View Filing Data

Income from equity affiliates

^[1]

$ 32,315

$ 50,978

1,401

1,922

Other income

842

365

Total Revenues and Other Income

34,558

53,265

Costs and Other Deductions

Purchased crude oil and products

17,193

30,823

Operating expenses

5,395

6,023

Selling, general and administrative expenses

944

927

Exploration expenses

592

415

Depreciation, depletion and amortization

4,411

4,130

Taxes other than on income

^[1]

3,118

3,019

Total Costs and Other Deductions

31,653

45,337

Income Before Income Tax Expense

2,905

7,928

Income Tax Expense

305

3,407

Net Income

2,600

4,521

Less: Net income attributable to noncontrolling interests

Net Income Attributable to Chevron Corporation

$ 2,567

$ 4,512

Per Share of Common Stock:

Net Income Attributable to Chevron Corporation - Basic (in dollars per share)

$ 1.38

$ 2.38

Net Income Attributable to Chevron Corporation - Diluted (in dollars per share)

1.37

2.36

Dividends (in dollars per share)

$ 1.07

$ 1

Weighted Average Number of Shares Outstanding

Basic (in shares)

1,866,655

1,895,032

Diluted (in shares)

1,876,498

1,909,424

[1]	* Includes excise, value-added and similar taxes:$1,877 $1,946

Consolidated Statement of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Includes excise, value-added and similar taxes:	$ 1,877	$ 1,946

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Statement of Comprehensive Income [Abstract]

Net Income

$ 2,600

$ 4,521

Currency translation adjustment

(25)

(38)

Unrealized holding gain on securities:

Net gain arising during period

Derivatives:

Net derivatives loss on hedge transactions

(3)

Reclassification to net income of net realized gain

(1)

Income tax benefit on derivatives transactions

Total

(3)

Actuarial loss:

Amortization to net income of net actuarial and settlement losses

170

111

Actuarial loss arising during period

(8)

Prior service cost:

Amortization to net income of net prior service costs

Defined benefit plans sponsored by equity affiliates

Income tax expense on defined benefit plans

(79)

(41)

Total

102

Comprehensive income attributable to noncontrolling interests

^[1]

Comprehensive Income

2,679

4,566

(33)

(9)

Comprehensive Income Attributable to Chevron Corporation

$ 2,646

$ 4,557

[1]	All amounts are net of tax.

Consolidated Balance Sheet (Unaudited) - USD ($)
$ in Millions

Mar. 31, 2015

Dec. 31, 2014

ASSETS

Cash and cash equivalents

$ 12,675

$ 12,785

Time deposits

Marketable securities

432

422

Accounts and notes receivable, net

15,239

16,736

Inventories

Crude oil and petroleum products

4,157

3,854

Chemicals

459

467

Materials, supplies and other

2,221

2,184

Total inventories

6,837

6,505

Prepaid expenses and other current assets

6,087

5,776

Total Current Assets

41,270

42,232

Long-term receivables, net

2,820

2,817

Investments and advances

28,238

26,912

Properties, plant and equipment, at cost

333,824

327,289

Less: Accumulated depreciation, depletion and amortization

147,701

144,116

Properties, plant and equipment, net

186,123

183,173

Deferred charges and other assets

6,565

6,299

Goodwill

4,588

4,593

Total Assets

269,604

266,026

LIABILITIES AND EQUITY

Short-term debt

3,908

3,790

Accounts payable

16,640

19,000

Accrued liabilities

4,607

5,328

Federal and other taxes on income

3,115

2,575

Other taxes payable

1,175

1,233

Total Current Liabilities

29,445

31,926

Long-term debt

29,960

23,960

Capital lease obligations

Deferred credits and other noncurrent obligations

23,100

23,549

Noncurrent deferred income taxes

21,583

21,920

Noncurrent employee benefit plans

8,450

8,412

Total Liabilities

112,603

109,835

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 March 31, 2015, and December 31, 2014)

1,832

Capital in excess of par value

16,105

16,041

Retained earnings

185,557

184,987

Accumulated other comprehensive loss

^[1]

(4,780)

(4,859)

Deferred compensation and benefit plan trust

(240)

Treasury stock, at cost (562,198,869 and 563,027,772 shares at March 31, 2015, and December 31, 2014, respectively)

(42,671)

(42,733)

Total Chevron Corporation Stockholders’ Equity

155,803

155,028

Noncontrolling interests

1,198

1,163

Total Equity

157,001

156,191

Total Liabilities and Equity

$ 269,604

$ 266,026

[1]	All amounts are net of tax.

Consolidated Balance Sheet (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars 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 (in dollars 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	562,198,869	563,027,772

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating Activities
Net Income	$ 2,600	$ 4,521
Adjustments
Depreciation, depletion and amortization	4,411	4,130
Dry hole expense	348	140
Distributions less than income from equity affiliates	(1,208)	(457)
Net before-tax gains on asset retirements and sales	(638)	(269)
Net foreign currency effects	(87)	14
Deferred income tax provision	(921)	287
Net (increase) decrease in operating working capital	(1,985)	382
Increase in long-term receivables	(23)	(32)
Net decrease (increase) in other deferred charges	27	(13)
Cash contributions to employee pension plans	(85)	(89)
Other	(120)	(197)
Net Cash Provided by Operating Activities	2,319	8,417
Investing Activities
Capital expenditures	(7,602)	(8,544)
Proceeds and deposits related to asset sales	948	316
Net sales (purchases) of time deposits	8	(300)
Net borrowing of loans by equity affiliates	(40)	(32)
Net sales (purchases) of other short-term investments	80	(20)
Net Cash Used for Investing Activities	(6,606)	(8,580)
Financing Activities
Net borrowings of short-term obligations	117	2,636
Proceeds from issuance of long-term debt	5,993	0
Repayments of long-term debt and other financing obligations	(8)	(12)
Cash dividends — common stock	(1,997)	(1,895)
Net sales (purchases) of treasury shares	55	(1,190)
Net Cash Provided by (Used for) Financing Activities	4,160	(461)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	17	(9)
Net Change in Cash and Cash Equivalents	(110)	(633)
Cash and Cash Equivalents at January 1	12,785	16,245
Cash and Cash Equivalents at March 31	$ 12,675	$ 15,612

Interim Financial Statements	3 Months Ended
Interim Financial Statements	Mar. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Interim Financial Statements	Interim Financial Statements The accompanying consolidated financial statements of Chevron Corporation and its subsidiaries (the company) have not been audited by an independent registered public accounting firm. In the opinion of the company’s management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. These adjustments were of a normal recurring nature. The results for the three-month period ended March 31, 2015, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron Corporation. Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the company’s 2014 Annual Report on Form 10-K.

