0000093410-23-000009 | 10-K | XBRL Viewer

Balance at January 1 at Dec. 31, 2019

(240)

145,208

$ 144,213

$ 18,857

^[1]

$ 174,945

$ (4,990)

$ (44,599)

$ 995

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

Treasury stock transactions

^[1]

Acquisitions

^[2]

4,888

4,109

(520)

^[1]

4,629

779

Net income (loss)

(5,561)

(5,543)

(18)

Cash dividends

(9,675)

(9,651)

(24)

Stock dividends

(5)

Other comprehensive income

(622)

Purchases of treasury shares

(1,757)

Issuances of treasury shares

229

Other changes, net

(63)

631

(694)

Balance at December 31 at Dec. 31, 2020

132,726

131,688

$ 18,421

^[1]

160,377

(5,612)

$ (41,498)

1,038

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

^[3]

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]

Purchases (in shares)

(17,577,457)

Issuances (in shares)

60,595,673

Ending balance, shares issued (in shares) at Dec. 31, 2020

^[3]

2,442,676,580

Ending balance, treasury shares (in shares) at Dec. 31, 2020

(517,490,263)

Ending balance, shares outstanding (in shares) at Dec. 31, 2020

1,925,186,317

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

Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares issued at December 31, 2022 and 2021)

1,832

Treasury stock transactions

(240)

315

$ 315

^[1]

Acquisitions

367

138

^[1]

(148)

$ 377

(321)

Net income (loss)

15,689

15,625

Cash dividends

(10,232)

(10,179)

(53)

Stock dividends

(3)

Other comprehensive income

1,723

Purchases of treasury shares

(1,383)

Issuances of treasury shares

1,040

Other changes, net

(126)

145

Balance at December 31 at Dec. 31, 2021

$ 139,940

139,067

$ 18,874

^[1]

165,546

(3,889)

$ (41,464)

873

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

Purchases (in shares)

(13,015,737)

Issuances (in shares)

17,635,477

Ending balance, shares issued (in shares) at Dec. 31, 2021

2,442,676,580

^[3]

Ending balance, treasury shares (in shares) at Dec. 31, 2021

(512,870,523)

Ending balance, shares outstanding (in shares) at Dec. 31, 2021

1,929,806,057

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

Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares issued at December 31, 2022 and 2021)

$ 1,832

Treasury stock transactions

(240)

$ 63

^[1]

Net income (loss)

35,608

35,465

143

Cash dividends

(11,086)

(10,968)

(118)

Stock dividends

(3)

Other comprehensive income

1,091

Purchases of treasury shares

(11,255)

$ (11,255)

Issuances of treasury shares

5,838

1,315

4,523

Other changes, net

(16)

Balance at December 31 at Dec. 31, 2022

$ 160,242

$ 159,282

$ 20,252

^[1]

$ 190,024

$ (2,798)

$ (48,196)

$ 960

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

Purchases (in shares)

(69,912,961)

Issuances (in shares)

55,323,247

Ending balance, shares issued (in shares) at Dec. 31, 2022

2,442,676,580

^[3]

Ending balance, treasury shares (in shares) at Dec. 31, 2022

(527,460,237)

Ending balance, shares outstanding (in shares) at Dec. 31, 2022

1,915,216,343

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

Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares issued at December 31, 2022 and 2021)

$ 1,832

Changes in Accumulated Other Comprehensive Losses

$ (240)

[1]	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]	2 Includes $120 redeemable noncontrolling interest.
[3]	3 Beginning and ending total issued share balances include 14,168,000 shares associated with Chevron’s Benefit Plan Trust.

Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 5.68	$ 5.31	$ 5.16
Common stock issued at par	$ 1,832	$ 1,832	$ 1,832
Benefit Plan Trust	$ (240)	$ (240)	$ (240)
Number of Chevron treasury stocks held in benefit plan trust for funding obligations (in shares)	14,168,000	14,168,000	14,168,000
Redeemable mezzanine equity	$ 142	$ 135	$ 120

