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Income from equity affiliates

^[1]

$ 200,494

$ 220,156

$ 230,590

7,098

7,527

6,889

Other income

4,378

1,165

4,430

Total Revenues and Other Income

211,970

228,848

241,909

Costs and Other Deductions

Purchased crude oil and products

119,671

134,696

140,766

Operating expenses

25,285

24,627

22,570

Selling, general and administrative expenses

4,494

4,510

4,724

Exploration expenses

1,985

1,861

1,728

Depreciation, depletion and amortization

^[2],[3]

16,793

14,186

13,413

Taxes other than on income

^[1]

12,540

13,063

12,376

Total Costs and Other Deductions

180,768

192,943

195,577

Income Before Income Tax Expense

31,202

35,905

46,332

Income Tax Expense

11,892

14,308

19,996

Net Income

19,310

21,597

26,336

Less: Net income attributable to noncontrolling interests

174

157

Net Income Attributable to Chevron Corporation

^[4]

$ 19,241

$ 21,423

$ 26,179

Net Income Attributable to Chevron Corporation

– Basic (per share)

$ 10.21

$ 11.18

$ 13.42

– Diluted (per share)

$ 10.14

$ 11.09

$ 13.32

[1]	Includes excise, value-added and similar taxes.$8,186 $8,492 $8,010
[2]	Depreciation expense includes accretion expense of $882, $627 and $629 in 2014, 2013 and 2012, respectively.
[3]	Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2014. Australia had $41,012, $31,464 and $21,770 in 2014, 2013, and 2012, respectively. Nigeria had PP&E of $19,214, $18,429 and $17,485 for 2014, 2013 and 2012, respectively.
[4]	There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.

Consolidated Statement of Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement [Abstract]
Includes excise, value-added and similar taxes	$ 8,186	$ 8,492	$ 8,010

Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Statement of Comprehensive Income [Abstract]

Net Income

$ 19,310

$ 21,597

$ 26,336

Currency translation adjustment

Unrealized net change arising during period

(73)

Unrealized holding (loss) gain on securities

Net (loss) gain arising during period

(2)

(7)

Derivatives

Net derivatives (loss) gain on hedge transactions

(66)

(111)

Reclassification to net income of net realized (gain) loss

(17)

(1)

(14)

Income taxes on derivatives transactions

(3)

Total

(54)

(73)

Actuarial gain (loss)

Amortization to net income of net actuarial loss and settlements

757

866

920

Actuarial (loss) gain arising during period

(2,730)

3,379

(1,180)

Prior service credits (cost)

Amortization to net income of net prior service costs (credits)

(27)

(61)

Prior service (costs) credits arising during period

(6)

(142)

Defined benefit plans sponsored by equity affiliates

(99)

164

(54)

Income taxes on defined benefit plans

901

(1,614)

143

Total

(1,151)

2,828

(374)

Comprehensive income attributable to noncontrolling interests

(1,280)

^[1]

2,790

(347)

Comprehensive Income

18,030

24,387

25,989

(69)

(174)

(157)

Comprehensive Income Attributable to Chevron Corporation

$ 17,961

$ 24,213

$ 25,832

[1]	All amounts are net of tax.

Consolidated Balance Sheet - USD ($)
$ in Millions

Dec. 31, 2014

Dec. 31, 2013

Assets

Cash and cash equivalents

$ 12,785

$ 16,245

Time deposits

Marketable securities

422

263

Accounts and notes receivable (less allowance: 2014 - $59; 2013 - $62)

16,736

21,622

Inventories:

Crude oil and petroleum products

3,854

3,879

Chemicals

467

491

Materials, supplies and other

2,184

2,010

Total inventories

6,505

6,380

Prepaid expenses and other current assets

5,776

5,732

Total Current Assets

42,232

50,250

Long-term receivables, net

2,817

2,833

Investments and advances

26,912

25,502

Properties, plant and equipment, at cost

^[1]

327,289

296,433

Less: Accumulated depreciation, depletion and amortization

144,116

131,604

Properties, plant and equipment, net

^[1]

183,173

164,829

Deferred charges and other assets

6,299

5,120

Goodwill

4,593

4,639

Assets held for sale

580

Total Assets

266,026

253,753

Liabilities and Equity

Short-term debt

3,790

374

Accounts payable

19,000

22,815

Accrued liabilities

5,328

5,402

Federal and other taxes on income

2,575

3,092

Other taxes payable

1,233

1,335

Total Current Liabilities

31,926

33,018

Long-term debt

23,960

19,960

Capital lease obligations

Deferred credits and other noncurrent obligations

23,549

22,982

Noncurrent deferred income taxes

21,920

21,301

Noncurrent employee benefit plans

8,412

5,968

Total Liabilities

109,835

103,326

Preferred stock (authorized 100,000,000 shares; $1.00 par value; none issued)

Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares issued at December 31, 2014 and 2013)

1,832

Capital in excess of par value

16,041

15,713

Retained earnings

184,987

173,677

Accumulated other comprehensive loss

^[2]

(4,859)

(3,579)

Deferred compensation and benefit plan trust

(240)

Treasury stock, at cost (2014 - 563,027,772 shares; 2013 - 529,073,512 shares)

(42,733)

(38,290)

Total Chevron Corporation Stockholders' Equity

155,028

149,113

Noncontrolling interests

1,163

1,314

Total Equity

156,191

150,427

Total Liabilities and Equity

$ 266,026

$ 253,753

[1]	Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2014. Australia had $41,012, $31,464 and $21,770 in 2014, 2013, and 2012, respectively. Nigeria had PP&E of $19,214, $18,429 and $17,485 for 2014, 2013 and 2012, respectively.
[2]	All amounts are net of tax.

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable, current	$ 59	$ 62
Preferred stock, par value (usd per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Common stock, par value (usd per share)	$ 0.75	$ 0.75
Common stock, shares authorized	6,000,000,000	6,000,000,000
Common stock, shares issued	2,442,676,580	2,442,676,580
Treasury stock, shares	563,027,772	529,073,512

Consolidated Statement of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Operating Activities

Net Income

$ 19,310

$ 21,597

$ 26,336

Adjustments

Depreciation, depletion and amortization

^[1],[2]

16,793

14,186

13,413

Dry hole expense

875

683

555

Distributions less than income from equity affiliates

(2,202)

(1,178)

(1,351)

Net before-tax gains on asset retirements and sales

(3,540)

(639)

(4,089)

Net foreign currency effects

(277)

(103)

207

Deferred income tax provision

1,572

1,876

2,015

Net (increase) decrease in operating working capital

(540)

(1,331)

363

(Increase) decrease in long-term receivables

(9)

183

(169)

Decrease (increase) in other deferred charges

263

(321)

1,047

Cash contributions to employee pension plans

(392)

(1,194)

(1,228)

Other

(378)

1,243

1,713

Net Cash Provided by Operating Activities

31,475

35,002

38,812

Investing Activities

Capital expenditures

(35,407)

(37,985)

(30,938)

Proceeds and deposits related to asset sales

5,729

1,143

2,777

Net sales of time deposits

700

3,250

Net (purchases) sales of marketable securities

(148)

(3)

Net repayment of loans by equity affiliates

140

314

328

Net (purchases) sales of other short-term investments

(207)

216

(210)

Net Cash Used for Investing Activities

(29,893)

(35,609)

(24,796)

Financing Activities

Net borrowings of short-term obligations

3,431

2,378

264

Proceeds from issuances of long-term debt

4,000

6,000

4,007

Repayments of long-term debt and other financing obligations

(43)

(132)

(2,224)

Cash dividends - common stock

(7,928)

(7,474)

(6,844)

Distributions to noncontrolling interests

(47)

(99)

(41)

Net purchases of treasury shares

(4,412)

(4,494)

(4,142)

Net Cash Used for Financing Activities

(4,999)

(3,821)

(8,980)

Effect of Exchange Rate Changes on Cash and Cash Equivalents

(43)

(266)

Net Change in Cash and Cash Equivalents

(3,460)

(4,694)

5,075

Cash and Cash Equivalents at January 1

16,245

20,939

15,864

Cash and Cash Equivalents at December 31

$ 12,785

$ 16,245

$ 20,939

[1]	Depreciation expense includes accretion expense of $882, $627 and $629 in 2014, 2013 and 2012, respectively.
[2]	Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2014. Australia had $41,012, $31,464 and $21,770 in 2014, 2013, and 2012, respectively. Nigeria had PP&E of $19,214, $18,429 and $17,485 for 2014, 2013 and 2012, respectively.

Consolidated Statement of Equity - USD ($)
shares in Thousands, $ in Millions

Total

Parent [Member]

Preferred Stock

Common Stock

Capital in Excess of Par

Retained Earnings

Accumulated Other Comprehensive Loss

Currency translation adjustment

Unrealized net holding (loss) gain on securities

Net derivatives gain (loss) on hedge transactions

Pension and other postretirement benefit plans

Deferred Compensation and Benefit Plan Trust

Deferred Compensation

Benefit Plan Trust (Common Stock)

Treasury Stock at Cost

Noncontrolling Interests

Balance at January 1, shares at Dec. 31, 2011

461,510

Balance at January 1 at Dec. 31, 2011

$ 15,156

$ 140,399

$ (88)

$ 0

$ 122

$ (6,056)

$ (58)

$ (29,685)

$ 799

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Cash dividends on common stock

$ 26,179

^[1]

26,179

(6,844)

Stock dividends

(3)

Tax (charge) benefit from dividends paid on unallocated ESOP shares and other

(1)

Change during year

(347)

(374)

Net reduction of ESOP debt and other

Purchases, shares

46,669

Purchases

341

$ (5,004)

Issuances - mainly employee benefit plans, shares

(12,200)

Issuances - mainly employee benefit plans

$ 805

Balance at December 31, shares at Dec. 31, 2012

2,442,677

14,168

495,979

Balance at December 31 at Dec. 31, 2012

137,832

$ 136,524

$ 0

$ 1,832

15,497

159,730

$ (6,369)

(65)

125

(6,430)

$ (282)

(42)

$ (240)

$ (33,884)

1,308

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Cash dividends on common stock

21,423

^[1]

21,423

(7,474)

Stock dividends

(3)

Tax (charge) benefit from dividends paid on unallocated ESOP shares and other

Change during year

2,790

(7)

(73)

2,828

Net reduction of ESOP debt and other

Purchases, shares

41,676

Purchases

216

$ (5,004)

Issuances - mainly employee benefit plans, shares

(8,581)

Issuances - mainly employee benefit plans

$ 598

Balance at December 31, shares at Dec. 31, 2013

2,442,677

14,168

529,074

Balance at December 31 at Dec. 31, 2013

150,427

149,113

$ 0

$ 1,832

15,713

173,677

(3,579)

(23)

(6)

(3,602)

$ (240)

$ (38,290)

1,314

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Cash dividends on common stock

19,241

^[1]

19,241

(7,928)

Stock dividends

(3)

Tax (charge) benefit from dividends paid on unallocated ESOP shares and other

Change during year

^[2]

(1,280)

(73)

(2)

(54)

(1,151)

Net reduction of ESOP debt and other

Purchases, shares

41,592

Purchases

328

$ (5,006)

Issuances - mainly employee benefit plans, shares

(7,638)

Issuances - mainly employee benefit plans

$ 563

Balance at December 31, shares at Dec. 31, 2014

2,442,677

14,168

563,028

Balance at December 31 at Dec. 31, 2014

$ 156,191

$ 155,028

$ 0

$ 1,832

$ 16,041

$ 184,987

$ (4,859)

$ (96)

$ (8)

$ (2)

$ (4,753)

$ (240)

$ 0

$ (240)

$ (42,733)

$ 1,163

[1]	There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.
[2]	All amounts are net of tax.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 future confirming events occur. 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. As part of that accounting, the company recognizes gains and losses that arise from the issuance of stock by an affiliate that results in changes in the company’s proportionate share of the dollar amount of the affiliate’s equity currently in income. 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. Derivatives The majority of the company’s activity in derivative commodity instruments is intended to manage the financial risk posed by physical transactions. For some of this derivative activity, generally limited to large, discrete or infrequently occurring transactions, the company may elect to apply fair value or cash flow hedge accounting. For other similar derivative instruments, generally because of the short-term nature of the contracts or their limited use, the company does not apply hedge accounting, and changes in the fair value of those contracts are reflected in current income. For the company’s commodity trading activity, gains and losses from derivative instruments are reported in current income. The company may enter into interest rate swaps from time to time as part of its overall strategy to manage the interest rate risk on its debt. Interest rate swaps related to a portion of the company’s fixed-rate debt, if any, may be accounted for as fair value hedges. Interest rate swaps related to floating-rate debt, if any, are recorded at fair value on the balance sheet with resulting gains and losses reflected in income. Where Chevron is a party to master netting arrangements, fair value receivable and payable amounts recognized for derivative instruments executed with the same counterparty are generally offset on the balance sheet. Short-Term Investments All short-term investments are classified as available for sale and are in highly liquid debt securities. Those investments that are part of the company’s cash management portfolio and have original maturities of three months or less are reported as “Cash equivalents.” Bank time deposits with maturities greater than 90 days are reported as “Time deposits.” The balance of short-term investments is reported as “Marketable securities” and is marked-to-market, with any unrealized gains or losses included in “Other comprehensive income.” Inventories Crude oil, petroleum products and chemicals inventories are generally stated at cost, using a last-in, first-out method. In the aggregate, these costs are below market. “Materials, supplies and other” inventories generally are stated at average cost. Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation (ARO) assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. Refer to Note 20, beginning on page FS-49, 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 before-tax 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), 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 before-tax cash flows. For proved crude oil and natural gas properties in the United States, the company generally performs an impairment review on an individual field basis. Outside the United States, reviews are performed on a country, concession, 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, beginning on page FS-34, 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 24, on page FS-59, 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 method, generally by individual field, as the proved developed reserves are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. Periodic valuation provisions for impairment of capitalized costs of unproved mineral interests are expensed. 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 all capitalized leased assets. 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. Goodwill Goodwill resulting from a business combination is not subject to amortization. The company tests such goodwill at the reporting unit level for impairment on an annual basis and between annual tests 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 the company’s U.S. and Canadian marketing facilities, the accrual is based in part on the probability that a future remediation commitment will be required. 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 24, on page FS-59, for a discussion of the company’s AROs. For 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 Revenues associated with sales of crude oil, natural gas, petroleum and chemicals products, and all other sources are recorded when title passes to the customer, net of royalties, discounts and allowances, as applicable. Revenues from natural gas production from properties in which Chevron has an interest with other producers are generally recognized using the entitlement method. Excise, value-added and similar taxes assessed by a governmental authority on a revenue-producing transaction between a seller and a customer are presented on a gross basis. The associated amounts are shown as a footnote to the Consolidated Statement of Income, on page FS-23. 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. 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, 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 an employee becomes eligible to retain the award at retirement. Stock options and stock appreciation rights granted under the company’s Long-Term Incentive Plan have graded vesting provisions by which one-third of each award vests on the first, second and third anniversaries of the date of grant. The company amortizes these graded awards on a straight-line basis.

Changes in Accumulated Other Comprehensive Losses

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

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 ending December 31, 2014, are reflected in the table below.



	Year Ended December 31, 2014¹
	Currency Translation Adjustment			Unrealized Holding Gains (Losses) on Securities			Derivatives			Defined Benefit Plans			Total
Balance at January 1	$	(23	)	$	(6	)	$	52		$	(3,602	)	$	(3,579	)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(73		)	(2		)	(43		)	(1,689		)	(1,807		)
Reclassifications²	—			—			(11		)	538			527
Net Other Comprehensive Income (Loss)	(73		)	(2		)	(54		)	(1,151		)	(1,280		)
Balance at December 31	$	(96	)	$	(8	)	$	(2	)	$	(4,753	)	$	(4,859	)


¹	All amounts are net of tax.


²	Refer to Note 22, Employee Benefit Plans for reclassified components totaling $783 that are included in employee benefit costs for the year ending December 31, 2014. Related income taxes for the same period, totaling $245, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

Supplemental Cash Flow Elements [Abstract]

Noncontrolling Interests

12 Months Ended

Dec. 31, 2014

Noncontrolling Interest [Abstract]

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. The term “earnings” is defined as “Net Income Attributable to Chevron Corporation.”

Activity for the equity attributable to noncontrolling interests for 2014, 2013 and 2012 is as follows:



	2014			2013			2012
Balance at January 1	$	1,314		$	1,308		$	799
Net income	69			174			157
Distributions to noncontrolling interests	(47		)	(99		)	(41		)
Other changes, net	(173		)	(69		)	393
Balance at December 31	$	1,163		$	1,314		$	1,308

Information Relating to the Consolidated Statement of Cash Flows

12 Months Ended

Dec. 31, 2014

Information Relating to the Consolidated Statement of Cash Flows



	Year ended December 31
	2014			2013			2012
Net (increase) decrease in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	$	4,491		$	(1,101	)	$	1,153
Increase in inventories	(146		)	(237		)	(233		)
(Increase) decrease in prepaid expenses and other current assets	(407		)	834			(471		)
(Decrease) increase in accounts payable and accrued liabilities	(3,737		)	160			544
Decrease in income and other taxes payable	(741		)	(987		)	(630		)
Net (increase) decrease in operating working capital	$	(540	)	$	(1,331	)	$	363
Net cash provided by operating activities includes the following cash payments for income taxes:
Income taxes	$	10,562		$	12,898		$	17,334
Net (purchases) sales of marketable securities consisted of the following gross amounts:
Marketable securities purchased	$	(162	)	$	(7	)	$	(35	)
Marketable securities sold	14			10			32
Net (purchases) sales of marketable securities	$	(148	)	$	3		$	(3	)
Net sales of time deposits consisted of the following gross amounts:
Time deposits purchased	$	(317	)	$	(2,317	)	$	(717	)
Time deposits matured	317			3,017			3,967
Net sales of time deposits	$	—		$	700		$	3,250

The “Net (increase) decrease in operating working capital” includes reductions of $58, $79 and $98 for excess income tax benefits associated with stock options exercised during 2014, 2013 and 2012, respectively. These amounts are offset by an equal amount in “Net purchases of treasury shares.” "Other" includes changes in postretirement benefits obligations and other long-term liabilities.

The “Net purchases of treasury shares” represents the cost of common shares acquired less the cost of shares issued for share-based compensation plans. Purchases totaled $5,006, $5,004 and $5,004 in 2014, 2013 and 2012, respectively. In 2014, 2013 and 2012, the company purchased 41.5 million, 41.6 million and 46.6 million common shares for $5,000, $5,000 and $5,000 under its ongoing share repurchase program, respectively.

In 2014, 2013 and 2012, “Net (purchases) sales of other short-term investments” generally consisted of restricted cash associated with upstream abandonment activities, funds held in escrow for tax-deferred exchanges and asset acquisitions, and tax payments that was invested in cash and short-term securities and reclassified from “Cash and cash equivalents” to “Deferred charges and other assets” on the Consolidated Balance Sheet.

The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. The 2012 period excludes the effects of $800 of proceeds to be received in future periods for the sale of an equity interest in the Wheatstone Project, of which $164 has been received as of December 31, 2014. "Capital expenditures" in the 2012 period excludes a $1,850 increase in "Properties, plant and equipment" related to an upstream asset exchange in Australia. Refer also to Note 24, on page FS-59, 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, 2014.

The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory expenditures, including equity affiliates, are presented in the following table:



	Year ended December 31
	2014			2013			2012
Additions to properties, plant and equipment ^*	$	34,393		$	36,550		$	29,526
Additions to investments	526			934			1,042
Current-year dry hole expenditures	504			594			475
Payments for other liabilities and assets, net	(16		)	(93		)	(105		)
Capital expenditures	35,407			37,985			30,938
Expensed exploration expenditures	1,110			1,178			1,173
Assets acquired through capital lease obligations and other financing obligations	332			16			1
Capital and exploratory expenditures, excluding equity affiliates	36,849			39,179			32,112
Company's share of expenditures by equity affiliates	3,467			2,698			2,117
Capital and exploratory expenditures, including equity affiliates	$	40,316		$	41,877		$	34,229


^*	Excludes noncash additions of $2,310 in 2014, $1,661 in 2013 and $4,569 in 2012.

Equity	12 Months Ended
Equity	Dec. 31, 2014
Equity [Abstract]
Equity	Equity Retained earnings at December 31, 2014 and 2013, included approximately $14,512 and $11,395, respectively, for the company’s share of undistributed earnings of equity affiliates. At December 31, 2014, about 133 million shares of Chevron’s common stock remained available for issuance from the 260 million shares that were reserved for issuance under the Chevron LTIP. In addition, approximately 174,510 shares remain available for issuance from the 800,000 shares of the company’s common stock that were reserved for awards under the Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral Plan.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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Chevron U.S.A. Inc. [Member]

Lease Commitments

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Lease Commitments

Certain noncancelable leases are classified as capital leases, and the leased assets are included as part of “Properties, plant and equipment, at cost” on the Consolidated Balance Sheet. Such leasing arrangements involve crude oil production and processing equipment, service stations, bareboat charters, office buildings, and other facilities. Other leases are classified as operating leases and are not capitalized. The payments on operating leases are recorded as expense. Details of the capitalized leased assets are as follows:



	At December 31
	2014		2013
Upstream	$	765	$	445
Downstream	97		316
All Other	—		—
Total	862		761
Less: Accumulated amortization	381		523
Net capitalized leased assets	$	481	$	238

Rental expenses incurred for operating leases during 2014, 2013 and 2012 were as follows:



	Year ended December 31
	2014		2013		2012
Minimum rentals	$	1,080	$	1,049	$	973
Contingent rentals	1		1		7
Total	1,081		1,050		980
Less: Sublease rental income	14		25		32
Net rental expense	$	1,067	$	1,025	$	948

Contingent rentals are based on factors other than the passage of time, principally sales volumes at leased service stations. Certain leases include escalation clauses for adjusting rentals to reflect changes in price indices, renewal options ranging up to 25 years, and options to purchase the leased property during or at the end of the initial or renewal lease period for the fair market value or other specified amount at that time.

At December 31, 2014, the estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases, which at inception had a noncancelable term of more than one year, were as follows:



		At December 31
		Operating Leases		Capital Leases
Year	2015	$	793	$	34
	2016	644		26
	2017	585		21
	2018	461		20
	2019	326		15
	Thereafter	689		24
Total		$	3,498	$	140
Less: Amounts representing interest and executory costs				$	(44	)
Net present values				96
Less: Capital lease obligations included in short-term debt				(28		)
Long-term capital lease obligations				$	68

Summarized Financial Data - Chevron U.S.A. Inc.

