View Filing Data

Purchased crude oil and products

43,987

36,205

123,987

104,106

Costs and Other Deductions

24,681

18,776

70,658

54,607

Operating expenses

^[2]

4,985

4,849

14,899

14,021

Selling, general and administrative expenses

^[2]

1,018

1,107

2,758

2,848

Exploration expenses

625

239

960

508

Depreciation, depletion and amortization

5,380

5,109

14,167

14,614

Taxes other than on income

^[1]

1,259

3,213

3,966

9,149

Interest and debt expense

182

558

134

Other components of net periodic benefit costs

^[2]

158

219

344

485

Total Costs and Other Deductions

38,288

33,547

108,310

96,366

Income Before Income Tax Expense

5,699

2,658

15,677

7,740

Income Tax Expense

1,643

672

4,540

1,589

Net Income

4,056

1,986

11,137

6,151

Less: Net income attributable to noncontrolling interests

Net Income Attributable to Chevron Corporation

$ 4,047

$ 1,952

$ 11,094

$ 6,084

Per Share of Common Stock:

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

$ 2.13

$ 1.03

$ 5.84

$ 3.23

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

$ 2.11

$ 1.03

$ 5.79

$ 3.21

Weighted Average Number of Shares Outstanding

Basic (in shares)

1,900,717

1,882,650

1,899,044

1,881,026

Diluted (in shares)

1,917,474

1,895,879

1,916,562

1,894,764

[1]	The three-month and nine-month comparative periods ended September 30, 2017, include excise, value-added and similar taxes of $1,867 million and $5,315 million, respectively, collected on behalf of third parties. Beginning in 2018, these taxes are netted in "Taxes other than on income" in accordance with ASU 2014-09. Refer to Note 17, "Revenue" beginning on page 24.
[2]	2017 adjusted to conform to ASU 2017-07. Refer to Note 5, "New Accounting Standards" beginning on page 10.

CONSOLIDATED STATEMENT OF INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Income Statement [Abstract]
Includes excise, value-added and similar taxes	$ 1,867	$ 5,315

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net Income	$ 4,056	$ 1,986	$ 11,137	$ 6,151
Currency translation adjustment	(2)	13	(12)	37
Unrealized holding gain (loss) on securities:
Net gain (loss) arising during period	1	(2)	(6)	(7)
Actuarial gain (loss):
Amortization to net income of net actuarial and settlement losses	214	264	522	609
Actuarial gain (loss) arising during period	(92)	3	(94)	(11)
Prior service cost:
Amortization to net income of net prior service costs (credits)	(2)	(5)	(9)	(15)
Defined benefit plans sponsored by equity affiliates	5	5	18	15
Income tax expense on defined benefit plans	(21)	(96)	(95)	(207)
Total	104	171	342	391
Other Comprehensive Gain, Net of Tax	103	182	324	421
Comprehensive Income	4,159	2,168	11,461	6,572
Comprehensive income attributable to noncontrolling interests	(9)	(34)	(43)	(67)
Comprehensive Income Attributable to Chevron Corporation	$ 4,150	$ 2,134	$ 11,418	$ 6,505

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($)
$ in Millions

Sep. 30, 2018

Dec. 31, 2017

ASSETS

Cash and cash equivalents

$ 9,686

$ 4,813

Marketable securities

Accounts and notes receivable, net

16,788

15,353

Inventories

Crude oil and petroleum products

3,618

3,142

Chemicals

495

476

Materials, supplies and other

1,916

1,967

Total inventories

6,029

5,585

Prepaid expenses and other current assets

3,020

2,800

Total Current Assets

35,583

28,560

Long-term receivables, net

2,460

2,849

Investments and advances

34,672

32,497

Properties, plant and equipment, at cost

344,949

344,485

Less: Accumulated depreciation, depletion and amortization

173,304

166,773

Properties, plant and equipment, net

171,645

177,712

Deferred charges and other assets

6,745

7,017

Goodwill

4,518

4,531

Assets held for sale

983

640

Total Assets

256,606

253,806

LIABILITIES AND EQUITY

Short-term debt

6,121

5,192

Accounts payable

15,335

14,565

Accrued liabilities

5,029

5,267

Federal and other taxes on income

1,797

1,600

Other taxes payable

901

1,113

Total Current Liabilities

29,183

27,737

Long-term debt

29,854

33,477

Capital lease obligations

135

Deferred credits and other noncurrent obligations

20,414

21,106

Noncurrent deferred income taxes

15,624

14,652

Noncurrent employee benefit plans

6,723

7,421

Total Liabilities

^[1]

101,933

104,487

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 September 30, 2018, and December 31, 2017)

1,832

Capital in excess of par value

17,080

16,848

Retained earnings

178,816

174,106

Accumulated other comprehensive loss

(3,265)

(3,589)

Deferred compensation and benefit plan trust

(240)

Treasury stock, at cost (531,902,211 and 537,974,695 shares at September 30, 2018, and December 31, 2017, respectively)

(40,648)

(40,833)

Total Chevron Corporation Stockholders’ Equity

153,575

148,124

Noncontrolling interests

1,098

1,195

Total Equity

154,673

149,319

Total Liabilities and Equity

$ 256,606

$ 253,806

[1]	Refer to Note 14, "Other Contingencies and Commitments" beginning on page 20.

CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	6,000,000,000	6,000,000,000
Common stock, par value (in dollars per share)	$ 0.75	$ 0.75
Common stock, shares issued (in shares)	2,442,676,580	2,442,676,580
Treasury stock (in shares)	531,902,211	537,974,695

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Operating Activities

Net Income

$ 11,137

$ 6,151

Adjustments

Depreciation, depletion and amortization

14,167

14,614

Dry hole expense

596

140

Distributions less than income from equity affiliates

^[1]

(2,526)

(2,284)

Net before-tax gains on asset retirements and sales

(560)

(2,139)

Net foreign currency effects

330

145

Deferred income tax provision

806

(464)

Net decrease (increase) in operating working capital

^[2]

(1,882)

(548)

Decrease (increase) in long-term receivables

363

(537)

Net decrease (increase) in other deferred charges

^[2]

(60)

(82)

Cash contributions to employee pension plans

(941)

(825)

Other

Net Cash Provided by Operating Activities

^[1],[2]

21,467

14,245

Investing Activities

Capital expenditures

(9,801)

(9,763)

Proceeds and deposits related to asset sales and returns of investment

^[1],[2]

2,116

4,765

Net sales (purchases) of marketable securities

(51)

Net repayment (borrowing) of loans by equity affiliates

(36)

Net Cash Used for Investing Activities

^[1],[2]

(7,658)

(5,034)

Financing Activities

Net borrowings (repayments) of short-term obligations

2,199

(7,185)

Proceeds from issuance of long-term debt

217

3,991

Repayments of long-term debt and other financing obligations

(5,227)

(1,028)

Cash dividends — common stock

(6,382)

(6,093)

Distributions to noncontrolling interests

(87)

(66)

Net sales of treasury shares

337

649

Net Cash Used for Financing Activities

(8,943)

(9,732)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash

^[2]

(68)

Net Change in Cash, Cash Equivalents and Restricted Cash

^[2]

4,798

(459)

Cash, Cash Equivalents and Restricted Cash at January 1

^[2]

5,943

8,414

Cash, Cash Equivalents and Restricted Cash at September 30

^[2]

$ 10,741

$ 7,955

[1]	2017 adjusted to conform to Accounting Standards Update 2016-15. Refer to Note 4, "Information Relating to the Consolidated Statement of Cash Flows" beginning on page 8.
[2]	2017 adjusted to conform to Accounting Standards Update 2016-18. Refer to Note 4, "Information Relating to the Consolidated Statement of Cash Flows" beginning on page 8.

Interim Financial Statements	9 Months Ended
Interim Financial Statements	Sep. 30, 2018
Quarterly Financial Information Disclosure [Abstract]
Interim Financial Statements	Interim Financial Statements The accompanying consolidated financial statements of Chevron Corporation and its subsidiaries (together, Chevron or the company) have not been audited by an independent registered public accounting firm. In the opinion of the company’s management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. These adjustments were of a normal recurring nature. The results for the three- and nine-month periods ended September 30, 2018, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron. Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the company’s 2017 Annual Report on Form 10-K.

Changes in Accumulated Other Comprehensive Losses

9 Months Ended

Sep. 30, 2018

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 nine months ended September 30, 2018, are reflected in the table below.

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



	Nine Months Ended September 30, 2018
	Currency Translation Adjustment			Unrealized Holding Gains (Losses) on Securities			Derivatives			Defined Benefit Plans			Total
	(Millions of dollars)
Balance at January 1	$	(105	)	$	(5	)	$	(2	)	$	(3,477	)	$	(3,589	)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(12		)	(6		)	—			(53		)	(71		)
Reclassifications⁽²⁾	—			—			—			395			395
Net Other Comprehensive Income (Loss)	(12		)	(6		)	—			342			324
Balance at September 30	$	(117	)	$	(11	)	$	(2	)	$	(3,135	)	$	(3,265	)

________________________________

⁽¹⁾ All amounts are net of tax.

⁽²⁾ Refer to Note 11, Employee Benefits for reclassified components totaling $513 million that are included in employee benefit costs for the nine months ended September 30, 2018. Related income taxes for the same period, totaling $118 million, are reflected in "Income Tax Expense" on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

Noncontrolling Interests

9 Months Ended

Sep. 30, 2018

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Ownership interests in the company’s subsidiaries held by parties other than the parent are presented separately from the parent’s equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the parent and the noncontrolling interests are both presented on the face of the Consolidated Statement of Income.

Activity for the equity attributable to noncontrolling interests for the first nine months of 2018 and 2017 is as follows:



	2018									2017
	Chevron Corporation Stockholders’ Equity			Non-controlling Interest			Total Equity			Chevron Corporation Stockholders’ Equity			Non-controlling Interest			Total Equity
	(Millions of dollars)
Balance at January 1	$	148,124		$	1,195		$	149,319		$	145,556		$	1,166		$	146,722
Net income	11,094			43			11,137			6,084			67			6,151
Dividends	(6,384		)	—			(6,384		)	(6,095		)	—			(6,095		)
Distributions to noncontrolling interests	—			(87		)	(87		)	—			(66		)	(66		)
Treasury shares, net	185			—			185			597			—			597
Other changes, net*	556			(53		)	503			571			31			602
Balance at September 30	$	153,575		$	1,098		$	154,673		$	146,713		$	1,198		$	147,911

__________________________________________

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

Information Relating to the Consolidated Statement of Cash Flows

9 Months Ended

Sep. 30, 2018

Supplemental Cash Flow Elements [Abstract]

Information Relating to the Consolidated Statement of Cash Flows

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



	Nine Months Ended September 30
	2018			2017
	(Millions of dollars)
Decrease (increase) in accounts and notes receivable	$	(1,741	)	$	265
Decrease (increase) in inventories	(749		)	(436		)
Decrease (increase) in prepaid expenses and other current assets ¹	(310		)	235
Increase (decrease) in accounts payable and accrued liabilities ¹	887			(621		)
Increase (decrease) in income and other taxes payable	31			9
Net decrease (increase) in operating working capital ¹	$	(1,882	)	$	(548	)
_____________________
¹ 2017 amount adjusted to conform to Accounting Standards Update 2016-18.