Changes in Accumulated Other Comprehensive Losses

3 Months Ended

Mar. 31, 2015

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 three months ending March 31, 2015, are reflected in the table below.

Changes in Accumulated Other Comprehensive Income (Loss) by Component ⁽¹⁾

(Millions of Dollars)



	Three Months Ended March 31, 2015
	Currency Translation Adjustment			Unrealized Holding Gains (Losses) on Securities			Derivatives			Defined Benefit Plans			Total

Balance at January 1	$	(96	)	$	(8	)	$	(2	)	$	(4,753	)	$	(4,859	)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(25		)	2			—			(8		)	(31		)
Reclassifications⁽²⁾	—			—			—			110			110
Net Other Comprehensive Income (Loss)	(25		)	2			—			102			79
Balance at March 31	$	(121	)	$	(6	)	$	(2	)	$	(4,651	)	$	(4,780	)

________________________________

⁽¹⁾ All amounts are net of tax.

⁽²⁾ Refer to Note 10, Employee Benefits for reclassified components totaling $176 million that are included in employee benefit costs for the three months ending March 31, 2015. Related income taxes for the same period, totaling $66 million, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

Supplemental Cash Flow Elements [Abstract]

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.

+ References

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
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-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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

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

+ Details

Noncontrolling Interests

3 Months Ended

Mar. 31, 2015

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. Activity for the equity attributable to noncontrolling interests for the first three months of 2015 and 2014 is as follows:



	2015								2014
	Chevron Corporation Stockholders’ Equity			Non-controlling Interest		Total Equity			Chevron Corporation Stockholders’ Equity			Non-controlling Interest			Total Equity
	(Millions of dollars)
Balance at January 1	$	155,028		$	1,163	$	156,191		$	149,113		$	1,314		$	150,427
Net income	2,567			33		2,600			4,512			9			4,521
Dividends	(1,997		)	—		(1,997		)	(1,896		)	—			(1,896		)
Treasury shares, net	62			—		62			(1,191		)	—			(1,191		)
Other changes, net*	143			2		145			123			(174		)	(51		)
Balance at March 31	$	155,803		$	1,198	$	157,001		$	150,661		$	1,149		$	151,810

_________________________________

* Includes components of comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income.

Information Relating to the Consolidated Statement of Cash Flows

3 Months Ended

Mar. 31, 2015

Information Relating to the Consolidated Statement of Cash Flows

The “Net (increase) decrease in operating working capital” was composed of the following operating changes:



	Three months ended March 31
	2015			2014
	(Millions of dollars)
Decrease in accounts and notes receivable	$	1,207		$	1,373
Increase in inventories	(332		)	(1,098		)
Increase in prepaid expenses and other current assets	(368		)	(136		)
(Decrease) increase in accounts payable and accrued liabilities	(3,010		)	140
Increase in income and other taxes payable	518			103
Net (increase) decrease in operating working capital	$	(1,985	)	$	382

The “Net (increase) decrease in operating working capital” includes reductions of $4 million and $6 million for excess income tax benefits associated with stock options exercised during the three months ended March 31, 2015, and 2014, respectively. These amounts are offset by an equal amount in “Net sales (purchases) of treasury shares.”

“Net Cash Provided by Operating Activities” included the following cash payments for income taxes:



	Three months ended March 31
	2015		2014
	(Millions of dollars)
Income taxes	$	953	$	2,416

"Other" includes changes in postretirement benefits obligations and other long-term liabilities.

Information related to "Restricted Cash" is included on page 21 in Note 13 under the heading "Restricted Cash."

The “Net sales (purchases) of time deposits” consisted of the following gross amounts:



	Three months ended March 31
	2015		2014
	(Millions of dollars)
Time deposits purchased	$	—	$	(308	)
Time deposits matured	8		8
Net sales (purchases) of time deposits	$	8	$	(300	)

The “Net sales (purchases) of treasury shares” represents the cost of common shares acquired less the cost of shares issued for share-based compensation plans. Purchases totaled $1 million for the first three months of 2015 and $1.3 billion for the first three months in 2014. No purchases were made under the company's share repurchase program in the first three months of 2015. During the first three months of 2014, the company purchased 10.8 million common shares under the program for $1.25 billion.

The major components of “Capital expenditures” and the reconciliation of this amount to the capital and exploratory expenditures, including equity affiliates, are as follows:



	Three months ended March 31
	2015		2014
	(Millions of dollars)
Additions to properties, plant and equipment	$	7,343	$	8,397
Additions to investments	112		87
Current year dry hole expenditures	147		75
Payments for other liabilities and assets, net	—		(15		)
Capital expenditures	7,602		8,544
Expensed exploration expenditures	244		275
Assets acquired through capital lease obligations	7		—
Capital and exploratory expenditures, excluding equity affiliates	7,853		8,819
Company’s share of expenditures by equity affiliates	730		612
Capital and exploratory expenditures, including equity affiliates	$	8,583	$	9,431

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt On March 3, 2015, the Company issued $900,000,000 in aggregate principal amount of floating rate notes due 2017, $550,000,000 in aggregate principal amount of floating rate notes due 2018, $1,750,000,000 in aggregate principal amount of 1.365% notes due 2018, $1,750,000,000 in aggregate principal amount of 1.961% notes due 2020, $350,000,000 in aggregate principal amount of floating rate notes due 2022, and $700,000,000 in aggregate principal amount of 2.411% notes due 2022.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Taxes on income for the first quarter of 2015 were $0.3 billion, compared with $3.4 billion for the corresponding period in 2014. The associated effective tax rates (calculated as the amount of Income Tax Expense divided by Income Before Income Tax Expense) for the first quarters of 2015 and 2014 were 10 percent and 43 percent, respectively. The decrease in the effective tax rate between periods resulted from one-time tax benefits primarily related to a reduction in statutory tax rates in the United Kingdom, the impact of changes in jurisdictional mix driven by significantly lower income in high tax rate international upstream jurisdictions, and foreign currency remeasurement effects, partially offset by the effects of equity earnings. 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 March 31, 2015. 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 outcomes for 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 regarding 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.

Operating Segments and Geographic Data

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Operating Segments and Geographic Data

Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of exploring for, developing 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 worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies.

