211 482 222 Deferred 1 39 202 Total United States 1,773 4,484 1,602 International Current 6,745 9,738 4,854 Deferred (345 ) (156 ) (506 ) Total International 6,400 9,582 4,348 Total income tax expense (benefit) $ 8,173 $ 14,066 $ 5,950 |
Reconciliation between the U.S. statutory federal income tax rate and the company's effective income tax rate | The reconciliation between the U.S. statutory federal income tax rate and the company’s effective income tax rate is detailed in the following table: Year ended December 31 2023 2022 2021 Income (loss) before income taxes United States $ 8,565 $ 21,005 $ 9,674 International 21,019 28,669 11,965 Total income (loss) before income taxes 29,584 49,674 21,639 Theoretical tax (at U.S. statutory rate of 21%) 6,213 10,432 4,544 Equity affiliate accounting effect (1,072 ) (1,678 ) (890 ) Effect of income taxes from international operations 3,001 5,041 2,692 State and local taxes on income, net of U.S. federal income tax benefit 252 508 216 Prior year tax adjustments, claims and settlements 1 (32 ) (90 ) 362 Tax credits (20 ) (6 ) (173 ) Other U.S. 1, 2 (169 ) (141 ) (801 ) Total income tax expense (benefit) $ 8,173 $ 14,066 $ 5,950 Effective income tax rate 3 27.6 % 28.3 % 27.5 % 1 Includes one-time 2 Includes one-time 3 The company’s effective tax rate is reflective of equity income reported on an after-tax |
Composition of deferred tax balances | The reported deferred tax balances are composed of the following: At December 31 2023 2022 Deferred tax liabilities Properties, plant and equipment $ 20,303 $ 18,295 Investments and other 4,263 4,492 Total deferred tax liabilities 24,566 22,787 Deferred tax assets Foreign tax credits (13,560 ) (12,599) Asset retirement obligations/environmental reserves (4,543 ) (4,518) Employee benefits (1,785 ) (2,087) Deferred credits (268 ) (446) Tax loss carryforwards (3,492 ) (3,887) Other accrued liabilities (1,416 ) (746) Inventory (126 ) (219) Operating leases (1,479 ) (1,134) Miscellaneous (3,652 ) (4,057) Total deferred tax assets (30,321 ) (29,693) Deferred tax assets valuation allowance 20,416 19,532 Total deferred taxes, net $ 14,661 $ 12,626 |
Classification of deferred taxes | At December 31, 2023 and 2022, deferred taxes were classified on the Consolidated Balance Sheet as follows: At December 31 2023 2022 Deferred charges and other assets $ (4,169 ) $ (4,505) Noncurrent deferred income taxes 18,830 17,131 Total deferred income taxes, net $ 14,661 $ 12,626 |
Changes to the Company's unrecognized tax benefits | The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021. The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements. Interest and penalties are not included. 2023 2022 2021 Balance at January 1 $ 5,323 $ 5,288 $ 5,018 Foreign currency effects (27 ) (2 ) (1 ) Additions based on tax positions taken in current year 248 30 194 Additions for tax positions taken in prior years 265 234 218 Reductions based on tax positions taken in current year (104 ) — — Reductions for tax positions taken in prior years (251 ) (117 ) (36 ) Settlements with taxing authorities in current year (2 ) (110 ) (18 ) Reductions as a result of a lapse of the applicable statute of limitations — — (87 ) Balance at December 31 $ 5,452 $ 5,323 $ 5,288 |
Taxes other than on income | Taxes Other Than on Income Year ended December 31 2023 2022 2021 United States Import duties and other levies $ (9 ) $ 10 $ 7 Property and other miscellaneous taxes 818 609 552 Payroll taxes 286 248 302 Taxes on production 801 989 628 Total United States 1,896 1,856 1,489 International Import duties and other levies 72 63 49 Property and other miscellaneous taxes 2,004 1,789 2,174 Payroll taxes 121 122 113 Taxes on production 127 202 138 Total International 2,324 2,176 2,474 Total taxes other than on income $ 4,220 $ 4,032 $ 3,963 |
Properties, Plant and Equipme_2
Properties, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Properties, Plant and Equipment | At December 31 Year ended December 31 Gross Investment at Cost Net Investment Additions at Cost 2 Depreciation Expense 3 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Upstream United States $ 117,955 $ 96,590 $ 93,393 $ 50,390 $ 37,031 $ 36,027 $ 20,408 $ 6,461 $ 4,520 $ 7,666 $ 5,012 $ 5,675 International 183,996 188,556 202,757 84,561 88,549 94,770 4,130 2,599 2,349 8,109 9,830 10,824 Total Upstream 301,951 285,146 296,150 134,951 125,580 130,797 24,538 9,060 6,869 15,775 14,842 16,499 Downstream United States 31,192 29,802 26,888 13,521 12,827 10,766 1,623 2,742 543 931 913 833 International 8,401 8,281 8,134 3,122 3,226 3,300 237 246 234 301 311 296 Total Downstream 39,593 38,083 35,022 16,643 16,053 14,066 1,860 2,988 777 1,232 1,224 1,129 All Other United States 4,390 4,402 4,729 1,991 1,931 2,078 311 230 143 313 247 290 International 147 154 144 34 27 20 15 12 7 6 6 7 Total All Other 4,537 4,556 4,873 2,025 1,958 2,098 326 242 150 319 253 297 Total United States 153,537 130,794 125,010 65,902 51,789 48,871 22,342 9,433 5,206 8,910 6,172 6,798 Total International 192,544 196,991 211,035 87,717 91,802 98,090 4,382 2,857 2,590 8,416 10,147 11,127 Total $ 346,081 $ 327,785 $ 336,045 $ 153,619 $ 143,591 $ 146,961 $ 26,724 $ 12,290 $ 7,796 $ 17,326 $ 16,319 $ 17,925 1 Other than the United States and Australia, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2023. Australia had PP&E of $41,409, $44,012 and $46,687 in 2023, 2022 and 2021, respectively. Gross Investment at Cost and Additions at Cost for 2023 each include $10,487 associated with the PDC acquisition. 2 Net of dry hole expense related to prior years’ expenditures of $110, $177 and $35 in 2023, 2022 and 2021, respectively. 3 Depreciation expense includes accretion expense of $593, $560 and $616 in 2023, 2022 and 2021, respectively, and impairments and write-offs of $2,180, $950 and $414 in 2023, 2022 and 2021, respectively. |
Short-Term Debt (Tables)
Short-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Short-Term Debt | At December 31 2023 2022 Commercial paper $ — $ — Notes payable to banks and others with originating terms of one year or less 469 328 Current maturities of long-term debt* 1,667 2,699 Current maturities of long-term finance leases 60 45 Redeemable long-term obligations 2,876 2,942 Subtotal 5,072 6,014 Reclassified to long-term debt (4,543 ) (4,050 ) Total short-term debt $ 529 $ 1,964 * Inclusive of unamortized premiums of $17 at December 31, 2023 and $5 at December 31, 2022. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term debt outstanding | The company’s long-term debt outstanding at year-end At December 31 2023 2022 Weighted Average 1 Range of Interest 2 Principal Principal Notes due 2024 3.291 2.895 - 3.900 $ 1,650 $ 1,650 Notes due 2025 1.724 0.687 - 3.326 4,000 4,000 Notes due 2026 2.954 2,250 2,250 Notes due 2027 2.379 1.018 - 8.000 2,000 2,000 Notes due 2028 3.850 600 600 Notes due 2029 3.250 500 500 Notes due 2030 2.236 1,500 1,500 Debentures due 2031 8.625 102 102 Debentures due 2032 8.416 8.000 - 8.625 183 183 Notes due 2040 2.978 293 293 Notes due 2041 6.000 397 397 Notes due 2043 5.250 330 330 Notes due 2044 5.050 222 222 Notes due 2047 4.950 187 187 Notes due 2049 4.200 237 237 Notes due 2050 2.763 2.343 - 3.078 1,750 1,750 Debentures due 2097 7.250 60 60 Bank loans due 2023 - — 91 Medium-term notes, maturing from 2023 to 2038 6.599 5.331 - 7.840 20 23 Notes due 2023 — 2,600 Total including debt due within one year 16,281 18,975 Debt due within one year (1,650 ) (2,694 ) Fair market value adjustment for debt acquired in the Noble acquisition 578 664 Reclassified from short-term debt 4,543 4,050 Unamortized discounts and debt issuance costs (19 ) (23 ) Finance lease liabilities 3 574 403 Total long-term debt $ 20,307 $ 21,375 1 Weighted-average interest rate at December 31, 2023. 2 Range of interest rates at December 31, 2023. 3 For details on finance lease liabilities, see Note 5 Lease Commitments |
Accounting for Suspended Expl_2
Accounting for Suspended Exploratory Wells (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting for Suspended Exploratory Wells [Abstract] | |
Changes in company's suspended exploratory well costs | The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2023: 2023 2022 2021 Beginning balance at January 1 $ 1,627 $ 2,109 $ 2,512 Additions to capitalized exploratory well costs pending the determination of proved reserves 88 72 56 Reclassifications to wells, facilities and equipment based on the determination of proved reserves — (481 ) (425) Capitalized exploratory well costs charged to expense (67 ) (73 ) (34) Ending balance at December 31 $ 1,648 $ 1,627 $ 2,109 |
Aging of capitalized well costs and number of project | The following table provides an aging of capitalized well costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling: At December 31 2023 2022 2021 Exploratory well costs capitalized for a period of one year or less $ 78 $ 73 $ 65 Exploratory well costs capitalized for a period greater than one year 1,570 1,554 2,044 Balance at December 31 $ 1,648 $ 1,627 $ 2,109 Number of projects with exploratory well costs that have been capitalized for a period greater than one year * 13 12 15 * Certain projects have multiple wells or fields or both. |
Aging of Costs on Well and Project Basis | The $1,570 of suspended well costs capitalized for a period greater than one year as of December 31, 2023, represents 71 exploratory wells in 13 projects. The tables below contain the aging of these costs on a well and project basis: Aging based on drilling completion date of individual wells: Amount Number of wells 2000-2009 $ 263 14 2010-2014 1,121 49 2015-2022 186 8 Total $ 1,570 71 Aging based on drilling completion date of last suspended well in project: Amount Number of projects 2008-2012 $ 292 2 2013-2016 1,082 6 2017-2023 196 5 Total $ 1,570 13 |
Stock Options and Other Share_2
Stock Options and Other Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Fair market values of stock options and stock appreciation rights granted | The fair market values of stock options and stock appreciation rights granted in 2023, 2022 and 2021 were measured on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year ended December 31 2023 2022 2021 Expected term in years 1 6.4 6.9 6.8 Volatility 2 32.5 % 31.3 % 31.1 % Risk-free interest rate based on zero coupon U.S. treasury note 3.43 % 1.79 % 0.71 % Dividend yield 3.5 % 5.0 % 6.0 % Weighted-average fair value per option granted $ 45.82 $ 23.56 $ 12.22 1 Expected term is based on historical exercise and post-vesting cancellation data. 2 Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. |
Summary of option activity | A summary of option activity during 2023 is presented below: Shares (Thousands) Weighted-Average Exercise Price Averaged Remaining Aggregate Intrinsic Value Outstanding at January 1, 2023 25,265 $ 114.61 Granted 2,122 $ 179.08 Exercised (2,538 ) $ 104.30 Forfeited (474 ) $ 246.61 Outstanding at December 31, 2023 24,375 $ 118.72 5.14 $ 934 Exercisable at December 31, 2023 18,438 $ 113.38 4.11 $ 791 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Funded status of pension and other postretirement benefit plans | The funded status of the company’s pension and OPEB plans for 2023 and 2022 follows: Pension Benefits 2023 2022 Other Benefits U.S. Int’l. U.S. Int’l. 2023 2022 Change in Benefit Obligation Benefit obligation at January 1 $ 9,713 $ 3,354 $ 12,966 $ 5,351 $ 1,938 $ 2,489 Service cost 342 58 432 83 33 43 Interest cost 448 193 318 137 97 60 Plan participants’ contributions — 3 — 3 63 62 Plan amendments — 28 40 38 — 18 Actuarial (gain) loss 603 17 (2,753 ) (1,559 ) 103 (509 ) Foreign currency exchange rate changes — 180 — (423 ) 5 (5 ) Benefits paid (714 ) (218 ) (1,290 ) (276 ) (222 ) (220 ) Divestitures/Acquisitions — (14 ) — — — — Curtailment — 2 — — — — Special termination costs — 2 — — — — Benefit obligation at December 31 10,392 3,605 9,713 3,354 2,017 1,938 Change in Plan Assets Fair value of plan assets at January 1 7,942 3,286 9,919 4,950 — — Actual return on plan assets 889 46 (1,851 ) (1,096 ) — — Foreign currency exchange rate changes — 181 — (453 ) — — Employer contributions 1,020 100 1,164 158 159 158 Plan participants’ contributions — 3 — 3 63 62 Benefits paid (714 ) (218 ) (1,290 ) (276 ) (222 ) (220 ) Fair value of plan assets at December 31 9,137 3,398 7,942 3,286 — — Funded status at December 31 $ (1,255 ) $ (207 ) $ (1,771 ) $ (68 ) $ (2,017 ) $ (1,938 ) |
Consolidated Balance Sheet for pension and other postretirement benefit plans | Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2023 and 2022, include: Pension Benefits 2023 2022 Other Benefits U.S. Int’l. U.S. Int’l. 2023 2022 Deferred charges and other assets $ 31 $ 703 $ 26 $ 759 $ — $ — Accrued liabilities (145 ) (73 ) (210 ) (62 ) (154 ) (152 ) Noncurrent employee benefit plans (1,141 ) (837 ) (1,587 ) (765 ) (1,863 ) (1,786 ) Net amount recognized at December 31 $ (1,255 ) $ (207 ) $ (1,771 ) $ (68 ) $ (2,017 ) $ (1,938 ) |
Before tax basis amount in accumulated other comprehensive loss | Amounts recognized on a before-tax Pension Benefits 2023 2022 Other Benefits U.S. Int’l. U.S. Int’l. 2023 2022 Net actuarial loss $ 3,161 $ 823 $ 3,147 $ 659 $ (266 ) $ (392 ) Prior service (credit) costs 37 126 40 107 (89 ) (115 ) Total recognized at December 31 $ 3,198 $ 949 $ 3,187 $ 766 $ (355 ) $ (507 ) |
Pension plans with accumulated benefit obligation in excess of plan assets | Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2023 and 2022, was: Pension Benefits 2023 2022 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 1,203 $ 913 $ 1,322 $ 828 Accumulated benefit obligations 1,108 773 1,135 671 Fair value of plan assets — 4 — 3 |
