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Income from equity affiliates

^[1]

$ 134,674

$ 110,215

$ 129,925

4,438

2,661

4,684

Other income

2,610

1,596

3,868

Total Revenues and Other Income

141,722

114,472

138,477

Costs and Other Deductions

Purchased crude oil and products

75,765

59,321

69,751

Operating expenses

19,437

20,268

23,034

Selling, general and administrative expenses

4,448

4,684

4,443

Exploration expenses

864

1,033

3,340

Depreciation, depletion and amortization

19,349

19,457

21,037

Taxes other than on income

^[1]

12,331

11,668

12,030

Interest and debt expense

307

201

Total Costs and Other Deductions

132,501

116,632

133,635

Income (Loss) Before Income Tax Expense

9,221

(2,160)

4,842

Income Tax Expense (Benefit)

(48)

(1,729)

132

Net Income (Loss)

9,269

(431)

4,710

Less: Net income attributable to noncontrolling interests

123

Net Income (Loss) Attributable to Chevron Corporation

$ 9,195

$ (497)

$ 4,587

Net Income (Loss) Attributable to Chevron Corporation

– Basic (in dollars per share)

$ 4.88

$ (0.27)

$ 2.46

– Diluted (in dollars per share)

$ 4.85

$ (0.27)

$ 2.45

[1]	Includes excise, value-added and similar taxes. $7,189; $6,905; $7,359.

Consolidated Statement of Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Includes excise, value-added and similar taxes	$ 7,189	$ 6,905	$ 7,359

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 9,269	$ (431)	$ 4,710
Currency translation adjustment
Unrealized net change arising during period	57	(22)	(44)
Unrealized holding (loss) gain on securities
Net (loss) gain arising during period	(3)	27	(21)
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements	817	918	794
Actuarial (loss) gain arising during period	(571)	(315)	109
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments	(20)	19	30
Prior service (costs) credits arising during period	(1)	345	6
Defined benefit plans sponsored by equity affiliates - benefit (cost)	19	(19)	30
Income taxes on defined benefit plans	(44)	(505)	(336)
Total	200	443	633
Other Comprehensive Gain, Net of Tax	254	448	568
Comprehensive Income	9,523	17	5,278
Comprehensive income attributable to noncontrolling interests	(74)	(66)	(123)
Comprehensive Income (Loss) Attributable to Chevron Corporation	$ 9,449	$ (49)	$ 5,155

Consolidated Balance Sheet - USD ($)
$ in Millions

Dec. 31, 2017

Dec. 31, 2016

Assets

Cash and cash equivalents

$ 4,813

$ 6,988

Marketable securities

Accounts and notes receivable (less allowance: 2017 - $490; 2016 - $373)

15,353

14,092

Inventories:

Crude oil and petroleum products

3,142

2,720

Chemicals

476

455

Materials, supplies and other

1,967

2,244

Total inventories

5,585

5,419

Prepaid expenses and other current assets

2,800

3,107

Total Current Assets

28,560

29,619

Long-term receivables, net

2,849

2,485

Investments and advances

32,497

30,250

Properties, plant and equipment, at cost

344,485

336,077

Less: Accumulated depreciation, depletion and amortization

166,773

153,891

Properties, plant and equipment, net

177,712

182,186

Deferred charges and other assets

7,017

6,838

Goodwill

4,531

4,581

Assets held for sale

640

4,119

Total Assets

253,806

260,078

Liabilities and Equity

Short-term debt (net of unamortized discount and debt issuance costs: $2 in 2017, $3 in 2016)

5,192

10,840

Accounts payable

14,565

13,986

Accrued liabilities

5,267

4,882

Federal and other taxes on income

1,600

1,050

Other taxes payable

1,113

1,027

Total Current Liabilities

27,737

31,785

Long-term debt (net of unamortized discount and debt issuance costs: $35 in 2017, $41 in 2016)

33,477

35,193

Capital lease obligations

Deferred credits and other noncurrent obligations

21,106

21,553

Noncurrent deferred income taxes

14,652

17,516

Noncurrent employee benefit plans

7,421

7,216

Total Liabilities

^[1]

104,487

113,356

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

Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares issued at December 31, 2017 and 2016)

1,832

Capital in excess of par value

16,848

16,595

Retained earnings

174,106

173,046

Accumulated other comprehensive loss

(3,589)

(3,843)

Deferred compensation and benefit plan trust

(240)

Treasury stock, at cost (2017 - 537,974,695 shares; 2016 - 551,170,158 shares)

(40,833)

(41,834)

Total Chevron Corporation Stockholders' Equity

148,124

145,556

Noncontrolling interests

1,195

1,166

Total Equity

149,319

146,722

Total Liabilities and Equity

$ 253,806

$ 260,078

[1]	Refer to Note 25, "Other Contingencies and Commitments" beginning on page 87.

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable, current	$ 490	$ 373
Preferred stock, par value (usd per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Common stock, par value (usd per share)	$ 0.75	$ 0.75
Common stock, shares authorized	6,000,000,000	6,000,000,000
Common stock, shares issued	2,442,676,580	2,442,676,580
Treasury stock, shares	537,974,695	551,170,158
Unamortized discounts and debt issuance costs	$ 35	$ 41
Short-term Debt
Unamortized discounts and debt issuance costs	2	3
Long-term Debt
Unamortized discounts and debt issuance costs	$ 35	$ 41

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Activities
Net Income (Loss)	$ 9,269	$ (431)	$ 4,710
Adjustments
Depreciation, depletion and amortization	19,349	19,457	21,037
Dry hole expense	198	489	2,309
Distributions less than income from equity affiliates	(2,214)	(1,227)	(760)
Net before-tax gains on asset retirements and sales	(2,195)	(1,149)	(3,215)
Net foreign currency effects	131	186	(82)
Deferred income tax provision	(3,203)	(3,835)	(1,861)
Net decrease (increase) in operating working capital	476	(550)	(1,979)
Increase in long-term receivables	(368)	(131)	(59)
(Increase) decrease in other deferred charges	(199)	235	25
Cash contributions to employee pension plans	(980)	(870)	(868)
Other	251	672	199
Net Cash Provided by Operating Activities	20,515	12,846	19,456
Investing Activities
Capital expenditures	(13,404)	(18,109)	(29,504)
Proceeds and deposits related to asset sales	5,247	2,777	5,739
Net maturities of time deposits	0	0	8
Net sales of marketable securities	4	297	122
Net borrowing of loans by equity affiliates	(16)	(2,034)	(217)
Net (purchases) sales of other short-term investments	(32)	217	44
Net Cash Used for Investing Activities	(8,201)	(16,852)	(23,808)
Financing Activities
Net (repayments) borrowings of short-term obligations	(5,142)	2,130	(335)
Proceeds from issuances of long-term debt	3,991	6,924	11,091
Repayments of long-term debt and other financing obligations	(6,310)	(1,584)	(32)
Cash dividends - common stock	(8,132)	(8,032)	(7,992)
Distributions to noncontrolling interests	(78)	(63)	(128)
Net sales of treasury shares	1,117	650	211
Net Cash (Used for) Provided by Financing Activities	(14,554)	25	2,815
Effect of Exchange Rate Changes on Cash and Cash Equivalents	65	(53)	(226)
Net Change in Cash and Cash Equivalents	(2,175)	(4,034)	(1,763)
Cash and Cash Equivalents at January 1	6,988	11,022	12,785
Cash and Cash Equivalents at December 31	$ 4,813	$ 6,988	$ 11,022

Consolidated Statement of Equity - USD ($) shares in Thousands, $ in Millions	Total	Parent [Member]	Preferred Stock	Common Stock	Capital in Excess of Par	Retained Earnings	Accumulated Other Comprehensive Loss	Currency translation adjustment	Unrealized net holding (loss) gain on securities	Net derivatives (loss) gain on hedge transactions	Pension and other postretirement benefit plans	Deferred Compensation and Benefit Plan Trust	Benefit Plan Trust (Common Stock)	Treasury Stock at Cost	Noncontrolling Interests
Balance at January 1 (in shares) at Dec. 31, 2014														563,028
Balance at January 1 at Dec. 31, 2014					$ 16,041	$ 184,987		$ (96)	$ (8)	$ (2)	$ (4,753)			$ (42,733)	$ 1,163
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Chevron Corporation	$ 4,587					4,587
Cash dividends on common stock						(7,992)
Stock dividends						(3)
Tax (charge) benefit from dividends paid on unallocated ESOP shares and other						(1)
Change during year	568							(44)	(21)	0	633
Purchases (in shares)														15
Purchases					289									$ (2)
Issuances - mainly employee benefit plans (in shares)														(3,180)
Issuances - mainly employee benefit plans														$ 242
Balance at December 31 (in shares) at Dec. 31, 2015			0	2,442,677								14,168	14,168	559,863
Balance at December 31 at Dec. 31, 2015	153,886	$ 152,716	$ 0	$ 1,832	16,330	181,578	$ (4,291)	(140)	(29)	(2)	(4,120)	$ (240)	$ (240)	$ (42,493)	1,170
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Chevron Corporation	(497)					(497)
Cash dividends on common stock						(8,032)
Stock dividends						(3)
Tax (charge) benefit from dividends paid on unallocated ESOP shares and other						0
Change during year	448							(22)	27	0	443
Purchases (in shares)														20
Purchases					265									$ (2)
Issuances - mainly employee benefit plans (in shares)														(8,713)
Issuances - mainly employee benefit plans														$ 661
Balance at December 31 (in shares) at Dec. 31, 2016			0	2,442,677								14,168	14,168	551,170
Balance at December 31 at Dec. 31, 2016	146,722	145,556	$ 0	$ 1,832	16,595	173,046	(3,843)	(162)	(2)	(2)	(3,677)	$ (240)	$ (240)	$ (41,834)	1,166
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Chevron Corporation	9,195					9,195
Cash dividends on common stock						(8,132)
Stock dividends						(3)
Tax (charge) benefit from dividends paid on unallocated ESOP shares and other						0
Change during year	254						254	57	(3)	0	200
Purchases (in shares)														10
Purchases					253									$ (1)
Issuances - mainly employee benefit plans (in shares)														(13,205)
Issuances - mainly employee benefit plans														$ 1,002
Balance at December 31 (in shares) at Dec. 31, 2017			0	2,442,677								14,168	14,168	537,975
Balance at December 31 at Dec. 31, 2017	$ 149,319	$ 148,124	$ 0	$ 1,832	$ 16,848	$ 174,106	$ (3,589)	$ (105)	$ (5)	$ (2)	$ (3,477)	$ (240)	$ (240)	$ (40,833)	$ 1,195

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America. These require the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and judgments, actual results could differ from these estimates as future confirming events occur. Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary companies more than 50 percent-owned and any variable-interest entities in which the company is the primary beneficiary. Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis. Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately 20 percent to 50 percent, or for which the company exercises significant influence but not control over policy decisions, are accounted for by the equity method. As part of that accounting, the company recognizes gains and losses that arise from the issuance of stock by an affiliate that results in changes in the company’s proportionate share of the dollar amount of the affiliate’s equity currently in income. Investments in affiliates are assessed for possible impairment when events indicate that the fair value of the investment may be below the company’s carrying value. When such a condition is deemed to be other than temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in net income. In making the determination as to whether a decline is other than temporary, the company considers such factors as the duration and extent of the decline, the investee’s financial performance, and the company’s ability and intention to retain its investment for a period that will be sufficient to allow for any anticipated recovery in the investment’s market value. The new cost basis of investments in these equity investees is not changed for subsequent recoveries in fair value. Differences between the company’s carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned to the extent practicable to specific assets and liabilities based on the company’s analysis of the various factors giving rise to the difference. When appropriate, the company’s share of the affiliate’s reported earnings is adjusted quarterly to reflect the difference between these allocated values and the affiliate’s historical book values. Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or a liability are as follows. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Level 3 inputs are inputs that are not observable in the market. Derivatives The majority of the company’s activity in derivative commodity instruments is intended to manage the financial risk posed by physical transactions. For some of this derivative activity, generally limited to large, discrete or infrequently occurring transactions, the company may elect to apply fair value or cash flow hedge accounting. For other similar derivative instruments, generally because of the short-term nature of the contracts or their limited use, the company does not apply hedge accounting, and changes in the fair value of those contracts are reflected in current income. For the company’s commodity trading activity, gains and losses from derivative instruments are reported in current income. The company may enter into interest rate swaps from time to time as part of its overall strategy to manage the interest rate risk on its debt. Interest rate swaps related to a portion of the company’s fixed-rate debt, if any, may be accounted for as fair value hedges. Interest rate swaps related to floating-rate debt, if any, are recorded at fair value on the balance sheet with resulting gains and losses reflected in income. Where Chevron is a party to master netting arrangements, fair value receivable and payable amounts recognized for derivative instruments executed with the same counterparty are generally offset on the balance sheet. Short-Term Investments All short-term investments are classified as available for sale and are in highly liquid debt securities. Those investments that are part of the company’s cash management portfolio and have original maturities of three months or less are reported as “Cash equivalents.” Bank time deposits with maturities greater than 90 days are reported as “Time deposits.” The balance of short-term investments is reported as “Marketable securities” and is marked-to-market, with any unrealized gains or losses included in “Other comprehensive income.” Inventories Crude oil, petroleum products and chemicals inventories are generally stated at cost, using a last-in, first-out method. In the aggregate, these costs are below market. “Materials, supplies and other” inventories are primarily stated at net realizable value. Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation (ARO) assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. Refer to Note 21, beginning on page 80, for additional discussion of accounting for suspended exploratory well costs. Long-lived assets to be held and used, including proved crude oil and natural gas properties, are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast), significant change in the extent or manner of use of or a physical change in an asset, and a more-likely-than-not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved crude oil and natural gas properties, the company performs impairment reviews on a country, concession, PSC, development area or field basis, as appropriate. In Downstream, impairment reviews are performed on the basis of a refinery, a plant, a marketing/lubricants area or distribution area, as appropriate. Impairment amounts are recorded as incremental “Depreciation, depletion and amortization” expense. Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the asset is considered impaired and adjusted to the lower value. Refer to Note 10, beginning on page 64, relating to fair value measurements. The fair value of a liability for an ARO is recorded as an asset and a liability when there is a legal obligation associated with the retirement of a long-lived asset and the amount can be reasonably estimated. Refer also to Note 26, on page 89, relating to AROs. Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using the unit-of-production method, generally by individual field, as the proved developed reserves are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. Impairments of capitalized costs of unproved mineral interests are expensed. The capitalized costs of all other plant and equipment are depreciated or amortized over their estimated useful lives. In general, the declining-balance method is used to depreciate plant and equipment in the United States; the straight-line method is generally used to depreciate international plant and equipment and to amortize all capitalized leased assets. Gains or losses are not recognized for normal retirements of properties, plant and equipment subject to composite group amortization or depreciation. Gains or losses from abnormal retirements are recorded as expenses, and from sales as “Other income.” Expenditures for maintenance (including those for planned major maintenance projects), repairs and minor renewals to maintain facilities in operating condition are generally expensed as incurred. Major replacements and renewals are capitalized. Goodwill Goodwill resulting from a business combination is not subject to amortization. The company tests such goodwill at the reporting unit level for impairment annually at December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Environmental Expenditures Environmental expenditures that relate to ongoing operations or to conditions caused by past operations are expensed. Expenditures that create future benefits or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments or cleanups or both are probable and the costs can be reasonably estimated. For crude oil, natural gas and mineral-producing properties, a liability for an ARO is made in accordance with accounting standards for asset retirement and environmental obligations. Refer to Note 26, on page 89, for a discussion of the company’s AROs. For federal Superfund sites and analogous sites under state laws, the company records a liability for its designated share of the probable and estimable costs, and probable amounts for other potentially responsible parties when mandated by the regulatory agencies because the other parties are not able to pay their respective shares. The gross amount of environmental liabilities is based on the company’s best estimate of future costs using currently available technology and applying current regulations and the company’s own internal environmental policies. Future amounts are not discounted. Recoveries or reimbursements are recorded as assets when receipt is reasonably assured. Currency Translation The U.S. dollar is the functional currency for substantially all of the company’s consolidated operations and those of its equity affiliates. For those operations, all gains and losses from currency remeasurement are included in current period income. The cumulative translation effects for those few entities, both consolidated and affiliated, using functional currencies other than the U.S. dollar are included in “Currency translation adjustment” on the Consolidated Statement of Equity. Revenue Recognition Revenues associated with sales of crude oil, natural gas, petroleum and chemicals products, and all other sources are recorded when title passes to the customer, net of royalties, discounts and allowances, as applicable. Revenues from natural gas production from properties in which Chevron has an interest with other producers are generally recognized using the entitlement method. Excise, value-added and similar taxes assessed by a governmental authority on a revenue-producing transaction between a seller and a customer are presented on a gross basis. The associated amounts are shown as a footnote to the Consolidated Statement of Income, on page 52. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported in “Purchased crude oil and products” on the Consolidated Statement of Income. Stock Options and Other Share-Based Compensation The company issues stock options and other share-based compensation to certain employees. For equity awards, such as stock options, total compensation cost is based on the grant date fair value, and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period in which an employee becomes eligible to retain the award at retirement. The company’s Long-Term Incentive Plan (LTIP) awards include stock options and stock appreciation rights, which have graded vesting provisions by which one-third of each award vests on each of the first, second and third anniversaries of the date of grant. In addition, performance shares granted under the company's LTIP will vest at the end of the three-year performance period. For awards granted under the company's LTIP beginning in 2017, stock options and stock appreciation rights have graded vesting by which one third of each award vests annually on each January 31 on or after the first anniversary of the grant date. Standard restricted stock unit awards have cliff vesting by which the total award will vest on January 31 on or after the fifth anniversary of the grant date, subject to adjustment upon termination pursuant to the satisfaction of certain criteria. The company amortizes these awards on a straight-line basis.

Changes in Accumulated Other Comprehensive Losses

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Changes in Accumulated Other Comprehensive Losses

The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the year ending December 31, 2017, are reflected in the table below.



	Year Ended December 31, 2017¹
	Currency Translation Adjustments			Unrealized Holding Gains (Losses) on Securities			Derivatives			Defined Benefit Plans			Total
Balance at January 1	$	(162	)	$	(2	)	$	(2	)	$	(3,677	)	$	(3,843	)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	57			(3		)	—			(310		)	(256		)
Reclassifications²	—			—			—			510			510
Net Other Comprehensive Income (Loss)	57			(3		)	—			200			254
Balance at December 31	$	(105	)	$	(5	)	$	(2	)	$	(3,477	)	$	(3,589	)


¹	All amounts are net of tax.


²	Refer to Note 23 beginning on page 82, for reclassified components totaling $796 that are included in employee benefit costs for the year ending December 31, 2017. Related income taxes for the same period, totaling $286, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

Noncontrolling Interests

12 Months Ended

Dec. 31, 2017

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Ownership interests in the company’s subsidiaries held by parties other than the parent are presented separately from the parent’s equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the parent and the noncontrolling interests are both presented on the face of the Consolidated Statement of Income. The term “earnings” is defined as “Net Income (Loss) Attributable to Chevron Corporation.”

Activity for the equity attributable to noncontrolling interests for 2017, 2016 and 2015 is as follows:



	2017			2016			2015
Balance at January 1	$	1,166		$	1,170		$	1,163
Net income	74			66			123
Distributions to noncontrolling interests	(78		)	(63		)	(128		)
Other changes, net	33			(7		)	12
Balance at December 31	$	1,195		$	1,166		$	1,170

Information Relating to the Consolidated Statement of Cash Flows

12 Months Ended

Dec. 31, 2017

Supplemental Cash Flow Elements [Abstract]

Information Relating to the Consolidated Statement of Cash Flows



	Year ended December 31
	2017			2016			2015
Net decrease (increase) in operating working capital was composed of the following:
(Increase) decrease in accounts and notes receivable	$	(915	)	$	(2,121	)	$	3,631
(Increase) decrease in inventories	(267		)	603			85
Decrease in prepaid expenses and other current assets	252			439			713
Increase (decrease) in accounts payable and accrued liabilities	875			533			(5,769		)
Increase (decrease) in income and other taxes payable	531			(4		)	(639		)
Net decrease (increase) in operating working capital	$	476		$	(550	)	$	(1,979	)
Net cash provided by operating activities includes the following cash payments for interest on debt and for income taxes:
Interest on debt (net of capitalized interest)	$	265		$	158		$	—
Income taxes	3,132			1,935			4,645
Net sales of marketable securities consisted of the following gross amounts:
Marketable securities purchased	$	(3	)	$	(9	)	$	(6	)
Marketable securities sold	7			306			128
Net sales of marketable securities	$	4		$	297		$	122
Net maturities of time deposits consisted of the following gross amounts:
Investments in time deposits	$	—		$	—		$	—
Maturities of time deposits	—			—			8
Net maturities of time deposits	$	—		$	—		$	8
Net (borrowing) repayment of loans by equity affiliates:
Borrowing of loans by equity affiliates	$	(142	)	$	(2,341	)	$	(223	)
Repayment of loans by equity affiliates	126			307			6
Net (borrowing) repayment of loans by equity affiliates	$	(16	)	$	(2,034	)	$	(217	)
Net (purchases) sales of other short-term investments:
Purchases of other short-term investments	$	(41	)	$	(1	)	$	(75	)
Sales of other short-term investments	9			218			119
Net (purchases) sales of other short-term investments	$	(32	)	$	217		$	44
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	$	5,051		$	14,778		$	13,805
Repayments of short-term obligations	(8,820		)	(12,558		)	(16,379		)
Net (repayments) borrowings of short-term obligations with three months or less maturity	(1,373		)	(90		)	2,239
Net (repayments) borrowings of short-term obligations	$	(5,142	)	$	2,130		$	(335	)

A loan to Tengizchevroil LLP for the development of the Future Growth and Wellhead Pressure Management Project represents the majority of "Net borrowing of loans by equity affiliates" in 2016.

The “Net sales of treasury shares” represents the cost of common shares acquired less the cost of shares issued for share-based compensation plans. Purchases totaled $1, $2 and $2 in 2017, 2016 and 2015, respectively. No purchases were made under the company's share repurchase program in 2017, 2016, or 2015.

In 2017, 2016 and 2015, “Net (purchases) sales of other short-term investments” generally consisted of restricted cash associated with upstream abandonment activities, tax payments and certain pension fund payments that was invested in cash and short-term securities and reclassified from “Cash and cash equivalents” to “Deferred charges and other assets” on the Consolidated Balance Sheet.

The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. In 2017, an approximate $400 increase in “Deferred credits and other noncurrent obligations” and a corresponding increase to “Properties, plant and equipment, at cost” were considered non-cash transactions and excluded from “Net increase in operating working capital” and “Capital expenditures.” The amount is related to upstream operating agreements outside of the United States.

Refer also to Note 26, on page 89, for a discussion of revisions to the company’s AROs that also did not involve cash receipts or payments for the three years ending December 31, 2017.