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America. These require the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and judgments, actual results could differ from these estimates as circumstances change and additional information becomes known. Prior years’ data have been reclassified in certain cases to conform to the 2022 presentation basis. Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary companies more than 50 percent-owned and any variable interest entities in which the company is the primary beneficiary. Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis. Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately 20 percent to 50 percent, or for which the company exercises significant influence but not control over policy decisions, are accounted for by the equity method. Investments in affiliates are assessed for possible impairment when events indicate that the fair value of the investment may be below the company’s carrying value. When such a condition is deemed to be other than temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in net income. In making the determination as to whether a decline is other than temporary, the company considers such factors as the duration and extent of the decline, the investee’s financial performance, and the company’s ability and intention to retain its investment for a period that will be sufficient to allow for any anticipated recovery in the investment’s market value. The new cost basis of investments in these equity investees is not changed for subsequent recoveries in fair value. Differences between the company’s carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned to the extent practicable to specific assets and liabilities based on the company’s analysis of the various factors giving rise to the difference. When appropriate, the company’s share of the affiliate’s reported earnings is adjusted quarterly to reflect the difference between these allocated values and the affiliate’s historical book values. Noncontrolling Interests Ownership interests in the company’s subsidiaries held by parties other than the parent are presented separately from the parent’s equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the parent and the noncontrolling interests are both presented on the face of the Consolidated Statement of Income and Consolidated Statement of Equity. Included within noncontrolling interest is redeemable noncontrolling interest. Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or a liability are as follows. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Level 3 inputs are inputs that are not observable in the market. Derivatives The majority of the company’s activity in derivative commodity instruments is intended to manage the financial risk posed by physical transactions. For some of this derivative activity, the company may elect to apply fair value or cash flow hedge accounting with changes in fair value recorded as components of accumulated other comprehensive income (loss). For other similar derivative instruments, generally because of the short-term nature of the contracts or their limited use, the company does not apply hedge accounting, and changes in the fair value of those contracts are reflected in current income. For the company’s commodity trading activity, gains and losses from derivative instruments are reported in current income. The company may enter into interest rate swaps from time to time as part of its overall strategy to manage the interest rate risk on its debt. Interest rate swaps related to a portion of the company’s fixed-rate debt, if any, may be accounted for as fair value hedges. Interest rate swaps related to floating-rate debt, if any, are recorded at fair value on the balance sheet with resulting gains and losses reflected in income. Where Chevron is a party to master netting arrangements, fair value receivable and payable amounts recognized for derivative instruments executed with the same counterparty are generally offset on the balance sheet. Inventories Crude oil, products and chemicals inventories are generally stated at cost, using a last-in, first-out method. In the aggregate, these costs are below market. “Materials, supplies and other” inventories are primarily stated at cost or net realizable value. Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation (ARO) assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. Refer to Note 21 Accounting for Suspended Exploratory Wells for additional discussion of accounting for suspended exploratory well costs. Long-lived assets to be held and used, including proved crude oil and natural gas properties, are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast or carbon costs), significant change in the extent or manner of use of or a physical change in an asset, and a more likely than not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved crude oil and natural gas properties, the company performs impairment reviews on a country, concession, PSC, development area or field basis, as appropriate. In downstream, impairment reviews are performed on the basis of a refinery, a plant, a marketing/lubricants area or distribution area, as appropriate. Impairment amounts are recorded as incremental “Depreciation, depletion and amortization” expense. Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the asset is considered impaired and adjusted to the lower value. Refer to Note 9 Fair Value Measurements relating to fair value measurements. The fair value of a liability for an ARO is recorded as an asset and a liability when there is a legal obligation associated with the retirement of a long-lived asset and the amount can be reasonably estimated. Refer also to Note 25 Asset Retirement Obligations relating to AROs. Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using the unit-of-production method, generally by individual field, as the proved developed reserves are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. Impairments of capitalized costs of unproved mineral interests are expensed. The capitalized costs of all other plant and equipment are depreciated or amortized over their estimated useful lives. In general, the declining-balance method is used to depreciate plant and equipment in the United States; the straight-line method is generally used to depreciate international plant and equipment and to amortize finance lease right-of-use assets. Gains or losses are not recognized for normal retirements of properties, plant and equipment subject to composite group amortization or depreciation. Gains or losses from abnormal retirements are recorded as expenses, and from sales as “Other income.” Expenditures for maintenance (including those for planned major maintenance projects), repairs and minor renewals to maintain facilities in operating condition are generally expensed as incurred. Major replacements and renewals are capitalized. Leases Leases are classified as operating or finance leases. Both operating and finance leases recognize lease liabilities and associated right-of-use assets. The company has elected the short-term lease exception and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. The company has elected the practical expedient to not separate non-lease components from lease components for most asset classes except for certain asset classes that have significant non-lease (i.e., service) components. Where leases are used in joint ventures, the company recognizes 100 percent of the right-of-use assets and lease liabilities when the company is the sole signatory for the lease (in most cases, where the company is the operator of a joint venture). Lease costs reflect only the costs associated with the operator’s working interest share. The lease term includes the committed lease term identified in the contract, taking into account renewal and termination options that management is reasonably certain to exercise. The company uses its incremental borrowing rate as a proxy for the discount rate based on the term of the lease unless the implicit rate is available. Goodwill Goodwill resulting from a business combination is not subject to amortization. The company tests such goodwill at the reporting unit level for impairment annually at December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Environmental Expenditures Environmental expenditures that relate to ongoing operations or to conditions caused by past operations are expensed. Expenditures that create future benefits or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments or cleanups or both are probable and the costs can be reasonably estimated. For crude oil, natural gas and mineral-producing properties, a liability for an ARO is made in accordance with accounting standards for asset retirement and environmental obligations. Refer to Note 25 Asset Retirement Obligations for a discussion of the company’s AROs. For U.S. federal Superfund sites and analogous sites under state laws, the company records a liability for its designated share of the probable and estimable costs, and probable amounts for other potentially responsible parties when mandated by the regulatory agencies because the other parties are not able to pay their respective shares. The gross amount of environmental liabilities is based on the company’s best estimate of future costs using currently available technology and applying current regulations and the company’s own internal environmental policies. Future amounts are not discounted. Recoveries or reimbursements are recorded as assets when receipt is reasonably assured. Currency Translation The U.S. dollar is the functional currency for substantially all of the company’s consolidated operations and those of its equity affiliates. For those operations, all gains and losses from currency remeasurement are included in current period income. The cumulative translation effects for those few entities, both consolidated and affiliated, using functional currencies other than the U.S. dollar are included in “Currency translation adjustment” on the Consolidated Statement of Equity. Revenue Recognition The company accounts for each delivery order of crude oil, natural gas, petroleum and chemical products as a separate performance obligation. Revenue is recognized when the performance obligation is satisfied, which typically occurs at the point in time when control of the product transfers to the customer. Payment is generally due within 30 days of delivery. The company accounts for delivery transportation as a fulfillment cost, not a separate performance obligation, and recognizes these costs as an operating expense in the period when revenue for the related commodity is recognized. Revenue is measured as the amount the company expects to receive in exchange for transferring commodities to the customer. The company’s commodity sales are typically based on prevailing market-based prices and may include discounts and allowances. Until market prices become known under terms of the company’s contracts, the transaction price included in revenue is based on the company’s estimate of the most likely outcome. Discounts and allowances are estimated using a combination of historical and recent data trends. When deliveries contain multiple products, an observable standalone selling price is generally used to measure revenue for each product. The company includes estimates in the transaction price only to the extent that a significant reversal of revenue is not probable in subsequent periods. Stock Options and Other Share-Based Compensation The company issues stock options and other share-based compensation to certain employees. For equity awards, such as stock options, total compensation cost is based on the grant date fair value, and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period in which an employee becomes eligible to retain the award at retirement. The company’s Long-Term Incentive Plan (LTIP) awards include stock options and stock appreciation rights, which have graded vesting provisions by which one-third of each award vests on each of the first, second and third anniversaries of the date of grant. In addition, performance shares granted under the company’s LTIP will vest at the end of the three-year performance period. For awards granted under the company’s LTIP beginning in 2017, stock options and stock appreciation rights have graded vesting by which one third of each award vests annually on each January 31 on or after the first anniversary of the grant date. Special restricted stock unit awards have cliff vesting by which the total award will vest on January 31 on or after the third anniversary of the grant date. Standard restricted stock unit awards have cliff vesting by which the total award will vest on January 31 on or after the fifth anniversary of the grant date, subject to adjustment upon termination pursuant to the satisfaction of certain criteria. Commencing for grants issued in January 2023 and after, standard restricted stock units vest ratably on an annual basis over a three-year period. The company amortizes these awards on a straight-line basis.