Components of net periodic benefit cost and amounts recognized in other comprehensive income | The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2023, 2022 and 2021 are shown in the table below: Pension Benefits 2023 2022 2021 Other Benefits U.S. Int’l. U.S. Int’l. U.S. Int’l. 2023 2022 2021 Net Periodic Benefit Cost Service cost $ 342 $ 58 $ 432 $ 83 $ 450 $ 123 $ 33 $ 43 $ 43 Interest cost 448 193 318 137 235 137 97 60 53 Expected return on plan assets (557 ) (204 ) (624 ) (176 ) (596 ) (171 ) — — — Amortization of prior service costs (credits) 4 8 2 6 2 8 (25 ) (27 ) (27) Recognized actuarial losses 199 8 218 15 309 46 (19 ) 13 16 Settlement losses 56 — 363 (6 ) 672 7 — — — Curtailment losses (gains) — 2 — (5 ) — (1 ) — — — Special termination benefits — 2 — — — — — — — Acquisition/Divestiture losses (gains) — (2 ) — — — — — — — Total net periodic benefit cost 492 65 709 54 1,072 149 86 89 85 Changes Recognized in Comprehensive Income Net actuarial (gain) loss during period 270 172 (279 ) (257 ) (725 ) (408 ) 108 (514 ) (111) Amortization of actuarial loss (255 ) (8 ) (581 ) (5 ) (981 ) (73 ) 19 (13 ) (15) Prior service (credits) costs during period — 28 40 38 — — 1 18 — Amortization of prior service (costs) credits (4 ) (8 ) (2 ) (6 ) (2 ) (11 ) 25 27 27 Total changes recognized in other 11 184 (822 ) (230 ) (1,708 ) (492 ) 153 (482 ) (99) Recognized in Net Periodic Benefit Cost and Other Comprehensive Income $ 503 $ 249 $ (113 ) $ (176 ) $ (636 ) $ (343 ) $ 239 $ (393 ) $ (14) |
Weighted-average assumptions used to determine benefit obligations and net periodic benefit costs | The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits 2023 2022 2021 Other Benefits U.S. Int’l. U.S. Int’l. U.S. Int’l. 2023 2022 2021 Assumptions used to determine benefit obligations: Discount rate 5.0 % 5.5 % 5.2 % 5.8 % 2.8 % 2.8 % 5.1 % 5.3 % 2.9 % Rate of compensation increase 4.5 % 3.9 % 4.5 % 4.2 % 4.5 % 4.1 % N/A N/A N/A Assumptions used to determine net periodic benefit cost: Discount rate for service cost 5.2 % 5.8 % 3.6 % 2.8 % 3.0 % 2.4 % 5.4 % 3.1 % 3.0 % Discount rate for interest cost 5.0 % 5.8 % 2.8 % 2.8 % 1.9 % 2.4 % 5.2 % 2.4 % 2.1 % Expected return on plan assets 7.0 % 6.1 % 6.6 % 3.9 % 6.5 % 3.5 % N/A N/A N/A Rate of compensation increase 4.5 % 4.2 % 4.5 % 4.1 % 4.5 % 4.0 % N/A N/A N/A |
Fair value measurements of the Company's pension plans | The fair value measurements of the company’s pension plans for 2023 and 2022 are as follows: U.S. Int’l. Total Level 1 Level 2 Level 3 NAV Total Level 1 Level 2 Level 3 NAV At December 31, 2022 Equities U.S. 1 $ 1,358 $ 1,358 $ — $ — $ — $ 164 $ 164 $ — $ — $ — International 946 946 — — — 120 120 — — — Collective Trusts/Mutual Funds 2 1,695 4 — — 1,691 87 6 — — 81 Fixed Income Government 110 — 110 — — 185 127 58 — — Corporate 680 — 680 — — 343 15 328 — — Bank Loans 45 — 45 — — — — — — — Mortgage/Asset Backed 1 — 1 — — 4 — 4 — — Collective Trusts/Mutual Funds 2 1,616 — — — 1,616 1,750 — — — 1,750 Mixed Funds 3 — — — — — 87 14 73 — — Real Estate 4 1,184 — — — 1,184 198 — — 38 160 Alternative Investments — — — — — — — — — — Cash and Cash Equivalents 200 25 — — 175 80 69 2 — 9 Other 5 107 37 15 54 1 268 — 18 85 165 Total at December 31, 2022 $ 7,942 $ 2,370 $ 851 $ 54 $ 4,667 $ 3,286 $ 515 $ 483 $ 123 $ 2,165 At December 31, 2023 Equities U.S. 1 $ 1,691 $ 1,689 $ 1 $ 1 $ — $ 188 $ 188 $ — $ — $ — International 1,128 1,128 — — — 124 124 — — — Collective Trusts/Mutual Funds 2 1,269 4 — — 1,265 95 6 — — 89 Fixed Income Government 82 — 82 — — 172 101 71 — — Corporate 964 — 964 — — 431 4 427 — — Bank Loans 5 — 5 — — — — — — — Mortgage/Asset Backed 1 — 1 — — 5 — 5 — — Collective Trusts/Mutual Funds 2 2,293 — — — 2,293 1,819 — — — 1,819 Mixed Funds 3 — — — — — 85 8 77 — — Real Estate 4 1,087 — — — 1,087 147 — 24 — 123 Alternative Investments — — — — — 9 — 9 — — Cash and Cash Equivalents 548 12 — — 536 81 74 1 — 6 Other 5 69 (2 ) 14 56 1 242 — 11 81 150 Total at December 31, 2023 $ 9,137 $ 2,831 $ 1,067 $ 57 $ 5,182 $ 3,398 $ 505 $ 625 $ 81 $ 2,187 1 There were no investments in the company’s common stock at December 31, 2023 or December 31, 2022. 2 Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds. 3 Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk. 4 The year-end 5 The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related |
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period | The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below: Equity U.S. International Real Estate Other Total Total at December 31, 2021 $ — $ 1 $ 42 $ 161 $ 204 Actual Return on Plan Assets: Assets held at the reporting date — (1 ) — (18 ) (19 ) Assets sold during the period — — (4 ) — (4 ) Purchases, Sales and Settlements — — — (4 ) (4 ) Transfers in and/or out of Level 3 — — — — — Total at December 31, 2022 $ — $ — $ 38 $ 139 $ 177 Actual Return on Plan Assets: Assets held at the reporting date 1 — 5 — 6 Assets sold during the period — — — (2 ) (2 ) Purchases, Sales and Settlements — — — — — Transfers in and/or out of Level 3 — — (43 ) — (43 ) Total at December 31, 2023 $ 1 $ — $ — $ 137 $ 138 |
Benefit payments, which include estimated future service that are expected to be paid by the company in the next 10 years | The following benefit payments, which include estimated future service, are expected to be paid by the company in the next 10 years: Pension Benefits Other U.S. Int’l. Benefits 2024 $ 886 $ 216 $ 154 2025 912 210 151 2026 904 222 149 2027 901 228 147 2028 877 240 146 2029-2033 4,248 1,266 716 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Changes to the Company's Before-tax Asset Retirement Obligation | The following table indicates the changes to the company’s before-tax 2023 2022 2021 Balance at January 1 $ 12,701 $ 12,808 $ 13,616 Liabilities assumed in the PDC acquisition 220 — — Liabilities incurred 183 9 31 Liabilities settled (1,565 ) (1,281 ) (1,887 ) Accretion expense 593 560 616 Revisions in estimated cash flows 1,701 605 432 Balance at December 31 $ 13,833 $ 12,701 $ 12,808 |
Acquisition of PDC Energy, In_2
Acquisition of PDC Energy, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the provisional fair values assigned to assets acquired and liabilities assumed: Current assets $ 630 Properties, plant and equipment 10,487 Other assets 118 Total assets acquired 11,235 Current liabilities 1,376 Long-term debt 1,473 Deferred income tax 1,397 Other liabilities 469 Total liabilities assumed 4,715 Purchase Price $ 6,520 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percent of the right-of-use assets recognized when the company is the sole signatory for the lease | 100% |
Percent of the lease liabilities recognized when the company is the sole signatory for the lease | 100% |
Revenue, performance obligation, description of timing | Payment is generally due within 30 days of delivery. |
Performance Shares | Chevron Long-Term Incentive Plan (LTIP) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 160,242 | $ 139,940 | $ 132,726 |
Components of Other Comprehensive Income (Loss): | |||
Other Comprehensive Gain (Loss), Net of Tax | (162) | 1,091 | 1,723 |
Ending balance | 161,929 | 160,242 | 139,940 |
Income tax expense (benefit) | 8,173 | 14,066 | 5,950 |
Unrealized Holding Gains (Losses) on Securities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (12) | (11) | (10) |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | 1 | (1) | (1) |
Reclassifications | 0 | 0 | 0 |
Other Comprehensive Gain (Loss), Net of Tax | 1 | (1) | (1) |
Ending balance | (11) | (12) | (11) |
Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (203) | (162) | (107) |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | 11 | (41) | (55) |
Reclassifications | 0 | 0 | 0 |
Other Comprehensive Gain (Loss), Net of Tax | 11 | (41) | (55) |
Ending balance | (192) | (203) | (162) |
Derivatives | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (12) | 0 | 0 |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | (16) | 68 | (6) |
Reclassifications | 33 | (80) | 6 |
Other Comprehensive Gain (Loss), Net of Tax | 17 | (12) | 0 |
Ending balance | 5 | (12) | 0 |
Defined Benefit Plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (2,571) | (3,716) | (5,495) |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | (397) | 703 | 949 |
Reclassifications | 206 | 442 | 830 |
Other Comprehensive Gain (Loss), Net of Tax | (191) | 1,145 | 1,779 |
Ending balance | (2,762) | (2,571) | (3,716) |
Defined Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income | |||
Components of Other Comprehensive Income (Loss): | |||
Reclassification, before tax amount | 231 | ||
Income tax expense (benefit) | 25 | ||
Total | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (2,798) | (3,889) | (5,612) |
Components of Other Comprehensive Income (Loss): | |||
Before Reclassifications | (401) | 729 | 887 |
Reclassifications | 239 | 362 | 836 |
Other Comprehensive Gain (Loss), Net of Tax | (162) | 1,091 | 1,723 |
Ending balance | $ (2,960) | $ (2,798) | $ (3,889) |
Information Relating to the C_3
Information Relating to the Consolidated Statement of Cash Flows - Summary of Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Distributions more (less) than income from equity affiliates includes the following: | |||
Distributions from equity affiliates | $ 4,246 | $ 3,855 | $ 3,659 |
(Income) loss from equity affiliates | (5,131) | (8,585) | (5,657) |
Distributions more (less) than income from equity affiliates | (885) | (4,730) | (1,998) |
Net decrease (increase) in operating working capital was composed of the following: | |||
Decrease (increase) in accounts and notes receivable | 1,187 | (2,317) | (7,548) |
Decrease (increase) in inventories | (320) | (930) | (530) |
Decrease (increase) in prepaid expenses and other current assets | (1,202) | (226) | 19 |
Increase (decrease) in accounts payable and accrued liabilities | (49) | 2,750 | 5,475 |
Increase (decrease) in income and other taxes payable | (2,801) | 2,848 | 1,223 |
Net decrease (increase) in operating working capital | (3,185) | 2,125 | (1,361) |
Net cash provided by operating activities includes the following cash payments: | |||
Interest on debt (net of capitalized interest) | 465 | 525 | 699 |
Income taxes | 10,416 | 9,148 | 4,355 |
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: | |||
Proceeds and deposits related to asset sales | 446 | 1,435 | 1,352 |
Returns of investment from equity affiliates | 223 | 1,200 | 439 |
Proceeds and deposits related to asset sales and returns of investment | 669 | 2,635 | 1,791 |
Net sales (purchases) of marketable securities consisted of the following gross amounts: | |||
Marketable securities purchased | (289) | (7) | (4) |
Marketable securities sold | 464 | 124 | 3 |
Net sales (purchases) of marketable securities | 175 | 117 | (1) |
Net repayment (borrowing) of loans by equity affiliates: | |||
Borrowing of loans by equity affiliates | (368) | (108) | 0 |
Repayment of loans by equity affiliates | 66 | 84 | 401 |
Net repayment (borrowing) of loans by equity affiliates | (302) | (24) | 401 |
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: | |||
Repayments of short-term obligations | 0 | 0 | (6,906) |
Proceeds from issuances of short-term debt obligations | 0 | 0 | 4,448 |
Net borrowings (repayments) of short-term obligations with three months or less maturity | 135 | 263 | (3,114) |
Net borrowings (repayments) of short-term obligations | 135 | 263 | (5,572) |
Net sales (purchases) of treasury shares consists of the following gross and net amounts: | |||
Shares issued for share-based compensation plans | 261 | 5,838 | 1,421 |
Shares purchased under share repurchase and deferred compensation plans | (14,939) | (11,255) | (1,383) |
Net sales (purchases) of treasury shares | (14,678) | (5,417) | 38 |
Net contributions from (distributions to) noncontrolling interests consisted of the following gross and net amounts: | |||
Distributions to noncontrolling interests | (54) | (118) | (53) |
Contributions from noncontrolling interests | 14 | 4 | 17 |
Net contributions from (distributions to) noncontrolling interests | (40) | (114) | (36) |
Capital expenditures | |||
Additions to properties, plant and equipment | 14,788 | 10,349 | 7,515 |
Additions to investments | 690 | 1,147 | 460 |
Current-year dry hole expenditures | 326 | 309 | 83 |
Payments for other assets and liabilities, net | 25 | 169 | (2) |
Capital expenditures | 15,829 | 11,974 | 8,056 |
Non-cash additions to properties, plant and equipment | $ 1,559 | $ 334 | $ 316 |
Information Relating to the C_4
Information Relating to the Consolidated Statement of Cash Flows - Narrative (Details) - Operating Segments $ in Millions | Dec. 31, 2023 USD ($) |
Upstream | |
Segment Reporting Information [Line Items] | |
Non cash transaction in operating segments | $ (1,765) |
Downstream | |
Segment Reporting Information [Line Items] | |
Non cash transaction in operating segments | $ 1,950 |
Information Relating to the C_5
Information Relating to the Consolidated Statement of Cash Flows - Cash Balances (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 8,178 | $ 17,678 | $ 5,640 | |
Restricted cash included in "Prepaid expenses and other current assets" | 275 | 630 | 333 | |
Restricted cash included in "Deferred charges and other assets" | 822 | 813 | 822 | |
Total cash, cash equivalents and restricted cash | $ 9,275 | $ 19,121 | $ 6,795 | $ 6,737 |
Lease Commitments - Balance She
Lease Commitments - Balance Sheets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Leases | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | |
Right-of-use asset | $ 5,422 | $ 4,262 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities, Current | |
Operating lease liability, current | $ 1,538 | 1,111 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Deferred credits and other noncurrent obligations | |
Noncurrent operating lease liabilities | $ 3,696 | 2,920 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Noncurrent deferred income taxes | |
Total operating lease liabilities | $ 5,234 | $ 4,031 |
Weighted-average remaining lease term (in years) | 6 years 8 months 12 days | 7 years |
Weighted-average discount rate | 3.30% | 1.90% |
Finance Leases | ||
Right-of-use asset | $ 583 | $ 392 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation, Including Current Maturities | |
Current lease liabilities | $ 60 | 45 |
Noncurrent lease liabilities | 574 | 403 |
Finance lease liability | $ 634 | $ 448 |
Weighted-average remaining lease term (in years) | 12 years 7 months 6 days | 11 years 10 months 24 days |
Weighted-average discount rate | 4.50% | 4.10% |
Right-of-use asset obtained in exchange for operating lease liability | $ 2,556 | $ 1,807 |
Right-of-use asset obtained in exchange for finance lease liability | $ 233 | $ 3 |
Lease Commitments - Lease Cost
Lease Commitments - Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease costs | $ 2,984 | $ 2,359 | $ 2,199 |
Finance lease costs | 52 | 57 | 66 |
Total lease costs | $ 3,036 | $ 2,416 | $ 2,265 |
Lease Commitments - Cash Paid (