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



	Year ended December 31
	2017		2016			2015
Additions to properties, plant and equipment ^*	$	13,222	$	17,742		$	28,213
Additions to investments	25		55			555
Current-year dry hole expenditures	157		313			736
Payments for other liabilities and assets, net	—		(1		)	—
Capital expenditures	13,404		18,109			29,504
Expensed exploration expenditures	666		544			1,031
Assets acquired through capital lease obligations and other financing obligations	8		5			47
Capital and exploratory expenditures, excluding equity affiliates	14,078		18,658			30,582
Company's share of expenditures by equity affiliates	4,743		3,770			3,397
Capital and exploratory expenditures, including equity affiliates	$	18,821	$	22,428		$	33,979


^*	Excludes noncash additions of $1,183 in 2017, $56 in 2016 and $1,362 in 2015.

New Accounting Standards	12 Months Ended
New Accounting Standards	Dec. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Standards	New Accounting Standards Revenue Recognition (Topic 606): Revenue from Contracts with Customers In July 2015, the FASB approved a one-year deferral of the effective date of ASU 2014-09, which becomes effective for the company January 1, 2018. The standard provides a single comprehensive revenue recognition model for contracts with customers, eliminates most industry-specific revenue recognition guidance, and expands disclosure requirements. The company has elected to adopt the standard using the modified retrospective transition method. "Sales and Other Operating Revenues” on the Consolidated Statement of Income includes excise, value-added and similar taxes on sales transactions. Upon adoption of the standard, revenue will exclude sales-based taxes collected on behalf of third parties, which will have no impact to earnings. The company completed its accounting policy and system enhancements necessary to meet the standard's requirements. The company does not expect the implementation of the standard to have a material effect on its consolidated financial statements. Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, which becomes effective for the company January 1, 2019. The standard requires that lessees present right-of-use assets and lease liabilities on the balance sheet. The company's implementation efforts are focused on accounting policy and disclosure updates and system enhancements necessary to meet the standard's requirements. The company is evaluating the effect of the standard on the company’s consolidated financial statements. Financial Instruments - Credit Losses (Topic 326) In June 2016, the FASB issued ASU 2016-13, which becomes effective for the company beginning January 1, 2020. The standard requires companies to use forward-looking information to calculate credit loss estimates. The company is evaluating the effect of the standard on the company’s consolidated financial statements. Intangibles - Goodwill and Other (Topic 350) In January 2017, the FASB issued ASU 2017-04. The standard simplifies the accounting for goodwill impairment, and the company has chosen to early adopt beginning January 1, 2017. Early adoption has no effect on the company's consolidated financial statements. Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) In March 2017, the FASB issued ASU 2017-05, which becomes effective for the company January 1, 2018. The standard provides clarification regarding the guidance on accounting for the derecognition of nonfinancial assets. The company does not expect the implementation of the standard to have a material effect on its consolidated financial statements. Compensation - Retirement Benefits (Topic 715) In March 2017, the FASB issued ASU 2017-07, which becomes effective for the company January 1, 2018. The standard requires the disaggregation of the service cost component from the other components of net periodic benefit cost and allows only the service cost component of net benefit cost to be eligible for capitalization. The company does not expect the implementation of the standard to have a material effect on its consolidated financial statements. Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU 2016-15, which becomes effective for the company January 1, 2018 on a retrospective basis. The standard provides clarification on how certain cash receipts and cash payments are presented and classified on the statement of cash flows. The company does not expect the adoption of this ASU to have a material impact on its Consolidated Statement of Cash Flows. Statement of Cash Flows (Topic 230) Restricted Cash In November 2016, the FASB issued ASU 2016-18, which becomes effective for the company January 1, 2018 on a retrospective basis. The standard requires an entity to explain the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents on the statement of cash flows and to provide a reconciliation to the balance sheet when the cash, cash equivalents, restricted cash and restricted cash equivalents are not separately presented or are presented in more than one line item on the balance sheet. Upon adoption, the company’s restricted cash balances will be included in the beginning and ending balances on the Consolidated Statement of Cash Flows.

Lease Commitments

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Lease Commitments

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



	At December 31
	2017		2016
Upstream	$	678	$	676
Downstream	99		99
All Other	—		—
Total	777		775
Less: Accumulated amortization	515		383
Net capitalized leased assets	$	262	$	392

Rental expenses incurred for operating leases during 2017, 2016 and 2015 were as follows:



	Year ended December 31
	2017		2016		2015
Minimum rentals	$	726	$	943	$	1,041
Contingent rentals	1		2		2
Total	727		945		1,043
Less: Sublease rental income	6		7		9
Net rental expense	$	721	$	938	$	1,034

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

At December 31, 2017, the estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases, which at inception had a noncancelable term of more than one year, were as follows:



		At December 31
		Operating Leases		Capital Leases
Year	2018	$	693	$	26
	2019	628		22
	2020	474		13
	2021	339		12
	2022	223		11
	Thereafter	538		142
Total		$	2,895	$	226
Less: Amounts representing interest and executory costs				$	(117	)
Net present values				109
Less: Capital lease obligations included in short-term debt				(15		)
Long-term capital lease obligations				$	94

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

12 Months Ended

Dec. 31, 2017

Summarized Financial Data of Subsidiary One [Abstract]

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

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

Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas and natural gas liquids and those associated with the refining, marketing, supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method. The summarized financial information for CUSA and its consolidated subsidiaries is as follows:



	Year ended December 31
	2017		2016			2015
Sales and other operating revenues	$	104,054	$	83,715		$	97,766
Total costs and other deductions	103,904		87,429			101,565
Net income (loss) attributable to CUSA	4,842		(1,177		)	(1,054		)




	2017		2016
Current assets	$	12,163	$	11,266
Other assets	54,994		55,722
Current liabilities	17,379		16,660
Other liabilities	12,541		21,701
Total CUSA net equity	$	37,237	$	28,627

Memo: Total debt	$	3,056	$	9,418

Summarized Financial Data – Chevron Phillips Chemical Company LLC

Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Refer to Note 16, beginning on page 70, for a discussion of CPChem operations. Summarized financial information for 100 percent of CPChem is presented in the table below:



	Year ended December 31
	2017		2016		2015
Sales and other operating revenues	$	9,063	$	8,455	$	9,248
Costs and other deductions	8,126		7,017		7,136
Net income attributable to CPChem	1,446		1,687		2,651



	At December 31
	2017		2016
Current assets	$	2,944	$	2,695
Other assets	13,823		12,770
Current liabilities	1,439		1,418
Other liabilities	2,932		2,569
Total CPChem net equity	$	12,396	$	11,478

Summarized Financial Data - Tengizchevroil LLP

12 Months Ended

Dec. 31, 2017

Summarized Financial Data of Affiliate [Abstract]

Summarized Financial Data - Tengizchevroil LLP

Summarized Financial Data – Tengizchevroil LLP

Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Refer to Note 16, beginning on page 70, for a discussion of TCO operations. Summarized financial information for 100 percent of TCO is presented in the table below:



	Year ended December 31
	2017		2016		2015
Sales and other operating revenues	$	13,363	$	10,460	$	12,811
Costs and other deductions	6,507		6,822		7,257
Net income attributable to TCO	4,841		2,563		3,897



	At December 31
	2017		2016
Current assets	$	4,239	$	7,001
Other assets	26,411		20,476
Current liabilities	2,517		2,841
Other liabilities	6,266		6,210
Total TCO net equity	$	21,867	$	18,426

Summarized Financial Data – Chevron Phillips Chemical Company LLC

12 Months Ended

Dec. 31, 2017

Summarized Financial Data of Subsidiary Two [Abstract]

Summarized Financial Data – Chevron Phillips Chemical Company LLC

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



	Year ended December 31
	2017		2016			2015
Sales and other operating revenues	$	104,054	$	83,715		$	97,766
Total costs and other deductions	103,904		87,429			101,565
Net income (loss) attributable to CUSA	4,842		(1,177		)	(1,054		)




	2017		2016
Current assets	$	12,163	$	11,266
Other assets	54,994		55,722
Current liabilities	17,379		16,660
Other liabilities	12,541		21,701
Total CUSA net equity	$	37,237	$	28,627

Memo: Total debt	$	3,056	$	9,418

Summarized Financial Data – Chevron Phillips Chemical Company LLC



	Year ended December 31
	2017		2016		2015
Sales and other operating revenues	$	9,063	$	8,455	$	9,248
Costs and other deductions	8,126		7,017		7,136
Net income attributable to CPChem	1,446		1,687		2,651



	At December 31
	2017		2016
Current assets	$	2,944	$	2,695
Other assets	13,823		12,770
Current liabilities	1,439		1,418
Other liabilities	2,932		2,569
Total CPChem net equity	$	12,396	$	11,478

Fair Value Measurements

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

The tables below and on the next page show the fair value hierarchy for assets and liabilities measured at fair value on a recurring and nonrecurring basis at December 31, 2017, and December 31, 2016.

Marketable Securities The company calculates fair value for its marketable securities based on quoted market prices for identical assets. The fair values reflect the cash that would have been received if the instruments were sold at December 31, 2017.

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

Properties, Plant and Equipment The company did not have any individually material impairments in 2017. The company reported impairments for certain oil and gas properties during 2016 primarily due to reservoir performance and lower crude oil prices. The impairments in 2016 were primarily in Brazil and the United States.

Investments and Advances The company did not have any individually material impairments of investments and advances in 2017 or 2016.

Assets and Liabilities Measured at Fair Value on a Recurring Basis



	At December 31, 2017								At December 31, 2016
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	9	$	9	$	—	$	—	$	13	$	13	$	—	$	—
Derivatives	22		—		22		—		32		15		17		—
Total assets at fair value	$	31	$	9	$	22	$	—	$	45	$	28	$	17	$	—
Derivatives	124		78		46		—		109		78		31		—
Total liabilities at fair value	$	124	$	78	$	46	$	—	$	109	$	78	$	31	$	—

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis



	At December 31										At December 31
									Before-Tax Loss										Before-Tax Loss
	Total		Level 1		Level 2		Level 3		Year 2017		Total		Level 1		Level 2		Level 3		Year 2016
Properties, plant and equipment, net (held and used)	$	603	$	—	$	—	$	603	$	658	$	582	$	—	$	15	$	567	$	2,507
Properties, plant and equipment, net (held for sale)	1,378		—		1,378		—		363		891		—		888		3		679
Investments and advances	28		—		1		27		26		26		—		20		6		234
Total nonrecurring assets at fair value	$	2,009	$	—	$	1,379	$	630	$	1,047	$	1,499	$	—	$	923	$	576	$	3,420

Assets and Liabilities Not Required to Be Measured at Fair Value The company holds cash equivalents and 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 $4,813 and $6,988 at December 31, 2017, and December 31, 2016, respectively. The fair values of cash and cash equivalents are classified as Level 1 and reflect the cash that would have been received if the instruments were settled at December 31, 2017.

"Cash and cash equivalents” do not include investments with a carrying/fair value of $1,130 and $1,426 at December 31, 2017, and December 31, 2016, respectively. At December 31, 2017, these investments are classified as Level 1 and include restricted funds related to certain upstream abandonment activities, tax payments and refundable deposits related to pending asset sales, which are reported in “Deferred charges and other assets” on the Consolidated Balance Sheet. Long-term debt of $23,477 and $26,193 at December 31, 2017, and December 31, 2016, respectively, had estimated fair values of $23,943 and $26,627, respectively. Long-term debt primarily includes corporate issued bonds. The fair value of corporate bonds is $23,245 and classified as Level 1. The fair value of other long-term debt is $698 and classified as Level 2.

The carrying values of short-term financial assets and liabilities on the Consolidated Balance Sheet approximate their fair values. Fair value remeasurements of other financial instruments at December 31, 2017 and 2016, were not material.

- Definition

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

+ References + Details

Financial and Derivative Instruments

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial and Derivative Instruments

Derivative Commodity Instruments The company’s derivative commodity instruments principally include crude oil, natural gas and refined product futures, swaps, options, and forward contracts. None of the company’s derivative instruments is designated as a hedging instrument, although certain of the company’s affiliates make such designation. The company’s derivatives are not material to the company’s financial position, results of operations or liquidity. The company believes it has no material market or credit risks to its operations, financial position or liquidity as a result of its commodity derivative activities.

The company uses derivative commodity instruments traded on the New York Mercantile Exchange and on electronic platforms of the Inter-Continental Exchange and Chicago Mercantile Exchange. In addition, the company enters into swap contracts and option contracts principally with major financial institutions and other oil and gas companies in the “over-the-counter” markets, which are governed by International Swaps and Derivatives Association agreements and other master netting arrangements. Depending on the nature of the derivative transactions, bilateral collateral arrangements may also be required.

Derivative instruments measured at fair value at December 31, 2017, December 31, 2016, and December 31, 2015, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are on the next page:

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



				At December 31
Type of Contract	Balance Sheet Classification	2017		2016
Commodity	Accounts and notes receivable, net	$	22	$	30
Commodity	Long-term receivables, net	—		2
Total assets at fair value		$	22	$	32
Commodity	Accounts payable	$	122	$	99
Commodity	Deferred credits and other noncurrent obligations	2		10
Total liabilities at fair value		$	124	$	109

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



		Gain/(Loss)
Type of Derivative	Statement of	Year ended December 31
Contract	Income Classification	2017			2016			2015
Commodity	Sales and other operating revenues	$	(105	)	$	(269	)	$	277
Commodity	Purchased crude oil and products	(9		)	(31		)	30
Commodity	Other income	(2		)	—			(3		)
		$	(116	)	$	(300	)	$	304

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2017 and December 31, 2016.

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



	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amounts
At December 31, 2017	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amounts
Derivative Assets	$	1,169	$	1,147	$	22	$	—	$	22
Derivative Liabilities	$	1,271	$	1,147	$	124	$	—	$	124
At December 31, 2016
Derivative Assets	$	1,052	$	1,020	$	32	$	—	$	32
Derivative Liabilities	$	1,129	$	1,020	$	109	$	—	$	109

Derivative assets and liabilities are classified on the Consolidated Balance Sheet as accounts and notes receivable, long-term receivables, accounts payable, and deferred credits and other noncurrent obligations. Amounts not offset on the Consolidated Balance Sheet represent positions that do not meet all the conditions for "a right of offset."

Concentrations of Credit Risk The company’s financial instruments that are exposed to concentrations of credit risk consist primarily of its cash equivalents, marketable securities, derivative financial instruments and trade receivables. The company’s short-term investments are placed with a wide array of financial institutions with high credit ratings. Company investment policies limit the company’s exposure both to credit risk and to concentrations of credit risk. Similar policies on diversification and creditworthiness are applied to the company’s counterparties in derivative instruments.

The trade receivable balances, reflecting the company’s diversified sources of revenue, are dispersed among the company’s broad customer base worldwide. As a result, the company believes concentrations of credit risk are limited. The company routinely assesses the financial strength of its customers. When the financial strength of a customer is not considered sufficient, alternative risk mitigation measures may be deployed, including requiring pre-payments, letters of credit or other acceptable collateral instruments to support sales to customers.

Assets Held For Sale	12 Months Ended
Assets Held For Sale	Dec. 31, 2017
Assets Held For Sale [Abstract]
Assets Held For Sale	Assets Held for Sale At December 31, 2017, the company classified $640 of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet. These assets are primarily associated with downstream and upstream operations that are anticipated to be sold in the next 12 months. The revenues and earnings contributions of these assets in 2017 were not material.

Equity	12 Months Ended
Equity	Dec. 31, 2017
Equity [Abstract]
Equity	Equity Retained earnings at December 31, 2017 and 2016, included approximately $18,473 and $16,479, respectively, for the company’s share of undistributed earnings of equity affiliates. At December 31, 2017, about 82 million shares of Chevron’s common stock remained available for issuance from the 260 million shares that were reserved for issuance under the Chevron Long-Term Incentive Plan. In addition, 800,468 shares remain available for issuance from the 1,600,000 shares of the company’s common stock that were reserved for awards under the Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral Plan.

Earnings Per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share (EPS) is based upon “Net Income (Loss) Attributable to Chevron Corporation” (“earnings”) and includes the effects of deferrals of salary and other compensation awards that are invested in Chevron stock units by certain officers and employees of the company. Diluted EPS includes the effects of these items as well as the dilutive effects of outstanding stock options awarded under the company’s stock option programs (refer to Note 22, “Stock Options and Other Share-Based Compensation,” beginning on page 81). The table below sets forth the computation of basic and diluted EPS:



	Year ended December 31
	2017		2016			2015
Basic EPS Calculation
Earnings available to common stockholders - Basic¹	$	9,195	$	(497	)	$	4,587
Weighted-average number of common shares outstanding²	1,882		1,872			1,867
Add: Deferred awards held as stock units	1		1			1
Total weighted-average number of common shares outstanding	1,883		1,873			1,868
Earnings per share of common stock - Basic	$	4.88	$	(0.27	)	$	2.46
Diluted EPS Calculation
Earnings available to common stockholders - Diluted¹	$	9,195	$	(497	)	$	4,587
Weighted-average number of common shares outstanding²	1,882		1,872			1,867
Add: Deferred awards held as stock units	1		1			1
Add: Dilutive effect of employee stock-based awards	15		—			7
Total weighted-average number of common shares outstanding	1,898		1,873			1,875
Earnings per share of common stock - Diluted	$	4.85	$	(0.27	)	$	2.45

¹There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.
² Millions of shares; 10 million shares of employee-based awards were not included in the 2016 diluted EPS calculation as the result would be anti-dilutive.

Operating Segments and Geographic Data

12 Months Ended

Dec. 31, 2017

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 company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM). The segments represent components of the company that engage in activities (a) from which revenues are earned and expenses are incurred; (b) whose operating results are regularly reviewed by the CODM, which makes decisions about resources to be allocated to the segments and assesses their performance; and (c) for which discrete financial information is available.

The company’s primary country of operation is the United States of America, its country of domicile. Other components of the company’s operations are reported as "International” (outside the United States).

Segment Earnings The company evaluates the performance of its operating segments on an after-tax basis, without considering the effects of debt financing interest expense or investment interest income, both of which are managed by the company on a worldwide basis. Corporate administrative costs and assets are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Nonbillable costs remain at the corporate level in “All Other.” Earnings by major operating area are presented in the following table:



	Year ended December 31
	2017			2016			2015
Upstream
United States	$	3,640		$	(2,054	)	$	(4,055	)
International	4,510			(483		)	2,094
Total Upstream	8,150			(2,537		)	(1,961		)
Downstream
United States	2,938			1,307			3,182
International	2,276			2,128			4,419
Total Downstream	5,214			3,435			7,601
Total Segment Earnings	13,364			898			5,640
All Other
Interest expense	(264		)	(168		)	—
Interest income	60			58			65
Other	(3,965		)	(1,285		)	(1,118		)
Net Income (Loss) Attributable to Chevron Corporation	$	9,195		$	(497	)	$	4,587

Segment Assets Segment assets do not include intercompany investments or receivables. Assets at year-end 2017 and 2016 are as follows:



	At December 31
	2017		2016
Upstream
United States	$	40,770	$	42,596
International	159,612		164,068
Goodwill	4,531		4,581
Total Upstream	204,913		211,245
Downstream
United States	23,202		22,264
International	17,434		15,816
Total Downstream	40,636		38,080
Total Segment Assets	245,549		249,325
All Other
United States	4,938		4,852
International	3,319		5,901
Total All Other	8,257		10,753
Total Assets – United States	68,910		69,712
Total Assets – International	180,365		185,785
Goodwill	4,531		4,581
Total Assets	$	253,806	$	260,078

Segment Sales and Other Operating Revenues Operating segment sales and other operating revenues, including internal transfers, for the years 2017, 2016 and 2015, are presented in the table on the next page. 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.



	Year ended December 31^*
	2017			2016			2015
Upstream
United States	$	3,901		$	3,148		$	4,117
Intersegment	9,341			7,217			8,631
Total United States	13,242			10,365			12,748
International	17,209			13,262			15,587
Intersegment	11,471			9,518			11,492
Total International	28,680			22,780			27,079
Total Upstream	41,922			33,145			39,827
Downstream
United States	48,728			40,366			48,420
Excise and similar taxes	4,398			4,335			4,426
Intersegment	14			16			26
Total United States	53,140			44,717			52,872
International	57,438			46,388			54,296
Excise and similar taxes	2,791			2,570			2,933
Intersegment	1,166			1,068			1,528
Total International	61,395			50,026			58,757
Total Downstream	114,535			94,743			111,629
All Other
United States	208			145			141
Intersegment	814			960			1,372
Total United States	1,022			1,105			1,513
International	1			1			5
Intersegment	25			36			37
Total International	26			37			42
Total All Other	1,048			1,142			1,555
Segment Sales and Other Operating Revenues
United States	67,404			56,187			67,133
International	90,101			72,843			85,878
Total Segment Sales and Other Operating Revenues	157,505			129,030			153,011
Elimination of intersegment sales	(22,831		)	(18,815		)	(23,086		)
Total Sales and Other Operating Revenues	$	134,674		$	110,215		$	129,925
^*Other than the United States, no other country accounted for 10 percent or more of the company’s Sales and Other Operating Revenues.

Segment Income Taxes Segment income tax expense for the years 2017, 2016 and 2015 is as follows:



	Year ended December 31
	2017			2016			2015
Upstream
United States	$	(3,538	)	$	(1,172	)	$	(2,041	)
International	2,249			166			1,214
Total Upstream	(1,289		)	(1,006		)	(827		)
Downstream
United States	(419		)	503			1,320
International	650			484			1,313
Total Downstream	231			987			2,633
All Other	1,010			(1,710		)	(1,674		)
Total Income Tax Expense (Benefit)	$	(48	)	$	(1,729	)	$	132

Other Segment Information Additional information for the segmentation of major equity affiliates is contained in Note 16, on page 70. Information related to properties, plant and equipment by segment is contained in Note 24, on page 87.

Investments and Advances

12 Months Ended

Dec. 31, 2017

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

Investments and Advances

Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost, is shown in the following table. For certain equity affiliates, Chevron pays its share of some income taxes directly. For such affiliates, the equity in earnings does not include these taxes, which are reported on the Consolidated Statement of Income as “Income tax expense.”