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



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Interest on debt (net of capitalized interest)	$	502	$	30
Income taxes	3,526		2,203

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

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



	Nine Months Ended September 30
	2018			2017
	(Millions of dollars)
Marketable securities purchased	$	(51	)	$	(3	)
Marketable securities sold	—			3
Net sales (purchases) of marketable securities	$	(51	)	$	—

The “Net repayment (borrowing) of loans by equity affiliates” consisted of the following gross amounts:



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Borrowing of loans by equity affiliates	$	—	$	(142	)
Repayment of loans by equity affiliates	78		106
Net repayment (borrowing) of loans by equity affiliates	$	78	$	(36	)

The “Net borrowings (repayments) of short-term obligations" consisted of the following gross and net amounts:



	Nine Months Ended September 30
	2018			2017
	(Millions of dollars)
Repayments of short-term obligations	$	(3,379	)	$	(8,403	)
Proceeds from issuances of short-term obligations	2,452			3,415
Net borrowings (repayments) of short-term obligations with three months or less maturity	3,126			(2,197		)
Net borrowings (repayments) of short-term obligations	$	2,199		$	(7,185	)

The “Net sales of treasury shares” represents the value of shares sold for share-based compensation plans, net of purchases. Purchases totaled $751 million for the first nine months in 2018 and $1 million for the first nine months in 2017. During the first nine months in 2018, the company purchased 6.3 million shares under its share repurchase program for $750 million. No purchases were made under the company's share repurchase program in the first nine months of 2017.

The company paid dividends of $1.12 per share of common stock in third quarter 2018 and $3.36 per share in the first nine months of 2018. This compares to dividends of $1.08 and $3.24 per share paid in the corresponding year-ago periods.

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



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Additions to properties, plant and equipment	$	9,489	$	9,615
Additions to investments	36		16
Current year dry hole expenditures	276		131
Payments for other liabilities and assets, net	—		1
Capital expenditures	9,801		9,763
Expensed exploration expenditures	364		368
Assets acquired through capital lease obligations	65		3
Capital and exploratory expenditures, excluding equity affiliates	10,230		10,134
Company’s share of expenditures by equity affiliates	4,115		3,252
Capital and exploratory expenditures, including equity affiliates	$	14,345	$	13,386

On January 1, 2018, Chevron adopted Accounting Standards Updates (ASU) 2016-15 and 2016-18, which require retrospective adjustment of prior periods in the Statement of Cash Flows.

In addition to other requirements, ASU 2016-15 specifies new standards for the classification of distributions from equity affiliates. In adopting these new standards, Chevron utilized the cumulative earnings approach to evaluate returns on and returns of investment from equity affiliates. For the first nine months of 2017, a total of $162 million was reclassified from “Distributions less than income from equity affiliates” to “Proceeds and deposits related to asset sales and returns of investment.”

Adoption of ASU 2016-18 requires the inclusion of restricted cash and associated changes in restricted cash in the Consolidated Statement of Cash Flows. The impact of ASU 2016-18 is captured across several line items in the Statement of Cash Flows, including “Net decrease (increase) in operating working capital,” “Decrease (increase) in other deferred charges,” and “Proceeds and deposits related to asset sales and returns of investment” with associated net changes captured in both “Net Cash Provided by Operating Activities” and “Net Cash Used for Investing Activities.” The line item “Net sales (purchases) of other short-term investments” was removed in conjunction with the adoption of ASU 2016-18.

The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet:



	At September 30				At December 31
	2018		2017		2017		2016
	(Millions of dollars)				(Millions of dollars)
Cash and Cash Equivalents	$	9,686	$	6,641	$	4,813	$	6,988
Restricted cash included in "Prepaid expenses and other current assets"	277		523		405		488
Restricted cash included in "Deferred charges and other assets"	778		791		725		938
Total Cash, Cash Equivalents and Restricted Cash	$	10,741	$	7,955	$	5,943	$	8,414

Additional information related to "Restricted Cash" is included on page 23 in Note 15 under the heading "Restricted Cash."

New Accounting Standards	9 Months Ended
New Accounting Standards	Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Standards	New Accounting Standards Revenue Recognition (Topic 606): Revenue from Contracts with Customers On January 1, 2018, Chevron adopted ASU 2014-09 and its related amendments using the modified retrospective transition method, which did not require the restatement of prior periods. The impact of the adoption of the standard did not have a material effect on the company’s consolidated financial statements. For additional information on the company’s revenue, refer to Note 17 beginning on page 24. Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments Effective January 1, 2018, Chevron adopted ASU 2016-15 on a retrospective basis. The standard provides clarification on how certain cash receipts and cash payments are presented and classified on the Consolidated Statement of Cash Flows. The adoption of this ASU did not have a material impact on the company's Consolidated Statement of Cash Flows. For additional information, refer to Note 4 beginning on page 8. Statement of Cash Flows (Topic 230): Restricted Cash Effective January 1, 2018, Chevron adopted ASU 2016-18 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 Consolidated Statement of Cash Flows and to provide a reconciliation to the Consolidated 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 Consolidated Balance Sheet. The company’s restricted cash balances are now included in the beginning and ending balances on the Consolidated Statement of Cash Flows. For additional information, refer to Note 4 beginning on page 8. Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) On January 1, 2018, the company adopted ASU 2017-05 which provides clarification regarding the guidance on accounting for the derecognition of nonfinancial assets. The adoption of the standard had no impact on the company’s consolidated financial statements. Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Effective January 1, 2018, Chevron adopted ASU 2017-07 on a retrospective basis. 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 effects of retrospective adoption on the Consolidated Statement of Income for the nine-month period ended September 30, 2017 were to move $234 million from "Operating expenses" and $251 million from "Selling, general and administrative expenses" to "Other components of net periodic benefits cost." Leases (Topic 842) In February 2016, the Financial Accounting Standards Board (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 plans to elect the short-term lease exception provided for in the standard and therefore will only recognize right-of-use assets and lease liabilities for leases with a term greater than one year. The company further intends to elect the option to apply the transition provisions of the new standard at the adoption date instead of the earliest comparative period presented in the financial statements. The company continues to focus its implementation efforts on accounting policy and disclosure updates and system implementation necessary to meet the standard's requirements. The company is continuing its review of contracts which may result in certain contracts, currently not classified as leases, being classified as operating leases under the new standard. The company does not expect the adoption of the ASU to have a material impact on finance leases, which are currently referred to as capital leases. The company estimates the operating lease right-of-use assets and lease liabilities to be recognized by the company on January 1, 2019 will be approximately $3 to $4 billion. The operating lease balance could change as contracts are executed, modified, renewed, or expired. The estimate could also be impacted by changes to interest and foreign exchange rates. The company expects the implementation of the standard will have a minimal impact on the Consolidated Statement of Income and Consolidated Statement of Cash Flows. Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02, which becomes effective for the company January 1, 2019. The standard permits companies to reclassify the residual tax effects in Accumulated Other Comprehensive Income as a result of tax reform to retained earnings and also requires additional new disclosures. The company is evaluating the effect of the standard on its 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 its consolidated financial statements.

Assets Held For Sale	9 Months Ended
Assets Held For Sale	Sep. 30, 2018
Assets Held For Sale [Abstract]
Assets Held For Sale	Assets Held For Sale At September 30, 2018, the company classified $983 million of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet. These assets are primarily associated with upstream operations that are anticipated to be sold in the next 12 months. The revenues and earnings contributions of these assets in 2017 and the first nine months of 2018 were not material.

Operating Segments and Geographic Data

9 Months Ended

Sep. 30, 2018

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 for the three- and nine-month periods ended September 30, 2018 and 2017, are presented in the following table:



	Three Months Ended September 30						Nine Months Ended September 30
Segment Earnings	2018			2017			2018			2017
	(Millions of dollars)
Upstream
United States	$	828		$	(26	)	$	2,314		$	(48	)
International	2,551			515			7,712			2,907
Total Upstream	3,379			489			10,026			2,859
Downstream
United States	748			640			1,847			1,743
International	625			1,174			1,092			2,192
Total Downstream	1,373			1,814			2,939			3,935
Total Segment Earnings	4,752			2,303			12,965			6,794
All Other
Interest expense	(171		)	(30		)	(524		)	(115		)
Interest income	37			13			84			42
Other	(571		)	(334		)	(1,431		)	(637		)
Net Income Attributable to Chevron Corporation	$	4,047		$	1,952		$	11,094		$	6,084

Segment Assets Segment assets do not include intercompany investments or intercompany receivables. “All Other” assets consist primarily of worldwide cash, cash equivalents, time deposits and marketable securities; real estate; information systems; technology companies; and assets of the corporate administrative functions. Segment assets at September 30, 2018, and December 31, 2017, are as follows:



Segment Assets	At September 30 2018		At December 31 2017
	(Millions of dollars)
Upstream
United States	$	42,126	$	40,770
International	155,396		159,612
Goodwill	4,518		4,531
Total Upstream	202,040		204,913
Downstream
United States	24,141		23,202
International	17,628		17,434
Total Downstream	41,769		40,636
Total Segment Assets	243,809		245,549
All Other
United States	5,353		4,938
International	7,444		3,319
Total All Other	12,797		8,257
Total Assets — United States	71,620		68,910
Total Assets — International	180,468		180,365
Goodwill	4,518		4,531
Total Assets	$	256,606	$	253,806

Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and nine-month periods ended September 30, 2018 and 2017, are presented in the following table. Products are transferred between operating segments at internal product values that approximate market prices. Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies.



	Three Months Ended September 30						Nine Months Ended September 30
Sales and Other Operating Revenues	2018			2017			2018			2017
	(Millions of dollars)
Upstream
United States	$	6,784		$	3,245		$	16,405		$	9,620
International	10,312			7,191			27,848			20,624
Subtotal	17,096			10,436			44,253			30,244
Intersegment Elimination — United States	(4,277		)	(2,298		)	(10,219		)	(6,737		)
Intersegment Elimination — International	(4,045		)	(2,828		)	(10,681		)	(8,256		)
Total Upstream	8,774			5,310			23,353			15,251
Downstream *
United States	16,405			13,452			45,137			39,206
International	18,568			15,298			52,571			44,512
Subtotal	34,973			28,750			97,708			83,718
Intersegment Elimination — United States	(1,360		)	(5		)	(1,804		)	(11		)
Intersegment Elimination — International	(339		)	(216		)	(869		)	(818		)
Total Downstream	33,274			28,529			95,035			82,889
All Other
United States	264			260			759			773
International	6			6			16			19
Subtotal	270			266			775			792
Intersegment Elimination — United States	(207		)	(207		)	(583		)	(621		)
Intersegment Elimination — International	(6		)	(6		)	(16		)	(18		)
Total All Other	57			53			176			153
Sales and Other Operating Revenues
United States	23,454			16,957			62,302			49,599
International	28,885			22,495			80,434			65,155
Subtotal	52,339			39,452			142,736			114,754
Intersegment Elimination — United States	(5,844		)	(2,510		)	(12,606		)	(7,369		)
Intersegment Elimination — International	(4,390		)	(3,050		)	(11,566		)	(9,092		)
Total Sales and Other Operating Revenues	$	42,105		$	33,892		$	118,564		$	98,293
_____________________________
* The three-month and nine-month comparative periods ended September 30, 2017, include excise, value-added and similar taxes of $1,867 million and $5,315 million, respectively, collected on behalf of third parties. Beginning in 2018, these taxes are netted in "Taxes other than on income" in accordance with ASU 2014-09. Refer to Note 17, "Revenue" beginning on page 24.

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

9 Months Ended

Sep. 30, 2018

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 refining, marketing, and supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method.