Changes in Accumulated Other Comprehensive Losses

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the year ended December 31, 2022, are reflected in the table below.


	Currency Translation Adjustments		Unrealized Holding Gains (Losses) on Securities		Derivatives		Defined Benefit Plans		Total
Balance at December 31, 2019	$	(142)	$	(8)	$	—	$	(4,840)	$	(4,990)
Components of Other Comprehensive Income (Loss)1:
Before Reclassifications	35		(2)		—		(1,487)		(1,454)
Reclassifications2	—		—		—		832		832
Net Other Comprehensive Income (Loss)	35		(2)		—		(655)		(622)
Balance at December 31, 2020	$	(107)	$	(10)	$	—	$	(5,495)	$	(5,612)
Components of Other Comprehensive Income (Loss)1:
Before Reclassifications	(55)		(1)		(6)		949		887
Reclassifications2, 3	—		—		6		830		836
Net Other Comprehensive Income (Loss)	(55)		(1)		—		1,779		1,723

Balance at December 31, 2021	$	(162)	$	(11)	$	—	$	(3,716)	$	(3,889)
Components of Other Comprehensive Income (Loss)1:
Before Reclassifications	(41)		(1)		68		703		729
Reclassifications2, 3	—		—		(80)		442		362
Net Other Comprehensive Income (Loss)	(41)		(1)		(12)		1,145		1,091

Balance at December 31, 2022	$	(203)	$	(12)	$	(12)	$	(2,571)	$	(2,798)

1 All amounts are net of tax.

2 Refer to Note 23 Employee Benefit Plans, for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $580 that are included in employee benefit costs for the year ended December 31, 2022. Related income taxes for the same period, totaling $138, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant.

3 Refer to Note 10 Financial and Derivative Instruments for cash flow hedging.

Information Relating to the Consolidated Statement of Cash Flows

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Elements [Abstract]

Information Relating to the Consolidated Statement of Cash Flows


	Year ended December 31
	2022		2021		2020
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates	$	3,855	$	3,659	$	1,543
(Income) loss from equity affiliates	(8,585)		(5,657)		472
Distributions more (less) than income from equity affiliates	$	(4,730)	$	(1,998)	$	2,015
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	$	(2,317)	$	(7,548)	$	2,423
Decrease (increase) in inventories	(930)		(530)		284
Decrease (increase) in prepaid expenses and other current assets	(226)		19		(87)
Increase (decrease) in accounts payable and accrued liabilities	2,750		5,475		(3,576)
Increase (decrease) in income and other taxes payable	2,848		1,223		(696)
Net decrease (increase) in operating working capital	$	2,125	$	(1,361)	$	(1,652)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	$	525	$	699	$	720
Income taxes	9,148		4,355		2,987
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	$	1,435	$	1,352	$	2,891
Returns of investment from equity affiliates	1,200		439		77
Proceeds and deposits related to asset sales and returns of investment	$	2,635	$	1,791	$	2,968




Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	$	(7)	$	(4)	$	—
Marketable securities sold	124		3		35
Net sales (purchases) of marketable securities	$	117	$	(1)	$	35
Net repayment (borrowing) of loans by equity affiliates:
Borrowing of loans by equity affiliates	$	(108)	$	—	$	(3,925)
Repayment of loans by equity affiliates	84		401		2,506
Net repayment (borrowing) of loans by equity affiliates	$	(24)	$	401	$	(1,419)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	$	—	$	4,448	$	10,846
Repayments of short-term obligations	—		(6,906)		(9,771)
Net borrowings (repayments) of short-term obligations with three months or less maturity	263		(3,114)		(424)
Net borrowings (repayments) of short-term obligations	$	263	$	(5,572)	$	651
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans	$	5,838	$	1,421	$	226
Shares purchased under share repurchase and deferred compensation plans	(11,255)		(1,383)		(1,757)
Net sales (purchases) of treasury shares	$	(5,417)	$	38	$	(1,531)
Net contributions from (distributions to) noncontrolling interests consisted of the following gross and net amounts:
Distributions to noncontrolling interests	$	(118)	$	(53)	$	(26)
Contributions from noncontrolling interests	4		17		2
Net contributions from (distributions to) noncontrolling interests	$	(114)	$	(36)	$	(24)

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

The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. “Depreciation, depletion and amortization,” “Deferred income tax provision,” and “Dry hole expense,” collectively include approximately $1.1 billion in non-cash reductions to properties, plant and equipment in 2022 relating to impairments and other non-cash charges. The company did not have any material impairments in 2021.

Refer also to Note 25 Asset Retirement Obligations for a discussion of revisions to the company’s AROs that also did not involve cash receipts or payments for the three years ending December 31, 2022.

The components of “Capital expenditures” are presented in the following table:


	Year ended December 31
	2022		2021		2020
Additions to properties, plant and equipment *	$	10,349	$	7,515	$	8,492
Additions to investments	1,147		460		136
Current-year dry hole expenditures	309		83		327
Payments for other assets and liabilities, net	169		(2)		(33)
Capital expenditures	$	11,974	$	8,056	$	8,922

* Excludes non-cash movements of $334 in 2022, $316 in 2021 and $816 in 2020.

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


	Year ended December 31
		2022		2021		2020
Cash and cash equivalents		$	17,678	$	5,640	$	5,596
Restricted cash included in “Prepaid expenses and other current assets”		630		333		365
Restricted cash included in “Deferred charges and other assets”		813		822		776
Total cash, cash equivalents and restricted cash		$	19,121	$	6,795	$	6,737

New Accounting Standards	12 Months Ended
New Accounting Standards	Dec. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards There are not currently any new or pending accounting standards that have a significant impact on Chevron.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Summarized Financial Data of Subsidiary One [Abstract]

Lease Commitments

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lease Commitments

The company enters into leasing arrangements as a lessee; any lessor arrangements are not significant. Operating lease arrangements mainly involve land, bareboat charters, terminals, drill ships, drilling rigs, time chartered vessels, office buildings and warehouses, and exploration and production equipment. Finance leases primarily include facilities, vessels and office buildings.

Details of the right-of-use assets and lease liabilities for operating and finance leases, including the balance sheet presentation, are as follows:


	At December 31, 2022						At December 31, 2021
	Operating Leases			Finance Leases			Operating Leases			Finance Leases

Deferred charges and other assets	$	4,262		$	—		$	3,668		$	—
Properties, plant and equipment, net	—			392			—			429
Right-of-use assets*	$	4,262		$	392		$	3,668		$	429
Accrued Liabilities	$	1,111		$	—		$	995		$	—
Short-term Debt	—			45			—			48
Current lease liabilities	1,111			45			995			48
Deferred credits and other noncurrent obligations	2,920			—			2,508			—
Long-term Debt	—			403			—			449
Noncurrent lease liabilities	2,920			403			2,508			449
Total lease liabilities	$	4,031		$	448		$	3,503		$	497

Weighted-average remaining lease term (in years)	7.0			11.9			7.8			13.2
Weighted-average discount rate	1.9		%	4.1		%	2.2		%	4.2		%

* Includes non-cash additions of $1,807 and $3 in 2022, and $1,063 and $60 in 2021 for right-of-use assets obtained in exchange for new and modified lease liabilities for operating and finance leases, respectively.

Total lease costs consist of both amounts recognized in the Consolidated Statement of Income during the period and amounts capitalized as part of the cost of another asset. Total lease costs incurred for operating and finance leases were as follows:


	Year-ended December 31
	2022		2021		2020
Operating lease costs*	$	2,359	$	2,199	$	2,551
Finance lease costs	57		66		45
Total lease costs	$	2,416	$	2,265	$	2,596

* Includes variable and short-term lease costs.

Cash paid for amounts included in the measurement of lease liabilities was as follows:


	Year-ended December 31
	2022		2021		2020
Operating cash flows from operating leases	$	1,892	$	1,670	$	1,744
Investing cash flows from operating leases	467		398		762
Operating cash flows from finance leases	18		21		14
Financing cash flows from finance leases	44		193		34

At December 31, 2022, the estimated future undiscounted cash flows for operating and finance leases were as follows:


		At December 31, 2022
		Operating Leases		Finance Leases

Year	2023	$	1,171	$	61
	2024	902		61
	2025	633		57
	2026	391		54
	2027	252		47
	Thereafter	1,042		269
	Total	$	4,391	$	549
Less: Amounts representing interest		360		101
Total lease liabilities		$	4,031	$	448

Additionally, the company has $1,570 in future undiscounted cash flows for operating leases not yet commenced. These leases are primarily for drill ships and drilling rigs. The company also has $327 in future undiscounted cash flows for a finance lease not yet commenced for production equipment. For those leasing arrangements where the underlying asset is not yet constructed, the lessor is primarily involved in the design and construction of the asset.