Investments and Advances							Equity in Earnings
	At December 31						Year ended December 31
	2017			2016			2017			2016			2015
Upstream
Tengizchevroil	$	13,121		$	11,414		$	2,581		$	1,380		$	1,939
Petropiar	1,152			977			175			326			180
Caspian Pipeline Consortium	1,151			1,245			155			145			162
Petroboscan	1,080			982			154			(133		)	219
Angola LNG Limited	2,625			2,744			31			(282		)	(417		)
Other	1,714			1,791			100			(193		)	135
Total Upstream	20,843			19,153			3,196			1,243			2,218
Downstream
GS Caltex Corporation	3,826			3,767			290			373			824
Chevron Phillips Chemical Company LLC	6,200			5,767			723			840			1,367
Caltex Australia Ltd.	—			—			—			—			92
Other	1,251			1,118			230			209			186
Total Downstream	11,277			10,652			1,243			1,422			2,469
All Other
Other	(15		)	(16		)	(1		)	(4		)	(3		)
Total equity method	32,105			$	29,789		$	4,438		$	2,661		$	4,684
Other at or below cost	392			461
Total investments and advances	$	32,497		$	30,250
Total United States	$	7,582		$	7,258		$	788		$	802		$	1,342
Total International	$	24,915		$	22,992		$	3,650		$	1,859		$	3,342

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

Tengizchevroil Chevron has a 50 percent equity ownership interest in Tengizchevroil (TCO), which operates the Tengiz and Korolev crude oil fields in Kazakhstan. At December 31, 2017, the company’s carrying value of its investment in TCO was about $130 higher than the amount of underlying equity in TCO’s net assets. This difference results from Chevron acquiring a portion of its interest in TCO at a value greater than the underlying book value for that portion of TCO’s net assets. Included in the investment is a loan to TCO to fund the development of the Future Growth and Wellhead Pressure Management Project with a balance of $2,060, including accrued interest. See Note 8, on page 63, for summarized financial information for 100 percent of TCO.

Petropiar Chevron has a 30 percent interest in Petropiar, a joint stock company which operates the Hamaca heavy-oil production and upgrading project in Venezuela’s Orinoco Belt. At December 31, 2017, the company’s carrying value of its investment in Petropiar was approximately $145 less than the amount of underlying equity in Petropiar’s net assets. The difference represents the excess of Chevron’s underlying equity in Petropiar’s net assets over the net book value of the assets contributed to the venture.

Caspian Pipeline Consortium Chevron has a 15 percent interest in the Caspian Pipeline Consortium, a variable interest entity, which provides the critical export route for crude oil from both TCO and Karachaganak. The company has investments and advances totaling $1,151, which includes long-term loans of $727 at year-end 2017. The loans were provided to fund 30 percent of the initial pipeline construction. The company is not the primary beneficiary of the consortium because it does not direct activities of the consortium and only receives its proportionate share of the financial returns.

Petroboscan Chevron has a 39.2 percent interest in Petroboscan, a joint stock company which operates the Boscan Field in Venezuela. At December 31, 2017, the company’s carrying value of its investment in Petroboscan was approximately $105 higher than the amount of underlying equity in Petroboscan’s net assets. The difference reflects the excess of the net book value of the assets contributed by Chevron over its underlying equity in Petroboscan’s net assets. The company also has an outstanding long-term loan to Petroboscan of $686 at year-end 2017.

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

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

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

Other Information “Sales and other operating revenues” on the Consolidated Statement of Income includes $8,165, $5,786 and $4,850 with affiliated companies for 2017, 2016 and 2015, respectively. “Purchased crude oil and products” includes $4,800, $3,468 and $4,240 with affiliated companies for 2017, 2016 and 2015, respectively.

“Accounts and notes receivable” on the Consolidated Balance Sheet includes $1,141 and $676 due from affiliated companies at December 31, 2017 and 2016, respectively. “Accounts payable” includes $498 and $383 due to affiliated companies at December 31, 2017 and 2016, respectively.

The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron’s total share, which includes Chevron's net loans to affiliates of $3,853, $3,535 and $410 at December 31, 2017, 2016 and 2015, respectively.



	Affiliates						Chevron Share
Year ended December 31	2017		2016		2015		2017		2016		2015
Total revenues	$	70,744	$	59,253	$	71,389	$	33,460	$	27,787	$	33,492
Income before income tax expense	13,487		6,587		13,129		5,712		3,670		6,279
Net income attributable to affiliates	10,751		5,127		10,649		4,468		2,876		4,691
At December 31
Current assets	$	33,883	$	33,406	$	27,162	$	13,568	$	13,743	$	10,657
Noncurrent assets	82,261		75,258		71,650		32,643		28,854		26,607
Current liabilities	26,873		24,793		20,559		10,201		8,996		7,351
Noncurrent liabilities	21,447		22,671		18,560		4,224		4,255		3,909
Total affiliates' net equity	$	67,824	$	61,200	$	59,693	$	31,786	$	29,346	$	26,004

Litigation	12 Months Ended
Litigation	Dec. 31, 2017
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 eight 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 Background Chevron is a defendant in a civil lawsuit initiated in the Superior Court of Nueva Loja in Lago Agrio, Ecuador, in May 2003 by plaintiffs who claim to be representatives of certain residents of an area where an oil production consortium formerly had operations. The lawsuit alleges damage to the environment from the oil exploration and production operations and seeks unspecified damages to fund environmental remediation and restoration of the alleged environmental harm, plus a health monitoring program. Until 1992, Texaco Petroleum Company (Texpet), a subsidiary of Texaco Inc., was a minority member of this consortium with Petroecuador, the Ecuadorian state-owned oil company, as the majority partner; since 1990, the operations have been conducted solely by Petroecuador. At the conclusion of the consortium and following an independent third-party environmental audit of the concession area, Texpet entered into a formal agreement with the Republic of Ecuador and Petroecuador for Texpet to remediate specific sites assigned by the government in proportion to Texpet’s ownership share of the consortium. Pursuant to that agreement, Texpet conducted a three-year remediation program at a cost of $40. After certifying that the sites were properly remediated, the government granted Texpet and all related corporate entities a full release from any and all environmental liability arising from the consortium operations. Based on the history described above, Chevron believes that this lawsuit lacks legal or factual merit. As to matters of law, the company believes first, that the court lacks jurisdiction over Chevron; second, that the law under which plaintiffs bring the action, enacted in 1999, cannot be applied retroactively; third, that the claims are barred by the statute of limitations in Ecuador; and, fourth, that the lawsuit is also barred by the releases from liability previously given to Texpet by the Republic of Ecuador and Petroecuador and by the pertinent provincial and municipal governments. With regard to the facts, the company believes that the evidence confirms that Texpet’s remediation was properly conducted and that the remaining environmental damage reflects Petroecuador’s failure to timely fulfill its legal obligations and Petroecuador’s further conduct since assuming full control over the operations. Lago Agrio Judgment In 2008, a mining engineer appointed by the court to identify and determine the cause of environmental damage, and to specify steps needed to remediate it, issued a report recommending that the court assess $18,900, which would, according to the engineer, provide financial compensation for purported damages, including wrongful death claims, and pay for, among other items, environmental remediation, health care systems and additional infrastructure for Petroecuador. The engineer’s report also asserted that an additional $8,400 could be assessed against Chevron for unjust enrichment. In 2009, following the disclosure by Chevron of evidence that the judge participated in meetings in which businesspeople and individuals holding themselves out as government officials discussed the case and its likely outcome, the judge presiding over the case was recused. In 2010, Chevron moved to strike the mining engineer’s report and to dismiss the case based on evidence obtained through discovery in the United States indicating that the report was prepared by consultants for the plaintiffs before being presented as the mining engineer’s independent and impartial work and showing further evidence of misconduct. In August 2010, the judge issued an order stating that he was not bound by the mining engineer’s report and requiring the parties to provide their positions on damages within 45 days. Chevron subsequently petitioned for recusal of the judge, claiming that he had disregarded evidence of fraud and misconduct and that he had failed to rule on a number of motions within the statutory time requirement. In September 2010, Chevron submitted its position on damages, asserting that no amount should be assessed against it. The plaintiffs’ submission, which relied in part on the mining engineer’s report, took the position that damages are between approximately $16,000 and $76,000 and that unjust enrichment should be assessed in an amount between approximately $5,000 and $38,000. The next day, the judge issued an order closing the evidentiary phase of the case and notifying the parties that he had requested the case file so that he could prepare a judgment. Chevron petitioned to have that order declared a nullity in light of Chevron’s prior recusal petition, and because procedural and evidentiary matters remained unresolved. In October 2010, Chevron’s motion to recuse the judge was granted. A new judge took charge of the case and revoked the prior judge’s order closing the evidentiary phase of the case. On December 17, 2010, the judge issued an order closing the evidentiary phase of the case and notifying the parties that he had requested the case file so that he could prepare a judgment. On February 14, 2011, the provincial court in Lago Agrio rendered an adverse judgment in the case. The court rejected Chevron’s defenses to the extent the court addressed them in its opinion. The judgment assessed approximately $8,600 in damages and approximately $900 as an award for the plaintiffs’ representatives. It also assessed an additional amount of approximately $8,600 in punitive damages unless the company issued a public apology within 15 days of the judgment, which Chevron did not do. On February 17, 2011, the plaintiffs appealed the judgment, seeking increased damages, and on March 11, 2011, Chevron appealed the judgment seeking to have the judgment nullified. On January 3, 2012, an appellate panel in the provincial court affirmed the February 14, 2011 decision and ordered that Chevron pay additional attorneys’ fees in the amount of “0.10% of the values that are derived from the decisional act of this judgment.” The plaintiffs filed a petition to clarify and amplify the appellate decision on January 6, 2012, and the court issued a ruling in response on January 13, 2012, purporting to clarify and amplify its January 3, 2012 ruling, which included clarification that the deadline for the company to issue a public apology to avoid the additional amount of approximately $8,600 in punitive damages was within 15 days of the clarification ruling, or February 3, 2012. Chevron did not issue an apology because doing so might be mischaracterized as an admission of liability and would be contrary to facts and evidence submitted at trial. On January 20, 2012, Chevron appealed (called a petition for cassation) the appellate panel’s decision to Ecuador’s National Court of Justice. As part of the appeal, Chevron requested the suspension of any requirement that Chevron post a bond to prevent enforcement under Ecuadorian law of the judgment during the cassation appeal. On February 17, 2012, the appellate panel of the provincial court admitted Chevron’s cassation appeal in a procedural step necessary for the National Court of Justice to hear the appeal. The provincial court appellate panel denied Chevron’s request for suspension of the requirement that Chevron post a bond and stated that it would not comply with the First and Second Interim Awards of the international arbitration tribunal discussed below. On March 29, 2012, the matter was transferred from the provincial court to the National Court of Justice, and on November 22, 2012, the National Court agreed to hear Chevron's cassation appeal. On August 3, 2012, the provincial court in Lago Agrio approved a court-appointed liquidator’s report on damages that calculated the total judgment in the case to be $19,100. On November 13, 2013, the National Court ratified the judgment but nullified the $8,600 punitive damage assessment, resulting in a judgment of $9,500. On December 23, 2013, Chevron appealed the decision to the Ecuador Constitutional Court, Ecuador's highest court. The reporting justice of the Constitutional Court heard oral arguments on the appeal on July 16, 2015. Lago Agrio Plaintiffs' Enforcement Actions 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 and 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 to the Supreme Court of Canada and, on September 4, 2015, the Supreme Court dismissed the appeal and affirmed that the Ontario Superior Court of Justice has jurisdiction over Chevron and Chevron Canada Limited for purposes of the action. The recognition and enforcement proceeding and related preliminary motions are proceeding in the Ontario Superior Court of Justice. On January 20, 2017, the Ontario Superior Court of Justice granted Chevron Canada Limited’s and Chevron Corporation’s motions for summary judgment, concluding that the two companies are separate legal entities with separate rights and obligations. As a result, the Superior Court dismissed the recognition and enforcement claim against Chevron Canada Limited. Chevron Corporation still remains as a defendant in the action. On February 3, 2017, the Lago Agrio plaintiffs appealed the Superior Court's January 20, 2017 decision. 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 was referred to the public prosecutor for a nonbinding opinion of the issues raised in the complaint. On May 13, 2015, the public prosecutor issued its nonbinding opinion and recommended that the Superior Court of Justice reject the plaintiffs' recognition and enforcement request, finding, among other things, that the Lago Agrio judgment was procured through fraud and corruption and cannot be recognized in Brazil because it violates Brazilian and international public order. On November 29, 2017, the Superior Court of Justice issued a decision dismissing the Lago Agrio plaintiffs’ recognition and enforcement proceeding based on jurisdictional grounds. 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, to which the Lago Agrio plaintiffs responded on December 29, 2015. On April 19, 2016, the public prosecutor in Argentina issued a non-binding opinion recommending to the National Court, First Instance, of Argentina that it reject the Lago Agrio plaintiffs' request to recognize the Ecuadorian judgment in Argentina. On February 24, 2017, the public prosecutor in Argentina issued a supplemental opinion reaffirming its previous recommendations. On November 1, 2017, the National Court, First Instance, of Argentina issued a decision dismissing the Lago Agrio plaintiffs' recognition and enforcement proceeding based on jurisdictional grounds. On November 2, 2017, the Lago Agrio plaintiffs appealed this decision to the Federal Civil Court of Appeals. 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. Company's Bilateral Investment Treaty Arbitration Claims 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 January 25, 2012, the Tribunal issued its First Interim Measures Award 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 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. 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 subsequently 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), and on January 20, 2016, the District Court denied the Republic's request. On April 13, 2016, the Republic of Ecuador appealed the decision. On July 18, 2017, the Appeals Court of the Hague denied the Republic's appeal. On October 18, 2017, the Republic appealed the decision of the Appeals Court of the Hague to the Supreme Court of the Netherlands. 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 were addressed at a hearing held in April and May 2015. The Tribunal has not set a date for Phase Three, the damages phase of the arbitration. Company's RICO Action 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 sought relief that included 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. 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 appealed the Federal District Court's decision, and, on April 20, 2015, a panel of the U.S. Court of Appeals for the Second Circuit heard oral arguments. On August 8, 2016, the Second Circuit issued a unanimous opinion affirming in full the judgment of the Federal District Court in favor of Chevron. On October 27, 2016, the Second Circuit denied the defendants' petitions for en banc rehearing of the opinion on their appeal. On March 27, 2017, two of the defendants filed a petition for a Writ of Certiorari to the United States Supreme Court. On June 19, 2017, the United States Supreme Court denied the defendants' petition for a Writ of Certiorari. Management's Assessment The ultimate outcome of the foregoing matters, including any financial effect on Chevron, remains uncertain. Management does not believe an estimate of a reasonably possible loss (or a range of loss) can be made in this case. Due to the defects associated with the Ecuadorian judgment, the 2008 engineer’s report on alleged damages and the September 2010 plaintiffs’ submission on alleged damages, management does not believe these documents have any utility in calculating a reasonably possible loss (or a range of loss). Moreover, the highly uncertain legal environment surrounding the case provides no basis for management to estimate a reasonably possible loss (or a range of loss).

Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Taxes



Income Taxes	Year ended December 31
	2017			2016			2015
Income tax expense (benefit)
U.S. federal
Current	$	(382	)	$	(623	)	$	(817	)
Deferred	(2,561		)	(1,558		)	(580		)
State and local
Current	(97		)	(15		)	(187		)
Deferred	66			(121		)	(109		)
Total United States	(2,974		)	(2,317		)	(1,693		)
International
Current	3,634			2,744			2,997
Deferred	(708		)	(2,156		)	(1,172		)
Total International	2,926			588			1,825
Total income tax expense (benefit)	$	(48	)	$	(1,729	)	$	132

The reconciliation between the U.S. statutory federal income tax rate and the company’s effective income tax rate is detailed in the following table:



	2017			2016			2015
Income (loss) before income taxes
United States	$	(441	)	$	(4,317	)	$	(2,877	)
International	9,662			2,157			7,719
Total income (loss) before income taxes	9,221			(2,160		)	4,842
Theoretical tax (at U.S. statutory rate of 35%)	3,227			(756		)	1,695
Effect of U.S. tax reform	(2,020		)	—			—
Equity affiliate accounting effect	(1,373		)	(704		)	(1,286		)
Effect of income taxes from international operations^*	(130		)	608			72
State and local taxes on income, net of U.S. federal income tax benefit	39			(44		)	(74		)
Prior year tax adjustments, claims and settlements	(39		)	(349		)	84
Tax credits	(199		)	(188		)	(35		)
Other U.S.^*	447			(296		)	(324		)
Total income tax expense (benefit)	$	(48	)	$	(1,729	)	$	132

Effective income tax rate	(0.5		)%	80.0		%	2.7		%

^*Includes one-time tax costs (benefits) associated with changes in uncertain tax positions and valuation allowances.

The 2017 decline in income tax benefit of $1,681, from a benefit of $1,729 in 2016 to a benefit of $48 in 2017, is a result of the year-over-year increase in total income before income tax expense, which is primarily due to effects of higher crude oil prices and gains on asset sales primarily in Indonesia and Canada. In addition, the tax benefit for the year includes a provisional benefit of $2,020 from U.S. tax reform, which primarily reflects the remeasurement of U.S. deferred tax assets and liabilities. The company’s effective tax rate changed from 80 percent in 2016 to (0.5) percent in 2017. The change in effective tax rate is primarily a consequence of the mix effect resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions and the 2017 impact of U.S. tax reform.

As noted above, U.S. tax reform resulted in the remeasurement of U.S. deferred tax assets and liabilities. The final impact will not be known until the actual 2017 U.S. tax return is submitted in 2018, and this may result in a change to the provisional amounts that have been recognized.

The company records its deferred taxes on a tax-jurisdiction basis. The reported deferred tax balances are composed of the following:



				At December 31
	2017			2016
Deferred tax liabilities
Properties, plant and equipment	$	19,869		$	25,180
Investments and other	4,796			5,222
Total deferred tax liabilities	24,665			30,402
Deferred tax assets
Foreign tax credits	(11,872		)	(10,976		)
Asset retirement obligations/environmental reserves	(5,511		)	(6,251		)
Employee benefits	(3,129		)	(4,392		)
Deferred credits	(1,769		)	(1,950		)
Tax loss carryforwards	(5,463		)	(6,030		)
Other accrued liabilities	(842		)	(510		)
Inventory	(336		)	(374		)
Miscellaneous	(2,415		)	(3,121		)
Total deferred tax assets	(31,337		)	(33,604		)
Deferred tax assets valuation allowance	16,574			16,069
Total deferred taxes, net	$	9,902		$	12,867

Deferred tax liabilities at the end of 2017 decreased by approximately $5,700 from year-end 2016. The decrease was primarily related to property, plant and equipment temporary differences mainly due to the change in the enacted U.S. tax rate.

Deferred tax assets decreased by approximately $2,300 in 2017. Decreases were mainly due to the change in the enacted U.S. tax rate and primarily impacted asset retirement obligations, employee benefits and tax loss carry forwards. The decrease was partially reduced by an increase in foreign tax credits arising from earnings in high-tax rate international jurisdictions, which was substantially offset by valuation allowances.

The overall valuation allowance relates to deferred tax assets for U.S. foreign tax credit carryforwards, tax loss carryforwards and temporary differences. It reduces the deferred tax assets to amounts that are, in management’s assessment, more likely than not to be realized. At the end of 2017, the company had tax loss carryforwards of approximately $16,102 and tax credit carryforwards of approximately $1,379, primarily related to various international tax jurisdictions. Whereas some of these tax loss carryforwards do not have an expiration date, others expire at various times from 2018 through 2034. U.S. foreign tax credit carryforwards of $11,872 will expire between 2018 and 2027.

At December 31, 2017 and 2016, deferred taxes were classified on the Consolidated Balance Sheet as follows:



	At December 31
	2017			2016
Deferred charges and other assets	$	(4,750	)	$	(4,649	)
Noncurrent deferred income taxes	14,652			17,516
Total deferred income taxes, net	$	9,902		$	12,867

Enactment of U.S. tax reform imposed a one-time U.S. federal tax on the deemed repatriation of unremitted earnings indefinitely reinvested abroad, which did not have a material impact on the company’s financial results. The indefinite reinvestment assertion continues to apply for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding tax purposes.

U.S. state and foreign withholding taxes are not accrued for unremitted earnings of international operations that have been or are intended to be reinvested indefinitely. Undistributed earnings of international consolidated subsidiaries and affiliates for which no deferred income tax provision has been made for possible future remittances totaled approximately $57,300 at December 31, 2017. This amount represents earnings reinvested as part of the company’s ongoing international business. It is not practicable to estimate the amount of state and foreign taxes that might be payable on the possible remittance of earnings that are intended to be reinvested indefinitely. The company does not anticipate incurring significant additional taxes on remittances of earnings that are not indefinitely reinvested.

Uncertain Income Tax Positions The company recognizes a tax benefit in the financial statements for an uncertain tax position only if management’s assessment is that the position is “more likely than not” (i.e., a likelihood greater than 50 percent) to be allowed by the tax jurisdiction based solely on the technical merits of the position. The term “tax position” in the accounting standards for income taxes refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods.

The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2017, 2016 and 2015. The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements. Interest and penalties are not included.



	2017			2016			2015
Balance at January 1	$	3,031		$	3,042		$	3,552
Foreign currency effects	43			1			(27		)
Additions based on tax positions taken in current year	1,853			245			154
Additions for tax positions taken in prior years	1,166			181			218
Reductions for tax positions taken in prior years	(90		)	(390		)	(678		)
Settlements with taxing authorities in current year	(1,173		)	(36		)	(5		)
Reductions as a result of a lapse of the applicable statute of limitations	(2		)	(12		)	(172		)
Balance at December 31	$	4,828		$	3,031		$	3,042

The increase in unrecognized tax benefits between December 31, 2016 and December 31, 2017 was primarily due to foreign tax credits associated with the deemed repatriation. The increase in unrecognized tax benefits related to these foreign tax credits had no impact on the effective tax rate since the change to the deferred tax asset was fully offset with a change to the valuation allowance. The resolution of numerous issues with various tax jurisdictions during the year also impacted the movement from December 31, 2016 and December 31, 2017.

Approximately 81 percent of the $4,828 of unrecognized tax benefits at December 31, 2017, would have an impact on the effective tax rate if subsequently recognized. Certain of these unrecognized tax benefits relate to tax carryforwards that may require a full valuation allowance at the time of any such recognition.

Tax positions for Chevron and its subsidiaries and affiliates are subject to income tax audits by many tax jurisdictions throughout the world. For the company’s major tax jurisdictions, examinations of tax returns for certain prior tax years had not been completed as of December 31, 2017. For these jurisdictions, the latest years for which income tax examinations had been finalized were as follows: United States – 2011, Nigeria – 2000, Australia – 2006, Angola – 2016 and Kazakhstan – 2007.

The company engages in ongoing discussions with tax authorities regarding the resolution of tax matters in the various jurisdictions. Both the outcome of these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. However, it is reasonably possible that developments on tax matters in certain tax jurisdictions may result in significant increases or decreases in the company’s total unrecognized tax benefits within the next 12 months. Given the number of years that still remain subject to examination and the number of matters being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits.

On April 21, 2017, an adverse decision was issued by the full Federal Court on Australia regarding the interest rate to be applied on certain Chevron intercompany loans. On August 14, 2017, an agreement was reached with the Australian Taxation Office to settle this dispute. Management believes the agreed terms to be a reasonable resolution of the dispute, which did not have a material impact on the 2017 results of the company.

