CHEVRON CORPCVX
CHEVRON CORP Segments Disclosure
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 LNG; transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. “All Other” activities of the company include worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology activities.
The company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM), which is comprised of the company’s Executive Committee.
The segments represent components of the company that engage in activities from which revenues are earned and expenses are incurred. Each segment has discrete financial information available. The CODM regularly reviews the operating results of these segments to assess their performance and make decisions about resources to be allocated to the segments. The company's primary country of operation is the United States of America, its country of domicile, while other components of the company's operations are reported as “International” (outside the United States).
Segment Sales and Other Operating Revenues Products are transferred between operating segments at internal product values that approximate market prices. Revenues for the upstream segment are derived primarily from the production and sale of crude oil, natural gas and NGLs, 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, renewable fuels, 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.
Segment Expenses Purchased crude oil and products, operating and selling, general and administrative (SG&A) expense, and depreciation, depletion and amortization are the company’s significant segment expenses. Operating and SG&A expenses include transportation, employee costs, service and fees, fuel and utilities, materials and supplies, SG&A expenses and other components of net periodic benefit costs. Other costs and deductions primarily represent taxes other than on income, exploration expense and interest and debt expenses.
Segment Earnings The company evaluates the performance of its operating segments on an after-tax basis, without considering the effects of debt financing interest expense or investment interest income, both of which are managed by the
company on a worldwide basis. Corporate administrative costs are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Non-billable costs remain at the corporate level in “All Other.”
Segmented income statements for the years ended December 31, 2025, 2024 and 2023 are presented below:
| Upstream | Downstream | Segment Total | All Other | Total | |||||||||||||||||||
| Year Ended December 31, 2025 | U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||
| Sales and other operating revenues before elimination | $ | 45,518 | $ | 42,861 | $ | 72,485 | $ | 69,925 | $ | 230,789 | $ | 581 | $ | 231,370 | |||||||||
| Intersegment revenue elimination | (25,910) | (9,017) | (7,154) | (4,380) | (46,461) | (477) | (46,938) | ||||||||||||||||
| Sales and Other Operating Revenues | 19,608 | 33,844 | 65,331 | 65,545 | 184,328 | 104 | 184,432 | ||||||||||||||||
| Income (loss) from equity affiliates | (36) | 2,235 | 448 | 362 | 3,009 | (9) | 3,000 | ||||||||||||||||
Other income (loss)1 | 433 | 466 | 134 | 17 | 1,050 | 549 | 1,599 | ||||||||||||||||
| Total Revenues and Other Income | 20,005 | 36,545 | 65,913 | 65,924 | 188,387 | 644 | 189,031 | ||||||||||||||||
Intersegment product transfers2 | 23,717 | 2,812 | (25,488) | (896) | 145 | (145) | — | ||||||||||||||||
| Less expenses: | |||||||||||||||||||||||
