0000093410-20-000050 | 10-Q | XBRL Viewer

123

9,512

9,534

(22)

(6,747)

(6,731)

(16)

(2)

275

(2,789)

882

Ending balance at Sep. 30, 2019

(4)

(5)

$ 156,892

155,841

18,827

^[1]

183,783

(3,269)

(43,500)

1,051

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]

(23,342,737)

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

11,377,235

^[2]

2,442,676,580

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

(551,804,392)

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

1,890,872,188

Beginning balance at Jun. 30, 2019

$ 157,451

156,395

18,776

^[1]

183,442

(3,357)

(42,466)

1,056

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

^[1]

2,580

(2,245)

(2,237)

(8)

(1)

(1,250)

216

Ending balance at Sep. 30, 2019

(1)

$ 156,892

155,841

18,827

^[1]

183,783

(3,269)

(43,500)

1,051

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

^[2]

2,442,676,580

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

(544,258,109)

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

1,898,418,471

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

(10,302,969)

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

2,756,686

^[2]

2,442,676,580

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

(551,804,392)

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

1,890,872,188

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]

(4,905)

(4,878)

(27)

(7,196)

(7,186)

(10)

(2)

483

(1,751)

212

Ending balance at Sep. 30, 2020

(64)

630

(694)

$ 132,038

131,774

18,910

^[1]

163,509

(4,507)

(46,138)

264

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]

(17,503,545)

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

2,658,892

^[2]

2,442,676,580

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

(575,353,132)

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

1,867,323,448

Beginning balance at Jun. 30, 2020

$ 134,386

134,118

18,889

^[1]

166,122

(4,750)

(46,143)

268

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

^[1]

(209)

(207)

(2)

(2,390)

(1)

243

Ending balance at Sep. 30, 2020

(17)

(15)

(2)

$ 132,038

$ 131,774

$ 18,910

^[1]

$ 163,509

$ (4,507)

$ (46,138)

$ 264

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

^[2]

2,442,676,580

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

(575,408,748)

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

1,867,267,832

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

(2,220)

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

57,836

^[2]

2,442,676,580

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

(575,353,132)

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

1,867,323,448

[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	Sep. 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	9 Months Ended
General	Sep. 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 nine-month periods ended September 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 Coronavirus Disease 2019 (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 late in the first quarter 2020, which negatively affected our results of operations and cash flows. These conditions persisted throughout the third 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 are likely to continue to be challenged in future quarters. Due to the changing environment, there continues to be uncertainty and unpredictability around the extent to which the COVID-19 pandemic will impact our results, which could be material.

Changes in Accumulated Other Comprehensive Losses

9 Months Ended

Sep. 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 nine months ended September 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	(32)		2		2		1		(27)
Reclassifications	—		—		—		302		302
Net Other Comprehensive Income (Loss)	(32)		2		2		303		275
Balance at September 30, 2019	$	(156)	$	(8)	$	—	$	(3,105)	$	(3,269)

Balance at December 31, 2019	$	(142)	$	(8)	$	—	$	(4,840)	$	(4,990)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	5		(5)		—		9		9
Reclassifications(2)	—		—		—		474		474
Net Other Comprehensive Income (Loss)	5		(5)		—		483		483
Balance at September 30, 2020	$	(137)	$	(13)	$	—	$	(4,357)	$	(4,507)

_______________________________

(1)All amounts are net of tax.

(2)Refer to Note 9, Employee Benefits for reclassified components totaling $615 million that are included in employee benefit costs for the nine months ended September 30, 2020. Related income taxes for the same period, totaling $141 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

9 Months Ended

Sep. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Information Relating to the Consolidated Statement of Cash Flows


	Nine Months Ended September 30
	2020		2019
	(Millions of dollars)
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates	$	1,209	$	1,533
(Income) loss from equity affiliates	1,040		(3,430)
Distributions more (less) than income from equity affiliates	$	2,249	$	(1,897)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	$	3,601	$	2,254
Decrease (increase) in inventories	201		(20)
Decrease (increase) in prepaid expenses and other current assets	632		(286)
Increase (decrease) in accounts payable and accrued liabilities	(3,609)		(981)
Increase (decrease) in income and other taxes payable	(846)		159
Net decrease (increase) in operating working capital	$	(21)	$	1,126
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	$	384	$	579
Income taxes	2,527		3,516
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	$	1,912	$	1,021
Returns of investment from equity affiliates	67		67
Proceeds and deposits related to asset sales and returns of investment	$	1,979	$	1,088
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	$	(2)	$	(1)
Marketable securities sold	37		3
Net sales (purchases) of marketable securities	$	35	$	2
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates	$	(3,925)	$	(1,050)
Repayment of loans by equity affiliates	2,491		80
Net repayment (borrowing) of loans by equity affiliates	$	(1,434)	$	(970)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	$	8,863	$	1,821
Repayments of short-term obligations	(7,479)		(570)
Net borrowings (repayments) of short-term obligations with three months or less maturity	(1,990)		722
Net borrowings (repayments) of short-term obligations	$	(606)	$	1,973
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans	$	206	$	944
Shares purchased under share repurchase and deferred compensation plans	(1,751)		(2,789)
Net sales (purchases) of treasury shares	$	(1,545)	$	(1,845)

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 third quarter 2020 and $3.87 per share in the first nine months of 2020. This compares to dividends of $1.19 and $3.57 per share paid in the corresponding year-ago periods.

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:


	Nine Months Ended September 30
	2020		2019
	(Millions of dollars)
Additions to properties, plant and equipment	$	6,576	$	9,713
Additions to investments	86		69
Current-year dry hole expenditures	226		111
Payments for other assets and liabilities, net	(33)		13
Capital expenditures	6,855		9,906
Expensed exploration expenditures	322		361
Assets acquired through finance lease obligations and other financing obligations	49		146
Payments for other assets and liabilities, net	33		(13)
Capital and exploratory expenditures, excluding equity affiliates	7,259		10,400
Company’s share of expenditures by equity affiliates	3,063		4,578
Capital and exploratory expenditures, including equity affiliates	$	10,322	$	14,978

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


	At September 30				At December 31
	2020		2019		2019		2018
	(Millions of dollars)
Cash and Cash Equivalents	$	6,866	$	11,697	$	5,686	$	9,342
Restricted cash included in “Prepaid expenses and other current assets”	169		370		452		341
Restricted cash included in “Deferred charges and other assets”	756		753		773		798
Total Cash, Cash Equivalents and Restricted Cash	$	7,791	$	12,820	$	6,911	$	10,481

Additional information related to “Restricted Cash” is included on page 19 in Note 14 under the heading “Restricted Cash.”