On the Consolidated Statement of Income, the company reports interest and penalties related to liabilities for uncertain tax positions as “Income tax expense.” As of December 31, 2017, accruals of $178 for anticipated interest and penalty obligations were included on the Consolidated Balance Sheet, compared with accruals of $424 as of year-end 2016. Income tax expense (benefit) associated with interest and penalties was $(161), $38 and $195 in 2017, 2016 and 2015, respectively.



Taxes Other Than on Income	Year ended December 31
	2017		2016		2015
United States
Excise and similar taxes on products and merchandise	$	4,398	$	4,335	$	4,426
Import duties and other levies	11		9		4
Property and other miscellaneous taxes	1,824		1,680		1,367
Payroll taxes	241		252		270
Taxes on production	206		159		157
Total United States	6,680		6,435		6,224
International
Excise and similar taxes on products and merchandise	2,791		2,570		2,933
Import duties and other levies	45		33		40
Property and other miscellaneous taxes	2,563		2,379		2,548
Payroll taxes	137		145		161
Taxes on production	115		106		124
Total International	5,651		5,233		5,806
Total taxes other than on income	$	12,331	$	11,668	$	12,030

Short-Term Debt

12 Months Ended

Dec. 31, 2017

Short-Term Debt



	At December 31
	2017			2016
Commercial paper¹	$	5,379		$	10,410
Notes payable to banks and others with originating terms of one year or less	—			50
Current maturities of long-term debt²	6,720			6,253
Current maturities of long-term capital leases	15			14
Redeemable long-term obligations
Long-term debt	3,078			3,113
Capital leases	—			—
Subtotal	15,192			19,840
Reclassified to long-term debt	(10,000		)	(9,000		)
Total short-term debt	$	5,192		$	10,840
¹Weighted-average interest rates at December 31, 2017 and 2016, were 1.30 percent and 0.74 percent, respectively.
²Net of unamortized discounts and issuance costs.

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

The company may periodically enter into interest rate swaps on a portion of its short-term debt. At December 31, 2017, the company had no interest rate swaps on short-term debt.

At December 31, 2017, the company had $10,000 in committed credit facilities with various major banks that enable the refinancing of short-term obligations on a long-term basis. The credit facilities consist of a 364-day facility which enables borrowing of up to $9,575 and allows the company to convert any amounts outstanding into a term loan for a period of up to one year, and a $425 five-year facility expiring in December 2020. These facilities support commercial paper borrowing and can also be used for general corporate purposes. The company’s practice has been to continually replace expiring commitments with new commitments on substantially the same terms, maintaining levels management believes appropriate. Any borrowings under the facilities would be unsecured indebtedness at interest rates based on the London Interbank Offered Rate or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under these facilities at December 31, 2017.

The company classified $10,000 and $9,000 of short-term debt as long-term at December 31, 2017 and 2016, respectively. Settlement of these obligations is not expected to require the use of working capital within one year, and the company has both the intent and the ability, as evidenced by committed credit facilities, to refinance them on a long-term basis.

Long-Term Debt

12 Months Ended

Dec. 31, 2017

Accounting for Suspended Exploratory Wells [Abstract]

Long-Term Debt

Total long-term debt, excluding capital leases, at December 31, 2017, was $33,477. The company’s long-term debt outstanding at year-end 2017 and 2016 was as follows:



	At December 31
	2017			2016
	Principal			Principal
3.191% notes due 2023	$	2,250		$	2,250
2.954% notes due 2026	2,250			2,250
1.718% notes due 2018	2,000			2,000
2.355% notes due 2022	2,000			2,000
1.365% notes due 2018	1,750			1,750
1.961% notes due 2020	1,750			1,750
Floating rate notes due 2018 (1.833%)¹	1,650			1,650
4.950% notes due 2019	1,500			1,500
1.561% notes due 2019	1,350			1,350
2.100% notes due 2021	1,350			1,350
1.790% notes due 2018	1,250			1,250
2.419% notes due 2020	1,250			1,250
2.427% notes due 2020	1,000			1,000
2.895% notes due 2024	1,000			—
Floating rate notes due 2019 (1.684%)¹	850			400
2.193% notes due 2019	750			750
2.566% notes due 2023	750			750
3.326% notes due 2025	750			750
2.498% notes due 2022	700			—
2.411% notes due 2022	700			700
Floating rate notes due 2021 (2.109%)¹	650			650
Floating rate notes due 2022 (1.994%)¹	650			350
1.991% notes due 2020	600			—
1.686% notes due 2019	550			—
Floating rate notes due 2020 (1.697%)²	400			—
8.625% debentures due 2032	147			147
8.625% debentures due 2031	108			108
8.000% debentures due 2032	75			75
Amortizing bank loan due 2018 (2.179%)²	72			178
9.750% debentures due 2020	54			54
8.875% debentures due 2021	40			40
Medium-term notes, maturing from 2021 to 2038 (6.283%)¹	38			38
Floating rate notes due 2017	—			2,050
1.104% notes due 2017	—			2,000
1.345% notes due 2017	—			1,100
1.344% notes due 2017	—			1,000
Total including debt due within one year	30,234			32,490
Debt due within one year	(6,722		)	(6,256		)
Reclassified from short-term debt	10,000			9,000
Unamortized discounts and debt issuance costs	(35		)	(41		)
Total long-term debt	$	33,477		$	35,193


¹	Weighted-average interest rate at December 31, 2017.


²	Interest rate at December 31, 2017.

Chevron has an automatic shelf registration statement that expires in August 2018. This registration statement is for an unspecified amount of nonconvertible debt securities issued or guaranteed by the company.

Long-term debt with a principal balance of $30,234 matures as follows: 2018 – $6,722; 2019 – $5,000; 2020 – $5,054; 2021 – $2,054; 2022 – $4,050; and after 2022 – $7,354.

The company completed a bond issuance of $4,000 in first quarter 2017.

See Note 10, beginning on page 64, for information concerning the fair value of the company’s long-term debt.

Accounting for Suspended Exploratory Wells

12 Months Ended

Dec. 31, 2017

Accounting for Suspended Exploratory Wells

The company continues to capitalize exploratory well costs after the completion of drilling when (a) the well has found a sufficient quantity of reserves to justify completion as a producing well, and (b) the business unit is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense.

The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2017:



	2017			2016			2015
Beginning balance at January 1	$	3,540		$	3,312		$	4,195
Additions to capitalized exploratory well costs pending the determination of proved reserves	323			465			869
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(113		)	(119		)	(164		)
Capitalized exploratory well costs charged to expense	(39		)	(118		)	(1,397		)
Other reductions^*	(9		)	—			(191		)
Ending balance at December 31	$	3,702		$	3,540		$	3,312

^*Represents property sales.

The following table provides an aging of capitalized well costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling.



	At December 31
	2017		2016		2015
Exploratory well costs capitalized for a period of one year or less	$	307	$	445	$	489
Exploratory well costs capitalized for a period greater than one year	3,395		3,095		2,823
Balance at December 31	$	3,702	$	3,540	$	3,312
Number of projects with exploratory well costs that have been capitalized for a period greater than one year^*	32		35		39

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

Of the $3,395 of exploratory well costs capitalized for more than one year at December 31, 2017, $2,257 (17 projects) is related to projects that had drilling activities underway or firmly planned for the near future. The $1,138 balance is related to 15 projects in areas requiring a major capital expenditure before production could begin and for which additional drilling efforts were not underway or firmly planned for the near future. Additional drilling was not deemed necessary because the presence of hydrocarbons had already been established, and other activities were in process to enable a future decision on project development.

The projects for the $1,138 referenced above had the following activities associated with assessing the reserves and the projects’ economic viability: (a) $190 (two projects) – undergoing front-end engineering and design with final investment decision expected within four years; (b) $99 (one project) – development concept under review by government; (c) $826 (seven projects) – development alternatives under review; (d) $23 (five projects) – miscellaneous activities for projects with smaller amounts suspended. While progress was being made on all 32 projects, the decision on the recognition of proved reserves under SEC rules in some cases may not occur for several years because of the complexity, scale and negotiations associated with the projects. More than half of these decisions are expected to occur in the next five years.

The $3,395 of suspended well costs capitalized for a period greater than one year as of December 31, 2017, represents 158 exploratory wells in 32 projects. The tables below contain the aging of these costs on a well and project basis:



Aging based on drilling completion date of individual wells:	Amount		Number of wells
1998-2006	$	318	29
2007-2011	879		50
2012-2016	2,198		79
Total	$	3,395	158

Aging based on drilling completion date of last suspended well in project:	Amount		Number of projects
2003-2009	$	344	5
2010-2013	367		6
2014-2017	2,684		21
Total	$	3,395	32

Stock Options and Other Share-Based Compensation

12 Months Ended

Dec. 31, 2017

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

Stock Options and Other Share-Based Compensation

Compensation expense for stock options for 2017, 2016 and 2015 was $137 ($89 after tax), $271 ($176 after tax) and $312 ($203 after tax), respectively. In addition, compensation expense for stock appreciation rights, restricted stock, performance shares and restricted stock units was $231 ($150 after tax), $371 ($241 after tax) and $32 ($21 after tax) for 2017, 2016 and 2015, respectively. No significant stock-based compensation cost was capitalized at December 31, 2017, or December 31, 2016.

Cash received in payment for option exercises under all share-based payment arrangements for 2017, 2016 and 2015 was $1,100, $647 and $195, respectively. Actual tax benefits realized for the tax deductions from option exercises were $48, $21 and $17 for 2017, 2016 and 2015, respectively.

Cash paid to settle performance shares and stock appreciation rights was $187, $82 and $104 for 2017, 2016 and 2015, respectively.

Awards under the Chevron Long-Term Incentive Plan (LTIP) may take the form of, but are not limited to, stock options, restricted stock, restricted stock units, stock appreciation rights, performance shares and nonstock grants. From April 2004 through May 2023, no more than 260 million shares may be issued under the LTIP. For awards issued on or after May 29, 2013, no more than 50 million of those shares may be in a form other than a stock option, stock appreciation right or award requiring full payment for shares by the award recipient. For the major types of awards issued before January 1, 2017, the contractual terms vary between three years for the performance shares and restricted stock units, and 10 years for the stock options and stock appreciation rights. For awards issued after January 1, 2017, contractual terms vary between three years for the performance shares and special restricted stock units, 5 years for standard restricted stock units and 10 years for the stock options and stock appreciation rights. Forfeitures for performance shares, restricted stock units, and stock appreciation rights are recognized as they occur. Forfeitures for stock options are estimated using historical forfeiture data dating back to 1990.

The fair market values of stock options and stock appreciation rights granted in 2017, 2016 and 2015 were measured on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions:



	Year ended December 31
	2017			2016			2015
Expected term in years¹	6.3			6.3			6.1
Volatility²	21.7		%	21.7		%	21.9		%
Risk-free interest rate based on zero coupon U.S. treasury note	2.2		%	1.6		%	1.4		%
Dividend yield	4.2		%	4.5		%	3.6		%
Weighted-average fair value per option granted	$	15.31		$	9.53		$	13.89

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

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

A summary of option activity during 2017 is presented below:



	Shares (Thousands)		Weighted-Average Exercise Price			Averaged Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2017	112,275			$	94.99
Granted	5,877			$	117.16
Exercised	(13,110	)		$	84.86
Forfeited	(1,277	)		$	105.02
Outstanding at December 31, 2017	103,765			$	97.40	5.63		$	2,883
Exercisable at December 31, 2017	78,120			$	98.54	4.82		$	2,082

The total intrinsic value (i.e., the difference between the exercise price and the market price) of options exercised during 2017, 2016 and 2015 was $407, $240 and $120, respectively. During this period, the company continued its practice of issuing treasury shares upon exercise of these awards.

As of December 31, 2017, there was $88 of total unrecognized before-tax compensation cost related to nonvested share-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average period of 1.4 years.

At January 1, 2017, the number of LTIP performance shares outstanding was equivalent to 2,393,428 shares. During 2017, 1,623,526 performance shares were granted, 708,192 shares vested with cash proceeds distributed to recipients and 217,969 shares were forfeited. At December 31, 2017, performance shares outstanding were 3,090,793. The fair value of the liability recorded for these instruments was $340, and was measured using the Monte Carlo simulation method.

At January 1, 2017, the number of restricted stock units outstanding was equivalent to 557,415 shares. During 2017, 892,991 restricted stock units were granted, 96,210 units vested with cash proceeds distributed to recipients and 117,696 units were forfeited. At December 31, 2017, restricted stock units outstanding were 1,236,500. The fair value of the liability recorded for the vested portion of these instruments was $98, valued at the stock price as of December 31, 2017. In addition, outstanding stock appreciation rights that were granted under LTIP totaled approximately 4.6 million equivalent shares as of December 31, 2017. The fair value of the liability recorded for the vested portion of these instruments was $115.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Employee Benefit Plans

The company has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act (ERISA) minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the company’s other investment alternatives.

The company also sponsors other postretirement 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 retirees share the costs. Beginning in 2017, medical coverage for Medicare-eligible retirees in the company’s main U.S. medical plan is provided through a third-party private exchange. The increase to the pre-Medicare company contribution for retiree medical coverage is limited to no more than 4 percent each year. Certain life insurance benefits are paid by the company.

The company recognizes the overfunded or underfunded status of each of its defined benefit pension and OPEB plans as an asset or liability on the Consolidated Balance Sheet.

The funded status of the company’s pension and OPEB plans for 2017 and 2016 follows:



	Pension Benefits
	2017						2016						Other Benefits
	U.S.			Int’l.			U.S.			Int’l.			2017			2016
Change in Benefit Obligation
Benefit obligation at January 1	$	13,271		$	5,169		$	13,563		$	5,336		$	2,549		$	3,324
Service cost	489			151			494			159			32			60
Interest cost	366			219			377			261			95			128
Plan participants' contributions	—			4			—			5			78			148
Plan amendments	—			1			—			—			—			(345		)
Actuarial (gain) loss	1,168			(37		)	903			426			266			(437		)
Foreign currency exchange rate changes	—			374			—			(524		)	10			8
Benefits paid	(1,714		)	(310		)	(2,066		)	(494		)	(229		)	(337		)
Divestitures	—			(31		)	—			—			(13		)	—
Benefit obligation at December 31	13,580			5,540			13,271			5,169			2,788			2,549
Change in Plan Assets
Fair value of plan assets at January 1	9,550			4,174			10,274			4,109			—			—
Actual return on plan assets	1,384			319			936			642			—			—
Foreign currency exchange rate changes	—			358			—			(552		)	—			—
Employer contributions	728			252			406			464			151			189
Plan participants' contributions	—			4			—			5			78			148
Benefits paid	(1,714		)	(310		)	(2,066		)	(494		)	(229		)	(337		)
Divestitures	—			(31		)	—			—			—			—
Fair value of plan assets at December 31	9,948			4,766			9,550			4,174			—			—
Funded status at December 31	$	(3,632	)	$	(774	)	$	(3,721	)	$	(995	)	$	(2,788	)	$	(2,549	)

Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2017 and 2016, include:



	Pension Benefits
	2017						2016						Other Benefits
	U.S.			Int’l.			U.S.			Int’l.			2017			2016
Deferred charges and other assets	$	21		$	448		$	16		$	199		$	—		$	—
Accrued liabilities	(188		)	(100		)	(222		)	(75		)	(174		)	(163		)
Noncurrent employee benefit plans	(3,465		)	(1,122		)	(3,515		)	(1,119		)	(2,614		)	(2,386		)
Net amount recognized at December 31	$	(3,632	)	$	(774	)	$	(3,721	)	$	(995	)	$	(2,788	)	$	(2,549	)

Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB plans were $5,286 and $5,511 at the end of 2017 and 2016, respectively. These amounts consisted of:



	Pension Benefits
	2017				2016				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		2017			2016
Net actuarial loss	$	4,258	$	1,005	$	4,653	$	1,145	$	207		$	(82	)
Prior service (credit) costs	9		94		4		106		(287		)	(315		)
Total recognized at December 31	$	4,267	$	1,099	$	4,657	$	1,251	$	(80	)	$	(397	)

The accumulated benefit obligations for all U.S. and international pension plans were $12,194 and $5,009, respectively, at December 31, 2017, and $11,954 and $4,676, respectively, at December 31, 2016.

Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2017 and 2016, was:



	Pension Benefits
	2017				2016
	U.S.		Int’l.		U.S.		Int’l.
Projected benefit obligations	$	13,514	$	1,590	$	13,208	$	1,449
Accumulated benefit obligations	12,129		1,326		11,891		1,258
Fair value of plan assets	9,862		413		9,471		287

The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2017, 2016 and 2015 are shown in the table below:



	Pension Benefits
	2017						2016						2015						Other Benefits
	U.S.			Int’l.			U.S.			Int’l.			U.S.			Int’l.			2017			2016			2015
Net Periodic Benefit Cost
Service cost	$	489		$	151		$	494		$	159		$	538		$	185		$	32		$	60		$	72
Interest cost	366			219			377			261			502			277			95			128			151
Expected return on plan assets	(597		)	(239		)	(723		)	(243		)	(783		)	(262		)	—			—			—
Amortization of prior service costs (credits)	(5		)	13			(9		)	14			(8		)	22			(28		)	14			14
Recognized actuarial losses	340			44			335			47			356			78			(5		)	19			34
Settlement losses	436			2			511			6			320			6			—			—			—
Curtailment losses (gains)	—			—			—			—			—			(14		)	—			—			—
Total net periodic benefit cost	1,029			190			985			244			925			292			94			221			271
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	381			(94		)	690			55			513			(260		)	284			(430		)	(362		)
Amortization of actuarial loss	(776		)	(46		)	(846		)	(53		)	(676		)	(84		)	5			(19		)	(34		)
Prior service (credits) costs during period	—			1			—			—			—			(6		)	—			(345		)	—
Amortization of prior service (costs) credits	5			(13		)	9			(14		)	8			(24		)	28			(14		)	(14		)
Total changes recognized in other comprehensive income	(390		)	(152		)	(147		)	(12		)	(155		)	(374		)	317			(808		)	(410		)
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	639		$	38		$	838		$	232		$	770		$	(82	)	$	411		$	(587	)	$	(139	)

Net actuarial losses recorded in “Accumulated other comprehensive loss” at December 31, 2017, for the company’s U.S. pension, international pension and OPEB plans are being amortized on a straight-line basis over approximately 10, 12 and 15 years, respectively. These amortization periods represent the estimated average remaining service of employees expected to receive benefits under the plans. These losses are amortized to the extent they exceed 10 percent of the higher of the projected benefit obligation or market-related value of plan assets. The amount subject to amortization is determined on a plan-by-plan basis. During 2018, the company estimates actuarial losses of $303, $30 and $15 will be amortized from “Accumulated other comprehensive loss” for U.S. pension, international pension and OPEB plans, respectively. In addition, the company estimates an additional $334 will be recognized from “Accumulated other comprehensive loss” during 2018 related to lump-sum settlement costs from the main U.S. pension plans.

The weighted average amortization period for recognizing prior service costs (credits) recorded in “Accumulated other comprehensive loss” at December 31, 2017, was approximately 5 and 9 years for U.S. and international pension plans, respectively, and 9 years for OPEB plans. During 2018, the company estimates prior service (credits) costs of $2, $11 and $(28) will be amortized from “Accumulated other comprehensive loss” for U.S. pension, international pension and OPEB plans, respectively.

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



	Pension Benefits
	2017				2016				2015						Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		U.S.		Int’l.		2017		2016		2015
Assumptions used to determine benefit obligations:
Discount rate	3.5	%	3.9	%	3.9	%	4.3	%	4.0	%	5.3	%	3.8	%	4.3	%	4.6	%
Rate of compensation increase	4.5	%	4.0	%	4.5	%	4.5	%	4.5	%	4.8	%	N/A		N/A		N/A
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost	4.2	%	4.3	%	4.4	%	5.3	%	3.7	%	5.0	%	4.6	%	4.9	%	4.3	%
Discount rate for interest cost	3.0	%	4.3	%	3.0	%	5.3	%	3.7	%	5.0	%	3.8	%	4.0	%	4.3	%
Expected return on plan assets	6.8	%	5.5	%	7.3	%	6.3	%	7.5	%	6.3	%	N/A		N/A		N/A
Rate of compensation increase	4.5	%	4.5	%	4.5	%	4.8	%	4.5	%	5.1	%	N/A		N/A		N/A

Expected Return on Plan Assets The company’s estimated long-term rates of return on pension assets are driven primarily by actual historical asset-class returns, an assessment of expected future performance, advice from external actuarial firms and the incorporation of specific asset-class risk factors. Asset allocations are periodically updated using pension plan asset/liability studies, and the company’s estimated long-term rates of return are consistent with these studies.

For 2017, the company used an expected long-term rate of return of 6.75 percent for U.S. pension plan assets, which account for 68 percent of the company’s pension plan assets. In 2016, the company used a long-term rate of return of 7.25 percent for this plan, and in 2015, 7.50 percent.

The market-related value of assets of the main U.S. pension plan used in the determination of pension expense was based on the market values in the three months preceding the year-end measurement date. Management considers the three-month time period long enough to minimize the effects of distortions from day-to-day market volatility and still be contemporaneous to the end of the year. For other plans, market value of assets as of year-end is used in calculating the pension expense.

Discount Rate The discount rate assumptions used to determine the U.S. and international pension and OPEB plan obligations and expense reflect the rate at which benefits could be effectively settled, and are equal to the equivalent single rate resulting from yield curve analysis. This analysis considered the projected benefit payments specific to the company's plans and the yields on high-quality bonds. The projected cash flows were discounted to the valuation date using the yield curve for the main U.S. pension and OPEB plans. The effective discount rates derived from this analysis at the end of 2017 were 3.5 percent for the main U.S. pension plan and 3.6 percent for the main U.S. OPEB plan. The discount rates for these plans at the end of 2016 were 3.9 and 4.1 percent, respectively, while in 2015 they were 4.0 and 4.5 percent for these plans, respectively.

Beginning with the fiscal year ended December 31, 2016, the company changed the method used to estimate the service and interest cost associated with the company's main U.S. pension and OPEB plans. Under the new method, these costs are estimated by applying spot rates along the yield curve to the relevant projected cash flows. In prior years, the service and interest costs were estimated utilizing a single weighted-average discount rate derived from the yield curve used to measure the defined benefit obligations at the beginning of the year.