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



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Sales and other operating revenues^*	$	93,434	$	75,759
Costs and other deductions^*	90,912		75,403
Net income attributable to CUSA	2,929		1,315
_____________________________
^* 2017 includes excise, value-added and similar taxes collected on behalf of third parties of $3,268 million. Beginning in 2018, these taxes are netted in "Taxes other than on income" in accordance with ASU 2014-09.



	At September 30 2018		At December 31 2017
	(Millions of dollars)
Current assets	$	15,036	$	12,163
Other assets	55,209		54,994
Current liabilities	18,329		17,379
Other liabilities	13,049		12,541
Total CUSA net equity	$	38,867	$	37,237
Memo: Total debt	$	3,049	$	3,056

Summarized Financial Data - Tengizchevroil LLP

9 Months Ended

Sep. 30, 2018

Summarized Financial Data of Affiliate [Abstract]

Summarized Financial Data - Tengizchevroil LLP

Summarized Financial Data — Tengizchevroil LLP

Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Summarized financial information for 100 percent of TCO is presented in the following table:



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Sales and other operating revenues	$	13,255	$	9,619
Costs and other deductions	5,780		4,806
Net income attributable to TCO	5,265		3,402

Summarized Financial Data — Chevron Phillips Chemical Company LLC

Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Summarized financial information for 100 percent of CPChem is presented in the table below:



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Sales and other operating revenues	$	8,773	$	6,816
Costs and other deductions	7,475		5,732
Net income attributable to CPChem	1,766		1,424

Summarized Financial Data - Chevron Phillips Chemical Company LLC

9 Months Ended

Sep. 30, 2018

Summarized Financial Data of Subsidiary Two [Abstract]

Summarized Financial Data – Chevron Phillips Chemical Company LLC

Summarized Financial Data — Tengizchevroil LLP

Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Summarized financial information for 100 percent of TCO is presented in the following table:



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Sales and other operating revenues	$	13,255	$	9,619
Costs and other deductions	5,780		4,806
Net income attributable to TCO	5,265		3,402

Summarized Financial Data — Chevron Phillips Chemical Company LLC

Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Summarized financial information for 100 percent of CPChem is presented in the table below:



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Sales and other operating revenues	$	8,773	$	6,816
Costs and other deductions	7,475		5,732
Net income attributable to CPChem	1,766		1,424

Employee Benefits

9 Months Ended

Sep. 30, 2018

Retirement Benefits [Abstract]

Employee Benefits

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

The company also sponsors other postretirement employee benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and the retirees share the costs. For the company’s main U.S. medical plan, 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 components of net periodic benefit costs for 2018 and 2017 are as follows:



	Three Months Ended September 30						Nine Months Ended September 30
	2018			2017			2018			2017
	(Millions of dollars)
Pension Benefits
United States
Service cost	$	120		$	122		$	360		$	366
Interest cost	93			91			278			274
Expected return on plan assets	(159		)	(149		)	(477		)	(447		)
Amortization of prior service costs (credits)	—			(1		)	1			(3		)
Amortization of actuarial losses (gains)	76			85			228			255
Settlement losses	128			169			260			325
Total United States	258			317			650			770
International
Service cost	36			38			109			114
Interest cost	49			54			155			164
Expected return on plan assets	(62		)	(61		)	(193		)	(178		)
Amortization of prior service costs (credits)	2			3			8			9
Amortization of actuarial losses (gains)	6			11			23			33
Curtailment losses	3			—			3			—
Total International	34			45			105			142
Net Periodic Pension Benefit Costs	$	292		$	362		$	755		$	912
Other Benefits*
Service cost	$	10		$	8		$	31		$	24
Interest cost	24			23			72			71
Amortization of prior service costs (credits)	(7		)	(7		)	(21		)	(21		)
Amortization of actuarial losses (gains)	4			(1		)	11			(4		)
Net Periodic Other Benefit Costs	$	31		$	23		$	93		$	70

_ ___________________________________

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

Through September 30, 2018, a total of $941 million was contributed to employee pension plans (including $788 million to the U.S. plans). Total contributions for the full year are currently estimated to be $1.05 billion ($800 million for the U.S. plans and $250 million for the international plans). Actual contribution amounts are dependent upon plan investment returns, changes in pension obligations, regulatory requirements and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations.

During the first nine months of 2018, the company contributed $125 million to its OPEB plans. The company anticipates contributing approximately $50 million during fourth quarter 2018.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The increase in income tax expense between quarterly periods of $971 million, from $672 million in 2017 to $1.64 billion in 2018, 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 higher production. The company’s effective tax rate changed between periods from 25 percent in 2017 to 29 percent in 2018. 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. The increase in income tax expense for the nine months of $2.95 billion, from $1.59 billion in 2017 to $4.54 billion in 2018, 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 higher production. The company’s effective tax rate changed between periods from 21 percent in 2017 to 29 percent in 2018. 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. U.S. tax reform resulted in the remeasurement of U.S. deferred tax assets and liabilities in 2017. The company's U.S. tax return was prepared and filed in the quarter ended September 30, 2018, and did not result in any material change to the provisional amounts that were recognized in 2017. Further proposed regulations are expected to be issued later in 2018 which may result in a change to the provisional amounts that were recognized in 2017. 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 September 30, 2018. For these jurisdictions, the latest years for which income tax examinations had been finalized were as follows: United States — 2011, Nigeria — 2000, Australia — 2006 and Kazakhstan — 2007. The company engages in ongoing discussions with tax authorities regarding the resolution of tax matters in the various jurisdictions. Both the outcomes for these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. However, it is reasonably possible that developments regarding tax matters in certain tax jurisdictions may result in significant increases or decreases in the company’s total unrecognized tax benefits within the next 12 months. Given the number of years that still remain subject to examination and the number of matters being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits.

Litigation	9 Months Ended
Litigation	Sep. 30, 2018
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 million. After certifying that the sites were properly remediated, the government granted Texpet and all related corporate entities a full release from any and all environmental liability arising from the consortium operations. Based on the history described above, Chevron believes that this lawsuit lacks legal or factual merit. As to matters of law, the company believes first, that the court lacks jurisdiction over Chevron; second, that the law under which plaintiffs bring the action, enacted in 1999, cannot be applied retroactively; third, that the claims are barred by the statute of limitations in Ecuador; and, fourth, that the lawsuit is also barred by the releases from liability previously given to Texpet by the Republic of Ecuador and Petroecuador and by the pertinent provincial and municipal governments. With regard to the facts, the company believes that the evidence confirms that Texpet’s remediation was properly conducted and that the remaining environmental damage reflects Petroecuador’s failure to timely fulfill its legal obligations and Petroecuador’s further conduct since assuming full control over the operations. 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 $18.9 billion, which would, according to the engineer, provide financial compensation for purported damages, including wrongful death claims, and pay for, among other items, environmental remediation, health care systems and additional infrastructure for Petroecuador. The engineer’s report also asserted that an additional $8.4 billion could be assessed against Chevron for unjust enrichment. In 2009, following the disclosure by Chevron of evidence that the judge participated in meetings in which businesspeople and individuals holding themselves out as government officials discussed the case and its likely outcome, the judge presiding over the case was recused. In 2010, Chevron moved to strike the mining engineer’s report and to dismiss the case based on evidence obtained through discovery in the United States indicating that the report was prepared by consultants for the plaintiffs before being presented as the mining engineer’s independent and impartial work and showing further evidence of misconduct. In August 2010, the judge issued an order stating that he was not bound by the mining engineer’s report and requiring the parties to provide their positions on damages within 45 days. Chevron subsequently petitioned for recusal of the judge, claiming that he had disregarded evidence of fraud and misconduct and that he had failed to rule on a number of motions within the statutory time requirement. In September 2010, Chevron submitted its position on damages, asserting that no amount should be assessed against it. The plaintiffs’ submission, which relied in part on the mining engineer’s report, took the position that damages are between approximately $16 billion and $76 billion and that unjust enrichment should be assessed in an amount between approximately $5 billion and $38 billion. The next day, the judge issued an order closing the evidentiary phase of the case and notifying the parties that he had requested the case file so that he could prepare a judgment. Chevron petitioned to have that order declared a nullity in light of Chevron’s prior recusal petition, and because procedural and evidentiary matters remained unresolved. In October 2010, Chevron’s motion to recuse the judge was granted. A new judge took charge of the case and revoked the prior judge’s order closing the evidentiary phase of the case. On December 17, 2010, the judge issued an order closing the evidentiary phase of the case and notifying the parties that he had requested the case file so that he could prepare a judgment. On February 14, 2011, the provincial court in Lago Agrio rendered an adverse judgment in the case. The court rejected Chevron’s defenses to the extent the court addressed them in its opinion. The judgment assessed approximately $8.6 billion in damages and approximately $900 million as an award for the plaintiffs’ representatives. It also assessed an additional amount of approximately $8.6 billion in punitive damages unless the company issued a public apology within 15 days of the judgment, which Chevron did not do. On February 17, 2011, the plaintiffs appealed the judgment, seeking increased damages, and on March 11, 2011, Chevron appealed the judgment seeking to have the judgment nullified. On January 3, 2012, an appellate panel in the provincial court affirmed the February 14, 2011 decision and ordered that Chevron pay additional attorneys’ fees in the amount of “0.10% of the values that are derived from the decisional act of this judgment.” The plaintiffs filed a petition to clarify and amplify the appellate decision on January 6, 2012, and the court issued a ruling in response on January 13, 2012, purporting to clarify and amplify its January 3, 2012 ruling, which included clarification that the deadline for the company to issue a public apology to avoid the additional amount of approximately $8.6 billion in punitive damages was within 15 days of the clarification ruling, or February 3, 2012. Chevron did not issue an apology because doing so might be mischaracterized as an admission of liability and would be contrary to facts and evidence submitted at trial. On January 20, 2012, Chevron appealed (called a petition for cassation) the appellate panel’s decision to Ecuador’s National Court of Justice. As part of the appeal, Chevron requested the suspension of any requirement that Chevron post a bond to prevent enforcement under Ecuadorian law of the judgment during the cassation appeal. On February 17, 2012, the appellate panel of the provincial court admitted Chevron’s cassation appeal in a procedural step necessary for the National Court of Justice to hear the appeal. The provincial court appellate panel denied Chevron’s request for suspension of the requirement that Chevron post a bond and stated that it would not comply with the First and Second Interim Awards of the international arbitration tribunal discussed below. On March 29, 2012, the matter was transferred from the provincial court to the National Court of Justice, and on November 22, 2012, the National Court agreed to hear Chevron's cassation appeal. On August 3, 2012, the provincial court in Lago Agrio approved a court-appointed liquidator’s report on damages that calculated the total judgment in the case to be $19.1 billion. On November 13, 2013, the National Court ratified the judgment but nullified the $8.6 billion punitive damage assessment, resulting in a judgment of $9.5 billion. On December 23, 2013, Chevron appealed the decision to the Ecuador Constitutional Court, Ecuador's highest court. The reporting justice of the Constitutional Court heard oral arguments on the appeal on July 16, 2015. On July 10, 2018, Ecuador's Constitutional Court released a decision rejecting Chevron's appeal, which sought to nullify the National Court of Justice's judgment against Chevron. No further appeals are available. 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 Appeal 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 May 24, 2018, the Court of Appeal for Ontario upheld the Superior Court’s grant of Chevron Canada Limited’s and Chevron Corporation’s motions for summary judgment based on corporate separateness grounds and the dismissal of Chevron Canada Limited from the case. On June 22, 2018, the Lago Agrio plaintiffs filed leave to appeal the decision of the Court of Appeal for Ontario to the Supreme Court of Canada. 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 June 15, 2018, this decision became a final judgment in Brazil. No further appeals are available. 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. On July 3, 2018, the Federal Civil Court of Appeals affirmed the National Court, First Instance’s, dismissal of the Lago Agrio plaintiffs’ recognition and enforcement action based on jurisdictional grounds. On October 5, 2018, the Federal Civil Court of Appeals granted, in part, the admissibility of the Lago Agrio Plaintiffs’ appeal to the Supreme Court of Argentina. 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 any enforcement action. Chevron expects to continue a vigorous defense of any imposition of liability 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 outside of 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 outside of 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. On August 30, 2018, the Tribunal issued its Phase Two award in favor of Chevron and Texpet. The Tribunal unanimously held that the Ecuadorian judgment was procured through fraud, bribery and corruption and was based on claims that the Republic of Ecuador had settled and released in the mid-1990s, concluding that the Ecuadorian judgment “violates international public policy” and “should not be recognized or enforced by the courts of other States.” Specifically, the Tribunal found that (i) the Republic of Ecuador breached its obligations under the 1995 and 1998 settlement agreements releasing Texpet and its affiliates from public environmental claims (the same claims on which the Ecuadorian judgment was exclusively based) and (ii) the Republic of Ecuador committed a denial of justice under customary international law and under the fair and equitable treatment provision of the BIT due to the fraud and corruption in the Lago Agrio litigation. Among other things, the Tribunal ordered the Republic of Ecuador to: (a) take immediate steps to remove the status of enforceability from the Ecuadorian judgment; (b) promptly advise in writing any State where the Lago Agrio Plaintiffs may be seeking the enforcement or recognition of the Ecuadorian judgment of the Tribunal’s declarations, orders and awards; (c) take measures to “wipe out all the consequences” of Ecuador's "internationally wrongful acts in regard to the Ecuadorian judgment;" and (d) compensate Chevron for any injuries resulting from the Ecuadorian judgment. The Tribunal has not set a date for Phase Three, the third and final phase of the arbitration, at which damages for Chevron's injuries will be determined. 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).