New Accounting Standards	9 Months Ended
New Accounting Standards	Sep. 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 21.

Summarized Financial Data - Tengizchevroil LLP

9 Months Ended

Sep. 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:


	Nine Months Ended September 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	6,757	$	11,991
Costs and other deductions	4,655		5,971
Net income attributable to TCO	$	1,483	$	4,230

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:


	Nine Months Ended September 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	6,093	$	7,209
Costs and other deductions	5,179		5,992
Net income attributable to CPChem	$	877	$	1,464

Summarized Financial Data - Chevron Phillips Chemical Company LLC

9 Months Ended

Sep. 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:


	Nine Months Ended September 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	6,757	$	11,991
Costs and other deductions	4,655		5,971
Net income attributable to TCO	$	1,483	$	4,230


	Nine Months Ended September 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	6,093	$	7,209
Costs and other deductions	5,179		5,992
Net income attributable to CPChem	$	877	$	1,464

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

9 Months Ended

Sep. 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:


	Nine Months Ended September 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	50,360	$	82,073
Costs and other deductions	54,221		79,794
Net income (loss) attributable to CUSA	$	(2,203)	$	2,149


	At September 30, 2020		At December 31, 2019
	(Millions of dollars)
Current assets	$	9,523	$	13,059
Other assets	49,582		50,796
Current liabilities	12,062		18,291
Other liabilities	14,415		12,565
Total CUSA net equity	$	32,628	$	32,999
Memo: Total debt	$	7,132	$	3,222

Operating Segments and Geographic Data

9 Months Ended

Sep. 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 nine-month periods ended September 30, 2020 and 2019, are presented in the following table:


	Three Months Ended September 30				Nine Months Ended September 30
	2020		2019		2020		2019
Segment Earnings	(Millions of dollars)				(Millions of dollars)
Upstream
United States	$	116	$	727	$	(1,709)	$	2,371
International	119		1,977		(1,225)		6,939
Total Upstream	235		2,704		(2,934)		9,310
Downstream
United States	141		389		(397)		1,071
International	151		439		782		738
Total Downstream	292		828		385		1,809
Total Segment Earnings	527		3,532		(2,549)		11,119
All Other
Interest expense	(153)		(187)		(471)		(591)
Interest income	7		48		43		142
Other	(588)		(813)		(1,901)		(1,136)
Net Income Attributable to Chevron Corporation	$	(207)	$	2,580	$	(4,878)	$	9,534

Segment Assets Segment assets do not include intercompany investments or intercompany receivables. “All Other” assets consist primarily of worldwide cash, cash equivalents, time deposits and marketable securities; real estate; information systems; technology companies; and assets of the corporate administrative functions. Segment assets at September 30, 2020, and December 31, 2019, are as follows:


	At September 30, 2020		At December 31, 2019
Segment Assets	(Millions of dollars)
Upstream
United States	$	33,574	$	35,926
International	135,540		145,648
Goodwill	4,416		4,463
Total Upstream	173,530		186,037
Downstream
United States	23,335		25,197
International	16,056		16,955
Total Downstream	39,391		42,152
Total Segment Assets	212,921		228,189
All Other
United States	4,515		3,475
International	5,627		5,764
Total All Other	10,142		9,239
Total Assets — United States	61,424		64,598
Total Assets — International	157,223		168,367
Goodwill	4,416		4,463
Total Assets	$	223,063	$	237,428

Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three- and nine-month periods ended September 30, 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 September 30				Nine Months Ended September 30
	2020		2019		2020		2019
Sales and Other Operating Revenues	(Millions of dollars)				(Millions of dollars)
Upstream
United States	$	3,367	$	5,602	$	10,377	$	17,411
International	5,911		8,607		19,478		26,953
Subtotal	9,278		14,209		29,855		44,364
Intersegment Elimination — United States	(1,916)		(3,686)		(6,148)		(11,070)
Intersegment Elimination — International	(1,661)		(3,015)		(5,223)		(9,411)
Total Upstream	5,701		7,508		18,484		23,883
Downstream
United States	8,147		14,224		24,568		41,467
International	10,649		14,230		29,341		43,438
Subtotal	18,796		28,454		53,909		84,905
Intersegment Elimination — United States	(307)		(1,017)		(1,899)		(3,006)
Intersegment Elimination — International	(230)		(227)		(1,001)		(678)
Total Downstream	18,259		27,210		51,009		81,221
All Other
United States	208		270		645		763
International	3		5		11		12
Subtotal	211		275		656		775
Intersegment Elimination — United States	(171)		(209)		(510)		(576)
Intersegment Elimination — International	(3)		(5)		(11)		(12)
Total All Other	37		61		135		187
Sales and Other Operating Revenues
United States	11,722		20,096		35,590		59,641
International	16,563		22,842		48,830		70,403
Subtotal	28,285		42,938		84,420		130,044
Intersegment Elimination — United States	(2,394)		(4,912)		(8,557)		(14,652)
Intersegment Elimination — International	(1,894)		(3,247)		(6,235)		(10,101)
Total Sales and Other Operating Revenues	$	23,997	$	34,779	$	69,628	$	105,291

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

9 Months Ended

Sep. 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 September 30					Nine Months Ended September 30
	2020		2019			2020		2019
	(Millions of dollars)				(Millions of dollars)
Pension Benefits
United States
Service cost	$	124	$	101		$	373	$	304
Interest cost	89		100			265		298
Expected return on plan assets	(163)		(141)			(488)		(423)
Amortization of prior service costs (credits)	—		—			1		1
Amortization of actuarial losses (gains)	96		60			288		179
Settlement losses	184		87			304		207
Total United States	330		207			743		566
International
Service cost	33		34			97		105
Interest cost	44		49			131		153
Expected return on plan assets	(52)		(56)			(155)		(171)
Amortization of prior service costs (credits)	2		3			7		9
Amortization of actuarial losses (gains)	12		4			33		15
Settlement losses	—		—			—		1
Total International	39		34			113		112
Net Periodic Pension Benefit Costs	$	369	$	241		$	856	$	678
Other Benefits*
Service cost	$	9	$	9		$	28	$	27
Interest cost	18		24			53		72
Amortization of prior service costs (credits)	(7)		(7)			(21)		(21)
Amortization of actuarial losses (gains)	1		(1)			3		(2)

Net Periodic Other Benefit Costs	$	21	$	25		$	63	$	76

_ ___________________________________

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

Through September 30, 2020, a total of $895 million was contributed to employee pension plans (including $726 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 nine months of 2020, the company contributed $120 million to its OPEB plans. The company anticipates contributing approximately $54 million during the remainder of 2020.

