View Filing Data

6,932

6,954

(22)

(4,502)

(4,494)

(8)

(1)

187

(1,539)

666

Ending balance at Jun. 30, 2019

(6)

(4)

(2)

$ 157,451

156,395

18,776

^[1]

183,442

(3,357)

(42,466)

1,056

Beginning balance, shares issued (in shares) at Dec. 31, 2018

2,442,676,580

Beginning balance, treasury shares (in shares) at Dec. 31, 2018

(539,838,890)

Beginning balance, shares outstanding (in shares) at Dec. 31, 2018

1,902,837,690

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

(13,039,767)

Ending balance, shares issued (in shares) at Jun. 30, 2019

8,620,548

^[2]

2,442,676,580

Ending balance, treasury shares (in shares) at Jun. 30, 2019

(544,258,109)

Ending balance, shares outstanding (in shares) at Jun. 30, 2019

1,898,418,471

Beginning balance at Mar. 31, 2019

$ 156,118

155,045

18,738

^[1]

181,387

(3,459)

(41,621)

1,073

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

^[1]

4,290

4,305

(15)

(2,252)

(2,250)

(2)

102

(1,001)

156

Ending balance at Jun. 30, 2019

$ 157,451

156,395

18,776

^[1]

183,442

(3,357)

(42,466)

1,056

Beginning balance, shares issued (in shares) at Mar. 31, 2019

^[2]

2,442,676,580

Beginning balance, treasury shares (in shares) at Mar. 31, 2019

(537,950,519)

Beginning balance, shares outstanding (in shares) at Mar. 31, 2019

1,904,726,061

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

(8,329,071)

Ending balance, shares issued (in shares) at Jun. 30, 2019

2,021,481

^[2]

2,442,676,580

Ending balance, treasury shares (in shares) at Jun. 30, 2019

(544,258,109)

Ending balance, shares outstanding (in shares) at Jun. 30, 2019

1,898,418,471

Beginning balance at Dec. 31, 2019

$ 145,208

144,213

18,857

174,945

(4,990)

(44,599)

995

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

(4,696)

(4,671)

(25)

(4,806)

(4,796)

(10)

(1)

240

(1,751)

207

Ending balance at Jun. 30, 2020

(47)

645

(692)

$ 134,386

134,118

18,889

^[1]

166,122

(4,750)

(46,143)

268

Beginning balance, shares issued (in shares) at Dec. 31, 2019

2,442,676,580

Beginning balance, treasury shares (in shares) at Dec. 31, 2019

(560,508,479)

Beginning balance, shares outstanding (in shares) at Dec. 31, 2019

1,882,168,101

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

(17,501,326)

Ending balance, shares issued (in shares) at Jun. 30, 2020

2,601,057

^[2]

2,442,676,580

Ending balance, treasury shares (in shares) at Jun. 30, 2020

(575,408,748)

Ending balance, shares outstanding (in shares) at Jun. 30, 2020

1,867,267,832

Beginning balance at Mar. 31, 2020

$ 144,914

143,930

18,867

^[1]

176,113

(4,884)

(46,166)

984

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

^[1]

(8,277)

(8,270)

(7)

(2,399)

(2,394)

(5)

134

Ending balance at Jun. 30, 2020

(31)

673

(704)

$ 134,386

$ 134,118

$ 18,889

^[1]

$ 166,122

$ (4,750)

$ (46,143)

$ 268

Beginning balance, shares issued (in shares) at Mar. 31, 2020

^[2]

2,442,676,580

Beginning balance, treasury shares (in shares) at Mar. 31, 2020

(575,697,930)

Beginning balance, shares outstanding (in shares) at Mar. 31, 2020

1,866,978,650

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

(224)

Ending balance, shares issued (in shares) at Jun. 30, 2020

289,406

^[2]

2,442,676,580

Ending balance, treasury shares (in shares) at Jun. 30, 2020

(575,408,748)

Ending balance, shares outstanding (in shares) at Jun. 30, 2020

1,867,267,832

[1]	Beginning and ending balances for all periods include capital in excess of par, common stock issued at par for $1,832, and $(240) associated with Chevron’s Benefit Plan Trust. Changes reflect capital in excess of par.
[2]	Beginning and ending total issued share balances include 14,168,000 shares associated with Chevron’s Benefit Plan Trust for all periods.

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) (Unaudited) $ in Millions	Jun. 30, 2020 USD ($) shares
Statement of Stockholders' Equity [Abstract]
Common stock	$ 1,832
Benefit Plan Trust	$ (240)
Number of Chevron treasury stocks held in benefit plan trust for funding obligations (in shares) \| shares	14,168,000

General	6 Months Ended
General	Jun. 30, 2020
Quarterly Financial Information Disclosure [Abstract]
General	General Basis of Presentation 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 six-month periods ended June 30, 2020, 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 2019 Annual Report on Form 10-K. Impact of the novel coronavirus (COVID-19) pandemic The outbreak of COVID-19 and decreases in commodity prices resulting from oversupply, government-imposed travel restrictions and other constraints on economic activity have caused a significant decrease in the demand for our products and has created disruptions and volatility in the global marketplace beginning in the first quarter 2020, which negatively affected our results of operations and cash flows. These conditions persisted throughout the second quarter and continue to negatively affect our results of operations and cash flows. While demand and commodity prices have shown signs of recovery, they are not back to pre-pandemic levels, and financial results may continue to be depressed in future quarters. Due to the rapidly changing environment, there continues to be uncertainty and unpredictability around the extent to which the COVID-19 pandemic will ultimately impact our results, which could be material.

Changes in Accumulated Other Comprehensive Losses

6 Months Ended

Jun. 30, 2020

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 six months ended June 30, 2020 and 2019 are reflected in the table below.

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

(Millions of dollars)



	Currency Translation Adjustment		Unrealized Holding Gains (Losses) on Securities		Derivatives		Defined Benefit Plans		Total
Balance at December 31, 2018	$	(124)	$	(10)	$	(2)	$	(3,408)	$	(3,544)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	1		—		(1)		(1)		(1)
Reclassifications	—		—		—		188		188
Net Other Comprehensive Income (Loss)	1		—		(1)		187		187
Balance at June 30, 2019	$	(123)	$	(10)	$	(3)	$	(3,221)	$	(3,357)

Balance at December 31, 2019	$	(142)	$	(8)	$	—	$	(4,840)	$	(4,990)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(12)		(4)		—		9		(7)
Reclassifications⁽²⁾	—		—		—		247		247
Net Other Comprehensive Income (Loss)	(12)		(4)		—		256		240
Balance at June 30, 2020	$	(154)	$	(12)	$	—	$	(4,584)	$	(4,750)

_______________________________

⁽¹⁾All amounts are net of tax.

⁽²⁾Refer to Note 9, Employee Benefits for reclassified components totaling $327 million that are included in employee benefit costs for the six months ended June 30, 2020. Related income taxes for the same period, totaling $80 million, are reflected in “Income Tax Expense” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

Information Relating to the Consolidated Statement of Cash Flows

6 Months Ended

Jun. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Information Relating to the Consolidated Statement of Cash Flows


	Six Months Ended June 30
	2020		2019
	(Millions of dollars)
Distributions less than income from equity affiliates includes the following:
Distributions from equity affiliates	$	728	$	971
(Income) loss from equity affiliates	1,550		(2,258)
Distributions less than income from equity affiliates	$	2,278	$	(1,287)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	$	4,769	$	910
Decrease (increase) in inventories	371		(878)
Decrease (increase) in prepaid expenses and other current assets	392		(303)
Increase (decrease) in accounts payable and accrued liabilities	(4,812)		284
Increase (decrease) in income and other taxes payable	(1,093)		(292)
Net decrease (increase) in operating working capital	$	(373)	$	(279)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	$	328	$	443
Income taxes	2,142		2,590
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	$	1,821	$	891
Returns of investment from equity affiliates	31		46
Proceeds and deposits related to asset sales and returns of investment	$	1,852	$	937
Net maturities of (investments in) time deposits consisted of the following gross amounts:
Investments in time deposits	$	—	$	—
Maturities of time deposits	—		950
Net maturities of (investments in) time deposits	$	—	$	950
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	$	(1)	$	(1)
Marketable securities sold	—		3
Net sales (purchases) of marketable securities	$	(1)	$	2
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates	$	(1,100)	$	(675)
Repayment of loans by equity affiliates	26		55
Net repayment (borrowing) of loans by equity affiliates	$	(1,074)	$	(620)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	$	7,922	$	614
Repayments of short-term obligations	(2,150)		(366)
Net borrowings (repayments) of short-term obligations with three months or less maturity	(3,201)		(437)
Net borrowings (repayments) of short-term obligations	$	2,571	$	(189)
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans	$	201	$	699
Shares purchased under share repurchase and deferred compensation plans	(1,751)		(1,539)
Net sales (purchases) of treasury shares	$	(1,550)	$	(840)

The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash.