Other Contingencies and Commitments	9 Months Ended
Other Contingencies and Commitments	Sep. 30, 2018
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 12 on page 16 for a discussion of the periods for which tax returns have been audited for the company’s major tax jurisdictions. Settlement of open tax years, as well as other tax issues in countries where the company conducts its businesses, are not expected to have a material effect on the consolidated financial position or liquidity of the company and, in the opinion of management, adequate provision has been made for income taxes for all years under examination or subject to future examination. Guarantees The company and its subsidiaries have certain contingent liabilities with respect to guarantees, direct or indirect, of debt of affiliated companies or third parties. Under the terms of the guarantee arrangements, the company would generally be required to perform should the affiliated company or third party fail to fulfill its obligations under the arrangements. In some cases, the guarantee arrangements may have recourse provisions that would enable the company to recover any payments made under the terms of the guarantees from assets provided as collateral. Indemnifications In the acquisition of Unocal, the company assumed certain indemnities relating to contingent environmental liabilities associated with assets that were sold in 1997. The acquirer of those assets shared in certain environmental remediation costs up to a maximum obligation of $200 million, which had been reached at December 31, 2009. Under the indemnification agreement, after reaching the $200 million obligation, Chevron is solely responsible until April 2022, when the indemnification expires. The environmental conditions or events that are subject to these indemnities must have arisen prior to the sale of the assets in 1997. Although the company has provided for known obligations under this indemnity that are probable and reasonably estimable, the amount of additional future costs may be material to results of operations in the period in which they are recognized. The company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Off-Balance-Sheet Obligations The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional purchase obligations and commitments, including throughput and take-or-pay agreements, some of which relate to suppliers’ financing arrangements. The agreements typically provide goods and services, such as pipeline and storage capacity, drill ships, utilities, and petroleum products, to be used or sold in the ordinary course of the company’s business. Environmental The company is subject to loss contingencies pursuant to laws, regulations, private claims and legal proceedings related to environmental matters that are subject to legal settlements or that in the future may require the company to take action to correct or ameliorate the effects on the environment of prior release of chemicals or petroleum substances, including MTBE, by the company or other parties. Such contingencies may exist for various sites, including, but not limited to, federal Superfund sites and analogous sites under state laws, refineries, crude oil fields, service stations, terminals, land development areas, and mining activities, whether operating, closed or divested. These future costs are not fully determinable due to factors such as the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions that may be required, the determination of the company’s liability in proportion to other responsible parties, and the extent to which such costs are recoverable from third parties. Although the company has provided for known environmental obligations that are probable and reasonably estimable, the amount of additional future costs may be material to results of operations in the period in which they are recognized. The company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Also, the company does not believe its obligations to make such expenditures have had, or will have, any significant impact on the company’s competitive position relative to other U.S. or international petroleum or chemical companies. Other Contingencies Governmental entities in California and other jurisdictions have filed legal proceedings against fossil fuel producing companies, including Chevron, purporting to seek legal and equitable relief to address alleged impacts of climate change. Further such proceedings are likely to be filed by other parties. The unprecedented legal theories set forth in these proceedings entail the possibility of damages liability and injunctions against the production of all fossil fuels that, while we believe remote, could have a material adverse effect on the Company’s results of operations and financial condition. Management believes that these proceedings are legally and factually meritless and detract from constructive efforts to address the important policy issues presented by climate change, and will vigorously defend against such proceedings. 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.

Fair Value Measurements

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability are described as follows:

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

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

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

The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at September 30, 2018, and December 31, 2017, is as follows:

Assets and Liabilities Measured at Fair Value on a Recurring Basis

(Millions of dollars)



	At September 30, 2018								At December 31, 2017
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable Securities	$	60	$	60	$	—	$	—	$	9	$	9	$	—	$	—
Derivatives	16		1		15		—		22		—		22		—
Total Assets at Fair Value	$	76	$	61	$	15	$	—	$	31	$	9	$	22	$	—
Derivatives	84		52		32		—		124		78		46		—
Total Liabilities at Fair Value	$	84	$	52	$	32	$	—	$	124	$	78	$	46	$	—

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 September 30, 2018.

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

Assets carried at fair value at September 30, 2018, and December 31, 2017, are as follows:

Cash and Cash Equivalents The company holds cash equivalents 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 $9.7 billion and $4.8 billion at September 30, 2018, and December 31, 2017, 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 September 30, 2018.

Restricted Cash had a carrying/fair value of $1.1 billion and $1.1 billion at September 30, 2018, and December 31, 2017, respectively. At September 30, 2018, restricted cash is classified as Level 1 and includes restricted funds related to certain upstream abandonment activities and a financing program, which are reported in "Prepaid expenses and other current assets" and “Deferred charges and other assets” on the Consolidated Balance Sheet.

Long-Term Debt had a net carrying value, excluding amounts reclassified from short-term, of $19.9 billion and $23.5 billion at September 30, 2018, and December 31, 2017, respectively. The fair value of long-term debt at September 30, 2018, and December 31, 2017 was $19.8 billion and $23.9 billion, respectively. Long-term debt primarily includes corporate issued bonds. The fair value of corporate bonds classified as Level 1 is $19.0 billion. The fair value of other long-term debt classified as Level 2 is $0.8 billion.

The carrying values of other short-term financial assets and liabilities on the Consolidated Balance Sheet approximate their fair values. Fair value remeasurements of other financial instruments at September 30, 2018, and December 31, 2017, were not material.

The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2018, is as follows:

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

(Millions of dollars)



	At September 30, 2018
									Before-Tax Loss
	Total		Level 1		Level 2		Level 3		Three Months Ended		Nine Months Ended
	Total		Level 1		Level 2		Level 3		Three Months Ended		Nine Months Ended
Properties, plant and equipment, net (held and used)	$	—	$	—	$	—	$	—	$	—	$	—
Properties, plant and equipment, net (held for sale)	212		—		—		212		290		586
Investments and advances	56		—		—		56		43		44
Total Assets at Fair Value	$	268	$	—	$	—	$	268	$	333	$	630

Properties, plant and equipment The company did not have any individually material impairments of long-lived assets measured at fair value on a nonrecurring basis to report in third quarter 2018.

Investments and advances The company did not have any material impairments of investments and advances measured at fair value on a nonrecurring basis to report in third quarter 2018.

- 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

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial and Derivative Instruments

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

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

Derivative instruments measured at fair value at September 30, 2018, and December 31, 2017, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:

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

(Millions of dollars)



Type of Contract	Balance Sheet Classification	At September 30 2018		At December 31 2017
Commodity	Accounts and notes receivable, net	$	15	$	22
Commodity	Long-term receivables, net	1		—
Total Assets at Fair Value		$	16	$	22
Commodity	Accounts payable	$	76	$	122
Commodity	Deferred credits and other noncurrent obligations	8		2
Total Liabilities at Fair Value		$	84	$	124

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

(Millions of dollars)



		Gain / (Loss) Three Months Ended September 30						Gain / (Loss) Nine Months Ended September 30
Type of Contract	Statement of Income Classification	2018			2017			2018			2017
Commodity	Sales and other operating revenues	$	(80	)	$	(196	)	$	(257	)	$	82
Commodity	Purchased crude oil and products	(10		)	(7		)	(36		)	3
Commodity	Other income	1			1			1			(2		)
		$	(89	)	$	(202	)	$	(292	)	$	83

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 30, 2018, and December 31, 2017.

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

(Millions of dollars)



	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
At September 30, 2018	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
Derivative Assets	$	3,399	$	3,383	$	16	$	9	$	7
Derivative Liabilities	$	3,467	$	3,383	$	84	$	9	$	75

At December 31, 2017
Derivative Assets	$	1,169	$	1,147	$	22	$	—	$	22
Derivative Liabilities	$	1,271	$	1,147	$	124	$	—	$	124

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."