12 Months Ended

Dec. 31, 2014

Subsidiary Statements Captions [Line Items]

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 and natural gas liquids and those associated with the refining, marketing, supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the 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
	2014		2013		2012
Sales and other operating revenues	$	157,198	$	174,318	$	183,215
Total costs and other deductions	153,139		169,984		175,009
Net income attributable to CUSA	3,849		3,714		6,216




	2014		2013
Current assets	$	13,724	$	17,626
Other assets	62,195		57,288
Current liabilities	16,191		17,486
Other liabilities	30,175		28,119
Total CUSA net equity	$	29,553	$	29,309

Memo: Total debt	$	14,473	$	14,482

Summarized Financial Data - Tengizchevroil LLP

12 Months Ended

Dec. 31, 2014

Summarized Financial Data of Affiliate [Abstract]

Summarized Financial Data - Tengizchevroil LLP

Summarized Financial Data – Tengizchevroil LLP

Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Refer to Note 13, beginning on page FS-40, for a discussion of TCO operations. Summarized financial information for 100 percent of TCO is presented in the table below:



	Year ended December 31
	2014		2013		2012
Sales and other operating revenues	$	22,813	$	25,239	$	23,089
Costs and other deductions	10,275		11,173		10,064
Net income attributable to TCO	8,772		9,855		9,119



	At December 31
	2014		2013
Current assets	$	3,425	$	3,598
Other assets	14,810		12,964
Current liabilities	1,531		3,016
Other liabilities	2,375		2,761
Total TCO net equity	$	14,329	$	10,785

Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

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: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded.

Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract.

Level 3: Unobservable inputs. The company does not use Level 3 inputs for any of its recurring fair value measurements. Level 3 inputs may be required for the determination of fair value associated with certain nonrecurring measurements of nonfinancial assets and liabilities.

The tables on the next page show the fair value hierarchy for assets and liabilities measured at fair value on a recurring and nonrecurring basis at December 31, 2014, and December 31, 2013.

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, 2014.

Derivatives The company records its derivative instruments – other than any commodity derivative contracts that are designated as normal purchase and normal sale – on the Consolidated Balance Sheet at fair value, with the offsetting amount to the Consolidated Statement of Income. Derivatives classified as Level 1 include futures, swaps and options contracts traded in active markets such as the New York Mercantile Exchange. Derivatives classified as Level 2 include swaps, options and forward contracts principally with financial institutions and other oil and gas companies, the fair values of which are obtained from third-party broker quotes, industry pricing services and exchanges. The company obtains multiple sources of pricing information for the Level 2 instruments. Since this pricing information is generated from observable market data, it has historically been very consistent. The company does not materially adjust this information.

Properties, Plant and Equipment The company reported impairments for certain oil and gas properties and a mining asset in 2014. The company did not have any material long-lived assets measured at fair value on a nonrecurring basis to report in 2013.

Investments and Advances The company did not have any material investments and advances measured at fair value on a nonrecurring basis to report in 2014 or 2013.

Assets and Liabilities Measured at Fair Value on a Recurring Basis



	At December 31, 2014								At December 31, 2013
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	422	$	422	$	—	$	—	$	263	$	263	$	—	$	—
Derivatives	413		394		19		—		28		—		28		—
Total Assets at Fair Value	$	835	$	816	$	19	$	—	$	291	$	263	$	28	$	—
Derivatives	84		83		1		—		89		80		9		—
Total Liabilities at Fair Value	$	84	$	83	$	1	$	—	$	89	$	80	$	9	$	—

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis



	At December 31										At December 31
									Before-Tax Loss										Before-Tax Loss
	Total		Level 1		Level 2		Level 3		Year 2014		Total		Level 1		Level 2		Level 3		Year 2013
Properties, plant and equipment, net (held and used)	$	947	$	—	$	213	$	734	$	1,249	$	102	$	—	$	—	$	102	$	278
Properties, plant and equipment, net (held for sale)	—		—		—		—		25		69		—		69		—		104
Investments and advances	11		—		—		11		41		38		—		35		3		228
Total Nonrecurring Assets at Fair Value	$	958	$	—	$	213	$	745	$	1,315	$	209	$	—	$	104	$	105	$	610

Assets and Liabilities Not Required to Be Measured at Fair Value The company holds cash equivalents and bank time deposits in U.S. and non-U.S. portfolios. The instruments classified as cash equivalents are primarily bank time deposits with maturities of 90 days or less and money market funds. “Cash and cash equivalents” had carrying/fair values of $12,785 and $16,245 at December 31, 2014, and December 31, 2013, respectively. The instruments held in “Time deposits” are bank time deposits with maturities greater than 90 days, and had carrying/fair values of $8 at both December 31, 2014, and December 31, 2013. The fair values of cash, cash equivalents and bank time deposits are classified as Level 1 and reflect the cash that would have been received if the instruments were settled at December 31, 2014.

"Cash and cash equivalents” do not include investments with a carrying/fair value of $1,474 and $1,210 at December 31, 2014, and December 31, 2013, respectively. At December 31, 2014, these investments are classified as Level 1 and include restricted funds related to upstream abandonment activities, funds held in escrow for tax-deferred exchanges and asset acquisitions, and tax payments, which are reported in “Deferred charges and other assets” on the Consolidated Balance Sheet. Long-term debt of $15,960 and $11,960 at December 31, 2014, and December 31, 2013, had estimated fair values of $16,450 and $12,267, respectively. Long-term debt primarily includes corporate issued bonds. The fair value of corporate bonds is $15,727 and classified as Level 1. The fair value of the other bonds is $723 and classified as Level 2.

The carrying values of 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, 2014 and 2013, were not material.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Financial and Derivative Instruments

12 Months Ended

Dec. 31, 2014

Financial and Derivative Instruments

Derivative Commodity Instruments Chevron is exposed to market risks related to price volatility of crude oil, refined products, natural gas, natural gas liquids, liquefied natural gas and refinery feedstocks.

The company uses derivative commodity instruments to manage these exposures on a portion of its activity, including firm commitments and anticipated transactions for the purchase, sale and storage of crude oil, refined products, natural gas, natural gas liquids and feedstock for company refineries. From time to time, the company also uses derivative commodity instruments for limited trading purposes.

The company’s derivative commodity instruments principally include crude oil, natural gas and refined product futures, swaps, options, and forward contracts. None of the company’s derivative instruments is designated as a hedging instrument, although certain of the company’s affiliates make such designation. 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” markets, which are governed by International Swaps and Derivatives Association agreements and other master netting arrangements. Depending on the nature of the derivative transactions, bilateral collateral arrangements may also be required.

Derivative instruments measured at fair value at December 31, 2014, December 31, 2013, and December 31, 2012, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:

Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments



				At December 31
Type of Contract	Balance Sheet Classification	2014		2013
Commodity	Accounts and notes receivable, net	$	401	$	22
Commodity	Long-term receivables, net	12		6
Total Assets at Fair Value		$	413	$	28
Commodity	Accounts payable	$	57	$	65
Commodity	Deferred credits and other noncurrent obligations	27		24
Total Liabilities at Fair Value		$	84	$	89

Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments



		Gain/(Loss)
Type of Derivative	Statement of	Year ended December 31
Contract	Income Classification	2014			2013			2012
Commodity	Sales and other operating revenues	$	553		$	(108	)	$	(49	)
Commodity	Purchased crude oil and products	(17		)	(77		)	(24		)
Commodity	Other income	(32		)	(9		)	6
		$	504		$	(194	)	$	(67	)

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2014 and December 31, 2013.

Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities



	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
At December 31, 2014	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
Derivative Assets	$	4,004	$	3,591	$	413	$	7	$	406
Derivative Liabilities	$	3,675	$	3,591	$	84	$	—	$	84
At December 31, 2013
Derivative Assets	$	732	$	704	$	28	$	27	$	1
Derivative Liabilities	$	793	$	704	$	89	$	—	$	89

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, time deposits, 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.

The trade receivable balances, reflecting the company’s diversified sources of revenue, are dispersed among the company’s broad customer base worldwide. As a result, the company believes concentrations of credit risk are 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 pre-payments, letters of credit or other acceptable collateral instruments to support sales to customers.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Operating Segments and Geographic Data

Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share (EPS) is based upon “Net Income 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 21, “Stock Options and Other Share-Based Compensation,” beginning on page FS-50). The table below sets forth the computation of basic and diluted EPS:



	Year ended December 31
	2014		2013		2012
Basic EPS Calculation
Earnings available to common stockholders - Basic^*	$	19,241	$	21,423	$	26,179
Weighted-average number of common shares outstanding	1,883		1,916		1,950
Add: Deferred awards held as stock units	1		1		—
Total weighted-average number of common shares outstanding	1,884		1,917		1,950
Earnings per share of common stock - Basic	$	10.21	$	11.18	$	13.42
Diluted EPS Calculation
Earnings available to common stockholders - Diluted^*	$	19,241	$	21,423	$	26,179
Weighted-average number of common shares outstanding	1,883		1,916		1,950
Add: Deferred awards held as stock units	1		1		—
Add: Dilutive effect of employee stock-based awards	14		15		15
Total weighted-average number of common shares outstanding	1,898		1,932		1,965
Earnings per share of common stock - Diluted	$	10.14	$	11.09	$	13.32

^*There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.

Operating Segments and Geographic Data

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

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 and producing 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; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil and refined products; 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 mining activities, power and energy services, worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies.

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 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 and assets are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Nonbillable costs remain at the corporate level in “All Other.” Earnings by major operating area are presented in the following table:



	Year ended December 31
	2014			2013			2012
Segment Earnings
Upstream
United States	$	3,327		$	4,044		$	5,332
International	13,566			16,765			18,456
Total Upstream	16,893			20,809			23,788
Downstream
United States	2,637			787			2,048
International	1,699			1,450			2,251
Total Downstream	4,336			2,237			4,299
Total Segment Earnings	21,229			23,046			28,087
All Other
Interest income	77			80			83
Other	(2,065		)	(1,703		)	(1,991		)
Net Income Attributable to Chevron Corporation	$	19,241		$	21,423		$	26,179

Segment Assets Segment assets do not include intercompany investments or receivables. Assets at year-end 2014 and 2013 are as follows:



	At December 31
	2014		2013
Upstream
United States	$	49,205	$	45,436
International	152,736		137,096
Goodwill	4,593		4,639
Total Upstream	206,534		187,171
Downstream
United States	23,068		23,829
International	17,723		20,268
Total Downstream	40,791		44,097
Total Segment Assets	247,325		231,268
All Other
United States	6,741		7,326
International	11,960		15,159
Total All Other	18,701		22,485
Total Assets – United States	79,014		76,591
Total Assets – International	182,419		172,523
Goodwill	4,593		4,639
Total Assets	$	266,026	$	253,753

Segment Sales and Other Operating Revenues Operating segment sales and other operating revenues, including internal transfers, for the years 2014, 2013 and 2012, are presented in the table that follows. 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 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 power and energy services, insurance operations, real estate activities and technology companies.



	Year ended December 31
	2014			2013			2012
Upstream
United States	$	7,455		$	8,052		$	6,416
Intersegment	15,455			16,865			17,229
Total United States	22,910			24,917			23,645
International	23,808			17,607			19,459
Intersegment	23,107			33,034			34,094
Total International	46,915			50,641			53,553
Total Upstream^*	69,825			75,558			77,198
Downstream
United States	73,942			80,272			83,043
Excise and similar taxes	4,633			4,792			4,665
Intersegment	31			39			49
Total United States	78,606			85,103			87,757
International	86,848			105,373			113,279
Excise and similar taxes	3,553			3,699			3,346
Intersegment	8,839			859			80
Total International	99,240			109,931			116,705
Total Downstream^*	177,846			195,034			204,462
All Other
United States	252			358			378
Intersegment	1,475			1,524			1,300
Total United States	1,727			1,882			1,678
International	3			3			4
Intersegment	28			31			48
Total International	31			34			52
Total All Other	1,758			1,916			1,730
Segment Sales and Other Operating Revenues
United States	103,243			111,902			113,080
International	146,186			160,606			170,310
Total Segment Sales and Other Operating Revenues	249,429			272,508			283,390
Elimination of intersegment sales	(48,935		)	(52,352		)	(52,800		)
Total Sales and Other Operating Revenues	$	200,494		$	220,156		$	230,590


^*	Effective January 1, 2014, International Upstream prospectively includes selected amounts previously recognized in International Downstream, which are not material to the company's results of operations or financial position.

Segment Income Taxes Segment income tax expense for the years 2014, 2013 and 2012 is as follows:



	Year ended December 31
	2014			2013			2012
Upstream
United States	$	2,043		$	2,333		$	2,820
International	9,217			12,470			16,554
Total Upstream	11,260			14,803			19,374
Downstream
United States	1,302			364			1,051
International	467			389			587
Total Downstream	1,769			753			1,638
All Other	(1,137		)	(1,248		)	(1,016		)
Total Income Tax Expense	$	11,892		$	14,308		$	19,996

Other Segment Information Additional information for the segmentation of major equity affiliates is contained in Note 13. Information related to properties, plant and equipment by segment is contained in Note 14, on page FS-41.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Investments and Advances

12 Months Ended

Dec. 31, 2014

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
	At December 31				Year ended December 31
	2014		2013		2014			2013			2012
Upstream
Tengizchevroil	$	7,319	$	5,875	$	4,392		$	4,957		$	4,614
Petropiar	794		858		26			339			55
Caspian Pipeline Consortium	1,487		1,298		191			113			96
Petroboscan	917		1,375		186			300			229
Angola LNG Limited	3,277		3,423		(311		)	(111		)	(106		)
Other	2,178		2,835		229			214			266
Total Upstream	15,972		15,664		4,713			5,812			5,154
Downstream
GS Caltex Corporation	2,867		2,518		420			132			249
Chevron Phillips Chemical Company LLC	5,116		4,312		1,606			1,371			1,206
Star Petroleum Refining Company Ltd.	—		—		—			—			22
Caltex Australia Ltd.	1,161		1,020		183			224			77
Other	1,048		989		180			199			196
Total Downstream	10,192		8,839		2,389			1,926			1,750
All Other
Other	171		375		(4		)	(211		)	(15		)
Total equity method	$	26,335	$	24,878	$	7,098		$	7,527		$	6,889
Other at or below cost	577		624
Total investments and advances	$	26,912	$	25,502
Total United States	$	6,787	$	6,638	$	1,623		$	1,294		$	1,268
Total International	$	20,125	$	18,864	$	5,475		$	6,233		$	5,621

Descriptions of major affiliates, including significant differences between the company’s carrying value of its investments and its underlying equity in the net assets of the affiliates, are as follows:

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, 2014, the company’s carrying value of its investment in TCO was about $150 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. See Note 8, on page FS-34, for summarized financial information for 100 percent of TCO.

Petropiar Chevron has a 30 percent interest in Petropiar, a joint stock company which operates the Hamaca heavy-oil production and upgrading project in Venezuela’s Orinoco Belt. At December 31, 2014, the company’s carrying value of its investment in Petropiar was approximately $160 less than the amount of underlying equity in Petropiar’s net assets. The difference represents the excess of Chevron’s underlying equity in Petropiar’s net assets over the net book value of the assets contributed to the venture.

Caspian Pipeline Consortium Chevron has a 15 percent interest in the Caspian Pipeline Consortium, a variable interest entity, which provides the critical export route for crude oil from both TCO and Karachaganak. The company has investments and advances totaling $1,487, which includes long-term loans of $1,328 at year-end 2014. The loans were provided to fund 30 percent of the initial pipeline construction. The company is not the primary beneficiary of the consortium because it does not direct activities of the consortium and only receives its proportionate share of the financial returns.

Petroboscan Chevron has a 39.2 percent interest in Petroboscan, a joint stock company which operates the Boscan Field in Venezuela. At December 31, 2014, the company’s carrying value of its investment in Petroboscan was approximately $160 higher than the amount of underlying equity in Petroboscan’s net assets. The difference reflects the excess of the net book value of the assets contributed by Chevron over its underlying equity in Petroboscan’s net assets.

Angola LNG Limited Chevron has a 36.4 percent interest in Angola LNG Limited, which processes and liquefies natural gas produced in Angola for delivery to international markets.

GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy. The joint venture imports, refines and markets petroleum products, petrochemicals and lubricants, predominantly in South Korea.

Chevron Phillips Chemical Company LLC Chevron owns 50 percent of Chevron Phillips Chemical Company LLC. The other half is owned by Phillips 66.

Caltex Australia Ltd. Chevron has a 50 percent equity ownership interest in Caltex Australia Ltd. (CAL). The remaining 50 percent of CAL is publicly owned. At December 31, 2014, the fair value of Chevron’s share of CAL common stock was approximately $3,755.

Other Information “Sales and other operating revenues” on the Consolidated Statement of Income includes $10,404, $14,635 and $17,356 with affiliated companies for 2014, 2013 and 2012, respectively. “Purchased crude oil and products” includes $6,735, $7,063 and $6,634 with affiliated companies for 2014, 2013 and 2012, respectively.

“Accounts and notes receivable” on the Consolidated Balance Sheet includes $924 and $1,328 due from affiliated companies at December 31, 2014 and 2013, respectively. “Accounts payable” includes $345 and $466 due to affiliated companies at December 31, 2014 and 2013, 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 $874, $1,129 and $1,494 at December 31, 2014, 2013 and 2012, respectively.



	Affiliates						Chevron Share
Year ended December 31	2014		2013		2012		2014		2013		2012
Total revenues	$	123,003	$	131,875	$	136,065	$	58,937	$	63,101	$	65,196
Income before income tax expense	20,609		24,075		23,016		9,968		11,108		9,856
Net income attributable to affiliates	14,758		15,594		16,786		7,237		7,845		6,938
At December 31
Current assets	$	35,662	$	39,713	$	37,541	$	13,465	$	15,156	$	14,732
Noncurrent assets	70,817		68,593		66,065		26,053		25,059		23,523
Current liabilities	25,308		29,642		27,878		9,588		11,587		11,093
Noncurrent liabilities	17,983		19,442		19,366		4,211		4,559		4,879
Total affiliates’ net equity	$	63,188	$	59,222	$	56,362	$	25,719	$	24,069	$	22,283

Properties, Plant and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Properties, Plant and Equipment

Properties, Plant and Equipment¹



	At December 31												Year ended December 31
	Gross Investment at Cost						Net Investment						Additions at Cost²						Depreciation Expense³
	2014		2013		2012		2014		2013		2012		2014		2013		2012		2014		2013		2012
Upstream
United States	$	96,850	$	89,555	$	81,908	$	45,864	$	41,831	$	37,909	$	9,688	$	8,188	$	8,211	$	5,127	$	4,412	$	3,902
International	192,637		169,623		145,799		118,926		104,100		85,318		24,920		27,383		21,343		9,688		8,336		8,015
Total Upstream	289,487		259,178		227,707		164,790		145,931		123,227		34,608		35,571		29,554		14,815		12,748		11,917
Downstream
United States	22,640		22,407		21,792		11,019		11,481		11,333		588		1,154		1,498		886		780		799
International	9,334		9,303		8,990		4,219		4,139		3,930		530		653		2,544		396		360		308
Total Downstream	31,974		31,710		30,782		15,238		15,620		15,263		1,118		1,807		4,042		1,282		1,140		1,107
All Other
United States	5,673		5,402		4,959		3,077		3,194		2,845		581		721		415		680		286		384
International	155		143		33		68		84		13		25		23		4		16		12		5
Total All Other	5,828		5,545		4,992		3,145		3,278		2,858		606		744		419		696		298		389
Total United States	125,163		117,364		108,659		59,960		56,506		52,087		10,857		10,063		10,124		6,693		5,478		5,085
Total International	202,126		179,069		154,822		123,213		108,323		89,261		25,475		28,059		23,891		10,100		8,708		8,328
Total	$	327,289	$	296,433	$	263,481	$	183,173	$	164,829	$	141,348	$	36,332	$	38,122	$	34,015	$	16,793	$	14,186	$	13,413


¹	Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2014. Australia had $41,012, $31,464 and $21,770 in 2014, 2013, and 2012, respectively. Nigeria had PP&E of $19,214, $18,429 and $17,485 for 2014, 2013 and 2012, respectively.


²	Net of dry hole expense related to prior years’ expenditures of $371, $89 and $80 in 2014, 2013 and 2012, respectively.


³	Depreciation expense includes accretion expense of $882, $627 and $629 in 2014, 2013 and 2012, respectively.