The “Other” line in the Operating Activities section includes changes in postretirement benefits obligations and other long-term liabilities.

The company paid dividends of $1.29 per share of common stock in second quarter 2020. This compares to dividends of $1.19 per share paid in the corresponding year-ago period.

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


	Six Months Ended June 30
	2020		2019
	(Millions of dollars)
Additions to properties, plant and equipment	$	4,991	$	6,381
Additions to investments	44		40
Current-year dry hole expenditures	223		103
Payments for other assets and liabilities, net	(33)		13
Capital expenditures	5,225		6,537
Expensed exploration expenditures	208		207
Assets acquired through finance lease obligations and other financing obligations	6		147
Payments for other assets and liabilities, net	33		(13)
Capital and exploratory expenditures, excluding equity affiliates	5,472		6,878
Company’s share of expenditures by equity affiliates	2,258		3,144
Capital and exploratory expenditures, including equity affiliates	$	7,730	$	10,022

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


	At June 30						At December 31
	2020		2019		2019		2018
	(Millions of dollars)
Cash and Cash Equivalents	$	6,855	$	8,513	$	5,686	$	9,342
Restricted cash included in “Prepaid expenses and other current assets”	161		428		452		341
Restricted cash included in “Deferred charges and other assets”	763		750		773		798
Total Cash, Cash Equivalents and Restricted Cash	$	7,779	$	9,691	$	6,911	$	10,481

Additional information related to “Restricted Cash” is included on page 20 in Note 14 under the heading “Restricted Cash.”

New Accounting Standards	6 Months Ended
New Accounting Standards	Jun. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting StandardsFinancial Instruments - Credit Losses (Topic 326) Effective January 1, 2020, Chevron adopted Accounting Standards Update (ASU) 2016-13 and its related amendments. For additional information on the company’s expected credit losses, refer to Note 17 on page 23.

Summarized Financial Data - Tengizchevroil LLP

6 Months Ended

Jun. 30, 2020

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:


	Six Months Ended June 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	4,567	$	8,369
Costs and other deductions	3,166		4,039
Net income attributable to TCO	$	984	$	3,039

Summarized Financial Data — Chevron Phillips Chemical Company LLCChevron 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 on the next page:


	Six Months Ended June 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	3,998	$	4,840
Costs and other deductions	3,500		4,012
Net income attributable to CPChem	$	420	$	1,008

Summarized Financial Data - Chevron Phillips Chemical Company LLC

6 Months Ended

Jun. 30, 2020

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:


	Six Months Ended June 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	4,567	$	8,369
Costs and other deductions	3,166		4,039
Net income attributable to TCO	$	984	$	3,039


	Six Months Ended June 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	3,998	$	4,840
Costs and other deductions	3,500		4,012
Net income attributable to CPChem	$	420	$	1,008

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

6 Months Ended

Jun. 30, 2020

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:


	Six Months Ended June 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	32,779	$	54,777
Costs and other deductions	35,953		53,424
Net income (loss) attributable to CUSA	$	(2,151)	$	1,225


	At June 30, 2020		At December 31, 2019
	(Millions of dollars)
Current assets	$	8,516	$	13,059
Other assets	49,972		50,796
Current liabilities	14,884		18,291
Other liabilities	11,392		12,565
Total CUSA net equity	$	32,212	$	32,999
Memo: Total debt	$	3,219	$	3,222

Operating Segments and Geographic Data

6 Months Ended

Jun. 30, 2020

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 six-month periods ended June 30, 2020 and 2019, are presented in the following table:


	Three Months Ended June 30						Six Months Ended June 30
	2020		2019		2020		2019
Segment Earnings	(Millions of dollars)						(Millions of dollars)
Upstream
United States	$	(2,066)	$	896	$	(1,825)	$	1,644
International	(4,023)		2,587		(1,344)		4,962
Total Upstream	(6,089)		3,483		(3,169)		6,606
Downstream
United States	(988)		465		(538)		682
International	(22)		264		631		299
Total Downstream	(1,010)		729		93		981
Total Segment Earnings	(7,099)		4,212		(3,076)		7,587
All Other
Interest expense	(164)		(189)		(318)		(404)
Interest income	13		43		36		94
Other	(1,020)		239		(1,313)		(323)
Net Income Attributable to Chevron Corporation	$	(8,270)	$	4,305	$	(4,671)	$	6,954

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 June 30, 2020, and December 31, 2019, are as follows:


	At June 30, 2020		At December 31, 2019
Segment Assets	(Millions of dollars)
Upstream
United States	$	33,869	$	35,926
International	136,075		145,648
Goodwill	4,416		4,463
Total Upstream	174,360		186,037
Downstream
United States	23,001		25,197
International	15,849		16,955
Total Downstream	38,850		42,152
Total Segment Assets	213,210		228,189
All Other
United States	4,975		3,475
International	5,218		5,764
Total All Other	10,193		9,239
Total Assets — United States	61,845		64,598
Total Assets — International	157,142		168,367
Goodwill	4,416		4,463
Total Assets	$	223,403	$	237,428

Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and six-month periods ended June 30, 2020 and 2019, 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 June 30						Six Months Ended June 30
	2020		2019		2020		2019
Sales and Other Operating Revenues	(Millions of dollars)						(Millions of dollars)
Upstream
United States	$	2,544	$	5,927	$	7,010	$	11,809
International	4,554		8,977		13,567		18,346
Subtotal	7,098		14,904		20,577		30,155
Intersegment Elimination — United States	(1,420)		(3,865)		(4,232)		(7,384)
Intersegment Elimination — International	(1,021)		(3,104)		(3,562)		(6,396)
Total Upstream	4,657		7,935		12,783		16,375
Downstream
United States	5,235		14,855		16,421		27,243
International	6,519		14,701		18,692		29,208
Subtotal	11,754		29,556		35,113		56,451
Intersegment Elimination — United States	(332)		(1,042)		(1,592)		(1,989)
Intersegment Elimination — International	(186)		(186)		(771)		(451)
Total Downstream	11,236		28,328		32,750		54,011
All Other
United States	227		271		437		493
International	6		5		8		7
Subtotal	233		276		445		500
Intersegment Elimination — United States	(194)		(211)		(339)		(367)
Intersegment Elimination — International	(6)		(5)		(8)		(7)
Total All Other	33		60		98		126
Sales and Other Operating Revenues
United States	8,006		21,053		23,868		39,545
International	11,079		23,683		32,267		47,561
Subtotal	19,085		44,736		56,135		87,106
Intersegment Elimination — United States	(1,946)		(5,118)		(6,163)		(9,740)
Intersegment Elimination — International	(1,213)		(3,295)		(4,341)		(6,854)
Total Sales and Other Operating Revenues	$	15,926	$	36,323	$	45,631	$	70,512

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Employee Benefits

6 Months Ended

Jun. 30, 2020

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 2020 and 2019 are as follows:


	Three Months Ended June 30							Six Months Ended June 30
	2020		2019		2020			2019
	(Millions of dollars)						(Millions of dollars)
Pension Benefits
United States
Service cost	$	125	$	102	$	249		$	203
Interest cost	88		99		176			198
Expected return on plan assets	(163)		(141)		(325)			(282)
Amortization of prior service costs (credits)	—		1		1			1
Amortization of actuarial losses (gains)	96		59		192			119
Settlement losses	60		60		120			120
Total United States	206		180		413			359
International
Service cost	32		36		64			71
Interest cost	44		53		87			104
Expected return on plan assets	(51)		(57)		(103)			(115)
Amortization of prior service costs (credits)	3		3		5			6
Amortization of actuarial losses (gains)	11		6		21			11
Settlement losses	—		—		—			1
Total International	39		41		74			78
Net Periodic Pension Benefit Costs	$	245	$	221	$	487		$	437
Other Benefits*
Service cost	$	10	$	9	$	19		$	18
Interest cost	17		24		35			48
Amortization of prior service costs (credits)	(8)		(7)		(14)			(14)
Amortization of actuarial losses (gains)	2		—		2			(1)

Net Periodic Other Benefit Costs	$	21	$	26	$	42		$	51

_ ___________________________________

* 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 June 30, 2020, a total of $531 million was contributed to employee pension plans (including $411 million to the U.S. plans). 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 six months of 2020, the company contributed $82 million to its OPEB plans. The company anticipates contributing approximately $92 million during the remainder of 2020.

The entire disclosure for retirement benefits.