Lease Commitments

Details of the right-of-use assets and lease liabilities for operating and finance leases, including the balance sheet presentation, are as follows:


	At December 31, 2022						At December 31, 2021
	Operating Leases			Finance Leases			Operating Leases			Finance Leases

Deferred charges and other assets	$	4,262		$	—		$	3,668		$	—
Properties, plant and equipment, net	—			392			—			429
Right-of-use assets*	$	4,262		$	392		$	3,668		$	429
Accrued Liabilities	$	1,111		$	—		$	995		$	—
Short-term Debt	—			45			—			48
Current lease liabilities	1,111			45			995			48
Deferred credits and other noncurrent obligations	2,920			—			2,508			—
Long-term Debt	—			403			—			449
Noncurrent lease liabilities	2,920			403			2,508			449
Total lease liabilities	$	4,031		$	448		$	3,503		$	497

Weighted-average remaining lease term (in years)	7.0			11.9			7.8			13.2
Weighted-average discount rate	1.9		%	4.1		%	2.2		%	4.2		%


	Year-ended December 31
	2022		2021		2020
Operating lease costs*	$	2,359	$	2,199	$	2,551
Finance lease costs	57		66		45
Total lease costs	$	2,416	$	2,265	$	2,596

* Includes variable and short-term lease costs.

Cash paid for amounts included in the measurement of lease liabilities was as follows:


	Year-ended December 31
	2022		2021		2020
Operating cash flows from operating leases	$	1,892	$	1,670	$	1,744
Investing cash flows from operating leases	467		398		762
Operating cash flows from finance leases	18		21		14
Financing cash flows from finance leases	44		193		34

At December 31, 2022, the estimated future undiscounted cash flows for operating and finance leases were as follows:


		At December 31, 2022
		Operating Leases		Finance Leases

Year	2023	$	1,171	$	61
	2024	902		61
	2025	633		57
	2026	391		54
	2027	252		47
	Thereafter	1,042		269
	Total	$	4,391	$	549
Less: Amounts representing interest		360		101
Total lease liabilities		$	4,031	$	448

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

12 Months Ended

Dec. 31, 2022

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 liquids and natural gas and those associated with the refining, marketing, supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method. The summarized financial information for CUSA and its consolidated subsidiaries is as follows:


	Year ended December 31
	2022		2021		2020
Sales and other operating revenues	$	183,032	$	120,380	$	67,950
Total costs and other deductions	166,955		114,641		72,575
Net income (loss) attributable to CUSA	13,315		6,904		(2,676)


	At December 31
	2022		2021
Current assets	$	18,704	$	20,216
Other assets	50,153		47,355
Current liabilities	22,452		17,824
Other liabilities	19,274		18,438
Total CUSA net equity	$	27,131	$	31,309
Memo: Total debt	$	10,800	$	11,693

Summarized Financial Data – Chevron Phillips Chemical Company LLC

Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Refer to Note 15 Investments and Advances for a discussion of CPChem operations. Summarized financial information for 100 percent of CPChem is presented in the table below:


	Year ended December 31
	2022		2021		2020
Sales and other operating revenues	$	14,180	$	14,104	$	8,407
Costs and other deductions	12,870		10,862		7,221
Net income attributable to CPChem	1,662		3,684		1,260


	At December 31
	2022		2021
Current assets	$	3,472	$	3,381
Other assets	15,184		14,396
Current liabilities	2,146		1,854
Other liabilities	2,941		3,160
Total CPChem net equity	$	13,569	$	12,763

Summarized Financial Data - Tengizchevroil LLP

12 Months Ended

Dec. 31, 2022

Summarized Financial Data of Affiliate [Abstract]

Summarized Financial Data - Tengizchevroil LLP

Summarized Financial Data – Tengizchevroil LLP

Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Refer to Note 15 Investments and Advances for a discussion of TCO operations. Summarized financial information for 100 percent of TCO is presented in the table below:


	Year ended December 31
	2022		2021		2020
Sales and other operating revenues	$	23,795	$	15,927	$	9,194
Costs and other deductions	11,596		8,186		6,076
Net income attributable to TCO	8,566		5,418		2,196


	At December 31
	2022		2021
Current assets	$	6,522	$	3,307
Other assets	54,506		51,473
Current liabilities	3,567		3,436
Other liabilities	12,312		12,060
Total TCO net equity	$	45,149	$	39,284

Summarized Financial Data – Chevron Phillips Chemical Company LLC

12 Months Ended

Dec. 31, 2022

Summarized Financial Data of Subsidiary Two [Abstract]

Summarized Financial Data – Chevron Phillips Chemical Company LLC

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


	Year ended December 31
	2022		2021		2020
Sales and other operating revenues	$	183,032	$	120,380	$	67,950
Total costs and other deductions	166,955		114,641		72,575
Net income (loss) attributable to CUSA	13,315		6,904		(2,676)


	At December 31
	2022		2021
Current assets	$	18,704	$	20,216
Other assets	50,153		47,355
Current liabilities	22,452		17,824
Other liabilities	19,274		18,438
Total CUSA net equity	$	27,131	$	31,309
Memo: Total debt	$	10,800	$	11,693

Summarized Financial Data – Chevron Phillips Chemical Company LLC


	Year ended December 31
	2022		2021		2020
Sales and other operating revenues	$	14,180	$	14,104	$	8,407
Costs and other deductions	12,870		10,862		7,221
Net income attributable to CPChem	1,662		3,684		1,260


	At December 31
	2022		2021
Current assets	$	3,472	$	3,381
Other assets	15,184		14,396
Current liabilities	2,146		1,854
Other liabilities	2,941		3,160
Total CPChem net equity	$	13,569	$	12,763

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The tables below show the fair value hierarchy for assets and liabilities measured at fair value on a recurring and nonrecurring basis at December 31, 2022 and 2021.