Litigation	12 Months Ended
Litigation	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation MTBE Chevron and many other companies in the petroleum industry have used methyl tertiary butyl ether (MTBE) as a gasoline additive. Chevron is a party to seven pending lawsuits and claims, the majority of which involve numerous other petroleum marketers and refiners. Resolution of these lawsuits and claims may ultimately require the company to correct or ameliorate the alleged effects on the environment of prior release of MTBE by the company or other parties. Additional lawsuits and claims related to the use of MTBE, including personal-injury claims, may be filed in the future. The company’s ultimate exposure related to pending lawsuits and claims is not determinable. The company no longer uses MTBE in the manufacture of gasoline in the United States. Ecuador Chevron is a defendant in a civil lawsuit initiated in the Superior Court of Nueva Loja in Lago Agrio, Ecuador, in May 2003 by plaintiffs who claim to be representatives of certain residents of an area where an oil production consortium formerly had operations. The lawsuit alleges damage to the environment from the oil exploration and production operations and seeks unspecified damages to fund environmental remediation and restoration of the alleged environmental harm, plus a health monitoring program. Until 1992, Texaco Petroleum Company (Texpet), a subsidiary of Texaco Inc., was a minority member of this consortium with Petroecuador, the Ecuadorian state-owned oil company, as the majority partner; since 1990, the operations have been conducted solely by Petroecuador. At the conclusion of the consortium and following an independent third-party environmental audit of the concession area, Texpet entered into a formal agreement with the Republic of Ecuador and Petroecuador for Texpet to remediate specific sites assigned by the government in proportion to Texpet’s ownership share of the consortium. Pursuant to that agreement, Texpet conducted a three-year remediation program at a cost of $40. After certifying that the sites were properly remediated, the government granted Texpet and all related corporate entities a full release from any and all environmental liability arising from the consortium operations. Based on the history described above, Chevron believes that this lawsuit lacks legal or factual merit. As to matters of law, the company believes first, that the court lacks jurisdiction over Chevron; second, that the law under which plaintiffs bring the action, enacted in 1999, cannot be applied retroactively; third, that the claims are barred by the statute of limitations in Ecuador; and, fourth, that the lawsuit is also barred by the releases from liability previously given to Texpet by the Republic of Ecuador and Petroecuador and by the pertinent provincial and municipal governments. With regard to the facts, the company believes that the evidence confirms that Texpet’s remediation was properly conducted and that the remaining environmental damage reflects Petroecuador’s failure to timely fulfill its legal obligations and Petroecuador’s further conduct since assuming full control over the operations. In 2008, a mining engineer appointed by the court to identify and determine the cause of environmental damage, and to specify steps needed to remediate it, issued a report recommending that the court assess $18,900, which would, according to the engineer, provide financial compensation for purported damages, including wrongful death claims, and pay for, among other items, environmental remediation, health care systems and additional infrastructure for Petroecuador. The engineer’s report also asserted that an additional $8,400 could be assessed against Chevron for unjust enrichment. In 2009, following the disclosure by Chevron of evidence that the judge participated in meetings in which businesspeople and individuals holding themselves out as government officials discussed the case and its likely outcome, the judge presiding over the case was recused. In 2010, Chevron moved to strike the mining engineer’s report and to dismiss the case based on evidence obtained through discovery in the United States indicating that the report was prepared by consultants for the plaintiffs before being presented as the mining engineer’s independent and impartial work and showing further evidence of misconduct. In August 2010, the judge issued an order stating that he was not bound by the mining engineer’s report and requiring the parties to provide their positions on damages within 45 days. Chevron subsequently petitioned for recusal of the judge, claiming that he had disregarded evidence of fraud and misconduct and that he had failed to rule on a number of motions within the statutory time requirement. In September 2010, Chevron submitted its position on damages, asserting that no amount should be assessed against it. The plaintiffs’ submission, which relied in part on the mining engineer’s report, took the position that damages are between approximately $16,000 and $76,000 and that unjust enrichment should be assessed in an amount between approximately $5,000 and $38,000. The next day, the judge issued an order closing the evidentiary phase of the case and notifying the parties that he had requested the case file so that he could prepare a judgment. Chevron petitioned to have that order declared a nullity in light of Chevron’s prior recusal petition, and because procedural and evidentiary matters remained unresolved. In October 2010, Chevron’s motion to recuse the judge was granted. A new judge took charge of the case and revoked the prior judge’s order closing the evidentiary phase of the case. On December 17, 2010, the judge issued an order closing the evidentiary phase of the case and notifying the parties that he had requested the case file so that he could prepare a judgment. On February 14, 2011, the provincial court in Lago Agrio rendered an adverse judgment in the case. The court rejected Chevron’s defenses to the extent the court addressed them in its opinion. The judgment assessed approximately $8,600 in damages and approximately $900 as an award for the plaintiffs’ representatives. It also assessed an additional amount of approximately $8,600 in punitive damages unless the company issued a public apology within 15 days of the judgment, which Chevron did not do. On February 17, 2011, the plaintiffs appealed the judgment, seeking increased damages, and on March 11, 2011, Chevron appealed the judgment seeking to have the judgment nullified. On January 3, 2012, an appellate panel in the provincial court affirmed the February 14, 2011 decision and ordered that Chevron pay additional attorneys’ fees in the amount of “0.10% of the values that are derived from the decisional act of this judgment.” The plaintiffs filed a petition to clarify and amplify the appellate decision on January 6, 2012, and the court issued a ruling in response on January 13, 2012, purporting to clarify and amplify its January 3, 2012 ruling, which included clarification that the deadline for the company to issue a public apology to avoid the additional amount of approximately $8,600 in punitive damages was within 15 days of the clarification ruling, or February 3, 2012. Chevron did not issue an apology because doing so might be mischaracterized as an admission of liability and would be contrary to facts and evidence submitted at trial. On January 20, 2012, Chevron appealed (called a petition for cassation) the appellate panel’s decision to Ecuador’s National Court of Justice. As part of the appeal, Chevron requested the suspension of any requirement that Chevron post a bond to prevent enforcement under Ecuadorian law of the judgment during the cassation appeal. On February 17, 2012, the appellate panel of the provincial court admitted Chevron’s cassation appeal in a procedural step necessary for the National Court of Justice to hear the appeal. The provincial court appellate panel denied Chevron’s request for suspension of the requirement that Chevron post a bond and stated that it would not comply with the First and Second Interim Awards of the international arbitration tribunal discussed below. On March 29, 2012, the matter was transferred from the provincial court to the National Court of Justice, and on November 22, 2012, the National Court agreed to hear Chevron's cassation appeal. On August 3, 2012, the provincial court in Lago Agrio approved a court-appointed liquidator’s report on damages that calculated the total judgment in the case to be $19,100. On November 13, 2013, the National Court ratified the judgment but nullified the $8,600 punitive damage assessment, resulting in a judgment of $9,500. On December 23, 2013, Chevron appealed the decision to the Ecuador Constitutional Court, Ecuador's highest court, which agreed to consider the appeal on March 20, 2014. On July 2, 2013, the provincial court in Lago Agrio issued an embargo order in Ecuador ordering that any funds to be paid by the Government of Ecuador to Chevron to satisfy a $96 award issued in an unrelated action by an arbitral tribunal presiding in the Permanent Court of Arbitration in The Hague under the Rules of the United Nations Commission on International Trade Law must be paid to the Lago Agrio plaintiffs. The award was issued by the tribunal under the United States-Ecuador Bilateral Investment Treaty in an action filed in 2006 in connection with seven breach of contract cases that Texpet filed against the Government of Ecuador between 1991 and 1993. The Government of Ecuador has moved to set aside the tribunal's award. On September 26, 2014, the Supreme Court of the Netherlands issued an opinion denying Ecuador’s set aside request. A Federal District Court for the District of Columbia confirmed the tribunal's award, and the Government of Ecuador has appealed the District Court's decision. Chevron has no assets in Ecuador and the Lago Agrio plaintiffs' lawyers have stated in press releases and through other media that they will seek to enforce the Ecuadorian judgment in various countries and otherwise disrupt Chevron's operations. On May 30, 2012, the Lago Agrio plaintiffs filed an action against Chevron Corporation, Chevron Canada Limited, and Chevron Canada Finance Limited in the Ontario Superior Court of Justice in Ontario, Canada, seeking to recognize and enforce the Ecuadorian judgment. On May 1, 2013, the Ontario Superior Court of Justice held that the Court has jurisdiction over Chevron and Chevron Canada Limited for purposes of the action, but stayed the action due to the absence of evidence that Chevron Corporation has assets in Ontario. The Lago Agrio plaintiffs appealed that decision. On December 17, 2013, the Court of Appeals for Ontario affirmed the lower court’s decision on jurisdiction and set aside the stay, allowing the recognition and enforcement action to be heard in the Ontario Superior Court of Justice. Chevron appealed the decision concerning jurisdiction to the Supreme Court of Canada and, on January 16, 2014, the Court of Appeals for Ontario granted Chevron’s motion to stay the recognition and enforcement proceeding pending a decision on the admissibility of the Supreme Court appeal. On April 3, 2014, the Supreme Court of Canada granted Chevron’s and Chevron Canada Limited’s petitions to appeal the Ontario Court of Appeal’s decision. On April 8, 2014, Chevron and Chevron Canada Limited filed their notices of appeal with the Canada Supreme Court. On June 27, 2012, the Lago Agrio plaintiffs filed an action against Chevron Corporation in the Superior Court of Justice in Brasilia, Brazil, seeking to recognize and enforce the Ecuadorian judgment. On October 15, 2012, the provincial court in Lago Agrio issued an ex parte embargo order that purports to order the seizure of assets belonging to separate Chevron subsidiaries in Ecuador, Argentina and Colombia. On November 6, 2012, at the request of the Lago Agrio plaintiffs, a court in Argentina issued a Freeze Order against Chevron Argentina S.R.L. and another Chevron subsidiary, Ingeniero Norberto Priu, requiring shares of both companies to be "embargoed," requiring third parties to withhold 40 percent of any payments due to Chevron Argentina S.R.L. and ordering banks to withhold 40 percent of the funds in Chevron Argentina S.R.L. bank accounts. On December 14, 2012, the Argentinean court rejected a motion to revoke the Freeze Order but modified it by ordering that third parties are not required to withhold funds but must report their payments. The court also clarified that the Freeze Order relating to bank accounts excludes taxes. On January 30, 2013, an appellate court upheld the Freeze Order, but on June 4, 2013 the Supreme Court of Argentina revoked the Freeze Order in its entirety. On December 12, 2013, the Lago Agrio plaintiffs served Chevron with notice of their filing of an enforcement proceeding in the National Court, First Instance, of Argentina. Chevron filed its answer on February 27, 2014. Chevron intends to vigorously defend against the proceeding. Chevron continues to believe the provincial court’s judgment is illegitimate and unenforceable in Ecuador, the United States and other countries. The company also believes the judgment is the product of fraud, and contrary to the legitimate scientific evidence. Chevron cannot predict the timing or ultimate outcome of the appeals process in Ecuador or any enforcement action. Chevron expects to continue a vigorous defense of any imposition of liability in the Ecuadorian courts and to contest and defend any and all enforcement actions. Chevron and Texpet filed an arbitration claim in September 2009 against the Republic of Ecuador before an arbitral tribunal presiding in the Permanent Court of Arbitration in The Hague under the Rules of the United Nations Commission on International Trade Law. The claim alleges violations of the Republic of Ecuador’s obligations under the United States–Ecuador Bilateral Investment Treaty (BIT) and breaches of the settlement and release agreements between the Republic of Ecuador and Texpet (described above), which are investment agreements protected by the BIT. Through the arbitration, Chevron and Texpet are seeking relief against the Republic of Ecuador, including a declaration that any judgment against Chevron in the Lago Agrio litigation constitutes a violation of Ecuador’s obligations under the BIT. On February 9, 2011, the Tribunal issued an Order for Interim Measures requiring the Republic of Ecuador to take all measures at its disposal to suspend or cause to be suspended the enforcement or recognition within and without Ecuador of any judgment against Chevron in the Lago Agrio case pending further order of the Tribunal. On January 25, 2012, the Tribunal converted the Order for Interim Measures into an Interim Award. Chevron filed a renewed application for further interim measures on January 4, 2012, and the Republic of Ecuador opposed Chevron’s application and requested that the existing Order for Interim Measures be vacated on January 9, 2012. On February 16, 2012, the Tribunal issued a Second Interim Award mandating that the Republic of Ecuador take all measures necessary (whether by its judicial, legislative or executive branches) to suspend or cause to be suspended the enforcement and recognition within and without Ecuador of the judgment against Chevron and, in particular, to preclude any certification by the Republic of Ecuador that would cause the judgment to be enforceable against Chevron. On February 27, 2012, the Tribunal issued a Third Interim Award confirming its jurisdiction to hear Chevron's arbitration claims. On February 7, 2013, the Tribunal issued its Fourth Interim Award in which it declared that the Republic of Ecuador “has violated the First and Second Interim Awards under the [BIT], the UNCITRAL Rules and international law in regard to the finalization and enforcement subject to execution of the Lago Agrio Judgment within and outside Ecuador, including (but not limited to) Canada, Brazil and Argentina.” The Republic of Ecuador filed in the District Court of the Hague a request to set aside the Tribunal’s Interim Awards and the First Partial Award (described below). Chevron filed its answer to the set aside request on December 31, 2014. The Tribunal has divided the merits phase of the proceeding into three phases. On September 17, 2013, the Tribunal issued its First Partial Award from Phase One, finding that the settlement agreements between the Republic of Ecuador and Texpet applied to Texpet and Chevron, released Texpet and Chevron from claims based on "collective" or "diffuse" rights arising from Texpet's operations in the former concession area and precluded third parties from asserting collective/diffuse rights environmental claims relating to Texpet's operations in the former concession area but did not preclude individual claims for personal harm. Chevron awaits a ruling from the Tribunal about whether the claims of the Lago Agrio plaintiffs are individual or collective/diffuse. The Tribunal had set Phase Two to begin on January 20, 2014 to hear Chevron's denial of justice claims, but on January 2, 2014, the Tribunal postponed Phase Two and held a procedural hearing on January 20-21, 2014. The Tribunal held a hearing on April 29-30, 2014 to address remaining issues relating to Phase One. It also set a hearing on April 20 to May 6, 2015 to address Phase Two issues. The Tribunal has not set a date for Phase Three, which will be the damages phase of the arbitration. Through a series of U.S. court proceedings initiated by Chevron to obtain discovery relating to the Lago Agrio litigation and the BIT arbitration, Chevron obtained evidence that it believes shows a pattern of fraud, collusion, corruption, and other misconduct on the part of several lawyers, consultants and others acting for the Lago Agrio plaintiffs. In February 2011, Chevron filed a civil lawsuit in the Federal District Court for the Southern District of New York against the Lago Agrio plaintiffs and several of their lawyers, consultants and supporters, alleging violations of the Racketeer Influenced and Corrupt Organizations Act and other state laws. Through the civil lawsuit, Chevron is seeking relief that includes a declaration that any judgment against Chevron in the Lago Agrio litigation is the result of fraud and other unlawful conduct and is therefore unenforceable. On March 7, 2011, the Federal District Court issued a preliminary injunction prohibiting the Lago Agrio plaintiffs and persons acting in concert with them from taking any action in furtherance of recognition or enforcement of any judgment against Chevron in the Lago Agrio case pending resolution of Chevron’s civil lawsuit by the Federal District Court. On May 31, 2011, the Federal District Court severed claims one through eight of Chevron’s complaint from the ninth claim for declaratory relief and imposed a discovery stay on claims one through eight pending a trial on the ninth claim for declaratory relief. On September 19, 2011, the U.S. Court of Appeals for the Second Circuit vacated the preliminary injunction, stayed the trial on Chevron’s ninth claim, a claim for declaratory relief, that had been set for November 14, 2011, and denied the defendants’ mandamus petition to recuse the judge hearing the lawsuit. The Second Circuit issued its opinion on January 26, 2012 ordering the dismissal of Chevron’s ninth claim for declaratory relief. On February 16, 2012, the Federal District Court lifted the stay on claims one through eight, and on October 18, 2012, the Federal District Court set a trial date of October 15, 2013. On March 22, 2013, Chevron settled its claims against Stratus Consulting, and on April 12, 2013 sworn declarations by representatives of Stratus Consulting were filed with the Court admitting their role and that of the plaintiffs' attorneys in drafting the environmental report of the mining engineer appointed by the provincial court in Lago Agrio. On September 26, 2013, the Second Circuit denied the defendants' Petition for Writ of Mandamus to recuse the judge hearing the case and to collaterally estop Chevron from seeking a declaration that the Lago Agrio judgment was obtained through fraud and other unlawful conduct. The trial commenced on October 15, 2013 and concluded on November 22, 2013. On March 4, 2014, the Federal District Court entered a judgment in favor of Chevron, prohibiting the defendants from seeking to enforce the Lago Agrio judgment in the United States and further prohibiting them from profiting from their illegal acts. The defendants filed their notices of appeal on March 18, 2014. The ultimate outcome of the foregoing matters, including any financial effect on Chevron, remains uncertain. Management does not believe an estimate of a reasonably possible loss (or a range of loss) can be made in this case. Due to the defects associated with the Ecuadorian judgment, the 2008 engineer’s report on alleged damages and the September 2010 plaintiffs’ submission on alleged damages, management does not believe these documents have any utility in calculating a reasonably possible loss (or a range of loss). Moreover, the highly uncertain legal environment surrounding the case provides no basis for management to estimate a reasonably possible loss (or a range of loss).

Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Taxes



Income Taxes	Year ended December 31
	2014		2013		2012
Taxes on income
U.S. federal
Current	$	748	$	15	$	1,703
Deferred	1,330		1,128		673
State and local
Current	336		120		652
Deferred	36		74		(145		)
Total United States	2,450		1,337		2,883
International
Current	9,235		12,296		15,626
Deferred	207		675		1,487
Total International	9,442		12,971		17,113
Total taxes on income	$	11,892	$	14,308	$	19,996

In 2014, before-tax income for U.S. operations, including related corporate and other charges, was $6,296, compared with before-tax income of $4,672 and $8,456 in 2013 and 2012, respectively. For international operations, before-tax income was $24,906, $31,233 and $37,876 in 2014, 2013 and 2012, respectively. U.S. federal income tax expense was reduced by $68, $175 and $165 in 2014, 2013 and 2012, respectively, for business tax credits.

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
	2014			2013			2012
U.S. statutory federal income tax rate	35.0		%	35.0		%	35.0		%
Effect of income taxes from international operations at rates different from the U.S. statutory rate	2.8			5.1			7.8
State and local taxes on income, net of U.S. federal income tax benefit	0.7			0.6			0.6
Prior-year tax adjustments	(0.7	)		(0.8	)		(0.2	)
Tax credits	(0.2	)		(0.5	)		(0.4	)
Effects of changes in tax rates	(0.2	)		—			0.3
Other	0.7			0.5			0.1
Effective tax rate	38.1		%	39.9		%	43.2		%

The company’s effective tax rate decreased from 39.9 percent in 2013 to 38.1 percent in 2014. The decrease primarily resulted from the impact of changes in jurisdictional mix and equity earnings, and the tax effects related to the 2014 sale of interests in Chad and Cameroon, partially offset by other one-time and ongoing tax charges.

The company records its deferred taxes on a tax-jurisdiction basis and classifies those net amounts as current or noncurrent based on the balance sheet classification of the related assets or liabilities. The reported deferred tax balances are composed of the following:



	At December 31
	2014			2013
Deferred tax liabilities
Properties, plant and equipment	$	28,452		$	25,936
Investments and other	3,059			2,272
Total deferred tax liabilities	31,511			28,208
Deferred tax assets
Foreign tax credits	(11,867		)	(11,572		)
Abandonment/environmental reserves	(6,686		)	(6,279		)
Employee benefits	(4,831		)	(3,825		)
Deferred credits	(1,828		)	(2,768		)
Tax loss carryforwards	(1,747		)	(1,016		)
Other accrued liabilities	(498		)	(533		)
Inventory	(153		)	(358		)
Miscellaneous	(2,128		)	(1,439		)
Total deferred tax assets	(29,738		)	(27,790		)
Deferred tax assets valuation allowance	16,292			17,171
Total deferred taxes, net	$	18,065		$	17,589

Deferred tax liabilities at the end of 2014 increased by approximately $3,300 from year-end 2013. The increase was primarily related to increased temporary differences for property, plant and equipment. Deferred tax assets increased by approximately $1,900 in 2014. Increases primarily related to increased temporary differences for employee benefits.

The overall valuation allowance relates to deferred tax assets for U.S. foreign tax credit carryforwards, tax loss carryforwards and temporary differences. It reduces the deferred tax assets to amounts that are, in management’s assessment, more likely than not to be realized. At the end of 2014, the company had tax loss carryforwards of approximately $5,535 and tax credit carryforwards of approximately $1,190, 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 2015 through 2029. U.S. foreign tax credit carryforwards of $11,867 will expire between 2015 and 2024.

At December 31, 2014 and 2013, deferred taxes were classified on the Consolidated Balance Sheet as follows:



	At December 31
	2014			2013
Prepaid expenses and other current assets	$	(1,071	)	$	(1,341	)
Deferred charges and other assets	(3,597		)	(2,954		)
Federal and other taxes on income	813			583
Noncurrent deferred income taxes	21,920			21,301
Total deferred income taxes, net	$	18,065		$	17,589

Income taxes are not accrued for unremitted earnings of international operations that have been or are intended to be reinvested indefinitely. Undistributed earnings of international consolidated subsidiaries and affiliates for which no deferred income tax provision has been made for possible future remittances totaled approximately $35,700 at December 31, 2014. This amount represents earnings reinvested as part of the company’s ongoing international business. It is not practicable to estimate the amount of taxes that might be payable on the possible remittance of earnings that are intended to be reinvested indefinitely. At the end of 2014, deferred income taxes were recorded for the undistributed earnings of certain international operations where indefinite reinvestment of the earnings is not planned. 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, 2014, 2013 and 2012. 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.



	2014			2013			2012
Balance at January 1	$	3,848		$	3,071		$	3,481
Foreign currency effects	(25		)	(58		)	4
Additions based on tax positions taken in current year	354			276			543
Additions/reductions resulting from current-year asset acquisitions/sales	(22		)	—			—
Additions for tax positions taken in prior years	37			1,164			152
Reductions for tax positions taken in prior years	(561		)	(176		)	(899		)
Settlements with taxing authorities in current year	(50		)	(320		)	(138		)
Reductions as a result of a lapse of the applicable statute of limitations	(29		)	(109		)	(72		)
Balance at December 31	$	3,552		$	3,848		$	3,071

The decrease in unrecognized tax benefits between December 31, 2013, and December 31, 2014 was primarily due to the expiration of certain U.S. foreign tax credits in 2014, which had no impact on the company's results of operations.

Approximately 68 percent of the $3,552 of unrecognized tax benefits at December 31, 2014, 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.

Tax positions for Chevron and its subsidiaries and affiliates are subject to income tax audits by many tax jurisdictions throughout the world. For the company’s major tax jurisdictions, examinations of tax returns for certain prior tax years had not been completed as of December 31, 2014. For these jurisdictions, the latest years for which income tax examinations had been finalized were as follows: United States – 2008, Nigeria – 2000, Angola – 2001, Saudi Arabia – 2012 and Kazakhstan – 2007.

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. However, it is reasonably possible that developments on tax matters in certain tax jurisdictions may result in significant increases or decreases in the company’s total unrecognized tax benefits within the next 12 months. 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.” As of December 31, 2014, accruals of $233 for anticipated interest and penalty obligations were included on the Consolidated Balance Sheet, compared with accruals of $215 as of year-end 2013. Income tax expense (benefit) associated with interest and penalties was $4, $(42) and $145 in 2014, 2013 and 2012, respectively.

Taxes Other Than on Income



	Year ended December 31
	2014		2013		2012
United States
Excise and similar taxes on products and merchandise	$	4,633	$	4,792	$	4,665
Import duties and other levies	6		4		1
Property and other miscellaneous taxes	1,002		1,036		782
Payroll taxes	273		255		240
Taxes on production	349		333		328
Total United States	6,263		6,420		6,016
International
Excise and similar taxes on products and merchandise	3,553		3,700		3,345
Import duties and other levies	45		41		106
Property and other miscellaneous taxes	2,277		2,486		2,501
Payroll taxes	172		168		160
Taxes on production	230		248		248
Total International	6,277		6,643		6,360
Total taxes other than on income	$	12,540	$	13,063	$	12,376

Long-Term Debt

12 Months Ended

Dec. 31, 2014

Long-Term Debt

Total long-term debt, excluding capital leases, at December 31, 2014, was $23,960. The company’s long-term debt outstanding at year-end 2014 and 2013 was as follows:



	At December 31
	2014		2013
3.191% notes due 2023	$	2,250	$	2,250
1.104% notes due 2017	2,000		2,000
1.718% notes due 2018	2,000		2,000
2.355% notes due 2022	2,000		2,000
4.95% notes due 2019	1,500		1,500
1.345% notes due 2017	1,100		—
2.427% notes due 2020	1,000		1,000
2.193% notes due 2019	750		—
0.889% notes due 2016	750		750
Floating rate notes due 2016 (0.332%)¹	700		—
Floating rate notes due 2017 (0.402%)¹	650		—
Floating rate notes due 2019 (0.642%)¹	400		—
Floating rate notes due 2021 (0.762%)¹	400		—
8.625% debentures due 2032	147		147
8.625% debentures due 2031	107		107
8.0% debentures due 2032	74		74
9.75% debentures due 2020	54		54
8.875% debentures due 2021	40		40
Medium-term notes, maturing from 2021 to 2038 (5.83%)²	38		38
Total including debt due within one year	15,960		11,960
Debt due within one year	—		—
Reclassified from short-term debt	8,000		8,000
Total long-term debt	$	23,960	$	19,960


¹	Interest rate at December 31, 2014.


²	Weighted-average interest rate at December 31, 2014.

Chevron has an automatic shelf registration statement that expires in 2015. This registration statement is for an unspecified amount of nonconvertible debt securities issued or guaranteed by the company.

Long-term debt of $15,960 matures as follows: 2015 – $0; 2016 – $1,450; 2017 – $3,750; 2018 – $2,000; 2019 – $2,650; and after 2019 – $6,110.

In November 2014, $4,000 of Chevron Corporation bonds were issued.

See Note 9, beginning on page FS-34, for information concerning the fair value of the company’s long-term debt.

Short-Term Debt

12 Months Ended

Dec. 31, 2014

Accounting for Suspended Exploratory Wells [Abstract]

Short-Term Debt



	At December 31
	2014			2013
Commercial paper^*	$	8,506		$	5,130
Notes payable to banks and others with originating terms of one year or less	104			49
Current maturities of long-term debt	—			—
Current maturities of long-term capital leases	22			34
Redeemable long-term obligations
Long-term debt	3,152			3,152
Capital leases	6			9
Subtotal	11,790			8,374
Reclassified to long-term debt	(8,000		)	(8,000		)
Total short-term debt	$	3,790		$	374


^*	Weighted-average interest rates at December 31, 2014 and 2013, were 0.12 percent and 0.09 percent, respectively.