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Assets Held For Sale	6 Months Ended
Assets Held For Sale	Jun. 30, 2020
Assets Held For Sale [Abstract]
Assets Held For Sale	Assets Held For SaleAt June 30, 2020, the company classified $1.79 billion of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet. These assets are associated with upstream operations that are anticipated to be sold in the next 12 months. The revenues and earnings contributions of these assets in 2019 and the first six months of 2020 were not material.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe income tax expense decreased between quarterly periods from a charge of $1.65 billion in 2019 to a benefit of $2.32 billion in 2020. The company's income before income tax expense decreased $16.54 billion from $5.94 billion in 2019 to a loss of $10.60 billion in 2020, primarily due to the decrease in crude prices, impairments and other corporate charges. The company’s effective tax rate changed between quarterly periods from 28 percent in 2019 to 22 percent in 2020. The reduction in the effective tax rate is primarily due to the consequence of the mix effect resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions and is also due to the impact of a valuation allowance release and rate change. The income tax expense decreased between the six-month periods from a charge of $2.96 billion in 2019 to a benefit of $1.76 billion in 2020. This decrease is a direct result of the company’s income before income tax expense decreasing $16.34 billion, from $9.89 billion in 2019 to a loss of $6.45 billion in 2020. The decrease in income is primarily due to the reduction in prices, impairments and other corporate charges, partially offset by increased production in the U.S. The company’s effective tax rate changed between six-month periods from 30 percent in 2019 to 27 percent in 2020. The reduction in the effective tax rate is primarily due to the consequence of the mix effect resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions and is also due to the impact of tax benefits for releasing the reserve on an uncertain tax position, valuation allowance and tax rate change. 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 June 30, 2020. For these jurisdictions, the latest years for which income tax examinations had been finalized were as follows: United States — 2013, Nigeria — 2007, Australia — 2009 and Kazakhstan — 2012. 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.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Litigation	6 Months Ended
Litigation	Jun. 30, 2020
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 six 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 civil litigation proceedings stemming from a lawsuit filed in the Superior Court for the province of Nueva Loja in Lago Agrio, Ecuador in May 2003 by plaintiffs who claim to be representatives of residents of an area where an oil production consortium formerly operated. The lawsuit alleged harm to the environment from the consortium’s oil production activities and sought monetary damages and other relief. Texaco Petroleum Company (Texpet), a subsidiary of Texaco Inc., was a minority member of the consortium from 1967 until 1992, with state-owned Petroecuador as the majority partner. Since 1992, Petroecuador has been the sole owner and operator in the concession area. After the termination of the consortium and following an independent third-party environmental audit of the concession area, in 1995, Texpet entered into a formal agreement with the Republic of Ecuador and Petroecuador under which Texpet agreed to remediate specific sites assigned by the government in proportion to Texpet’s minority share of the consortium. Pursuant to that agreement, Texpet conducted a three-year remediation program. After certifying that the assigned sites were properly remediated, in 1998, Ecuador granted Texpet and all related corporate entities a full release from any and all environmental liability arising from the consortium operations. Chevron defended itself in the Lago Agrio lawsuit on the grounds that the claims lacked both legal and factual merit. As to matters of law, Chevron asserted that the court lacked jurisdiction, the plaintiffs sought to improperly apply a 1999 law retroactively, the claims were time-barred, and the lawsuit was barred by releases signed by the Republic of Ecuador, Petroecuador, and the pertinent provincial and municipal governments. With regard to the facts, the company asserted that the evidence confirmed Texpet’s remediation was properly conducted and that any remaining environmental impacts reflected Petroecuador’s failure to timely fulfill its own legal obligation to remediate the concession area and Petroecuador’s conduct after it assumed control over operations. In February 2011, the provincial court rendered a judgment against Chevron, awarding approximately $8.6 billion in damages, plus approximately $900 million for the plaintiffs’ representatives, and approximately $8.6 billion in additional punitive damages unless the company issued a public apology within 15 days, which Chevron did not do. In January 2012, an appellate panel affirmed the judgment and ordered that Chevron pay an additional 0.10% in attorneys’ fees. In November 2013, Ecuador’s National Court of Justice ratified the judgment but nullified the $8.6 billion punitive damage assessment, resulting in a judgment of $9.5 billion. In December 2013, Chevron appealed the decision to Ecuador’s highest Constitutional Court, which rejected Chevron’s appeal in July 2018. No further appeals are available in Ecuador. The Lago Agrio plaintiffs’ lawyers have sought to enforce the judgment in Ecuador and other jurisdictions. In May 2012, they filed a recognition and enforcement action against Chevron Corporation, Chevron Canada Limited and another subsidiary (which was later dismissed as a party) in the Superior Court of Justice in Ontario, Canada. In September 2015, the Supreme Court of Canada ruled that the Ontario Superior Court of Justice had jurisdiction over Chevron Corporation and Chevron Canada Limited for purposes of the action. In January 2017, the Superior Court ruled that Chevron Canada Limited and Chevron Corporation are separate legal entities with separate rights and obligations, and dismissed the action against Chevron Canada Limited. In May 2018, the Court of Appeal for Ontario upheld the dismissal of Chevron Canada Limited. The Supreme Court of Canada denied the plaintiffs’ application for leave to appeal in April 2019, rendering the dismissal of Chevron Canada Limited final. In July 2019, by consent of the parties, the Ontario Superior Court dismissed the recognition and enforcement action against Chevron Corporation with prejudice and with costs in favor of Chevron. In June 2012, the plaintiffs filed a recognition and enforcement action against Chevron Corporation in the Superior Court of Justice in Brasilia, Brazil. In May 2015, the Brazilian public prosecutor issued an opinion recommending that the court reject the plaintiffs’ action on grounds including that the Lago Agrio judgment was procured through fraud and corruption and violated Brazilian and international public order. In November 2017, the Superior Court of Justice dismissed the plaintiffs’ recognition and enforcement action on jurisdictional grounds, and in June 2018 the dismissal became final in Brazil. In October 2012, the provincial court in Ecuador issued an ex parte embargo order purporting to order the seizure of assets belonging to separate Chevron subsidiaries in Ecuador, Argentina and Colombia. In November 2012, at the request of the plaintiffs, a court in Argentina issued a freeze order against Chevron Argentina S.R.L. and another Chevron subsidiary. In January 2013, an appellate court upheld the freeze order, but in June 2013, the Supreme Court of Argentina revoked the freeze order in its entirety. In December 2013, Chevron was served with the plaintiffs’ complaint seeking recognition and enforcement of the judgment in Argentina. In April 2016, the public prosecutor in Argentina issued an opinion recommending rejection of the plaintiffs’ request to recognize the Ecuadorian judgment in Argentina. In November 2017, the National Court, First Instance, dismissed the complaint on jurisdictional grounds and the Federal Civil Court of Appeals affirmed the dismissal in July 2018. The plaintiffs’ appealed to the Supreme Court of Argentina. On July 30, 2020, in a unanimous 5-0 decision, the Supreme Court of Argentina dismissed the plaintiffs’ appeal of the decision by the Federal Civil Court of Appeals. Chevron continues to believe the Ecuadorian judgment is illegitimate and unenforceable because it is the product of fraud and corruption, and contrary to the law and all legitimate scientific evidence. Chevron cannot predict the timing or outcome of any threatened enforcement action, but expects to continue a vigorous defense against any imposition of liability and to contest and defend any and all enforcement actions. In February 2011, Chevron filed a civil lawsuit in the U.S. District Court for the Southern District of New York against the Lago Agrio plaintiffs and several of their lawyers and supporters, asserting violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and state law. In March 2014, the District Court entered a judgment in favor of Chevron, finding that the Ecuadorian judgment had been procured through fraud, bribery and corruption, and prohibiting the RICO defendants from seeking to enforce the Lago Agrio judgment in the United States or profiting from their illegal acts. In August 2016, the U.S. Court of Appeals for the Second Circuit issued a unanimous decision affirming the New York judgment in full. In June 2017, the U.S. Supreme Court denied the RICO defendants’ petition for a Writ of Certiorari, rendering the New York judgment in favor of Chevron final. Chevron and Texpet filed an arbitration claim in September 2009 against the Republic of Ecuador before an arbitral tribunal administered by the Permanent Court of Arbitration in The Hague, under the Rules of the United Nations Commission on International Trade Law. The claim alleged violations of Ecuador’s obligations under the United States-Ecuador Bilateral Investment Treaty (BIT) and breaches of the settlement and release agreements between Ecuador and Texpet. In January 2012, the Tribunal issued its First Interim Measures Award requiring 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. In February 2012, the Tribunal issued a Second Interim Award mandating that Ecuador take all measures necessary to suspend or cause to be suspended enforcement and recognition proceedings within and outside of Ecuador. Also in February 2012, the Tribunal issued a Third Interim Award confirming its jurisdiction to hear Chevron and Texpet’s claims. In February 2013, the Tribunal issued its Fourth Interim Award in which it declared that Ecuador had violated the First and Second Interim Awards. The Tribunal divided the merits phase of the arbitration into three phases. In September 2013, after the conclusion of Phase One, the Tribunal issued its First Partial Award, finding that the settlement agreements between Ecuador and Texpet applied to both Texpet and Chevron and released them from public environmental claims arising from the consortium’s operations, but did not preclude individual claims for personal harm. In August 2018, the Tribunal issued its Phase Two award, again in favor of Chevron and Texpet. The Tribunal unanimously held that the Lago Agrio judgment was procured through fraud, bribery and corruption and was based on public claims that Ecuador had settled and released. According to the Tribunal, the Ecuadorian judgment “violates international public policy” and “should not be recognized or enforced by the courts of other States.” The Tribunal found that: (i) Ecuador breached its obligations under the settlement agreements releasing Texpet and its affiliates from public environmental claims; (ii) Ecuador committed a denial of justice under international law and violated the U.S.-Ecuador BIT due to the fraud and corruption in the Lago Agrio litigation; and (iii) Texpet satisfied its environmental remediation obligations through the remediation program that Ecuador supervised and approved. The Tribunal ordered Ecuador to: (a) take immediate steps to remove the status of enforceability from the Ecuadorian judgment; (b) take measures to “wipe out all the consequences” of Ecuador’s “internationally wrongful acts in regard to the Ecuadorian judgment;” and (c) compensate Chevron for any injuries resulting from the Ecuadorian judgment. The final Phase Three of the arbitration, at which damages for Chevron’s injuries will be determined, was set for hearing in March 2021. Ecuador filed in the District Court of The Hague a request to set aside the Tribunal’s Interim Awards and its First Partial Award, and in January 2016 that court denied Ecuador’s request. In July 2017, the Appeals Court of the Netherlands denied Ecuador’s appeal, and in April 2019, the Supreme Court of the Netherlands upheld the decision of the Appeals Court and finally rejected Ecuador’s challenges to the Tribunal’s Interim Awards and its First Partial Award. In December 2018, Ecuador filed in the District Court of The Hague a request to set aside the Tribunal’s Phase Two Award. 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, management does not believe the judgment has 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	6 Months Ended
Other Contingencies and Commitments	Jun. 30, 2020
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 11 on page 14 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 may relate to suppliers’ financing arrangements. The agreements typically provide goods and services, such as pipeline and storage capacity, 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 and other 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. Seven coastal parishes and the State of Louisiana have filed 43 separate lawsuits in Louisiana against numerous oil and gas companies seeking damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA). Chevron entities are defendants in 39 of these cases. The lawsuits allege that the defendants’ historical operations were conducted without necessary permits or failed to comply with permits obtained and seek damages and other relief, including the costs of restoring coastal wetlands allegedly impacted by oil field operations. Plaintiffs’ SLCRMA theories are unprecedented; thus, there remains significant uncertainty about the scope of the claims and alleged damages and any potential effects on the company’s results of operations and financial condition. Management believes that the claims lack legal and factual merit and will continue to vigorously defend against such proceedings. Chevron has interests in Venezuelan crude oil production assets, including those operated by independent equity affiliates. During the second quarter 2020, net oil equivalent production in Venezuela averaged 23,000 barrels per day, none of which was upgraded to synthetic crude. The operating environment in Venezuela has been deteriorating for some time. In January 2019, the United States government issued sanctions against the Venezuelan national oil company, Petroleos de Venezuela, S.A. (PdVSA), which is the company’s partner in the equity affiliates. The company is conducting its business pursuant to general licenses and guidance issued coincident with the sanctions. In late July 2019, the United States government renewed General License 8A with the issuance of General License 8B, subsequently superseded by General License 8C issued on August 5, 2019. The authorization provided to Chevron under General License 8C was extended by General License 8D on October 21, 2019 and General License 8E issued by the United States government on January 17, 2020. General License 8E was replaced and superseded by General License 8F on April 21, 2020. General License 8F authorizes the company to perform transactions and activities that are necessary for limited maintenance of essential operations, contracts, or other agreements, to ensure safety or the preservation of assets in Venezuela, and is effective until December 1, 2020. The company has evaluated the impacts of the revised authorizations granted by General License 8F on its activities in Venezuela. The company has completed its evaluation of the carrying value of its Venezuelan investments in line with its accounting policies and concluded that given the current operating environment and overall outlook which create significant uncertainties regarding the recovery of the company’s investment, an other than temporary loss of value has occurred, resulting in a full impairment of its investment in the country totaling $2.6 billion. As a result, the company removed approximately 160 million barrels of proved reserves and will no longer report production in the country commencing July 2020. Please see Note 13, “Investments and Advances,” on page 71 in the company's 2019 Annual Report on Form 10-K for further information on the company’s investments in equity affiliates in Venezuela. 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, decommission, 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