The entire disclosure for retirement benefits.

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Assets Held For Sale	9 Months Ended
Assets Held For Sale	Sep. 30, 2020
Assets Held For Sale [Abstract]
Assets Held For Sale	Assets Held For SaleAt September 30, 2020, the company classified $1.80 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 nine months of 2020 were not material.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe income tax expense decreased between quarterly periods from $1.47 billion in 2019 to $165 million in 2020. The company's income before income tax expense decreased $4.09 billion from $4.05 billion in 2019 to a loss of $44 million in 2020, primarily due to the decrease in crude prices and production. The company’s effective tax rate changed between quarterly periods from 36 percent in 2019 to negative 375 percent in 2020. The change in the effective tax rate is primarily due to the one-time tax charge in an international location and 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. The income tax expense decreased between the nine-month periods from a charge of $4.43 billion in 2019 to a benefit of $1.59 billion in 2020. This decrease is a direct result of the company’s income before income tax expense decreasing $20.44 billion, from $13.94 billion in 2019 to a loss of $6.50 billion in 2020. The decrease in income is primarily due to the reduction in prices and production, impairments and other corporate charges. The company’s effective tax rate changed between nine-month periods from 32 percent in 2019 to 24 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 release and a 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 September 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	9 Months Ended
Litigation	Sep. 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 Texaco Petroleum Company (Texpet), a subsidiary of Texaco Inc., was a minority member of an oil production consortium in Ecuador from 1967 until 1992, with state-owned Petroecuador as the majority partner. Upon termination of the consortium, and following a third-party environmental audit, Ecuador and the consortium parties entered into a settlement agreement specifying Texpet’s environmental remediation obligations. After Texpet completed a three-year remediation program, Ecuador certified that the remediation was properly conducted and released Texpet and its related corporate entities from environmental liability. In May 2003, plaintiffs alleging environmental harm from the consortium’s activities filed a civil lawsuit against Chevron in the Superior Court for the province of Nueva Loja in Lago Agrio, Ecuador. Chevron defended itself on multiple grounds, including that the lawsuit was barred by the settlement and releases from Ecuador and that the evidence confirmed Texpet’s remediation was properly conducted and any remaining environmental impacts were due to Petroecuador’s failure to remediate its own majority share of the concession area and to Petroecuador’s conduct as sole owner of expanded operations in the area since 1992. In February 2011, the Ecuadorian provincial court entered a judgment against Chevron for approximately $9.5 billion plus additional punitive damages. 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 punitive damage assessment, resulting in a judgment of $9.5 billion. Ecuador’s highest Constitutional Court rejected Chevron’s final appeal in July 2018. In February 2011, Chevron filed a civil lawsuit against the Lago Agrio plaintiffs and several of their lawyers and supporters in the U.S. District Court for the Southern District of New York, asserting violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and state law. After a trial, the New York court ruled 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 Ecuadorian judgment in the United States or profiting from their illegal acts. The U.S. Court of Appeals for the Second Circuit unanimously affirmed, and the U.S. Supreme Court denied certiorari in June 2017, rendering final the New York judgment in favor of Chevron. The Lago Agrio plaintiffs’ lawyers sought to have the Ecuadorian judgment recognized and enforced in Canada, Brazil, and Argentina. All of those recognition and enforcement actions have been finally resolved in Chevron’s favor. In Canada, following dismissal of Chevron Canada Limited from the action, the Ontario Superior Court ordered a final dismissal of the action against Chevron Corporation in July 2019 by consent of the parties. In Brazil and Argentina, after public prosecutors in each country recommended rejection of the plaintiffs’ action on grounds including that the Ecuadorian judgment was procured through fraud and corruption, Brazil’s Superior Court of Justice dismissed and the Supreme Court of Argentina affirmed dismissal by the lower court of the actions on jurisdictional grounds in rulings that became final in June 2018 and July 2020, respectively. Chevron and Texpet filed an arbitration claim against Ecuador in September 2009 before an arbitral tribunal administered by the Permanent Court of Arbitration in The Hague, under the United States-Ecuador Bilateral Investment Treaty. In September 2013, the Tribunal issued a first partial award holding that, although the settlement and release agreements between Ecuador and Texpet did not preclude individual claims for personal harm, they did release Texpet and Chevron from public environmental claims. In August 2018, the Tribunal issued a second partial award holding that the Ecuadorian judgment was based on public claims that Ecuador had settled and released and that it was procured through fraud, bribery, and corruption. 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 ordered Ecuador to take immediate steps to remove the status of enforceability from the Ecuadorian judgment and to compensate Chevron for any injuries resulting from the judgment. The third and final phase of the arbitration, to determine the amount of compensation Ecuador owes to Chevron, is ongoing. The District Court of The Hague denied a request by Ecuador to set aside the Arbitration Tribunal’s first partial award, and the Appeals Court and Supreme Court of the Netherlands upheld that denial. On September 16, 2020, the District Court of The Hague denied Ecuador’s request to set aside the Tribunal’s second partial award, holding that the award was well reasoned and complied with applicable law and public policy, and properly sought to “remov[e] the consequences of a fraudulent judgment that was rendered by a corrupt judge.” The District Court further recorded that it now is “common ground” between Ecuador and Chevron that the Ecuadorian judgment is fraudulent. Management’s Assessment The ultimate outcome of the foregoing matters, including any financial effect on Chevron, remains uncertain. Chevron continues to believe that the Ecuadorian judgment is illegitimate and unenforceable and that it does not provide any basis upon which an estimate of a reasonably possible loss or range of loss can be made.

Other Contingencies and Commitments	9 Months Ended
Other Contingencies and Commitments	Sep. 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 beginning 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, including without limitation 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 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

9 Months Ended

Sep. 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 September 30, 2020, and December 31, 2019, is as follows:

Assets and Liabilities Measured at Fair Value on a Recurring Basis

(Millions of dollars)


	At September 30, 2020								At December 31, 2019
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable Securities	$	28	$	28	$	—	$	—	$	63	$	63	$	—	$	—
Derivatives	104		55		49		—		11		1		10		—
Total Assets at Fair Value	$	132	$	83	$	49	$	—	$	74	$	64	$	10	$	—
Derivatives	8		5		3		—		74		26		48		—
Total Liabilities at Fair Value	$	8	$	5	$	3	$	—	$	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 September 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 September 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 September 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 September 30, 2020.