Redeemable long-term obligations consist primarily of tax-exempt variable-rate put bonds that are included as current liabilities because they become redeemable at the option of the bondholders during the year following the balance sheet date.

The company may periodically enter into interest rate swaps on a portion of its short-term debt. At December 31, 2014, the company had no interest rate swaps on short-term debt.

At December 31, 2014, the company had $8,000 in committed credit facilities with various major banks, expiring in December 2016, that enable the refinancing of short-term obligations on a long-term basis. These facilities support 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 facilities would be unsecured indebtedness at interest rates based on the London Interbank Offered Rate 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 these facilities at December 31, 2014.

At both December 31, 2014 and 2013, the company classified $8,000 of short-term debt as long-term. 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.

New Accounting Standards	12 Months Ended
New Accounting Standards	Dec. 31, 2014
Accounting Standards [Abstract]
New Accounting Standards	New Accounting Standards Revenue Recognition (Topic 606), Revenue from Contracts with Customers (ASU 2014-09) In May 2014, the FASB issued ASU 2014-09, which becomes effective for the company January 1, 2017. Early adoption is not permitted. The standard provides that an entity should recognize revenue to align with the transfer of promised goods or services to customers in an amount that reflects the consideration that the entity expects to be entitled to receive in exchange for those goods or services. The ASU, which replaces most existing revenue recognition guidance in U.S. GAAP, provides a five-step model for recognition of revenue, guidance on the accounting for certain costs of obtaining or fulfilling contracts with customers and specific disclosure requirements. Transition guidance permits either retrospective application or presentation of the cumulative effect at the adoption date. The company is reviewing the requirements of the ASU to determine the transition method it will apply and to update its assessments developed throughout the FASB’s deliberation period. The company is evaluating the effect of the standard on the company’s consolidated financial statements.

Accounting for Suspended Exploratory Wells

12 Months Ended

Dec. 31, 2014

Accounting for Suspended Exploratory Wells

The company continues to capitalize exploratory well costs after the completion of drilling when (a) the well has found a sufficient quantity of reserves to justify completion as a producing well, and (b) the 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, 2014:



	2014			2013			2012
Beginning balance at January 1	$	3,245		$	2,681		$	2,434
Additions to capitalized exploratory well costs pending the determination of proved reserves	1,591			885			595
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(298		)	(290		)	(244		)
Capitalized exploratory well costs charged to expense	(312		)	(31		)	(49		)
Other reductions^*	(31		)	—			(55		)
Ending balance at December 31	$	4,195		$	3,245		$	2,681

^*Represents property sales.

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
	2014		2013		2012
Exploratory well costs capitalized for a period of one year or less	$	1,522	$	641	$	501
Exploratory well costs capitalized for a period greater than one year	2,673		2,604		2,180
Balance at December 31	$	4,195	$	3,245	$	2,681
Number of projects with exploratory well costs that have been capitalized for a period greater than one year^*	51		51		46

^*Certain projects have multiple wells or fields or both.

Of the $2,673 of exploratory well costs capitalized for more than one year at December 31, 2014, $1,460 (21 projects) is related to projects that had drilling activities under way or firmly planned for the near future. The $1,213 balance is related to 30 projects in areas requiring a major capital expenditure before production could begin and for which additional drilling efforts were not under way or firmly planned for the near future. Additional drilling was not deemed necessary because the presence of hydrocarbons had already been established, and other activities were in process to enable a future decision on project development.

The projects for the $1,213 referenced above had the following activities associated with assessing the reserves and the projects’ economic viability: (a) $289 (six projects) – undergoing front-end engineering and design with final investment decision expected within two years; (b) $213 (three projects) – development concept under review by government; (c) $600 (10 projects) – development alternatives under review; (d) $111 (11 projects) – miscellaneous activities for projects with smaller amounts suspended. While progress was being made on all 51 projects, the decision on the recognition of proved reserves under SEC rules in some cases may not occur for several years because of the complexity, scale and negotiations associated with the projects. Approximately half of these decisions are expected to occur in the next five years.

The $2,673 of suspended well costs capitalized for a period greater than one year as of December 31, 2014, represents 209 exploratory wells in 51 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
1997–2003	$	204	38
2004–2008	459		45
2009–2013	2,010		126
Total	$	2,673	209

Aging based on drilling completion date of last suspended well in project:	Amount		Number of projects
1999	$	8	1
2003–2009	521		11
2010–2014	2,144		39
Total	$	2,673	51

Stock Options and Other Share-Based Compensation

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Options and Other Share-Based Compensation

Compensation expense for stock options for 2014, 2013 and 2012 was $287 ($186 after tax), $292 ($190 after tax) and $283 ($184 after tax), respectively. In addition, compensation expense for stock appreciation rights, restricted stock, performance units and restricted stock units was $71 ($46 after tax), $223 ($145 after tax) and $177 ($115 after tax) for 2014, 2013 and 2012, respectively. No significant stock-based compensation cost was capitalized at December 31, 2014, or December 31, 2013.

Cash received in payment for option exercises under all share-based payment arrangements for 2014, 2013 and 2012 was $527, $553 and $753, respectively. Actual tax benefits realized for the tax deductions from option exercises were $54, $73 and $101 for 2014, 2013 and 2012, respectively.

Cash paid to settle performance units and stock appreciation rights was $204, $186 and $123 for 2014, 2013 and 2012, respectively.

Chevron Long-Term Incentive Plan (LTIP) Awards under the LTIP may take the form of, but are not limited to, stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and nonstock grants. From April 2004 through May 2023, no more than 260 million shares may be issued under the LTIP. For awards issued on or after May 29, 2013, no more than 50 million of those shares may be in a form other than a stock option, stock appreciation right or award requiring full payment for shares by the award recipient. For the major types of awards outstanding as of December 31, 2014, the contractual terms vary between three years for the performance units and 10 years for the stock options and stock appreciation rights.

Unocal Share-Based Plans (Unocal Plans) When Chevron acquired Unocal in August 2005, outstanding stock options and stock appreciation rights granted under various Unocal Plans were exchanged for fully vested Chevron options and appreciation rights. These awards retained the same provisions as the original Unocal Plans. Unexercised awards began expiring in early 2010 and will continue to expire through early 2015.

The fair market values of stock options and stock appreciation rights granted in 2014, 2013 and 2012 were measured on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions:



	Year ended December 31
	2014			2013			2012
Expected term in years¹	6.0			6.0			6.0
Volatility²	30.3		%	31.3		%	31.7		%
Risk-free interest rate based on zero coupon U.S. treasury note	1.9		%	1.2		%	1.1		%
Dividend yield	3.3		%	3.3		%	3.2		%
Weighted-average fair value per option granted	$	25.86		$	24.48		$	23.35

¹Expected term is based on historical exercise and postvesting cancellation data.

²Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term.

A summary of option activity during 2014 is presented below:



	Shares (Thousands)		Weighted-Average Exercise Price			Averaged Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2014	75,626			$	88.44
Granted	11,380			$	116.00
Exercised	(7,464	)		$	72.71
Forfeited	(1,201	)		$	111.73
Outstanding at December 31, 2014	78,341			$	93.59	5.84		$	1,548
Exercisable at December 31, 2014	56,943			$	85.60	4.87		$	1,533

The total intrinsic value (i.e., the difference between the exercise price and the market price) of options exercised during 2014, 2013 and 2012 was $398, $445 and $580, respectively. During this period, the company continued its practice of issuing treasury shares upon exercise of these awards.

As of December 31, 2014, there was $226 of total unrecognized before-tax compensation cost related to nonvested share-based compensation arrangements granted under the plans. That cost is expected to be recognized over a weighted-average period of 1.7 years.

At January 1, 2014, the number of LTIP performance units outstanding was equivalent to 2,531,270 shares. During 2014, 772,800 units were granted, 967,234 units vested with cash proceeds distributed to recipients and 70,884 units were forfeited. At December 31, 2014, units outstanding were 2,265,952. The fair value of the liability recorded for these instruments was $212, and was measured using the Monte Carlo simulation method. In addition, outstanding stock appreciation rights and other awards that were granted under various LTIP and former Unocal programs totaled approximately 3.3 million equivalent shares as of December 31, 2014. A liability of $78 was recorded for these awards.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

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 (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and retirees share the costs. Medical coverage for Medicare-eligible retirees in the company’s main U.S. medical plan is secondary to Medicare (including Part D) and the increase to the company contribution for retiree medical coverage is limited to no more than 4 percent each year. Certain life insurance benefits are paid by the company.

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 other postretirement benefit plans for 2014 and 2013 follows:



	Pension Benefits
	2014						2013						Other Benefits
	U.S.			Int’l.			U.S.			Int’l.			2014			2013
Change in Benefit Obligation
Benefit obligation at January 1	$	12,080		$	6,095		$	13,654		$	6,287		$	3,138		$	3,787
Service cost	450			190			495			197			50			66
Interest cost	494			340			471			314			148			149
Plan participants’ contributions	—			8			—			8			150			154
Plan amendments	—			3			(78		)	18			2			—
Actuarial (gain) loss	2,299			336			(1,398		)	(206		)	544			(636		)
Foreign currency exchange rate changes	—			(348		)	—			(187		)	(22		)	(23		)
Benefits paid	(1,073		)	(293		)	(1,064		)	(336		)	(350		)	(359		)
Divestitures	—			(564		)	—			—			—			—
Benefit obligation at December 31	14,250			5,767			12,080			6,095			3,660			3,138
Change in Plan Assets
Fair value of plan assets at January 1	11,210			4,543			9,909			4,125			—			—
Actual return on plan assets	854			571			1,546			375			—			—
Foreign currency exchange rate changes	—			(279		)	—			(21		)	—			—
Employer contributions	99			276			819			392			200			205
Plan participants’ contributions	—			8			—			8			150			154
Benefits paid	(1,073		)	(293		)	(1,064		)	(336		)	(350		)	(359		)
Divestitures	—			(582		)	—			—			—			—
Fair value of plan assets at December 31	11,090			4,244			11,210			4,543			—			—
Funded Status at December 31	$	(3,160	)	$	(1,523	)	$	(870	)	$	(1,552	)	$	(3,660	)	$	(3,138	)

Amounts recognized on the Consolidated Balance Sheet for the company’s pension and other postretirement benefit plans at December 31, 2014 and 2013, include:



	Pension Benefits
	2014						2013						Other Benefits
	U.S.			Int’l.			U.S.			Int’l.			2014			2013
Deferred charges and other assets	$	13		$	244		$	394		$	128		$	—		$	—
Accrued liabilities	(123		)	(68		)	(76		)	(81		)	(198		)	(215		)
Noncurrent employee benefit plans	(3,050		)	(1,699		)	(1,188		)	(1,599		)	(3,462		)	(2,923		)
Net amount recognized at December 31	$	(3,160	)	$	(1,523	)	$	(870	)	$	(1,552	)	$	(3,660	)	$	(3,138	)

Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB plans were $7,417 and $5,464 at the end of 2014 and 2013, respectively. These amounts consisted of:



	Pension Benefits
	2014					2013					Other Benefits
	U.S.			Int’l.		U.S.			Int’l.		2014		2013
Net actuarial loss	$	4,972		$	1,487	$	3,185		$	1,808	$	763	$	256
Prior service (credit) costs	(13		)	150		(22		)	167		58		70
Total recognized at December 31	$	4,959		$	1,637	$	3,163		$	1,975	$	821	$	326

The accumulated benefit obligations for all U.S. and international pension plans were $12,833 and $4,995, respectively, at December 31, 2014, and $10,876 and $5,108, respectively, at December 31, 2013.

Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2014 and 2013, was:



	Pension Benefits
	2014				2013
	U.S.		Int’l.		U.S.		Int’l.
Projected benefit obligations	$	14,182	$	1,938	$	1,267	$	1,692
Accumulated benefit obligations	12,765		1,525		1,155		1,240
Fair value of plan assets	11,009		262		4		203

The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2014, 2013 and 2012 are shown in the table below:



	Pension Benefits
	2014						2013						2012						Other Benefits
	U.S.			Int’l.			U.S.			Int’l.			U.S.			Int’l.			2014			2013			2012
Net Periodic Benefit Cost
Service cost	$	450		$	190		$	495		$	197		$	452		$	181		$	50		$	66		$	61
Interest cost	494			340			471			314			435			320			148			149			153
Expected return on plan assets	(788		)	(298		)	(701		)	(274		)	(634		)	(269		)	—			—			—
Amortization of prior service costs (credits)	(9		)	21			2			21			(7		)	18			14			(50		)	(72		)
Recognized actuarial losses	209			96			485			143			470			136			7			53			56
Settlement losses	237			208			173			12			220			5			—			—			(26		)
Curtailment losses (gains)	—			—			—			—			—			—			—			—			—
Total net periodic benefit cost	593			557			925			413			936			391			219			218			172
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	2,233			(17		)	(2,244		)	(476		)	805			330			514			(659		)	45
Amortization of actuarial loss	(446		)	(304		)	(658		)	(155		)	(700		)	(141		)	(7		)	(53		)	(79		)
Prior service (credits) costs during period	—			4			(78		)	18			94			37			2			—			11
Amortization of prior service (costs) credits	9			(21		)	(2		)	(21		)	7			(18		)	(14		)	50			72
Total changes recognized in other comprehensive income	1,796			(338		)	(2,982		)	(634		)	206			208			495			(662		)	49
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	2,389		$	219		$	(2,057	)	$	(221	)	$	1,142		$	599		$	714		$	(444	)	$	221

Net actuarial losses recorded in “Accumulated other comprehensive loss” at December 31, 2014, for the company’s U.S. pension, international pension and OPEB plans are being amortized on a straight-line basis over approximately 10, 12 and 15 years, respectively. These amortization periods represent the estimated average remaining service of employees expected to receive benefits under the plans. These losses are amortized to the extent they exceed 10 percent of the higher of the projected benefit obligation or market-related value of plan assets. The amount subject to amortization is determined on a plan-by-plan basis. During 2015, the company estimates actuarial losses of $356, $81 and $34 will be amortized from “Accumulated other comprehensive loss” for U.S. pension, international pension and OPEB plans, respectively. In addition, the company estimates an additional $216 will be recognized from “Accumulated other comprehensive loss” during 2015 related to lump-sum settlement costs from U.S. pension plans.

The weighted average amortization period for recognizing prior service costs (credits) recorded in “Accumulated other comprehensive loss” at December 31, 2014, was approximately 5 and 9 years for U.S. and international pension plans, respectively, and 7 years for other postretirement benefit plans. During 2015, the company estimates prior service (credits) costs of $(9), $22 and $14 will be amortized from “Accumulated other comprehensive loss” for U.S. pension, international pension and OPEB plans, respectively.

Assumptions The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31:



	Pension Benefits
	2014				2013				2012						Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		U.S.		Int’l.		2014		2013		2012
Assumptions used to determine benefit obligations:
Discount rate	3.7	%	5.0	%	4.3	%	5.8	%	3.6	%	5.2	%	4.3	%	4.9	%	4.1	%
Rate of compensation increase	4.5	%	5.1	%	4.5	%	5.5	%	4.5	%	5.5	%	N/A		N/A		N/A
Assumptions used to determine net periodic benefit cost:
Discount rate	4.3	%	5.8	%	3.6	%	5.2	%	3.8	%	5.9	%	4.9	%	4.1	%	4.2	%
Expected return on plan assets	7.5	%	6.6	%	7.5	%	6.8	%	7.5	%	7.5	%	N/A		N/A		N/A
Rate of compensation increase	4.5	%	5.5	%	4.5	%	5.5	%	4.5	%	5.7	%	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 2014, the company used an expected long-term rate of return of 7.5 percent for U.S. pension plan assets, which account for 72 percent of the company’s pension plan assets. In both 2013 and 2012, the company used a long-term rate of return of 7.5 for this plan.

The market-related value of assets of the major 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 measurement date. Management considers the three-month time period long enough to minimize the effects of distortions from day-to-day market volatility and still be contemporaneous to the end of the year. For other plans, market value of assets as of year-end is used in calculating the pension expense.

Discount Rate The discount rate assumptions used to determine the U.S. and international pension and postretirement benefit plan obligations and expense reflect the rate at which benefits could be effectively settled, and is 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. At December 31, 2014, the company used a 3.7 percent discount rate for the U.S. pension plans and 4.1 percent for the main U.S. OPEB plan. The discount rates for these plans at the end of 2013 were 4.3 and 4.7 percent, respectively, while in 2012 they were 3.6 and 3.9 percent for these plans, respectively.

Other Benefit Assumptions For the measurement of accumulated postretirement benefit obligation at December 31, 2014, for the main U.S. postretirement medical plan, the assumed health care cost-trend rates start with 7.0 percent in 2015 and gradually decline to 4.5 percent for 2025 and beyond. For this measurement at December 31, 2013, the assumed health care cost-trend rates started with 7.3 percent in 2014 and gradually declined to 4.5 percent for 2025 and beyond. In both measurements, the annual increase to company contributions was capped at 4 percent.

Assumed health care cost-trend rates can have a significant effect on the amounts reported for retiree health care costs. The impact is mitigated by the 4 percent cap on the company’s medical contributions for the primary U.S. plan. A 1-percentage-point change in the assumed health care cost-trend rates would have the following effects on worldwide plans:



	1 Percent Increase		1 Percent Decrease
Effect on total service and interest cost components	$	13	$	(10	)
Effect on postretirement benefit obligation	$	226	$	(187	)

Plan Assets and Investment Strategy The fair value hierarchy of inputs the company uses to value the pension assets is divided into three levels:

Level 1: Fair values of these assets are measured using unadjusted quoted prices for the assets or the prices of identical assets in active markets that the plans have the ability to access.

Level 2: Fair values of these assets are measured based on quoted prices for similar assets in active markets; quoted prices for identical or similar assets in inactive markets; inputs other than quoted prices that are observable for the asset; and inputs that are derived principally from, or corroborated by, observable market data through correlation or other means. If the asset has a contractual term, the Level 2 input is observable for substantially the full term of the asset. The fair values for Level 2 assets are generally obtained from third-party broker quotes, independent pricing services and exchanges.

Level 3: Inputs to the fair value measurement are unobservable for these assets. Valuation may be performed using a financial model incorporating estimated inputs.



	U.S.									Int’l.
	Total Fair Value		Level 1			Level 2		Level 3		Total Fair Value		Level 1			Level 2		Level 3
At December 31, 2013
Equities
U.S.¹	$	2,298	$	2,298		$	—	$	—	$	409	$	409		$	—	$	—
International	1,501		1,501			—		—		533		533			—		—
Collective Trusts/Mutual Funds²	2,977		26			2,951		—		1,066		211			855		—
Fixed Income
Government	81		52			29		—		726		46			680		—
Corporate	1,275		—			1,275		—		545		23			499		23
Mortgage-Backed Securities	1		—			1		—		4		—			2		2
Other Asset Backed	—		—			—		—		—		—			—		—
Collective Trusts/Mutual Funds²	1,357		—			1,357		—		647		27			620		—
Mixed Funds³	—		—			—		—		120		5			115		—
Real Estate⁴	1,265		—			—		1,265		294		—			—		294
Cash and Cash Equivalents	385		385			—		—		173		173			—		—
Other⁵	70		(2		)	18		54		26		(2		)	25		3
Total at December 31, 2013	$	11,210	$	4,260		$	5,631	$	1,319	$	4,543	$	1,425		$	2,796	$	322
At December 31, 2014
Equities
U.S.¹	$	2,087	$	2,087		$	—	$	—	$	241	$	241		$	—	$	—
International	1,297		1,297			—		—		313		313			—		—
Collective Trusts/Mutual Funds²	3,240		22			3,218		—		979		173			806		—
Fixed Income
Government	84		47			37		—		1,066		53			1,013		—
Corporate	1,502		—			1,502		—		585		26			537		22
Mortgage-Backed Securities	1		—			1		—		1		—			1		—
Other Asset Backed	—		—			—		—		—		—			—		—
Collective Trusts/Mutual Funds²	1,174		—			1,174		—		394		16			378		—
Mixed Funds³	—		—			—		—		122		3			119		—
Real Estate⁴	1,364		—			—		1,364		329		—			—		329
Cash and Cash Equivalents	270		270			—		—		190		189			1		—
Other⁵	71		(3		)	20		54		24		—			21		3
Total at December 31, 2014	$	11,090	$	3,720		$	5,952	$	1,418	$	4,244	$	1,014		$	2,876	$	354


¹	U.S. equities include investments in the company’s common stock in the amount of $24 at December 31, 2014, and $28 at December 31, 2013.


²	Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly index funds. For these index funds, the Level 2 designation is partially based on the restriction that advance notification of redemptions, typically two business days, is required.


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 valuations of the U.S. real estate assets are based on internal appraisals by the real estate managers, which are updates of third-party appraisals that occur at least once a year for each property in the portfolio.


⁵	The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts and investments in private-equity limited partnerships (Level 3).



	Fixed Income
	Corporate			Mortgage-Backed Securities			Real Estate			Other		Total
Total at December 31, 2012	$	31		$	2		$	1,290		$	57	$	1,380
Actual Return on Plan Assets:
Assets held at the reporting date	(9		)	—			90			—		81
Assets sold during the period	—			—			3			—		3
Purchases, Sales and Settlements	1			—			176			—		177
Transfers in and/or out of Level 3	—			—			—			—		—
Total at December 31, 2013	$	23		$	2		$	1,559		$	57	$	1,641
Actual Return on Plan Assets:
Assets held at the reporting date	—			—			115			—		115
Assets sold during the period	—			—			20			—		20
Purchases, Sales and Settlements	(1		)	(2		)	(1		)	—		(4		)
Transfers in and/or out of Level 3	—			—			—			—		—
Total at December 31, 2014	$	22		$	—		$	1,693		$	57	$	1,772

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 91 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 Benefit Plan Investment Committee has established the following approved asset allocation ranges: Equities 40–70 percent, Fixed Income and Cash 20–60 percent, Real Estate 0–15 percent, and Other 0–5 percent. For the U.K. pension plan, the U.K. Board of Trustees has established the following asset allocation guidelines, which are reviewed regularly: Equities 30-50 percent, Fixed Income and Cash 35–65 percent and Real Estate 5-15 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 current economic and market conditions and consideration of specific asset class risk. 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 2014, the company contributed $99 and $293 to its U.S. and international pension plans, respectively. In 2015, the company expects contributions to be approximately $350 to its U.S. plan and $250 to its international pension plans. Actual contribution amounts are dependent upon investment returns, changes in pension obligations, regulatory environments 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 other postretirement benefits of approximately $198 in 2015; $200 was paid in 2014.

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
2015	$	1,398	$	225	$	198
2016	$	1,346	$	315	$	203
2017	$	1,347	$	322	$	207
2018	$	1,340	$	355	$	212
2019	$	1,319	$	374	$	216
2020-2024	$	5,966	$	2,004	$	1,113

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 $316, $163 and $243 in 2014, 2013 and 2012, respectively. The amounts for ESIP expense in 2013 and 2012 are net of $140 and $43, respectively, which reflect the value of common stock released from the former leveraged employee stock ownership plan (LESOP). LESOP debt was retired in 2013, and all remaining shares were released.