Marketable Securities The company calculates fair value for its marketable securities based on quoted market prices for identical assets. The fair values reflect the cash that would have been received if the instruments were sold at December 31, 2022.

Derivatives The company records most of its derivative instruments – other than any commodity derivative contracts that are accounted for as normal purchase and normal sale – on the Consolidated Balance Sheet at fair value, with the offsetting

amount to the Consolidated Statement of Income. The company designates certain derivative instruments as cash flow hedges that, if applicable, are reflected in the table below. Derivatives classified as Level 1 include futures, swaps and options contracts valued using quoted prices from active markets such as the New York Mercantile Exchange. Derivatives classified as Level 2 include swaps, options and forward contracts, the fair values of which are obtained from third-party broker quotes, industry pricing services and exchanges. The company obtains multiple sources of pricing information for the Level 2 instruments. Since this pricing information is generated from observable market data, it has historically been very consistent. The company does not materially adjust this information.

Properties, Plant and Equipment The company did not have any individually material impairments of long-lived assets measured at fair value on a nonrecurring basis to report in 2022 or 2021.

Investments and Advances The company did not have any material impairments of investments and advances measured at fair value on a nonrecurring basis to report in 2022 or 2021.

Assets and Liabilities Measured at Fair Value on a Recurring Basis


	At December 31, 2022								At December 31, 2021
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	223	$	223	$	—	$	—	$	35	$	35	$	—	$	—
Derivatives - not designated	184		111		73		—		313		285		28		—
Total assets at fair value	$	407	$	334	$	73	$	—	$	348	$	320	$	28	$	—
Derivatives - not designated	43		33		10		—		72		24		48		—
Derivatives - designated	15		15		—		—		—		—		—		—

Total liabilities at fair value	$	58	$	48	$	10	$	—	$	72	$	24	$	48	$	—

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis


	At December 31										At December 31
									Before-Tax Loss										Before-Tax Loss
	Total		Level 1		Level 2		Level 3		Year 2022		Total		Level 1		Level 2		Level 3		Year 2021
Properties, plant and equipment, net (held and used)	$	54	$	—	$	—	$	54	$	518	$	124	$	—	$	—	$	124	$	414
Properties, plant and equipment, net (held for sale)	—		—		—		—		432		—		—		—		—		—
Investments and advances	33		2		—		31		9		16		—		—		16		32
Total nonrecurring assets at fair value	$	87	$	2	$	—	$	85	$	959	$	140	$	—	$	—	$	140	$	446

At year-end 2022, the company had assets measured at fair value Level 3 using unobservable inputs of $85. The carrying value of these assets were written down to fair value based on estimates derived from internal discounted cash flow models. Cash flows were determined using estimates of future production, an outlook of future price based on published prices and a discount rate believed to be consistent with those used by principal market participants.

Assets and Liabilities Not Required to Be Measured at Fair Value 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 $17,678 and $5,640 at December 31, 2022, and December 31, 2021, respectively. The fair values of cash and cash equivalents are classified as Level 1 and reflect the cash that would have been received if the instruments were settled at December 31, 2022.

“Cash and cash equivalents” do not include investments with a carrying/fair value of $1,443 and $1,155 at December 31, 2022, and December 31, 2021, respectively. At December 31, 2022, these investments are classified as Level 1 and include restricted funds related to certain upstream decommissioning activities, tax payments and a financing program.

Long-term debt, excluding finance lease liabilities, of $16,258 and $22,164 at December 31, 2022, and December 31, 2021, respectively, had estimated fair values of $14,959 and $23,670, respectively. Long-term debt primarily includes corporate issued bonds. The fair value of corporate bonds is $14,571 and classified as Level 1. The fair value of other long-term debt classified as Level 2 is $388.

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 December 31, 2022 and 2021, were not material.

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

12 Months Ended

Dec. 31, 2022

Financial and Derivative Instruments

Derivative Commodity Instruments The company’s derivative commodity instruments principally include crude oil, natural gas, liquefied natural gas and refined product futures, swaps, options, and forward contracts. The company applies cash flow hedge accounting to certain commodity transactions, where appropriate, to manage the market price risk associated with forecasted sales of crude oil. The company’s derivatives are not material to the company’s financial position, results of operations or liquidity. The company believes it has no material market or credit risks to its operations, financial position or liquidity as a result of its commodity derivative activities.

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

Derivative instruments measured at fair value at December 31, 2022, 2021 and 2020, and their classification on the Consolidated Balance Sheet below and Consolidated Statement of Income on the following page:

Consolidated Balance Sheet: Fair Value of Derivatives


				At December 31
Type of Contract	Balance Sheet Classification	2022		2021
Commodity	Accounts and notes receivable, net	$	175	$	251
Commodity	Long-term receivables, net	9		62
Total assets at fair value		$	184	$	313
Commodity	Accounts payable	$	46	$	71
Commodity	Deferred credits and other noncurrent obligations	12		1
Total liabilities at fair value		$	58	$	72

Consolidated Statement of Income: The Effect of Derivatives


		Gain/(Loss)
Type of Derivative	Statement of	Year ended December 31
Contract	Income Classification	2022		2021		2020
Commodity	Sales and other operating revenues	$	(651)	$	(685)	$	69
Commodity	Purchased crude oil and products	(226)		(64)		(36)
Commodity	Other income	10		(46)		7
		$	(867)	$	(795)	$	40

The amount reclassified from “Accumulated other comprehensive losses” (AOCL) to “Sales and other operating revenues” from designated hedges was $80 in 2022, compared with an immaterial amount in the prior year. At December 31, 2022, before-tax deferred losses in AOCL related to outstanding crude oil price hedging contracts were $15, all of which is expected to be reclassified into earnings during the next 12 months as the hedged crude oil sales are recognized in earnings.