Restricted Cash had a carrying/fair value of $925 million and $1.2 billion at September 30, 2020 and December 31, 2019, respectively. At September 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 $24.2 billion and $13.7 billion at September 30, 2020, and December 31, 2019, respectively. The fair value of long-term debt for the company was $25.7 billion and $14.3 billion at September 30, 2020 and December 31, 2019, respectively. Long-term debt primarily includes corporate issued bonds, classified as Level 1 and are $24.6 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 September 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 September 30, 2020, is as follows:

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

(Millions of dollars)


	At September 30, 2020
									Before-Tax Loss
									Three Months Ended		Nine Months Ended
	Total		Level 1		Level 2		Level 3
Properties, plant and equipment, net (held and used)	$	—	$	—	$	—	$	—	$	—	$	2,551
Properties, plant and equipment, net (held for sale)	22		—		22		—		17		183
Investments and advances	—		—		—		—		—		2,550
Total Assets at Fair Value	$	22	$	—	$	22	$	—	$	17	$	5,284

Properties, plant and equipment Through September 2020, the company reported impairments for certain upstream properties 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. The company did not have any individually material impairments of long-lived assets measured at fair value on a nonrecurring basis to report in third quarter 2020.

Investments and advances Through September 2020, the company fully impaired its investments in the Petropiar and Petroboscan affiliates in Venezuela. The impact of these impairments is included in “Income (loss) from equity affiliates” on the Consolidated Statement of Income. The company did not have any

material impairments of investments and advances measured at fair value on a nonrecurring basis to report in third quarter 2020.

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

9 Months Ended

Sep. 30, 2020

Financial and Derivative Instruments

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

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

Derivative instruments measured at fair value at September 30, 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 September 30, 2020		At December 31, 2019
Commodity	Accounts and notes receivable, net	$	90	$	11
Commodity	Long-term receivables, net	14		—
Total Assets at Fair Value		$	104	$	11
Commodity	Accounts payable	$	3	$	74
Commodity	Deferred credits and other noncurrent obligations	5		—
Total Liabilities at Fair Value		$	8	$	74


Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments (Millions of dollars)
Type of		Gain / (Loss) Three Months Ended September 30				Gain / (Loss) Nine Months Ended September 30
Contract	Statement of Income Classification	2020		2019		2020		2019
Commodity	Sales and other operating revenues	$	38	$	55	$	283	$	(189)
Commodity	Purchased crude oil and products	(7)		(7)		(31)		(16)
Commodity	Other income	6		—		3		(3)
		$	37	$	48	$	255	$	(208)

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 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 September 30, 2020
Derivative Assets	$	1,044	$	940	$	104	$	—	$	104
Derivative Liabilities	$	948	$	940	$	8	$	—	$	8

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	9 Months Ended
Revenue	Sep. 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 $6.3 billion and $9.2 billion at September 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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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Restructuring and Related Activities [Abstract]

Financial Instruments - Credit Losses	9 Months Ended
Financial Instruments - Credit Losses	Sep. 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 $666 million as of September 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 $265 million were recorded in the second and third quarters associated with other than trade receivables. The majority of the company’s receivable balance is concentrated in trade receivables, with a balance of $8.1 billion as of September 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 and loss given 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. The company continues to monitor credit risk in response to the COVID-19 pandemic and the significant reduction in crude prices resulting from decreased demand associated with government-mandated travel restrictions. Chevron's non-trade receivable balance was $3.1 billion as of September 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	9 Months Ended
Accounting for Suspended Exploratory Wells	Sep. 30, 2020
Accounting for Suspended Exploratory Wells [Abstract]
Accounting for Suspended Exploratory Wells	Accounting for Suspended Exploratory WellsThe capitalized cost of suspended wells at September 30, 2020, was $2.5 billion, a net decrease of $574 million from year-end 2019. The decrease was primarily due to well write-offs recorded in second quarter 2020. During the nine months ended September 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

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Long-Term Debt

The company issued $8 billion and an additional $4 billion in aggregate principal amount of floating and fixed rate notes in May 2020 and August 2020, respectively, as detailed in the table below. In the first nine months of 2020, the company repaid $3.9 billion of bonds at maturity.



May 2020 issuance:	Principal (Millions of dollars)
Floating rate notes due 2023	$	300
1.141% notes due 2023	1,200
1.554% notes due 2025	2,500
1.995% notes due 2027	1,000
2.236% notes due 2030	1,500
2.978% notes due 2040	500
3.078% notes due 2050	1,000
Total Long-Term Debt Issued in May 2020	$	8,000

August 2020 issuance:	Principal (Millions of dollars)
Floating rate notes due 2022	$	350
0.333% notes due 2022	400
Floating rate notes due 2023	500
0.426% notes due 2023	500
0.687% notes due 2025	750
1.018% notes due 2027	750
2.343% notes due 2050	750
Total Long-Term Debt Issued in August 2020	$	4,000

Restructuring and Reorganization Costs

9 Months Ended

Sep. 30, 2020

Restructuring and Reorganization Costs

In third quarter 2020, the company recorded adjustments and additional charges for employee reduction programs related to enterprise-wide restructuring, which are expected to be substantially completed by the end of 2021. The following table summarizes the accrued severance liability, which is classified as current on the Consolidated Balance Sheet.


	Amounts Before Tax
	(Millions of dollars)
Balance at January 1, 2020	$	7
Accruals/Adjustments	1,018
Payments	(133)
Balance at September 30, 2020	$	892

Acquisition of Noble Energy, Inc.	9 Months Ended
Acquisition of Noble Energy, Inc.	Sep. 30, 2020
Subsequent Events [Abstract]
Acquisition of Noble Energy, Inc.	Acquisition of Noble Energy, Inc. On October 5, 2020, the company acquired Noble Energy, Inc. (Noble), an independent oil and gas exploration and production company. Noble’s principal upstream operations are in North America, the Eastern Mediterranean and West Africa. Noble’s operations also include an integrated midstream business in North America. The aggregate purchase price of Noble was $4.1 billion, with approximately 58 million shares of Chevron common stock issued as consideration in the transaction. As part of the transaction, the company assumed debt with a book value of $7.7 billion. The shares represented approximately 3 percent of shares of Chevron common stock outstanding immediately after the transaction closed on October 5, 2020. The acquisition will be accounted for as a business combination under ASC 805, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair value. Provisional fair value measurement will be made in the fourth quarter 2020 for acquired assets and assumed liabilities, and adjustments to those measurements may be made in subsequent periods, up to one year from the acquisition date as information necessary to complete the analysis is obtained.