Revenue	9 Months Ended
Revenue	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue	Revenue On January 1, 2018, Chevron adopted ASU 2014-09, Revenue from Contracts with Customers (ASC 606), and its related amendments using the modified retrospective transition method, which did not require the restatement of prior periods. The adoption did not result in a material change in the company’s accounting or have a material effect on the company’s financial position, including the measurement of revenue, the timing of revenue recognition and the recognition of contract assets, liabilities and related costs. The most significant change is the presentation of excise, value-added and similar taxes collected on behalf of third parties, which are no longer presented within “Sales and other operating revenue” on the Consolidated Statement of Income starting in 2018. These taxes, which totaled $5.9 billion in the nine months ended September 30, 2018, are now netted in “Taxes other than on income” in the Consolidated Statement of Income. This change to presentation had no impact on earnings. In the nine months ended September 30, 2017, these taxes totaled $5.3 billion. Under the new standard, the company accounts for commodity delivery orders as separate performance obligations. Revenue is recognized when the performance obligation is satisfied, which continues to typically occur at the point in time when control of the product transfers to the customer. Payment is generally due within 30 days from delivery. The company has elected to account for delivery transportation as a fulfillment cost, not a separate performance obligation. These costs continue to be recognized as an operating expense in the period when revenue for the related commodity is recognized. Revenue is measured as the amount the company expects to receive in exchange for transferring commodities to the customer. The company’s commodity sales are typically based on prevailing market-based prices and may include discounts and allowances. Until market prices become known under terms of the company’s contracts, the transaction price included in revenue is based on the company’s estimate of the most likely outcome. Discounts and allowances are estimated using a combination of historical and recent data trends. When deliveries contain multiple products, an observable standalone selling price is generally used to measure revenue for each product. The company includes estimates in the transaction price only to the extent that a significant reversal of revenue is not probable in subsequent periods. The company applied the optional exemption to not report any unfulfilled performance obligations related to contracts that have terms of less than one year. The amount of future revenue for unfulfilled performance obligations under long-term contracts with fixed components was insignificant for the nine months ended September 30, 2018. Revenue from contracts with customers is presented in “Sales and other operating revenue” along with some activity that is accounted for outside the scope of ASC 606, which is not material to this line, on the Consolidated Statement of Income. 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. Refer to Note 7 beginning on page 11 for additional information on the company’s segmentation of revenue. Receivables related to revenue from contracts with customers are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the allowance for doubtful accounts. The net balance of these receivables was $9.8 billion and $11.9 billion at January 1, 2018 and September 30, 2018, respectively. Other items included in “Accounts and notes receivable, net” represent amounts due from partners for their share of joint venture operating and project costs and amounts due from others, primarily related to derivatives, leases, buy/sell arrangements and product exchanges, which are accounted for outside the scope of ASC 606, Revenue from Contracts with Customers. Contract assets and related costs are reflected in “Prepaid expenses and other current assets” and contract liabilities are reflected in “Accrued liabilities” and “Deferred credits and other noncurrent obligations” on the Consolidated Balance Sheet. Amounts for these items are not material to the company’s financial position.

Accounting for Suspended Exploratory Wells	9 Months Ended
Accounting for Suspended Exploratory Wells	Sep. 30, 2018
Accounting for Suspended Exploratory Wells [Abstract]
Accounting for Suspended Exploratory Wells	Accounting for Suspended Exploratory Wells The capitalized cost of suspended wells at September 30, 2018, was $3.6 billion, a net decrease of $124 million from year-end 2017. The decrease was primarily due to well write-offs, partially offset by drilling activities. During the nine months ended September 30, 2018, $313 million of exploratory well costs previously capitalized for greater than one year at December 31, 2017, were charged to expense.

New Accounting Standards (Policies)	9 Months Ended
New Accounting Standards (Policies)	Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Standards	Revenue Recognition (Topic 606): Revenue from Contracts with Customers On January 1, 2018, Chevron adopted ASU 2014-09 and its related amendments using the modified retrospective transition method, which did not require the restatement of prior periods. The impact of the adoption of the standard did not have a material effect on the company’s consolidated financial statements. For additional information on the company’s revenue, refer to Note 17 beginning on page 24. Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments Effective January 1, 2018, Chevron adopted ASU 2016-15 on a retrospective basis. The standard provides clarification on how certain cash receipts and cash payments are presented and classified on the Consolidated Statement of Cash Flows. The adoption of this ASU did not have a material impact on the company's Consolidated Statement of Cash Flows. For additional information, refer to Note 4 beginning on page 8. Statement of Cash Flows (Topic 230): Restricted Cash Effective January 1, 2018, Chevron adopted ASU 2016-18 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 Consolidated Statement of Cash Flows and to provide a reconciliation to the Consolidated 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 Consolidated Balance Sheet. The company’s restricted cash balances are now included in the beginning and ending balances on the Consolidated Statement of Cash Flows. For additional information, refer to Note 4 beginning on page 8. Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) On January 1, 2018, the company adopted ASU 2017-05 which provides clarification regarding the guidance on accounting for the derecognition of nonfinancial assets. The adoption of the standard had no impact on the company’s consolidated financial statements. Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Effective January 1, 2018, Chevron adopted ASU 2017-07 on a retrospective basis. 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 effects of retrospective adoption on the Consolidated Statement of Income for the nine-month period ended September 30, 2017 were to move $234 million from "Operating expenses" and $251 million from "Selling, general and administrative expenses" to "Other components of net periodic benefits cost." Leases (Topic 842) In February 2016, the Financial Accounting Standards Board (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 plans to elect the short-term lease exception provided for in the standard and therefore will only recognize right-of-use assets and lease liabilities for leases with a term greater than one year. The company further intends to elect the option to apply the transition provisions of the new standard at the adoption date instead of the earliest comparative period presented in the financial statements. The company continues to focus its implementation efforts on accounting policy and disclosure updates and system implementation necessary to meet the standard's requirements. The company is continuing its review of contracts which may result in certain contracts, currently not classified as leases, being classified as operating leases under the new standard. The company does not expect the adoption of the ASU to have a material impact on finance leases, which are currently referred to as capital leases. The company estimates the operating lease right-of-use assets and lease liabilities to be recognized by the company on January 1, 2019 will be approximately $3 to $4 billion. The operating lease balance could change as contracts are executed, modified, renewed, or expired. The estimate could also be impacted by changes to interest and foreign exchange rates. The company expects the implementation of the standard will have a minimal impact on the Consolidated Statement of Income and Consolidated Statement of Cash Flows. Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02, which becomes effective for the company January 1, 2019. The standard permits companies to reclassify the residual tax effects in Accumulated Other Comprehensive Income as a result of tax reform to retained earnings and also requires additional new disclosures. The company is evaluating the effect of the standard on its 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 its consolidated financial statements.
Segment Reporting	Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of exploring for, developing and producing crude oil and natural gas; liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil and refined products; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. All Other activities of the company include worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies. The 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).
Fair Value of Financial Instruments	The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability are described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract. Level 3: Unobservable inputs. The company does not use Level 3 inputs for any of its recurring fair value measurements. Level 3 inputs may be required for the determination of fair value associated with certain nonrecurring measurements of nonfinancial assets and liabilities.
Revenue	On January 1, 2018, Chevron adopted ASU 2014-09, Revenue from Contracts with Customers (ASC 606), and its related amendments using the modified retrospective transition method, which did not require the restatement of prior periods. The adoption did not result in a material change in the company’s accounting or have a material effect on the company’s financial position, including the measurement of revenue, the timing of revenue recognition and the recognition of contract assets, liabilities and related costs. The most significant change is the presentation of excise, value-added and similar taxes collected on behalf of third parties, which are no longer presented within “Sales and other operating revenue” on the Consolidated Statement of Income starting in 2018. These taxes, which totaled $5.9 billion in the nine months ended September 30, 2018, are now netted in “Taxes other than on income” in the Consolidated Statement of Income. This change to presentation had no impact on earnings. In the nine months ended September 30, 2017, these taxes totaled $5.3 billion. Under the new standard, the company accounts for commodity delivery orders as separate performance obligations. Revenue is recognized when the performance obligation is satisfied, which continues to typically occur at the point in time when control of the product transfers to the customer. Payment is generally due within 30 days from delivery. The company has elected to account for delivery transportation as a fulfillment cost, not a separate performance obligation. These costs continue to be recognized as an operating expense in the period when revenue for the related commodity is recognized. Revenue is measured as the amount the company expects to receive in exchange for transferring commodities to the customer. The company’s commodity sales are typically based on prevailing market-based prices and may include discounts and allowances. Until market prices become known under terms of the company’s contracts, the transaction price included in revenue is based on the company’s estimate of the most likely outcome. Discounts and allowances are estimated using a combination of historical and recent data trends. When deliveries contain multiple products, an observable standalone selling price is generally used to measure revenue for each product. The company includes estimates in the transaction price only to the extent that a significant reversal of revenue is not probable in subsequent periods. The company applied the optional exemption to not report any unfulfilled performance obligations related to contracts that have terms of less than one year. The amount of future revenue for unfulfilled performance obligations under long-term contracts with fixed components was insignificant for the nine months ended September 30, 2018. Revenue from contracts with customers is presented in “Sales and other operating revenue” along with some activity that is accounted for outside the scope of ASC 606, which is not material to this line, on the Consolidated Statement of Income. 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. Refer to Note 7 beginning on page 11 for additional information on the company’s segmentation of revenue. Receivables related to revenue from contracts with customers are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the allowance for doubtful accounts. The net balance of these receivables was $9.8 billion and $11.9 billion at January 1, 2018 and September 30, 2018, respectively. Other items included in “Accounts and notes receivable, net” represent amounts due from partners for their share of joint venture operating and project costs and amounts due from others, primarily related to derivatives, leases, buy/sell arrangements and product exchanges, which are accounted for outside the scope of ASC 606, Revenue from Contracts with Customers. Contract assets and related costs are reflected in “Prepaid expenses and other current assets” and contract liabilities are reflected in “Accrued liabilities” and “Deferred credits and other noncurrent obligations” on the Consolidated Balance Sheet. Amounts for these items are not material to the company’s financial position.

Changes in Accumulated Other Comprehensive Losses (Tables)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

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



	Nine Months Ended September 30, 2018
	Currency Translation Adjustment			Unrealized Holding Gains (Losses) on Securities			Derivatives			Defined Benefit Plans			Total
	(Millions of dollars)
Balance at January 1	$	(105	)	$	(5	)	$	(2	)	$	(3,477	)	$	(3,589	)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(12		)	(6		)	—			(53		)	(71		)
Reclassifications⁽²⁾	—			—			—			395			395
Net Other Comprehensive Income (Loss)	(12		)	(6		)	—			342			324
Balance at September 30	$	(117	)	$	(11	)	$	(2	)	$	(3,135	)	$	(3,265	)

________________________________

⁽¹⁾ All amounts are net of tax.

Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2018

Noncontrolling Interest [Abstract]

Activity for equity attributable to noncontrolling interests

Activity for the equity attributable to noncontrolling interests for the first nine months of 2018 and 2017 is as follows:



	2018									2017
	Chevron Corporation Stockholders’ Equity			Non-controlling Interest			Total Equity			Chevron Corporation Stockholders’ Equity			Non-controlling Interest			Total Equity
	(Millions of dollars)
Balance at January 1	$	148,124		$	1,195		$	149,319		$	145,556		$	1,166		$	146,722
Net income	11,094			43			11,137			6,084			67			6,151
Dividends	(6,384		)	—			(6,384		)	(6,095		)	—			(6,095		)
Distributions to noncontrolling interests	—			(87		)	(87		)	—			(66		)	(66		)
Treasury shares, net	185			—			185			597			—			597
Other changes, net*	556			(53		)	503			571			31			602
Balance at September 30	$	153,575		$	1,098		$	154,673		$	146,713		$	1,198		$	147,911

__________________________________________

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

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

9 Months Ended

Sep. 30, 2018

Supplemental Cash Flow Elements [Abstract]

Net increase in operating working capital

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



	Nine Months Ended September 30
	2018			2017
	(Millions of dollars)
Decrease (increase) in accounts and notes receivable	$	(1,741	)	$	265
Decrease (increase) in inventories	(749		)	(436		)
Decrease (increase) in prepaid expenses and other current assets ¹	(310		)	235
Increase (decrease) in accounts payable and accrued liabilities ¹	887			(621		)
Increase (decrease) in income and other taxes payable	31			9
Net decrease (increase) in operating working capital ¹	$	(1,882	)	$	(548	)
_____________________
¹ 2017 amount adjusted to conform to Accounting Standards Update 2016-18.