Other Benefit Assumptions Assumed health care cost-trend rates can have a significant effect on the amounts reported for retiree health care costs. For the measurement of accumulated postretirement benefit obligation at December 31, 2017, for the main U.S. OPEB plan, the assumed health care cost-trend rates start with 7.4 percent in 2018 and gradually decline to 4.5 percent for 2025 and beyond. For this measurement at December 31, 2016, the assumed health care cost-trend rates

started with 6.9 percent in 2017 and gradually declined to 4.5 percent for 2025 and beyond. The annual increase to the company's pre-Medicare medical contributions for the main U.S. plan upon retirement is capped at 4 percent. A 1-percentage-point change in the assumed health care cost-trend rates would have the following effects on worldwide plans:



	1 Percent Increase		1 Percent Decrease
Effect on total service and interest cost components	$	12	$	(10	)
Effect on postretirement benefit obligation	$	188	$	(155	)

Plan Assets and Investment Strategy

The fair value measurements of the company’s pension plans for 2017 and 2016 are below:



	U.S.											Int’l.
	Total		Level 1			Level 2		Level 3		NAV¹		Total		Level 1			Level 2		Level 3		NAV¹
At December 31, 2016
Equities
U.S.²	$	1,217	$	1,217		$	—	$	—	—		$	565	$	564		$	1	$	—	$	—
International	1,832		1,822			10		—		—		576		576			—		—		—
Collective Trusts/Mutual Funds³	1,132		24			—		—		1,108		196		8			2		—		186
Fixed Income
Government⁴	222		—			222		—		—		286		51			235		—		—
Corporate⁴	1,356		—			1,356		—		—		509		22			468		19		—
Bank Loans	118		—			107		11		—		—		—			—		—		—
Mortgage/Asset Backed	1		—			1		—		—		10		—			10		—		—
Collective Trusts/Mutual Funds^3,4	1,031		—			—		—		1,031		1,278		—			17		—		1,261
Mixed Funds⁵	—		—			—		—		—		72		2			70		—		—
Real Estate⁶	1,367		—			—		—		1,367		331		—			—		60		271
Alternative Investments⁷	955		—			—		—		955		—		—			—		—		—
Cash and Cash Equivalents	252		243			9		—		—		331		325			6		—		—
Other⁸	67		(9		)	25		42		9		20		—			18		2		—
Total at December 31, 2016	$	9,550	$	3,297		$	1,730	$	53	4,470		$	4,174	$	1,548		$	827	$	81	$	1,718
At December 31, 2017
Equities
U.S.²	$	1,331	$	1,331		$	—	$	—	$	—	$	652	$	651		$	1	$	—	$	—
International	2,060		2,057			3		—		—		691		691			—		—		—
Collective Trusts/Mutual Funds³	1,089		22			—		—		1,067		204		19			4		—		181
Fixed Income
Government	274		—			274		—		—		296		77			219		—		—
Corporate	1,492		—			1,492		—		—		593		—			563		30		—
Bank Loans	117		—			106		11		—		—		—			—		—		—
Mortgage/Asset Backed	1		—			1		—		—		8		—			8		—		—
Collective Trusts/Mutual Funds³	1,130		—			—		—		1,130		1,481		—			16		—		1,465
Mixed Funds⁵	—		—			—		—		—		80		1			79		—		—
Real Estate⁶	1,096		—			—		—		1,096		376		—			—		56		320
Alternative Investments⁷	1,022		—			—		—		1,022		—		—			—		—		—
Cash and Cash Equivalents	260		255			5		—		—		366		362			4		—		—
Other⁸	76		(2		)	28		43		7		19		(2		)	18		3		—
Total at December 31, 2017	$	9,948	$	3,663		$	1,909	$	54	$	4,322	$	4,766	$	1,799		$	912	$	89	$	1,966


¹	2016 has been adjusted to conform to the 2017 presentation of investments measured at Net Asset Value (NAV).


²	U.S. equities include investments in the company’s common stock in the amount of $12 at December 31, 2017, and $12 at December 31, 2016.


³	Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds.


⁴	Certain International Fixed Income investments previously disclosed as Government or Corporate have been reclassified to Collective Trusts/Mutual Funds to conform to the 2017 presentation.


⁵	Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk.


⁶	The year-end valuations of the U.S. real estate assets are based on third-party appraisals that occur at least once a year for each property in the portfolio.


⁷	Alternative investments focus on market-neutral strategies that have a low expected correlation to traditional asset classes.


⁸	The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts (Level 3); and investments in private-equity limited partnerships (NAV).

The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below:



	Fixed Income
	Corporate			Bank Loans			Real Estate			Other		Total
Total at December 31, 2015¹	$	25		$	—		$	97		$	43	$	165
Actual Return on Plan Assets:
Assets held at the reporting date	1			—			(33		)	—		(32		)
Assets sold during the period	—			—			1			—		1
Purchases, Sales and Settlements	(7		)	11			(5		)	1		—
Transfers in and/or out of Level 3	—			—			—			—		—
Total at December 31, 2016¹	$	19		$	11		$	60		$	44	$	134
Actual Return on Plan Assets:
Assets held at the reporting date	1			—			1			—		2
Assets sold during the period	—			—			—			—		—
Purchases, Sales and Settlements	10			3			(5		)	2		10
Transfers in and/or out of Level 3	—			(3		)	—			—		(3		)
Total at December 31, 2017	$	30		$	11		$	56		$	46	$	143


¹	2015 and 2016 have been adjusted to conform to the 2017 presentation.

The primary investment objectives of the pension plans are to achieve the highest rate of total return within prudent levels of risk and liquidity, to diversify and mitigate potential downside risk associated with the investments, and to provide adequate liquidity for benefit payments and portfolio management.

The company’s U.S. and U.K. pension plans comprise 90 percent of the total pension assets. Both the U.S. and U.K. plans have an Investment Committee that regularly meets during the year to review the asset holdings and their returns. To assess the plans’ investment performance, long-term asset allocation policy benchmarks have been established.

For the primary U.S. pension plan, the company's Benefit Plan Investment Committee has established the following approved asset allocation ranges: Equities 30–60 percent, Fixed Income and Cash 20–65 percent, Real Estate 0–15 percent, and Alternative Investments 0–15 percent. For the U.K. pension plan, the U.K. Board of Trustees has established the following asset allocation guidelines: Equities 30–50 percent, Fixed Income and Cash 35–70 percent, and Real Estate 5–15 percent. The other significant international pension plans also have established maximum and minimum asset allocation ranges that vary by plan. Actual asset allocation within approved ranges is based on a variety of factors, including market conditions and illiquidity constraints. To mitigate concentration and other risks, assets are invested across multiple asset classes with active investment managers and passive index funds.

The company does not prefund its OPEB obligations.

Cash Contributions and Benefit Payments In 2017, the company contributed $728 and $252 to its U.S. and international pension plans, respectively. In 2018, the company expects contributions to be approximately $700 to its U.S. plans and $250 to its international pension plans. Actual contribution amounts are dependent upon investment returns, changes in pension obligations, regulatory environments, tax law changes and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations.

The company anticipates paying OPEB benefits of approximately $174 in 2018; $151 was paid in 2017.

The following benefit payments, which include estimated future service, are expected to be paid by the company in the next 10 years:



	Pension Benefits				Other
	U.S.		Int’l.		Benefits
2018	$	1,465	$	387	$	174
2019	$	1,331	$	279	$	175
2020	$	1,296	$	289	$	175
2021	$	1,261	$	277	$	175
2022	$	1,234	$	290	$	174
2023-2027	$	5,487	$	1,609	$	850

Employee Savings Investment Plan Eligible employees of Chevron and certain of its subsidiaries participate in the Chevron Employee Savings Investment Plan (ESIP). Compensation expense for the ESIP totaled $316, $281 and $316 in 2017, 2016 and 2015, respectively.

Benefit Plan Trusts Prior to its acquisition by Chevron, Texaco established a benefit plan trust for funding obligations under some of its benefit plans. At year-end 2017, the trust contained 14.2 million shares of Chevron treasury stock. The trust will sell the shares or use the dividends from the shares to pay benefits only to the extent that the company does not pay such benefits. The company intends to continue to pay its obligations under the benefit plans. The trustee will vote the shares held in the trust as instructed by the trust’s beneficiaries. The shares held in the trust are not considered outstanding for earnings-per-share purposes until distributed or sold by the trust in payment of benefit obligations.

Prior to its acquisition by Chevron, Unocal established various grantor trusts to fund obligations under some of its benefit plans, including the deferred compensation and supplemental retirement plans. At December 31, 2017 and 2016, trust assets of $35 and $35, respectively, were invested primarily in interest-earning accounts.

Employee Incentive Plans The Chevron Incentive Plan is an annual cash bonus plan for eligible employees that links awards to corporate, business unit and individual performance in the prior year. Charges to expense for cash bonuses were $936, $662 and $690 in 2017, 2016 and 2015, respectively. Chevron also has the LTIP for officers and other regular salaried employees of the company and its subsidiaries who hold positions of significant responsibility. Awards under the LTIP consist of stock options and other share-based compensation that are described in Note 22, beginning on page 81.

Properties, Plant and Equipment

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Properties, Plant and Equipment

Properties, Plant and Equipment¹



	At December 31												Year ended December 31
	Gross Investment at Cost						Net Investment						Additions at Cost²						Depreciation Expense³
	2017		2016		2015		2017		2016		2015		2017		2016		2015		2017		2016		2015
Upstream
United States	$	84,602	$	83,929	$	93,848	$	38,722	$	39,710	$	43,125	$	4,995	$	4,432	$	6,586	$	5,527	$	6,576	$	8,545
International	224,211		214,557		208,395		123,191		125,502		127,459		7,934		12,084		19,993		12,096		11,247		10,803
Total Upstream	308,813		298,486		302,243		161,913		165,212		170,584		12,929		16,516		26,579		17,623		17,823		19,348
Downstream
United States	23,598		22,795		23,202		10,346		10,196		10,807		907		528		696		753		956		878
International	7,094		9,350		9,177		3,074		4,094		4,090		306		375		365		282		332		355
Total Downstream	30,692		32,145		32,379		13,420		14,290		14,897		1,213		903		1,061		1,035		1,288		1,233
All Other
United States	4,798		5,263		5,500		2,341		2,635		2,859		218		198		357		677		328		439
International	182		183		155		38		49		56		4		6		5		14		18		17
Total All Other	4,980		5,446		5,655		2,379		2,684		2,915		222		204		362		691		346		456
Total United States	112,998		111,987		122,550		51,409		52,541		56,791		6,120		5,158		7,639		6,957		7,860		9,862
Total International	231,487		224,090		217,727		126,303		129,645		131,605		8,244		12,465		20,363		12,392		11,597		11,175
Total	$	344,485	$	336,077	$	340,277	$	177,712	$	182,186	$	188,396	$	14,364	$	17,623	$	28,002	$	19,349	$	19,457	$	21,037


¹	Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2017. Australia had PP&E of $55,514, $53,962 and $49,205 in 2017, 2016, and 2015, respectively. Nigeria had PP&E of $17,076, $17,922 and $18,773 for 2017, 2016 and 2015, respectively.


²	Net of dry hole expense related to prior years’ expenditures of $42, $175 and $1,573 in 2017, 2016 and 2015, respectively.


³	Depreciation expense includes accretion expense of $668, $749 and $715 in 2017, 2016 and 2015, respectively, and impairments of $1,021, $3,186 and $4,066 in 2017, 2016 and 2015, respectively.

Other Contingencies and Commitments	12 Months Ended
Other Contingencies and Commitments	Dec. 31, 2017
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 18, beginning on page 75, for a discussion of the periods for which tax returns have been audited for the company’s major tax jurisdictions and a discussion for all tax jurisdictions of the differences between the amount of tax benefits recognized in the financial statements and the amount taken or expected to be taken in a tax return. As discussed in Note 18, beginning on page 75, the company received an adverse decision on April 21, 2017, regarding the interest rate to be applied on certain Chevron intercompany loans. On August 14, 2017, an agreement was reached with the Australian Taxation Office to settle this dispute. Management believes the agreed terms to be a reasonable resolution of the dispute, which did not have a material impact on the 2017 results of the company. 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 has two guarantees to equity affiliates totaling $1,082. Of this amount, $712 is associated with a financing arrangement with an equity affiliate. Over the approximate 4-year remaining term of this guarantee, the maximum amount will be reduced as payments are made by the affiliate. The remaining amount of $370 is associated with certain payments under a terminal use agreement entered into by an equity affiliate. Over the approximate 10-year remaining term of this guarantee, the maximum guarantee amount will be reduced as certain fees are paid by the affiliate. There are numerous cross-indemnity agreements with the affiliate and the other partners to permit recovery of amounts paid under the guarantee. Chevron has recorded no liability for either guarantee. Indemnifications In the acquisition of Unocal, the company assumed certain indemnities relating to contingent environmental liabilities associated with assets that were sold in 1997. The acquirer of those assets shared in certain environmental remediation costs up to a maximum obligation of $200, which had been reached at December 31, 2009. Under the indemnification agreement, after reaching the $200 obligation, Chevron is solely responsible until April 2022, when the indemnification expires. The environmental conditions or events that are subject to these indemnities must have arisen prior to the sale of the assets in 1997. Although the company has provided for known obligations under this indemnity that are probable and reasonably estimable, the amount of additional future costs may be material to results of operations in the period in which they are recognized. The company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional purchase obligations and commitments, including throughput and take-or-pay agreements, some of which relate to suppliers’ financing arrangements. The agreements typically provide goods and services, such as pipeline and storage capacity, drilling rigs, utilities, and petroleum products, to be used or sold in the ordinary course of the company’s business. The aggregate approximate amounts of required payments under these various commitments are: 2018 – $1,402; 2019 – $1,367; 2020 – $1,027; 2021 – $920; 2022 – $555; 2023 and after – $2,566. A portion of these commitments may ultimately be shared with project partners. Total payments under the agreements were approximately $1,300 in 2017, $1,300 in 2016 and $1,900 in 2015. 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 operating, closed and divested sites, including, but not limited to, federal Superfund sites and analogous sites under state laws, refineries, chemical plants, marketing facilities, crude oil fields, and mining sites. Although the company has provided for known environmental obligations that are probable and reasonably estimable, it is likely that the company will continue to incur additional liabilities. The amount of additional 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. These future costs may be material to results of operations in the period in which they are recognized, but the company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Chevron’s environmental reserve as of December 31, 2017, was $1,429. Included in this balance was $269 related to remediation activities at approximately 146 sites for which the company had been identified as a potentially responsible party under the provisions of the federal Superfund law or analogous state laws which provide for joint and several liability for all responsible parties. Any future actions by regulatory agencies to require Chevron to assume other potentially responsible parties’ costs at designated hazardous waste sites are not expected to have a material effect on the company’s results of operations, consolidated financial position or liquidity. Of the remaining year-end 2017 environmental reserves balance of $1,160, $781 is related to the company’s U.S. downstream operations, $38 to its international downstream operations, $340 to upstream operations and $1 to other businesses. Liabilities at all sites were primarily associated with the company’s plans and activities to remediate soil or groundwater contamination or both. The company manages environmental liabilities under specific sets of regulatory requirements, which in the United States include the Resource Conservation and Recovery Act and various state and local regulations. No single remediation site at year-end 2017 had a recorded liability that was material to the company’s results of operations, consolidated financial position or liquidity. Refer to Note 26 on page 89 for a discussion of the company’s asset retirement obligations. Other Contingencies Chevron receives claims from and submits claims to customers; trading partners; joint venture 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.

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2017

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

The company records the fair value of a liability for an asset retirement obligation (ARO) as an asset and liability when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The legal obligation to perform the asset retirement activity is unconditional, even though uncertainty may exist about the timing and/or method of settlement that may be beyond the company’s control. This uncertainty about the timing and/or method of settlement is factored into the measurement of the liability when sufficient information exists to reasonably estimate fair value. Recognition of the ARO includes: (1) the present value of a liability and offsetting asset, (2) the subsequent accretion of that liability and depreciation of the asset, and (3) the periodic review of the ARO liability estimates and discount rates.

AROs are primarily recorded for the company’s crude oil and natural gas producing assets. No significant AROs associated with any legal obligations to retire downstream long-lived assets have been recognized, as indeterminate settlement dates for the asset retirements prevent estimation of the fair value of the associated ARO. The company performs periodic reviews of its downstream long-lived assets for any changes in facts and circumstances that might require recognition of a retirement obligation.

The following table indicates the changes to the company’s before-tax asset retirement obligations in 2017, 2016 and 2015:



	2017			2016			2015
Balance at January 1	$	14,243		$	15,642		$	15,053
Liabilities incurred	684			204			51
Liabilities settled	(1,721		)	(1,658		)	(981		)
Accretion expense	668			749			715
Revisions in estimated cash flows	340			(694		)	804
Balance at December 31	$	14,214		$	14,243		$	15,642

In the table above, the amount associated with "Revisions in estimated cash flows" in 2017 reflects increased cost estimates to abandon wells, equipment and facilities. The long-term portion of the $14,214 balance at the end of 2017 was $13,228.

Other Financial Information

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Financial Information

Earnings in 2017 included after-tax gains of approximately $1,800 relating to the sale of certain properties. Of this amount, approximately $850 and $950 related to downstream and upstream, respectively. Earnings in 2016 included after-tax gains of approximately $800 relating to the sale of certain properties, of which approximately $600 and $200 related to downstream and upstream assets, respectively. Earnings in 2017 included after-tax charges of approximately $900 for impairments and other asset write-offs related to upstream. Earnings in 2016 included after-tax charges of approximately $2,900 for impairments and other asset write-offs related to upstream, and $110 related to downstream.



Other financial information is as follows:
	Year ended December 31
	2017			2016			2015
Total financing interest and debt costs	$	902		$	753		$	495
Less: Capitalized interest	595			552			495
Interest and debt expense	$	307		$	201		$	—
Research and development expenses	$	433		$	476		$	601
Excess of replacement cost over the carrying value of inventories (LIFO method)	$	3,937		$	2,942		$	3,745
LIFO losses on inventory drawdowns included in earnings	$	(5	)	$	(88	)	$	(65	)
Foreign currency effects^*	$	(446	)	$	58		$	769

^*Includes $(45), $1 and $344 in 2017, 2016 and 2015, respectively, for the company’s share of equity affiliates’ foreign currency effects.

The company has $4,531 in goodwill on the Consolidated Balance Sheet, all of which is in the upstream segment and related primarily to the 2005 acquisition of Unocal. The company tested this goodwill for impairment during 2017, and no impairment was required.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2017

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II — Valuation and Qualifying Accounts



	Year ended December 31
Millions of Dollars	2017			2016			2015
Employee Termination Benefits
Balance at January 1	$	111		$	308		$	49
Additions (reductions) charged to expense	20			160			342
Payments	(69		)	(357		)	(83		)
Balance at December 31	$	62		$	111		$	308
Allowance for Doubtful Accounts
Balance at January 1	$	487		$	429		$	194
Additions to expense	128			76			251
Bad debt write-offs	(9		)	(18		)	(16		)
Balance at December 31	$	606		$	487		$	429
Deferred Income Tax Valuation Allowance^*
Balance at January 1	$	16,069		$	15,412		$	16,292
Additions to deferred income tax expense	2,681			1,810			1,440
Reduction of deferred income tax expense	(2,176		)	(1,153		)	(2,320		)
Balance at December 31	$	16,574		$	16,069		$	15,412