New Accounting Standards (Policies)	9 Months Ended
New Accounting Standards (Policies)	Sep. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Basis of Presentation	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 nine-month periods ended September 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 Coronavirus Disease 2019 (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 late in the first quarter 2020, which negatively affected our results of operations and cash flows. These conditions persisted throughout the third 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 are likely to continue to be challenged in future quarters. Due to the changing environment, there continues to be uncertainty and unpredictability around the extent to which the COVID-19 pandemic will impact our results, which could be material.
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 21.
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 $6.3 billion and $9.2 billion at September 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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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)

9 Months Ended

Sep. 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	(32)		2		2		1		(27)
Reclassifications	—		—		—		302		302
Net Other Comprehensive Income (Loss)	(32)		2		2		303		275
Balance at September 30, 2019	$	(156)	$	(8)	$	—	$	(3,105)	$	(3,269)

Balance at December 31, 2019	$	(142)	$	(8)	$	—	$	(4,840)	$	(4,990)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	5		(5)		—		9		9
Reclassifications(2)	—		—		—		474		474
Net Other Comprehensive Income (Loss)	5		(5)		—		483		483
Balance at September 30, 2020	$	(137)	$	(13)	$	—	$	(4,357)	$	(4,507)

_______________________________

(1)All amounts are net of tax.

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

9 Months Ended

Sep. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of Information Relating to Consolidated Statement of Cash Flows


	Nine Months Ended September 30
	2020		2019
	(Millions of dollars)
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates	$	1,209	$	1,533
(Income) loss from equity affiliates	1,040		(3,430)
Distributions more (less) than income from equity affiliates	$	2,249	$	(1,897)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	$	3,601	$	2,254
Decrease (increase) in inventories	201		(20)
Decrease (increase) in prepaid expenses and other current assets	632		(286)
Increase (decrease) in accounts payable and accrued liabilities	(3,609)		(981)
Increase (decrease) in income and other taxes payable	(846)		159
Net decrease (increase) in operating working capital	$	(21)	$	1,126
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	$	384	$	579
Income taxes	2,527		3,516
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	$	1,912	$	1,021
Returns of investment from equity affiliates	67		67
Proceeds and deposits related to asset sales and returns of investment	$	1,979	$	1,088
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	$	(2)	$	(1)
Marketable securities sold	37		3
Net sales (purchases) of marketable securities	$	35	$	2
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates	$	(3,925)	$	(1,050)
Repayment of loans by equity affiliates	2,491		80
Net repayment (borrowing) of loans by equity affiliates	$	(1,434)	$	(970)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	$	8,863	$	1,821
Repayments of short-term obligations	(7,479)		(570)
Net borrowings (repayments) of short-term obligations with three months or less maturity	(1,990)		722
Net borrowings (repayments) of short-term obligations	$	(606)	$	1,973
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans	$	206	$	944
Shares purchased under share repurchase and deferred compensation plans	(1,751)		(2,789)
Net sales (purchases) of treasury shares	$	(1,545)	$	(1,845)

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


	At September 30				At December 31
	2020		2019		2019		2018
	(Millions of dollars)
Cash and Cash Equivalents	$	6,866	$	11,697	$	5,686	$	9,342
Restricted cash included in “Prepaid expenses and other current assets”	169		370		452		341
Restricted cash included in “Deferred charges and other assets”	756		753		773		798
Total Cash, Cash Equivalents and Restricted Cash	$	7,791	$	12,820	$	6,911	$	10,481

Capital Expenditures


	Nine Months Ended September 30
	2020		2019
	(Millions of dollars)
Additions to properties, plant and equipment	$	6,576	$	9,713
Additions to investments	86		69
Current-year dry hole expenditures	226		111
Payments for other assets and liabilities, net	(33)		13
Capital expenditures	6,855		9,906
Expensed exploration expenditures	322		361
Assets acquired through finance lease obligations and other financing obligations	49		146
Payments for other assets and liabilities, net	33		(13)
Capital and exploratory expenditures, excluding equity affiliates	7,259		10,400
Company’s share of expenditures by equity affiliates	3,063		4,578
Capital and exploratory expenditures, including equity affiliates	$	10,322	$	14,978

Summarized Financial Data - Tengizchevroil LLP (Tables)

9 Months Ended

Sep. 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:


	Nine Months Ended September 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	6,757	$	11,991
Costs and other deductions	4,655		5,971
Net income attributable to TCO	$	1,483	$	4,230

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


	Nine Months Ended September 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	6,093	$	7,209
Costs and other deductions	5,179		5,992
Net income attributable to CPChem	$	877	$	1,464

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

9 Months Ended

Sep. 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:


	Nine Months Ended September 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	6,757	$	11,991
Costs and other deductions	4,655		5,971
Net income attributable to TCO	$	1,483	$	4,230

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


	Nine Months Ended September 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	6,093	$	7,209
Costs and other deductions	5,179		5,992
Net income attributable to CPChem	$	877	$	1,464

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

9 Months Ended

Sep. 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:


	Nine Months Ended September 30
	2020		2019
	(Millions of dollars)
Sales and other operating revenues	$	50,360	$	82,073
Costs and other deductions	54,221		79,794
Net income (loss) attributable to CUSA	$	(2,203)	$	2,149

Summarized Financial Data and its Subsidiary


	At September 30, 2020		At December 31, 2019
	(Millions of dollars)
Current assets	$	9,523	$	13,059
Other assets	49,582		50,796
Current liabilities	12,062		18,291
Other liabilities	14,415		12,565
Total CUSA net equity	$	32,628	$	32,999
Memo: Total debt	$	7,132	$	3,222

Operating Segments and Geographic Data (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Earnings

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


	Three Months Ended September 30				Nine Months Ended September 30
	2020		2019		2020		2019
Segment Earnings	(Millions of dollars)				(Millions of dollars)
Upstream
United States	$	116	$	727	$	(1,709)	$	2,371
International	119		1,977		(1,225)		6,939
Total Upstream	235		2,704		(2,934)		9,310
Downstream
United States	141		389		(397)		1,071
International	151		439		782		738
Total Downstream	292		828		385		1,809
Total Segment Earnings	527		3,532		(2,549)		11,119
All Other
Interest expense	(153)		(187)		(471)		(591)
Interest income	7		48		43		142
Other	(588)		(813)		(1,901)		(1,136)
Net Income Attributable to Chevron Corporation	$	(207)	$	2,580	$	(4,878)	$	9,534