| Purchased crude oil and products | 14,505 | 11,223 | 28,267 | 54,219 | 108,214 | — | 108,214 | ||||||||||||||||
| Operating and SG&A expenses | 10,180 | 5,657 | 8,849 | 5,850 | 30,536 | 2,908 | 33,444 | ||||||||||||||||
| Depreciation, depletion and amortization | 9,694 | 8,751 | 1,100 | 304 | 19,849 | 283 | 20,132 | ||||||||||||||||
Other costs and deductions3 | 1,663 | 1,420 | 649 | 2,408 | 6,140 | 1,358 | 7,498 | ||||||||||||||||
| Total Costs and Other Deductions | 36,042 | 27,051 | 38,865 | 62,781 | 164,739 | 4,549 | 169,288 | ||||||||||||||||
| Income Tax Expense (Benefit) | 1,750 | 5,290 | 185 | 538 | 7,763 | (505) | 7,258 | ||||||||||||||||
| Less: Net income (loss) attributable to non-controlling interests | 115 | 9 | — | 62 | 186 | — | 186 | ||||||||||||||||
| Net Income (Loss) Attributable to Chevron Corporation | $ | 5,815 | $ | 7,007 | $ | 1,375 | $ | 1,647 | $ | 15,844 | $ | (3,545) | $ | 12,299 | |||||||||
Values have been adjusted for eliminations, unless otherwise specified. | |||||||||||||||||||||||
1 Includes interest income of $257 in “All Other.” | |||||||||||||||||||||||
2 Valuation of product transfers between operating segments. | |||||||||||||||||||||||
3 Includes interest expense of $1,096 in “All Other.” | |||||||||||||||||||||||
| Upstream | Downstream | Segment Total | All Other | Total | |||||||||||||||||||
Year ended December 31, 2024 | U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||
| Sales and other operating revenues before elimination | $ | 44,302 | $ | 43,466 | $ | 80,417 | $ | 77,430 | $ | 245,615 | $ | 617 | $ | 246,232 | |||||||||
| Intersegment revenue elimination | (29,662) | (11,258) | (9,745) | (1,668) | (52,333) | (485) | (52,818) | ||||||||||||||||
| Sales and Other Operating Revenues | 14,640 | 32,208 | 70,672 | 75,762 | 193,282 | 132 | 193,414 | ||||||||||||||||
| Income (loss) from equity affiliates | (62) | 3,642 | 1,010 | 10 | 4,600 | (4) | 4,596 | ||||||||||||||||
Other income (loss)1 | 346 | 3,460 | 358 | 96 | 4,260 | 522 | 4,782 | ||||||||||||||||
| Total Revenues and Other Income | 14,924 | 39,310 | 72,040 | 75,868 | 202,142 | 650 | 202,792 | ||||||||||||||||
Intersegment product transfers2 | 25,305 | 4,190 | (26,845) | (2,833) | (183) | 183 | — | ||||||||||||||||
| Less expenses: | |||||||||||||||||||||||
| Purchased crude oil and products | 13,326 | 9,445 | 33,514 | 62,921 | 119,206 | — | 119,206 | ||||||||||||||||
| Operating and SG&A expenses | 7,708 | 6,412 | 9,425 | 6,034 | 29,579 | 2,914 | 32,493 | ||||||||||||||||
| Depreciation, depletion and amortization | 7,562 | 7,935 | 1,091 | 360 | 16,948 | 334 | 17,282 | ||||||||||||||||
Other costs and deductions3 | 1,805 | 1,156 | 550 | 2,071 | 5,582 | 723 | 6,305 | ||||||||||||||||
| Total Costs and Other Deductions | 30,401 | 24,948 | 44,580 | 71,386 | 171,315 | 3,971 | 175,286 | ||||||||||||||||
| Income Tax Expense (Benefit) | 2,198 | 7,548 | 84 | 397 | 10,227 | (470) | 9,757 | ||||||||||||||||
| Less: Net income (loss) attributable to non-controlling interests | 28 | 4 | — | 56 | 88 | — | 88 | ||||||||||||||||
| Net Income (Loss) Attributable to Chevron Corporation | $ | 7,602 | $ | 11,000 | $ | 531 | $ | 1,196 | $ | 20,329 | $ | (2,668) | $ | 17,661 | |||||||||
| Values have been adjusted for eliminations, unless otherwise specified. | |||||||||||||||||||||||
1 Includes interest income of $296 in “All Other.” | |||||||||||||||||||||||
2 Valuation of product transfers between operating segments. | |||||||||||||||||||||||
3 Includes interest expense of $539 in “All Other.” | |||||||||||||||||||||||