Lease Commitments - Cash Paid (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 2,271 | $ 1,892 | $ 1,670 |
Investing cash flows from operating leases | 713 | 467 | 398 |
Operating cash flows from finance leases | 15 | 18 | 21 |
Financing cash flows from finance leases | $ 42 | $ 44 | $ 193 |
Lease Commitments - ASC 842 (De
Lease Commitments - ASC 842 (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 1,673 | |
2025 | 1,153 | |
2026 | 734 | |
2027 | 544 | |
2028 | 396 | |
Thereafter | 1,364 | |
Total | 5,864 | |
Less: Amounts representing interest | 630 | |
Total operating lease liabilities | 5,234 | $ 4,031 |
Finance Leases | ||
2024 | 84 | |
2025 | 79 | |
2026 | 76 | |
2027 | 68 | |
2028 | 66 | |
Thereafter | 443 | |
Total | 816 | |
Less: Amounts representing interest | 182 | |
Total lease liabilities | $ 634 | $ 448 |
Lease Commitments - Narrative (
Lease Commitments - Narrative (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
Future undiscounted cash flows for operating leases not yet commenced | $ 232 |
Summarized Financial Data - C_5
Summarized Financial Data - Chevron U.S.A. Inc. - Summary of Income Statement Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsidiary Statements Captions [Line Items] | |||
Sales and other operating revenues | $ 196,913 | $ 235,717 | $ 155,606 |
Total costs and other deductions | 171,365 | 196,578 | 140,826 |
Net Income (Loss) Attributable to Chevron Corporation | 21,369 | 35,465 | 15,625 |
Chevron U.S.A. Inc. | |||
Subsidiary Statements Captions [Line Items] | |||
Sales and other operating revenues | 152,347 | 183,032 | 120,380 |
Total costs and other deductions | 144,482 | 166,955 | 114,641 |
Net Income (Loss) Attributable to Chevron Corporation | $ 4,598 | $ 13,315 | $ 6,904 |
Summarized Financial Data - C_6
Summarized Financial Data - Chevron U.S.A. Inc. - Summary of Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Subsidiary Statements Captions [Line Items] | ||||
Current assets | $ 41,128 | $ 50,343 | ||
Current liabilities | 32,258 | 34,208 | ||
Total CUSA net equity | 161,929 | 160,242 | $ 139,940 | $ 132,726 |
Chevron U.S.A. Inc. | ||||
Subsidiary Statements Captions [Line Items] | ||||
Current assets | 19,489 | 18,704 | ||
Other assets | 54,460 | 50,153 | ||
Current liabilities | 20,624 | 22,452 | ||
Other liabilities | 22,227 | 19,274 | ||
Total CUSA net equity | 31,098 | 27,131 | ||
Memo: Total debt | $ 9,740 | $ 10,800 |
Summarized Financial Data - T_3
Summarized Financial Data - Tengizchevroil LLP - Summary of Income Statement Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Affiliate Statements Captions [Line Items] | |||
Percentage of affiliate by summarized financial information | 100% | ||
Sales and other operating revenues | $ 196,913 | $ 235,717 | $ 155,606 |
Net income attributable to TCO | $ 21,411 | 35,608 | 15,689 |
Tengizchevroil | |||
Affiliate Statements Captions [Line Items] | |||
Percentage of affiliate by summarized financial information | 100% | ||
Sales and other operating revenues | $ 19,578 | 23,795 | 15,927 |
Costs and other deductions | 10,193 | 11,596 | 8,186 |
Net income attributable to TCO | $ 6,569 | $ 8,566 | $ 5,418 |
Tengizchevroil | |||
Affiliate Statements Captions [Line Items] | |||
Equity method investment, ownership percentage | 50% |
Summarized Financial Data - T_4
Summarized Financial Data - Tengizchevroil LLP - Summary of Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Affiliate Statements Captions [Line Items] | ||||
Current assets | $ 41,128 | $ 50,343 | ||
Current liabilities | 32,258 | 34,208 | ||
Total Equity | 161,929 | 160,242 | $ 139,940 | $ 132,726 |
Tengizchevroil LLP | ||||
Affiliate Statements Captions [Line Items] | ||||
Current assets | 3,919 | 6,522 | ||
Other assets | 57,454 | 54,506 | ||
Current liabilities | 2,372 | 3,567 | ||
Other liabilities | 12,782 | 12,312 | ||
Total Equity | $ 46,219 | $ 45,149 |
Summarized Financial Data - C_7
Summarized Financial Data - Chevron Phillips Chemical Company LLC - Summary of Income Statement Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsidiary Statements Captions [Line Items] | |||
Percentage of affiliate by summarized financial information | 100% | ||
Summarized Financial Data - Chevron Transport Corporation | |||
Total costs and other deductions | $ 171,365 | $ 196,578 | $ 140,826 |
Net Income (Loss) Attributable to Chevron Corporation | $ 21,369 | 35,465 | 15,625 |
Chevron Phillips Chemical Company LLC | |||
Subsidiary Statements Captions [Line Items] | |||
Percentage of affiliate by summarized financial information | 100% | ||
Summarized Financial Data - Chevron Transport Corporation | |||
Total costs and other deductions | $ 10,561 | 12,870 | 10,862 |
Net Income (Loss) Attributable to Chevron Corporation | 1,173 | 1,662 | 3,684 |
Chevron Phillips Chemical Company LLC | Oil and Gas | |||
Summarized Financial Data - Chevron Transport Corporation | |||
Sales and other operating revenues | $ 11,560 | $ 14,180 | $ 14,104 |
Chevron Phillips Chemical Company LLC | |||
Subsidiary Statements Captions [Line Items] | |||
Equity method investment, ownership percentage | 50% |
Summarized Financial Data - C_8
Summarized Financial Data - Chevron Phillips Chemical Company LLC - Summary of Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Subsidiary Statements Captions [Line Items] | ||||
Current assets | $ 41,128 | $ 50,343 | ||
Current liabilities | 32,258 | 34,208 | ||
Total CTC net deficit | 161,929 | 160,242 | $ 139,940 | $ 132,726 |
Chevron Phillips Chemical Company LLC | ||||
Subsidiary Statements Captions [Line Items] | ||||
Current assets | 3,284 | 3,472 | ||
Other assets | 16,425 | 15,184 | ||
Current liabilities | 1,757 | 2,146 | ||
Other liabilities | 3,269 | 2,941 | ||
Total CTC net deficit | $ 14,683 | $ 13,569 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 45 | $ 223 |
Derivatives | 0 | |
Derivatives | 0 | |
Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 152 | 184 |
Derivatives | 262 | 43 |
Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 7 | |
Derivatives | 15 | |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 45 | 223 |
Total assets at fair value | 204 | 407 |
Total liabilities at fair value | 262 | 58 |
Recurring basis | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 152 | 184 |
Derivatives | 262 | 43 |
Recurring basis | Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 7 | 0 |
Derivatives | 0 | 15 |
Recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 45 | 223 |
Total assets at fair value | 76 | 334 |
Total liabilities at fair value | 160 | 48 |
Recurring basis | Level 1 | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 24 | 111 |
Derivatives | 160 | 33 |
Recurring basis | Level 1 | Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 7 | 0 |
Derivatives | 0 | 15 |
Recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Total assets at fair value | 128 | 73 |
Total liabilities at fair value | 102 | 10 |
Recurring basis | Level 2 | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 128 | 73 |
Derivatives | 102 | 10 |
Recurring basis | Level 2 | Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Total assets at fair value | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Recurring basis | Level 3 | Not Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Recurring basis | Level 3 | Designated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets and Liabilities Measured On a Non-Recurring Basis (Details) - Nonrecurring basis - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | $ 484 | $ 54 |
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 207 | 33 |
Total assets at fair value | 691 | 87 |
Properties, plant and equipment, net (held and used), before-tax loss | 2,175 | 518 |
Properties, plant and equipment, net (held for sale), before-tax loss | 5 | 432 |
Investments and advances, before-tax loss | 352 | 9 |
Total nonrecurring assets at fair value, before-tax loss | 2,532 | 959 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | 0 | 0 |
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 5 | 2 |
Total assets at fair value | 5 | 2 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | 0 | 0 |
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 165 | 0 |
Total assets at fair value | 165 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Properties, plant and equipment, net (held and used) | 484 | 54 |
Properties, plant and equipment, net (held for sale) | 0 | 0 |
Investments and advances | 37 | 31 |
Total assets at fair value | $ 521 | $ 85 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 8,178 | $ 17,678 | $ 5,640 |
Carrying/fair value of investments not included in cash and cash equivalents | 1,097 | 1,443 | |
Carrying Amount of Long-term Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying amount of long-term debt | 14,612 | 16,258 | |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying amount of long-term debt | $ 13,709 | 14,959 | |
Maximum | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Maturity period of primarily bank time deposits, classified as cash equivalents, maximum | 90 days | ||
Nonrecurring basis | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets at fair value | $ 691 | 87 | |
Level 3 | Nonrecurring basis | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets at fair value | 521 | 85 | |
Level 1 | Corporate Bond Securities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt | 13,321 | ||
Level 1 | Nonrecurring basis | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets at fair value | 5 | 2 | |
Level 2 | Other Long-term Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt | 388 | ||
Level 2 | Nonrecurring basis | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets at fair value | $ 165 | $ 0 |
Financial and Derivative Inst_3
Financial and Derivative Instruments - Fair Value of Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Total assets at fair value | $ 159 | $ 184 |
Total liabilities at fair value | 262 | 58 |
Commodity | Accounts and notes receivable | ||
Derivatives, Fair Value [Line Items] | ||
Total assets at fair value | 151 | 175 |
Commodity | Long-term receivables, net | ||
Derivatives, Fair Value [Line Items] | ||
Total assets at fair value | 8 | 9 |
Commodity | Accounts payable | ||
Derivatives, Fair Value [Line Items] | ||
Total liabilities at fair value | 216 | 46 |
Commodity | Deferred credits and other noncurrent obligations | ||
Derivatives, Fair Value [Line Items] | ||
Total liabilities at fair value | $ 46 | $ 12 |
Financial and Derivative Inst_4
Financial and Derivative Instruments - Effect of Derivatives Not Designated On Hedging Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ (505) | $ (867) | $ (795) |
Commodity | Sales and other operating revenues | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | (304) | (651) | (685) |
Commodity | Purchased crude oil and products | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | (154) | (226) | (64) |
Commodity | Other income (loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ (47) | $ 10 | $ (46) |
Financial and Derivative Inst_5
Financial and Derivative Instruments - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net derivatives gain (loss) on hedge transactions | $ (11) | $ 65 | $ (6) |
Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net derivatives gain (loss) on hedge transactions | (7) | ||
Cash flow hedge gain (loss) to be reclassified within 12 months | (7) | ||
Designated | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments, net, pretax | $ (33) | $ 80 |
Financial and Derivative Inst_6
Financial and Derivative Instruments - Effect of Netting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting Assets [Abstract] | ||
Derivative asset, total | $ 0 | |
Derivative asset, gross amounts not offset | $ 0 | 0 |
Derivative asset, net amount | 0 | |
Offsetting Liabilities [Abstract] | ||
Derivative liability, net amounts presented | 0 | |
Derivative liability, gross amounts not offset | 0 | |
Derivative liability, net amount | 0 | |
Not Designated | ||
Offsetting Assets [Abstract] | ||
Derivative asset, gross amounts recognized | 2,394 | 2,591 |
Derivative asset, gross amounts offset | 2,242 | 2,407 |
Derivative asset, total | 152 | 184 |
Derivative asset, gross amounts not offset | 4 | 5 |
Derivative asset, net amount | 148 | 179 |
Offsetting Liabilities [Abstract] | ||
Derivative liability, gross amount recognized | 2,504 | 2,450 |
Derivative liability, gross amounts offset | 2,242 | 2,407 |
Derivative liability, net amounts presented | 262 | 43 |
Derivative liability, gross amounts not offset | 15 | |
Derivative liability, net amount | 247 | 43 |
Designated | ||
Offsetting Assets [Abstract] | ||
Derivative asset, gross amounts recognized | 8 | 8 |
Derivative asset, gross amounts offset | 1 | 8 |
Derivative asset, total | 7 | |
Derivative asset, net amount | 7 | |
Offsetting Liabilities [Abstract] | ||
Derivative liability, gross amount recognized | 1 | 23 |
Derivative liability, gross amounts offset | 1 | 8 |
Derivative liability, net amounts presented | 15 | |
Derivative liability, gross amounts not offset | $ 0 | |
Derivative liability, net amount | $ 15 |
Assets Held for Sale (Details)
Assets Held for Sale (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets Held For Sale [Abstract] | ||
Assets held for sale | $ 675 | $ 436 |
Equity (Details)
Equity (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Company's share of undistributed earnings for equity affiliates | $ 34,359 | $ 33,570 |
Shares remaining available for issuance (in shares) | 578,044 | |
Shares available for issuance (in shares) | 1,600,000 | |
Chevron Long-Term Incentive Plan (LTIP) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares remaining available for issuance (in shares) | 101,000,000 | |
Chevron Long-Term Incentive Plan (LTIP) | From May 2022 through May 2032 | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares remaining available for issuance (in shares) | 104,000,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic EPS Calculation | |||
Earnings available to common stockholders - basic | $ 21,369 | $ 35,465 | $ 15,625 |
Weighted-average number of common shares outstanding (in shares) | 1,873 | 1,931 | 1,916 |
Add: deferred awards held as stock units (in shares) | 0 | 0 | 0 |
Total weighted-average number of common shares outstanding (in shares) | 1,873 | 1,931 | 1,916 |
Earnings per share of common stock - basic (in dollars per share) | $ 11.41 | $ 18.36 | $ 8.15 |