The segments are separately managed for investment purposes under a structure that includes “segment managers” who report to the company’s “chief operating decision maker” (CODM). The CODM is the company’s Executive Committee (EXCOM), a committee of senior officers that includes the Chief Executive Officer. EXCOM reports to the Board of Directors of Chevron Corporation.

The operating 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.

Segment managers for the reportable segments are directly accountable to, and maintain regular contact with, the company’s CODM to discuss the segment’s operating activities and financial performance. The CODM approves annual capital and exploratory budgets at the reportable segment level, as well as reviews capital and exploratory funding for major projects and approves major changes to the annual capital and exploratory budgets. However, business-unit managers within the operating segments are directly responsible for decisions relating to project implementation and all other matters connected with daily operations. Company officers who are members of the EXCOM also have individual management responsibilities and participate in other committees for purposes other than acting as the CODM.

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 for the three-month periods ended March 31, 2015, and 2014, are presented in the following table:



	Three months ended March 31
Segment Earnings	2015			2014
	(Millions of dollars)
Upstream
United States	$	(460	)	$	912
International	2,020			3,395
Total Upstream	1,560			4,307
Downstream
United States	706			422
International	717			288
Total Downstream	1,423			710
Total Segment Earnings	2,983			5,017
All Other
Interest Income	17			17
Other	(433		)	(522		)
Net Income Attributable to Chevron Corporation	$	2,567		$	4,512

Segment Assets Segment assets do not include intercompany investments or intercompany receivables. “All Other” assets consist primarily of worldwide cash, cash equivalents, time deposits and marketable securities; real estate; information systems; technology companies; and assets of the corporate administrative functions. Segment assets at March 31, 2015, and December 31, 2014, are as follows:



Segment Assets	At March 31 2015		At December 31 2014
	(Millions of dollars)
Upstream
United States	$	49,748	$	49,205
International	157,021		152,736
Goodwill	4,588		4,593
Total Upstream	211,357		206,534
Downstream
United States	22,241		23,068
International	17,906		17,723
Total Downstream	40,147		40,791
Total Segment Assets	251,504		247,325
All Other
United States	6,389		6,741
International	11,711		11,960
Total All Other	18,100		18,701
Total Assets — United States	78,378		79,014
Total Assets — International	186,638		182,419
Goodwill	4,588		4,593
Total Assets	$	269,604	$	266,026

Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three-month periods ended March 31, 2015, and 2014, are presented in the following table. 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 insurance operations, real estate activities, and technology companies.



	Three months ended March 31
Sales and Other Operating Revenues	2015			2014
	(Millions of dollars)
Upstream
United States	$	3,349		$	6,745
International	7,215			11,881
Subtotal	10,564			18,626
Intersegment Elimination — United States	(2,111		)	(3,932		)
Intersegment Elimination — International	(2,992		)	(5,762		)
Total Upstream	5,461			8,932
Downstream
United States	12,434			20,218
International	14,864			23,804
Subtotal	27,298			44,022
Intersegment Elimination — United States	(6		)	(5		)
Intersegment Elimination — International	(474		)	(2,045		)
Total Downstream	26,818			41,972
All Other
United States	325			389
International	7			5
Subtotal	332			394
Intersegment Elimination — United States	(290		)	(315		)
Intersegment Elimination — International	(6		)	(5		)
Total All Other	36			74
Sales and Other Operating Revenues
United States	16,108			27,352
International	22,086			35,690
Subtotal	38,194			63,042
Intersegment Elimination — United States	(2,407		)	(4,252		)
Intersegment Elimination — International	(3,472		)	(7,812		)
Total Sales and Other Operating Revenues	$	32,315		$	50,978

Summarized Financial Data of Subsidiary One [Abstract]

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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+ Details

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

3 Months Ended

Mar. 31, 2015

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 refining, marketing, and 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:



	Three months ended March 31
	2015		2014
	(Millions of dollars)
Sales and other operating revenues	$	24,283	$	41,329
Costs and other deductions	24,455		40,124
Net income attributable to CUSA	162		1,017



	At March 31 2015		At December 31 2014
	(Millions of dollars)
Current assets	$	13,324	$	13,724
Other assets	62,430		62,195
Current liabilities	16,013		16,191
Other liabilities	30,049		30,175
Total CUSA net equity	$	29,692	$	29,553
Memo: Total debt	$	14,472	$	14,473

Summarized Financial Data - Tengizchevroil LLP

3 Months Ended

Mar. 31, 2015

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). Summarized financial information for 100 percent of TCO is presented in the following table:



	Three months ended March 31
	2015		2014
	(Millions of dollars)
Sales and other operating revenues	$	3,484	$	6,433
Costs and other deductions	2,026		2,833
Net income attributable to TCO	1,023		2,514

Employee Benefits

3 Months Ended

Mar. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Employee Benefits

Chevron 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 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 employee benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and the 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 components of net periodic benefit costs for 2015 and 2014 are as follows:



	Three months ended March 31
	2015			2014
	(Millions of dollars)
Pension Benefits
United States
Service cost	$	135		$	113
Interest cost	126			124
Expected return on plan assets	(196		)	(197		)
Amortization of prior service (credits)	(2		)	(2		)
Amortization of actuarial losses	89			52
Settlement losses	54			33
Total United States	206			123
International
Service cost	45			47
Interest cost	69			84
Expected return on plan assets	(65		)	(76		)
Amortization of prior service costs	5			5
Amortization of actuarial losses	18			24
Total International	72			84
Net Periodic Pension Benefit Costs	$	278		$	207
Other Benefits*
Service cost	$	18		$	13
Interest cost	38			37
Amortization of prior service costs	3			3
Amortization of actuarial losses	9			2
Net Periodic Other Benefit Costs	$	68		$	55

_________________________________

* Includes costs for U.S. and international OPEB plans. Obligations for plans outside the United States are not significant relative to the company’s total OPEB obligation.

At the end of 2014 and as of March 31, 2015, the company estimated it would contribute $600 million to employee pension plans during 2015 (composed of $350 million for the U.S. plans and $250 million for the international plans). Through March 31, 2015, a total of $85 million was contributed (including $51 million to the U.S. plans). Actual contribution amounts are dependent upon plan investment returns, changes in pension obligations, regulatory requirements and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations.

During the first three months of 2015, the company contributed $50 million to its OPEB plans. The company anticipates contributing approximately $148 million during the remainder of 2015.