6 Months Ended

Jun. 30, 2020

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 June 30, 2020, and December 31, 2019, is as follows:

Assets and Liabilities Measured at Fair Value on a Recurring Basis

(Millions of dollars)


	At June 30, 2020														At December 31, 2019
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable Securities	$	59	$	59	$	—	$	—	$	63	$	63	$	—	$	—
Derivatives	23		14		9		—		11		1		10		—
Total Assets at Fair Value	$	82	$	73	$	9	$	—	$	74	$	64	$	10	$	—
Derivatives	83		32		51		—		74		26		48		—
Total Liabilities at Fair Value	$	83	$	32	$	51	$	—	$	74	$	26	$	48	$	—

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 June 30, 2020.

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 June 30, 2020, and December 31, 2019, 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 $6.9 billion and $5.7 billion at June 30, 2020, and December 31, 2019, 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 June 30, 2020.

Restricted Cash had a carrying/fair value of $924 million and $1.2 billion at June 30, 2020 and December 31, 2019, respectively. At June 30, 2020, restricted cash is classified as Level 1 and includes restricted funds related to certain upstream decommissioning activities, other corporate and tax items, 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 debt and finance lease obligations, of $20.3 billion and $13.7 billion at June 30, 2020, and December 31, 2019, respectively. The fair value of long-term debt for the company was $21.7 billion and $14.3 billion at June 30, 2020 and December 31, 2019, respectively. Long-term debt primarily includes corporate issued bonds, classified as Level 1 and are $20.6 billion for the period. The fair value of other long-term debt classified as Level 2 is $1.1 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 June 30, 2020, and December 31, 2019, were not material.

The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at June 30, 2020, is as follows:

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

(Millions of dollars)


	At June 30, 2020
									Before-Tax Loss
									Three Months Ended		Six Months Ended
	Total		Level 1		Level 2		Level 3
Properties, plant and equipment, net (held and used)	$	2,171	$	—	$	20	$	2,151	$	2,551	$	2,551
Properties, plant and equipment, net (held for sale)	655		—		655		—		92		166
Investments and advances	12		—		—		12		2,549		2,549
Total Assets at Fair Value	$	2,838	$	—	$	675	$	2,163	$	5,192	$	5,266

Properties, plant and equipment The company reported impairments for certain upstream properties in second quarter 2020 primarily due to downward revisions to its oil and gas price outlook. The impact of these impairments is included in “Depreciation, depletion, and amortization” on the Consolidated Statement of Income.

Investments and advances The company fully impaired its investments in the Petropiar and Petroboscan affiliates in Venezuela in second quarter 2020. The impact of these impairments is included in “Income from equity affiliates” on the Consolidated Statement of Income.

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.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial and Derivative Instruments

6 Months Ended

Jun. 30, 2020

Financial and Derivative Instruments

inancial 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 June 30, 2020, and December 31, 2019, 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 June 30, 2020		At December 31, 2019
Commodity	Accounts and notes receivable, net	$	16	$	11
Commodity	Long-term receivables, net	7		—
Total Assets at Fair Value				$	23	$	11
Commodity	Accounts payable	$	80	$	74
Commodity	Deferred credits and other noncurrent obligations	3		—
Total Liabilities at Fair Value				$	83	$	74


Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments (Millions of dollars)
Type of		Gain / (Loss) Three Months Ended June 30						Gain / (Loss) Six Months Ended June 30
Contract	Statement of Income Classification	2020		2019		2020		2019
Commodity	Sales and other operating revenues	$	(216)	$	(6)	$	245	$	(244)
Commodity	Purchased crude oil and products	(20)		(2)		(24)		(9)
Commodity	Other income	(3)		(3)		(3)		(3)
		$	(239)	$	(11)	$	218	$	(256)

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 2020, and December 31, 2019.