Diluted EPS Calculation | |||
Earnings available to common stockholders - diluted | $ 21,369 | $ 35,465 | $ 15,625 |
Weighted-average number of common shares outstanding (in shares) | 1,873 | 1,931 | 1,916 |
Add: deferred awards held as stock units (in shares) | 0 | 0 | 0 |
Add: dilutive effect of employee stock-based awards (in shares) | 7 | 9 | 4 |
Total weighted-average number of common shares outstanding (in shares) | 1,880 | 1,940 | 1,920 |
Earnings per share of common stock - diluted (in dollars per share) | $ 11.36 | $ 18.28 | $ 8.14 |
Operating Segments and Geogra_3
Operating Segments and Geographic Data - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments (in segments) | 2 |
Number of operating segments (in segments) | 2 |
Operating Segments and Geogra_4
Operating Segments and Geographic Data - Segment Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | $ 21,369 | $ 35,465 | $ 15,625 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 23,575 | 38,439 | 18,732 |
Operating Segments | Upstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 17,438 | 30,284 | 15,818 |
Operating Segments | Downstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 6,137 | 8,155 | 2,914 |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Interest expense | (432) | (476) | (662) |
Interest income | 491 | 261 | 36 |
Other | (2,265) | (2,759) | (2,481) |
United States | Operating Segments | Upstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 4,148 | 12,621 | 7,319 |
United States | Operating Segments | Downstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 3,904 | 5,394 | 2,389 |
International | Operating Segments | Upstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | 13,290 | 17,663 | 8,499 |
International | Operating Segments | Downstream | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to Chevron Corporation | $ 2,233 | $ 2,761 | $ 525 |
Operating Segments and Geogra_5
Operating Segments and Geographic Data - Segment Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 261,632 | $ 257,709 |
Goodwill | 4,722 | 4,722 |
United States | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 102,108 | 93,783 |
International | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 154,802 | 159,204 |
Upstream | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 4,370 | |
Downstream | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 352 | |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 249,293 | 236,326 |
Operating Segments | Upstream | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 194,805 | 183,105 |
Goodwill | 4,370 | 4,370 |
Operating Segments | Upstream | United States | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 58,750 | 44,246 |
Operating Segments | Upstream | International | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 131,685 | 134,489 |
Operating Segments | Downstream | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 54,488 | 53,221 |
Goodwill | 352 | 352 |
Operating Segments | Downstream | United States | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 33,066 | 31,676 |
Operating Segments | Downstream | International | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 21,070 | 21,193 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 12,339 | 21,383 |
Segment Reconciling Items | United States | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 10,292 | 17,861 |
Segment Reconciling Items | International | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 2,047 | $ 3,522 |
Operating Segments and Geogra_6
Operating Segments and Geographic Data - Segment Sales and Operating Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | $ 196,913 | $ 235,717 | $ 155,606 |
Oil and Gas | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 196,913 | 235,717 | 155,606 |
Oil and Gas | Upstream | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 45,742 | 63,293 | 43,992 |
Oil and Gas | Downstream | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 151,038 | 172,308 | 111,490 |
Oil and Gas | Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 597 | 518 | 508 |
Oil and Gas | Corporate, Non-Segment | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 595 | 515 | 506 |
Oil and Gas | Corporate, Non-Segment | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 2 | 3 | 2 |
Oil and Gas | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 246,142 | 287,061 | 185,955 |
Oil and Gas | Operating Segments | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 124,277 | 143,161 | 86,934 |
Oil and Gas | Operating Segments | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 121,865 | 143,900 | 99,021 |
Oil and Gas | Operating Segments | Upstream | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 83,920 | 106,978 | 70,140 |
Oil and Gas | Operating Segments | Upstream | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 40,115 | 50,822 | 29,219 |
Oil and Gas | Operating Segments | Upstream | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 43,805 | 56,156 | 40,921 |
Oil and Gas | Operating Segments | Downstream | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 161,625 | 179,565 | 115,307 |
Oil and Gas | Operating Segments | Downstream | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 83,567 | 91,824 | 57,209 |
Oil and Gas | Operating Segments | Downstream | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 78,058 | 87,741 | 58,098 |
Oil and Gas | Intersegment | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | (462) | (400) | (382) |
Oil and Gas | Intersegment | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | (2) | (2) | (2) |
Oil and Gas | Intersegment | Upstream | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | (26,307) | (29,870) | (15,154) |
Oil and Gas | Intersegment | Upstream | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | (11,871) | (13,815) | (10,994) |
Oil and Gas | Intersegment | Downstream | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | (8,793) | (5,529) | (2,296) |
Oil and Gas | Intersegment | Downstream | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | (1,794) | (1,728) | (1,521) |
Oil and Gas | Corporate and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | 133 | 116 | 124 |
Oil and Gas | Intersegment Elimination | United States | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | (35,562) | (35,799) | (17,832) |
Oil and Gas | Intersegment Elimination | International | |||
Segment Reporting Information [Line Items] | |||
Total Sales and Other Operating Revenues | $ (13,667) | $ (15,545) | $ (12,517) |
Operating Segments and Geogra_7
Operating Segments and Geographic Data - Segment Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | $ 8,173 | $ 14,066 | $ 5,950 |
Operating Segments | Upstream | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 6,874 | 12,733 | 6,126 |
Operating Segments | Upstream | United States | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 1,141 | 3,678 | 1,934 |
Operating Segments | Upstream | International | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 5,733 | 9,055 | 4,192 |
Operating Segments | Downstream | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 1,628 | 1,795 | 750 |
Operating Segments | Downstream | United States | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 1,109 | 1,515 | 547 |
Operating Segments | Downstream | International | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | 519 | 280 | 203 |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Total Income Tax Expense (Benefit) | $ (329) | $ (462) | $ (926) |
Investments and Advances - Summ
Investments and Advances - Summary of Investment and Advances and Equity in Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | $ 46,113 | $ 44,610 | |
Other non-equity method investments | 699 | 628 | |
Total investments and advances | 46,812 | 45,238 | |
Equity in Earnings | 5,131 | 8,585 | $ 5,657 |
United States | Investments and Advances | |||
Schedule of Equity Method Investments [Line Items] | |||
Total investments and advances | 10,985 | 9,855 | |
United States | Equity in Earnings | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in Earnings | 340 | 975 | 1,889 |
International | Investments and Advances | |||
Schedule of Equity Method Investments [Line Items] | |||
Total investments and advances | 35,827 | 35,383 | |
International | Equity in Earnings | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in Earnings | 4,791 | 7,610 | 3,768 |
All Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | (6) | (5) | |
Equity in Earnings | (9) | (6) | 1 |
Upstream | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 31,619 | 31,196 | |
Equity in Earnings | 3,885 | 6,626 | 3,509 |
Upstream | Operating Segments | Tengizchevroil | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 26,954 | 26,534 | |
Equity in Earnings | 3,375 | 4,386 | 2,831 |
Upstream | Operating Segments | Caspian Pipeline Consortium | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 797 | 761 | |
Equity in Earnings | 158 | 128 | 155 |
Upstream | Operating Segments | Angola LNG Limited | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 1,762 | 1,963 | |
Equity in Earnings | 513 | 1,857 | 336 |
Upstream | Operating Segments | Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 2,106 | 1,938 | |
Equity in Earnings | (161) | 255 | 187 |
Downstream | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 14,500 | 13,419 | |
Equity in Earnings | 1,255 | 1,965 | 2,147 |
Downstream | Operating Segments | Chevron Phillips Chemical Company LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 7,765 | 6,843 | |
Equity in Earnings | 608 | 867 | 1,842 |
Downstream | Operating Segments | GS Caltex Corporation | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 4,309 | 4,288 | |
Equity in Earnings | 437 | 874 | 85 |
Downstream | Operating Segments | Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Advances | 2,426 | 2,288 | |
Equity in Earnings | $ 210 | $ 224 | $ 220 |
Investments and Advances - Narr
Investments and Advances - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||
Sales and other operating revenues | $ 196,913 | $ 235,717 | $ 155,606 |
Purchased crude oil and products | 119,196 | 145,416 | 92,249 |
Accounts and notes receivable due from affiliated companies | 1,480 | 907 | |
Accounts payable due to affiliated companies | $ 591 | 709 | |
Percentage of affiliate by summarized financial information | 100% | ||
Chevron Phillips Chemical Company LLC | |||
Variable Interest Entity [Line Items] | |||
Percentage of affiliate by summarized financial information | 100% | ||
Tengizchevroil LLP | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 50% | ||
Chevron investment carrying value over underlying equity in TCO's net assets | $ 80 | ||
Principal balance | $ 4,500 | ||
Caspian Pipeline Consortium | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 15% | ||
Angola LNG Limited | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 36.40% | ||
Chevron Phillips Chemical Company LLC | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 50% | ||
GS Caltex Corporation | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 50% | ||
Golden Triangle Polymers Project | Chevron Phillips Chemical Company LLC | |||
Variable Interest Entity [Line Items] | |||
Equity method investment, ownership percentage | 51% | ||
Affiliated Entity | |||
Variable Interest Entity [Line Items] | |||
Chevron's loan to affiliates | $ 4,494 | 4,278 | 4,704 |
Sales and other operating revenues | 13,623 | 16,286 | 10,796 |
Affiliated Entity | Chevron Phillips Chemical Company LLC | |||
Variable Interest Entity [Line Items] | |||
Chevron's loan to affiliates | 387 | ||
Affiliated Entity | Oil and Gas, Purchased | |||
Variable Interest Entity [Line Items] | |||
Purchased crude oil and products | $ 7,404 | $ 10,171 | $ 5,778 |
Investments and Advances - Su_2
Investments and Advances - Summary of Financial Information of All Equity Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | ||||
Total revenues | $ 200,949 | $ 246,252 | $ 162,465 | |
Income before income tax expense | 29,584 | 49,674 | 21,639 | |
Net Income (Loss) | 21,411 | 35,608 | 15,689 | |
Current assets | 41,128 | 50,343 | ||
Current liabilities | 32,258 | 34,208 | ||
Total affiliates ' net equity | 161,929 | 160,242 | 139,940 | $ 132,726 |
Income Tax Expense (Benefit) | 8,173 | 14,066 | 5,950 | |
Chevron | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Schedule of Investments [Line Items] | ||||
Total revenues | 23,217 | 48,323 | 34,359 | |
Income before income tax expense | 7,209 | 10,876 | 6,984 | |
Net Income (Loss) | 5,485 | 8,595 | 5,670 | |
Current assets | 10,110 | 11,671 | 9,267 | |
Noncurrent assets | 48,753 | 46,428 | 44,360 | |
Current liabilities | 6,698 | 7,708 | 7,492 | |
Noncurrent liabilities | 6,342 | 5,980 | 5,982 | |
Total affiliates ' net equity | 45,823 | 44,411 | 40,153 | |
Income Tax Expense (Benefit) | 1,724 | |||
Affiliates | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Schedule of Investments [Line Items] | ||||
Total revenues | 49,306 | 100,184 | 71,241 | |
Income before income tax expense | 15,304 | 23,811 | 15,175 | |
Net Income (Loss) | 11,618 | 19,077 | 12,598 | |
Current assets | 22,772 | 26,632 | 21,871 | |
Noncurrent assets | 105,965 | 101,557 | 100,235 | |
Current liabilities | 14,085 | 16,319 | 17,275 | |
Noncurrent liabilities | 23,797 | 22,943 | 24,219 | |
Total affiliates ' net equity | 90,855 | $ 88,927 | $ 80,612 | |
Income Tax Expense (Benefit) | $ 3,686 |
Litigation (Details)
Litigation (Details) $ in Billions | 1 Months Ended | 12 Months Ended |
Feb. 28, 2011 USD ($) | Dec. 31, 2023 Tribe State lawsuit parish | |
Ecuador Litigation | Pending Litigation | ||
Loss Contingencies [Line Items] | ||
Damages awarded | $ | $ 9.5 | |
Climate Change | ||
Loss Contingencies [Line Items] | ||
Claims dismissed (in number of claims) | 1 | |
Climate Change | Pending Litigation | ||
Loss Contingencies [Line Items] | ||
Pending lawsuits and claims (in number of claims) | 29 | |
State defendants, number | State | 4 | |
Native tribe defendants, number | Tribe | 2 | |
Climate Change | Dismissed Litigation | ||
Loss Contingencies [Line Items] | ||
Claims dismissed (in number of claims) | 2 | |
County claims dismissed, number | 1 | |
Coastal Erosion | ||
Loss Contingencies [Line Items] | ||
Number of parishes | parish | 7 | |