Litigation	3 Months Ended
Litigation	Mar. 31, 2015
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 million. 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 $18.9 billion, 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 $8.4 billion 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 billion and $76 billion and that unjust enrichment should be assessed in an amount between approximately $5 billion and $38 billion. 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 $8.6 billion in damages and approximately $900 million as an award for the plaintiffs’ representatives. It also assessed an additional amount of approximately $8.6 billion 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 $8.6 billion 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 $19.1 billion. On November 13, 2013, the National Court ratified the judgment but nullified the $8.6 billion punitive damage assessment, resulting in a judgment of $9.5 billion. 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 million 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. The Supreme Court of Canada heard oral arguments on the appeal on December 11, 2014. On June 27, 2012, the Lago Agrio plaintiffs filed a complaint against Chevron Corporation in the Superior Court of Justice in Brasilia, Brazil, seeking to recognize and enforce the Ecuadorian judgment. Chevron has answered the complaint. In accordance with Brazilian procedure, the matter has been referred to the public prosecutor for a nonbinding opinion of the issues raised in the complaint. 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. The Tribunal held a hearing on April 29-30, 2014, to address remaining issues relating to Phase One, and on March 12, 2015, it issued a nonbinding decision that the Lago Agrio plaintiffs’ complaint, on its face, includes claims not barred by the settlement agreement between the Republic of Ecuador and Texpet. In the same decision, the Tribunal deferred to Phase Two remaining issues from Phase One, including whether the Republic of Ecuador breached the 1995 settlement agreement and the remedies that are available to Chevron and Texpet as a result of that breach. Phase Two issues will be addressed at a hearing that began on April 21, 2015. The Tribunal has not set a date for Phase Three, 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. A panel of the U.S. Court of Appeals for the Second Circuit heard oral arguments on the appeal on April 20, 2015. 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).

Other Contingencies and Commitments	3 Months Ended
Other Contingencies and Commitments	Mar. 31, 2015
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 6 on page 9 for a discussion of the periods for which tax returns have been audited for the company’s major tax jurisdictions. 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 and its subsidiaries have certain contingent liabilities with respect to guarantees, direct or indirect, of debt of affiliated companies or third parties. Under the terms of the guarantee arrangements, the company would generally be required to perform should the affiliated company or third party fail to fulfill its obligations under the arrangements. In some cases, the guarantee arrangements may have recourse provisions that would enable the company to recover any payments made under the terms of the guarantees from assets provided as collateral. 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 million, which had been reached at December 31, 2009. Under the indemnification agreement, after reaching the $200 million 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. Off-Balance-Sheet Obligations 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. 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 activities, 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. 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. On February 11, 2015, the Bay Area Air Quality Management District reissued an authority-to-construct permit for the project, and on April 8, 2015, the Court discharged the writ which had stopped construction of the project. Management is evaluating next steps in the project. On November 7, 2011, while drilling a development well in the deepwater Frade Field about 75 miles offshore Brazil, an unanticipated pressure spike caused oil to migrate from the well bore through a series of fissures to the sea floor, emitting approximately 2,400 barrels of oil. The source of the seep was substantially contained within four days and the well was plugged and abandoned. On March 14, 2012, the company identified a small, second seep in a different part of the field. No evidence of any coastal or wildlife impacts related to either of these seeps have emerged. As reported in the company’s previously filed periodic reports, it has resolved civil claims relating to these incidents brought by a Brazilian federal district prosecutor. As also reported previously, the federal district prosecutor also filed criminal charges against Chevron and eleven Chevron employees. On February 19, 2013, the trial court dismissed the criminal matter, and on appeal, on October 9, 2013, the appellate court reinstated two of the ten allegations, specifically those charges alleging environmental damage and failure to provide timely notification to authorities. On February 27, 2014, Chevron filed a motion for reconsideration. While reconsideration of the motion to dismiss is pending, there will be further proceedings on the reinstated allegations. The company’s ultimate exposure related to the incident is not currently determinable. Chevron receives claims from and submits claims to customers; trading partners; U.S. federal, state and local regulatory bodies; governments; contractors; insurers; suppliers; and individuals. The amounts of these claims, individually and in the aggregate, may be significant and take lengthy periods to resolve, and may result in gains or losses in future periods. 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 significant gains or losses in future periods.

Fair Value Measurements

3 Months Ended

Mar. 31, 2015

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 liability are described 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 fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at March 31, 2015, and December 31, 2014, is as follows:

Assets and Liabilities Measured at Fair Value on a Recurring Basis

(Millions of dollars)



	At March 31, 2015								At December 31, 2014
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable Securities	$	432	$	432	$	—	$	—	$	422	$	422	$	—	$	—
Derivatives	107		75		30		2		413		394		19		—
Total Assets at Fair Value	$	539	$	507	$	30	$	2	$	835	$	816	$	19	$	—
Derivatives	104		72		32		—		84		83		1		—
Total Liabilities at Fair Value	$	104	$	72	$	32	$	—	$	84	$	83	$	1	$	—

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 March 31, 2015.

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.

Assets carried at fair value at March 31, 2015, and December 31, 2014, are as follows:

Cash and Cash Equivalents and Time Deposits 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 $12.7 billion and $12.8 billion at March 31, 2015, and December 31, 2014, respectively. The instruments held in “Time deposits” are bank time deposits with maturities greater than 90 days and had carrying/fair values of zero and $8 million at March 31, 2015 and December 31, 2014, respectively. 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 March 31, 2015.

Restricted Cash had a carrying/fair value of $1.1 billion and $1.5 billion at March 31, 2015, and December 31, 2014, respectively. At March 31, 2015, restricted cash is classified as Level 1 and includes restricted funds related to certain upstream abandonment activities, tax payments, and funds held in escrow pending tax deferred exchanges, which are reported in “Deferred charges and other assets” on the Consolidated Balance Sheet.

Long-Term Debt had a net carrying value, excluding amounts reclassified from short-term, of $22.0 billion and $16.0 billion at March 31, 2015, and December 31, 2014, respectively. The fair value of long-term debt at March 31, 2015, and December 31, 2014 was $22.7 billion and $16.5 billion, respectively. Long-term debt primarily includes corporate issued bonds. The fair value of corporate bonds is $22.0 billion and classified as Level 1. The fair value of the other bonds is $0.7 billion and classified as Level 2.