* See also Note 18 to the Consolidated Financial Statements, beginning on page 75.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2017
Accounting Policies [Abstract]
General	General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America. These require the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and judgments, actual results could differ from these estimates as future confirming events occur.
Subsidiary and Affiliated Companies	Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary companies more than 50 percent-owned and any variable-interest entities in which the company is the primary beneficiary. Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis. Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately 20 percent to 50 percent, or for which the company exercises significant influence but not control over policy decisions, are accounted for by the equity method. As part of that accounting, the company recognizes gains and losses that arise from the issuance of stock by an affiliate that results in changes in the company’s proportionate share of the dollar amount of the affiliate’s equity currently in income. Investments in affiliates are assessed for possible impairment when events indicate that the fair value of the investment may be below the company’s carrying value. When such a condition is deemed to be other than temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in net income. In making the determination as to whether a decline is other than temporary, the company considers such factors as the duration and extent of the decline, the investee’s financial performance, and the company’s ability and intention to retain its investment for a period that will be sufficient to allow for any anticipated recovery in the investment’s market value. The new cost basis of investments in these equity investees is not changed for subsequent recoveries in fair value. Differences between the company’s carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned to the extent practicable to specific assets and liabilities based on the company’s analysis of the various factors giving rise to the difference. When appropriate, the company’s share of the affiliate’s reported earnings is adjusted quarterly to reflect the difference between these allocated values and the affiliate’s historical book values.
Fair Value Measurements	Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or a liability are as follows. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Level 3 inputs are inputs that are not observable in the market.
Derivatives	Derivatives The majority of the company’s activity in derivative commodity instruments is intended to manage the financial risk posed by physical transactions. For some of this derivative activity, generally limited to large, discrete or infrequently occurring transactions, the company may elect to apply fair value or cash flow hedge accounting. For other similar derivative instruments, generally because of the short-term nature of the contracts or their limited use, the company does not apply hedge accounting, and changes in the fair value of those contracts are reflected in current income. For the company’s commodity trading activity, gains and losses from derivative instruments are reported in current income. The company may enter into interest rate swaps from time to time as part of its overall strategy to manage the interest rate risk on its debt. Interest rate swaps related to a portion of the company’s fixed-rate debt, if any, may be accounted for as fair value hedges. Interest rate swaps related to floating-rate debt, if any, are recorded at fair value on the balance sheet with resulting gains and losses reflected in income. Where Chevron is a party to master netting arrangements, fair value receivable and payable amounts recognized for derivative instruments executed with the same counterparty are generally offset on the balance sheet.
Short-Term Investments	Short-Term Investments All short-term investments are classified as available for sale and are in highly liquid debt securities. Those investments that are part of the company’s cash management portfolio and have original maturities of three months or less are reported as “Cash equivalents.” Bank time deposits with maturities greater than 90 days are reported as “Time deposits.” The balance of short-term investments is reported as “Marketable securities” and is marked-to-market, with any unrealized gains or losses included in “Other comprehensive income.”
Inventories	Inventories Crude oil, petroleum products and chemicals inventories are generally stated at cost, using a last-in, first-out method. In the aggregate, these costs are below market. “Materials, supplies and other” inventories are primarily stated at net realizable value.
Properties, Plant and Equipment	Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation (ARO) assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. Refer to Note 21, beginning on page 80, for additional discussion of accounting for suspended exploratory well costs. Long-lived assets to be held and used, including proved crude oil and natural gas properties, are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast), significant change in the extent or manner of use of or a physical change in an asset, and a more-likely-than-not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved crude oil and natural gas properties, the company performs impairment reviews on a country, concession, PSC, development area or field basis, as appropriate. In Downstream, impairment reviews are performed on the basis of a refinery, a plant, a marketing/lubricants area or distribution area, as appropriate. Impairment amounts are recorded as incremental “Depreciation, depletion and amortization” expense. Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the asset is considered impaired and adjusted to the lower value. Refer to Note 10, beginning on page 64, relating to fair value measurements. The fair value of a liability for an ARO is recorded as an asset and a liability when there is a legal obligation associated with the retirement of a long-lived asset and the amount can be reasonably estimated. Refer also to Note 26, on page 89, relating to AROs. Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using the unit-of-production method, generally by individual field, as the proved developed reserves are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. Impairments of capitalized costs of unproved mineral interests are expensed. The capitalized costs of all other plant and equipment are depreciated or amortized over their estimated useful lives. In general, the declining-balance method is used to depreciate plant and equipment in the United States; the straight-line method is generally used to depreciate international plant and equipment and to amortize all capitalized leased assets. Gains or losses are not recognized for normal retirements of properties, plant and equipment subject to composite group amortization or depreciation. Gains or losses from abnormal retirements are recorded as expenses, and from sales as “Other income.” Expenditures for maintenance (including those for planned major maintenance projects), repairs and minor renewals to maintain facilities in operating condition are generally expensed as incurred. Major replacements and renewals are capitalized.
Goodwill	Goodwill Goodwill resulting from a business combination is not subject to amortization. The company tests such goodwill at the reporting unit level for impairment annually at December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount.
Environmental Expenditures	Environmental Expenditures Environmental expenditures that relate to ongoing operations or to conditions caused by past operations are expensed. Expenditures that create future benefits or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments or cleanups or both are probable and the costs can be reasonably estimated. For crude oil, natural gas and mineral-producing properties, a liability for an ARO is made in accordance with accounting standards for asset retirement and environmental obligations. Refer to Note 26, on page 89, for a discussion of the company’s AROs. For federal Superfund sites and analogous sites under state laws, the company records a liability for its designated share of the probable and estimable costs, and probable amounts for other potentially responsible parties when mandated by the regulatory agencies because the other parties are not able to pay their respective shares. The gross amount of environmental liabilities is based on the company’s best estimate of future costs using currently available technology and applying current regulations and the company’s own internal environmental policies. Future amounts are not discounted. Recoveries or reimbursements are recorded as assets when receipt is reasonably assured.
Currency Translation	Currency Translation The U.S. dollar is the functional currency for substantially all of the company’s consolidated operations and those of its equity affiliates. For those operations, all gains and losses from currency remeasurement are included in current period income. The cumulative translation effects for those few entities, both consolidated and affiliated, using functional currencies other than the U.S. dollar are included in “Currency translation adjustment” on the Consolidated Statement of Equity.
Revenue Recognition	Revenue Recognition Revenues associated with sales of crude oil, natural gas, petroleum and chemicals products, and all other sources are recorded when title passes to the customer, net of royalties, discounts and allowances, as applicable. Revenues from natural gas production from properties in which Chevron has an interest with other producers are generally recognized using the entitlement method. Excise, value-added and similar taxes assessed by a governmental authority on a revenue-producing transaction between a seller and a customer are presented on a gross basis. The associated amounts are shown as a footnote to the Consolidated Statement of Income, on page 52. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported in “Purchased crude oil and products” on the Consolidated Statement of Income.
Stock Options and Other Share-Based Compensation	Stock Options and Other Share-Based Compensation The company issues stock options and other share-based compensation to certain employees. For equity awards, such as stock options, total compensation cost is based on the grant date fair value, and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period in which an employee becomes eligible to retain the award at retirement. The company’s Long-Term Incentive Plan (LTIP) awards include stock options and stock appreciation rights, which have graded vesting provisions by which one-third of each award vests on each of the first, second and third anniversaries of the date of grant. In addition, performance shares granted under the company's LTIP will vest at the end of the three-year performance period. For awards granted under the company's LTIP beginning in 2017, stock options and stock appreciation rights have graded vesting by which one third of each award vests annually on each January 31 on or after the first anniversary of the grant date. Standard restricted stock unit awards have cliff vesting by which the total award will vest on January 31 on or after the fifth anniversary of the grant date, subject to adjustment upon termination pursuant to the satisfaction of certain criteria. The company amortizes these awards on a straight-line basis.
Noncontrolling Interests	Ownership interests in the company’s subsidiaries held by parties other than the parent are presented separately from the parent’s equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the parent and the noncontrolling interests are both presented on the face of the Consolidated Statement of Income. The term “earnings” is defined as “Net Income (Loss) Attributable to Chevron Corporation.”
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.
Uncertain Income Tax Positions	Uncertain Income Tax Positions The company recognizes a tax benefit in the financial statements for an uncertain tax position only if management’s assessment is that the position is “more likely than not” (i.e., a likelihood greater than 50 percent) to be allowed by the tax jurisdiction based solely on the technical merits of the position. The term “tax position” in the accounting standards for income taxes refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods.
Accounting for Suspended Exploratory Wells	Accounting for Suspended Exploratory Wells The company continues to capitalize exploratory well costs after the completion of drilling when (a) the well has found a sufficient quantity of reserves to justify completion as a producing well, and (b) the business unit is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense.
New Accounting Standards	Revenue Recognition (Topic 606): Revenue from Contracts with Customers In July 2015, the FASB approved a one-year deferral of the effective date of ASU 2014-09, which becomes effective for the company January 1, 2018. The standard provides a single comprehensive revenue recognition model for contracts with customers, eliminates most industry-specific revenue recognition guidance, and expands disclosure requirements. The company has elected to adopt the standard using the modified retrospective transition method. "Sales and Other Operating Revenues” on the Consolidated Statement of Income includes excise, value-added and similar taxes on sales transactions. Upon adoption of the standard, revenue will exclude sales-based taxes collected on behalf of third parties, which will have no impact to earnings. The company completed its accounting policy and system enhancements necessary to meet the standard's requirements. The company does not expect the implementation of the standard to have a material effect on its consolidated financial statements. Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, which becomes effective for the company January 1, 2019. The standard requires that lessees present right-of-use assets and lease liabilities on the balance sheet. The company's implementation efforts are focused on accounting policy and disclosure updates and system enhancements necessary to meet the standard's requirements. The company is evaluating the effect of the standard on the company’s consolidated financial statements. Financial Instruments - Credit Losses (Topic 326) In June 2016, the FASB issued ASU 2016-13, which becomes effective for the company beginning January 1, 2020. The standard requires companies to use forward-looking information to calculate credit loss estimates. The company is evaluating the effect of the standard on the company’s consolidated financial statements. Intangibles - Goodwill and Other (Topic 350) In January 2017, the FASB issued ASU 2017-04. The standard simplifies the accounting for goodwill impairment, and the company has chosen to early adopt beginning January 1, 2017. Early adoption has no effect on the company's consolidated financial statements. Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) In March 2017, the FASB issued ASU 2017-05, which becomes effective for the company January 1, 2018. The standard provides clarification regarding the guidance on accounting for the derecognition of nonfinancial assets. The company does not expect the implementation of the standard to have a material effect on its consolidated financial statements. Compensation - Retirement Benefits (Topic 715) In March 2017, the FASB issued ASU 2017-07, which becomes effective for the company January 1, 2018. The standard requires the disaggregation of the service cost component from the other components of net periodic benefit cost and allows only the service cost component of net benefit cost to be eligible for capitalization. The company does not expect the implementation of the standard to have a material effect on its consolidated financial statements. Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU 2016-15, which becomes effective for the company January 1, 2018 on a retrospective basis. The standard provides clarification on how certain cash receipts and cash payments are presented and classified on the statement of cash flows. The company does not expect the adoption of this ASU to have a material impact on its Consolidated Statement of Cash Flows. Statement of Cash Flows (Topic 230) Restricted Cash In November 2016, the FASB issued ASU 2016-18, which becomes effective for the company January 1, 2018 on a retrospective basis. The standard requires an entity to explain the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents on the statement of cash flows and to provide a reconciliation to the balance sheet when the cash, cash equivalents, restricted cash and restricted cash equivalents are not separately presented or are presented in more than one line item on the balance sheet. Upon adoption, the company’s restricted cash balances will be included in the beginning and ending balances on the Consolidated Statement of Cash Flows.

Changes in Accumulated Other Comprehensive Losses (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)



	Year Ended December 31, 2017¹
	Currency Translation Adjustments			Unrealized Holding Gains (Losses) on Securities			Derivatives			Defined Benefit Plans			Total
Balance at January 1	$	(162	)	$	(2	)	$	(2	)	$	(3,677	)	$	(3,843	)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	57			(3		)	—			(310		)	(256		)
Reclassifications²	—			—			—			510			510
Net Other Comprehensive Income (Loss)	57			(3		)	—			200			254
Balance at December 31	$	(105	)	$	(5	)	$	(2	)	$	(3,477	)	$	(3,589	)


¹	All amounts are net of tax.


²	Refer to Note 23 beginning on page 82, for reclassified components totaling $796 that are included in employee benefit costs for the year ending December 31, 2017. Related income taxes for the same period, totaling $286, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2017

Noncontrolling Interest [Abstract]

Activity for equity attributable to noncontrolling interests

Activity for the equity attributable to noncontrolling interests for 2017, 2016 and 2015 is as follows:



	2017			2016			2015
Balance at January 1	$	1,166		$	1,170		$	1,163
Net income	74			66			123
Distributions to noncontrolling interests	(78		)	(63		)	(128		)
Other changes, net	33			(7		)	12
Balance at December 31	$	1,195		$	1,166		$	1,170

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

12 Months Ended

Dec. 31, 2017

Supplemental Cash Flow Elements [Abstract]

Schedule of information relating to the consolidated statement of cash flows



	Year ended December 31
	2017			2016			2015
Net decrease (increase) in operating working capital was composed of the following:
(Increase) decrease in accounts and notes receivable	$	(915	)	$	(2,121	)	$	3,631
(Increase) decrease in inventories	(267		)	603			85
Decrease in prepaid expenses and other current assets	252			439			713
Increase (decrease) in accounts payable and accrued liabilities	875			533			(5,769		)
Increase (decrease) in income and other taxes payable	531			(4		)	(639		)
Net decrease (increase) in operating working capital	$	476		$	(550	)	$	(1,979	)
Net cash provided by operating activities includes the following cash payments for interest on debt and for income taxes:
Interest on debt (net of capitalized interest)	$	265		$	158		$	—
Income taxes	3,132			1,935			4,645
Net sales of marketable securities consisted of the following gross amounts:
Marketable securities purchased	$	(3	)	$	(9	)	$	(6	)
Marketable securities sold	7			306			128
Net sales of marketable securities	$	4		$	297		$	122
Net maturities of time deposits consisted of the following gross amounts:
Investments in time deposits	$	—		$	—		$	—
Maturities of time deposits	—			—			8
Net maturities of time deposits	$	—		$	—		$	8
Net (borrowing) repayment of loans by equity affiliates:
Borrowing of loans by equity affiliates	$	(142	)	$	(2,341	)	$	(223	)
Repayment of loans by equity affiliates	126			307			6
Net (borrowing) repayment of loans by equity affiliates	$	(16	)	$	(2,034	)	$	(217	)
Net (purchases) sales of other short-term investments:
Purchases of other short-term investments	$	(41	)	$	(1	)	$	(75	)
Sales of other short-term investments	9			218			119
Net (purchases) sales of other short-term investments	$	(32	)	$	217		$	44
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	$	5,051		$	14,778		$	13,805
Repayments of short-term obligations	(8,820		)	(12,558		)	(16,379		)
Net (repayments) borrowings of short-term obligations with three months or less maturity	(1,373		)	(90		)	2,239
Net (repayments) borrowings of short-term obligations	$	(5,142	)	$	2,130		$	(335	)

Capital expenditures



	Year ended December 31
	2017		2016			2015
Additions to properties, plant and equipment ^*	$	13,222	$	17,742		$	28,213
Additions to investments	25		55			555
Current-year dry hole expenditures	157		313			736
Payments for other liabilities and assets, net	—		(1		)	—
Capital expenditures	13,404		18,109			29,504
Expensed exploration expenditures	666		544			1,031
Assets acquired through capital lease obligations and other financing obligations	8		5			47
Capital and exploratory expenditures, excluding equity affiliates	14,078		18,658			30,582
Company's share of expenditures by equity affiliates	4,743		3,770			3,397
Capital and exploratory expenditures, including equity affiliates	$	18,821	$	22,428		$	33,979


^*	Excludes noncash additions of $1,183 in 2017, $56 in 2016 and $1,362 in 2015.

Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Schedule of capitalized leased assets

Details of the capitalized leased assets are as follows:



	At December 31
	2017		2016
Upstream	$	678	$	676
Downstream	99		99
All Other	—		—
Total	777		775
Less: Accumulated amortization	515		383
Net capitalized leased assets	$	262	$	392

Rental expenses incurred for operating leases

Rental expenses incurred for operating leases during 2017, 2016 and 2015 were as follows:



	Year ended December 31
	2017		2016		2015
Minimum rentals	$	726	$	943	$	1,041
Contingent rentals	1		2		2
Total	727		945		1,043
Less: Sublease rental income	6		7		9
Net rental expense	$	721	$	938	$	1,034

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



		At December 31
		Operating Leases		Capital Leases
Year	2018	$	693	$	26
	2019	628		22
	2020	474		13
	2021	339		12
	2022	223		11
	Thereafter	538		142
Total		$	2,895	$	226
Less: Amounts representing interest and executory costs				$	(117	)
Net present values				109
Less: Capital lease obligations included in short-term debt				(15		)
Long-term capital lease obligations				$	94

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

12 Months Ended

Dec. 31, 2017

Summarized Financial Data of Subsidiary One [Abstract]

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

The summarized financial information for CUSA and its consolidated subsidiaries is as follows:



	Year ended December 31
	2017		2016			2015
Sales and other operating revenues	$	104,054	$	83,715		$	97,766
Total costs and other deductions	103,904		87,429			101,565
Net income (loss) attributable to CUSA	4,842		(1,177		)	(1,054		)

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



	Year ended December 31
	2017		2016		2015
Sales and other operating revenues	$	9,063	$	8,455	$	9,248
Costs and other deductions	8,126		7,017		7,136
Net income attributable to CPChem	1,446		1,687		2,651

Summarized Financial Data and its Subsidiary




	2017		2016
Current assets	$	12,163	$	11,266
Other assets	54,994		55,722
Current liabilities	17,379		16,660
Other liabilities	12,541		21,701
Total CUSA net equity	$	37,237	$	28,627

Memo: Total debt	$	3,056	$	9,418



	At December 31
	2017		2016
Current assets	$	2,944	$	2,695
Other assets	13,823		12,770
Current liabilities	1,439		1,418
Other liabilities	2,932		2,569
Total CPChem net equity	$	12,396	$	11,478

Summarized Financial Data - Tengizchevroil LLP (Tables)

12 Months Ended

Dec. 31, 2017

Summarized Financial Data of Affiliate [Abstract]

Summarized Financial Data - Tengizchevroil LLP

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



	Year ended December 31
	2017		2016		2015
Sales and other operating revenues	$	13,363	$	10,460	$	12,811
Costs and other deductions	6,507		6,822		7,257
Net income attributable to TCO	4,841		2,563		3,897

Summarized Financial Data and its Affiliate



	At December 31
	2017		2016
Current assets	$	4,239	$	7,001
Other assets	26,411		20,476
Current liabilities	2,517		2,841
Other liabilities	6,266		6,210
Total TCO net equity	$	21,867	$	18,426

Summarized Financial Data – Chevron Phillips Chemical Company LLC (Tables)

12 Months Ended

Dec. 31, 2017

Summarized Financial Data of Subsidiary Two [Abstract]

Summarized Financial Data - Chevron Phillips Chemical Company LLC

The summarized financial information for CUSA and its consolidated subsidiaries is as follows:



	Year ended December 31
	2017		2016			2015
Sales and other operating revenues	$	104,054	$	83,715		$	97,766
Total costs and other deductions	103,904		87,429			101,565
Net income (loss) attributable to CUSA	4,842		(1,177		)	(1,054		)

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



	Year ended December 31
	2017		2016		2015
Sales and other operating revenues	$	9,063	$	8,455	$	9,248
Costs and other deductions	8,126		7,017		7,136
Net income attributable to CPChem	1,446		1,687		2,651

Summarized Financial Data and its Subsidiary




	2017		2016
Current assets	$	12,163	$	11,266
Other assets	54,994		55,722
Current liabilities	17,379		16,660
Other liabilities	12,541		21,701
Total CUSA net equity	$	37,237	$	28,627

Memo: Total debt	$	3,056	$	9,418



	At December 31
	2017		2016
Current assets	$	2,944	$	2,695
Other assets	13,823		12,770
Current liabilities	1,439		1,418
Other liabilities	2,932		2,569
Total CPChem net equity	$	12,396	$	11,478

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis



	At December 31, 2017								At December 31, 2016
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	9	$	9	$	—	$	—	$	13	$	13	$	—	$	—
Derivatives	22		—		22		—		32		15		17		—
Total assets at fair value	$	31	$	9	$	22	$	—	$	45	$	28	$	17	$	—
Derivatives	124		78		46		—		109		78		31		—
Total liabilities at fair value	$	124	$	78	$	46	$	—	$	109	$	78	$	31	$	—

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

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis



	At December 31										At December 31
									Before-Tax Loss										Before-Tax Loss
	Total		Level 1		Level 2		Level 3		Year 2017		Total		Level 1		Level 2		Level 3		Year 2016
Properties, plant and equipment, net (held and used)	$	603	$	—	$	—	$	603	$	658	$	582	$	—	$	15	$	567	$	2,507
Properties, plant and equipment, net (held for sale)	1,378		—		1,378		—		363		891		—		888		3		679
Investments and advances	28		—		1		27		26		26		—		20		6		234
Total nonrecurring assets at fair value	$	2,009	$	—	$	1,379	$	630	$	1,047	$	1,499	$	—	$	923	$	576	$	3,420

Financial and Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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



				At December 31
Type of Contract	Balance Sheet Classification	2017		2016
Commodity	Accounts and notes receivable, net	$	22	$	30
Commodity	Long-term receivables, net	—		2
Total assets at fair value		$	22	$	32
Commodity	Accounts payable	$	122	$	99
Commodity	Deferred credits and other noncurrent obligations	2		10
Total liabilities at fair value		$	124	$	109

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

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



		Gain/(Loss)
Type of Derivative	Statement of	Year ended December 31
Contract	Income Classification	2017			2016			2015
Commodity	Sales and other operating revenues	$	(105	)	$	(269	)	$	277
Commodity	Purchased crude oil and products	(9		)	(31		)	30
Commodity	Other income	(2		)	—			(3		)
		$	(116	)	$	(300	)	$	304

Consolidated Balance Sheet: The Effect of Netting Derivative Assets

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2017 and December 31, 2016.

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



	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amounts
At December 31, 2017	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amounts
Derivative Assets	$	1,169	$	1,147	$	22	$	—	$	22
Derivative Liabilities	$	1,271	$	1,147	$	124	$	—	$	124
At December 31, 2016
Derivative Assets	$	1,052	$	1,020	$	32	$	—	$	32
Derivative Liabilities	$	1,129	$	1,020	$	109	$	—	$	109

Consolidated Balance Sheet: The Effect of Netting Derivative Liabilities

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2017 and December 31, 2016.

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



	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amounts
At December 31, 2017	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amounts
Derivative Assets	$	1,169	$	1,147	$	22	$	—	$	22
Derivative Liabilities	$	1,271	$	1,147	$	124	$	—	$	124
At December 31, 2016
Derivative Assets	$	1,052	$	1,020	$	32	$	—	$	32
Derivative Liabilities	$	1,129	$	1,020	$	109	$	—	$	109

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Computation of basic and diluted EPS

The table below sets forth the computation of basic and diluted EPS:



	Year ended December 31
	2017		2016			2015
Basic EPS Calculation
Earnings available to common stockholders - Basic¹	$	9,195	$	(497	)	$	4,587
Weighted-average number of common shares outstanding²	1,882		1,872			1,867
Add: Deferred awards held as stock units	1		1			1
Total weighted-average number of common shares outstanding	1,883		1,873			1,868
Earnings per share of common stock - Basic	$	4.88	$	(0.27	)	$	2.46
Diluted EPS Calculation
Earnings available to common stockholders - Diluted¹	$	9,195	$	(497	)	$	4,587
Weighted-average number of common shares outstanding²	1,882		1,872			1,867
Add: Deferred awards held as stock units	1		1			1
Add: Dilutive effect of employee stock-based awards	15		—			7
Total weighted-average number of common shares outstanding	1,898		1,873			1,875
Earnings per share of common stock - Diluted	$	4.85	$	(0.27	)	$	2.45

¹There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.
² Millions of shares; 10 million shares of employee-based awards were not included in the 2016 diluted EPS calculation as the result would be anti-dilutive.

Operating Segments and Geographic Data (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Segment Earnings

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



	Year ended December 31
	2017			2016			2015
Upstream
United States	$	3,640		$	(2,054	)	$	(4,055	)
International	4,510			(483		)	2,094
Total Upstream	8,150			(2,537		)	(1,961		)
Downstream
United States	2,938			1,307			3,182
International	2,276			2,128			4,419
Total Downstream	5,214			3,435			7,601
Total Segment Earnings	13,364			898			5,640
All Other
Interest expense	(264		)	(168		)	—
Interest income	60			58			65
Other	(3,965		)	(1,285		)	(1,118		)
Net Income (Loss) Attributable to Chevron Corporation	$	9,195		$	(497	)	$	4,587

Segment Assets

Assets at year-end 2017 and 2016 are as follows:



	At December 31
	2017		2016
Upstream
United States	$	40,770	$	42,596
International	159,612		164,068
Goodwill	4,531		4,581
Total Upstream	204,913		211,245
Downstream
United States	23,202		22,264
International	17,434		15,816
Total Downstream	40,636		38,080
Total Segment Assets	245,549		249,325
All Other
United States	4,938		4,852
International	3,319		5,901
Total All Other	8,257		10,753
Total Assets – United States	68,910		69,712
Total Assets – International	180,365		185,785
Goodwill	4,531		4,581
Total Assets	$	253,806	$	260,078

Segment Sales and Other Operating Revenues



	Year ended December 31^*
	2017			2016			2015
Upstream
United States	$	3,901		$	3,148		$	4,117
Intersegment	9,341			7,217			8,631
Total United States	13,242			10,365			12,748
International	17,209			13,262			15,587
Intersegment	11,471			9,518			11,492
Total International	28,680			22,780			27,079
Total Upstream	41,922			33,145			39,827
Downstream
United States	48,728			40,366			48,420
Excise and similar taxes	4,398			4,335			4,426
Intersegment	14			16			26
Total United States	53,140			44,717			52,872
International	57,438			46,388			54,296
Excise and similar taxes	2,791			2,570			2,933
Intersegment	1,166			1,068			1,528
Total International	61,395			50,026			58,757
Total Downstream	114,535			94,743			111,629
All Other
United States	208			145			141
Intersegment	814			960			1,372
Total United States	1,022			1,105			1,513
International	1			1			5
Intersegment	25			36			37
Total International	26			37			42
Total All Other	1,048			1,142			1,555
Segment Sales and Other Operating Revenues
United States	67,404			56,187			67,133
International	90,101			72,843			85,878
Total Segment Sales and Other Operating Revenues	157,505			129,030			153,011
Elimination of intersegment sales	(22,831		)	(18,815		)	(23,086		)
Total Sales and Other Operating Revenues	$	134,674		$	110,215		$	129,925
^*Other than the United States, no other country accounted for 10 percent or more of the company’s Sales and Other Operating Revenues.