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 June 30, 2020
Derivative Assets	$	1,603	$	1,580	$	23	$	—	$	23
Derivative Liabilities	$	1,663	$	1,580	$	83	$	—	$	83

At December 31, 2019
Derivative Assets	$	656	$	645	$	11	$	—	$	11
Derivative Liabilities	$	719	$	645	$	74	$	—	$	74

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	6 Months Ended
Revenue	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue“Sales and other operating revenue” on the Consolidated Statement of Income primarily arise from contracts with customers. Related receivables are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the current expected credit losses. The net balance of these receivables was $5.7 billion and $9.2 billion at June 30, 2020, and December 31, 2019, 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.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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-Name Accounting Standards Codification
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Restructuring and Related Activities [Abstract]

Financial Instruments - Credit Losses	6 Months Ended
Financial Instruments - Credit Losses	Jun. 30, 2020
Receivables [Abstract]
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses Chevron adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses, and its related amendments at the effective date of January 1, 2020. The standard replaces the “incurred loss model” and requires an estimate of expected credit losses, measured over the contractual life of a financial instrument, that considers forecast of future economic conditions in addition to information about past events and current conditions. The cumulative-effect adjustment to the opening retained earnings at January 1, 2020 was a reduction of $25 million, representing a decrease to the net accounts and notes receivable balances shown on the company’s consolidated balance sheet on page 5. Chevron’s expected credit loss allowance balance was $528 million as of June 30, 2020 and $849 million as of December 31, 2019, with a majority of the allowance relating to non-trade receivable balances. A reduction in the allowance for non-trade receivables of $550 million was recorded in the second quarter as an agreement was reached with a government joint venture partner that resulted in the write-off of the associated receivable balances. Additionally, new allowances of $140 million were recorded in June 2020 associated with receivables from government joint venture partners. The majority of the company’s receivable balance is concentrated in trade receivables, with a balance of $7.1 billion as of June 30, 2020, which reflects the company’s diversified sources of revenues and is dispersed across the company’s broad worldwide customer base. As a result, the company believes the concentration of credit risk is limited. The company routinely assesses the financial strength of its customers. When the financial strength of a customer is not considered sufficient, alternative risk mitigation measures may be deployed, including requiring pre-payments, letters of credit or other acceptable forms of collateral. Once credit is extended and a receivable balance exists, the company applies a quantitative calculation to current trade receivable balances that reflects credit risk predictive analysis, including probability of default, loss given default and exposure of default which takes into consideration current and forward-looking market data as well as the company’s historical loss data. This statistical approach becomes the basis of the company’s expected credit loss allowance for current trade receivables with payment terms that are typically short-term in nature, with most due in less than 90 days. A comprehensive review of credit risk was completed in the second quarter of 2020 in response to the COVID-19 pandemic and the significant reduction in crude prices resulting from decreased demand associated with government-mandated travel restrictions. Following the second quarter review, an additional allowance of $9 million was recorded for balances representing higher risk trade receivables. Chevron's non-trade receivable balance was $2.8 billion as of June 30, 2020, which includes receivables from certain governments in their capacity as joint venture partners. Joint venture partner balances that are paid as per contract terms or not yet due are subject to the statistical analysis described above while past due balances are subject to additional qualitative management quarterly review. This management review includes review of reasonable and supportable repayment forecasts. Non-trade receivables also include employee and tax receivables that are deemed immaterial and low risk. Equity affiliate loans are also considered non-trade and during the second quarter 2020 review, a $560 million allowance was recognized within “Investments and advances” on the Consolidated Balance Sheet.

Accounting for Suspended Exploratory Wells	6 Months Ended
Accounting for Suspended Exploratory Wells	Jun. 30, 2020
Accounting for Suspended Exploratory Wells [Abstract]
Accounting for Suspended Exploratory Wells	Accounting for Suspended Exploratory WellsThe capitalized cost of suspended wells at June 30, 2020, was $2.5 billion, a net decrease of $587 million from year-end 2019. The decrease was primarily due to well write-offs recorded in second quarter 2020. During the six months ended June 30, 2020, $496 million of exploratory well costs previously capitalized for greater than one year at December 31, 2019, were charged to expense.

Long-Term Debt	6 Months Ended
Long-Term Debt	Jun. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term DebtIn May 2020, the company issued $300 million in aggregate principal amount of floating rate notes due 2023, $1.2 billion in aggregate principal amount of 1.141 percent notes due 2023, $2.5 billion in aggregate principal amount of 1.554 percent notes due 2025, $1.0 billion in aggregate principal amount of 1.995 percent notes due 2027, $1.5 billion in aggregate principal amount of 2.236 percent notes due 2030, $500 million in aggregate principal amount of 2.978 percent notes due 2040, and $1.0 billion in aggregate principal amount of 3.078 percent notes due 2050. In the first six months of 2020, the company repaid $3.8 billion of bonds at maturity.

Restructuring and Reorganization Costs

6 Months Ended

Jun. 30, 2020

Restructuring and Reorganization Costs

The company is undertaking an enterprise-wide transformation that includes the capture of cost efficiencies. As part of this restructuring, employee-reduction programs were announced, and in second quarter 2020, the company recorded severance accruals. The programs are expected to be substantially completed by the end of 2021.

A before-tax charge of $1,015 million ($784 million after-tax) was recorded in second quarter 2020, with $895 million reported as “Operating expenses” and $120 million reported as “Selling, general and administrative expenses” on the Consolidated Statement of Income. The accrued liability, covering severance benefits, is classified as current on the Consolidated Balance Sheet. Approximately $157 million ($120 million after-tax) is associated with terminations in U.S. Upstream, $376 million ($296 million after-tax) in International Upstream, $109 million ($82 million after-tax) in U.S. Downstream, $78 million ($62 million after-tax) in International Downstream, and $295 million ($224 million after-tax) in All Other.


	Amounts Before Tax
	(Millions of dollars)
Balance at January 1, 2020	$	7
Accruals/Adjustments	1,031
Payments	(11)
Balance at June 30, 2020	$	1,027

Agreement to Acquire Noble Energy, Inc.	6 Months Ended
Agreement to Acquire Noble Energy, Inc.	Jun. 30, 2020
Subsequent Events [Abstract]
Agreement to Acquire Noble Energy, Inc.	Agreement to Acquire Noble Energy, Inc.On July 20, 2020, Chevron Corporation announced it had entered into a definitive agreement with Noble Energy, Inc. to acquire all of its outstanding shares in an all-stock transaction, valued at approximately $5 billion, pursuant to which Noble Energy stockholders will receive 0.1191 shares of Chevron common stock for each Noble Energy share. The transaction was approved by the Boards of Directors of both companies and is anticipated to close in fourth quarter 2020. The company will also assume Noble Energy debt balances, which were $8.7 billion as of March 31, 2020. The acquisition is subject to Noble Energy stockholder approval. It is also subject to regulatory approvals and other customary closing conditions. See Item 1A. “Risk Factors” for a discussion of risks related to the Noble Energy acquisition.

New Accounting Standards (Policies)	6 Months Ended
New Accounting Standards (Policies)	Jun. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	Financial Instruments - Credit Losses (Topic 326) Effective January 1, 2020, Chevron adopted Accounting Standards Update (ASU) 2016-13 and its related amendments. For additional information on the company’s expected credit losses, refer to Note 17 on page 23.
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	“Sales and other operating revenue” on the Consolidated Statement of Income primarily arise from contracts with customers. Related receivables are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the current expected credit losses. The net balance of these receivables was $5.7 billion and $9.2 billion at June 30, 2020, and December 31, 2019, 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.

Disclosure of accounting policy for revenue from contract with customer.

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Disclosure of accounting policy for segment reporting.

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in Accumulated Other Comprehensive Losses (Tables)

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

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

(Millions of dollars)



	Currency Translation Adjustment		Unrealized Holding Gains (Losses) on Securities		Derivatives		Defined Benefit Plans		Total
Balance at December 31, 2018	$	(124)	$	(10)	$	(2)	$	(3,408)	$	(3,544)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	1		—		(1)		(1)		(1)
Reclassifications	—		—		—		188		188
Net Other Comprehensive Income (Loss)	1		—		(1)		187		187
Balance at June 30, 2019	$	(123)	$	(10)	$	(3)	$	(3,221)	$	(3,357)

Balance at December 31, 2019	$	(142)	$	(8)	$	—	$	(4,840)	$	(4,990)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(12)		(4)		—		9		(7)
Reclassifications⁽²⁾	—		—		—		247		247
Net Other Comprehensive Income (Loss)	(12)		(4)		—		256		240
Balance at June 30, 2020	$	(154)	$	(12)	$	—	$	(4,584)	$	(4,750)

_______________________________

⁽¹⁾All amounts are net of tax.