Coastal Erosion | Pending Litigation | ||
Loss Contingencies [Line Items] | ||
Pending lawsuits and claims (in number of claims) | 39 |
Taxes - Summary of Components o
Taxes - Summary of Components of Income Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. federal | |||
Current | $ 895 | $ 1,723 | $ 174 |
Deferred | 666 | 2,240 | 1,004 |
State and local | |||
Current | 211 | 482 | 222 |
Deferred | 1 | 39 | 202 |
Total United States | 1,773 | 4,484 | 1,602 |
International | |||
Current | 6,745 | 9,738 | 4,854 |
Deferred | (345) | (156) | (506) |
Total International | 6,400 | 9,582 | 4,348 |
Total income tax expense (benefit) | $ 8,173 | $ 14,066 | $ 5,950 |
Taxes - Effective Income Tax Re
Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income (loss) before income taxes | |||
United States | $ 8,565 | $ 21,005 | $ 9,674 |
International | 21,019 | 28,669 | 11,965 |
Income (Loss) Before Income Tax Expense | 29,584 | 49,674 | 21,639 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Theoretical tax (at U.S. statutory rate of 21%) | 6,213 | 10,432 | 4,544 |
Equity affiliate accounting effect | (1,072) | (1,678) | (890) |
Effect of income taxes from international operations | 3,001 | 5,041 | 2,692 |
State and local taxes on income, net of U.S. federal income tax benefit | 252 | 508 | 216 |
Prior year tax adjustments, claims and settlements | (32) | (90) | 362 |
Tax credits | (20) | (6) | (173) |
Other U.S. | (169) | (141) | (801) |
Total income tax expense (benefit) | $ 8,173 | $ 14,066 | $ 5,950 |
Effective income tax rate | 27.60% | 28.30% | 27.50% |
One-time tax costs (benefits) associated with changes in valuation allowances | $ (84) | $ (36) | $ (624) |
Chevron | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Income (loss) before income taxes | |||
Income (Loss) Before Income Tax Expense | 7,209 | $ 10,876 | $ 6,984 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Total income tax expense (benefit) | $ 1,724 |
Taxes - Narrative (Details)
Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Increase in income tax expense | $ 5,893 | |||
Effective tax rate | 27.60% | 28.30% | 27.50% | |
Decrease in deferred tax liabilities | $ 1,779 | |||
Decrease in deferred tax assets | (628) | |||
Loss carryforward | 9,600 | |||
Tax credit carryforward | 260 | |||
Carry forward amount of foreign tax credit with expiration dates | $ 13,560 | |||
Percentage of impact of unrecognized tax benefits on effective tax rate if subsequently recognized | 79% | |||
Unrecognized tax benefits | $ 5,452 | $ 5,323 | $ 5,288 | $ 5,018 |
Anticipated interest and penalty obligations | 229 | |||
Accrued benefit for interest and penalties | 112 | |||
Income tax benefit expense associated with interest and penalties | $ 124 | $ 152 | $ 19 |
Taxes - Summary of Deferred Tax
Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax liabilities | ||
Properties, plant and equipment | $ 20,303 | $ 18,295 |
Investments and other | 4,263 | 4,492 |
Total deferred tax liabilities | 24,566 | 22,787 |
Deferred tax assets | ||
Foreign tax credits | (13,560) | (12,599) |
Asset retirement obligations/environmental reserves | (4,543) | (4,518) |
Employee benefits | (1,785) | (2,087) |
Deferred credits | (268) | (446) |
Tax loss carryforwards | (3,492) | (3,887) |
Other accrued liabilities | (1,416) | (746) |
Inventory | (126) | (219) |
Operating leases | (1,479) | (1,134) |
Miscellaneous | (3,652) | (4,057) |
Total deferred tax assets | (30,321) | (29,693) |
Deferred tax assets valuation allowance | 20,416 | 19,532 |
Total deferred taxes, net | 14,661 | 12,626 |
Classification of deferred taxes | ||
Deferred charges and other assets | (4,169) | (4,505) |
Noncurrent deferred income taxes | 18,830 | 17,131 |
Total deferred income taxes, net | $ 14,661 | $ 12,626 |
Taxes - Summary of Unrecognized
Taxes - Summary of Unrecognized Income Tax Benefits and Taxes Other Than on Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes to company's unrecognized tax benefits | |||
Beginning balance | $ 5,323 | $ 5,288 | $ 5,018 |
Foreign currency effects | (27) | (2) | (1) |
Additions based on tax positions taken in current year | 248 | 30 | 194 |
Additions for tax positions taken in prior years | 265 | 234 | 218 |
Reductions based on tax positions taken in current year | (104) | 0 | 0 |
Reductions for tax positions taken in prior years | (251) | (117) | (36) |
Settlements with taxing authorities in current year | (2) | (110) | (18) |
Reductions as a result of a lapse of the applicable statute of limitations | 0 | 0 | (87) |
Ending balance | 5,452 | 5,323 | 5,288 |
Total taxes other than on income | 4,220 | 4,032 | 3,963 |
United States | |||
Changes to company's unrecognized tax benefits | |||
Import duties and other levies | (9) | 10 | 7 |
Property and other miscellaneous taxes | 818 | 609 | 552 |
Payroll taxes | 286 | 248 | 302 |
Taxes on production | 801 | 989 | 628 |
Total taxes other than on income | 1,896 | 1,856 | 1,489 |
International | |||
Changes to company's unrecognized tax benefits | |||
Import duties and other levies | 72 | 63 | 49 |
Property and other miscellaneous taxes | 2,004 | 1,789 | 2,174 |
Payroll taxes | 121 | 122 | 113 |
Taxes on production | 127 | 202 | 138 |
Total taxes other than on income | $ 2,324 | $ 2,176 | $ 2,474 |
Properties, Plant and Equipme_3
Properties, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Properties, Plant and Equipment | |||
Gross Investment at Cost | $ 346,081 | $ 327,785 | $ 336,045 |
Net Investment | 153,619 | 143,591 | 146,961 |
Additions at Cost | 26,724 | 12,290 | 7,796 |
Depreciation Expense | 17,326 | 16,319 | 17,925 |
Dry hole expense related to prior years expenditures, net | 110 | 177 | 35 |
Accretion expense | 593 | 560 | 616 |
Impairment charges | 2,180 | 950 | 414 |
PDC Energy, Inc. | |||
Properties, Plant and Equipment | |||
Net Investment | 10,487 | 10,487 | 10,487 |
United States | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 153,537 | 130,794 | 125,010 |
Net Investment | 65,902 | 51,789 | 48,871 |
Additions at Cost | 22,342 | 9,433 | 5,206 |
Depreciation Expense | 8,910 | 6,172 | 6,798 |
International | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 192,544 | 196,991 | 211,035 |
Net Investment | 87,717 | 91,802 | 98,090 |
Additions at Cost | 4,382 | 2,857 | 2,590 |
Depreciation Expense | 8,416 | 10,147 | 11,127 |
Australia | |||
Properties, Plant and Equipment | |||
Net Investment | 41,409 | 44,012 | 46,687 |
Operating Segments | Upstream | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 301,951 | 285,146 | 296,150 |
Net Investment | 134,951 | 125,580 | 130,797 |
Additions at Cost | 24,538 | 9,060 | 6,869 |
Depreciation Expense | 15,775 | 14,842 | 16,499 |
Operating Segments | Upstream | United States | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 117,955 | 96,590 | 93,393 |
Net Investment | 50,390 | 37,031 | 36,027 |
Additions at Cost | 20,408 | 6,461 | 4,520 |
Depreciation Expense | 7,666 | 5,012 | 5,675 |
Operating Segments | Upstream | International | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 183,996 | 188,556 | 202,757 |
Net Investment | 84,561 | 88,549 | 94,770 |
Additions at Cost | 4,130 | 2,599 | 2,349 |
Depreciation Expense | 8,109 | 9,830 | 10,824 |
Operating Segments | Downstream | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 39,593 | 38,083 | 35,022 |
Net Investment | 16,643 | 16,053 | 14,066 |
Additions at Cost | 1,860 | 2,988 | 777 |
Depreciation Expense | 1,232 | 1,224 | 1,129 |
Operating Segments | Downstream | United States | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 31,192 | 29,802 | 26,888 |
Net Investment | 13,521 | 12,827 | 10,766 |
Additions at Cost | 1,623 | 2,742 | 543 |
Depreciation Expense | 931 | 913 | 833 |
Operating Segments | Downstream | International | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 8,401 | 8,281 | 8,134 |
Net Investment | 3,122 | 3,226 | 3,300 |
Additions at Cost | 237 | 246 | 234 |
Depreciation Expense | 301 | 311 | 296 |
Segment Reconciling Items | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 4,537 | 4,556 | 4,873 |
Net Investment | 2,025 | 1,958 | 2,098 |
Additions at Cost | 326 | 242 | 150 |
Depreciation Expense | 319 | 253 | 297 |
Segment Reconciling Items | United States | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 4,390 | 4,402 | 4,729 |
Net Investment | 1,991 | 1,931 | 2,078 |
Additions at Cost | 311 | 230 | 143 |
Depreciation Expense | 313 | 247 | 290 |
Segment Reconciling Items | International | |||
Properties, Plant and Equipment | |||
Gross Investment at Cost | 147 | 154 | 144 |
Net Investment | 34 | 27 | 20 |
Additions at Cost | 15 | 12 | 7 |
Depreciation Expense | $ 6 | $ 6 | $ 7 |
Short-Term Debt - Summary (Deta
Short-Term Debt - Summary (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Short term borrowings | ||
Commercial paper | $ 0 | $ 0 |
Notes payable to banks and others with originating terms of one year or less | 469 | 328 |
Current maturities of long-term debt | 1,667 | 2,699 |
Current maturities of long-term finance leases | 60 | 45 |
Redeemable long term obligations | 2,876 | 2,942 |
Subtotal | 5,072 | 6,014 |
Reclassified to long-term debt | (4,543) | (4,050) |
Total short-term debt | 529 | 1,964 |
Debt instrument, unamortized premium | $ 17 | $ 5 |
Short-Term Debt - Narrative (De
Short-Term Debt - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Committed credit facilities | $ 8,050 | |
Debt instrument, term | 364 days | |
Outstanding amount | $ 0 | |
Reclassified to long-term debt | $ 4,543 | $ 4,050 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Long-term debt instruments | $ 16,281 | $ 18,975 | |
Debt due within one year | (1,650) | (2,694) | |
Fair market value adjustment for debt acquired in the Noble acquisition | 578 | 664 | |
Reclassified from short-term debt | 4,543 | 4,050 | |
Unamortized discounts and debt issuance costs | (19) | (23) | |
Finance lease liabilities | 574 | 403 | |
Total long-term debt | 20,307 | 21,375 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
2024 | 1,650 | ||
2025 | 4,000 | ||
2026 | 2,250 | ||
2027 | 2,000 | ||
2028 | 600 | ||
Thereafter | $ 5,781 | ||
PDC Energy, Inc. | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Debt issued | $ 1,500 | ||
Notes | Notes due 2024 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 3.291% | ||
Long-term debt instruments | $ 1,650 | 1,650 | |
Notes | Notes due 2024 | Minimum | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 2.895% | ||
Notes | Notes due 2024 | Maximum | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 3.90% | ||
Notes | Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 1.724% | ||
Long-term debt instruments | $ 4,000 | 4,000 | |
Notes | Notes due 2025 | Minimum | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 0.687% | ||
Notes | Notes due 2025 | Maximum | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 3.326% | ||
Notes | Notes due 2026 | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.954% | ||
Long-term debt instruments | $ 2,250 | 2,250 | |
Notes | Notes due 2027 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 2.379% | ||
Long-term debt instruments | $ 2,000 | 2,000 | |
Notes | Notes due 2027 | Minimum | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 1.018% | ||
Notes | Notes due 2027 | Maximum | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 8% | ||
Notes | Notes due 2028 | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.85% | ||
Long-term debt instruments | $ 600 | 600 | |
Notes | Notes due 2029 | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.25% | ||
Long-term debt instruments | $ 500 | 500 | |
Notes | Notes due 2030 | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.236% | ||
Long-term debt instruments | $ 1,500 | 1,500 | |
Notes | Notes due 2040 | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.978% | ||
Long-term debt instruments | $ 293 | 293 | |
Notes | Notes due 2041 | |||
Debt Instrument [Line Items] | |||
Interest rate | 6% | ||
Long-term debt instruments | $ 397 | 397 | |
Notes | Notes due 2043 | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.25% | ||
Long-term debt instruments | $ 330 | 330 | |
Notes | Notes due 2044 | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.05% | ||
Long-term debt instruments | $ 222 | 222 | |
Notes | Notes due 2047 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.95% | ||
Long-term debt instruments | $ 187 | 187 | |
Notes | Notes due 2049 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.20% | ||
Long-term debt instruments | $ 237 | 237 | |
Notes | Notes due 2050 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 2.763% | ||
Long-term debt instruments | $ 1,750 | 1,750 | |
Notes | Notes due 2050 | Minimum | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 2.343% | ||
Notes | Notes due 2050 | Maximum | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 3.078% | ||
Notes | Notes due 2023 | |||
Debt Instrument [Line Items] | |||
Long-term debt instruments | $ 0 | 2,600 | |
Debentures | Debentures due 2031 | |||
Debt Instrument [Line Items] | |||
Interest rate | 8.625% | ||
Long-term debt instruments | $ 102 | 102 | |
Debentures | Debentures due 2032 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 8.416% | ||
Long-term debt instruments | $ 183 | 183 | |
Debentures | Debentures due 2032 | Minimum | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 8% | ||
Debentures | Debentures due 2032 | Maximum | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 8.625% | ||
Debentures | Debentures due 2097 | |||
Debt Instrument [Line Items] | |||
Interest rate | 7.25% | ||
Long-term debt instruments | $ 60 | 60 | |
Loans | Bank loans due 2023 | |||
Debt Instrument [Line Items] | |||
Long-term debt instruments | $ 0 | 91 | |
Medium-term Notes | Medium-term notes, maturing from 2023 to 2038 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 6.599% | ||
Long-term debt instruments | $ 20 | $ 23 | |
Medium-term Notes | Medium-term notes, maturing from 2023 to 2038 | Minimum | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 5.331% | ||
Medium-term Notes | Medium-term notes, maturing from 2023 to 2038 | Maximum | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 7.84% | ||
Six Point One Two Five Percent Senior Notes | PDC Energy, Inc. | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.125% | ||
Five Point Seven Five Percent Senior Notes | PDC Energy, Inc. | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.75% |