The carrying values of other short-term financial assets and liabilities on the Consolidated Balance Sheet approximate their fair values. Fair value remeasurements of other financial instruments at March 31, 2015, and December 31, 2014, were not material.

The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2015, is as follows:

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

(Millions of dollars)



	At March 31, 2015
	Total		Level 1		Level 2		Level 3		Before-Tax Loss
Properties, plant and equipment, net (held and used)	$	195	$	—	$	190	$	5	$	259
Investments and advances	—		—		—		—		1
Total Assets at Fair Value	$	195	$	—	$	190	$	5	$	260

Properties, plant and equipment The company did not have any individually material impairments of long-lived assets measured at fair value on a nonrecurring basis to report in first quarter 2015.

Investments and advances The company did not have any material impairments of investments and advances measured at fair value on a nonrecurring basis to report in first quarter 2015.

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

3 Months Ended

Mar. 31, 2015

Financial and Derivative Instruments

The company’s derivative instruments principally include crude oil, natural gas and refined product futures, swaps, options, and forward contracts. None of the company’s derivative instruments are designated as hedging instruments, although certain of the company’s affiliates make such a designation. The company’s derivatives are not material to the company’s consolidated 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 commodities and other derivatives 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.

Derivative instruments measured at fair value at March 31, 2015, and December 31, 2014, 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

(Millions of Dollars)



Type of Contract	Balance Sheet Classification	At March 31 2015		At December 31 2014
Commodity	Accounts and notes receivable, net	$	106	$	401
Commodity	Long-term receivables, net	1		12
Total Assets at Fair Value		$	107	$	413
Commodity	Accounts payable	$	89	$	57
Commodity	Deferred credits and other noncurrent obligations	15		27
Total Liabilities at Fair Value		$	104	$	84

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

(Millions of dollars)



		Gain / (Loss) Three Months Ended March 31
Type of Contract	Statement of Income Classification	2015			2014
Commodity	Sales and other operating revenues	$	(121	)	$	97
Commodity	Purchased crude oil and products	14			(8		)
Commodity	Other income	(7		)	(23		)
		$	(114	)	$	66

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2015, and December 31, 2014.

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

(Millions of dollars)



	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
At March 31, 2015	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
Derivative Assets	$	2,983	$	2,876	$	107	$	2	$	105
Derivative Liabilities	$	2,980	$	2,876	$	104	$	—	$	104

At December 31, 2014
Derivative Assets	$	4,004	$	3,591	$	413	$	7	$	406
Derivative Liabilities	$	3,675	$	3,591	$	84	$	—	$	84

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."

Schedule of Accumulated Other Comprehensive Income (Loss)

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.

+ References

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+ Details

Accounting for Suspended Exploratory Wells	3 Months Ended
Accounting for Suspended Exploratory Wells	Mar. 31, 2015
Accounting for Suspended Exploratory Wells [Abstract]
Accounting for Suspended Exploratory Wells	Accounting for Suspended Exploratory Wells The capitalized cost of suspended wells at March 31, 2015, was $4.3 billion, a net increase of $127 million from year-end 2014, primarily due to drilling activities. During the three months ended March 31, 2015, $95 million of exploratory well costs previously capitalized for greater than one year at December 31, 2014, were charged to expense.

New Accounting Standards	3 Months Ended
New Accounting Standards	Mar. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [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 Policies (Policies)	3 Months Ended
Accounting Policies (Policies)	Mar. 31, 2015
Accounting Policies [Abstract]
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 worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies. The segments are separately managed for investment purposes under a structure that includes “segment managers” who report to the company’s “chief operating decision maker” (CODM). The CODM is the company’s Executive Committee (EXCOM), a committee of senior officers that includes the Chief Executive Officer. EXCOM reports to the Board of Directors of Chevron Corporation. The operating 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. Segment managers for the reportable segments are directly accountable to, and maintain regular contact with, the company’s CODM to discuss the segment’s operating activities and financial performance. The CODM approves annual capital and exploratory budgets at the reportable segment level, as well as reviews capital and exploratory funding for major projects and approves major changes to the annual capital and exploratory budgets. However, business-unit managers within the operating segments are directly responsible for decisions relating to project implementation and all other matters connected with daily operations. Company officers who are members of the EXCOM also have individual management responsibilities and participate in other committees for purposes other than acting as the CODM. 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).
Fair Value of Financial Instruments	The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability are described 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.

Changes in Accumulated Other Comprehensive Losses (Tables)

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Changes in Accumulated Other Comprehensive Income (Loss) by Component ⁽¹⁾

(Millions of Dollars)



	Three Months Ended March 31, 2015
	Currency Translation Adjustment			Unrealized Holding Gains (Losses) on Securities			Derivatives			Defined Benefit Plans			Total

Balance at January 1	$	(96	)	$	(8	)	$	(2	)	$	(4,753	)	$	(4,859	)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(25		)	2			—			(8		)	(31		)
Reclassifications⁽²⁾	—			—			—			110			110
Net Other Comprehensive Income (Loss)	(25		)	2			—			102			79
Balance at March 31	$	(121	)	$	(6	)	$	(2	)	$	(4,651	)	$	(4,780	)

________________________________

⁽¹⁾ All amounts are net of tax.

Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2015

Noncontrolling Interest [Abstract]

Activity for equity attributable to noncontrolling interests

Activity for the equity attributable to noncontrolling interests for the first three months of 2015 and 2014 is as follows:



	2015								2014
	Chevron Corporation Stockholders’ Equity			Non-controlling Interest		Total Equity			Chevron Corporation Stockholders’ Equity			Non-controlling Interest			Total Equity
	(Millions of dollars)
Balance at January 1	$	155,028		$	1,163	$	156,191		$	149,113		$	1,314		$	150,427
Net income	2,567			33		2,600			4,512			9			4,521
Dividends	(1,997		)	—		(1,997		)	(1,896		)	—			(1,896		)
Treasury shares, net	62			—		62			(1,191		)	—			(1,191		)
Other changes, net*	143			2		145			123			(174		)	(51		)
Balance at March 31	$	155,803		$	1,198	$	157,001		$	150,661		$	1,149		$	151,810

_________________________________

* Includes components of comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income.