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 2014, the trust contained 14.2 million shares of Chevron treasury stock. The trust will sell the shares or use the dividends from the shares to pay benefits only to the extent that the company does not pay such benefits. The company intends to continue to pay its obligations under the benefit plans. The trustee will vote the shares held in the trust as instructed by the trust’s beneficiaries. The shares held in the trust are not considered outstanding for earnings-per-share purposes until distributed or sold by the trust in payment of benefit obligations.

Prior to its acquisition by Chevron, Unocal established various grantor trusts to fund obligations under some of its benefit plans, including the deferred compensation and supplemental retirement plans. At December 31, 2014 and 2013, trust assets of $38 and $40, respectively, were invested primarily in interest-earning accounts.

Employee Incentive Plans The Chevron Incentive Plan is an annual cash bonus plan for eligible employees that links awards to corporate, business unit and individual performance in the prior year. Charges to expense for cash bonuses were $965, $871 and $898 in 2014, 2013 and 2012, 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 21, beginning on page FS-50.

Other Contingencies and Commitments	12 Months Ended
Other Contingencies and Commitments	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Other Contingencies and Commitments	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 16, beginning on page FS-45, 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 provision has been made for income and franchise taxes for all years under examination or subject to future examination. Guarantees The company’s guarantee of $485 is associated with certain payments under a terminal use agreement entered into by an equity affiliate. Over the approximate 13-year remaining term of the guarantee, the maximum guarantee amount will be reduced as certain fees are paid by the affiliate. There are numerous cross-indemnity agreements with the affiliate and the other partners to permit recovery of amounts paid under the guarantee. Chevron has recorded no liability for its obligation under this guarantee. Indemnifications In the acquisition of Unocal, the company assumed certain indemnities relating to contingent environmental liabilities associated with assets that were sold in 1997. The acquirer of those assets shared in certain environmental remediation costs up to a maximum obligation of $200, which had been reached at December 31, 2009. Under the indemnification agreement, after reaching the $200 obligation, Chevron is solely responsible until April 2022, when the indemnification expires. The environmental conditions or events that are subject to these indemnities must have arisen prior to the sale of the assets in 1997. Although the company has provided for known obligations under this indemnity that are probable and reasonably estimable, the amount of additional future costs may be material to results of operations in the period in which they are recognized. The company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional purchase obligations and commitments, including throughput and take-or-pay agreements, some of which relate to suppliers’ financing arrangements. The agreements typically provide goods and services, such as pipeline and storage capacity, drilling rigs, utilities, and petroleum products, to be used or sold in the ordinary course of the company’s business. The aggregate approximate amounts of required payments under these various commitments are: 2015 – $3,600; 2016 – $3,000; 2017 – $2,300; 2018 – $2,100; 2019 – $1,600; 2020 and after – $4,500. A portion of these commitments may ultimately be shared with project partners. Total payments under the agreements were approximately $3,700 in 2014, $3,600 in 2013 and $3,600 in 2012. 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, including MTBE, by the company or other parties. Such contingencies may exist for various sites, including, but not limited to, federal Superfund sites and analogous sites under state laws, refineries, crude oil fields, service stations, terminals, land development areas, and mining operations, whether operating, closed or divested. These 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. Although the company has provided for known environmental obligations that are probable and reasonably estimable, the amount of additional future costs may be material to results of operations in the period in which they are recognized. The company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Also, the company does not believe its obligations to make such expenditures have had, or will have, any significant impact on the company’s competitive position relative to other U.S. or international petroleum or chemical companies. Chevron’s environmental reserve as of December 31, 2014, was $1,683. Included in this balance were remediation activities at approximately 164 sites for which the company had been identified as a potentially responsible party or otherwise involved in the remediation by the U.S. Environmental Protection Agency (EPA) or other regulatory agencies under the provisions of the federal Superfund law or analogous state laws. The company’s remediation reserve for these sites at year-end 2014 was $456. The federal Superfund law and analogous state laws provide for joint and several liability for all responsible parties. Any future actions by the EPA or other regulatory agencies to require Chevron to assume other potentially responsible parties’ costs at designated hazardous waste sites are not expected to have a material effect on the company’s results of operations, consolidated financial position or liquidity. Of the remaining year-end 2014 environmental reserves balance of $1,227, $868 related to the company’s U.S. downstream operations, including refineries and other plants, marketing locations (i.e., service stations and terminals), chemical facilities, and pipelines. The remaining $359 was associated with various sites in international downstream $79, upstream $275 and other businesses $5. Liabilities at all sites, whether operating, closed or divested, were primarily associated with the company’s plans and activities to remediate soil or groundwater contamination or both. These and other activities include one or more of the following: site assessment; soil excavation; offsite disposal of contaminants; onsite containment, remediation and/or extraction of petroleum hydrocarbon liquid and vapor from soil; groundwater extraction and treatment; and monitoring of the natural attenuation of the contaminants. The company manages environmental liabilities under specific sets of regulatory requirements, which in the United States include the Resource Conservation and Recovery Act and various state and local regulations. No single remediation site at year-end 2014 had a recorded liability that was material to the company’s results of operations, consolidated financial position or liquidity. It is likely that the company will continue to incur additional liabilities, beyond those recorded, for environmental remediation relating to past operations. These 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. Refer to Note 24 for a discussion of the company’s asset retirement obligations. Other Contingencies On April 26, 2010, a California appeals court issued a ruling related to the adequacy of an Environmental Impact Report (EIR) supporting the issuance of certain permits by the city of Richmond, California, to replace and upgrade certain facilities at Chevron's refinery in Richmond. Settlement discussions with plaintiffs in the case ended late fourth quarter 2010, and on March 3, 2011, the trial court entered a final judgment and peremptory writ ordering the City to set aside the project EIR and conditional use permits and enjoining Chevron from any further work. On May 23, 2011, the company filed an application with the City Planning Department for a conditional use permit for a revised project to complete construction of the hydrogen plant, certain sulfur removal facilities and related infrastructure. On June 10, 2011, the City published its Notice of Preparation of the revised EIR for the project, and on March 18, 2014, the revised draft EIR was published for public comment. The public comment period closed in May 2014, the final EIR was released on June 9, 2014, and on July 29, 2014, the Richmond City Council certified the EIR and approved a conditional use permit. The company is now seeking to secure the further necessary approvals to resume construction. Although the City Council has certified the EIR, management believes the outcomes associated with the project are uncertain. Due to the uncertainty of the company's future course of action, or potential outcomes of any action or combination of actions, management does not believe an estimate of the financial effects, if any, can be made at this time. Chevron receives claims from and submits claims to customers; trading partners; U.S. federal, state and local regulatory bodies; governments; contractors; insurers; and suppliers. The amounts of these claims, individually and in the aggregate, may be significant and take lengthy periods to resolve. The company and its affiliates also continue to review and analyze their operations and may close, abandon, 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 gains or losses in future periods.

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2014

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

The company records the fair value of a liability for an asset retirement obligation (ARO) as an asset and 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 asset retirement obligations in 2014, 2013 and 2012:



	2014			2013			2012
Balance at January 1	$	14,298		$	13,271		$	12,767
Liabilities incurred	133			59			133
Liabilities settled	(1,291		)	(907		)	(966		)
Accretion expense	882			627			629
Revisions in estimated cash flows	1,031			1,248			708
Balance at December 31	$	15,053		$	14,298		$	13,271

In the table above, the amounts associated with "Revisions in estimated cash flows" generally reflect increasing costs for complex well abandonments and accelerated timing of abandonment. The long-term portion of the $15,053 balance at the end of 2014 was $14,246.

Other Financial Information

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Financial Information

Earnings in 2014 included after-tax gains of approximately $3,000 relating to the sale of nonstrategic properties. Of this amount, approximately $1,800, $1,000 and $200 related to upstream, downstream, and other assets, respectively. Earnings in 2013 included after-tax gains of approximately $500 relating to the sale of nonstrategic properties. Of this amount, approximately $300 and $200 related to downstream and upstream assets, respectively. Earnings in 2014 included after-tax charges of approximately $1,000 for impairments and other asset write-offs, of which $800 was related to upstream and $200 to a mining asset. Earnings in 2013 included after-tax charges of approximately $400 for impairments and other asset write-offs, of which $300 was related to upstream and $100 to other assets and investments.

Other financial information is as follows:



	Year ended December 31
	2014		2013		2012
Total financing interest and debt costs	$	358	$	284	$	242
Less: Capitalized interest	358		284		242
Interest and debt expense	$	—	$	—	$	—
Research and development expenses	$	707	$	750	$	648
Excess of replacement cost over the carrying value of inventories (LIFO method)	8,135		9,150		9,292
LIFO profits on inventory drawdowns included in earnings	13		14		121
Foreign currency effects*	$	487	$	474	$	(454	)

^*Includes $118, $244 and $(202) in 2014, 2013 and 2012, respectively, for the company’s share of equity affiliates’ foreign currency effects.

The company has $4,593 in goodwill on the Consolidated Balance Sheet related to the 2005 acquisition of Unocal and to the 2011 acquisition of Atlas Energy, Inc. The company tested this goodwill for impairment during 2014 and concluded no impairment was necessary.

Schedule II - Valuation And Qualifying Accounts

12 Months Ended

Dec. 31, 2014

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation And Qualifying Accounts

Schedule II — Valuation And Qualifying Accounts



	Year ended December 31
Millions of Dollars	2014			2013			2012
Employee Termination Benefits
Balance at January 1	$	14		$	30		$	63
Additions (reductions) charged to expense	53			(6		)	3
Payments	(18		)	(10		)	(36		)
Balance at December 31	$	49		$	14		$	30
Allowance for Doubtful Accounts
Balance at January 1	$	95		$	155		$	167
Additions (reductions) to expense	119			1			(4		)
Bad debt write-offs	(20		)	(61		)	(8		)
Balance at December 31	$	194		$	95		$	155
Deferred Income Tax Valuation Allowance^*
Balance at January 1	$	17,171		$	15,443		$	11,096
Additions to deferred income tax expense	1,192			2,665			5,471
Reduction of deferred income tax expense	(2,071		)	(937		)	(1,124		)
Balance at December 31	$	16,292		$	17,171		$	15,443

^*See also Note 16 to the Consolidated Financial Statements, beginning on page FS-45.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2014
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 future confirming events occur.
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. As part of that accounting, the company recognizes gains and losses that arise from the issuance of stock by an affiliate that results in changes in the company’s proportionate share of the dollar amount of the affiliate’s equity currently in income. 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.
Derivatives	Derivatives The majority of the company’s activity in derivative commodity instruments is intended to manage the financial risk posed by physical transactions. For some of this derivative activity, generally limited to large, discrete or infrequently occurring transactions, the company may elect to apply fair value or cash flow hedge accounting. For other similar derivative instruments, generally because of the short-term nature of the contracts or their limited use, the company does not apply hedge accounting, and changes in the fair value of those contracts are reflected in current income. For the company’s commodity trading activity, gains and losses from derivative instruments are reported in current income. The company may enter into interest rate swaps from time to time as part of its overall strategy to manage the interest rate risk on its debt. Interest rate swaps related to a portion of the company’s fixed-rate debt, if any, may be accounted for as fair value hedges. Interest rate swaps related to floating-rate debt, if any, are recorded at fair value on the balance sheet with resulting gains and losses reflected in income. Where Chevron is a party to master netting arrangements, fair value receivable and payable amounts recognized for derivative instruments executed with the same counterparty are generally offset on the balance sheet.
Short-Term Investments	Short-Term Investments All short-term investments are classified as available for sale and are in highly liquid debt securities. Those investments that are part of the company’s cash management portfolio and have original maturities of three months or less are reported as “Cash equivalents.” Bank time deposits with maturities greater than 90 days are reported as “Time deposits.” The balance of short-term investments is reported as “Marketable securities” and is marked-to-market, with any unrealized gains or losses included in “Other comprehensive income.”
Inventories	Inventories Crude oil, petroleum products and chemicals inventories are generally stated at cost, using a last-in, first-out method. In the aggregate, these costs are below market. “Materials, supplies and other” inventories generally are stated at average cost.
Properties, Plant and Equipment	Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation (ARO) assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. Refer to Note 20, beginning on page FS-49, 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 before-tax 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), 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 before-tax cash flows. For proved crude oil and natural gas properties in the United States, the company generally performs an impairment review on an individual field basis. Outside the United States, reviews are performed on a country, concession, 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, beginning on page FS-34, 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 24, on page FS-59, 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 method, generally by individual field, as the proved developed reserves are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. Periodic valuation provisions for impairment of capitalized costs of unproved mineral interests are expensed. 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 all capitalized leased assets. 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.
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 on an annual basis and between annual tests 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 the company’s U.S. and Canadian marketing facilities, the accrual is based in part on the probability that a future remediation commitment will be required. 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 24, on page FS-59, for a discussion of the company’s AROs. For 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 Revenues associated with sales of crude oil, natural gas, petroleum and chemicals products, and all other sources are recorded when title passes to the customer, net of royalties, discounts and allowances, as applicable. Revenues from natural gas production from properties in which Chevron has an interest with other producers are generally recognized using the entitlement method. Excise, value-added and similar taxes assessed by a governmental authority on a revenue-producing transaction between a seller and a customer are presented on a gross basis. The associated amounts are shown as a footnote to the Consolidated Statement of Income, on page FS-23. 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.
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, 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 an employee becomes eligible to retain the award at retirement. Stock options and stock appreciation rights granted under the company’s Long-Term Incentive Plan have graded vesting provisions by which one-third of each award vests on the first, second and third anniversaries of the date of grant. The company amortizes these graded awards on a straight-line basis.
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. The term “earnings” is defined as “Net Income Attributable to Chevron Corporation.”
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: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract. Level 3: Unobservable inputs. The company does not use Level 3 inputs for any of its recurring fair value measurements. Level 3 inputs may be required for the determination of fair value associated with certain nonrecurring measurements of nonfinancial assets and liabilities. The tables on the next page show the fair value hierarchy for assets and liabilities measured at fair value on a recurring and nonrecurring basis at December 31, 2014, and December 31, 2013.
Segment Reporting	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 and producing 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; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil and refined products; 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 mining activities, power and energy services, worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies.
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.
Accounting for Suspended Exploratory Wells	Accounting for Suspended Exploratory Wells The company continues to capitalize exploratory well costs after the completion of drilling when (a) the well has found a sufficient quantity of reserves to justify completion as a producing well, and (b) the 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.

Changes in Accumulated Other Comprehensive Losses (Tables)

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)



	Year Ended December 31, 2014¹
	Currency Translation Adjustment			Unrealized Holding Gains (Losses) on Securities			Derivatives			Defined Benefit Plans			Total
Balance at January 1	$	(23	)	$	(6	)	$	52		$	(3,602	)	$	(3,579	)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(73		)	(2		)	(43		)	(1,689		)	(1,807		)
Reclassifications²	—			—			(11		)	538			527
Net Other Comprehensive Income (Loss)	(73		)	(2		)	(54		)	(1,151		)	(1,280		)
Balance at December 31	$	(96	)	$	(8	)	$	(2	)	$	(4,753	)	$	(4,859	)


¹	All amounts are net of tax.


²	Refer to Note 22, Employee Benefit Plans for reclassified components totaling $783 that are included in employee benefit costs for the year ending December 31, 2014. Related income taxes for the same period, totaling $245, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2014

Noncontrolling Interest [Abstract]

Activity for equity attributable to noncontrolling interests

Activity for the equity attributable to noncontrolling interests for 2014, 2013 and 2012 is as follows:



	2014			2013			2012
Balance at January 1	$	1,314		$	1,308		$	799
Net income	69			174			157
Distributions to noncontrolling interests	(47		)	(99		)	(41		)
Other changes, net	(173		)	(69		)	393
Balance at December 31	$	1,163		$	1,314		$	1,308

Information Relating to the Consolidated Statement of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2014

Supplemental Cash Flow Elements [Abstract]

Schedule of information relating to the consolidated statement of cash flows



	Year ended December 31
	2014			2013			2012
Net (increase) decrease in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	$	4,491		$	(1,101	)	$	1,153
Increase in inventories	(146		)	(237		)	(233		)
(Increase) decrease in prepaid expenses and other current assets	(407		)	834			(471		)
(Decrease) increase in accounts payable and accrued liabilities	(3,737		)	160			544
Decrease in income and other taxes payable	(741		)	(987		)	(630		)
Net (increase) decrease in operating working capital	$	(540	)	$	(1,331	)	$	363
Net cash provided by operating activities includes the following cash payments for income taxes:
Income taxes	$	10,562		$	12,898		$	17,334
Net (purchases) sales of marketable securities consisted of the following gross amounts:
Marketable securities purchased	$	(162	)	$	(7	)	$	(35	)
Marketable securities sold	14			10			32
Net (purchases) sales of marketable securities	$	(148	)	$	3		$	(3	)
Net sales of time deposits consisted of the following gross amounts:
Time deposits purchased	$	(317	)	$	(2,317	)	$	(717	)
Time deposits matured	317			3,017			3,967
Net sales of time deposits	$	—		$	700		$	3,250

Capital expenditures



	Year ended December 31
	2014			2013			2012
Additions to properties, plant and equipment ^*	$	34,393		$	36,550		$	29,526
Additions to investments	526			934			1,042
Current-year dry hole expenditures	504			594			475
Payments for other liabilities and assets, net	(16		)	(93		)	(105		)
Capital expenditures	35,407			37,985			30,938
Expensed exploration expenditures	1,110			1,178			1,173
Assets acquired through capital lease obligations and other financing obligations	332			16			1
Capital and exploratory expenditures, excluding equity affiliates	36,849			39,179			32,112
Company's share of expenditures by equity affiliates	3,467			2,698			2,117
Capital and exploratory expenditures, including equity affiliates	$	40,316		$	41,877		$	34,229


^*	Excludes noncash additions of $2,310 in 2014, $1,661 in 2013 and $4,569 in 2012.

Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Schedule of capitalized leased assets

Details of the capitalized leased assets are as follows:



	At December 31
	2014		2013
Upstream	$	765	$	445
Downstream	97		316
All Other	—		—
Total	862		761
Less: Accumulated amortization	381		523
Net capitalized leased assets	$	481	$	238

Rental expenses incurred for operating leases

Rental expenses incurred for operating leases during 2014, 2013 and 2012 were as follows:



	Year ended December 31
	2014		2013		2012
Minimum rentals	$	1,080	$	1,049	$	973
Contingent rentals	1		1		7
Total	1,081		1,050		980
Less: Sublease rental income	14		25		32
Net rental expense	$	1,067	$	1,025	$	948

Estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases



		At December 31
		Operating Leases		Capital Leases
Year	2015	$	793	$	34
	2016	644		26
	2017	585		21
	2018	461		20
	2019	326		15
	Thereafter	689		24
Total		$	3,498	$	140
Less: Amounts representing interest and executory costs				$	(44	)
Net present values				96
Less: Capital lease obligations included in short-term debt				(28		)
Long-term capital lease obligations				$	68

Summarized Financial Data - Chevron U.S.A. Inc. (Tables)

12 Months Ended

Dec. 31, 2014

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
	2014		2013		2012
Sales and other operating revenues	$	157,198	$	174,318	$	183,215
Total costs and other deductions	153,139		169,984		175,009
Net income attributable to CUSA	3,849		3,714		6,216

Summarized Financial Data and its Subsidiary




	2014		2013
Current assets	$	13,724	$	17,626
Other assets	62,195		57,288
Current liabilities	16,191		17,486
Other liabilities	30,175		28,119
Total CUSA net equity	$	29,553	$	29,309

Memo: Total debt	$	14,473	$	14,482

Summarized Financial Data - Tengizchevroil LLP (Tables)

12 Months Ended

Dec. 31, 2014

Summarized Financial Data of Affiliate [Abstract]

Summarized Financial Data - Tengizchevroil LLP

Summarized financial information for 100 percent of TCO is presented in the table below:



	Year ended December 31
	2014		2013		2012
Sales and other operating revenues	$	22,813	$	25,239	$	23,089
Costs and other deductions	10,275		11,173		10,064
Net income attributable to TCO	8,772		9,855		9,119

Summarized Financial Data and its Affiliate



	At December 31
	2014		2013
Current assets	$	3,425	$	3,598
Other assets	14,810		12,964
Current liabilities	1,531		3,016
Other liabilities	2,375		2,761
Total TCO net equity	$	14,329	$	10,785

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis



	At December 31, 2014								At December 31, 2013
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	422	$	422	$	—	$	—	$	263	$	263	$	—	$	—
Derivatives	413		394		19		—		28		—		28		—
Total Assets at Fair Value	$	835	$	816	$	19	$	—	$	291	$	263	$	28	$	—
Derivatives	84		83		1		—		89		80		9		—
Total Liabilities at Fair Value	$	84	$	83	$	1	$	—	$	89	$	80	$	9	$	—

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
									Before-Tax Loss										Before-Tax Loss
	Total		Level 1		Level 2		Level 3		Year 2014		Total		Level 1		Level 2		Level 3		Year 2013
Properties, plant and equipment, net (held and used)	$	947	$	—	$	213	$	734	$	1,249	$	102	$	—	$	—	$	102	$	278
Properties, plant and equipment, net (held for sale)	—		—		—		—		25		69		—		69		—		104
Investments and advances	11		—		—		11		41		38		—		35		3		228
Total Nonrecurring Assets at Fair Value	$	958	$	—	$	213	$	745	$	1,315	$	209	$	—	$	104	$	105	$	610

Financial and Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2014

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 Not Designated as Hedging Instruments



				At December 31
Type of Contract	Balance Sheet Classification	2014		2013
Commodity	Accounts and notes receivable, net	$	401	$	22
Commodity	Long-term receivables, net	12		6
Total Assets at Fair Value		$	413	$	28
Commodity	Accounts payable	$	57	$	65
Commodity	Deferred credits and other noncurrent obligations	27		24
Total Liabilities at Fair Value		$	84	$	89

Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments

Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments



		Gain/(Loss)
Type of Derivative	Statement of	Year ended December 31
Contract	Income Classification	2014			2013			2012
Commodity	Sales and other operating revenues	$	553		$	(108	)	$	(49	)
Commodity	Purchased crude oil and products	(17		)	(77		)	(24		)
Commodity	Other income	(32		)	(9		)	6
		$	504		$	(194	)	$	(67	)

Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2014 and December 31, 2013.

Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities



	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
At December 31, 2014	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
Derivative Assets	$	4,004	$	3,591	$	413	$	7	$	406
Derivative Liabilities	$	3,675	$	3,591	$	84	$	—	$	84
At December 31, 2013
Derivative Assets	$	732	$	704	$	28	$	27	$	1
Derivative Liabilities	$	793	$	704	$	89	$	—	$	89

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Computation of basic and diluted EPS



	Year ended December 31
	2014		2013		2012
Basic EPS Calculation
Earnings available to common stockholders - Basic^*	$	19,241	$	21,423	$	26,179
Weighted-average number of common shares outstanding	1,883		1,916		1,950
Add: Deferred awards held as stock units	1		1		—
Total weighted-average number of common shares outstanding	1,884		1,917		1,950
Earnings per share of common stock - Basic	$	10.21	$	11.18	$	13.42
Diluted EPS Calculation
Earnings available to common stockholders - Diluted^*	$	19,241	$	21,423	$	26,179
Weighted-average number of common shares outstanding	1,883		1,916		1,950
Add: Deferred awards held as stock units	1		1		—
Add: Dilutive effect of employee stock-based awards	14		15		15
Total weighted-average number of common shares outstanding	1,898		1,932		1,965
Earnings per share of common stock - Diluted	$	10.14	$	11.09	$	13.32

^*There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.