Segment income tax expense

Segment income tax expense for the years 2017, 2016 and 2015 is as follows:



	Year ended December 31
	2017			2016			2015
Upstream
United States	$	(3,538	)	$	(1,172	)	$	(2,041	)
International	2,249			166			1,214
Total Upstream	(1,289		)	(1,006		)	(827		)
Downstream
United States	(419		)	503			1,320
International	650			484			1,313
Total Downstream	231			987			2,633
All Other	1,010			(1,710		)	(1,674		)
Total Income Tax Expense (Benefit)	$	(48	)	$	(1,729	)	$	132

Investments and Advances (Tables)

12 Months Ended

Dec. 31, 2017

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

Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost



Investments and Advances							Equity in Earnings
	At December 31						Year ended December 31
	2017			2016			2017			2016			2015
Upstream
Tengizchevroil	$	13,121		$	11,414		$	2,581		$	1,380		$	1,939
Petropiar	1,152			977			175			326			180
Caspian Pipeline Consortium	1,151			1,245			155			145			162
Petroboscan	1,080			982			154			(133		)	219
Angola LNG Limited	2,625			2,744			31			(282		)	(417		)
Other	1,714			1,791			100			(193		)	135
Total Upstream	20,843			19,153			3,196			1,243			2,218
Downstream
GS Caltex Corporation	3,826			3,767			290			373			824
Chevron Phillips Chemical Company LLC	6,200			5,767			723			840			1,367
Caltex Australia Ltd.	—			—			—			—			92
Other	1,251			1,118			230			209			186
Total Downstream	11,277			10,652			1,243			1,422			2,469
All Other
Other	(15		)	(16		)	(1		)	(4		)	(3		)
Total equity method	32,105			$	29,789		$	4,438		$	2,661		$	4,684
Other at or below cost	392			461
Total investments and advances	$	32,497		$	30,250
Total United States	$	7,582		$	7,258		$	788		$	802		$	1,342
Total International	$	24,915		$	22,992		$	3,650		$	1,859		$	3,342

Summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron's total share, which includes Chevron loans to affiliates



	Affiliates						Chevron Share
Year ended December 31	2017		2016		2015		2017		2016		2015
Total revenues	$	70,744	$	59,253	$	71,389	$	33,460	$	27,787	$	33,492
Income before income tax expense	13,487		6,587		13,129		5,712		3,670		6,279
Net income attributable to affiliates	10,751		5,127		10,649		4,468		2,876		4,691
At December 31
Current assets	$	33,883	$	33,406	$	27,162	$	13,568	$	13,743	$	10,657
Noncurrent assets	82,261		75,258		71,650		32,643		28,854		26,607
Current liabilities	26,873		24,793		20,559		10,201		8,996		7,351
Noncurrent liabilities	21,447		22,671		18,560		4,224		4,255		3,909
Total affiliates' net equity	$	67,824	$	61,200	$	59,693	$	31,786	$	29,346	$	26,004

Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Taxes on income



Income Taxes	Year ended December 31
	2017			2016			2015
Income tax expense (benefit)
U.S. federal
Current	$	(382	)	$	(623	)	$	(817	)
Deferred	(2,561		)	(1,558		)	(580		)
State and local
Current	(97		)	(15		)	(187		)
Deferred	66			(121		)	(109		)
Total United States	(2,974		)	(2,317		)	(1,693		)
International
Current	3,634			2,744			2,997
Deferred	(708		)	(2,156		)	(1,172		)
Total International	2,926			588			1,825
Total income tax expense (benefit)	$	(48	)	$	(1,729	)	$	132

Reconciliation between the U.S. statutory federal income tax rate and the company's effective income tax rate

The reconciliation between the U.S. statutory federal income tax rate and the company’s effective income tax rate is detailed in the following table:



	2017			2016			2015
Income (loss) before income taxes
United States	$	(441	)	$	(4,317	)	$	(2,877	)
International	9,662			2,157			7,719
Total income (loss) before income taxes	9,221			(2,160		)	4,842
Theoretical tax (at U.S. statutory rate of 35%)	3,227			(756		)	1,695
Effect of U.S. tax reform	(2,020		)	—			—
Equity affiliate accounting effect	(1,373		)	(704		)	(1,286		)
Effect of income taxes from international operations^*	(130		)	608			72
State and local taxes on income, net of U.S. federal income tax benefit	39			(44		)	(74		)
Prior year tax adjustments, claims and settlements	(39		)	(349		)	84
Tax credits	(199		)	(188		)	(35		)
Other U.S.^*	447			(296		)	(324		)
Total income tax expense (benefit)	$	(48	)	$	(1,729	)	$	132

Effective income tax rate	(0.5		)%	80.0		%	2.7		%

^*Includes one-time tax costs (benefits) associated with changes in uncertain tax positions and valuation allowances.

Composition of deferred tax balances

The reported deferred tax balances are composed of the following:



				At December 31
	2017			2016
Deferred tax liabilities
Properties, plant and equipment	$	19,869		$	25,180
Investments and other	4,796			5,222
Total deferred tax liabilities	24,665			30,402
Deferred tax assets
Foreign tax credits	(11,872		)	(10,976		)
Asset retirement obligations/environmental reserves	(5,511		)	(6,251		)
Employee benefits	(3,129		)	(4,392		)
Deferred credits	(1,769		)	(1,950		)
Tax loss carryforwards	(5,463		)	(6,030		)
Other accrued liabilities	(842		)	(510		)
Inventory	(336		)	(374		)
Miscellaneous	(2,415		)	(3,121		)
Total deferred tax assets	(31,337		)	(33,604		)
Deferred tax assets valuation allowance	16,574			16,069
Total deferred taxes, net	$	9,902		$	12,867

Classification of deferred taxes

At December 31, 2017 and 2016, deferred taxes were classified on the Consolidated Balance Sheet as follows:



	At December 31
	2017			2016
Deferred charges and other assets	$	(4,750	)	$	(4,649	)
Noncurrent deferred income taxes	14,652			17,516
Total deferred income taxes, net	$	9,902		$	12,867

Changes to the Company's unrecognized tax benefits



	2017			2016			2015
Balance at January 1	$	3,031		$	3,042		$	3,552
Foreign currency effects	43			1			(27		)
Additions based on tax positions taken in current year	1,853			245			154
Additions for tax positions taken in prior years	1,166			181			218
Reductions for tax positions taken in prior years	(90		)	(390		)	(678		)
Settlements with taxing authorities in current year	(1,173		)	(36		)	(5		)
Reductions as a result of a lapse of the applicable statute of limitations	(2		)	(12		)	(172		)
Balance at December 31	$	4,828		$	3,031		$	3,042

Taxes other than on income



Taxes Other Than on Income	Year ended December 31
	2017		2016		2015
United States
Excise and similar taxes on products and merchandise	$	4,398	$	4,335	$	4,426
Import duties and other levies	11		9		4
Property and other miscellaneous taxes	1,824		1,680		1,367
Payroll taxes	241		252		270
Taxes on production	206		159		157
Total United States	6,680		6,435		6,224
International
Excise and similar taxes on products and merchandise	2,791		2,570		2,933
Import duties and other levies	45		33		40
Property and other miscellaneous taxes	2,563		2,379		2,548
Payroll taxes	137		145		161
Taxes on production	115		106		124
Total International	5,651		5,233		5,806
Total taxes other than on income	$	12,331	$	11,668	$	12,030

Short-Term Debt (Tables)

12 Months Ended

Dec. 31, 2017

Short-Term Debt



	At December 31
	2017			2016
Commercial paper¹	$	5,379		$	10,410
Notes payable to banks and others with originating terms of one year or less	—			50
Current maturities of long-term debt²	6,720			6,253
Current maturities of long-term capital leases	15			14
Redeemable long-term obligations
Long-term debt	3,078			3,113
Capital leases	—			—
Subtotal	15,192			19,840
Reclassified to long-term debt	(10,000		)	(9,000		)
Total short-term debt	$	5,192		$	10,840
¹Weighted-average interest rates at December 31, 2017 and 2016, were 1.30 percent and 0.74 percent, respectively.
²Net of unamortized discounts and issuance costs.

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2017

Long-term debt outstanding

The company’s long-term debt outstanding at year-end 2017 and 2016 was as follows:



	At December 31
	2017			2016
	Principal			Principal
3.191% notes due 2023	$	2,250		$	2,250
2.954% notes due 2026	2,250			2,250
1.718% notes due 2018	2,000			2,000
2.355% notes due 2022	2,000			2,000
1.365% notes due 2018	1,750			1,750
1.961% notes due 2020	1,750			1,750
Floating rate notes due 2018 (1.833%)¹	1,650			1,650
4.950% notes due 2019	1,500			1,500
1.561% notes due 2019	1,350			1,350
2.100% notes due 2021	1,350			1,350
1.790% notes due 2018	1,250			1,250
2.419% notes due 2020	1,250			1,250
2.427% notes due 2020	1,000			1,000
2.895% notes due 2024	1,000			—
Floating rate notes due 2019 (1.684%)¹	850			400
2.193% notes due 2019	750			750
2.566% notes due 2023	750			750
3.326% notes due 2025	750			750
2.498% notes due 2022	700			—
2.411% notes due 2022	700			700
Floating rate notes due 2021 (2.109%)¹	650			650
Floating rate notes due 2022 (1.994%)¹	650			350
1.991% notes due 2020	600			—
1.686% notes due 2019	550			—
Floating rate notes due 2020 (1.697%)²	400			—
8.625% debentures due 2032	147			147
8.625% debentures due 2031	108			108
8.000% debentures due 2032	75			75
Amortizing bank loan due 2018 (2.179%)²	72			178
9.750% debentures due 2020	54			54
8.875% debentures due 2021	40			40
Medium-term notes, maturing from 2021 to 2038 (6.283%)¹	38			38
Floating rate notes due 2017	—			2,050
1.104% notes due 2017	—			2,000
1.345% notes due 2017	—			1,100
1.344% notes due 2017	—			1,000
Total including debt due within one year	30,234			32,490
Debt due within one year	(6,722		)	(6,256		)
Reclassified from short-term debt	10,000			9,000
Unamortized discounts and debt issuance costs	(35		)	(41		)
Total long-term debt	$	33,477		$	35,193


¹	Weighted-average interest rate at December 31, 2017.


²	Interest rate at December 31, 2017.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Accounting for Suspended Exploratory Wells (Tables)

12 Months Ended

Dec. 31, 2017

Accounting for Suspended Exploratory Wells [Abstract]

Changes in company's suspended exploratory well costs

The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2017:



	2017			2016			2015
Beginning balance at January 1	$	3,540		$	3,312		$	4,195
Additions to capitalized exploratory well costs pending the determination of proved reserves	323			465			869
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(113		)	(119		)	(164		)
Capitalized exploratory well costs charged to expense	(39		)	(118		)	(1,397		)
Other reductions^*	(9		)	—			(191		)
Ending balance at December 31	$	3,702		$	3,540		$	3,312

^*Represents property sales.

Aging of capitalized well costs and number of project



	At December 31
	2017		2016		2015
Exploratory well costs capitalized for a period of one year or less	$	307	$	445	$	489
Exploratory well costs capitalized for a period greater than one year	3,395		3,095		2,823
Balance at December 31	$	3,702	$	3,540	$	3,312
Number of projects with exploratory well costs that have been capitalized for a period greater than one year^*	32		35		39

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

Aging of Costs on Well and Project Basis



Aging based on drilling completion date of individual wells:	Amount		Number of wells
1998-2006	$	318	29
2007-2011	879		50
2012-2016	2,198		79
Total	$	3,395	158

Aging based on drilling completion date of last suspended well in project:	Amount		Number of projects
2003-2009	$	344	5
2010-2013	367		6
2014-2017	2,684		21
Total	$	3,395	32

Stock Options and Other Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

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

Fair market values of stock options and stock appreciation rights granted



	Year ended December 31
	2017			2016			2015
Expected term in years¹	6.3			6.3			6.1
Volatility²	21.7		%	21.7		%	21.9		%
Risk-free interest rate based on zero coupon U.S. treasury note	2.2		%	1.6		%	1.4		%
Dividend yield	4.2		%	4.5		%	3.6		%
Weighted-average fair value per option granted	$	15.31		$	9.53		$	13.89

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

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

Summary of option activity

A summary of option activity during 2017 is presented below:



	Shares (Thousands)		Weighted-Average Exercise Price			Averaged Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2017	112,275			$	94.99
Granted	5,877			$	117.16
Exercised	(13,110	)		$	84.86
Forfeited	(1,277	)		$	105.02
Outstanding at December 31, 2017	103,765			$	97.40	5.63		$	2,883
Exercisable at December 31, 2017	78,120			$	98.54	4.82		$	2,082

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Funded status of pension and other postretirement benefit plans

The funded status of the company’s pension and OPEB plans for 2017 and 2016 follows:



	Pension Benefits
	2017						2016						Other Benefits
	U.S.			Int’l.			U.S.			Int’l.			2017			2016
Change in Benefit Obligation
Benefit obligation at January 1	$	13,271		$	5,169		$	13,563		$	5,336		$	2,549		$	3,324
Service cost	489			151			494			159			32			60
Interest cost	366			219			377			261			95			128
Plan participants' contributions	—			4			—			5			78			148
Plan amendments	—			1			—			—			—			(345		)
Actuarial (gain) loss	1,168			(37		)	903			426			266			(437		)
Foreign currency exchange rate changes	—			374			—			(524		)	10			8
Benefits paid	(1,714		)	(310		)	(2,066		)	(494		)	(229		)	(337		)
Divestitures	—			(31		)	—			—			(13		)	—
Benefit obligation at December 31	13,580			5,540			13,271			5,169			2,788			2,549
Change in Plan Assets
Fair value of plan assets at January 1	9,550			4,174			10,274			4,109			—			—
Actual return on plan assets	1,384			319			936			642			—			—
Foreign currency exchange rate changes	—			358			—			(552		)	—			—
Employer contributions	728			252			406			464			151			189
Plan participants' contributions	—			4			—			5			78			148
Benefits paid	(1,714		)	(310		)	(2,066		)	(494		)	(229		)	(337		)
Divestitures	—			(31		)	—			—			—			—
Fair value of plan assets at December 31	9,948			4,766			9,550			4,174			—			—
Funded status at December 31	$	(3,632	)	$	(774	)	$	(3,721	)	$	(995	)	$	(2,788	)	$	(2,549	)

Consolidated Balance Sheet for pension and other postretirement benefit plans

Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2017 and 2016, include:



	Pension Benefits
	2017						2016						Other Benefits
	U.S.			Int’l.			U.S.			Int’l.			2017			2016
Deferred charges and other assets	$	21		$	448		$	16		$	199		$	—		$	—
Accrued liabilities	(188		)	(100		)	(222		)	(75		)	(174		)	(163		)
Noncurrent employee benefit plans	(3,465		)	(1,122		)	(3,515		)	(1,119		)	(2,614		)	(2,386		)
Net amount recognized at December 31	$	(3,632	)	$	(774	)	$	(3,721	)	$	(995	)	$	(2,788	)	$	(2,549	)

Before tax basis amount in accumulated other comprehensive loss



	Pension Benefits
	2017				2016				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		2017			2016
Net actuarial loss	$	4,258	$	1,005	$	4,653	$	1,145	$	207		$	(82	)
Prior service (credit) costs	9		94		4		106		(287		)	(315		)
Total recognized at December 31	$	4,267	$	1,099	$	4,657	$	1,251	$	(80	)	$	(397	)

Pension plans with accumulated benefit obligation in excess of plan assets

Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2017 and 2016, was:



	Pension Benefits
	2017				2016
	U.S.		Int’l.		U.S.		Int’l.
Projected benefit obligations	$	13,514	$	1,590	$	13,208	$	1,449
Accumulated benefit obligations	12,129		1,326		11,891		1,258
Fair value of plan assets	9,862		413		9,471		287

Components of net periodic benefit cost and amounts recognized in other comprehensive income

The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2017, 2016 and 2015 are shown in the table below:



	Pension Benefits
	2017						2016						2015						Other Benefits
	U.S.			Int’l.			U.S.			Int’l.			U.S.			Int’l.			2017			2016			2015
Net Periodic Benefit Cost
Service cost	$	489		$	151		$	494		$	159		$	538		$	185		$	32		$	60		$	72
Interest cost	366			219			377			261			502			277			95			128			151
Expected return on plan assets	(597		)	(239		)	(723		)	(243		)	(783		)	(262		)	—			—			—
Amortization of prior service costs (credits)	(5		)	13			(9		)	14			(8		)	22			(28		)	14			14
Recognized actuarial losses	340			44			335			47			356			78			(5		)	19			34
Settlement losses	436			2			511			6			320			6			—			—			—
Curtailment losses (gains)	—			—			—			—			—			(14		)	—			—			—
Total net periodic benefit cost	1,029			190			985			244			925			292			94			221			271
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	381			(94		)	690			55			513			(260		)	284			(430		)	(362		)
Amortization of actuarial loss	(776		)	(46		)	(846		)	(53		)	(676		)	(84		)	5			(19		)	(34		)
Prior service (credits) costs during period	—			1			—			—			—			(6		)	—			(345		)	—
Amortization of prior service (costs) credits	5			(13		)	9			(14		)	8			(24		)	28			(14		)	(14		)
Total changes recognized in other comprehensive income	(390		)	(152		)	(147		)	(12		)	(155		)	(374		)	317			(808		)	(410		)
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	639		$	38		$	838		$	232		$	770		$	(82	)	$	411		$	(587	)	$	(139	)

Weighted-average assumptions used to determine benefit obligations and net periodic benefit costs

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



	Pension Benefits
	2017				2016				2015						Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		U.S.		Int’l.		2017		2016		2015
Assumptions used to determine benefit obligations:
Discount rate	3.5	%	3.9	%	3.9	%	4.3	%	4.0	%	5.3	%	3.8	%	4.3	%	4.6	%
Rate of compensation increase	4.5	%	4.0	%	4.5	%	4.5	%	4.5	%	4.8	%	N/A		N/A		N/A
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost	4.2	%	4.3	%	4.4	%	5.3	%	3.7	%	5.0	%	4.6	%	4.9	%	4.3	%
Discount rate for interest cost	3.0	%	4.3	%	3.0	%	5.3	%	3.7	%	5.0	%	3.8	%	4.0	%	4.3	%
Expected return on plan assets	6.8	%	5.5	%	7.3	%	6.3	%	7.5	%	6.3	%	N/A		N/A		N/A
Rate of compensation increase	4.5	%	4.5	%	4.5	%	4.8	%	4.5	%	5.1	%	N/A		N/A		N/A

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

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



	1 Percent Increase		1 Percent Decrease
Effect on total service and interest cost components	$	12	$	(10	)
Effect on postretirement benefit obligation	$	188	$	(155	)

Fair value measurements of the Company's pension plans

The fair value measurements of the company’s pension plans for 2017 and 2016 are below:



	U.S.											Int’l.
	Total		Level 1			Level 2		Level 3		NAV¹		Total		Level 1			Level 2		Level 3		NAV¹
At December 31, 2016
Equities
U.S.²	$	1,217	$	1,217		$	—	$	—	—		$	565	$	564		$	1	$	—	$	—
International	1,832		1,822			10		—		—		576		576			—		—		—
Collective Trusts/Mutual Funds³	1,132		24			—		—		1,108		196		8			2		—		186
Fixed Income
Government⁴	222		—			222		—		—		286		51			235		—		—
Corporate⁴	1,356		—			1,356		—		—		509		22			468		19		—
Bank Loans	118		—			107		11		—		—		—			—		—		—
Mortgage/Asset Backed	1		—			1		—		—		10		—			10		—		—
Collective Trusts/Mutual Funds^3,4	1,031		—			—		—		1,031		1,278		—			17		—		1,261
Mixed Funds⁵	—		—			—		—		—		72		2			70		—		—
Real Estate⁶	1,367		—			—		—		1,367		331		—			—		60		271
Alternative Investments⁷	955		—			—		—		955		—		—			—		—		—
Cash and Cash Equivalents	252		243			9		—		—		331		325			6		—		—
Other⁸	67		(9		)	25		42		9		20		—			18		2		—
Total at December 31, 2016	$	9,550	$	3,297		$	1,730	$	53	4,470		$	4,174	$	1,548		$	827	$	81	$	1,718
At December 31, 2017
Equities
U.S.²	$	1,331	$	1,331		$	—	$	—	$	—	$	652	$	651		$	1	$	—	$	—
International	2,060		2,057			3		—		—		691		691			—		—		—
Collective Trusts/Mutual Funds³	1,089		22			—		—		1,067		204		19			4		—		181
Fixed Income
Government	274		—			274		—		—		296		77			219		—		—
Corporate	1,492		—			1,492		—		—		593		—			563		30		—
Bank Loans	117		—			106		11		—		—		—			—		—		—
Mortgage/Asset Backed	1		—			1		—		—		8		—			8		—		—
Collective Trusts/Mutual Funds³	1,130		—			—		—		1,130		1,481		—			16		—		1,465
Mixed Funds⁵	—		—			—		—		—		80		1			79		—		—
Real Estate⁶	1,096		—			—		—		1,096		376		—			—		56		320
Alternative Investments⁷	1,022		—			—		—		1,022		—		—			—		—		—
Cash and Cash Equivalents	260		255			5		—		—		366		362			4		—		—
Other⁸	76		(2		)	28		43		7		19		(2		)	18		3		—
Total at December 31, 2017	$	9,948	$	3,663		$	1,909	$	54	$	4,322	$	4,766	$	1,799		$	912	$	89	$	1,966


¹	2016 has been adjusted to conform to the 2017 presentation of investments measured at Net Asset Value (NAV).


²	U.S. equities include investments in the company’s common stock in the amount of $12 at December 31, 2017, and $12 at December 31, 2016.


³	Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds.


⁴	Certain International Fixed Income investments previously disclosed as Government or Corporate have been reclassified to Collective Trusts/Mutual Funds to conform to the 2017 presentation.


⁵	Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk.


⁶	The year-end valuations of the U.S. real estate assets are based on third-party appraisals that occur at least once a year for each property in the portfolio.


⁷	Alternative investments focus on market-neutral strategies that have a low expected correlation to traditional asset classes.


⁸	The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts (Level 3); and investments in private-equity limited partnerships (NAV).