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

6 Months Ended

Jun. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of Information Relating to Consolidated Statement of Cash Flows


	Six Months Ended June 30
	2020		2019
	(Millions of dollars)
Distributions less than income from equity affiliates includes the following:
Distributions from equity affiliates	$	728	$	971
(Income) loss from equity affiliates	1,550		(2,258)
Distributions less than income from equity affiliates	$	2,278	$	(1,287)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	$	4,769	$	910
Decrease (increase) in inventories	371		(878)
Decrease (increase) in prepaid expenses and other current assets	392		(303)
Increase (decrease) in accounts payable and accrued liabilities	(4,812)		284
Increase (decrease) in income and other taxes payable	(1,093)		(292)
Net decrease (increase) in operating working capital	$	(373)	$	(279)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	$	328	$	443
Income taxes	2,142		2,590
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	$	1,821	$	891
Returns of investment from equity affiliates	31		46
Proceeds and deposits related to asset sales and returns of investment	$	1,852	$	937
Net maturities of (investments in) time deposits consisted of the following gross amounts:
Investments in time deposits	$	—	$	—
Maturities of time deposits	—		950
Net maturities of (investments in) time deposits	$	—	$	950
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	$	(1)	$	(1)
Marketable securities sold	—		3
Net sales (purchases) of marketable securities	$	(1)	$	2
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates	$	(1,100)	$	(675)
Repayment of loans by equity affiliates	26		55
Net repayment (borrowing) of loans by equity affiliates	$	(1,074)	$	(620)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	$	7,922	$	614
Repayments of short-term obligations	(2,150)		(366)
Net borrowings (repayments) of short-term obligations with three months or less maturity	(3,201)		(437)
Net borrowings (repayments) of short-term obligations	$	2,571	$	(189)
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans	$	201	$	699
Shares purchased under share repurchase and deferred compensation plans	(1,751)		(1,539)
Net sales (purchases) of treasury shares	$	(1,550)	$	(840)

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


	At June 30						At December 31
	2020		2019		2019		2018
	(Millions of dollars)
Cash and Cash Equivalents	$	6,855	$	8,513	$	5,686	$	9,342
Restricted cash included in “Prepaid expenses and other current assets”	161		428		452		341
Restricted cash included in “Deferred charges and other assets”	763		750		773		798
Total Cash, Cash Equivalents and Restricted Cash	$	7,779	$	9,691	$	6,911	$	10,481

Capital Expenditures


	Six Months Ended June 30
	2020		2019
	(Millions of dollars)
Additions to properties, plant and equipment	$	4,991	$	6,381
Additions to investments	44		40
Current-year dry hole expenditures	223		103
Payments for other assets and liabilities, net	(33)		13
Capital expenditures	5,225		6,537
Expensed exploration expenditures	208		207
Assets acquired through finance lease obligations and other financing obligations	6		147
Payments for other assets and liabilities, net	33		(13)
Capital and exploratory expenditures, excluding equity affiliates	5,472		6,878
Company’s share of expenditures by equity affiliates	2,258		3,144
Capital and exploratory expenditures, including equity affiliates	$	7,730	$	10,022

Summarized Financial Data - Tengizchevroil LLP (Tables)

6 Months Ended

Jun. 30, 2020

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:


	Six Months Ended June 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	4,567	$	8,369
Costs and other deductions	3,166		4,039
Net income attributable to TCO	$	984	$	3,039

Summarized financial information for 100 percent of CPChem is presented in the table on the next page:


	Six Months Ended June 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	3,998	$	4,840
Costs and other deductions	3,500		4,012
Net income attributable to CPChem	$	420	$	1,008

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

6 Months Ended

Jun. 30, 2020

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:


	Six Months Ended June 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	4,567	$	8,369
Costs and other deductions	3,166		4,039
Net income attributable to TCO	$	984	$	3,039

Summarized financial information for 100 percent of CPChem is presented in the table on the next page:


	Six Months Ended June 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	3,998	$	4,840
Costs and other deductions	3,500		4,012
Net income attributable to CPChem	$	420	$	1,008

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

6 Months Ended

Jun. 30, 2020

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:


	Six Months Ended June 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	32,779	$	54,777
Costs and other deductions	35,953		53,424
Net income (loss) attributable to CUSA	$	(2,151)	$	1,225

Summarized Financial Data and its Subsidiary


	At June 30, 2020		At December 31, 2019
	(Millions of dollars)
Current assets	$	8,516	$	13,059
Other assets	49,972		50,796
Current liabilities	14,884		18,291
Other liabilities	11,392		12,565
Total CUSA net equity	$	32,212	$	32,999
Memo: Total debt	$	3,219	$	3,222

Operating Segments and Geographic Data (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Earnings

Earnings by major operating area for the three- and six-month periods ended June 30, 2020 and 2019, are presented in the following table:


	Three Months Ended June 30						Six Months Ended June 30
	2020		2019		2020		2019
Segment Earnings	(Millions of dollars)						(Millions of dollars)
Upstream
United States	$	(2,066)	$	896	$	(1,825)	$	1,644
International	(4,023)		2,587		(1,344)		4,962
Total Upstream	(6,089)		3,483		(3,169)		6,606
Downstream
United States	(988)		465		(538)		682
International	(22)		264		631		299
Total Downstream	(1,010)		729		93		981
Total Segment Earnings	(7,099)		4,212		(3,076)		7,587
All Other
Interest expense	(164)		(189)		(318)		(404)
Interest income	13		43		36		94
Other	(1,020)		239		(1,313)		(323)
Net Income Attributable to Chevron Corporation	$	(8,270)	$	4,305	$	(4,671)	$	6,954

Segment Assets

Segment assets at June 30, 2020, and December 31, 2019, are as follows:


	At June 30, 2020		At December 31, 2019
Segment Assets	(Millions of dollars)
Upstream
United States	$	33,869	$	35,926
International	136,075		145,648
Goodwill	4,416		4,463
Total Upstream	174,360		186,037
Downstream
United States	23,001		25,197
International	15,849		16,955
Total Downstream	38,850		42,152
Total Segment Assets	213,210		228,189
All Other
United States	4,975		3,475
International	5,218		5,764
Total All Other	10,193		9,239
Total Assets — United States	61,845		64,598
Total Assets — International	157,142		168,367
Goodwill	4,416		4,463
Total Assets	$	223,403	$	237,428

Segment Sales and Other Operating Revenues


	Three Months Ended June 30						Six Months Ended June 30
	2020		2019		2020		2019
Sales and Other Operating Revenues	(Millions of dollars)						(Millions of dollars)
Upstream
United States	$	2,544	$	5,927	$	7,010	$	11,809
International	4,554		8,977		13,567		18,346
Subtotal	7,098		14,904		20,577		30,155
Intersegment Elimination — United States	(1,420)		(3,865)		(4,232)		(7,384)
Intersegment Elimination — International	(1,021)		(3,104)		(3,562)		(6,396)
Total Upstream	4,657		7,935		12,783		16,375
Downstream
United States	5,235		14,855		16,421		27,243
International	6,519		14,701		18,692		29,208
Subtotal	11,754		29,556		35,113		56,451
Intersegment Elimination — United States	(332)		(1,042)		(1,592)		(1,989)
Intersegment Elimination — International	(186)		(186)		(771)		(451)
Total Downstream	11,236		28,328		32,750		54,011
All Other
United States	227		271		437		493
International	6		5		8		7
Subtotal	233		276		445		500
Intersegment Elimination — United States	(194)		(211)		(339)		(367)
Intersegment Elimination — International	(6)		(5)		(8)		(7)
Total All Other	33		60		98		126
Sales and Other Operating Revenues
United States	8,006		21,053		23,868		39,545
International	11,079		23,683		32,267		47,561
Subtotal	19,085		44,736		56,135		87,106
Intersegment Elimination — United States	(1,946)		(5,118)		(6,163)		(9,740)
Intersegment Elimination — International	(1,213)		(3,295)		(4,341)		(6,854)
Total Sales and Other Operating Revenues	$	15,926	$	36,323	$	45,631	$	70,512

Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

The components of net periodic benefit costs for 2020 and 2019 are as follows:


	Three Months Ended June 30							Six Months Ended June 30
	2020		2019		2020			2019
	(Millions of dollars)						(Millions of dollars)
Pension Benefits
United States
Service cost	$	125	$	102	$	249		$	203
Interest cost	88		99		176			198
Expected return on plan assets	(163)		(141)		(325)			(282)
Amortization of prior service costs (credits)	—		1		1			1
Amortization of actuarial losses (gains)	96		59		192			119
Settlement losses	60		60		120			120
Total United States	206		180		413			359
International
Service cost	32		36		64			71
Interest cost	44		53		87			104
Expected return on plan assets	(51)		(57)		(103)			(115)
Amortization of prior service costs (credits)	3		3		5			6
Amortization of actuarial losses (gains)	11		6		21			11
Settlement losses	—		—		—			1
Total International	39		41		74			78
Net Periodic Pension Benefit Costs	$	245	$	221	$	487		$	437
Other Benefits*
Service cost	$	10	$	9	$	19		$	18
Interest cost	17		24		35			48
Amortization of prior service costs (credits)	(8)		(7)		(14)			(14)
Amortization of actuarial losses (gains)	2		—		2			(1)

Net Periodic Other Benefit Costs	$	21	$	26	$	42		$	51

_ ___________________________________

* 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)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020, and December 31, 2019, is as follows:

Assets and Liabilities Measured at Fair Value on a Recurring Basis

(Millions of dollars)


	At June 30, 2020														At December 31, 2019
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable Securities	$	59	$	59	$	—	$	—	$	63	$	63	$	—	$	—
Derivatives	23		14		9		—		11		1		10		—
Total Assets at Fair Value	$	82	$	73	$	9	$	—	$	74	$	64	$	10	$	—
Derivatives	83		32		51		—		74		26		48		—
Total Liabilities at Fair Value	$	83	$	32	$	51	$	—	$	74	$	26	$	48	$	—

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 June 30, 2020, is as follows:

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

(Millions of dollars)


	At June 30, 2020
									Before-Tax Loss
									Three Months Ended		Six Months Ended
	Total		Level 1		Level 2		Level 3
Properties, plant and equipment, net (held and used)	$	2,171	$	—	$	20	$	2,151	$	2,551	$	2,551
Properties, plant and equipment, net (held for sale)	655		—		655		—		92		166
Investments and advances	12		—		—		12		2,549		2,549
Total Assets at Fair Value	$	2,838	$	—	$	675	$	2,163	$	5,192	$	5,266

Financial and Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

Derivative instruments measured at fair value at June 30, 2020, and December 31, 2019, 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 June 30, 2020		At December 31, 2019
Commodity	Accounts and notes receivable, net	$	16	$	11
Commodity	Long-term receivables, net	7		—
Total Assets at Fair Value				$	23	$	11
Commodity	Accounts payable	$	80	$	74
Commodity	Deferred credits and other noncurrent obligations	3		—
Total Liabilities at Fair Value				$	83	$	74

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


Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments (Millions of dollars)
Type of		Gain / (Loss) Three Months Ended June 30						Gain / (Loss) Six Months Ended June 30
Contract	Statement of Income Classification	2020		2019		2020		2019
Commodity	Sales and other operating revenues	$	(216)	$	(6)	$	245	$	(244)
Commodity	Purchased crude oil and products	(20)		(2)		(24)		(9)
Commodity	Other income	(3)		(3)		(3)		(3)
		$	(239)	$	(11)	$	218	$	(256)

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 June 30, 2020, and December 31, 2019.


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 June 30, 2020
Derivative Assets	$	1,603	$	1,580	$	23	$	—	$	23
Derivative Liabilities	$	1,663	$	1,580	$	83	$	—	$	83

At December 31, 2019
Derivative Assets	$	656	$	645	$	11	$	—	$	11
Derivative Liabilities	$	719	$	645	$	74	$	—	$	74

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 June 30, 2020, and December 31, 2019.


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 June 30, 2020
Derivative Assets	$	1,603	$	1,580	$	23	$	—	$	23
Derivative Liabilities	$	1,663	$	1,580	$	83	$	—	$	83

At December 31, 2019
Derivative Assets	$	656	$	645	$	11	$	—	$	11
Derivative Liabilities	$	719	$	645	$	74	$	—	$	74

Restructuring and Reorganization Costs (Tables)

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs


	Amounts Before Tax
	(Millions of dollars)
Balance at January 1, 2020	$	7
Accruals/Adjustments	1,031
Payments	(11)
Balance at June 30, 2020	$	1,027

Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 144,914	$ 156,118	$ 145,208	$ 155,642
Components of Other Comprehensive Income (Loss):
Before Reclassifications			(7)	(1)
Reclassifications			247	188
Other Comprehensive Gain (Loss), Net of Tax	134	102	240	187
Ending balance	134,386	157,451	134,386	157,451
Related income taxes	(2,320)	1,645	(1,756)	2,960
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,884)	(3,459)	(4,990)	(3,544)
Components of Other Comprehensive Income (Loss):
Other Comprehensive Gain (Loss), Net of Tax	134	102	240	187
Ending balance	(4,750)	(3,357)	(4,750)	(3,357)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(142)	(124)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			(12)	1
Reclassifications			0	0
Other Comprehensive Gain (Loss), Net of Tax			(12)	1
Ending balance	(154)	(123)	(154)	(123)
Unrealized Holding Gains (Losses) on Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(8)	(10)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			(4)	0
Reclassifications			0	0
Other Comprehensive Gain (Loss), Net of Tax			(4)	0
Ending balance	(12)	(10)	(12)	(10)
Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			0	(2)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			0	(1)
Reclassifications			0	0
Other Comprehensive Gain (Loss), Net of Tax			0	(1)
Ending balance	0	(3)	0	(3)
Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(4,840)	(3,408)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			9	(1)
Reclassifications			247	188
Other Comprehensive Gain (Loss), Net of Tax			256	187
Ending balance	$ (4,584)	$ (3,221)	(4,584)	$ (3,221)
Defined Benefit Plans \| Reclassification out of Accumulated Other Comprehensive Income
Components of Other Comprehensive Income (Loss):
Employee Benefits for reclassified components			327
Related income taxes			$ 80

Information Relating to the Consolidated Statement of Cash Flows - Summary of Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Distributions less than income from equity affiliates includes the following:
Distributions from equity affiliates	$ 728	$ 971
(Income) loss from equity affiliates	1,550	(2,258)
Distributions less than income from equity affiliates	2,278	(1,287)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	4,769	910
Decrease (increase) in inventories	371	(878)
Decrease (increase) in prepaid expenses and other current assets	392	(303)
Increase (decrease) in accounts payable and accrued liabilities	(4,812)	284
Increase (decrease) in income and other taxes payable	(1,093)	(292)
Net decrease (increase) in operating working capital	(373)	(279)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	328	443
Income taxes	2,142	2,590
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	1,821	891
Returns of investment from equity affiliates	31	46
Proceeds and deposits related to asset sales and returns of investment	1,852	937
Net maturities (investments) of time deposits consisted of the following gross amounts:
Investments in time deposits	0	0
Maturities of time deposits	0	950
Net maturities of (investments in) time deposits	0	950
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	(1)	(1)
Marketable securities sold	0	3
Net sales (purchases) of marketable securities	(1)	2
Net repayment (borrowing) of loans by equity affiliates:
Borrowing of loans by equity affiliates	(1,100)	(675)
Repayment of loans by equity affiliates	26	55
Net repayment (borrowing) of loans by equity affiliates	(1,074)	(620)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	7,922	614
Repayments of short-term obligations	(2,150)	(366)
Net borrowings (repayments) of short-term obligations with three months or less maturity	(3,201)	(437)
Net borrowings (repayments) of short-term obligations	2,571	(189)
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans	201	699
Shares purchased under share repurchase and deferred compensation plans	(1,751)	(1,539)
Net sales (purchases) of treasury shares	(1,550)	(840)
Capital expenditures
Additions to properties, plant and equipment	4,991	6,381
Additions to investments	44	40
Current-year dry hole expenditures	223	103
Payments for other assets and liabilities, net	(33)	13
Capital expenditures	5,225	6,537
Expensed exploration expenditures	208	207
Assets acquired through finance lease obligations and other financing obligations	6	147
Payments for other assets and liabilities, net	33	(13)
Capital and exploratory expenditures, excluding equity affiliates	5,472	6,878
Company's share of expenditures by equity affiliates	2,258	3,144
Capital and exploratory expenditures, including equity affiliates	$ 7,730	$ 10,022

Information Relating to the Consolidated Statement of Cash Flows - Additional Information (Details) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Dividends paid (in dollars per share)	$ 1.29	$ 1.19

Information Relating to the Consolidated Statement of Cash Flows - Cash Balances (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 6,855	$ 5,686	$ 8,513	$ 9,342
Restricted cash included in Prepaid expenses and other current assets	161	452	428	341
Restricted cash included in Deferred charges and other assets	763	773	750	798
Total cash, cash equivalents and restricted cash	$ 7,779	$ 6,911	$ 9,691	$ 10,481