Operating Segments and Geographic Data (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Earnings

Earnings by major operating area are presented in the following table:



	Year ended December 31
	2014			2013			2012
Segment Earnings
Upstream
United States	$	3,327		$	4,044		$	5,332
International	13,566			16,765			18,456
Total Upstream	16,893			20,809			23,788
Downstream
United States	2,637			787			2,048
International	1,699			1,450			2,251
Total Downstream	4,336			2,237			4,299
Total Segment Earnings	21,229			23,046			28,087
All Other
Interest income	77			80			83
Other	(2,065		)	(1,703		)	(1,991		)
Net Income Attributable to Chevron Corporation	$	19,241		$	21,423		$	26,179

Segment Assets

Assets at year-end 2014 and 2013 are as follows:



	At December 31
	2014		2013
Upstream
United States	$	49,205	$	45,436
International	152,736		137,096
Goodwill	4,593		4,639
Total Upstream	206,534		187,171
Downstream
United States	23,068		23,829
International	17,723		20,268
Total Downstream	40,791		44,097
Total Segment Assets	247,325		231,268
All Other
United States	6,741		7,326
International	11,960		15,159
Total All Other	18,701		22,485
Total Assets – United States	79,014		76,591
Total Assets – International	182,419		172,523
Goodwill	4,593		4,639
Total Assets	$	266,026	$	253,753

Segment Sales and Other Operating Revenues



	Year ended December 31
	2014			2013			2012
Upstream
United States	$	7,455		$	8,052		$	6,416
Intersegment	15,455			16,865			17,229
Total United States	22,910			24,917			23,645
International	23,808			17,607			19,459
Intersegment	23,107			33,034			34,094
Total International	46,915			50,641			53,553
Total Upstream^*	69,825			75,558			77,198
Downstream
United States	73,942			80,272			83,043
Excise and similar taxes	4,633			4,792			4,665
Intersegment	31			39			49
Total United States	78,606			85,103			87,757
International	86,848			105,373			113,279
Excise and similar taxes	3,553			3,699			3,346
Intersegment	8,839			859			80
Total International	99,240			109,931			116,705
Total Downstream^*	177,846			195,034			204,462
All Other
United States	252			358			378
Intersegment	1,475			1,524			1,300
Total United States	1,727			1,882			1,678
International	3			3			4
Intersegment	28			31			48
Total International	31			34			52
Total All Other	1,758			1,916			1,730
Segment Sales and Other Operating Revenues
United States	103,243			111,902			113,080
International	146,186			160,606			170,310
Total Segment Sales and Other Operating Revenues	249,429			272,508			283,390
Elimination of intersegment sales	(48,935		)	(52,352		)	(52,800		)
Total Sales and Other Operating Revenues	$	200,494		$	220,156		$	230,590


^*	Effective January 1, 2014, International Upstream prospectively includes selected amounts previously recognized in International Downstream, which are not material to the company's results of operations or financial position.

Segment income tax expense

Segment income tax expense for the years 2014, 2013 and 2012 is as follows:



	Year ended December 31
	2014			2013			2012
Upstream
United States	$	2,043		$	2,333		$	2,820
International	9,217			12,470			16,554
Total Upstream	11,260			14,803			19,374
Downstream
United States	1,302			364			1,051
International	467			389			587
Total Downstream	1,769			753			1,638
All Other	(1,137		)	(1,248		)	(1,016		)
Total Income Tax Expense	$	11,892		$	14,308		$	19,996

Investments and Advances (Tables)

12 Months Ended

Dec. 31, 2014

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



Investments and Advances					Equity in Earnings
	At December 31				Year ended December 31
	2014		2013		2014			2013			2012
Upstream
Tengizchevroil	$	7,319	$	5,875	$	4,392		$	4,957		$	4,614
Petropiar	794		858		26			339			55
Caspian Pipeline Consortium	1,487		1,298		191			113			96
Petroboscan	917		1,375		186			300			229
Angola LNG Limited	3,277		3,423		(311		)	(111		)	(106		)
Other	2,178		2,835		229			214			266
Total Upstream	15,972		15,664		4,713			5,812			5,154
Downstream
GS Caltex Corporation	2,867		2,518		420			132			249
Chevron Phillips Chemical Company LLC	5,116		4,312		1,606			1,371			1,206
Star Petroleum Refining Company Ltd.	—		—		—			—			22
Caltex Australia Ltd.	1,161		1,020		183			224			77
Other	1,048		989		180			199			196
Total Downstream	10,192		8,839		2,389			1,926			1,750
All Other
Other	171		375		(4		)	(211		)	(15		)
Total equity method	$	26,335	$	24,878	$	7,098		$	7,527		$	6,889
Other at or below cost	577		624
Total investments and advances	$	26,912	$	25,502
Total United States	$	6,787	$	6,638	$	1,623		$	1,294		$	1,268
Total International	$	20,125	$	18,864	$	5,475		$	6,233		$	5,621

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



	Affiliates						Chevron Share
Year ended December 31	2014		2013		2012		2014		2013		2012
Total revenues	$	123,003	$	131,875	$	136,065	$	58,937	$	63,101	$	65,196
Income before income tax expense	20,609		24,075		23,016		9,968		11,108		9,856
Net income attributable to affiliates	14,758		15,594		16,786		7,237		7,845		6,938
At December 31
Current assets	$	35,662	$	39,713	$	37,541	$	13,465	$	15,156	$	14,732
Noncurrent assets	70,817		68,593		66,065		26,053		25,059		23,523
Current liabilities	25,308		29,642		27,878		9,588		11,587		11,093
Noncurrent liabilities	17,983		19,442		19,366		4,211		4,559		4,879
Total affiliates’ net equity	$	63,188	$	59,222	$	56,362	$	25,719	$	24,069	$	22,283

Properties, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Properties, Plant and Equipment



	At December 31												Year ended December 31
	Gross Investment at Cost						Net Investment						Additions at Cost²						Depreciation Expense³
	2014		2013		2012		2014		2013		2012		2014		2013		2012		2014		2013		2012
Upstream
United States	$	96,850	$	89,555	$	81,908	$	45,864	$	41,831	$	37,909	$	9,688	$	8,188	$	8,211	$	5,127	$	4,412	$	3,902
International	192,637		169,623		145,799		118,926		104,100		85,318		24,920		27,383		21,343		9,688		8,336		8,015
Total Upstream	289,487		259,178		227,707		164,790		145,931		123,227		34,608		35,571		29,554		14,815		12,748		11,917
Downstream
United States	22,640		22,407		21,792		11,019		11,481		11,333		588		1,154		1,498		886		780		799
International	9,334		9,303		8,990		4,219		4,139		3,930		530		653		2,544		396		360		308
Total Downstream	31,974		31,710		30,782		15,238		15,620		15,263		1,118		1,807		4,042		1,282		1,140		1,107
All Other
United States	5,673		5,402		4,959		3,077		3,194		2,845		581		721		415		680		286		384
International	155		143		33		68		84		13		25		23		4		16		12		5
Total All Other	5,828		5,545		4,992		3,145		3,278		2,858		606		744		419		696		298		389
Total United States	125,163		117,364		108,659		59,960		56,506		52,087		10,857		10,063		10,124		6,693		5,478		5,085
Total International	202,126		179,069		154,822		123,213		108,323		89,261		25,475		28,059		23,891		10,100		8,708		8,328
Total	$	327,289	$	296,433	$	263,481	$	183,173	$	164,829	$	141,348	$	36,332	$	38,122	$	34,015	$	16,793	$	14,186	$	13,413


¹	Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2014. Australia had $41,012, $31,464 and $21,770 in 2014, 2013, and 2012, respectively. Nigeria had PP&E of $19,214, $18,429 and $17,485 for 2014, 2013 and 2012, respectively.


²	Net of dry hole expense related to prior years’ expenditures of $371, $89 and $80 in 2014, 2013 and 2012, respectively.


³	Depreciation expense includes accretion expense of $882, $627 and $629 in 2014, 2013 and 2012, respectively.

Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Taxes on income



Income Taxes	Year ended December 31
	2014		2013		2012
Taxes on income
U.S. federal
Current	$	748	$	15	$	1,703
Deferred	1,330		1,128		673
State and local
Current	336		120		652
Deferred	36		74		(145		)
Total United States	2,450		1,337		2,883
International
Current	9,235		12,296		15,626
Deferred	207		675		1,487
Total International	9,442		12,971		17,113
Total taxes on income	$	11,892	$	14,308	$	19,996

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
	2014			2013			2012
U.S. statutory federal income tax rate	35.0		%	35.0		%	35.0		%
Effect of income taxes from international operations at rates different from the U.S. statutory rate	2.8			5.1			7.8
State and local taxes on income, net of U.S. federal income tax benefit	0.7			0.6			0.6
Prior-year tax adjustments	(0.7	)		(0.8	)		(0.2	)
Tax credits	(0.2	)		(0.5	)		(0.4	)
Effects of changes in tax rates	(0.2	)		—			0.3
Other	0.7			0.5			0.1
Effective tax rate	38.1		%	39.9		%	43.2		%

Composition of deferred tax balances

The reported deferred tax balances are composed of the following:



	At December 31
	2014			2013
Deferred tax liabilities
Properties, plant and equipment	$	28,452		$	25,936
Investments and other	3,059			2,272
Total deferred tax liabilities	31,511			28,208
Deferred tax assets
Foreign tax credits	(11,867		)	(11,572		)
Abandonment/environmental reserves	(6,686		)	(6,279		)
Employee benefits	(4,831		)	(3,825		)
Deferred credits	(1,828		)	(2,768		)
Tax loss carryforwards	(1,747		)	(1,016		)
Other accrued liabilities	(498		)	(533		)
Inventory	(153		)	(358		)
Miscellaneous	(2,128		)	(1,439		)
Total deferred tax assets	(29,738		)	(27,790		)
Deferred tax assets valuation allowance	16,292			17,171
Total deferred taxes, net	$	18,065		$	17,589

Classification of deferred taxes

At December 31, 2014 and 2013, deferred taxes were classified on the Consolidated Balance Sheet as follows:



	At December 31
	2014			2013
Prepaid expenses and other current assets	$	(1,071	)	$	(1,341	)
Deferred charges and other assets	(3,597		)	(2,954		)
Federal and other taxes on income	813			583
Noncurrent deferred income taxes	21,920			21,301
Total deferred income taxes, net	$	18,065		$	17,589

Changes to the Company's unrecognized tax benefits



	2014			2013			2012
Balance at January 1	$	3,848		$	3,071		$	3,481
Foreign currency effects	(25		)	(58		)	4
Additions based on tax positions taken in current year	354			276			543
Additions/reductions resulting from current-year asset acquisitions/sales	(22		)	—			—
Additions for tax positions taken in prior years	37			1,164			152
Reductions for tax positions taken in prior years	(561		)	(176		)	(899		)
Settlements with taxing authorities in current year	(50		)	(320		)	(138		)
Reductions as a result of a lapse of the applicable statute of limitations	(29		)	(109		)	(72		)
Balance at December 31	$	3,552		$	3,848		$	3,071

Taxes other than on income



	Year ended December 31
	2014		2013		2012
United States
Excise and similar taxes on products and merchandise	$	4,633	$	4,792	$	4,665
Import duties and other levies	6		4		1
Property and other miscellaneous taxes	1,002		1,036		782
Payroll taxes	273		255		240
Taxes on production	349		333		328
Total United States	6,263		6,420		6,016
International
Excise and similar taxes on products and merchandise	3,553		3,700		3,345
Import duties and other levies	45		41		106
Property and other miscellaneous taxes	2,277		2,486		2,501
Payroll taxes	172		168		160
Taxes on production	230		248		248
Total International	6,277		6,643		6,360
Total taxes other than on income	$	12,540	$	13,063	$	12,376

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2014

Long-term debt outstanding

The company’s long-term debt outstanding at year-end 2014 and 2013 was as follows:



	At December 31
	2014		2013
3.191% notes due 2023	$	2,250	$	2,250
1.104% notes due 2017	2,000		2,000
1.718% notes due 2018	2,000		2,000
2.355% notes due 2022	2,000		2,000
4.95% notes due 2019	1,500		1,500
1.345% notes due 2017	1,100		—
2.427% notes due 2020	1,000		1,000
2.193% notes due 2019	750		—
0.889% notes due 2016	750		750
Floating rate notes due 2016 (0.332%)¹	700		—
Floating rate notes due 2017 (0.402%)¹	650		—
Floating rate notes due 2019 (0.642%)¹	400		—
Floating rate notes due 2021 (0.762%)¹	400		—
8.625% debentures due 2032	147		147
8.625% debentures due 2031	107		107
8.0% debentures due 2032	74		74
9.75% debentures due 2020	54		54
8.875% debentures due 2021	40		40
Medium-term notes, maturing from 2021 to 2038 (5.83%)²	38		38
Total including debt due within one year	15,960		11,960
Debt due within one year	—		—
Reclassified from short-term debt	8,000		8,000
Total long-term debt	$	23,960	$	19,960


¹	Interest rate at December 31, 2014.


²	Weighted-average interest rate at December 31, 2014.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Short-Term Debt (Tables)

12 Months Ended

Dec. 31, 2014

Accounting for Suspended Exploratory Wells [Abstract]

Short-Term Debt



	At December 31
	2014			2013
Commercial paper^*	$	8,506		$	5,130
Notes payable to banks and others with originating terms of one year or less	104			49
Current maturities of long-term debt	—			—
Current maturities of long-term capital leases	22			34
Redeemable long-term obligations
Long-term debt	3,152			3,152
Capital leases	6			9
Subtotal	11,790			8,374
Reclassified to long-term debt	(8,000		)	(8,000		)
Total short-term debt	$	3,790		$	374


^*	Weighted-average interest rates at December 31, 2014 and 2013, were 0.12 percent and 0.09 percent, respectively.

Accounting for Suspended Exploratory Wells (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014:



	2014			2013			2012
Beginning balance at January 1	$	3,245		$	2,681		$	2,434
Additions to capitalized exploratory well costs pending the determination of proved reserves	1,591			885			595
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(298		)	(290		)	(244		)
Capitalized exploratory well costs charged to expense	(312		)	(31		)	(49		)
Other reductions^*	(31		)	—			(55		)
Ending balance at December 31	$	4,195		$	3,245		$	2,681

^*Represents property sales.

Aging of capitalized well costs and number of project



	At December 31
	2014		2013		2012
Exploratory well costs capitalized for a period of one year or less	$	1,522	$	641	$	501
Exploratory well costs capitalized for a period greater than one year	2,673		2,604		2,180
Balance at December 31	$	4,195	$	3,245	$	2,681
Number of projects with exploratory well costs that have been capitalized for a period greater than one year^*	51		51		46

^*Certain projects have multiple wells or fields or both.

Aging of Costs on Well and Project Basis

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
1997–2003	$	204	38
2004–2008	459		45
2009–2013	2,010		126
Total	$	2,673	209

Aging based on drilling completion date of last suspended well in project:	Amount		Number of projects
1999	$	8	1
2003–2009	521		11
2010–2014	2,144		39
Total	$	2,673	51

Stock Options and Other Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Fair market values of stock options and stock appreciation rights granted



	Year ended December 31
	2014			2013			2012
Expected term in years¹	6.0			6.0			6.0
Volatility²	30.3		%	31.3		%	31.7		%
Risk-free interest rate based on zero coupon U.S. treasury note	1.9		%	1.2		%	1.1		%
Dividend yield	3.3		%	3.3		%	3.2		%
Weighted-average fair value per option granted	$	25.86		$	24.48		$	23.35

¹Expected term is based on historical exercise and postvesting cancellation data.

²Volatility 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 2014 is presented below:



	Shares (Thousands)		Weighted-Average Exercise Price			Averaged Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2014	75,626			$	88.44
Granted	11,380			$	116.00
Exercised	(7,464	)		$	72.71
Forfeited	(1,201	)		$	111.73
Outstanding at December 31, 2014	78,341			$	93.59	5.84		$	1,548
Exercisable at December 31, 2014	56,943			$	85.60	4.87		$	1,533

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Funded status of pension and other postretirement benefit plans

The funded status of the company’s pension and other postretirement benefit plans for 2014 and 2013 follows:



	Pension Benefits
	2014						2013						Other Benefits
	U.S.			Int’l.			U.S.			Int’l.			2014			2013
Change in Benefit Obligation
Benefit obligation at January 1	$	12,080		$	6,095		$	13,654		$	6,287		$	3,138		$	3,787
Service cost	450			190			495			197			50			66
Interest cost	494			340			471			314			148			149
Plan participants’ contributions	—			8			—			8			150			154
Plan amendments	—			3			(78		)	18			2			—
Actuarial (gain) loss	2,299			336			(1,398		)	(206		)	544			(636		)
Foreign currency exchange rate changes	—			(348		)	—			(187		)	(22		)	(23		)
Benefits paid	(1,073		)	(293		)	(1,064		)	(336		)	(350		)	(359		)
Divestitures	—			(564		)	—			—			—			—
Benefit obligation at December 31	14,250			5,767			12,080			6,095			3,660			3,138
Change in Plan Assets
Fair value of plan assets at January 1	11,210			4,543			9,909			4,125			—			—
Actual return on plan assets	854			571			1,546			375			—			—
Foreign currency exchange rate changes	—			(279		)	—			(21		)	—			—
Employer contributions	99			276			819			392			200			205
Plan participants’ contributions	—			8			—			8			150			154
Benefits paid	(1,073		)	(293		)	(1,064		)	(336		)	(350		)	(359		)
Divestitures	—			(582		)	—			—			—			—
Fair value of plan assets at December 31	11,090			4,244			11,210			4,543			—			—
Funded Status at December 31	$	(3,160	)	$	(1,523	)	$	(870	)	$	(1,552	)	$	(3,660	)	$	(3,138	)

Consolidated Balance Sheet for pension and other postretirement benefit plans

Amounts recognized on the Consolidated Balance Sheet for the company’s pension and other postretirement benefit plans at December 31, 2014 and 2013, include:



	Pension Benefits
	2014						2013						Other Benefits
	U.S.			Int’l.			U.S.			Int’l.			2014			2013
Deferred charges and other assets	$	13		$	244		$	394		$	128		$	—		$	—
Accrued liabilities	(123		)	(68		)	(76		)	(81		)	(198		)	(215		)
Noncurrent employee benefit plans	(3,050		)	(1,699		)	(1,188		)	(1,599		)	(3,462		)	(2,923		)
Net amount recognized at December 31	$	(3,160	)	$	(1,523	)	$	(870	)	$	(1,552	)	$	(3,660	)	$	(3,138	)

Before tax basis amount in accumulated other comprehensive loss



	Pension Benefits
	2014					2013					Other Benefits
	U.S.			Int’l.		U.S.			Int’l.		2014		2013
Net actuarial loss	$	4,972		$	1,487	$	3,185		$	1,808	$	763	$	256
Prior service (credit) costs	(13		)	150		(22		)	167		58		70
Total recognized at December 31	$	4,959		$	1,637	$	3,163		$	1,975	$	821	$	326

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, 2014 and 2013, was:



	Pension Benefits
	2014				2013
	U.S.		Int’l.		U.S.		Int’l.
Projected benefit obligations	$	14,182	$	1,938	$	1,267	$	1,692
Accumulated benefit obligations	12,765		1,525		1,155		1,240
Fair value of plan assets	11,009		262		4		203

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 2014, 2013 and 2012 are shown in the table below:



	Pension Benefits
	2014						2013						2012						Other Benefits
	U.S.			Int’l.			U.S.			Int’l.			U.S.			Int’l.			2014			2013			2012
Net Periodic Benefit Cost
Service cost	$	450		$	190		$	495		$	197		$	452		$	181		$	50		$	66		$	61
Interest cost	494			340			471			314			435			320			148			149			153
Expected return on plan assets	(788		)	(298		)	(701		)	(274		)	(634		)	(269		)	—			—			—
Amortization of prior service costs (credits)	(9		)	21			2			21			(7		)	18			14			(50		)	(72		)
Recognized actuarial losses	209			96			485			143			470			136			7			53			56
Settlement losses	237			208			173			12			220			5			—			—			(26		)
Curtailment losses (gains)	—			—			—			—			—			—			—			—			—
Total net periodic benefit cost	593			557			925			413			936			391			219			218			172
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	2,233			(17		)	(2,244		)	(476		)	805			330			514			(659		)	45
Amortization of actuarial loss	(446		)	(304		)	(658		)	(155		)	(700		)	(141		)	(7		)	(53		)	(79		)
Prior service (credits) costs during period	—			4			(78		)	18			94			37			2			—			11
Amortization of prior service (costs) credits	9			(21		)	(2		)	(21		)	7			(18		)	(14		)	50			72
Total changes recognized in other comprehensive income	1,796			(338		)	(2,982		)	(634		)	206			208			495			(662		)	49
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	2,389		$	219		$	(2,057	)	$	(221	)	$	1,142		$	599		$	714		$	(444	)	$	221

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
	2014				2013				2012						Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		U.S.		Int’l.		2014		2013		2012
Assumptions used to determine benefit obligations:
Discount rate	3.7	%	5.0	%	4.3	%	5.8	%	3.6	%	5.2	%	4.3	%	4.9	%	4.1	%
Rate of compensation increase	4.5	%	5.1	%	4.5	%	5.5	%	4.5	%	5.5	%	N/A		N/A		N/A
Assumptions used to determine net periodic benefit cost:
Discount rate	4.3	%	5.8	%	3.6	%	5.2	%	3.8	%	5.9	%	4.9	%	4.1	%	4.2	%
Expected return on plan assets	7.5	%	6.6	%	7.5	%	6.8	%	7.5	%	7.5	%	N/A		N/A		N/A
Rate of compensation increase	4.5	%	5.5	%	4.5	%	5.5	%	4.5	%	5.7	%	N/A		N/A		N/A

Effects of change in the assumed health care cost-trend rates

A 1-percentage-point change in the assumed health care cost-trend rates would have the following effects on worldwide plans:



	1 Percent Increase		1 Percent Decrease
Effect on total service and interest cost components	$	13	$	(10	)
Effect on postretirement benefit obligation	$	226	$	(187	)

Fair value measurements of the Company's pension plans



	U.S.									Int’l.
	Total Fair Value		Level 1			Level 2		Level 3		Total Fair Value		Level 1			Level 2		Level 3
At December 31, 2013
Equities
U.S.¹	$	2,298	$	2,298		$	—	$	—	$	409	$	409		$	—	$	—
International	1,501		1,501			—		—		533		533			—		—
Collective Trusts/Mutual Funds²	2,977		26			2,951		—		1,066		211			855		—
Fixed Income
Government	81		52			29		—		726		46			680		—
Corporate	1,275		—			1,275		—		545		23			499		23
Mortgage-Backed Securities	1		—			1		—		4		—			2		2
Other Asset Backed	—		—			—		—		—		—			—		—
Collective Trusts/Mutual Funds²	1,357		—			1,357		—		647		27			620		—
Mixed Funds³	—		—			—		—		120		5			115		—
Real Estate⁴	1,265		—			—		1,265		294		—			—		294
Cash and Cash Equivalents	385		385			—		—		173		173			—		—
Other⁵	70		(2		)	18		54		26		(2		)	25		3
Total at December 31, 2013	$	11,210	$	4,260		$	5,631	$	1,319	$	4,543	$	1,425		$	2,796	$	322
At December 31, 2014
Equities
U.S.¹	$	2,087	$	2,087		$	—	$	—	$	241	$	241		$	—	$	—
International	1,297		1,297			—		—		313		313			—		—
Collective Trusts/Mutual Funds²	3,240		22			3,218		—		979		173			806		—
Fixed Income
Government	84		47			37		—		1,066		53			1,013		—
Corporate	1,502		—			1,502		—		585		26			537		22
Mortgage-Backed Securities	1		—			1		—		1		—			1		—
Other Asset Backed	—		—			—		—		—		—			—		—
Collective Trusts/Mutual Funds²	1,174		—			1,174		—		394		16			378		—
Mixed Funds³	—		—			—		—		122		3			119		—
Real Estate⁴	1,364		—			—		1,364		329		—			—		329
Cash and Cash Equivalents	270		270			—		—		190		189			1		—
Other⁵	71		(3		)	20		54		24		—			21		3
Total at December 31, 2014	$	11,090	$	3,720		$	5,952	$	1,418	$	4,244	$	1,014		$	2,876	$	354


¹	U.S. equities include investments in the company’s common stock in the amount of $24 at December 31, 2014, and $28 at December 31, 2013.