Segment Assets

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


	At September 30, 2020		At December 31, 2019
Segment Assets	(Millions of dollars)
Upstream
United States	$	33,574	$	35,926
International	135,540		145,648
Goodwill	4,416		4,463
Total Upstream	173,530		186,037
Downstream
United States	23,335		25,197
International	16,056		16,955
Total Downstream	39,391		42,152
Total Segment Assets	212,921		228,189
All Other
United States	4,515		3,475
International	5,627		5,764
Total All Other	10,142		9,239
Total Assets — United States	61,424		64,598
Total Assets — International	157,223		168,367
Goodwill	4,416		4,463
Total Assets	$	223,063	$	237,428

Segment Sales and Other Operating Revenues


	Three Months Ended September 30				Nine Months Ended September 30
	2020		2019		2020		2019
Sales and Other Operating Revenues	(Millions of dollars)				(Millions of dollars)
Upstream
United States	$	3,367	$	5,602	$	10,377	$	17,411
International	5,911		8,607		19,478		26,953
Subtotal	9,278		14,209		29,855		44,364
Intersegment Elimination — United States	(1,916)		(3,686)		(6,148)		(11,070)
Intersegment Elimination — International	(1,661)		(3,015)		(5,223)		(9,411)
Total Upstream	5,701		7,508		18,484		23,883
Downstream
United States	8,147		14,224		24,568		41,467
International	10,649		14,230		29,341		43,438
Subtotal	18,796		28,454		53,909		84,905
Intersegment Elimination — United States	(307)		(1,017)		(1,899)		(3,006)
Intersegment Elimination — International	(230)		(227)		(1,001)		(678)
Total Downstream	18,259		27,210		51,009		81,221
All Other
United States	208		270		645		763
International	3		5		11		12
Subtotal	211		275		656		775
Intersegment Elimination — United States	(171)		(209)		(510)		(576)
Intersegment Elimination — International	(3)		(5)		(11)		(12)
Total All Other	37		61		135		187
Sales and Other Operating Revenues
United States	11,722		20,096		35,590		59,641
International	16,563		22,842		48,830		70,403
Subtotal	28,285		42,938		84,420		130,044
Intersegment Elimination — United States	(2,394)		(4,912)		(8,557)		(14,652)
Intersegment Elimination — International	(1,894)		(3,247)		(6,235)		(10,101)
Total Sales and Other Operating Revenues	$	23,997	$	34,779	$	69,628	$	105,291

Employee Benefits (Tables)

9 Months Ended

Sep. 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 September 30					Nine Months Ended September 30
	2020		2019			2020		2019
	(Millions of dollars)				(Millions of dollars)
Pension Benefits
United States
Service cost	$	124	$	101		$	373	$	304
Interest cost	89		100			265		298
Expected return on plan assets	(163)		(141)			(488)		(423)
Amortization of prior service costs (credits)	—		—			1		1
Amortization of actuarial losses (gains)	96		60			288		179
Settlement losses	184		87			304		207
Total United States	330		207			743		566
International
Service cost	33		34			97		105
Interest cost	44		49			131		153
Expected return on plan assets	(52)		(56)			(155)		(171)
Amortization of prior service costs (credits)	2		3			7		9
Amortization of actuarial losses (gains)	12		4			33		15
Settlement losses	—		—			—		1
Total International	39		34			113		112
Net Periodic Pension Benefit Costs	$	369	$	241		$	856	$	678
Other Benefits*
Service cost	$	9	$	9		$	28	$	27
Interest cost	18		24			53		72
Amortization of prior service costs (credits)	(7)		(7)			(21)		(21)
Amortization of actuarial losses (gains)	1		(1)			3		(2)

Net Periodic Other Benefit Costs	$	21	$	25		$	63	$	76

_ ___________________________________

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

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020, and December 31, 2019, is as follows:

Assets and Liabilities Measured at Fair Value on a Recurring Basis

(Millions of dollars)


	At September 30, 2020								At December 31, 2019
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable Securities	$	28	$	28	$	—	$	—	$	63	$	63	$	—	$	—
Derivatives	104		55		49		—		11		1		10		—
Total Assets at Fair Value	$	132	$	83	$	49	$	—	$	74	$	64	$	10	$	—
Derivatives	8		5		3		—		74		26		48		—
Total Liabilities at Fair Value	$	8	$	5	$	3	$	—	$	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 September 30, 2020, is as follows:

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

(Millions of dollars)


	At September 30, 2020
									Before-Tax Loss
									Three Months Ended		Nine Months Ended
	Total		Level 1		Level 2		Level 3
Properties, plant and equipment, net (held and used)	$	—	$	—	$	—	$	—	$	—	$	2,551
Properties, plant and equipment, net (held for sale)	22		—		22		—		17		183
Investments and advances	—		—		—		—		—		2,550
Total Assets at Fair Value	$	22	$	—	$	22	$	—	$	17	$	5,284

Financial and Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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


Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments (Millions of dollars)
Type of Contract	Balance Sheet Classification	At September 30, 2020		At December 31, 2019
Commodity	Accounts and notes receivable, net	$	90	$	11
Commodity	Long-term receivables, net	14		—
Total Assets at Fair Value		$	104	$	11
Commodity	Accounts payable	$	3	$	74
Commodity	Deferred credits and other noncurrent obligations	5		—
Total Liabilities at Fair Value		$	8	$	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 September 30				Gain / (Loss) Nine Months Ended September 30
Contract	Statement of Income Classification	2020		2019		2020		2019
Commodity	Sales and other operating revenues	$	38	$	55	$	283	$	(189)
Commodity	Purchased crude oil and products	(7)		(7)		(31)		(16)
Commodity	Other income	6		—		3		(3)
		$	37	$	48	$	255	$	(208)

Schedule of Offsetting Assets

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 30, 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 September 30, 2020
Derivative Assets	$	1,044	$	940	$	104	$	—	$	104
Derivative Liabilities	$	948	$	940	$	8	$	—	$	8

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 September 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 September 30, 2020
Derivative Assets	$	1,044	$	940	$	104	$	—	$	104
Derivative Liabilities	$	948	$	940	$	8	$	—	$	8

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

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt



May 2020 issuance:	Principal (Millions of dollars)
Floating rate notes due 2023	$	300
1.141% notes due 2023	1,200
1.554% notes due 2025	2,500
1.995% notes due 2027	1,000
2.236% notes due 2030	1,500
2.978% notes due 2040	500
3.078% notes due 2050	1,000
Total Long-Term Debt Issued in May 2020	$	8,000