| Upstream | Downstream | Segment Total | All Other | Total | |||||||||||||||||||
| Year Ended December 31, 2023 | U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||
| Sales and other operating revenues before elimination | $ | 40,115 | $ | 43,805 | $ | 83,567 | $ | 78,058 | $ | 245,545 | $ | 597 | $ | 246,142 | |||||||||
| Intersegment revenue elimination | (26,307) | (11,871) | (8,793) | (1,794) | (48,765) | (464) | (49,229) | ||||||||||||||||
| Sales and Other Operating Revenues | 13,808 | 31,934 | 74,774 | 76,264 | 196,780 | 133 | 196,913 | ||||||||||||||||
| Income (loss) from equity affiliates | (387) | 4,272 | 736 | 519 | 5,140 | (9) | 5,131 | ||||||||||||||||
Other income (loss)1 | (2,536) | 776 | 444 | 39 | (1,277) | 182 | (1,095) | ||||||||||||||||
| Total Revenues and Other Income | 10,885 | 36,982 | 75,954 | 76,822 | 200,643 | 306 | 200,949 | ||||||||||||||||
Intersegment product transfers2 | 23,665 | 4,274 | (23,887) | (4,184) | (132) | 132 | — | ||||||||||||||||
| Less expenses: | |||||||||||||||||||||||
| Purchased crude oil and products | 13,019 | 7,270 | 37,176 | 61,731 | 119,196 | — | 119,196 | ||||||||||||||||
| Operating and SG&A expenses | 6,879 | 5,837 | 8,432 | 6,058 | 27,206 | 2,034 | 29,240 | ||||||||||||||||
| Depreciation, depletion and amortization | 7,666 | 8,109 | 931 | 301 | 17,007 | 319 | 17,326 | ||||||||||||||||
Other costs and deductions3 | 1,676 | 1,010 | 515 | 1,782 | 4,983 | 620 | 5,603 | ||||||||||||||||
| Total Costs and Other Deductions | 29,240 | 22,226 | 47,054 | 69,872 | 168,392 | 2,973 | 171,365 | ||||||||||||||||
| Income Tax Expense (Benefit) | 1,141 | 5,733 | 1,109 | 519 | 8,502 | (329) | 8,173 | ||||||||||||||||
| Less: Net income (loss) attributable to non-controlling interests | 21 | 7 | — | 14 | 42 | — | 42 | ||||||||||||||||
| Net Income (Loss) Attributable to Chevron Corporation | $ | 4,148 | $ | 13,290 | $ | 3,904 | $ | 2,233 | $ | 23,575 | $ | (2,206) | $ | 21,369 | |||||||||
| Values have been adjusted for eliminations, unless otherwise specified. | |||||||||||||||||||||||
1 Includes interest income of $491 in “All Other.” | |||||||||||||||||||||||
2 Valuation of product transfers between operating segments. | |||||||||||||||||||||||
3 Includes interest expense of $432 in “All Other.” | |||||||||||||||||||||||
Segment Assets Segment assets do not include intercompany investments or receivables. Assets at year-end 2025 and 2024 are as follows:
| At December 31 | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Upstream | ||||||||||||||
| United States | $ | 84,559 | $ | 60,914 | ||||||||||
| International | 168,200 | 123,343 | ||||||||||||
| Goodwill | 4,216 | 4,226 | ||||||||||||
| Total Upstream | 256,975 | 188,483 | ||||||||||||
| Downstream | ||||||||||||||
| United States | 33,745 | 34,253 | ||||||||||||
| International | 21,146 | 22,165 | ||||||||||||
| Goodwill | 352 | 352 | ||||||||||||
| Total Downstream | 55,243 | 56,770 | ||||||||||||
| Total Segment Assets | 312,218 | 245,253 | ||||||||||||
| All Other | ||||||||||||||
| United States | 10,396 | 8,382 | ||||||||||||
| International | 1,398 | 3,303 | ||||||||||||
| Total All Other | 11,794 | 11,685 | ||||||||||||
| Total Assets – United States | 128,700 | 103,549 | ||||||||||||
| Total Assets – International | 190,744 | 148,811 | ||||||||||||
| Goodwill | 4,568 | 4,578 | ||||||||||||
| Total Assets | $ | 324,012 | $ | 256,938 | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.