²	Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly index funds. For these index funds, the Level 2 designation is partially based on the restriction that advance notification of redemptions, typically two business days, is required.


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 valuations of the U.S. real estate assets are based on internal appraisals by the real estate managers, which are updates of third-party appraisals that occur at least once a year for each property in the portfolio.


⁵	The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts and investments in private-equity limited partnerships (Level 3).

The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period



	Fixed Income
	Corporate			Mortgage-Backed Securities			Real Estate			Other		Total
Total at December 31, 2012	$	31		$	2		$	1,290		$	57	$	1,380
Actual Return on Plan Assets:
Assets held at the reporting date	(9		)	—			90			—		81
Assets sold during the period	—			—			3			—		3
Purchases, Sales and Settlements	1			—			176			—		177
Transfers in and/or out of Level 3	—			—			—			—		—
Total at December 31, 2013	$	23		$	2		$	1,559		$	57	$	1,641
Actual Return on Plan Assets:
Assets held at the reporting date	—			—			115			—		115
Assets sold during the period	—			—			20			—		20
Purchases, Sales and Settlements	(1		)	(2		)	(1		)	—		(4		)
Transfers in and/or out of Level 3	—			—			—			—		—
Total at December 31, 2014	$	22		$	—		$	1,693		$	57	$	1,772

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
2015	$	1,398	$	225	$	198
2016	$	1,346	$	315	$	203
2017	$	1,347	$	322	$	207
2018	$	1,340	$	355	$	212
2019	$	1,319	$	374	$	216
2020-2024	$	5,966	$	2,004	$	1,113

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2014

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 asset retirement obligations in 2014, 2013 and 2012:



	2014			2013			2012
Balance at January 1	$	14,298		$	13,271		$	12,767
Liabilities incurred	133			59			133
Liabilities settled	(1,291		)	(907		)	(966		)
Accretion expense	882			627			629
Revisions in estimated cash flows	1,031			1,248			708
Balance at December 31	$	15,053		$	14,298		$	13,271

Other Financial Information (Tables)

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Financial Information

Other financial information is as follows:



	Year ended December 31
	2014		2013		2012
Total financing interest and debt costs	$	358	$	284	$	242
Less: Capitalized interest	358		284		242
Interest and debt expense	$	—	$	—	$	—
Research and development expenses	$	707	$	750	$	648
Excess of replacement cost over the carrying value of inventories (LIFO method)	8,135		9,150		9,292
LIFO profits on inventory drawdowns included in earnings	13		14		121
Foreign currency effects*	$	487	$	474	$	(454	)

^*Includes $118, $244 and $(202) in 2014, 2013 and 2012, respectively, for the company’s share of equity affiliates’ foreign currency effects.

Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Maturity period of bank time deposits reported as time deposits, minimum	90 days

Changes in Accumulated Other Comprehensive Losses (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Components of Other Comprehensive Income (Loss):

^[1]

$ (3,579)

^[1]

(1,807)

^[1],[2]

527

(1,280)

^[1]

$ 2,790

$ (347)

Currency Translation Adjustment [Member]

^[1]

(4,859)

(3,579)

Income tax expense

11,892

14,308

19,996

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Components of Other Comprehensive Income (Loss):

^[1]

(23)

^[1]

(73)

^[1],[2]

(73)

^[1]

Unrealized Holding Gains (Losses) on Securities [Member]

^[1]

(96)

(23)

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Components of Other Comprehensive Income (Loss):

^[1]

(6)

^[1]

(2)

^[1],[2]

(2)

^[1]

(7)

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

^[1]

(8)

(6)

Derivatives [Member]

Components of Other Comprehensive Income (Loss):

^[1]

^[1]

(43)

^[1],[2]

(11)

(54)

^[1]

(73)

Defined Benefit Plans [Member]

^[1]

(2)

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Components of Other Comprehensive Income (Loss):

^[1]

(3,602)

^[1]

(1,689)

^[1],[2]

538

(1,151)

^[1]

2,828

$ (374)

Defined Benefit Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

^[1]

(4,753)

$ (3,602)

Components of Other Comprehensive Income (Loss):

Employee benefits reclassification component, included in employee benefit costs

783

Income tax expense

$ 245

[1]	All amounts are net of tax.
[2]	Refer to Note 22, Employee Benefit Plans for reclassified components totaling $783 that are included in employee benefit costs for the year ending December 31, 2014. Related income taxes for the same period, totaling $245, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

Noncontrolling Interests (Details) - USD ($) $ in Millions	12 Months Ended
Noncontrolling Interests (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Activity for equity attributable to noncontrolling interests
Balance at January 1	$ 150,427	$ 137,832
Net Income	19,310	21,597	$ 26,336
Balance at December 31	156,191	150,427	137,832
Noncontrolling Interests
Activity for equity attributable to noncontrolling interests
Balance at January 1	1,314	1,308	799
Net Income	69	174	157
Distributions to noncontrolling interests	(47)	(99)	(41)
Other changes, net	(173)	(69)	393
Balance at December 31	$ 1,163	$ 1,314	$ 1,308

Information Relating to the Consolidated Statement of Cash Flows (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Net (increase) decrease in operating working capital was composed of the following:

Decrease (increase) in accounts and notes receivable

$ 4,491

$ (1,101)

$ 1,153

Increase in inventories

(146)

(237)

(233)

(Increase) decrease in prepaid expenses and other current assets

(407)

834

(471)

(Decrease) increase in accounts payable and accrued liabilities

(3,737)

160

544

Decrease in income and other taxes payable

(741)

(987)

(630)

Net (increase) decrease in operating working capital

(540)

(1,331)

363

Net cash provided by operating activities includes the following cash payments for income taxes:

Income taxes

10,562

12,898

17,334

Net (purchases) sales of marketable securities consisted of the following gross amounts:

Marketable securities purchased

(162)

(7)

(35)

Marketable securities sold

Net (purchases) sales of marketable securities

(148)

(3)

Net sales of time deposits consisted of the following gross amounts:

Time deposits purchased

(317)

(2,317)

(717)

Time deposits matured

317

3,017

3,967

Net sales (purchases) of time deposits

700

3,250

Capital expenditures

Additions to properties, plant and equipment

^[1]

34,393

36,550

29,526

Additions to investments

526

934

1,042

Current-year dry hole expenditures

504

594

475

Payments for other liabilities and assets, net

(16)

(93)

(105)

Capital expenditures

35,407

37,985

30,938

Expensed exploration expenditures

1,110

1,178

1,173

Assets acquired through capital lease obligations and other financing obligations

332

Capital and exploratory expenditures, excluding equity affiliates

36,849

39,179

32,112

Company's share of expenditures by equity affiliates

3,467

2,698

2,117

Capital and exploratory expenditures, including equity affiliates

$ 40,316

$ 41,877

$ 34,229

[1]	Excludes noncash additions of $2,310 in 2014, $1,661 in 2013 and $4,569 in 2012.

Information Relating to the Consolidated Statement of Cash Flows (Details 1) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Additional Information Relating to the Consolidated Statement of Cash Flows (Textual) [Abstract]
Reduction for income tax benefits associated with stock options exercised	$ 58	$ 79	$ 98
Share repurchase price	$ 5,006	$ 5,004	$ 5,004
Stock repurchased during period, shares	41.5	41.6	46.6
Stock repurchased during period, value	$ 5,000	$ 5,000	$ 5,000
Proceeds to be received in future periods for the sale of an equity interest			800
Proceeds received for sale of an equity interest	164
Noncash additions to properties, plant and equipment	$ 2,310	$ 1,661	4,569
International [Member] \| Upstream [Member]
Additional Information Relating to the Consolidated Statement of Cash Flows (Textual) [Abstract]
Increase in Properties, plant and equipment related to asset exchange in Australia			$ 1,850

Equity (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's share of undistributed earnings for equity affiliates	$ 14,512	$ 11,395
Shares available for issuance under company's non employee directors plan	174,510
Shares authorized for issuance under company's non employee directors plan	800,000
Chevron Long-Term Incentive Plan (LTIP) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for issuance	133,000,000
Shares available for issuance	260,000,000

Lease Commitments (Details) - USD ($) $ in Millions	12 Months Ended
Lease Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Leased Assets [Line Items]
Non-cancelable term of operating and capital leases (in years)	1 year
Schedule of capitalized leased assets
Upstream	$ 765	$ 445
Downstream	97	316
All Other	0	0
Total	862	761
Less: Accumulated amortization	381	523
Net capitalized leased assets	481	238
Rental expenses incurred for operating leases
Minimum rentals	1,080	1,049	$ 973
Contingent rentals	1	1	7
Total	1,081	1,050	980
Less: Sublease rental income	14	25	32
Net rental expense	1,067	1,025	$ 948
Estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases
Operating Leases, 2015	793
Capital Leases, 2015	34
Operating Leases, 2016	644
Capital Leases, 2016	26
Operating Leases, 2017	585
Capital Leases, 2017	21
Operating Leases, 2018	461
Capital Leases, 2018	20
Operating Leases, 2019	326
Capital Leases, 2019	15
Operating Leases, Thereafter	689
Capital Leases, Thereafter	24
Operating Leases, Total	3,498
Capital Leases, Total	140
Less: Amounts representing interest and executory costs	(44)
Net present values	96
Less: Capital lease obligations included in short-term debt	(28)
Long-term capital lease obligations	$ 68	$ 97
Maximum [Member]
Operating Leased Assets [Line Items]
Contingent rentals, renewal option term (in years)	25 years

Summarized Financial Data - Chevron U.S.A. Inc. (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Subsidiary Statements Captions [Line Items]

Total costs and other deductions

^[1]

$ 200,494

$ 220,156

$ 230,590

180,768

192,943

195,577

Net income

^[2]

19,241

21,423

26,179

Chevron U.S.A. Inc. [Member]

Subsidiary Statements Captions [Line Items]

Total costs and other deductions

157,198

174,318

183,215

153,139

169,984

175,009

Net income

$ 3,849

$ 3,714

$ 6,216

[1]	Includes excise, value-added and similar taxes.$8,186 $8,492 $8,010
[2]	There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.

Earnings available to common stockholders - Basic

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Summarized Financial Data - Chevron U.S.A. Inc. (Details 1) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Subsidiary Statements Captions [Line Items]
Current assets	$ 42,232	$ 50,250
Current liabilities	31,926	33,018
Total CUSA net equity	156,191	150,427	$ 137,832
Chevron U.S.A. Inc. [Member]
Subsidiary Statements Captions [Line Items]
Current assets	13,724	17,626
Other assets	62,195	57,288
Current liabilities	16,191	17,486
Other liabilities	30,175	28,119
Total CUSA net equity	29,553	29,309
Memo: Total debt	$ 14,473	$ 14,482

Summarized Financial Data - Tengizchevroil LLP (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Tengizchevroil LLP [Member]
Affiliate Statements Captions [Line Items]
Sales and other operating revenues	$ 22,813	$ 25,239	$ 23,089
Costs and other deductions	10,275	11,173	10,064
Net income attributable to TCO	$ 8,772	$ 9,855	$ 9,119
Tengizchevroil LLP [Member]
Affiliate Statements Captions [Line Items]
Equity method investment, ownership percentage	50.00%
Percentage of affiliate by summarized financial information	100.00%

Summarized Financial Data - Tengizchevroil LLP (Details 1) - Tengizchevroil LLP [Member] - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Affiliate Statements Captions [Line Items]
Current assets	$ 3,425	$ 3,598
Other assets	14,810	12,964
Current liabilities	1,531	3,016
Other liabilities	2,375	2,761
Total TCO net equity	$ 14,329	$ 10,785

Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	$ 413	$ 28
Derivatives	84	89
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	422	263
Derivatives	413	28
Total Assets at Fair Value	835	291
Derivatives	84	89
Total Liabilities at Fair Value	84	89
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	422	263
Derivatives	394	0
Total Assets at Fair Value	816	263
Derivatives	83	80
Total Liabilities at Fair Value	83	80
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Derivatives	19	28
Total Assets at Fair Value	19	28
Derivatives	1	9
Total Liabilities at Fair Value	1	9
Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Derivatives	0	0
Total Assets at Fair Value	0	0
Derivatives	0	0
Total Liabilities at Fair Value	$ 0	$ 0

Fair Value Measurements (Details 1) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	$ 947	$ 102
Properties, plant and equipment, net (held for sale)	0	69
Investments and advances	11	38
Total Nonrecurring Assets at Fair Value	958	209
Properties, plant and equipment, net (held and used), Before-Tax Loss	1,249	278
Properties, plant and equipment, net (held for sale), Before-Tax Loss	25	104
Investments and advances, Before-Tax Loss	41	228
Total Nonrecurring Assets at Fair Value, Before-Tax Loss	1,315	610
Level 1 [Member]
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	0	0
Total Nonrecurring Assets at Fair Value	0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	213	0
Properties, plant and equipment, net (held for sale)	0	69
Investments and advances	0	35
Total Nonrecurring Assets at Fair Value	213	104
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	734	102
Properties, plant and equipment, net (held for sale)	0	0
Investments and advances	11	3
Total Nonrecurring Assets at Fair Value	$ 745	$ 105

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying/fair value of cash and cash equivalents	$ 12,785	$ 16,245	$ 20,939	$ 15,864
Maturity period of bank time deposits reported as time deposits, minimum	90 days
Carrying/fair value of time deposits	$ 8	8
Carrying/fair value of investments not included in cash and cash equivalents	1,474	1,210
Carrying amount of long-term debt	15,960	11,960
Corporate Bond Securities [Member] \| Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	15,727
Other Bond Securities [Member] \| Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	723
Carrying Amount of Long-term Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount of long-term debt	15,960	11,960
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount of long-term debt	$ 16,450	$ 12,267
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity period of primarily bank time deposits, classified as cash equivalents, maximum	90 days

Financial and Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Total Assets at Fair Value	$ 413	$ 28
Total Liabilities at Fair Value	84	89
Commodity Contract [Member] \| Accounts and notes receivable, net [Member]
Derivatives, Fair Value [Line Items]
Total Assets at Fair Value	401	22
Commodity Contract [Member] \| Long term receivables, net [Member]
Derivatives, Fair Value [Line Items]
Total Assets at Fair Value	12	6
Commodity Contract [Member] \| Accounts payable [Member]
Derivatives, Fair Value [Line Items]
Total Liabilities at Fair Value	57	65
Commodity Contract [Member] \| Deferred credits and other noncurrent obligations [Member]
Derivatives, Fair Value [Line Items]
Total Liabilities at Fair Value	$ 27	$ 24

Financial and Derivative Instruments Financial and Derivative Instruments (Details 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ 504	$ (194)	$ (67)
Commodity Contract [Member] \| Sales and other operating revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	553	(108)	(49)
Commodity Contract [Member] \| Purchased crude oil and products [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(17)	(77)	(24)
Commodity Contract [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ (32)	$ (9)	$ 6

Financial and Derivative Instruments Financial and Derivative Instruments (Details 2) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Offsetting Assets [Abstract]
Derivative Asset, Gross Amount Recognized	$ 4,004	$ 732
Derivative Asset, Gross Amounts Offset	3,591	704
Derivative Asset, Net Amounts Presented	413	28
Derivative Assets, Gross Amounts Not Offset	7	27
Derivative Asset, Net Amount	406	1
Offsetting Liabilities [Abstract]
Derivative Liability, Gross Amount Recognized	3,675	793
Derivative Liability, Gross Amounts Offset	3,591	704
Derivative Liability, Net Amounts Presented	84	89
Derivative Liabilities, Gross Amounts Not Offset	0	0
Derivative Liability, Net Amount	$ 84	$ 89

Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Basic EPS Calculation

^[1]

$ 19,241

$ 21,423

$ 26,179

Weighted-average number of common shares outstanding

1,883

1,916

1,950

Add: Deferred awards held as stock units

Total weighted-average number of common shares outstanding

1,884

1,917

1,950

Earnings per share of common stock - Basic

$ 10.21

$ 11.18

$ 13.42

Diluted EPS Calculation

Earnings available to common stockholders - Diluted

$ 19,241

^[1]

$ 21,423

^[1]

$ 26,179

Weighted-average number of common shares outstanding

1,883

1,916

1,950

Add: Deferred awards held as stock units

Add: Dilutive effect of employee stock-based awards

Total weighted-average number of common shares outstanding

1,898

1,932

1,965

Earnings per share of common stock - Diluted

$ 10.14

$ 11.09

$ 13.32

[1]	There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.

Operating Segments and Geographic Data (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Operating Segments [Member]

^[1]

$ 19,241

$ 21,423

$ 26,179

Operating Segments [Member] | Upstream [Member]

21,229

23,046

28,087

Operating Segments [Member] | Upstream [Member] | United States [Member]

16,893

20,809

23,788

Operating Segments [Member] | Upstream [Member] | International [Member]

3,327

4,044

5,332

Operating Segments [Member] | Downstream [Member]

13,566

16,765

18,456

Operating Segments [Member] | Downstream [Member] | United States [Member]

4,336

2,237

4,299

Operating Segments [Member] | Downstream [Member] | International [Member]

2,637

787

2,048

Segment Reconciling Items [Member]

1,699

1,450

2,251

Interest income

Other

$ (2,065)

$ (1,703)

$ (1,991)

[1]	There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.

Operating Segments and Geographic Data (Details 1) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Segment Assets
Goodwill	$ 4,593	$ 4,639
Total Assets	266,026	253,753
United States [Member]
Segment Assets
Total Assets	79,014	76,591
International [Member]
Segment Assets
Total Assets	182,419	172,523
Operating Segments [Member]
Segment Assets
Total Assets	247,325	231,268
Operating Segments [Member] \| Upstream [Member]
Segment Assets
Goodwill	4,593	4,639
Total Assets	206,534	187,171
Operating Segments [Member] \| Upstream [Member] \| United States [Member]
Segment Assets
Total Assets	49,205	45,436
Operating Segments [Member] \| Upstream [Member] \| International [Member]
Segment Assets
Total Assets	152,736	137,096
Operating Segments [Member] \| Downstream [Member]
Segment Assets
Total Assets	40,791	44,097
Operating Segments [Member] \| Downstream [Member] \| United States [Member]
Segment Assets
Total Assets	23,068	23,829
Operating Segments [Member] \| Downstream [Member] \| International [Member]
Segment Assets
Total Assets	17,723	20,268
Corporate, Non-Segment [Member]
Segment Assets
Total Assets	18,701	22,485
Corporate, Non-Segment [Member] \| United States [Member]
Segment Assets
Total Assets	6,741	7,326
Corporate, Non-Segment [Member] \| International [Member]
Segment Assets
Total Assets	$ 11,960	$ 15,159

Operating Segments and Geographic Data (Details 2) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Upstream [Member] | Total United States [Member]

^[1]

$ 200,494

$ 220,156

$ 230,590

Upstream [Member] | International [Member]

7,455

8,052

6,416

Downstream [Member] | Total United States [Member]

23,808

17,607

19,459

Downstream [Member] | International [Member]

73,942

80,272

83,043

All Other [Member] | Total United States [Member]

86,848

105,373

113,279

All Other [Member] | International [Member]

252

358

378

Intersegment Eliminations [Member] | Upstream [Member] | Total United States [Member]

Intersegment Eliminations [Member] | Upstream [Member] | International [Member]

15,455

16,865

17,229

Intersegment Eliminations [Member] | Downstream [Member] | Total United States [Member]

23,107

33,034

34,094

Intersegment Eliminations [Member] | Downstream [Member] | International [Member]

Operating Segments [Member] | Upstream [Member]

8,839

859

Operating Segments [Member] | Upstream [Member] | Total United States [Member]

^[2]

69,825

75,558

77,198

Operating Segments [Member] | Upstream [Member] | International [Member]

22,910

24,917

23,645

Operating Segments [Member] | Downstream [Member]

46,915

50,641

53,553

Operating Segments [Member] | Downstream [Member] | Total United States [Member]

^[2]

177,846

195,034

204,462

Operating Segments [Member] | Downstream [Member] | International [Member]

78,606

85,103

87,757

Other Segment Reconciling Item: Excise and Similar Taxes [Member] | Downstream [Member] | Total United States [Member]

99,240

109,931

116,705

Other Segment Reconciling Item: Excise and Similar Taxes [Member] | Downstream [Member] | International [Member]

4,633

4,792

4,665

Intersegment Eliminations, Corporate, Non-Segment [Member] | All Other [Member] | Total United States [Member]

3,553

3,699

3,346

Intersegment Eliminations, Corporate, Non-Segment [Member] | All Other [Member] | International [Member]

1,475

1,524

1,300

Corporate, Non-Segment [Member] | All Other [Member]

Corporate, Non-Segment [Member] | All Other [Member] | Total United States [Member]

1,758

1,916

1,730

Corporate, Non-Segment [Member] | All Other [Member] | International [Member]

1,727

1,882

1,678

Operating Segments and Coporate, Non-Segment [Member]

Operating Segments and Coporate, Non-Segment [Member] | Total United States [Member]

249,429

272,508

283,390

Operating Segments and Coporate, Non-Segment [Member] | International [Member]

103,243

111,902

113,080

Intersegment Eliminations, Operating Segments and Corporate, Non-Segment [Member]

146,186

160,606

170,310

$ (48,935)

$ (52,352)

$ (52,800)

[1]	Includes excise, value-added and similar taxes.$8,186 $8,492 $8,010
[2]	Effective January 1, 2014, International Upstream prospectively includes selected amounts previously recognized in International Downstream, which are not material to the company's results of operations or financial position.