Cash payment for interest on debt and for income taxes

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



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Interest on debt (net of capitalized interest)	$	502	$	30
Income taxes	3,526		2,203

Net sales of marketable securities

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



	Nine Months Ended September 30
	2018			2017
	(Millions of dollars)
Marketable securities purchased	$	(51	)	$	(3	)
Marketable securities sold	—			3
Net sales (purchases) of marketable securities	$	(51	)	$	—

Schedule of net borrowing of loans by equity affiliates

The “Net repayment (borrowing) of loans by equity affiliates” consisted of the following gross amounts:



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Borrowing of loans by equity affiliates	$	—	$	(142	)
Repayment of loans by equity affiliates	78		106
Net repayment (borrowing) of loans by equity affiliates	$	78	$	(36	)

Schedule of short-term debt

The “Net borrowings (repayments) of short-term obligations" consisted of the following gross and net amounts:



	Nine Months Ended September 30
	2018			2017
	(Millions of dollars)
Repayments of short-term obligations	$	(3,379	)	$	(8,403	)
Proceeds from issuances of short-term obligations	2,452			3,415
Net borrowings (repayments) of short-term obligations with three months or less maturity	3,126			(2,197		)
Net borrowings (repayments) of short-term obligations	$	2,199		$	(7,185	)

Capital expenditures

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



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Additions to properties, plant and equipment	$	9,489	$	9,615
Additions to investments	36		16
Current year dry hole expenditures	276		131
Payments for other liabilities and assets, net	—		1
Capital expenditures	9,801		9,763
Expensed exploration expenditures	364		368
Assets acquired through capital lease obligations	65		3
Capital and exploratory expenditures, excluding equity affiliates	10,230		10,134
Company’s share of expenditures by equity affiliates	4,115		3,252
Capital and exploratory expenditures, including equity affiliates	$	14,345	$	13,386

Schedule of cash, cash equivalents and restricted cash

The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet:



	At September 30				At December 31
	2018		2017		2017		2016
	(Millions of dollars)				(Millions of dollars)
Cash and Cash Equivalents	$	9,686	$	6,641	$	4,813	$	6,988
Restricted cash included in "Prepaid expenses and other current assets"	277		523		405		488
Restricted cash included in "Deferred charges and other assets"	778		791		725		938
Total Cash, Cash Equivalents and Restricted Cash	$	10,741	$	7,955	$	5,943	$	8,414

Operating Segments and Geographic Data (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Earnings

Earnings by major operating area for the three- and nine-month periods ended September 30, 2018 and 2017, are presented in the following table:



	Three Months Ended September 30						Nine Months Ended September 30
Segment Earnings	2018			2017			2018			2017
	(Millions of dollars)
Upstream
United States	$	828		$	(26	)	$	2,314		$	(48	)
International	2,551			515			7,712			2,907
Total Upstream	3,379			489			10,026			2,859
Downstream
United States	748			640			1,847			1,743
International	625			1,174			1,092			2,192
Total Downstream	1,373			1,814			2,939			3,935
Total Segment Earnings	4,752			2,303			12,965			6,794
All Other
Interest expense	(171		)	(30		)	(524		)	(115		)
Interest income	37			13			84			42
Other	(571		)	(334		)	(1,431		)	(637		)
Net Income Attributable to Chevron Corporation	$	4,047		$	1,952		$	11,094		$	6,084

Segment Assets

Segment assets at September 30, 2018, and December 31, 2017, are as follows:



Segment Assets	At September 30 2018		At December 31 2017
	(Millions of dollars)
Upstream
United States	$	42,126	$	40,770
International	155,396		159,612
Goodwill	4,518		4,531
Total Upstream	202,040		204,913
Downstream
United States	24,141		23,202
International	17,628		17,434
Total Downstream	41,769		40,636
Total Segment Assets	243,809		245,549
All Other
United States	5,353		4,938
International	7,444		3,319
Total All Other	12,797		8,257
Total Assets — United States	71,620		68,910
Total Assets — International	180,468		180,365
Goodwill	4,518		4,531
Total Assets	$	256,606	$	253,806

Segment Sales and Other Operating Revenues



	Three Months Ended September 30						Nine Months Ended September 30
Sales and Other Operating Revenues	2018			2017			2018			2017
	(Millions of dollars)
Upstream
United States	$	6,784		$	3,245		$	16,405		$	9,620
International	10,312			7,191			27,848			20,624
Subtotal	17,096			10,436			44,253			30,244
Intersegment Elimination — United States	(4,277		)	(2,298		)	(10,219		)	(6,737		)
Intersegment Elimination — International	(4,045		)	(2,828		)	(10,681		)	(8,256		)
Total Upstream	8,774			5,310			23,353			15,251
Downstream *
United States	16,405			13,452			45,137			39,206
International	18,568			15,298			52,571			44,512
Subtotal	34,973			28,750			97,708			83,718
Intersegment Elimination — United States	(1,360		)	(5		)	(1,804		)	(11		)
Intersegment Elimination — International	(339		)	(216		)	(869		)	(818		)
Total Downstream	33,274			28,529			95,035			82,889
All Other
United States	264			260			759			773
International	6			6			16			19
Subtotal	270			266			775			792
Intersegment Elimination — United States	(207		)	(207		)	(583		)	(621		)
Intersegment Elimination — International	(6		)	(6		)	(16		)	(18		)
Total All Other	57			53			176			153
Sales and Other Operating Revenues
United States	23,454			16,957			62,302			49,599
International	28,885			22,495			80,434			65,155
Subtotal	52,339			39,452			142,736			114,754
Intersegment Elimination — United States	(5,844		)	(2,510		)	(12,606		)	(7,369		)
Intersegment Elimination — International	(4,390		)	(3,050		)	(11,566		)	(9,092		)
Total Sales and Other Operating Revenues	$	42,105		$	33,892		$	118,564		$	98,293
_____________________________
* The three-month and nine-month comparative periods ended September 30, 2017, include excise, value-added and similar taxes of $1,867 million and $5,315 million, respectively, collected on behalf of third parties. Beginning in 2018, these taxes are netted in "Taxes other than on income" in accordance with ASU 2014-09. Refer to Note 17, "Revenue" beginning on page 24.

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

9 Months Ended

Sep. 30, 2018

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:



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Sales and other operating revenues^*	$	93,434	$	75,759
Costs and other deductions^*	90,912		75,403
Net income attributable to CUSA	2,929		1,315
_____________________________
^* 2017 includes excise, value-added and similar taxes collected on behalf of third parties of $3,268 million. Beginning in 2018, these taxes are netted in "Taxes other than on income" in accordance with ASU 2014-09.

Summarized Financial Data and its Subsidiary



	At September 30 2018		At December 31 2017
	(Millions of dollars)
Current assets	$	15,036	$	12,163
Other assets	55,209		54,994
Current liabilities	18,329		17,379
Other liabilities	13,049		12,541
Total CUSA net equity	$	38,867	$	37,237
Memo: Total debt	$	3,049	$	3,056

Summarized Financial Data - Tengizchevroil LLP (Tables)

9 Months Ended

Sep. 30, 2018

Summarized Financial Data of Affiliate [Abstract]

Summarized Financial Data - Tengizchevroil LLP

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



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Sales and other operating revenues	$	13,255	$	9,619
Costs and other deductions	5,780		4,806
Net income attributable to TCO	5,265		3,402

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



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Sales and other operating revenues	$	8,773	$	6,816
Costs and other deductions	7,475		5,732
Net income attributable to CPChem	1,766		1,424

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

9 Months Ended

Sep. 30, 2018

Summarized Financial Data of Subsidiary Two [Abstract]

Summarized Financial Data - Chevron Transport Corporation

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



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Sales and other operating revenues	$	13,255	$	9,619
Costs and other deductions	5,780		4,806
Net income attributable to TCO	5,265		3,402

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



	Nine Months Ended September 30
	2018		2017
	(Millions of dollars)
Sales and other operating revenues	$	8,773	$	6,816
Costs and other deductions	7,475		5,732
Net income attributable to CPChem	1,766		1,424

Employee Benefits (Tables)

9 Months Ended

Sep. 30, 2018

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

The components of net periodic benefit costs for 2018 and 2017 are as follows:



	Three Months Ended September 30						Nine Months Ended September 30
	2018			2017			2018			2017
	(Millions of dollars)
Pension Benefits
United States
Service cost	$	120		$	122		$	360		$	366
Interest cost	93			91			278			274
Expected return on plan assets	(159		)	(149		)	(477		)	(447		)
Amortization of prior service costs (credits)	—			(1		)	1			(3		)
Amortization of actuarial losses (gains)	76			85			228			255
Settlement losses	128			169			260			325
Total United States	258			317			650			770
International
Service cost	36			38			109			114
Interest cost	49			54			155			164
Expected return on plan assets	(62		)	(61		)	(193		)	(178		)
Amortization of prior service costs (credits)	2			3			8			9
Amortization of actuarial losses (gains)	6			11			23			33
Curtailment losses	3			—			3			—
Total International	34			45			105			142
Net Periodic Pension Benefit Costs	$	292		$	362		$	755		$	912
Other Benefits*
Service cost	$	10		$	8		$	31		$	24
Interest cost	24			23			72			71
Amortization of prior service costs (credits)	(7		)	(7		)	(21		)	(21		)
Amortization of actuarial losses (gains)	4			(1		)	11			(4		)
Net Periodic Other Benefit Costs	$	31		$	23		$	93		$	70

_ ___________________________________

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

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at September 30, 2018, and December 31, 2017, is as follows:

Assets and Liabilities Measured at Fair Value on a Recurring Basis

(Millions of dollars)



	At September 30, 2018								At December 31, 2017
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable Securities	$	60	$	60	$	—	$	—	$	9	$	9	$	—	$	—
Derivatives	16		1		15		—		22		—		22		—
Total Assets at Fair Value	$	76	$	61	$	15	$	—	$	31	$	9	$	22	$	—
Derivatives	84		52		32		—		124		78		46		—
Total Liabilities at Fair Value	$	84	$	52	$	32	$	—	$	124	$	78	$	46	$	—

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

The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2018, is as follows:

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

(Millions of dollars)



	At September 30, 2018
									Before-Tax Loss
	Total		Level 1		Level 2		Level 3		Three Months Ended		Nine Months Ended
	Total		Level 1		Level 2		Level 3		Three Months Ended		Nine Months Ended
Properties, plant and equipment, net (held and used)	$	—	$	—	$	—	$	—	$	—	$	—
Properties, plant and equipment, net (held for sale)	212		—		—		212		290		586
Investments and advances	56		—		—		56		43		44
Total Assets at Fair Value	$	268	$	—	$	—	$	268	$	333	$	630

Financial and Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

(Millions of dollars)



Type of Contract	Balance Sheet Classification	At September 30 2018		At December 31 2017
Commodity	Accounts and notes receivable, net	$	15	$	22
Commodity	Long-term receivables, net	1		—
Total Assets at Fair Value		$	16	$	22
Commodity	Accounts payable	$	76	$	122
Commodity	Deferred credits and other noncurrent obligations	8		2
Total Liabilities at Fair Value		$	84	$	124

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

(Millions of dollars)



		Gain / (Loss) Three Months Ended September 30						Gain / (Loss) Nine Months Ended September 30
Type of Contract	Statement of Income Classification	2018			2017			2018			2017
Commodity	Sales and other operating revenues	$	(80	)	$	(196	)	$	(257	)	$	82
Commodity	Purchased crude oil and products	(10		)	(7		)	(36		)	3
Commodity	Other income	1			1			1			(2		)
		$	(89	)	$	(202	)	$	(292	)	$	83

Schedule of Offsetting Assets

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 30, 2018, and December 31, 2017.