Accounting for Suspended Expl_3
Accounting for Suspended Exploratory Wells - Summary of Changes and Aging of Capitalized Well Costs (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Project | Dec. 31, 2022 USD ($) Project | Dec. 31, 2021 USD ($) Project | |
Changes in company's suspended exploratory well costs | |||
Beginning balance | $ 1,627 | $ 2,109 | $ 2,512 |
Additions to capitalized exploratory well costs pending the determination of proved reserves | 88 | 72 | 56 |
Reclassifications to wells, facilities and equipment based on the determination of proved reserves | 0 | (481) | (425) |
Capitalized exploratory well costs charged to expense | (67) | (73) | (34) |
Ending balance | 1,648 | 1,627 | 2,109 |
Aging of capitalized well costs and number of project | |||
Exploratory well costs capitalized for a period of one year or less | 78 | 73 | 65 |
Exploratory well costs capitalized for a period greater than one year | 1,570 | 1,554 | 2,044 |
Capitalized exploratory well costs, total | $ 1,648 | $ 1,627 | $ 2,109 |
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 13 | 12 | 15 |
Accounting for Suspended Expl_4
Accounting for Suspended Exploratory Wells - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Project Well | Dec. 31, 2022 USD ($) Project | Dec. 31, 2021 USD ($) Project | |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 1,570 | $ 1,554 | $ 2,044 |
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 13 | 12 | 15 |
Expected period for decision on the recognition of proved reserves | 5 years | ||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 71 | ||
Drilling Activity | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 844 | ||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 7 | ||
No Drilling Activity | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 726 | ||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 6 | ||
Undergoing Front End Engineering and Design with Final Investment Decision Expected | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 311 | ||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 4 | ||
Undergoing front-end engineering and design with final investment decision expected in three years | 4 years | ||
Reviewing Development Alternatives | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 415 | ||
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) | Project | 2 |
Accounting for Suspended Expl_5
Accounting for Suspended Exploratory Wells - Aging of Costs on a Well and Project Basis (Details) $ in Millions | Dec. 31, 2023 USD ($) Project Well | Dec. 31, 2022 USD ($) Project | Dec. 31, 2021 USD ($) Project |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 1,570 | $ 1,554 | $ 2,044 |
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 71 | ||
Number of projects (in projects) | Project | 13 | 12 | 15 |
2000-2009 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 263 | ||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 14 | ||
2010-2014 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 1,121 | ||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 49 | ||
2015-2022 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 186 | ||
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well | 8 | ||
2008-2012 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 292 | ||
Number of projects (in projects) | Project | 2 | ||
2013-2016 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 1,082 | ||
Number of projects (in projects) | Project | 6 | ||
2017-2023 | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ 196 | ||
Number of projects (in projects) | Project | 5 |
Stock Options and Other Share_3
Stock Options and Other Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense for stock options | $ 85 | $ 60 | $ 60 | |
After tax compensation expense for stock options | 65 | 46 | 47 | |
Compensation expense for stock appreciation rights restricted stock performance units and restricted stock units | (100) | 1,013 | 701 | |
Compensation expense for stock appreciation rights, restricted stock, performance units and restricted stock units, after tax | (76) | 770 | 554 | |
Cash received in payment for option exercises | 263 | 5,835 | 1,274 | |
Tax benefits realized for the tax deductions from option exercises | 20 | 216 | (15) | |
Cash paid to settle performance units and stock appreciation rights | $ 566 | 556 | 163 | |
Maximum number of share that may be issued under LTIP (in shares) | 578,044 | |||
Total intrinsic value options exercised | $ 167 | $ 2,369 | $ 152 | |
Total before-tax compensation cost related to nonvested share-based compensation arrangements | $ 181 | |||
Weighted-average period of recognition of unrecognized compensation cost related to nonvested share-based compensation arrangements | 1 year 10 months 24 days | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Shares outstanding (in shares) | 5,060,242 | 4,287,826 | ||
Shares granted (in shares) | 1,739,120 | |||
Shares vested (in shares) | 866,494 | |||
Shares forfeited (in shares) | 100,210 | |||
Shares vested, fair value | $ 457 | |||
Number payable in cash (in shares) | 3,905,243 | |||
Number payable in shares (in shares) | 1,154,999 | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares outstanding (in shares) | 4,419,310 | 4,753,266 | ||
Shares granted (in shares) | 1,291,262 | |||
Shares vested (in shares) | 1,521,636 | |||
Shares forfeited (in shares) | 103,582 | |||
Shares vested, fair value | $ 360 | |||
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares outstanding (in shares) | 652,493 | |||
Shares vested, fair value | $ 32 | |||
Chevron Long-Term Incentive Plan (LTIP) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of share that may be issued under LTIP (in shares) | 101,000,000 | |||
Maximum number of shares that may not be a stock option, stock appreciation right or award (in shares) | 48,000,000 | |||
Chevron Long-Term Incentive Plan (LTIP) | Maximum | From May 2022 through May 2032 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of share that may be issued under LTIP (in shares) | 104,000,000 | |||
Chevron Long-Term Incentive Plan (LTIP) | Performance Shares and Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award contractual term (in years) | 3 years | |||
Chevron Long-Term Incentive Plan (LTIP) | Stock Options and Stock Appreciation Rights | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award contractual term (in years) | 10 years | |||
Chevron Long-Term Incentive Plan (LTIP) | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Chevron Long-Term Incentive Plan (LTIP), 2017 Issuance | Performance Shares and Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award contractual term (in years) | 3 years | |||
Chevron Long-Term Incentive Plan (LTIP), 2017 Issuance | Stock Options and Stock Appreciation Rights | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award contractual term (in years) | 10 years | |||
Chevron Long-Term Incentive Plan (LTIP), 2017 Issuance | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award contractual term (in years) | 5 years | |||
Chevron Long-Term Incentive Plan (LTIP), 2023 Issuance | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years |
Stock Options and Other Share_4
Stock Options and Other Share-Based Compensation - Summary of Valuation Assumptions and Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Option | |||
Expected term in years | 6 years 4 months 24 days | 6 years 10 months 24 days | 6 years 9 months 18 days |
Volatility | 32.50% | 31.30% | 31.10% |
Risk-free interest rate based on zero coupon U.S. treasury note | 3.43% | 1.79% | 0.71% |
Dividend yield | 3.50% | 5% | 6% |
Weighted-average fair value per option granted (in dollars per share) | $ 45.82 | $ 23.56 | $ 12.22 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, beginning balance (in shares) | 25,265,000 | ||
Shares, Granted (in shares) | 2,122,000 | ||
Shares, Exercised (in shares) | (2,538,000) | ||
Shares, Forfeited (in shares) | (474,000) | ||
Outstanding, ending balance (in shares) | 24,375 | 25,265,000 | |
Shares, Exercisable at December 31 (in shares) | 18,438,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted-Average Exercise Price, Outstanding at January 1 (in dollars per share) | $ 114.61 | ||
Weighted-Average Exercise Price, Granted (in dollars per share) | 179.08 | ||
Weighted-Average Exercise Price, Exercised (in dollars per share) | 104.3 | ||
Weighted-Average Exercise Price, Forfeited (in dollars per share) | 246.61 | ||
Weighted-Average Exercise Price, Outstanding at December 31 (in dollars per share) | 118.72 | $ 114.61 | |
Weighted-Average Exercise Price, Exercisable at December 31 (in dollars per share) | $ 113.38 | ||
Average Remaining Contractual Term, Outstanding at December 31 (in years) | 5 years 1 month 20 days | ||
Average Remaining Contractual Term, Exercisable at December 31 (in years) | 4 years 1 month 9 days | ||
Aggregate Intrinsic Value, Outstanding at December 31 | $ 934 | ||
Aggregate Intrinsic Value, Exercisable at December 31 | $ 791 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Maximum annual increase percentage to company contribution for retiree medical coverage | 4% | |||
Funded Status: | ||||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | $ 3,792 | $ 3,446 | ||
Other Benefit Assumptions: | ||||
Assumed health care cost-trend rates in the next fiscal year | 8.40% | 6.60% | ||
Ultimate trend rate for health care cost | 4.50% | 4.50% | ||
Primary Investment: | ||||
Company's US and UK pension plans as a percentage of total pension assets | 95% | |||
Benefit Plan Trusts: | ||||
Number of Chevron treasury stocks held in benefit plan trust for funding obligations | 14,168,000 | 14,168,000 | 14,168,000 | 14,168,000 |
Employee Incentive Plan | ||||
Charges to expense for cash bonuses | $ 809 | $ 1,169 | $ 1,165 | |
Other Benefits | ||||
Funded Status: | ||||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | $ (355) | $ (507) | ||
Discount Rate: | ||||
Discount rate for pension plans | 5.10% | 5.30% | 2.90% | |
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | $ 159 | $ 158 | ||
Estimated contributions to employee pension plans for the next fiscal year | 150 | |||
ESIP | ||||
Employee Savings Investment Plan: | ||||
Compensation expense | 320 | 283 | $ 252 | |
Int'l. | ||||
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | 100 | |||
Estimated contributions to employee pension plans for the next fiscal year | 100 | |||
Int'l. | Pension Benefits | ||||
Funded Status: | ||||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | 949 | 766 | ||
Accumulated benefit obligations pension plans | $ 3,378 | $ 3,084 | ||
Expected Return on Plan Assets: | ||||
Estimated long-term rate of return on US pension plan assets | 6.10% | 3.90% | 3.50% | |
Discount Rate: | ||||
Discount rate for pension plans | 5.50% | 5.80% | 2.80% | |
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | $ 100 | $ 158 | ||
U.S. | ||||
Expected Return on Plan Assets: | ||||
Estimated long-term rate of return on US pension plan assets | 7% | |||
Discount Rate: | ||||
Discount rate for pension plans | 5% | 5.20% | 2.80% | |
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | $ 1,020 | |||
Estimated contributions to employee pension plans for the next fiscal year | 750 | |||
U.S. | Pension Benefits | ||||
Funded Status: | ||||
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans | 3,198 | $ 3,187 | ||
Accumulated benefit obligations pension plans | $ 9,284 | $ 8,595 | ||
Expected Return on Plan Assets: | ||||
Estimated long-term rate of return on US pension plan assets | 7% | 6.60% | 6.50% | |
Percentage of US pension plan assets relative to total pension plan assets | 71% | |||
Plan asset market valuation period, prior to year-end measurement date | 3 months | |||
Discount Rate: | ||||
Discount rate for pension plans | 5% | 5.20% | 2.80% | |
Cash Contributions and Benefit Payments: | ||||
Contributions to employee pension plans | $ 1,020 | $ 1,164 | ||
U.S. | Pension Benefits | Equities | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 35% | |||
U.S. | Pension Benefits | Equities | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 65% | |||
U.S. | Pension Benefits | Fixed Income and Cash | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 25% | |||
U.S. | Pension Benefits | Fixed Income and Cash | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 45% | |||
U.S. | Pension Benefits | Real Estate | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 5% | |||
U.S. | Pension Benefits | Real Estate | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 25% | |||
U.S. | Pension Benefits | Other | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 0% | |||
U.S. | Pension Benefits | Other | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 5% | |||
U.S. | Pension Benefits | Cash | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 0% | |||
U.S. | Pension Benefits | Cash | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 15% | |||
UNITED KINGDOM | Pension Benefits | Equities | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 5% | |||
UNITED KINGDOM | Pension Benefits | Equities | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 15% | |||
UNITED KINGDOM | Pension Benefits | Fixed Income and Cash | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 63% | |||
UNITED KINGDOM | Pension Benefits | Fixed Income and Cash | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 93% | |||
UNITED KINGDOM | Pension Benefits | Real Estate | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 5% | |||
UNITED KINGDOM | Pension Benefits | Real Estate | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 15% | |||
UNITED KINGDOM | Pension Benefits | Cash | Minimum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 0% | |||
UNITED KINGDOM | Pension Benefits | Cash | Maximum | ||||
Primary Investment: | ||||
Pension Plan - Board of Trustees approved asset allocation | 7% |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. | |||
Change in Plan Assets | |||
Beginning balance | $ 7,942 | ||
Employer contributions | 1,020 | ||
Ending balance | 9,137 | $ 7,942 | |
Int'l. | |||
Change in Plan Assets | |||
Beginning balance | 3,286 | ||
Employer contributions | 100 | ||
Ending balance | 3,398 | 3,286 | |
Pension Benefits | U.S. | |||
Change in Benefit Obligation | |||
Beginning balance | 9,713 | 12,966 | |