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

3 Months Ended

Mar. 31, 2015

Supplemental Cash Flow Elements [Abstract]

Net (increase) decrease in operating working capital

The “Net (increase) decrease in operating working capital” was composed of the following operating changes:



	Three months ended March 31
	2015			2014
	(Millions of dollars)
Decrease in accounts and notes receivable	$	1,207		$	1,373
Increase in inventories	(332		)	(1,098		)
Increase in prepaid expenses and other current assets	(368		)	(136		)
(Decrease) increase in accounts payable and accrued liabilities	(3,010		)	140
Increase in income and other taxes payable	518			103
Net (increase) decrease in operating working capital	$	(1,985	)	$	382

Cash payment for interest on debt and for income taxes

“Net Cash Provided by Operating Activities” included the following cash payments for income taxes:



	Three months ended March 31
	2015		2014
	(Millions of dollars)
Income taxes	$	953	$	2,416

Net (purchases) sales of time deposits

The “Net sales (purchases) of time deposits” consisted of the following gross amounts:



	Three months ended March 31
	2015		2014
	(Millions of dollars)
Time deposits purchased	$	—	$	(308	)
Time deposits matured	8		8
Net sales (purchases) of time deposits	$	8	$	(300	)

Capital expenditures

The major components of “Capital expenditures” and the reconciliation of this amount to the capital and exploratory expenditures, including equity affiliates, are as follows:



	Three months ended March 31
	2015		2014
	(Millions of dollars)
Additions to properties, plant and equipment	$	7,343	$	8,397
Additions to investments	112		87
Current year dry hole expenditures	147		75
Payments for other liabilities and assets, net	—		(15		)
Capital expenditures	7,602		8,544
Expensed exploration expenditures	244		275
Assets acquired through capital lease obligations	7		—
Capital and exploratory expenditures, excluding equity affiliates	7,853		8,819
Company’s share of expenditures by equity affiliates	730		612
Capital and exploratory expenditures, including equity affiliates	$	8,583	$	9,431

Operating Segments and Geographic Data (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Earnings

Earnings by major operating area for the three-month periods ended March 31, 2015, and 2014, are presented in the following table:



	Three months ended March 31
Segment Earnings	2015			2014
	(Millions of dollars)
Upstream
United States	$	(460	)	$	912
International	2,020			3,395
Total Upstream	1,560			4,307
Downstream
United States	706			422
International	717			288
Total Downstream	1,423			710
Total Segment Earnings	2,983			5,017
All Other
Interest Income	17			17
Other	(433		)	(522		)
Net Income Attributable to Chevron Corporation	$	2,567		$	4,512

Segment Assets

Segment assets at March 31, 2015, and December 31, 2014, are as follows:



Segment Assets	At March 31 2015		At December 31 2014
	(Millions of dollars)
Upstream
United States	$	49,748	$	49,205
International	157,021		152,736
Goodwill	4,588		4,593
Total Upstream	211,357		206,534
Downstream
United States	22,241		23,068
International	17,906		17,723
Total Downstream	40,147		40,791
Total Segment Assets	251,504		247,325
All Other
United States	6,389		6,741
International	11,711		11,960
Total All Other	18,100		18,701
Total Assets — United States	78,378		79,014
Total Assets — International	186,638		182,419
Goodwill	4,588		4,593
Total Assets	$	269,604	$	266,026

Segment Sales and Other Operating Revenues



	Three months ended March 31
Sales and Other Operating Revenues	2015			2014
	(Millions of dollars)
Upstream
United States	$	3,349		$	6,745
International	7,215			11,881
Subtotal	10,564			18,626
Intersegment Elimination — United States	(2,111		)	(3,932		)
Intersegment Elimination — International	(2,992		)	(5,762		)
Total Upstream	5,461			8,932
Downstream
United States	12,434			20,218
International	14,864			23,804
Subtotal	27,298			44,022
Intersegment Elimination — United States	(6		)	(5		)
Intersegment Elimination — International	(474		)	(2,045		)
Total Downstream	26,818			41,972
All Other
United States	325			389
International	7			5
Subtotal	332			394
Intersegment Elimination — United States	(290		)	(315		)
Intersegment Elimination — International	(6		)	(5		)
Total All Other	36			74
Sales and Other Operating Revenues
United States	16,108			27,352
International	22,086			35,690
Subtotal	38,194			63,042
Intersegment Elimination — United States	(2,407		)	(4,252		)
Intersegment Elimination — International	(3,472		)	(7,812		)
Total Sales and Other Operating Revenues	$	32,315		$	50,978

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

3 Months Ended

Mar. 31, 2015

Summarized Financial Data of Subsidiary One [Abstract]

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



	Three months ended March 31
	2015		2014
	(Millions of dollars)
Sales and other operating revenues	$	24,283	$	41,329
Costs and other deductions	24,455		40,124
Net income attributable to CUSA	162		1,017

Summarized Financial Data and its Subsidiary



	At March 31 2015		At December 31 2014
	(Millions of dollars)
Current assets	$	13,324	$	13,724
Other assets	62,430		62,195
Current liabilities	16,013		16,191
Other liabilities	30,049		30,175
Total CUSA net equity	$	29,692	$	29,553
Memo: Total debt	$	14,472	$	14,473

Summarized Financial Data - Tengizchevroil LLP (Tables)

3 Months Ended

Mar. 31, 2015

Summarized Financial Data of Affiliate [Abstract]

Summarized Financial Data - Tengizchevroil LLP

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



	Three months ended March 31
	2015		2014
	(Millions of dollars)
Sales and other operating revenues	$	3,484	$	6,433
Costs and other deductions	2,026		2,833
Net income attributable to TCO	1,023		2,514

Employee Benefits (Tables)

3 Months Ended

Mar. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost

The components of net periodic benefit costs for 2015 and 2014 are as follows:



	Three months ended March 31
	2015			2014
	(Millions of dollars)
Pension Benefits
United States
Service cost	$	135		$	113
Interest cost	126			124
Expected return on plan assets	(196		)	(197		)
Amortization of prior service (credits)	(2		)	(2		)
Amortization of actuarial losses	89			52
Settlement losses	54			33
Total United States	206			123
International
Service cost	45			47
Interest cost	69			84
Expected return on plan assets	(65		)	(76		)
Amortization of prior service costs	5			5
Amortization of actuarial losses	18			24
Total International	72			84
Net Periodic Pension Benefit Costs	$	278		$	207
Other Benefits*
Service cost	$	18		$	13
Interest cost	38			37
Amortization of prior service costs	3			3
Amortization of actuarial losses	9			2
Net Periodic Other Benefit Costs	$	68		$	55

_________________________________

* Includes costs for U.S. and international OPEB plans. Obligations for plans outside the United States are not significant relative to the company’s total OPEB obligation.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at March 31, 2015, and December 31, 2014, is as follows:

Assets and Liabilities Measured at Fair Value on a Recurring Basis

(Millions of dollars)



	At March 31, 2015								At December 31, 2014
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable Securities	$	432	$	432	$	—	$	—	$	422	$	422	$	—	$	—
Derivatives	107		75		30		2		413		394		19		—
Total Assets at Fair Value	$	539	$	507	$	30	$	2	$	835	$	816	$	19	$	—
Derivatives	104		72		32		—		84		83		1		—
Total Liabilities at Fair Value	$	104	$	72	$	32	$	—	$	84	$	83	$	1	$	—

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2015, is as follows:

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

(Millions of dollars)



	At March 31, 2015
	Total		Level 1		Level 2		Level 3		Before-Tax Loss
Properties, plant and equipment, net (held and used)	$	195	$	—	$	190	$	5	$	259
Investments and advances	—		—		—		—		1
Total Assets at Fair Value	$	195	$	—	$	190	$	5	$	260

Financial and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

Derivative instruments measured at fair value at March 31, 2015, and December 31, 2014, 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

(Millions of Dollars)



Type of Contract	Balance Sheet Classification	At March 31 2015		At December 31 2014
Commodity	Accounts and notes receivable, net	$	106	$	401
Commodity	Long-term receivables, net	1		12
Total Assets at Fair Value		$	107	$	413
Commodity	Accounts payable	$	89	$	57
Commodity	Deferred credits and other noncurrent obligations	15		27
Total Liabilities at Fair Value		$	104	$	84

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

(Millions of dollars)



		Gain / (Loss) Three Months Ended March 31
Type of Contract	Statement of Income Classification	2015			2014
Commodity	Sales and other operating revenues	$	(121	)	$	97
Commodity	Purchased crude oil and products	14			(8		)
Commodity	Other income	(7		)	(23		)
		$	(114	)	$	66

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 March 31, 2015, and December 31, 2014.

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

(Millions of dollars)



	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
At March 31, 2015	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
Derivative Assets	$	2,983	$	2,876	$	107	$	2	$	105
Derivative Liabilities	$	2,980	$	2,876	$	104	$	—	$	104

At December 31, 2014
Derivative Assets	$	4,004	$	3,591	$	413	$	7	$	406
Derivative Liabilities	$	3,675	$	3,591	$	84	$	—	$	84

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Components of Other Comprehensive Income (Loss):

^[1]

$ (4,859)

^[1]

(31)

^[1],[2]

110

^[1]

$ 45

Currency Translation Adjustment [Member]

^[1]

(4,780)

Income tax expense

305

$ 3,407

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Components of Other Comprehensive Income (Loss):

^[1]

(96)

^[1]

(25)

^[1],[2]

^[1]

(25)

Unrealized Holding Gains (Losses) on Securities [Member]

^[1]

(121)

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Components of Other Comprehensive Income (Loss):

^[1]

(8)

^[1]

^[1],[2]

^[1]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

^[1]

(6)

Derivatives [Member]

Components of Other Comprehensive Income (Loss):

^[1]

(2)

^[1]

^[1],[2]

^[1]

Defined Benefit Plans [Member]

^[1]

(2)

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Components of Other Comprehensive Income (Loss):

^[1]

(4,753)

^[1]

(8)

^[1],[2]

110

^[1]

102

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

^[1]

(4,651)

Components of Other Comprehensive Income (Loss):

Employee benefits reclassification component, included in employee benefit costs

176

Income tax expense

$ 66

[1]	All amounts are net of tax.
[2]	Refer to Note 10, Employee Benefits for reclassified components totaling $176 million that are included in employee benefit costs for the three months ending March 31, 2015. Related income taxes for the same period, totaling $66 million, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

Noncontrolling Interests (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Activity for equity attributable to noncontrolling interests

Balance at beginning of period

$ 156,191

$ 150,427

Net income

2,600

4,521

Dividends

(1,997)

(1,896)

Treasury shares, net

(1,191)

Other changes, net

^[1]

145

(51)

Balance at end of period

157,001

151,810

Chevron Corporation Stockholders' Equity [Member]

Activity for equity attributable to noncontrolling interests

Balance at beginning of period

155,028

149,113

Net income

2,567

4,512

Dividends

(1,997)

(1,896)

Treasury shares, net

(1,191)

Other changes, net

^[1]

143

123

Balance at end of period

155,803

150,661

Noncontrolling Interest [Member]

Activity for equity attributable to noncontrolling interests

Balance at beginning of period

1,163

1,314

^[1]

(174)

Balance at end of period

$ 1,198

$ 1,149

[1]	Includes components of comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income.

Information Relating to the Consolidated Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net decrease (increase) in operating working capital
Decrease in accounts and notes receivable	$ 1,207	$ 1,373
Increase in inventories	(332)	(1,098)
Increase in prepaid expenses and other current assets	(368)	(136)
(Decrease) increase in accounts payable and accrued liabilities	(3,010)	140
Increase in income and other taxes payable	518	103
Net (increase) decrease in operating working capital	(1,985)	382
Cash Payment for Interest on Debt and For Income Taxes
Income taxes	953	2,416
Net (purchases) sales of time deposits
Time deposits purchased	0	(308)
Time deposits matured	8	8
Net (purchases) sales of time deposits	8	(300)
Capital expenditures
Additions to properties, plant and equipment	7,343	8,397
Additions to investments	112	87
Current year dry hole expenditures	147	75
Payments for other liabilities and assets, net	0	(15)
Capital expenditures	7,602	8,544
Expensed exploration expenditures	244	275
Assets acquired through capital lease obligations	7	0
Capital and exploratory expenditures, excluding equity affiliates	7,853	8,819
Company's share of expenditures by equity affiliates	730	612
Capital and exploratory expenditures, including equity affiliates	$ 8,583	$ 9,431

Information Relating to the Consolidated Statement of Cash Flows (Details Textual) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Reduction for income tax benefits associated with stock options exercised	$ 4	$ 6
Net purchases of treasury shares	$ 1	$ 1,300
Stock repurchased during period (in shares)		10.8
Stock repurchased during period		$ 1,250