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

(Millions of dollars)



	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
At September 30, 2018	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
Derivative Assets	$	3,399	$	3,383	$	16	$	9	$	7
Derivative Liabilities	$	3,467	$	3,383	$	84	$	9	$	75

At December 31, 2017
Derivative Assets	$	1,169	$	1,147	$	22	$	—	$	22
Derivative Liabilities	$	1,271	$	1,147	$	124	$	—	$	124

Schedule of Offsetting Liabilities

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 30, 2018, and December 31, 2017.

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

(Millions of dollars)



	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
At September 30, 2018	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
Derivative Assets	$	3,399	$	3,383	$	16	$	9	$	7
Derivative Liabilities	$	3,467	$	3,383	$	84	$	9	$	75

At December 31, 2017
Derivative Assets	$	1,169	$	1,147	$	22	$	—	$	22
Derivative Liabilities	$	1,271	$	1,147	$	124	$	—	$	124

Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at January 1			$ 149,319	$ 146,722
Components of Other Comprehensive Income (Loss):
Before Reclassifications			(71)
Reclassifications			395
Other Comprehensive Gain, Net of Tax	$ 103	$ 182	324	421
Balance at September 30	154,673	147,911	154,673	147,911
Related income taxes	1,643	$ 672	4,540	$ 1,589
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at January 1			(3,589)
Components of Other Comprehensive Income (Loss):
Balance at September 30	(3,265)		(3,265)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at January 1			(105)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			(12)
Reclassifications			0
Other Comprehensive Gain, Net of Tax			(12)
Balance at September 30	(117)		(117)
Unrealized Holding Gains (Losses) on Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at January 1			(5)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			(6)
Reclassifications			0
Other Comprehensive Gain, Net of Tax			(6)
Balance at September 30	(11)		(11)
Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at January 1			(2)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			0
Reclassifications			0
Other Comprehensive Gain, Net of Tax			0
Balance at September 30	(2)		(2)
Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at January 1			(3,477)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			(53)
Reclassifications			395
Other Comprehensive Gain, Net of Tax			342
Balance at September 30	$ (3,135)		(3,135)
Defined Benefit Plans \| Reclassification out of Accumulated Other Comprehensive Income
Components of Other Comprehensive Income (Loss):
Employee Benefits for reclassified components			513
Related income taxes			$ 118

Noncontrolling Interests (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Noncontrolling Interests (Details) - USD ($) $ in Millions	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Activity for equity attributable to noncontrolling interests
Balance at January 1			$ 149,319	$ 146,722
Net income	$ 4,056	$ 1,986	11,137	6,151
Dividends			(6,384)	(6,095)
Distributions to noncontrolling interests			(87)	(66)
Treasury shares, net			185	597
Other changes, net			503	602
Balance at September 30	154,673	147,911	154,673	147,911
Chevron Corporation Stockholders’ Equity
Activity for equity attributable to noncontrolling interests
Balance at January 1			148,124	145,556
Net income			11,094	6,084
Dividends			(6,384)	(6,095)
Distributions to noncontrolling interests			0	0
Treasury shares, net			185	597
Other changes, net			556	571
Balance at September 30	153,575	146,713	153,575	146,713
Non-controlling Interest
Activity for equity attributable to noncontrolling interests
Balance at January 1			1,195	1,166
Net income			43	67
Dividends			0	0
Distributions to noncontrolling interests			(87)	(66)
Treasury shares, net			0	0
Other changes, net			(53)	31
Balance at September 30	$ 1,098	$ 1,198	$ 1,098	$ 1,198

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591552-111686

+ Details

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

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Net decrease (increase) in operating working capital

Decrease (increase) in accounts and notes receivable

$ (1,741)

$ 265

Decrease (increase) in inventories

(749)

(436)

Decrease (increase) in prepaid expenses and other current assets

(310)

235

Increase (decrease) in accounts payable and accrued liabilities

887

(621)

Increase (decrease) in income and other taxes payable

Net decrease (increase) in operating working capital

^[1]

(1,882)

(548)

Cash Payment for Interest on Debt and For Income Taxes

Interest on debt (net of capitalized interest)

502

Income taxes

3,526

2,203

Net sales of marketable securities

Marketable securities purchased

(51)

(3)

Marketable securities sold

Net sales (purchases) of marketable securities

(51)

Net borrowing of loans by equity affiliates

Borrowing of loans by equity affiliates

(142)

Repayment of loans by equity affiliates

106

Net repayment (borrowing) of loans by equity affiliates

(36)

Net (repayments) borrowings of short-term obligations

Repayments of short-term obligations

(3,379)

(8,403)

Proceeds from issuances of short-term obligations

2,452

3,415

Net borrowings (repayments) of short-term obligations with three months or less maturity

3,126

(2,197)

Net borrowings (repayments) of short-term obligations

2,199

(7,185)

Capital expenditures

Additions to properties, plant and equipment

9,489

9,615

Additions to investments

Current year dry hole expenditures

276

131

Payments for other liabilities and assets, net

Capital expenditures

9,801

9,763

Expensed exploration expenditures

364

368

Assets acquired through capital lease obligations

Capital and exploratory expenditures, excluding equity affiliates

10,230

10,134

Company’s share of expenditures by equity affiliates

4,115

3,252

Capital and exploratory expenditures, including equity affiliates

$ 14,345

$ 13,386

[1]	2017 adjusted to conform to Accounting Standards Update 2016-18. Refer to Note 4, "Information Relating to the Consolidated Statement of Cash Flows" beginning on page 8.

Information Relating to the Consolidated Statement of Cash Flows (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Net purchases of treasury shares			$ 751	$ 1
Stock repurchased during period (in shares)			6,300,000	0
Stock repurchased during period			$ 750
Dividends paid of common stock (in dollars per share)	$ 1.12	$ 1.08	$ 3.36	$ 3.24

Information Relating to the Consolidated Statement of Cash Flows (Details 1) - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Item Effected [Line Items]

Distributions less than income from equity affiliates

^[1]

$ (2,526)

$ (2,284)

Accounting Standards Update 2016-15

Item Effected [Line Items]

Distributions less than income from equity affiliates

$ 162

[1]	2017 adjusted to conform to Accounting Standards Update 2016-15. Refer to Note 4, "Information Relating to the Consolidated Statement of Cash Flows" beginning on page 8.

Information Relating to the Consolidated Statement of Cash Flows (Details 2) - USD ($)
$ in Millions

Sep. 30, 2018

Dec. 31, 2017

Sep. 30, 2017

Dec. 31, 2016

Supplemental Cash Flow Elements [Abstract]

Cash and Cash Equivalents

$ 9,686

$ 4,813

$ 6,641

$ 6,988

Restricted cash included in Prepaid expenses and other current assets

277

405

523

488

Restricted cash included in Deferred charges and other assets

778

725

791

938

Total Cash, Cash Equivalents and Restricted Cash

^[1]

$ 10,741

$ 5,943

$ 7,955

$ 8,414

[1]	2017 adjusted to conform to Accounting Standards Update 2016-18. Refer to Note 4, "Information Relating to the Consolidated Statement of Cash Flows" beginning on page 8.

New Accounting Standards (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Operating expenses

^[1]

$ (4,985)

$ (4,849)

$ (14,899)

$ (14,021)

Selling, general and administrative expenses

^[1]

(1,018)

$ (1,107)

(2,758)

(2,848)

Pro Forma | Minimum

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Operating lease, right-of-use asset

3,000

Operating lease, liability

3,000

Pro Forma | Maximum

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Operating lease, right-of-use asset

4,000

Operating lease, liability

$ 4,000

Accounting Standards Update 2017-07

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Operating expenses

234

Selling, general and administrative expenses

$ 251

[1]	2017 adjusted to conform to ASU 2017-07. Refer to Note 5, "New Accounting Standards" beginning on page 10.

Assets Held For Sale (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 983	$ 640
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 983

Operating Segments and Geographic Data (Details Textual)	9 Months Ended
	Sep. 30, 2018 segment
Segment Reporting [Abstract]
Number of reportable segments	2
Number of operating segments	2

Operating Segments and Geographic Data (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Segment Earnings	$ 4,047	$ 1,952	$ 11,094	$ 6,084
Operating Segments
Segment Reporting Information [Line Items]
Segment Earnings	4,752	2,303	12,965	6,794
Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Segment Earnings	3,379	489	10,026	2,859
Operating Segments \| Upstream \| United States
Segment Reporting Information [Line Items]
Segment Earnings	828	(26)	2,314	(48)
Operating Segments \| Upstream \| International
Segment Reporting Information [Line Items]
Segment Earnings	2,551	515	7,712	2,907
Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Segment Earnings	1,373	1,814	2,939	3,935
Operating Segments \| Downstream \| United States
Segment Reporting Information [Line Items]
Segment Earnings	748	640	1,847	1,743
Operating Segments \| Downstream \| International
Segment Reporting Information [Line Items]
Segment Earnings	625	1,174	1,092	2,192
All Other
Segment Reporting Information [Line Items]
Interest expense	(171)	(30)	(524)	(115)
Interest income	37	13	84	42
Other	$ (571)	$ (334)	$ (1,431)	$ (637)

Operating Segments and Geographic Data (Details 1) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Segment Assets
Segment Assets	$ 256,606	$ 253,806
Goodwill	4,518	4,531
United States
Segment Assets
Segment Assets	71,620	68,910
International
Segment Assets
Segment Assets	180,468	180,365
Operating Segments
Segment Assets
Segment Assets	243,809	245,549
Operating Segments \| Upstream
Segment Assets
Segment Assets	202,040	204,913
Goodwill	4,518	4,531
Operating Segments \| Upstream \| United States
Segment Assets
Segment Assets	42,126	40,770
Operating Segments \| Upstream \| International
Segment Assets
Segment Assets	155,396	159,612
Operating Segments \| Downstream
Segment Assets
Segment Assets	41,769	40,636
Operating Segments \| Downstream \| United States
Segment Assets
Segment Assets	24,141	23,202
Operating Segments \| Downstream \| International
Segment Assets
Segment Assets	17,628	17,434
All Other
Segment Assets
Segment Assets	12,797	8,257
All Other \| United States
Segment Assets
Segment Assets	5,353	4,938
All Other \| International
Segment Assets
Segment Assets	$ 7,444	$ 3,319

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

3 Months Ended

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

^[1]

$ 42,105

$ 118,564

^[1]

$ 33,892

$ 98,293

1,867

5,315

Oil and Gas

42,105

118,564

Oil and Gas | Operating Segments

33,892

98,293

52,339

142,736

39,452

114,754

Oil and Gas | All Other

270

775

Oil and Gas | Total All Other

266

792

176

Oil and Gas | United States | Operating Segments

153

23,454

62,302

Oil and Gas | United States | Intersegment Eliminations

16,957

49,599

(207)

(583)

Oil and Gas | United States | All Other

(207)

(621)

264

759

Oil and Gas | United States | Intersegment Eliminations

260

773

(5,844)

(12,606)

Oil and Gas | International | Operating Segments

(2,510)

(7,369)

28,885

80,434

Oil and Gas | International | Intersegment Eliminations

22,495

65,155

(6)

(16)

Oil and Gas | International | All Other

(6)

(18)

Oil and Gas | International | Intersegment Eliminations

(4,390)

(11,566)

(3,050)

(9,092)

Oil and Gas | Upstream

8,774

23,353

Oil and Gas | Upstream | Operating Segments

5,310

15,251

17,096

44,253

Oil and Gas | Upstream | United States | Operating Segments

10,436

30,244

6,784

16,405

Oil and Gas | Upstream | United States | Intersegment Eliminations

3,245

9,620

(4,277)

(10,219)

Oil and Gas | Upstream | International | Operating Segments

(2,298)

(6,737)

10,312

27,848

Oil and Gas | Upstream | International | Intersegment Eliminations

7,191

20,624

(4,045)

(10,681)

(2,828)

(8,256)

Oil and Gas | Downstream

33,274

95,035

Oil and Gas | Downstream | Operating Segments

28,529

82,889

34,973

97,708

Oil and Gas | Downstream | United States | Operating Segments

28,750

83,718

16,405

45,137

Oil and Gas | Downstream | United States | Intersegment Eliminations

13,452

39,206

(1,360)

(1,804)

Oil and Gas | Downstream | International | Operating Segments

(5)

(11)

18,568

52,571

Oil and Gas | Downstream | International | Intersegment Eliminations

15,298

44,512

$ (339)

$ (869)

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

$ (216)

$ (818)

[1]

The three-month and nine-month comparative periods ended September 30, 2017, include excise, value-added and similar taxes of $1,867 million and $5,315 million, respectively, collected on behalf of third parties. Beginning in 2018, these taxes are netted in "Taxes other than on income" in accordance with ASU 2014-09. Refer to Note 17, "Revenue" beginning on page 24.