Summarized Financial Data - Tengizchevroil LLP (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Affiliate Statements Captions [Line Items]
Sales and other operating revenues	$ 13,494	$ 38,850	$ 44,995	$ 74,050
Net Income (Loss)	$ (8,277)	$ 4,290	$ (4,696)	6,932
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%		100.00%
Sales and other operating revenues			$ 4,567	8,369
Costs and other deductions			3,166	4,039
Net Income (Loss)			$ 984	$ 3,039
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Equity ownership, percentage	50.00%		50.00%

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Summarized Financial Data - Chevron Phillips Chemical Company LLC (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Summarized Financial Data - Chevron Transport Corporation
Costs and other deductions	$ 24,091	$ 32,915	$ 51,447	$ 64,158
Net income attributable to equity method investee	$ (8,270)	$ 4,305	$ (4,671)	6,954
Chevron Phillips Chemical Company LLC
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%		100.00%
Summarized Financial Data - Chevron Transport Corporation
Costs and other deductions			$ 3,500	4,012
Net income attributable to equity method investee			420	1,008
Chevron Phillips Chemical Company LLC \| Oil and Gas
Summarized Financial Data - Chevron Transport Corporation
Sales and other operating revenues			$ 3,998	$ 4,840
Chevron Phillips Chemical Company LLC
Affiliate Statements Captions [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%

Summarized Financial Data - Chevron U.S.A. Inc. - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales and other operating revenues	$ 15,926	$ 36,323	$ 45,631	$ 70,512
Costs and other deductions	24,091	32,915	51,447	64,158
Net income attributable to equity method investee	$ (8,270)	$ 4,305	(4,671)	6,954
Chevron U.S.A. Inc.
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales and other operating revenues			32,779	54,777
Costs and other deductions			35,953	53,424
Net income attributable to equity method investee			$ (2,151)	$ 1,225

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

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Summarized Financial Data - Chevron U.S.A. Inc. - Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Subsidiary Statements Captions [Line Items]
Current assets	$ 23,732		$ 28,329
Current liabilities	20,825		26,530
Total CUSA net equity	134,386	$ 144,914	145,208	$ 157,451	$ 156,118	$ 155,642
Chevron U.S.A. Inc.
Subsidiary Statements Captions [Line Items]
Current assets	8,516		13,059
Other assets	49,972		50,796
Current liabilities	14,884		18,291
Other liabilities	11,392		12,565
Total CUSA net equity	32,212		32,999
Memo: Total debt	$ 3,219		$ 3,222

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Operating Segments and Geographic Data - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020 segment
Segment Reporting [Abstract]
Number of reportable segments	2
Number of operating segments	2

Operating Segments and Geographic Data - Earnings by Major Operating Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	$ (8,270)	$ 4,305	$ (4,671)	$ 6,954
Operating Segments
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(7,099)	4,212	(3,076)	7,587
Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(6,089)	3,483	(3,169)	6,606
Operating Segments \| Upstream \| United States
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(2,066)	896	(1,825)	1,644
Operating Segments \| Upstream \| International
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(4,023)	2,587	(1,344)	4,962
Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(1,010)	729	93	981
Operating Segments \| Downstream \| United States
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(988)	465	(538)	682
Operating Segments \| Downstream \| International
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	(22)	264	631	299
All Other
Segment Reporting Information [Line Items]
Interest expense	(164)	(189)	(318)	(404)
Interest income	13	43	36	94
Other	$ (1,020)	$ 239	$ (1,313)	$ (323)

Operating Segments and Geographic Data - Segment Assets (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Segment Assets
Assets	$ 223,403	$ 237,428
Goodwill	4,416	4,463
United States
Segment Assets
Assets	61,845	64,598
International
Segment Assets
Assets	157,142	168,367
Operating Segments
Segment Assets
Assets	213,210	228,189
Operating Segments \| Upstream
Segment Assets
Assets	174,360	186,037
Goodwill	4,416	4,463
Operating Segments \| Upstream \| United States
Segment Assets
Assets	33,869	35,926
Operating Segments \| Upstream \| International
Segment Assets
Assets	136,075	145,648
Operating Segments \| Downstream
Segment Assets
Assets	38,850	42,152
Operating Segments \| Downstream \| United States
Segment Assets
Assets	23,001	25,197
Operating Segments \| Downstream \| International
Segment Assets
Assets	15,849	16,955
All Other
Segment Assets
Assets	10,193	9,239
All Other \| United States
Segment Assets
Assets	4,975	3,475
All Other \| International
Segment Assets
Assets	$ 5,218	$ 5,764

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Operating Segments and Geographic Data - Segment Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 15,926	$ 36,323	$ 45,631	$ 70,512
Oil and Gas
Segment Reporting Information [Line Items]
Sales and other operating revenues	15,926	36,323	45,631	70,512
Oil and Gas \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	19,085	44,736	56,135	87,106
Oil and Gas \| All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	233	276	445	500
Oil and Gas \| Total All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	33	60	98	126
Oil and Gas \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	8,006	21,053	23,868	39,545
Oil and Gas \| United States \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(194)	(211)	(339)	(367)
Oil and Gas \| United States \| All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	227	271	437	493
Oil and Gas \| United States \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,946)	(5,118)	(6,163)	(9,740)
Oil and Gas \| International \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	11,079	23,683	32,267	47,561
Oil and Gas \| International \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(6)	(5)	(8)	(7)
Oil and Gas \| International \| All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	6	5	8	7
Oil and Gas \| International \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,213)	(3,295)	(4,341)	(6,854)
Oil and Gas \| Upstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,657	7,935	12,783	16,375
Oil and Gas \| Upstream \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	7,098	14,904	20,577	30,155
Oil and Gas \| Upstream \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	2,544	5,927	7,010	11,809
Oil and Gas \| Upstream \| United States \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,420)	(3,865)	(4,232)	(7,384)
Oil and Gas \| Upstream \| International \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,554	8,977	13,567	18,346
Oil and Gas \| Upstream \| International \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,021)	(3,104)	(3,562)	(6,396)
Oil and Gas \| Downstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	11,236	28,328	32,750	54,011
Oil and Gas \| Downstream \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	11,754	29,556	35,113	56,451
Oil and Gas \| Downstream \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	5,235	14,855	16,421	27,243
Oil and Gas \| Downstream \| United States \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(332)	(1,042)	(1,592)	(1,989)
Oil and Gas \| Downstream \| International \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	6,519	14,701	18,692	29,208
Oil and Gas \| Downstream \| International \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ (186)	$ (186)	$ (771)	$ (451)

Employee Benefits - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020 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	$ 82
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer to employee pension plan	531
Pension Benefits \| United States
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer to employee pension plan	411
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions during the remaining of fiscal year	$ 92

Amount of contribution received by defined benefit plan from employer which increases plan assets.

Employee Benefits - Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Employee Benefits - Costs (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Pension Benefits
Net Periodic Benefit Cost
Net Periodic Other Benefit Costs	$ 245	$ 221	$ 487	$ 437
Pension Benefits \| United States
Net Periodic Benefit Cost
Service cost	125	102	249	203
Interest cost	88	99	176	198
Expected return on plan assets	(163)	(141)	(325)	(282)
Amortization of prior service costs (credits)	0	1	1	1
Amortization of actuarial losses (gains)	96	59	192	119
Settlement losses	60	60	120	120
Net Periodic Other Benefit Costs	206	180	413	359
Pension Benefits \| International
Net Periodic Benefit Cost
Service cost	32	36	64	71
Interest cost	44	53	87	104
Expected return on plan assets	(51)	(57)	(103)	(115)
Amortization of prior service costs (credits)	3	3	5	6
Amortization of actuarial losses (gains)	11	6	21	11
Settlement losses	0	0	0	1
Net Periodic Other Benefit Costs	39	41	74	78
Other Benefits
Net Periodic Benefit Cost
Service cost	10	9	19	18
Interest cost	17	24	35	48
Amortization of prior service costs (credits)	(8)	(7)	(14)	(14)
Amortization of actuarial losses (gains)	2	0	2	(1)
Net Periodic Other Benefit Costs	$ 21	$ 26	$ 42	$ 51

Assets Held For Sale (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 1,792	$ 3,411
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 1,790

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (2,320)	$ 1,645	$ (1,756)	$ 2,960
Decrease in income before income tax expense	16,540		16,340
Income (loss) before income tax expense	$ (10,597)	$ 5,935	$ (6,452)	$ 9,892
Effective tax rates	22.00%	28.00%	27.00%	30.00%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.