Service cost | 342 | 432 | $ 450 |
Interest cost | 448 | 318 | 235 |
Plan participants' contributions | 0 | 0 | |
Plan amendments | 0 | 40 | |
Actuarial (gain) loss | 603 | (2,753) | |
Foreign currency exchange rate changes | 0 | 0 | |
Benefits paid | (714) | (1,290) | |
Acquisitions | 0 | 0 | |
Curtailment | 0 | 0 | |
Special termination costs | 0 | 0 | 0 |
Ending balance | 10,392 | 9,713 | 12,966 |
Change in Plan Assets | |||
Beginning balance | 7,942 | 9,919 | |
Actual return on plan assets | 889 | (1,851) | |
Foreign currency exchange rate changes | 0 | 0 | |
Employer contributions | 1,020 | 1,164 | |
Plan participants' contributions | 0 | 0 | |
Benefits paid | (714) | (1,290) | |
Ending balance | 9,137 | 7,942 | 9,919 |
Funded status | (1,255) | (1,771) | |
Pension Benefits | Int'l. | |||
Change in Benefit Obligation | |||
Beginning balance | 3,354 | 5,351 | |
Service cost | 58 | 83 | 123 |
Interest cost | 193 | 137 | 137 |
Plan participants' contributions | 3 | 3 | |
Plan amendments | 28 | 38 | |
Actuarial (gain) loss | 17 | (1,559) | |
Foreign currency exchange rate changes | 180 | (423) | |
Benefits paid | (218) | (276) | |
Acquisitions | (14) | 0 | |
Curtailment | 2 | 0 | |
Special termination costs | 2 | 0 | 0 |
Ending balance | 3,605 | 3,354 | 5,351 |
Change in Plan Assets | |||
Beginning balance | 3,286 | 4,950 | |
Actual return on plan assets | 46 | (1,096) | |
Foreign currency exchange rate changes | 181 | (453) | |
Employer contributions | 100 | 158 | |
Plan participants' contributions | 3 | 3 | |
Benefits paid | (218) | (276) | |
Ending balance | 3,398 | 3,286 | 4,950 |
Funded status | (207) | (68) | |
Other Benefits | |||
Change in Benefit Obligation | |||
Beginning balance | 1,938 | 2,489 | |
Service cost | 33 | 43 | 43 |
Interest cost | 97 | 60 | 53 |
Plan participants' contributions | 63 | 62 | |
Plan amendments | 0 | 18 | |
Actuarial (gain) loss | 103 | (509) | |
Foreign currency exchange rate changes | 5 | (5) | |
Benefits paid | (222) | (220) | |
Acquisitions | 0 | 0 | |
Curtailment | 0 | 0 | |
Special termination costs | 0 | 0 | 0 |
Ending balance | 2,017 | 1,938 | 2,489 |
Change in Plan Assets | |||
Beginning balance | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Employer contributions | 159 | 158 | |
Plan participants' contributions | 63 | 62 | |
Benefits paid | (222) | (220) | |
Ending balance | 0 | 0 | $ 0 |
Funded status | $ (2,017) | $ (1,938) |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Balance Sheet Components (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Noncurrent employee benefit plans | $ (4,082) | $ (4,357) |
Pension Benefits | U.S. | ||
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Deferred charges and other assets | 31 | 26 |
Accrued liabilities | (145) | (210) |
Noncurrent employee benefit plans | (1,141) | (1,587) |
Net amount recognized at December 31 | (1,255) | (1,771) |
Pension Benefits | Int'l. | ||
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Deferred charges and other assets | 703 | 759 |
Accrued liabilities | (73) | (62) |
Noncurrent employee benefit plans | (837) | (765) |
Net amount recognized at December 31 | (207) | (68) |
Other Benefits | ||
Consolidated Balance Sheet for pension and other postretirement benefit plans | ||
Deferred charges and other assets | 0 | 0 |
Accrued liabilities | (154) | (152) |
Noncurrent employee benefit plans | (1,863) | (1,786) |
Net amount recognized at December 31 | $ (2,017) | $ (1,938) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Before tax basis amount in accumulated other comprehensive loss. | ||
Total recognized | $ 3,792 | $ 3,446 |
Other Benefits | ||
Before tax basis amount in accumulated other comprehensive loss. | ||
Net actuarial loss | (266) | (392) |
Prior service (credit) costs | (89) | (115) |
Total recognized | (355) | (507) |
U.S. | Pension Benefits | ||
Before tax basis amount in accumulated other comprehensive loss. | ||
Net actuarial loss | 3,161 | 3,147 |
Prior service (credit) costs | 37 | 40 |
Total recognized | 3,198 | 3,187 |
Int'l. | Pension Benefits | ||
Before tax basis amount in accumulated other comprehensive loss. | ||
Net actuarial loss | 823 | 659 |
Prior service (credit) costs | 126 | 107 |
Total recognized | $ 949 | $ 766 |
Employee Benefit Plans - Accumu
Employee Benefit Plans - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. | ||
Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets | ||
Projected benefit obligations | $ 1,203 | $ 1,322 |
Accumulated benefit obligations | 1,108 | 1,135 |
Fair value of plan assets | 0 | 0 |
Int'l. | ||
Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets | ||
Projected benefit obligations | 913 | 828 |
Accumulated benefit obligations | 773 | 671 |
Fair value of plan assets | $ 4 | $ 3 |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | $ 550 | $ (1,050) | $ (1,244) |
Amortization of actuarial loss | (244) | (599) | (1,069) |
Prior service (credits) costs during period | 29 | 96 | 0 |
Amortization of prior service (costs) credits | 13 | 19 | 14 |
Other Benefits | |||
Net Periodic Benefit Cost | |||
Service cost | 33 | 43 | 43 |
Interest cost | 97 | 60 | 53 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service costs (credits) | (25) | (27) | (27) |
Recognized actuarial losses | (19) | 13 | 16 |
Settlement losses | 0 | 0 | 0 |
Curtailment losses (gains) | 0 | 0 | 0 |
Special termination benefits | 0 | 0 | 0 |
Acquisition/Divestiture losses (gains) | 0 | 0 | 0 |
Total net periodic benefit cost | 86 | 89 | 85 |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | 108 | (514) | (111) |
Amortization of actuarial loss | 19 | (13) | (15) |
Prior service (credits) costs during period | 1 | 18 | 0 |
Amortization of prior service (costs) credits | 25 | 27 | 27 |
Total changes recognized in other comprehensive income | 153 | (482) | (99) |
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | 239 | (393) | (14) |
U.S. | Pension Benefits | |||
Net Periodic Benefit Cost | |||
Service cost | 342 | 432 | 450 |
Interest cost | 448 | 318 | 235 |
Expected return on plan assets | (557) | (624) | (596) |
Amortization of prior service costs (credits) | 4 | 2 | 2 |
Recognized actuarial losses | 199 | 218 | 309 |
Settlement losses | 56 | 363 | 672 |
Curtailment losses (gains) | 0 | 0 | 0 |
Special termination benefits | 0 | 0 | 0 |
Acquisition/Divestiture losses (gains) | 0 | 0 | 0 |
Total net periodic benefit cost | 492 | 709 | 1,072 |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | 270 | (279) | (725) |
Amortization of actuarial loss | (255) | (581) | (981) |
Prior service (credits) costs during period | 0 | 40 | 0 |
Amortization of prior service (costs) credits | (4) | (2) | (2) |
Total changes recognized in other comprehensive income | 11 | (822) | (1,708) |
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | 503 | (113) | (636) |
Int'l. | Pension Benefits | |||
Net Periodic Benefit Cost | |||
Service cost | 58 | 83 | 123 |
Interest cost | 193 | 137 | 137 |
Expected return on plan assets | (204) | (176) | (171) |
Amortization of prior service costs (credits) | 8 | 6 | 8 |
Recognized actuarial losses | 8 | 15 | 46 |
Settlement losses | 0 | (6) | 7 |
Curtailment losses (gains) | 2 | (5) | (1) |
Special termination benefits | (2) | 0 | 0 |
Acquisition/Divestiture losses (gains) | 2 | 0 | 0 |
Total net periodic benefit cost | 65 | 54 | 149 |
Changes Recognized in Comprehensive Income | |||
Net actuarial (gain) loss during period | 172 | (257) | (408) |
Amortization of actuarial loss | (8) | (5) | (73) |
Prior service (credits) costs during period | 28 | 38 | 0 |
Amortization of prior service (costs) credits | (8) | (6) | (11) |
Total changes recognized in other comprehensive income | 184 | (230) | (492) |
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $ 249 | $ (176) | $ (343) |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Benefits | |||
Assumptions used to determine benefit obligations: | |||
Discount rate | 5.10% | 5.30% | 2.90% |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate for service cost | 5.40% | 3.10% | 3% |
Discount rate for interest cost | 5.20% | 2.40% | 2.10% |
U.S. | |||
Assumptions used to determine benefit obligations: | |||
Discount rate | 5% | 5.20% | 2.80% |
Assumptions used to determine net periodic benefit cost: | |||
Expected return on plan assets | 7% | ||
U.S. | Pension Benefits | |||
Assumptions used to determine benefit obligations: | |||
Discount rate | 5% | 5.20% | 2.80% |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate for service cost | 5.20% | 3.60% | 3% |
Discount rate for interest cost | 5% | 2.80% | 1.90% |
Expected return on plan assets | 7% | 6.60% | 6.50% |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
Int'l. | Pension Benefits | |||
Assumptions used to determine benefit obligations: | |||
Discount rate | 5.50% | 5.80% | 2.80% |
Rate of compensation increase | 3.90% | 4.20% | 4.10% |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate for service cost | 5.80% | 2.80% | 2.40% |
Discount rate for interest cost | 5.80% | 2.80% | 2.40% |
Expected return on plan assets | 6.10% | 3.90% | 3.50% |
Rate of compensation increase | 4.20% | 4.10% | 4% |
Employee Benefit Plans - Plan A
Employee Benefit Plans - Plan Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | $ 138,000,000 | $ 177,000,000 | $ 204,000,000 |
U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 9,137,000,000 | 7,942,000,000 | |
U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2,831,000,000 | 2,370,000,000 | |
U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,067,000,000 | 851,000,000 | |
U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 57,000,000 | 54,000,000 | |
U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 5,182,000,000 | 4,667,000,000 | |
Int'l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 3,398,000,000 | 3,286,000,000 | |
Int'l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 505,000,000 | 515,000,000 | |
Int'l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 625,000,000 | 483,000,000 | |
Int'l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 81,000,000 | 123,000,000 | |
Int'l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2,187,000,000 | 2,165,000,000 | |
U.S. | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,691,000,000 | 1,358,000,000 | |
U.S. | U.S. | Company's Own Stock | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
U.S. | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,689,000,000 | 1,358,000,000 | |
U.S. | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,000,000 | 0 | |
U.S. | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,000,000 | 0 | |
U.S. | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Int'l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 188,000,000 | 164,000,000 | |
U.S. | Int'l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 188,000,000 | 164,000,000 | |
U.S. | Int'l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Int'l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Int'l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
International | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,000,000 | 0 | 0 |
International | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,128,000,000 | 946,000,000 | |
International | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,128,000,000 | 946,000,000 | |
International | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
International | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
International | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
International | Int'l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 124,000,000 | 120,000,000 | |
International | Int'l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 124,000,000 | 120,000,000 | |
International | Int'l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
International | Int'l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
International | Int'l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,269,000,000 | 1,695,000,000 | |
Collective Trusts/Mutual Funds | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 4,000,000 | 4,000,000 | |
Collective Trusts/Mutual Funds | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,265,000,000 | 1,691,000,000 | |
Collective Trusts/Mutual Funds | Int'l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 95,000,000 | 87,000,000 | |
Collective Trusts/Mutual Funds | Int'l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 6,000,000 | 6,000,000 | |
Collective Trusts/Mutual Funds | Int'l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | Int'l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | Int'l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 89,000,000 | 81,000,000 | |
Government | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 82,000,000 | 110,000,000 | |
Government | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Government | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 82,000,000 | 110,000,000 | |
Government | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Government | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Government | Int'l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 172,000,000 | 185,000,000 | |
Government | Int'l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 101,000,000 | 127,000,000 | |
Government | Int'l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 71,000,000 | 58,000,000 | |
Government | Int'l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Government | Int'l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | 1,000,000 |
Corporate | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 964,000,000 | 680,000,000 | |
Corporate | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 964,000,000 | 680,000,000 | |
Corporate | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | Int'l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 431,000,000 | 343,000,000 | |
Corporate | Int'l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 4,000,000 | 15,000,000 | |
Corporate | Int'l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 427,000,000 | 328,000,000 | |
Corporate | Int'l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Corporate | Int'l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 5,000,000 | 45,000,000 | |
Bank Loans | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 5,000,000 | 45,000,000 | |