August 2020 issuance:	Principal (Millions of dollars)
Floating rate notes due 2022	$	350
0.333% notes due 2022	400
Floating rate notes due 2023	500
0.426% notes due 2023	500
0.687% notes due 2025	750
1.018% notes due 2027	750
2.343% notes due 2050	750
Total Long-Term Debt Issued in August 2020	$	4,000

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

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Restructuring and Related Activities [Abstract]

Restructuring and Reorganization Costs (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Restructuring and Related Costs


	Amounts Before Tax
	(Millions of dollars)
Balance at January 1, 2020	$	7
Accruals/Adjustments	1,018
Payments	(133)
Balance at September 30, 2020	$	892

Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 134,386	$ 157,451	$ 145,208	$ 155,642
Components of Other Comprehensive Income (Loss):
Before Reclassifications			9	(27)
Reclassifications			474	302
Other Comprehensive Gain (Loss), Net of Tax	243	88	483	275
Ending balance	132,038	156,892	132,038	156,892
Related income taxes	165	1,469	(1,591)	4,429
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,750)	(3,357)	(4,990)	(3,544)
Components of Other Comprehensive Income (Loss):
Other Comprehensive Gain (Loss), Net of Tax	243	88	483	275
Ending balance	(4,507)	(3,269)	(4,507)	(3,269)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(142)	(124)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			5	(32)
Reclassifications			0	0
Other Comprehensive Gain (Loss), Net of Tax			5	(32)
Ending balance	(137)	(156)	(137)	(156)
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			(5)	2
Reclassifications			0	0
Other Comprehensive Gain (Loss), Net of Tax			(5)	2
Ending balance	(13)	(8)	(13)	(8)
Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			0	(2)
Components of Other Comprehensive Income (Loss):
Before Reclassifications			0	2
Reclassifications			0	0
Other Comprehensive Gain (Loss), Net of Tax			0	2
Ending balance	0	0	0	0
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			474	302
Other Comprehensive Gain (Loss), Net of Tax			483	303
Ending balance	$ (4,357)	$ (3,105)	(4,357)	$ (3,105)
Defined Benefit Plans \| Reclassification out of Accumulated Other Comprehensive Income
Components of Other Comprehensive Income (Loss):
Employee Benefits for reclassified components			615
Related income taxes			$ 141

Information Relating to the Consolidated Statement of Cash Flows - Summary of Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates	$ 1,209	$ 1,533
(Income) loss from equity affiliates	1,040	(3,430)
Distributions more (less) than income from equity affiliates	2,249	(1,897)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	3,601	2,254
Decrease (increase) in inventories	201	(20)
Decrease (increase) in prepaid expenses and other current assets	632	(286)
Increase (decrease) in accounts payable and accrued liabilities	(3,609)	(981)
Increase (decrease) in income and other taxes payable	(846)	159
Net decrease (increase) in operating working capital	(21)	1,126
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	384	579
Income taxes	2,527	3,516
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	1,912	1,021
Returns of investment from equity affiliates	67	67
Proceeds and deposits related to asset sales and returns of investment	1,979	1,088
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	(2)	(1)
Marketable securities sold	37	3
Net sales (purchases) of marketable securities	35	2
Net repayment (borrowing) of loans by equity affiliates:
Borrowing of loans by equity affiliates	(3,925)	(1,050)
Repayment of loans by equity affiliates	2,491	80
Net repayment (borrowing) of loans by equity affiliates	(1,434)	(970)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	8,863	1,821
Repayments of short-term obligations	(7,479)	(570)
Net borrowings (repayments) of short-term obligations with three months or less maturity	(1,990)	722
Net borrowings (repayments) of short-term obligations	(606)	1,973
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans	206	944
Shares purchased under share repurchase and deferred compensation plans	(1,751)	(2,789)
Net sales (purchases) of treasury shares	(1,545)	(1,845)
Capital expenditures
Additions to properties, plant and equipment	6,576	9,713
Additions to investments	86	69
Current-year dry hole expenditures	226	111
Payments for other assets and liabilities, net	(33)	13
Capital expenditures	6,855	9,906
Expensed exploration expenditures	322	361
Assets acquired through finance lease obligations and other financing obligations	49	146
Payments for other assets and liabilities, net	33	(13)
Capital and exploratory expenditures, excluding equity affiliates	7,259	10,400
Company's share of expenditures by equity affiliates	3,063	4,578
Capital and exploratory expenditures, including equity affiliates	$ 10,322	$ 14,978

Information Relating to the Consolidated Statement of Cash Flows - Additional Information (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Dividends paid (in dollars per share)	$ 1.29	$ 1.19	$ 3.87	$ 3.57

Information Relating to the Consolidated Statement of Cash Flows - Cash Balances (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 6,866	$ 5,686	$ 11,697	$ 9,342
Restricted cash included in “Prepaid expenses and other current assets”	169	452	370	341
Restricted cash included in “Deferred charges and other assets”	756	773	753	798
Total Cash, Cash Equivalents and Restricted Cash	$ 7,791	$ 6,911	$ 12,820	$ 10,481

Summarized Financial Data - Tengizchevroil LLP (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Affiliate Statements Captions [Line Items]
Sales and other operating revenues	$ 23,997	$ 34,779	$ 69,628	$ 105,291
Net Income (Loss)	$ (209)	$ 2,580	$ (4,905)	9,512
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%		100.00%
Sales and other operating revenues			$ 6,757	11,991
Costs and other deductions			4,655	5,971
Net Income (Loss)			$ 1,483	$ 4,230
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.

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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 Phillips Chemical Company LLC (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Summarized Financial Data - Chevron Transport Corporation
Sales and other operating revenues	$ 23,997	$ 34,779	$ 69,628	$ 105,291
Costs and other deductions	24,495	32,067	75,942	96,225
Net income attributable to equity method investee	(207)	2,580	(4,878)	9,534
Oil and Gas
Summarized Financial Data - Chevron Transport Corporation
Sales and other operating revenues	$ 23,997	$ 34,779	$ 69,628	105,291
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			$ 5,179	5,992
Net income attributable to equity method investee			877	1,464
Chevron Phillips Chemical Company LLC \| Oil and Gas
Summarized Financial Data - Chevron Transport Corporation
Sales and other operating revenues			$ 6,093	$ 7,209
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales and other operating revenues	$ 23,997	$ 34,779	$ 69,628	$ 105,291
Costs and other deductions	24,495	32,067	75,942	96,225
Net income attributable to equity method investee	$ (207)	$ 2,580	(4,878)	9,534
Chevron U.S.A. Inc.
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales and other operating revenues			50,360	82,073
Costs and other deductions			54,221	79,794
Net income attributable to equity method investee			$ (2,203)	$ 2,149