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

The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below:



	Fixed Income
	Corporate			Bank Loans			Real Estate			Other		Total
Total at December 31, 2015¹	$	25		$	—		$	97		$	43	$	165
Actual Return on Plan Assets:
Assets held at the reporting date	1			—			(33		)	—		(32		)
Assets sold during the period	—			—			1			—		1
Purchases, Sales and Settlements	(7		)	11			(5		)	1		—
Transfers in and/or out of Level 3	—			—			—			—		—
Total at December 31, 2016¹	$	19		$	11		$	60		$	44	$	134
Actual Return on Plan Assets:
Assets held at the reporting date	1			—			1			—		2
Assets sold during the period	—			—			—			—		—
Purchases, Sales and Settlements	10			3			(5		)	2		10
Transfers in and/or out of Level 3	—			(3		)	—			—		(3		)
Total at December 31, 2017	$	30		$	11		$	56		$	46	$	143


¹	2015 and 2016 have been adjusted to conform to the 2017 presentation.

Benefit payments, which include estimated future service that are expected to be paid by the company in the next 10 years

The following benefit payments, which include estimated future service, are expected to be paid by the company in the next 10 years:



	Pension Benefits				Other
	U.S.		Int’l.		Benefits
2018	$	1,465	$	387	$	174
2019	$	1,331	$	279	$	175
2020	$	1,296	$	289	$	175
2021	$	1,261	$	277	$	175
2022	$	1,234	$	290	$	174
2023-2027	$	5,487	$	1,609	$	850

Properties, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Properties, Plant and Equipment



	At December 31												Year ended December 31
	Gross Investment at Cost						Net Investment						Additions at Cost²						Depreciation Expense³
	2017		2016		2015		2017		2016		2015		2017		2016		2015		2017		2016		2015
Upstream
United States	$	84,602	$	83,929	$	93,848	$	38,722	$	39,710	$	43,125	$	4,995	$	4,432	$	6,586	$	5,527	$	6,576	$	8,545
International	224,211		214,557		208,395		123,191		125,502		127,459		7,934		12,084		19,993		12,096		11,247		10,803
Total Upstream	308,813		298,486		302,243		161,913		165,212		170,584		12,929		16,516		26,579		17,623		17,823		19,348
Downstream
United States	23,598		22,795		23,202		10,346		10,196		10,807		907		528		696		753		956		878
International	7,094		9,350		9,177		3,074		4,094		4,090		306		375		365		282		332		355
Total Downstream	30,692		32,145		32,379		13,420		14,290		14,897		1,213		903		1,061		1,035		1,288		1,233
All Other
United States	4,798		5,263		5,500		2,341		2,635		2,859		218		198		357		677		328		439
International	182		183		155		38		49		56		4		6		5		14		18		17
Total All Other	4,980		5,446		5,655		2,379		2,684		2,915		222		204		362		691		346		456
Total United States	112,998		111,987		122,550		51,409		52,541		56,791		6,120		5,158		7,639		6,957		7,860		9,862
Total International	231,487		224,090		217,727		126,303		129,645		131,605		8,244		12,465		20,363		12,392		11,597		11,175
Total	$	344,485	$	336,077	$	340,277	$	177,712	$	182,186	$	188,396	$	14,364	$	17,623	$	28,002	$	19,349	$	19,457	$	21,037


¹	Other than the United States, Australia and Nigeria, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2017. Australia had PP&E of $55,514, $53,962 and $49,205 in 2017, 2016, and 2015, respectively. Nigeria had PP&E of $17,076, $17,922 and $18,773 for 2017, 2016 and 2015, respectively.


²	Net of dry hole expense related to prior years’ expenditures of $42, $175 and $1,573 in 2017, 2016 and 2015, respectively.


³	Depreciation expense includes accretion expense of $668, $749 and $715 in 2017, 2016 and 2015, respectively, and impairments of $1,021, $3,186 and $4,066 in 2017, 2016 and 2015, respectively.

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2017

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Changes to the Company's Before-tax Asset Retirement Obligation

The following table indicates the changes to the company’s before-tax asset retirement obligations in 2017, 2016 and 2015:



	2017			2016			2015
Balance at January 1	$	14,243		$	15,642		$	15,053
Liabilities incurred	684			204			51
Liabilities settled	(1,721		)	(1,658		)	(981		)
Accretion expense	668			749			715
Revisions in estimated cash flows	340			(694		)	804
Balance at December 31	$	14,214		$	14,243		$	15,642

Other Financial Information (Tables)

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Financial Information



Other financial information is as follows:
	Year ended December 31
	2017			2016			2015
Total financing interest and debt costs	$	902		$	753		$	495
Less: Capitalized interest	595			552			495
Interest and debt expense	$	307		$	201		$	—
Research and development expenses	$	433		$	476		$	601
Excess of replacement cost over the carrying value of inventories (LIFO method)	$	3,937		$	2,942		$	3,745
LIFO losses on inventory drawdowns included in earnings	$	(5	)	$	(88	)	$	(65	)
Foreign currency effects^*	$	(446	)	$	58		$	769

^*Includes $(45), $1 and $344 in 2017, 2016 and 2015, respectively, for the company’s share of equity affiliates’ foreign currency effects.

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maturity period of bank time deposits reported as time deposits, minimum	90 days
Performance Shares \| Chevron Long-Term Incentive Plan (LTIP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at January 1	$ 146,722	$ 153,886
Components of Other Comprehensive Income (Loss):
Other Comprehensive Gain, Net of Tax	254	448	$ 568
Balance at December 31	149,319	146,722	153,886
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at January 1	(3,843)	(4,291)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(256)
Reclassifications	510
Other Comprehensive Gain, Net of Tax	254
Balance at December 31	(3,589)	(3,843)	(4,291)
Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at January 1	(162)	(140)	(96)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	57
Reclassifications	0
Other Comprehensive Gain, Net of Tax	57	(22)	(44)
Balance at December 31	(105)	(162)	(140)
Unrealized Holding Gains (Losses) on Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at January 1	(2)	(29)	(8)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(3)
Reclassifications	0
Other Comprehensive Gain, Net of Tax	(3)	27	(21)
Balance at December 31	(5)	(2)	(29)
Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at January 1	(2)	(2)	(2)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	0
Reclassifications	0
Other Comprehensive Gain, Net of Tax	0	0	0
Balance at December 31	(2)	(2)	(2)
Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at January 1	(3,677)	(4,120)	(4,753)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(310)
Reclassifications	510
Other Comprehensive Gain, Net of Tax	200	443	633
Balance at December 31	(3,477)	$ (3,677)	$ (4,120)
Defined Benefit Plans \| Reclassification out of Accumulated Other Comprehensive Income
Components of Other Comprehensive Income (Loss):
Reclassification, before tax amount	796
Reclassification, tax amount	$ 286

Noncontrolling Interests (Details) - USD ($) $ in Millions	12 Months Ended
Noncontrolling Interests (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Activity for equity attributable to noncontrolling interests
Balance at January 1	$ 146,722	$ 153,886
Net Income (Loss)	9,269	(431)	$ 4,710
Balance at December 31	149,319	146,722	153,886
Noncontrolling Interests
Activity for equity attributable to noncontrolling interests
Balance at January 1	1,166	1,170	1,163
Net Income (Loss)	74	66	123
Distributions to noncontrolling interests	(78)	(63)	(128)
Other changes, net	33	(7)	12
Balance at December 31	$ 1,195	$ 1,166	$ 1,170

Information Relating to the Consolidated Statement of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net decrease (increase) in operating working capital was composed of the following:
(Increase) decrease in accounts and notes receivable	$ (915)	$ (2,121)	$ 3,631
(Increase) decrease in inventories	(267)	603	85
Decrease in prepaid expenses and other current assets	252	439	713
Increase (decrease) in accounts payable and accrued liabilities	875	533	(5,769)
Increase (decrease) in income and other taxes payable	531	(4)	(639)
Net decrease (increase) in operating working capital	476	(550)	(1,979)
Net cash provided by operating activities includes the following cash payments for interest on debt and for income taxes:
Interest on debt (net of capitalized interest)	265	158	0
Income taxes	3,132	1,935	4,645
Net sales of marketable securities consisted of the following gross amounts:
Marketable securities purchased	(3)	(9)	(6)
Marketable securities sold	7	306	128
Net sales of marketable securities	4	297	122
Net maturities of time deposits consisted of the following gross amounts:
Investments in time deposits	0	0	0
Time deposits matured	0	0	8
Net sales (purchases) of time deposits	0	0	8
Net (borrowing) repayment of loans by equity affiliates:
Borrowing of loans by equity affiliates	(142)	(2,341)	(223)
Repayment of loans by equity affiliates	126	307	6
Net (borrowing) repayment of loans by equity affiliates	(16)	(2,034)	(217)
Net (purchases) sales of other short-term investments:
Purchases of other short-term investments	(41)	(1)	(75)
Sales of other short-term investments	9	218	119
Net (purchases) sales of other short-term investments	(32)	217	44
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	5,051	14,778	13,805
Repayments of short-term obligations	(8,820)	(12,558)	(16,379)
Net (repayments) borrowings of short-term obligations with three months or less maturity	(1,373)	(90)	2,239
Net (repayments) borrowings of short-term obligations	(5,142)	2,130	(335)
Capital expenditures
Additions to properties, plant and equipment	13,222	17,742	28,213
Additions to investments	25	55	555
Current-year dry hole expenditures	157	313	736
Payments for other liabilities and assets, net	0	(1)	0
Capital expenditures	13,404	18,109	29,504
Expensed exploration expenditures	666	544	1,031
Assets acquired through capital lease obligations and other financing obligations	8	5	47
Capital and exploratory expenditures, excluding equity affiliates	14,078	18,658	30,582
Company's share of expenditures by equity affiliates	4,743	3,770	3,397
Capital and exploratory expenditures, including equity affiliates	18,821	22,428	33,979
Non-cash additions to properties, plant and equipment	$ 1,183	$ 56	$ 1,362

Information Relating to the Consolidated Statement of Cash Flows (Details 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Share repurchase price	$ 1	$ 2	$ 2
Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Non cash transaction in operating segments	$ 400

Lease Commitments (Details) - USD ($) $ in Millions	12 Months Ended
Lease Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of capitalized leased assets
Upstream	$ 678	$ 676
Downstream	99	99
All Other	0	0
Total	777	775
Less: Accumulated amortization	515	383
Net capitalized leased assets	262	392
Rental expenses incurred for operating leases
Minimum rentals	726	943	$ 1,041
Contingent rentals	1	2	2
Total	727	945	1,043
Less: Sublease rental income	6	7	9
Net rental expense	$ 721	938	$ 1,034
Non-cancelable term of operating and capital leases (in years)	1 year
Estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases
Operating Leases, 2018	$ 693
Capital Leases, 2018	26
Operating Leases, 2019	628
Capital Leases, 2019	22
Operating Leases, 2020	474
Capital Leases, 2020	13
Operating Leases, 2021	339
Capital Leases, 2021	12
Operating Leases, 2022	223
Capital Leases, 2022	11
Operating Leases, Thereafter	538
Capital Leases, Thereafter	142
Operating Leases, Total	2,895
Capital Leases, Total	226
Less: Amounts representing interest and executory costs	(117)
Net present values	109
Less: Capital lease obligations included in short-term debt	(15)
Long-term capital lease obligations	$ 94	$ 93
Maximum
Rental expenses incurred for operating leases
Contingent rentals, renewal option term (in years)	25 years

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

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

^[1]

$ 134,674

$ 110,215

$ 129,925

Net income (loss) attributable to CUSA

132,501

116,632

133,635

9,195

(497)

4,587

Chevron U.S.A. Inc.

104,054

83,715

97,766

Net income (loss) attributable to CUSA

103,904

87,429

101,565

$ 4,842

$ (1,177)

$ (1,054)

[1]	Includes excise, value-added and similar taxes. $7,189; $6,905; $7,359.

Summarized Financial Data - Chevron U.S.A. Inc. (Details 1) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsidiary Statements Captions [Line Items]
Current assets	$ 28,560	$ 29,619
Current liabilities	27,737	31,785
Total CUSA net equity	149,319	146,722	$ 153,886
Chevron U.S.A. Inc.
Subsidiary Statements Captions [Line Items]
Current assets	12,163	11,266
Other assets	54,994	55,722
Current liabilities	17,379	16,660
Other liabilities	12,541	21,701
Total CUSA net equity	37,237	28,627
Memo: Total debt	$ 3,056	$ 9,418

Summarized Financial Data - Tengizchevroil LLP (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Equity method investment, ownership percentage	50.00%
Percentage of affiliate by summarized financial information	100.00%
Sales and other operating revenues	$ 13,363	$ 10,460	$ 12,811
Costs and other deductions	6,507	6,822	7,257
Net income attributable to TCO	$ 4,841	$ 2,563	$ 3,897

Summarized Financial Data - Tengizchevroil LLP (Details 1) - Tengizchevroil LLP - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Affiliate Statements Captions [Line Items]
Current assets	$ 4,239	$ 7,001
Other assets	26,411	20,476
Current liabilities	2,517	2,841
Other liabilities	6,266	6,210
Total net equity	$ 21,867	$ 18,426

Summarized Financial Data – Chevron Phillips Chemical Company LLC (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Percentage of affiliate by summarized financial information

100.00%

Summarized Financial Data - Chevron Transport Corporation

^[1]

$ 134,674

$ 110,215

$ 129,925

Net income (loss) attributable to Chevron Corporation

132,501

116,632

133,635

$ 9,195

(497)

4,587

Chevron Phillips Chemical Company LLC

Equity method investment, ownership percentage

50.00%

Percentage of affiliate by summarized financial information

100.00%

Summarized Financial Data - Chevron Transport Corporation

$ 9,063

8,455

9,248

Net income (loss) attributable to Chevron Corporation

8,126

7,017

7,136

$ 1,446

$ 1,687

$ 2,651

[1]	Includes excise, value-added and similar taxes. $7,189; $6,905; $7,359.

Summarized Financial Data – Chevron Phillips Chemical Company LLC (Details 1) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsidiary Statements Captions [Line Items]
Current assets	$ 28,560	$ 29,619
Current liabilities	27,737	31,785
Total CTC net deficit	149,319	146,722	$ 153,886
Chevron Phillips Chemical Company LLC
Subsidiary Statements Captions [Line Items]
Current assets	2,944	2,695
Other assets	13,823	12,770
Current liabilities	1,439	1,418
Other liabilities	2,932	2,569
Total CTC net deficit	$ 12,396	$ 11,478

Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	$ 22	$ 32
Derivatives	124	109
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	9	13
Derivatives	22	32
Total assets at fair value	31	45
Derivatives	124	109
Total liabilities at fair value	124	109
Recurring basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	9	13
Derivatives	0	15
Total assets at fair value	9	28
Derivatives	78	78
Total liabilities at fair value	78	78
Recurring basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Derivatives	22	17
Total assets at fair value	22	17
Derivatives	46	31
Total liabilities at fair value	46	31
Recurring basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Derivatives	0	0
Total assets at fair value	0	0
Derivatives	0	0
Total liabilities at fair value	$ 0	$ 0

Fair Value Measurements (Details 1) - Nonrecurring basis - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	$ 603	$ 582
Properties, plant and equipment, net (held for sale)	1,378	891
Investments and advances	28	26
Total nonrecurring assets at fair value	2,009	1,499
Properties, plant and equipment, net (held and used), Before-Tax Loss	658	2,507
Properties, plant and equipment, net (held for sale), Before-Tax Loss	363	679
Investments and advances, Before-Tax Loss	26	234
Total nonrecurring assets at fair value, Before-Tax Loss	1,047	3,420
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	0	0
Properties, plant and equipment, net (held for sale)	0	0
Investments and advances	0	0
Total nonrecurring assets at fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	0	15
Properties, plant and equipment, net (held for sale)	1,378	888
Investments and advances	1	20
Total nonrecurring assets at fair value	1,379	923
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	603	567
Properties, plant and equipment, net (held for sale)	0	3
Investments and advances	27	6
Total nonrecurring assets at fair value	$ 630	$ 576

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying/fair value of cash and cash equivalents	$ 4,813	$ 6,988	$ 11,022	$ 12,785
Carrying/fair value of investments not included in cash and cash equivalents	1,130	1,426
Carrying amount of long-term debt	30,234	32,490
Corporate Bond Securities \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	23,245
Other Long-term Debt \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	698
Carrying Amount of Long-term Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount of long-term debt	23,477	26,193
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount of long-term debt	$ 23,943	$ 26,627
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity period of primarily bank time deposits, classified as cash equivalents, maximum	90 days

Financial and Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Total assets at fair value	$ 22	$ 32
Total liabilities at fair value	124	109
Commodity \| Accounts and notes receivable, net
Derivatives, Fair Value [Line Items]
Total assets at fair value	22	30
Commodity \| Long-term receivables, net
Derivatives, Fair Value [Line Items]
Total assets at fair value	0	2
Commodity \| Accounts payable
Derivatives, Fair Value [Line Items]
Total liabilities at fair value	122	99
Commodity \| Deferred credits and other noncurrent obligations
Derivatives, Fair Value [Line Items]
Total liabilities at fair value	$ 2	$ 10

Financial and Derivative Instruments Financial and Derivative Instruments (Details 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ (116)	$ (300)	$ 304
Commodity \| Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(105)	(269)	277
Commodity \| Purchased crude oil and products
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(9)	(31)	30
Commodity \| Other income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ (2)	$ 0	$ (3)

Financial and Derivative Instruments Financial and Derivative Instruments (Details 2) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Offsetting Assets [Abstract]
Derivative Asset, Gross Amount Recognized	$ 1,169	$ 1,052
Derivative Asset, Gross Amounts Offset	1,147	1,020
Derivative Asset, Net Amounts Presented	22	32
Derivative Asset, Gross Amounts Not Offset	0	0
Derivative Asset, Net Amount	22	32
Offsetting Liabilities [Abstract]
Derivative Liability, Gross Amount Recognized	1,271	1,129
Derivative Liability, Gross Amounts Offset	1,147	1,020
Derivative Liability, Net Amounts Presented	124	109
Derivative Liability, Gross Amounts Not Offset	0	0
Derivative Liability, Net Amount	$ 124	$ 109

Assets Held For Sale (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 640	$ 4,119
Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 640

Equity (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's share of undistributed earnings for equity affiliates	$ 18,473	$ 16,479
Shares remaining available for issuance (in shares)	800,468
Shares available for issuance (in shares)	1,600,000
Chevron Long-Term Incentive Plan (LTIP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for issuance (in shares)	82,000,000
Shares available for issuance (in shares)	260,000,000

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Basic EPS Calculation
Earnings available to common stockholders - Basic	$ 9,195	$ (497)	$ 4,587
Weighted-average number of common shares outstanding (in shares)	1,882	1,872	1,867
Add: Deferred awards held as stock units (in shares)	1	1	1
Total weighted-average number of common shares outstanding (in shares)	1,883	1,873	1,868
Earnings per share of common stock - Basic (in dollars per share)	$ 4.88	$ (0.27)	$ 2.46
Diluted EPS Calculation
Earnings available to common stockholders - Diluted	$ 9,195	$ (497)	$ 4,587
Weighted-average number of common shares outstanding (in shares)	1,882	1,872	1,867
Add: Deferred awards held as stock units (in shares)	1	1	1
Add: Dilutive effect of employee stock-based awards (in shares)	15	0	7
Total weighted-average number of common shares outstanding (in shares)	1,898	1,873	1,875
Earnings per share of common stock - Diluted (in dollars per share)	$ 4.85	$ (0.27)	$ 2.45
Employee-based Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	10

Operating Segments and Geographic Data (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net income (loss) attributable to Chevron Corporation	$ 9,195	$ (497)	$ 4,587
Operating Segments
Segment Reporting Information [Line Items]
Net income (loss) attributable to Chevron Corporation	13,364	898	5,640
Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Net income (loss) attributable to Chevron Corporation	8,150	(2,537)	(1,961)
Operating Segments \| Upstream \| United States
Segment Reporting Information [Line Items]
Net income (loss) attributable to Chevron Corporation	3,640	(2,054)	(4,055)
Operating Segments \| Upstream \| International
Segment Reporting Information [Line Items]
Net income (loss) attributable to Chevron Corporation	4,510	(483)	2,094
Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Net income (loss) attributable to Chevron Corporation	5,214	3,435	7,601
Operating Segments \| Downstream \| United States
Segment Reporting Information [Line Items]
Net income (loss) attributable to Chevron Corporation	2,938	1,307	3,182
Operating Segments \| Downstream \| International
Segment Reporting Information [Line Items]
Net income (loss) attributable to Chevron Corporation	2,276	2,128	4,419
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest expense	(264)	(168)	0
Interest income	60	58	65
Other	$ (3,965)	$ (1,285)	$ (1,118)

Operating Segments and Geographic Data (Details 1) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total Assets	$ 253,806	$ 260,078
Goodwill	4,531	4,581
United States
Segment Reporting Information [Line Items]
Total Assets	68,910	69,712
International
Segment Reporting Information [Line Items]
Total Assets	180,365	185,785
Operating Segments
Segment Reporting Information [Line Items]
Total Assets	245,549	249,325
Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Total Assets	204,913	211,245
Goodwill	4,531	4,581
Operating Segments \| Upstream \| United States
Segment Reporting Information [Line Items]
Total Assets	40,770	42,596
Operating Segments \| Upstream \| International
Segment Reporting Information [Line Items]
Total Assets	159,612	164,068
Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Total Assets	40,636	38,080
Operating Segments \| Downstream \| United States
Segment Reporting Information [Line Items]
Total Assets	23,202	22,264
Operating Segments \| Downstream \| International
Segment Reporting Information [Line Items]
Total Assets	17,434	15,816
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total Assets	8,257	10,753
Segment Reconciling Items \| United States
Segment Reporting Information [Line Items]
Total Assets	4,938	4,852
Segment Reconciling Items \| International
Segment Reporting Information [Line Items]
Total Assets	$ 3,319	$ 5,901

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

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

^[1]

$ 134,674

$ 110,215

$ 129,925

United States

1,022

1,105

1,513

International

Upstream

41,922

33,145

39,827

Upstream | United States

13,242

10,365

12,748

Upstream | International

28,680

22,780

27,079

Downstream

Downstream | United States

114,535

94,743

111,629

Downstream | International

53,140

44,717

52,872

61,395

50,026

58,757

Operating Segments

Operating Segments | United States

157,505

129,030

153,011

Operating Segments | International

67,404

56,187

67,133

Operating Segments | Upstream | United States

90,101

72,843

85,878

Operating Segments | Upstream | International

3,901

3,148

4,117

Operating Segments | Downstream | United States

17,209

13,262

15,587

Operating Segments | Downstream | International

48,728

40,366

48,420

57,438

46,388

54,296

Intersegment

Intersegment | United States

(22,831)

(18,815)

(23,086)

Intersegment | International

814

960

1,372

Intersegment | Upstream | United States

Intersegment | Upstream | International

9,341

7,217

8,631

Intersegment | Downstream | United States

11,471

9,518

11,492

Intersegment | Downstream | International

Segment Reconciling Items | Downstream | United States

1,166

1,068

1,528

Segment Reconciling Items | Downstream | International

4,398

4,335

4,426

All Other | United States

2,791

2,570

2,933

All Other | International

208

145

141

Total All Other