Operating Segments and Geographic Data (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Total Income Tax Expense	$ 11,892	$ 14,308	$ 19,996
Operating Segments [Member] \| Upstream [Member]
Segment Reporting Information [Line Items]
Total Income Tax Expense	11,260	14,803	19,374
Operating Segments [Member] \| Upstream [Member] \| United States [Member]
Segment Reporting Information [Line Items]
Total Income Tax Expense	2,043	2,333	2,820
Operating Segments [Member] \| Upstream [Member] \| International [Member]
Segment Reporting Information [Line Items]
Total Income Tax Expense	9,217	12,470	16,554
Operating Segments [Member] \| Downstream [Member]
Segment Reporting Information [Line Items]
Total Income Tax Expense	1,769	753	1,638
Operating Segments [Member] \| Downstream [Member] \| United States [Member]
Segment Reporting Information [Line Items]
Total Income Tax Expense	1,302	364	1,051
Operating Segments [Member] \| Downstream [Member] \| International [Member]
Segment Reporting Information [Line Items]
Total Income Tax Expense	467	389	587
Corporate, Non-Segment [Member] \| All Other [Member]
Segment Reporting Information [Line Items]
Total Income Tax Expense	$ (1,137)	$ (1,248)	$ (1,016)

Operating Segments and Geographic Data (Details Textual)	12 Months Ended
	Dec. 31, 2014 segment
Segment Reporting [Abstract]
Number of reportable segments	2
Number of operating segments	2

Investments and Advances (Details) - USD ($) $ in Millions	12 Months Ended
Investments and Advances (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Investments and Advances	$ 26,335	$ 24,878
Other at or below cost	577	624
Total investments and advances	26,912	25,502
Equity in Earnings	7,098	7,527	$ 6,889
Investments and Advances [Member] \| United States [Member]
Schedule of Equity Method Investments [Line Items]
Total investments and advances	6,787	6,638
Investments and Advances [Member] \| International [Member]
Schedule of Equity Method Investments [Line Items]
Total investments and advances	20,125	18,864
Equity in Earnings [Member] \| United States [Member]
Schedule of Equity Method Investments [Line Items]
Equity in Earnings	1,623	1,294	1,268
Equity in Earnings [Member] \| International [Member]
Schedule of Equity Method Investments [Line Items]
Equity in Earnings	5,475	6,233	5,621
Upstream [Member]
Schedule of Equity Method Investments [Line Items]
Investments and Advances	15,972	15,664
Equity in Earnings	4,713	5,812	5,154
Upstream [Member] \| Tengizchevroil LLP [Member]
Schedule of Equity Method Investments [Line Items]
Investments and Advances	7,319	5,875
Equity in Earnings	4,392	4,957	4,614
Upstream [Member] \| Petropiar [Member]
Schedule of Equity Method Investments [Line Items]
Investments and Advances	794	858
Equity in Earnings	26	339	55
Upstream [Member] \| Caspian Pipeline Consortium [Member]
Schedule of Equity Method Investments [Line Items]
Investments and Advances	1,487	1,298
Equity in Earnings	191	113	96
Upstream [Member] \| Petroboscan [Member]
Schedule of Equity Method Investments [Line Items]
Investments and Advances	917	1,375
Equity in Earnings	186	300	229
Upstream [Member] \| Angola LNG Limited [Member]
Schedule of Equity Method Investments [Line Items]
Investments and Advances	3,277	3,423
Equity in Earnings	(311)	(111)	(106)
Upstream [Member] \| Other [Member]
Schedule of Equity Method Investments [Line Items]
Investments and Advances	2,178	2,835
Equity in Earnings	229	214	266
Downstream [Member]
Schedule of Equity Method Investments [Line Items]
Investments and Advances	10,192	8,839
Equity in Earnings	2,389	1,926	1,750
Downstream [Member] \| Other [Member]
Schedule of Equity Method Investments [Line Items]
Investments and Advances	1,048	989
Equity in Earnings	180	199	196
Downstream [Member] \| GS Caltex Corporation [Member]
Schedule of Equity Method Investments [Line Items]
Investments and Advances	2,867	2,518
Equity in Earnings	420	132	249
Downstream [Member] \| Chevron Phillips Chemical Company LLC [Member]
Schedule of Equity Method Investments [Line Items]
Investments and Advances	5,116	4,312
Equity in Earnings	1,606	1,371	1,206
Downstream [Member] \| Star Petroleum Refining Company Limited [Member]
Schedule of Equity Method Investments [Line Items]
Investments and Advances	0	0
Equity in Earnings	0	0	22
Downstream [Member] \| Caltex Australia Limited [Member]
Schedule of Equity Method Investments [Line Items]
Investments and Advances	1,161	1,020
Equity in Earnings	183	224	77
All Other [Member]
Schedule of Equity Method Investments [Line Items]
Investments and Advances	171	375
Equity in Earnings	$ (4)	$ (211)	$ (15)

Investments and Advances (Details 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Affiliates [Member]
Schedule of Investments [Line Items]
Total revenues	$ 123,003	$ 131,875	$ 136,065
Income before income tax expense	20,609	24,075	23,016
Net income attributable to affiliates	14,758	15,594	16,786
Current assets	35,662	39,713	37,541
Current assets	70,817	68,593	66,065
Current liabilities	25,308	29,642	27,878
Noncurrent liabilities	17,983	19,442	19,366
Total affiliates’ net equity	63,188	59,222	56,362
Parent [Member]
Schedule of Investments [Line Items]
Total revenues	58,937	63,101	65,196
Income before income tax expense	9,968	11,108	9,856
Net income attributable to affiliates	7,237	7,845	6,938
Current assets	13,465	15,156	14,732
Current assets	26,053	25,059	23,523
Current liabilities	9,588	11,587	11,093
Noncurrent liabilities	4,211	4,559	4,879
Total affiliates’ net equity	$ 25,719	$ 24,069	$ 22,283

Investments and Advances (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Variable Interest Entity [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Investments and advances	$ 26,335	$ 24,878
The portion of equity ownership interest held in CP Chemical by Conoco Phillips Corporation	50.00%
The portion of equity ownership interest of Caltex Australia Ltd. held by public	50.00%
Fair value of Chevron share in Caltex Australia Ltd common stock	$ 3,755
Sale and other operating revenues from affiliated companies	10,404	14,635	$ 17,356
Purchased crude oil and products	119,671	134,696	140,766
Accounts and notes receivable due from affiliated companies	924	1,328
Accounts payable due to affiliated companies	345	466
Chevron's loan to affiliates	874	1,129	1,494
Affiliated Entity [Member]
Variable Interest Entity [Line Items]
Purchased crude oil and products	$ 6,735	$ 7,063	$ 6,634
Tengizchevroil LLP [Member]
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	50.00%
Chevron investment carrying value over underlying equity in TCO's net assets	$ 150
Petropiar [Member]
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	30.00%
Chevron investment carrying value less underlying equity in Petropiar net assets	$ 160
Caspian Pipeline Consortium [Member]
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	15.00%
Long term loans of Caspian Pipeline Consortium included in investments and advances	$ 1,328
Percentage of Caspian Pipeline Consortium pipeline construction funded by Loans	30.00%
Petroboscan [Member]
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	39.20%
Chevron investment carrying value over underlying equity in Petroboscan's net assets	$ 160
Angola LNG Limited [Member]
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	36.40%
GS Caltex Corporation [Member]
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	50.00%
Chevron Phillips Chemical Company LLC [Member]
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	50.00%
Caltex Australia Limited [Member]
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	50.00%
Tengizchevroil LLP [Member]
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	50.00%
Percentage of affiliate by summarized financial information	100.00%

Properties, Plant and Equipment (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

^[1]

$ 327,289

$ 296,433

$ 263,481

^[1]

183,173

164,829

141,348

^[1],[2]

36,332

38,122

34,015

^[1],[3]

16,793

14,186

13,413

United States [Member]

^[1]

125,163

117,364

108,659

^[1]

59,960

56,506

52,087

^[1],[2]

10,857

10,063

10,124

^[1],[3]

6,693

5,478

5,085

International [Member]

^[1]

202,126

179,069

154,822

^[1]

123,213

108,323

89,261

^[1],[2]

25,475

28,059

23,891

^[1],[3]

10,100

8,708

8,328

Upstream [Member]

^[1]

289,487

259,178

227,707

^[1]

164,790

145,931

123,227

^[1],[2]

34,608

35,571

29,554

Upstream [Member] | United States [Member]

^[1],[3]

14,815

12,748

11,917

^[1]

96,850

89,555

81,908

^[1]

45,864

41,831

37,909

^[1],[2]

9,688

8,188

8,211

Upstream [Member] | International [Member]

^[1],[3]

5,127

4,412

3,902

^[1]

192,637

169,623

145,799

^[1]

118,926

104,100

85,318

^[1],[2]

24,920

27,383

21,343

^[1],[3]

9,688

8,336

8,015

Downstream [Member]

^[1]

31,974

31,710

30,782

^[1]

15,238

15,620

15,263

^[1],[2]

1,118

1,807

4,042

Downstream [Member] | United States [Member]

^[1],[3]

1,282

1,140

1,107

^[1]

22,640

22,407

21,792

^[1]

11,019

11,481

11,333

^[1],[2]

588

1,154

1,498

Downstream [Member] | International [Member]

^[1],[3]

886

780

799

^[1]

9,334

9,303

8,990

^[1]

4,219

4,139

3,930

^[1],[2]

530

653

2,544

All Other Segments [Member]

^[1],[3]

396

360

308

^[1]

5,828

5,545

4,992

^[1]

3,145

3,278

2,858

^[1],[2]

606

744

419

All Other Segments [Member] | United States [Member]

^[1],[3]

696

298

389

5,673

5,402

4,959

3,077

3,194

2,845

^[2]

581

721

415

All Other Segments [Member] | International [Member]

^[3]

680

286

384

155

143

^[2]

Property, Plant and Equipment [Line Items]

^[3]

$ 16

$ 12

$ 5

[1]	Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2014. Australia had $41,012, $31,464 and $21,770 in 2014, 2013, and 2012, respectively. Nigeria had PP&E of $19,214, $18,429 and $17,485 for 2014, 2013 and 2012, respectively.
[2]	Net of dry hole expense related to prior years’ expenditures of $371, $89 and $80 in 2014, 2013 and 2012, respectively.
[3]	Depreciation expense includes accretion expense of $882, $627 and $629 in 2014, 2013 and 2012, respectively.

Properties, Plant and Equipment (Details Textual) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Property, plant and equipment

^[1]

$ 183,173

$ 164,829

$ 141,348

Dry hole expense related to prior years expenditures, net

371

Accretion expense

882

627

629

Australia [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment

41,012

31,464

21,770

Nigeria [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment

$ 19,214

$ 18,429

$ 17,485

[1]

Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2014. Australia had $41,012, $31,464 and $21,770 in 2014, 2013, and 2012, respectively. Nigeria had PP&E of $19,214, $18,429 and $17,485 for 2014, 2013 and 2012, respectively.

Litigation (Details) $ in Millions				1 Months Ended		12 Months Ended
Litigation (Details) $ in Millions	Jul. 02, 2013 USD ($)	Aug. 03, 2012 USD ($)	Feb. 14, 2011 USD ($)	Sep. 30, 2010 USD ($)	Aug. 31, 2010	Dec. 31, 2014 USD ($) LegalMatter breach	Nov. 13, 2013 USD ($)	Nov. 06, 2012	Jan. 03, 2012	Dec. 31, 2008 USD ($)
Loss Contingencies [Line Items]
Number of contract breaches \| breach						7
MTBE [Member] \| Pending Litigation [Member]
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims) \| LegalMatter						7
Ecuador Litigation [Member]
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims) \| LegalMatter						9
Remediation program term (in years)						3 years
Ecuador Litigation [Member] \| Pending Litigation [Member]
Loss Contingencies [Line Items]
Remediation program term (in years)						3 years
Remediation program						$ 40
Financial compensation for purported damages on mining engineer's report										$ 18,900
Assessment for purported unjust enrichment on mining engineer's report										$ 8,400
Court order requiring the parties to provide their positions on damages within (in days)					45 days
Range of possible loss, minimum						16,000
Range of possible loss, maximum						$ 76,000
Approximate unjust enrichment on plaintiffs' submission, Maximum				$ 38,000
Approximate unjust enrichment on plaintiffs' submission, Minimum				$ 5,000
Amount assessed in damages			$ 8,600				$ 9,500
Amount assessed for plaintiffs representatives			900
Additional amount assessed in punitive damages			$ 8,600
Public apology date within judgment			15 days
Approved court-appointed liquadator's report damages for total judgment		$ 19,100
Litigation Settlement, Amount to be Paid Via Third Party	$ 96
Proposed additional payment for plaintiff attorney fees as percentage of judgment									0.10%
Percentage of payments withheld by third parties due to freeze order								40.00%
Percentage of funds wIthheld by banks due to freeze order								40.00%
Ecuador Litigation [Member] \| Declatory Relief Claim [Member]
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims) \| LegalMatter						1
Ecuador Litigation [Member] \| Discovery Stay On Claims [Member]
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims) \| LegalMatter						8

Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
U.S. federal
Current	$ 748	$ 15	$ 1,703
Deferred	1,330	1,128	673
State and local
Current	336	120	652
Deferred	36	74	(145)
Total United States	2,450	1,337	2,883
International
Current	9,235	12,296	15,626
Deferred	207	675	1,487
Total International	9,442	12,971	17,113
Total taxes on income	$ 11,892	$ 14,308	$ 19,996
Reconciliation between the U.S. statutory federal income tax rate and the company's effective income tax rate
U.S. statutory federal income tax rate	35.00%	35.00%	35.00%
Effect of income taxes from international operations at rates different from the U.S. statutory rate	2.80%	5.10%	7.80%
State and local taxes on income, net of U.S. federal income tax benefit	0.70%	0.60%	0.60%
Prior-year tax adjustments	(0.70%)	(0.80%)	(0.20%)
Tax credits	(0.20%)	(0.50%)	(0.40%)
Effects of changes in tax rates	(0.20%)	0.00%	0.30%
Other	0.70%	0.50%	0.10%
Effective tax rate	38.10%	39.90%	43.20%

Taxes (Details 1) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Deferred tax liabilities
Properties, plant and equipment	$ 28,452	$ 25,936
Investments and other	3,059	2,272
Total deferred tax liabilities	31,511	28,208
Deferred tax assets
Foreign tax credits	(11,867)	(11,572)
Abandonment/environmental reserves	(6,686)	(6,279)
Employee benefits	(4,831)	(3,825)
Deferred credits	(1,828)	(2,768)
Tax loss carryforwards	(1,747)	(1,016)
Other accrued liabilities	(498)	(533)
Inventory	(153)	(358)
Miscellaneous	(2,128)	(1,439)
Total deferred tax assets	(29,738)	(27,790)
Deferred tax assets valuation allowance	16,292	17,171
Total deferred taxes, net	18,065	17,589
Classification of deferred taxes
Prepaid expenses and other current assets	(1,071)	(1,341)
Deferred charges and other assets	(3,597)	(2,954)
Federal and other taxes on income	813	583
Noncurrent deferred income taxes	21,920	21,301
Total deferred taxes, net	$ 18,065	$ 17,589

Taxes (Details 2) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Changes to company's unrecognized tax benefits

Additions based on tax positions taken in current year

$ 3,848

$ 3,071

$ 3,481

Foreign currency effects

(25)

(58)

354

276

543

Additions/reductions resulting from current-year asset acquisitions/sales

(22)

Additions for tax positions taken in prior years

1,164

152

Reductions for tax positions taken in prior years

(561)

(176)

(899)

Settlements with taxing authorities in current year

(50)

(320)

(138)

Reductions as a result of a lapse of the applicable statute of limitations

(29)

(109)

(72)

Total taxes other than on income

3,552

3,848

3,071

Income Tax Authority [Line Items]

8,186

8,492

8,010

^[1]

12,540

13,063

12,376

United States

Income Tax Authority [Line Items]

4,633

4,792

4,665

Import duties and other levies

Property and other miscellaneous taxes

1,002

1,036

782

Payroll taxes

273

255

240

Taxes on production

349

333

328

Total taxes other than on income

6,263

6,420

6,016

International

Income Tax Authority [Line Items]

3,553

3,700

3,345

Import duties and other levies

106

Property and other miscellaneous taxes

2,277

2,486

2,501

Payroll taxes

172

168

160

Taxes on production

230

248

Total taxes other than on income

$ 6,277

$ 6,643

$ 6,360

[1]	Includes excise, value-added and similar taxes.$8,186 $8,492 $8,010

Taxes (Details Textual) - USD ($) $ in Millions	12 Months Ended
Taxes (Details Textual) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Income before income tax including related corporate and other charges for U.S. operations	$ 6,296	$ 4,672	$ 8,456
Income before income tax for international operations	24,906	31,233	37,876
Income tax credits and adjustments	$ 68	$ 175	$ 165
Effective tax rate	38.10%	39.90%	43.20%
Approximate increase in deferred tax liabilities	$ 3,300
Deferred tax asset, increase	1,900
Loss carry forward	5,535
Tax credit carryforward	1,190
Carry forward amount of foreign tax credit with expiration dates	11,867	$ 11,572
Undistributed earnings of international consolidated subsidiaries and affiliates for which no deferred income tax provision has been made for future remittances	$ 35,700
Percentage of impact of unrecognized tax benefits on effective tax rate if subsequently recognized	68.00%
Unrecognized tax benefits	$ 3,552	3,848	$ 3,071	$ 3,481
Income tax accruals for anticipated interest and penalty obligations	233	215
Income tax benefit expense associated with interest and penalties	$ 4	$ (42)	$ 145

Long-Term Debt (Details) - USD ($)

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Nov. 30, 2014

Reclassified from short-term debt

$ 15,960,000,000

$ 11,960,000,000

Debt due within one year

8,000,000,000

Total long-term debt

23,960,000,000

19,960,000,000

Long-term debt maturing 2015

Long-term debt maturing 2016

1,450,000,000

Long-term debt maturing 2017

3,750,000,000

Long-term debt maturing 2018

2,000,000,000

Long-term debt maturing 2019

2,650,000,000

Long-term debt maturing after 2019

6,110,000,000

Notes Payable [Member] | 3.191% notes due 2023 [Member]

$ 2,250,000,000

2,250,000,000

Notes Payable [Member] | 1.104% notes due 2017 [Member]

3.191%

$ 2,000,000,000

2,000,000,000

Notes Payable [Member] | 1.718% notes due 2018 [Member]

1.104%

$ 2,000,000,000

2,000,000,000

Notes Payable [Member] | 2.355% notes due 2022 [Member]

1.718%

$ 2,000,000,000

2,000,000,000

Notes Payable [Member] | 4.95% notes due 2019 [Member]

2.355%

$ 1,500,000,000

1,500,000,000

Notes Payable [Member] | 1.345% notes due 2017 [Member]

4.95%

$ 1,100,000,000

Notes Payable [Member] | 2.427% notes due 2020 [Member]

1.345%

$ 1,000,000,000

1,000,000,000

Notes Payable [Member] | 2.193% notes due 2019 [Member]

2.427%

$ 750,000,000

Notes Payable [Member] | 0.889% notes due 2016 [Member]

2.193%

$ 750,000,000

750,000,000

Notes Payable [Member] | Variable rate notes due 2016 [Member]

0.889%

^[1]

$ 700,000,000

Notes Payable [Member] | Variable rate notes due 2017 [Member]

3.32%

^[1]

$ 650,000,000

Notes Payable [Member] | Variable rate notes due 2019 [Member]

4.02%

^[1]

$ 400,000,000

Notes Payable [Member] | Variable rate notes due 2021 [Member]

6.42%

^[1]

$ 400,000,000

Debentures [Member] | 8.625% debentures due 2032 [Member]

7.62%

$ 147,000,000

147,000,000

Debentures [Member] | 8.625 % debentures due 2031 [Member]

8.625%

$ 107,000,000

107,000,000

Debentures [Member] | 8 % debentures due 2032 [Member]

8.625%

$ 74,000,000

74,000,000

Debentures [Member] | 9.75 % debentures due 2020 [Member]

8.00%

$ 54,000,000

54,000,000

Debentures [Member] | 8.875 % debentures due 2021 [Member]

9.75%

$ 40,000,000

40,000,000

Medium-term Notes [Member] | Medium-term notes, maturing from 2021 to 2038 (5.92%) [Member]

8.875%

^[2]

$ 38,000,000

Corporate Bond Securities [Member]

5.83%

Notes payable to banks and others with originating terms of one year or less

Debt issued

$ 4,000,000,000

[1]	Interest rate at December 31, 2014.
[2]	Weighted-average interest rate at December 31, 2014.

Short-Term Debt (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Short term borrowings

Commercial Paper

^[1]

$ 8,506

$ 5,130

104

Current maturities of long-term debt

Current maturities of long-term capital leases

Redeemable long term obligations - Long-term debt

3,152

Redeemable long term obligations - Capital leases

Subtotal

11,790

8,374

Reclassified to long-term debt

(8,000)

Total short-term debt

$ 3,790

$ 374

[1]	Weighted-average interest rates at December 31, 2014 and 2013, were 0.12 percent and 0.09 percent, respectively.

Short-Term Debt (Details Textual) - USD ($) $ in Millions	12 Months Ended
Short-Term Debt (Details Textual) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]
Weighted-average interest rates of commercial paper	0.12%	0.09%
Committed credit facilities	$ 8,000
Reclassified to long-term debt	$ 8,000	$ 8,000

Accounting for Suspended Exploratory Wells (Details)
$ in Millions

12 Months Ended

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Dec. 31, 2014

USD ($)

Project

Dec. 31, 2013

USD ($)

Project

Dec. 31, 2012

USD ($)

Project

Changes in company's suspended exploratory well costs

Beginning balance at January 1

$ 3,245

$ 2,681

$ 2,434

Additions to capitalized exploratory well costs pending the determination of proved reserves

1,591

885

595

Reclassifications to wells, facilities and equipment based on the determination of proved reserves

(298)

(290)

(244)

Capitalized exploratory well costs charged to expense

(312)

(31)

(49)

Other reductions

^[1]

(31)

(55)

Ending balance at December 31

4,195

3,245

2,681

Aging of capitalized well costs and number of project

Exploratory well costs capitalized for a period of one year or less

$ 1,522

$ 641

$ 501

Exploratory well costs capitalized for a period greater than one year

2,673

2,604

2,180

Number of projects with exploratory well costs that have been capitalized for a period greater than one year | Project

$ 3,245

$ 2,681

$ 2,434

$ 4,195

$ 3,245

$ 2,681

^[2]

[1]	Represents property sales.
[2]	Certain projects have multiple wells or fields or both.

Accounting for Suspended Exploratory Wells (Details 1)
$ in Millions

Dec. 31, 2014

USD ($)

Well

Project

Dec. 31, 2013

USD ($)

Project

Dec. 31, 2012

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

$ 2,673

$ 2,604

$ 2,180

Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well

209

Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]

^[1]

1997–2003 [Member]

Capitalized exploratory well costs that have been capitalized for period greater than one year

$ 204

Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well

2004–2008 [Member]

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

$ 459

Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well

2009–2013 [Member]

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

$ 2,010

Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells | Well

126

1999 [Member]

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

$ 8

Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]

2003–2009 [Member]

Capitalized exploratory well costs that have been capitalized for period greater than one year

$ 521

Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]

2010–2014 [Member]

Capitalized exploratory well costs that have been capitalized for period greater than one year

$ 2,144