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

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Summarized Financial Data - Chevron U.S.A. Inc. - Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Subsidiary Statements Captions [Line Items]
Current assets	$ 24,803		$ 28,329
Current liabilities	19,664		26,530
Total CUSA net equity	132,038	$ 134,386	145,208	$ 156,892	$ 157,451	$ 155,642
Chevron U.S.A. Inc.
Subsidiary Statements Captions [Line Items]
Current assets	9,523		13,059
Other assets	49,582		50,796
Current liabilities	12,062		18,291
Other liabilities	14,415		12,565
Total CUSA net equity	32,628		32,999
Memo: Total debt	$ 7,132		$ 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)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	$ (207)	$ 2,580	$ (4,878)	$ 9,534
Operating Segments
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	527	3,532	(2,549)	11,119
Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	235	2,704	(2,934)	9,310
Operating Segments \| Upstream \| United States
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	116	727	(1,709)	2,371
Operating Segments \| Upstream \| International
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	119	1,977	(1,225)	6,939
Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	292	828	385	1,809
Operating Segments \| Downstream \| United States
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	141	389	(397)	1,071
Operating Segments \| Downstream \| International
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	151	439	782	738
All Other
Segment Reporting Information [Line Items]
Interest expense	(153)	(187)	(471)	(591)
Interest income	7	48	43	142
Other	$ (588)	$ (813)	$ (1,901)	$ (1,136)

Operating Segments and Geographic Data - Segment Assets (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Segment Assets
Assets	$ 223,063	$ 237,428
Goodwill	4,416	4,463
United States
Segment Assets
Assets	61,424	64,598
International
Segment Assets
Assets	157,223	168,367
Operating Segments
Segment Assets
Assets	212,921	228,189
Operating Segments \| Upstream
Segment Assets
Assets	173,530	186,037
Goodwill	4,416	4,463
Operating Segments \| Upstream \| United States
Segment Assets
Assets	33,574	35,926
Operating Segments \| Upstream \| International
Segment Assets
Assets	135,540	145,648
Operating Segments \| Downstream
Segment Assets
Assets	39,391	42,152
Operating Segments \| Downstream \| United States
Segment Assets
Assets	23,335	25,197
Operating Segments \| Downstream \| International
Segment Assets
Assets	16,056	16,955
All Other
Segment Assets
Assets	10,142	9,239
All Other \| United States
Segment Assets
Assets	4,515	3,475
All Other \| International
Segment Assets
Assets	$ 5,627	$ 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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Operating Segments and Geographic Data - Segment Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 23,997	$ 34,779	$ 69,628	$ 105,291
Oil and Gas
Segment Reporting Information [Line Items]
Sales and other operating revenues	23,997	34,779	69,628	105,291
Oil and Gas \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	28,285	42,938	84,420	130,044
Oil and Gas \| All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	211	275	656	775
Oil and Gas \| Total All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	37	61	135	187
Oil and Gas \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	11,722	20,096	35,590	59,641
Oil and Gas \| United States \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(171)	(209)	(510)	(576)
Oil and Gas \| United States \| All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	208	270	645	763
Oil and Gas \| United States \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(2,394)	(4,912)	(8,557)	(14,652)
Oil and Gas \| International \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	16,563	22,842	48,830	70,403
Oil and Gas \| International \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(3)	(5)	(11)	(12)
Oil and Gas \| International \| All Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	3	5	11	12
Oil and Gas \| International \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,894)	(3,247)	(6,235)	(10,101)
Oil and Gas \| Upstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	5,701	7,508	18,484	23,883
Oil and Gas \| Upstream \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	9,278	14,209	29,855	44,364
Oil and Gas \| Upstream \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	3,367	5,602	10,377	17,411
Oil and Gas \| Upstream \| United States \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,916)	(3,686)	(6,148)	(11,070)
Oil and Gas \| Upstream \| International \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	5,911	8,607	19,478	26,953
Oil and Gas \| Upstream \| International \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,661)	(3,015)	(5,223)	(9,411)
Oil and Gas \| Downstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	18,259	27,210	51,009	81,221
Oil and Gas \| Downstream \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	18,796	28,454	53,909	84,905
Oil and Gas \| Downstream \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	8,147	14,224	24,568	41,467
Oil and Gas \| Downstream \| United States \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(307)	(1,017)	(1,899)	(3,006)
Oil and Gas \| Downstream \| International \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	10,649	14,230	29,341	43,438
Oil and Gas \| Downstream \| International \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ (230)	$ (227)	$ (1,001)	$ (678)

Employee Benefits - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 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	$ 120
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer to employee pension plan	895
Pension Benefits \| United States
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer to employee pension plan	726
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions during the remaining of fiscal year	$ 54

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

Employee Benefits - Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Employee Benefits - Costs (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Pension Benefits
Net Periodic Benefit Cost
Net Periodic Other Benefit Costs	$ 369	$ 241	$ 856	$ 678
Pension Benefits \| United States
Net Periodic Benefit Cost
Service cost	124	101	373	304
Interest cost	89	100	265	298
Expected return on plan assets	(163)	(141)	(488)	(423)
Amortization of prior service costs (credits)	0	0	1	1
Amortization of actuarial losses (gains)	96	60	288	179
Settlement losses	184	87	304	207
Net Periodic Other Benefit Costs	330	207	743	566
Pension Benefits \| International
Net Periodic Benefit Cost
Service cost	33	34	97	105
Interest cost	44	49	131	153
Expected return on plan assets	(52)	(56)	(155)	(171)
Amortization of prior service costs (credits)	2	3	7	9
Amortization of actuarial losses (gains)	12	4	33	15
Settlement losses	0	0	0	1
Net Periodic Other Benefit Costs	39	34	113	112
Other Benefits
Net Periodic Benefit Cost
Service cost	9	9	28	27
Interest cost	18	24	53	72
Amortization of prior service costs (credits)	(7)	(7)	(21)	(21)
Amortization of actuarial losses (gains)	1	(1)	3	(2)
Net Periodic Other Benefit Costs	$ 21	$ 25	$ 63	$ 76

Assets Held For Sale (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 1,799	$ 3,411
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 1,800

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 165	$ 1,469	$ (1,591)	$ 4,429
Decrease in income before income tax expense	4,090		20,440
Income (loss) before income tax expense	$ (44)	$ 4,049	$ (6,496)	$ 13,941
Effective tax rates	(375.00%)	36.00%	24.00%	32.00%

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