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

3 Months Ended

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

^[1]

$ 33,892

$ 98,293

Net income attributable to CUSA

$ 38,288

33,547

$ 108,310

96,366

$ 4,047

1,952

11,094

6,084

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

1,867

5,315

Oil and Gas

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

$ 33,892

98,293

Chevron U.S.A. Inc.

Net income attributable to CUSA

90,912

75,403

2,929

1,315

Chevron U.S.A. Inc. | Oil and Gas

3,268

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Summarized Financial Data - Chevron Transport Corporation

$ 93,434

$ 75,759

[1]

- Definition

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

+ References + Details

Summarized Financial Data - Chevron U.S.A. Inc. (Details 1) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Subsidiary Statements Captions [Line Items]
Current assets	$ 35,583	$ 28,560
Current liabilities	29,183	27,737
Total CUSA net equity	154,673	149,319	$ 147,911	$ 146,722
Chevron U.S.A. Inc.
Subsidiary Statements Captions [Line Items]
Current assets	15,036	12,163
Other assets	55,209	54,994
Current liabilities	18,329	17,379
Other liabilities	13,049	12,541
Total CUSA net equity	38,867	37,237
Memo: Total debt	$ 3,049	$ 3,056

Summarized Financial Data - Tengizchevroil LLP (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Sales and other operating revenues	$ 13,255	$ 9,619
Costs and other deductions	5,780	4,806
Net income attributable to TCO	$ 5,265	$ 3,402
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Equity ownership, percentage	50.00%

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

3 Months Ended

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

^[1]

$ 33,892

$ 98,293

Net income attributable to TCO

$ 38,288

33,547

$ 108,310

96,366

$ 4,047

1,952

$ 11,094

6,084

Oil and Gas

Summarized Financial Data - Chevron Transport Corporation

Chevron Phillips Chemical Company LLC

$ 33,892

98,293

Affiliate Statements Captions [Line Items]

Percentage of affiliate by summarized financial information

100.00%

Summarized Financial Data - Chevron Transport Corporation

Net income attributable to TCO

$ 7,475

5,732

1,766

1,424

Chevron Phillips Chemical Company LLC | Oil and Gas

Summarized Financial Data - Chevron Transport Corporation

Chevron Phillips Chemical Company LLC

$ 8,773

$ 6,816

Affiliate Statements Captions [Line Items]

Equity method investment, ownership percentage

50.00%

[1]

Employee Benefits (Details Textual) $ in Millions	9 Months Ended
Employee Benefits (Details Textual) $ in Millions	Sep. 30, 2018 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Pre-Medicare company contribution for retiree medical coverage, maximum percent	4.00%
Contribution to other post retirement plans	$ 125
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer to employee pension plan	941
Defined benefit plan, estimated future employer contributions in next fiscal year beginning after the date of the latest statement of financial position	1,050
Pension Benefits \| United States
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer to employee pension plan	788
Defined benefit plan, estimated future employer contributions in next fiscal year beginning after the date of the latest statement of financial position	800
Pension Benefits \| International
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, estimated future employer contributions in next fiscal year beginning after the date of the latest statement of financial position	250
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions during the remaining of fiscal year	$ 50

Employee Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Employee Benefits (Details) - USD ($) $ in Millions	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Pension Benefits
Net Periodic Benefit Cost
Net Periodic Other Benefit Costs	$ 292	$ 362	$ 755	$ 912
Pension Benefits \| United States
Net Periodic Benefit Cost
Service cost	120	122	360	366
Interest cost	93	91	278	274
Expected return on plan assets	(159)	(149)	(477)	(447)
Amortization of prior service costs (credits)	0	(1)	1	(3)
Amortization of actuarial losses (gains)	76	85	228	255
Settlement losses	128	169	260	325
Net Periodic Other Benefit Costs	258	317	650	770
Pension Benefits \| International
Net Periodic Benefit Cost
Service cost	36	38	109	114
Interest cost	49	54	155	164
Expected return on plan assets	(62)	(61)	(193)	(178)
Amortization of prior service costs (credits)	2	3	8	9
Amortization of actuarial losses (gains)	6	11	23	33
Curtailment losses	3	0	3	0
Net Periodic Other Benefit Costs	34	45	105	142
Other Benefits
Net Periodic Benefit Cost
Service cost	10	8	31	24
Interest cost	24	23	72	71
Amortization of prior service costs (credits)	(7)	(7)	(21)	(21)
Amortization of actuarial losses (gains)	4	(1)	11	(4)
Net Periodic Other Benefit Costs	$ 31	$ 23	$ 93	$ 70

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Increase in income tax expense	$ 971		$ 2,950
Income tax expense	$ 1,643	$ 672	$ 4,540	$ 1,589
Effective tax rates	29.00%	25.00%	29.00%	21.00%

Litigation (Details) $ in Millions					1 Months Ended		12 Months Ended
Litigation (Details) $ in Millions	Mar. 27, 2017 defendant	Nov. 13, 2013 USD ($)	Aug. 03, 2012 USD ($)	Feb. 14, 2011 USD ($)	Sep. 30, 2010 USD ($)	Aug. 31, 2010	Dec. 31, 1991 USD ($)	Sep. 30, 2018 LegalMatter	Nov. 06, 2012	Jan. 03, 2012	Dec. 31, 2008 USD ($)
MTBE \| Pending Litigation
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims) \| LegalMatter								8
Ecuador \| Pending Litigation
Loss Contingencies [Line Items]
Conducted remediation program							3 years
Remediation program							$ 40
Financial compensation for purported damages on mining engineer's report											$ 18,900
Assessment for purported unjust enrichment on mining engineer's report											$ 8,400
Court order requiring the parties to provide their positions on damages within (in days)						45 days
Amount assessed in damages		$ 9,500		$ 8,600
Amount assessed for plaintiffs representatives				900
Additional amount assessed in punitive damages				$ 8,600
Public apology date within judgment/clarification ruling (in days)				15 days
Proposed additional payment for plaintiff attorney fees as percentage of judgment										0.10%
Litigation settlement, amount awarded to			$ 19,100
Percentage of payments withheld by third parties due to freeze order									40.00%
Percentage of funds withheld by banks due to freeze order									40.00%
Ecuador \| Pending Litigation \| Minimum
Loss Contingencies [Line Items]
Approximate damages on plaintiffs' submission					$ 16,000
Approximate unjust enrichment on plaintiffs' submission					5,000
Ecuador \| Pending Litigation \| Maximum
Loss Contingencies [Line Items]
Approximate damages on plaintiffs' submission					76,000
Approximate unjust enrichment on plaintiffs' submission					$ 38,000
Ecuador \| Declaratory Relief Claim
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims) \| LegalMatter								1
Writ of Certiorari
Loss Contingencies [Line Items]
Number of defendants \| defendant	2

Other Contingencies and Commitments (Details)	Dec. 31, 2009 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Indemnifications acquirer environmental liabilities max obligation	$ 200,000,000

Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Derivatives	$ 16	$ 22
Derivatives	84	$ 124
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable Securities	60		$ 9
Derivatives	16		22
Total Assets at Fair Value	76		31
Derivatives	84		124
Total Liabilities at Fair Value	84		124
Recurring Basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable Securities	60		9
Derivatives	1		0
Total Assets at Fair Value	61		9
Derivatives	52		78
Total Liabilities at Fair Value	52		78
Recurring Basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable Securities	0		0
Derivatives	15		22
Total Assets at Fair Value	15		22
Derivatives	32		46
Total Liabilities at Fair Value	32		46
Recurring Basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
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 Textual) - USD ($) $ in Billions	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 9.7	$ 4.8
Restricted cash	1.1	1.1
Level 1 \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	19.0
Level 2 \| Other Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	0.8
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net carrying value	19.9	23.5
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net carrying value	$ 19.8	$ 23.9
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maturity period of primarily bank time deposits, maximum, classified as cash equivalents and money market funds (in days)	90 days

Fair Value Measurements (Details 1) - Nonrecurring Basis $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018 USD ($)	Sep. 30, 2018 USD ($)
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)	212	212
Investments and advances	56	56
Total Assets at Fair Value	268	268
Properties, plant and equipment, net (held and used), Before-Tax Loss	0	0
Properties, plant and equipment, net (held for sale), Before-Tax Loss	290	586
Investments and advances, Before Tax Loss	43	44
Total Assets at Fair Value, Before-Tax Loss	333	630
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 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	0
Properties, plant and equipment, net (held for sale)	0	0
Investments and advances	0	0
Total Assets at Fair Value	0	0
Level 3
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)	212	212
Investments and advances	56	56
Total Assets at Fair Value	$ 268	$ 268

Financial and Derivative Instruments (Details) - Commodity - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	$ 16	$ 22
Total Liabilities at Fair Value	84	124
Accounts and notes receivable, net
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	15	22
Long-term receivables, net
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Assets at Fair Value	1	0
Accounts payable
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Liabilities at Fair Value	76	122
Deferred credits and other noncurrent obligations
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Total Liabilities at Fair Value	$ 8	$ 2

Financial and Derivative Instruments (Details 1) - Commodity - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (89)	$ (202)	$ (292)	$ 83
Sales and other operating revenues
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(80)	(196)	(257)	82
Purchased crude oil and products
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(10)	(7)	(36)	3
Other income
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 1	$ 1	$ 1	$ (2)

Financial and Derivative Instruments (Details 2) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Offsetting Assets [Abstract]
Derivative Assets, Gross Amount Recognized	$ 3,399	$ 1,169
Derivative Assets, Gross Amounts Offset	3,383	1,147
Derivative Assets, Net Amounts Presented	16	22
Derivative Assets, Gross Amounts Not Offset	9	0
Derivative Assets, Net Amounts Presented	7	22
Offsetting Liabilities [Abstract]
Derivative Liabilities, Gross Amount Recognized	3,467	1,271
Derivative Liabilities, Gross Amounts Offset	3,383	1,147
Derivative Liabilities, Net Amounts Presented	84	124
Derivative Liabilities, Gross Amounts Not Offset	9	0
Derivative Liabilities, Net Amounts Presented	$ 75	$ 124

Revenue (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

Jan. 01, 2018

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Taxes other than on income

^[1]

$ 1,259

$ 3,213

$ 3,966

$ 9,149