v3.25.4
Operating Segments and Geographic Data
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Operating Segments and Geographic Data
Operating Segments and Geographic Data
Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with 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:
UpstreamDownstreamSegment TotalAll OtherTotal
Year Ended December 31, 2025U.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 Revenues19,608 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 Income20,005 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 products14,505 11,223 28,267 54,219 108,214 — 108,214 
Operating and SG&A expenses10,180 5,657 8,849 5,850 30,536 2,908 33,444 
Depreciation, depletion and amortization9,694 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 Deductions36,042 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 interests115 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.”
UpstreamDownstreamSegment TotalAll OtherTotal
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 Revenues14,640 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 Income14,924 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 products13,326 9,445 33,514 62,921 119,206 — 119,206 
Operating and SG&A expenses7,708 6,412 9,425 6,034 29,579 2,914 32,493 
Depreciation, depletion and amortization7,562 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 Deductions30,401 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 interests28 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.”
UpstreamDownstreamSegment TotalAll OtherTotal
Year Ended December 31, 2023U.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 Revenues13,808 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 Income10,885 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 products13,019 7,270 37,176 61,731 119,196 — 119,196 
Operating and SG&A expenses6,879 5,837 8,432 6,058 27,206 2,034 29,240 
Depreciation, depletion and amortization7,666 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 Deductions29,240 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 interests21 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
20252024
Upstream
United States$84,559 $60,914 
International168,200 123,343 
Goodwill4,216 4,226 
Total Upstream256,975 188,483 
Downstream
United States33,745 34,253 
International21,146 22,165 
Goodwill352 352 
Total Downstream55,243 56,770 
Total Segment Assets312,218 245,253 
All Other
United States10,396 8,382 
International1,398 3,303 
Total All Other11,794 11,685 
Total Assets – United States128,700 103,549 
Total Assets – International190,744 148,811 
Goodwill4,568 4,578 
Total Assets$324,012 $256,938 
Other Segment Information Additional information for the segmentation of major equity affiliates is contained in Note 15 Investments and Advances. Information related to properties, plant and equipment by segment is contained in Note 18 Properties, Plant and Equipment. Information related to unusual items is contained in Note 27 Other Financial Information.