Bank Loans | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int'l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int'l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int'l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int'l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Bank Loans | Int'l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,000,000 | 1,000,000 | |
Mortgage/Asset Backed | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,000,000 | 1,000,000 | |
Mortgage/Asset Backed | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | Int'l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 5,000,000 | 4,000,000 | |
Mortgage/Asset Backed | Int'l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | Int'l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 5,000,000 | 4,000,000 | |
Mortgage/Asset Backed | Int'l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mortgage/Asset Backed | Int'l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2,293,000,000 | 1,616,000,000 | |
Collective Trusts/Mutual Funds | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 2,293,000,000 | 1,616,000,000 | |
Collective Trusts/Mutual Funds | Int'l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,819,000,000 | 1,750,000,000 | |
Collective Trusts/Mutual Funds | Int'l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | Int'l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | Int'l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Collective Trusts/Mutual Funds | Int'l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,819,000,000 | 1,750,000,000 | |
Mixed Funds | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | Int'l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 85,000,000 | 87,000,000 | |
Mixed Funds | Int'l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 8,000,000 | 14,000,000 | |
Mixed Funds | Int'l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 77,000,000 | 73,000,000 | |
Mixed Funds | Int'l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Mixed Funds | Int'l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 38,000,000 | 42,000,000 |
Real Estate | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,087,000,000 | 1,184,000,000 | |
Real Estate | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,087,000,000 | 1,184,000,000 | |
Real Estate | Int'l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 147,000,000 | 198,000,000 | |
Real Estate | Int'l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | Int'l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 24,000,000 | 0 | |
Real Estate | Int'l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 38,000,000 | |
Real Estate | Int'l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 123,000,000 | 160,000,000 | |
Alternative Investments | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | Int'l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 9,000,000 | 0 | |
Alternative Investments | Int'l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | Int'l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 9,000,000 | 0 | |
Alternative Investments | Int'l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments | Int'l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 548,000,000 | 200,000,000 | |
Cash and Cash Equivalents | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 12,000,000 | 25,000,000 | |
Cash and Cash Equivalents | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 536,000,000 | 175,000,000 | |
Cash and Cash Equivalents | Int'l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 81,000,000 | 80,000,000 | |
Cash and Cash Equivalents | Int'l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 74,000,000 | 69,000,000 | |
Cash and Cash Equivalents | Int'l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,000,000 | 2,000,000 | |
Cash and Cash Equivalents | Int'l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents | Int'l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 6,000,000 | 9,000,000 | |
Other | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 137,000,000 | 139,000,000 | $ 161,000,000 |
Other | U.S. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 69,000,000 | 107,000,000 | |
Other | U.S. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | (2,000,000) | 37,000,000 | |
Other | U.S. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 14,000,000 | 15,000,000 | |
Other | U.S. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 56,000,000 | 54,000,000 | |
Other | U.S. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 1,000,000 | 1,000,000 | |
Other | Int'l. | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 242,000,000 | 268,000,000 | |
Other | Int'l. | Level 1 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 0 | 0 | |
Other | Int'l. | Level 2 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 11,000,000 | 18,000,000 | |
Other | Int'l. | Level 3 | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | 81,000,000 | 85,000,000 | |
Other | Int'l. | NAV | |||
Fair Value Measurements of Company's Pension Plans | |||
Fair value of plan assets | $ 150,000,000 | $ 165,000,000 |
Employee Benefit Plans - Summ_3
Employee Benefit Plans - Summary of Change in Assets Measured at Level 3 (Details) - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Beginning balance | $ 177 | $ 204 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 6 | (19) |
Assets sold during the period | (2) | (4) |
Purchases, Sales and Settlements | 0 | (4) |
Transfers in and/or out of Level 3 | (43) | 0 |
Ending balance | 138 | 177 |
International | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Beginning balance | 0 | 0 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 1 | 0 |
Assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending balance | 1 | 0 |
Corporate | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Beginning balance | 0 | 1 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 0 | (1) |
Assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending balance | 0 | 0 |
Real Estate | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Beginning balance | 38 | 42 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 5 | 0 |
Assets sold during the period | 0 | (4) |
Purchases, Sales and Settlements | 0 | 0 |
Transfers in and/or out of Level 3 | (43) | 0 |
Ending balance | 0 | 38 |
Other | ||
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below | ||
Beginning balance | 139 | 161 |
Actual Return on Plan Assets: | ||
Assets held at the reporting date | 0 | (18) |
Assets sold during the period | (2) | 0 |
Purchases, Sales and Settlements | 0 | (4) |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending balance | $ 137 | $ 139 |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Other Benefits | |
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years | |
2024 | $ 154 |
2025 | 151 |
2026 | 149 |
2027 | 147 |
2028 | 146 |
2029-2033 | 716 |
U.S. | Pension Benefits | |
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years | |
2024 | 886 |
2025 | 912 |
2026 | 904 |
2027 | 901 |
2028 | 877 |
2029-2033 | 4,248 |
Int'l. | Pension Benefits | |
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years | |
2024 | 216 |
2025 | 210 |
2026 | 222 |
2027 | 228 |
2028 | 240 |
2029-2033 | $ 1,266 |
Other Contingencies and Commi_2
Other Contingencies and Commitments (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) guaranty | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Guarantees | |||
Number of guarantees | guaranty | 1 | ||
Guarantee for payments under terminal use agreements | $ 135 | ||
Term of guarantee for payments under terminal use agreement (in years) | 4 years | ||
Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year one | $ 909 | ||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year two | 1,086 | ||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year three | 1,141 | ||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year four | 1,193 | ||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year five | 1,183 | ||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements after year five | 7,553 | ||
Total payments under long term unconditional purchase obligations and commitments including throughput and Take-or-Pay agreements | 1,420 | $ 1,866 | $ 861 |
Environmental | |||
Environmental reserve balance | $ 936 | ||
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current, Deferred credits and other noncurrent obligations | ||
Upstream | |||
Environmental | |||
Environmental reserve | $ 260 | ||
United States | Downstream | |||
Environmental | |||
Environmental reserve | 389 | ||
International | Downstream | |||
Environmental | |||
Environmental reserve | 55 | ||
Other Obligations | |||
Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements | |||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year one | 589 | ||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year two | 451 | ||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year three | 484 | ||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year four | 604 | ||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year five | 273 | ||
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements after year five | 1,078 | ||
Sites with Potential Remediation Activities | |||
Environmental | |||
Environmental reserve | 232 | ||
Environmental Reserve Less Environmental Reserve for Sites with Potential Remediation Activities | |||
Environmental | |||
Environmental reserve | $ 704 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Company Before Tax Obligation | |||
Beginning balance | $ 12,701 | $ 12,808 | $ 13,616 |
Liabilities assumed in the PDC acquisition | 220 | 0 | 0 |
Liabilities incurred | 183 | 9 | 31 |
Liabilities settled | (1,565) | (1,281) | (1,887) |
Accretion expense | 593 | 560 | 616 |
Revisions in estimated cash flows | 1,701 | 605 | 432 |
Ending balance | 13,833 | $ 12,701 | $ 12,808 |
Long-term portion of the company's before-tax asset retirement obligations | $ 12,122 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Receivables | $ 13,641 | $ 14,219 |
Other Financial Information (De
Other Financial Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Gains on sale of nonstrategic properties | $ 143,000,000 | $ 390,000,000 | $ 785,000,000 |
Loss for impairments and other assets write-offs | (1,950,000,000) | (1,075,000,000) | |
Net benefit | (655,000,000) | ||
Loss on extinguishment of debt | (260,000,000) | ||
Pension settlement costs | 271,000,000 | $ 519,000,000 | |
Environmental Remediation Expense, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, general and administrative expenses | ||
Goodwill | 4,722,000,000 | 4,722,000,000 | |
Total financing interest and debt costs | 617,000,000 | 630,000,000 | $ 775,000,000 |
Less: capitalized interest | 148,000,000 | 114,000,000 | 63,000,000 |
Interest and debt expense | 469,000,000 | 516,000,000 | 712,000,000 |
Research and development expenses | 320,000,000 | 268,000,000 | 268,000,000 |
Excess of replacement cost over the carrying value of inventories (LIFO method) | 6,455,000,000 | 9,061,000,000 | 5,588,000,000 |
LIFO profits (losses) on inventory drawdowns included in earnings | 14,000,000 | 122,000,000 | 35,000,000 |
Foreign currency effects | (224,000,000) | 669,000,000 | 306,000,000 |
Company share of equity affiliates foreign currency effects | (11,000,000) | 253,000,000 | 180,000,000 |
Downstream | |||
Business Acquisition [Line Items] | |||
Gains on sale of nonstrategic properties | 33,000,000 | 90,000,000 | 30,000,000 |
Loss on legal reserves | (110,000,000) | ||
Goodwill | 352,000,000 | ||
Upstream | |||
Business Acquisition [Line Items] | |||
Gains on sale of nonstrategic properties | 110,000,000 | 300,000,000 | 755,000,000 |
Loss for impairments and other assets write-offs | (1,765,000,000) | ||
Loss on contract termination | $ (600,000,000) | ||
Remediation expense | $ 120,000,000 | ||
Goodwill | 4,370,000,000 | ||
Goodwill impairment loss | $ 0 |
Financial Instruments - Credi_2
Financial Instruments - Credit Losses (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Allowance for credit loss | $ 641 | $ 1,009 |
Trade receivable | 17,640 | |
Non-Trade Accounts Receivable | ||
Related Party Transaction [Line Items] | ||
Non-trade receivable | 3,864 | |
Equity Affiliate Loan | Investments and Advances | ||
Related Party Transaction [Line Items] | ||
Allowance for credit loss | $ 219 | $ 560 |
Acquisition of PDC Energy, In_3
Acquisition of PDC Energy, Inc. - Narrative (Details) - PDC Energy, Inc. shares in Millions, $ in Millions | Aug. 07, 2023 USD ($) shares |
Business Acquisition [Line Items] | |
Consideration transferred | $ | $ 6,520 |
Percent of shares | 2 |
Common Stock | |
Business Acquisition [Line Items] | |
Number of shares (in shares) | shares | 41 |
Acquisition of PDC Energy, In_4
Acquisition of PDC Energy, Inc. - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - PDC Energy, Inc. $ in Millions | Aug. 07, 2023 USD ($) |
Business Acquisition [Line Items] | |
Current assets | $ 630 |
Properties, plant and equipment | 10,487 |
Other assets | 118 |
Total assets acquired | 11,235 |
Current liabilities | 1,376 |
Long-term debt | 1,473 |
Deferred income tax | 1,397 |
Other liabilities | 469 |
Total liabilities assumed | 4,715 |
Purchase Price | $ 6,520 |
Agreement to Acquire Hess Cor_2
Agreement to Acquire Hess Corporation (Details) - Hess Corporation $ in Millions | Oct. 23, 2023 USD ($) shares |
Business Acquisition [Line Items] | |
Consideration transferred | $ | $ 53,000 |
Common Stock | |
Business Acquisition [Line Items] | |
Stock received on acquisition | shares | 1.025 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Additions (reductions) charged to expense | $ 0 | $ 0 | $ 0 |
Employee Termination Benefits | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 11 | 43 | 470 |
Additions (reductions) charged to expense | (2) | 1 | (30) |
Payments/ reductions | (3) | (33) | (397) |
Ending balance | 6 | 11 | 43 |
Expected Credit Losses | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 1,008 | 745 | 671 |
Current period provision | (367) | 263 | 74 |
Ending balance | 641 | 1,008 | 745 |
Deferred Income Tax Valuation Allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 19,532 | 17,651 | 17,762 |
Additions (reductions) charged to expense | 2,348 | 3,533 | 3,691 |
Payments/ reductions | (1,464) | (1,652) | (3,802) |
Ending balance | $ 20,416 | $ 19,532 | $ 17,651 |