
	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.”