Long-Term Debt (Details) - Notes Payable [Member]	Mar. 03, 2015 USD ($)
Floating Rate Notes due 2017 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 900,000,000
Floating Rate Notes due 2018 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	550,000,000
1.365% Notes due 2018 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,750,000,000
Debt instrument, interest rate, stated percentage	1.365%
1.961% Notes due 2020 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,750,000,000
Debt instrument, interest rate, stated percentage	1.961%
Floating Rate Notes due 2022 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 350,000,000
2.411% Notes due 2022 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 700,000,000
Debt instrument, interest rate, stated percentage	2.411%

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Income tax expense	$ 305	$ 3,407
Effective tax rates	10.00%	43.00%

Operating Segments and Geographic Data (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Information [Line Items]
Segment Earnings	$ 2,567	$ 4,512
Operating Segments [Member]
Segment Reporting Information [Line Items]
Segment Earnings	2,983	5,017
Operating Segments [Member] \| Upstream [Member]
Segment Reporting Information [Line Items]
Segment Earnings	1,560	4,307
Operating Segments [Member] \| Downstream [Member]
Segment Reporting Information [Line Items]
Segment Earnings	1,423	710
Operating Segments [Member] \| United States [Member] \| Upstream [Member]
Segment Reporting Information [Line Items]
Segment Earnings	(460)	912
Operating Segments [Member] \| United States [Member] \| Downstream [Member]
Segment Reporting Information [Line Items]
Segment Earnings	706	422
Operating Segments [Member] \| International [Member] \| Upstream [Member]
Segment Reporting Information [Line Items]
Segment Earnings	2,020	3,395
Operating Segments [Member] \| International [Member] \| Downstream [Member]
Segment Reporting Information [Line Items]
Segment Earnings	717	288
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Interest Income	17	17
Other	$ (433)	$ (522)

Operating Segments and Geographic Data (Details 1) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Segment Assets
Segment Assets	$ 269,604	$ 266,026
Goodwill	4,588	4,593
United States [Member]
Segment Assets
Segment Assets	78,378	79,014
International [Member]
Segment Assets
Segment Assets	186,638	182,419
Operating Segments [Member]
Segment Assets
Segment Assets	251,504	247,325
Operating Segments [Member] \| Upstream [Member]
Segment Assets
Segment Assets	211,357	206,534
Goodwill	4,588	4,593
Operating Segments [Member] \| Upstream [Member] \| United States [Member]
Segment Assets
Segment Assets	49,748	49,205
Operating Segments [Member] \| Upstream [Member] \| International [Member]
Segment Assets
Segment Assets	157,021	152,736
Operating Segments [Member] \| Downstream [Member]
Segment Assets
Segment Assets	40,147	40,791
Operating Segments [Member] \| Downstream [Member] \| United States [Member]
Segment Assets
Segment Assets	22,241	23,068
Operating Segments [Member] \| Downstream [Member] \| International [Member]
Segment Assets
Segment Assets	17,906	17,723
Corporate, Non-Segment [Member] \| United States [Member]
Segment Assets
Segment Assets	6,389	6,741
Corporate, Non-Segment [Member] \| International [Member]
Segment Assets
Segment Assets	11,711	11,960
Corporate, Non-Segment [Member] \| All Other [Member]
Segment Assets
Segment Assets	$ 18,100	$ 18,701

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Operating Segments [Member] | Upstream [Member]

^[1]

$ 32,315

$ 50,978

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

10,564

18,626

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

3,349

6,745

Operating Segments [Member] | Downstream [Member]

7,215

11,881

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

27,298

44,022

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

12,434

20,218

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

14,864

23,804

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

(2,111)

(3,932)

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

(2,992)

(5,762)

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

(6)

(5)

Operating Segments, Excluding Intersegment Eliminations [Member] | Upstream [Member]

(474)

(2,045)

Operating Segments, Excluding Intersegment Eliminations [Member] | Downstream [Member]

5,461

8,932

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

26,818

41,972

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

332

394

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

325

389

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

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

(290)

(315)

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

(6)

(5)

Operating Segments and Coporate, Non-Segment [Member]

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

38,194

63,042

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

16,108

27,352

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

22,086

35,690

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

(2,407)

(4,252)

Statement of Income - Chevron U.S.A. Inc.

$ (3,472)

$ (7,812)

[1]	* Includes excise, value-added and similar taxes:$1,877 $1,946

Operating Segments and Geographic Data (Details Textual)	3 Months Ended
	Mar. 31, 2015 segment
Segment Reporting [Abstract]
Number of reportable segments	2

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Costs and other deductions

^[1]

$ 32,315

$ 50,978

31,653

45,337

Net income attributable to CUSA

2,567

4,512

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

Statement of Income - Chevron U.S.A. Inc.

Costs and other deductions

24,283

41,329

24,455

40,124

Net income attributable to CUSA

$ 162

$ 1,017

[1]	* Includes excise, value-added and similar taxes:$1,877 $1,946

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	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Balance Sheet - Chevron U.S.A. Inc.
Current assets	$ 41,270	$ 42,232
Current liabilities	29,445	31,926
Total CUSA net equity	157,001	156,191	$ 151,810	$ 150,427
Chevron U.S.A. Inc. [Member]
Balance Sheet - Chevron U.S.A. Inc.
Current assets	13,324	13,724
Other assets	62,430	62,195
Current liabilities	16,013	16,191
Other liabilities	30,049	30,175
Total CUSA net equity	29,692	29,553
Memo: Total debt	$ 14,472	$ 14,473

Summarized Financial Data - Tengizchevroil LLP (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Tengizchevroil LLP [Member]
Affiliate Statements Captions [Line Items]
Sales and other operating revenues	$ 3,484	$ 6,433
Costs and other deductions	2,026	2,833
Net income attributable to TCO	$ 1,023	$ 2,514
Tengizchevroil LLP [Member]
Affiliate Statements Captions [Line Items]
Equity ownership, percentage	50.00%
Percentage of affiliate by summarized financial information	100.00%

The amount of net income (loss) reported by an equity method investment of the entity.

+ References + Details

Employee Benefits (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

$ 278

$ 207

U.S. [Member]

Expected return on plan assets

Service cost

135

113

Interest cost

126

124

(196)

(197)

Amortization of prior service (credits)

(2)

Amortization of actuarial losses

Settlement losses (gains)

206

123

International [Member]

Expected return on plan assets

Service cost

Interest cost

(65)

(76)

Amortization of prior service (credits)

Amortization of actuarial losses

Other Benefits [Member]

Amortization of prior service (credits)

Service cost

^[1]

Interest cost

^[1]

^[1]

Amortization of actuarial losses

^[1]