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2022 and 2021.

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


	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amounts
At December 31, 2022
Derivative Assets - not designated	$	2,591	$	2,407	$	184	$	5	$	179
Derivative Assets - designated	$	8	$	8	$	—	$	—	$	—
Derivative Liabilities - not designated	$	2,450	$	2,407	$	43	$	—	$	43
Derivative Liabilities - designated	$	23	$	8	$	15	$	—	$	15
At December 31, 2021
Derivative Assets - not designated	$	1,684	$	1,371	$	313	$	—	$	313
Derivative Liabilities - not designated	$	1,443	$	1,371	$	72	$	—	$	72

Derivative assets and liabilities are classified on the Consolidated Balance Sheet as “Accounts and notes receivable”, “Long-term receivables”, “Accounts payable”, and “Deferred credits and other noncurrent obligations”. Amounts not offset on the Consolidated Balance Sheet represent positions that do not meet all the conditions for “a right of offset.”Concentrations of Credit Risk The company’s financial instruments that are exposed to concentrations of credit risk consist primarily of its cash equivalents, marketable securities, derivative financial instruments and trade receivables. The company’s short-term investments are placed with a wide array of financial institutions with high credit ratings. Company investment policies limit the company’s exposure both to credit risk and to concentrations of credit risk. Similar policies on diversification and creditworthiness are applied to the company’s counterparties in derivative instruments. For a discussion of credit risk on trade receivables, see Note 28 Financial Instruments - Credit Losses.

Assets Held for Sale	12 Months Ended
Assets Held for Sale	Dec. 31, 2022
Assets Held For Sale [Abstract]
Assets Held for Sale	Assets Held for Sale At December 31, 2022, the company classified $436 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 2022 were not material.

Equity	12 Months Ended
Equity	Dec. 31, 2022
Equity [Abstract]
Equity	Equity Retained earnings at December 31, 2022 and 2021, included $33,570 and $28,876, respectively, for the company’s share of undistributed earnings of equity affiliates. At December 31, 2022, about 104 million shares of Chevron’s common stock remained available for issuance from the 104 million shares that were reserved for issuance under the 2022 Chevron Long-Term Incentive Plan. In addition, 597,152 shares remain available for issuance from the 1,600,000 shares of the company’s common stock that were reserved for awards under the Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral Plan.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Operating Segments and Geographic Data

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

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


	Year ended December 31
	2022		2021		2020
Basic EPS Calculation
Earnings available to common stockholders - Basic1	$	35,465	$	15,625	$	(5,543)
Weighted-average number of common shares outstanding2	1,931		1,916		1,870
Add: Deferred awards held as stock units	—		—		—
Total weighted-average number of common shares outstanding	1,931		1,916		1,870
Earnings per share of common stock - Basic	$	18.36	$	8.15	$	(2.96)
Diluted EPS Calculation
Earnings available to common stockholders - Diluted1	$	35,465	$	15,625	$	(5,543)
Weighted-average number of common shares outstanding2	1,931		1,916		1,870
Add: Deferred awards held as stock units	—		—		—
Add: Dilutive effect of employee stock-based awards	9		4		—
Total weighted-average number of common shares outstanding	1,940		1,920		1,870
Earnings per share of common stock - Diluted	$	18.28	$	8.14	$	(2.96)
1 There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.
2 Millions of shares; 1 million shares of employee-based awards were not included in the 2020 diluted EPS calculation as the result would be anti-dilutive.

Operating Segments and Geographic Data

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

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, producing and transporting 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, refined products, and lubricants; manufacturing and marketing of renewable fuels; 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 activities.

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 are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Non-billable costs remain at the corporate level in “All Other.” Earnings by major operating area are presented in the following table:


	Year ended December 31
	2022		2021		2020
Upstream
United States	$	12,621	$	7,319	$	(1,608)
International	17,663		8,499		(825)
Total Upstream	30,284		15,818		(2,433)
Downstream
United States	5,394		2,389		(571)
International	2,761		525		618
Total Downstream	8,155		2,914		47
Total Segment Earnings	38,439		18,732		(2,386)
All Other
Interest expense	(476)		(662)		(658)
Interest income	261		36		52
Other	(2,759)		(2,481)		(2,551)
Net Income (Loss) Attributable to Chevron Corporation	$	35,465	$	15,625	$	(5,543)

Segment Assets Segment assets do not include intercompany investments or receivables. Assets at year-end 2022 and 2021 are as follows:


	At December 31
	2022		2021
Upstream
United States	$	44,246	$	41,870
International	134,489		138,157
Goodwill	4,370		4,385
Total Upstream	183,105		184,412
Downstream
United States	31,676		26,376
International	21,193		18,848
Goodwill	352		—
Total Downstream	53,221		45,224
Total Segment Assets	236,326		229,636
All Other
United States	17,861		5,746
International	3,522		4,153
Total All Other	21,383		9,899
Total Assets – United States	93,783		73,992
Total Assets – International	159,204		161,158
Goodwill	4,722		4,385
Total Assets	$	257,709	$	239,535

Segment Sales and Other Operating Revenues Operating segment sales and other operating revenues, including internal transfers, for the years 2022, 2021 and 2020, are presented in the table on the next page. Products are transferred between operating segments at internal product values that approximate market prices.

Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies.


	Year ended December 311
	2022		2021		2020
Upstream
United States	$	50,822	$	29,219	$	14,577
International	56,156		40,921		26,804
Subtotal	106,978		70,140		41,381
Intersegment Elimination — United States	(29,870)		(15,154)		(8,068)
Intersegment Elimination — International	(13,815)		(10,994)		(7,002)
Total Upstream	63,293		43,992		26,311
Downstream
United States	91,824		57,209		32,589
International	87,741		58,098		38,936
Subtotal	179,565		115,307		71,525
Intersegment Elimination — United States	(5,529)		(2,296)		(2,150)
Intersegment Elimination — International	(1,728)		(1,521)		(1,292)
Total Downstream	172,308		111,490		68,083
All Other
United States	515		506		744
International	3		2		15
Subtotal	518		508		759
Intersegment Elimination — United States	(400)		(382)		(667)
Intersegment Elimination — International	(2)		(2)		(15)
Total All Other	116		124		77
Sales and Other Operating Revenues
United States	143,161		86,934		47,910
International	143,900		99,021		65,755
Subtotal	287,061		185,955		113,665
Intersegment Elimination — United States	(35,799)		(17,832)		(10,885)
Intersegment Elimination — International	(15,545)		(12,517)		(8,309)
Total Sales and Other Operating Revenues	$	235,717	$	155,606	$	94,471

1 Other than the United States, no other country accounted for 10 percent or more of the company’s Sales and Other Operating Revenues.

Segment Income Taxes Segment income tax expense for the years 2022, 2021 and 2020 is as follows:


	Year ended December 31
	2022		2021		2020
Upstream
United States	$	3,678	$	1,934	$	(570)
International	9,055		4,192		(415)
Total Upstream	12,733		6,126		(985)
Downstream
United States	1,515		547		(192)
International	280		203		253
Total Downstream	1,795		750		61
All Other	(462)		(926)		(968)
Total Income Tax Expense (Benefit)	$	14,066	$	5,950	$	(1,892)

Other Segment Information Additional information for the segmentation of major equity affiliates is contained in Note 15 Investments and Advances. Information related to properties, plant and equipment by segment is contained in Note 18 Properties, Plant and Equipment.

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.

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

Investments and Advances

12 Months Ended

Dec. 31, 2022

Investments and Advances

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


Investments and Advances					Equity in Earnings
	At December 31				Year ended December 31
	2022		2021		2022		2021		2020
Upstream
Tengizchevroil	$	26,534	$	23,727	$	4,386	$	2,831	$	1,238
Petropiar	—		—		—		—		(1,396)
Petroboscan	—		—		—		—		(1,112)
Caspian Pipeline Consortium	761		805		128		155		159
Angola LNG Limited	1,963		2,180		1,857		336		(166)

Other	1,938		1,859		255		187		137
Total Upstream	31,196		28,571		6,626		3,509		(1,140)
Downstream
Chevron Phillips Chemical Company LLC	6,843		6,455		867		1,842		630
GS Caltex Corporation	4,288		3,616		874		85		(185)
Other	2,288		1,725		224		220		223
Total Downstream	13,419		11,796		1,965		2,147		668
All Other
Other	(5)		(10)		(6)		1		—
Total equity method	$	44,610	$	40,357	$	8,585	$	5,657	$	(472)
Other non-equity method investments	628		339
Total investments and advances	$	45,238	$	40,696
Total United States	$	9,855	$	8,540	$	975	$	1,889	$	709
Total International	$	35,383	$	32,156	$	7,610	$	3,768	$	(1,181)

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

Tengizchevroil Chevron has a 50 percent equity ownership interest in Tengizchevroil (TCO), which operates the Tengiz and Korolev crude oil fields in Kazakhstan. At December 31, 2022, the company’s carrying value of its investment in TCO was about $90 higher than the amount of underlying equity in TCO’s net assets. This difference results from Chevron acquiring a portion of its interest in TCO at a value greater than the underlying book value for that portion of TCO’s net assets. Included in the investment is a loan to TCO to fund the development of the FGP/WPMP with a principal balance of $4,500.

Petropiar Chevron has a 30 percent interest in Petropiar, a joint stock company which operates the heavy oil Huyapari Field and upgrading project in Venezuela’s Orinoco Belt. In 2020, the company fully impaired its investments in the Petropiar affiliate and, effective July 1, 2020, began accounting for this venture as a non-equity method investment.

Petroboscan Chevron has a 39.2 percent interest in Petroboscan, a joint stock company which operates the Boscan Field in Venezuela. In 2020, the company fully impaired its investments in the Petroboscan affiliate and, effective July 1, 2020, began accounting for this venture as a non-equity method investment. The company also has an outstanding long-term loan to Petroboscan of $560, which remains fully provisioned for at year-end 2022.

Caspian Pipeline Consortium Chevron has a 15 percent interest in the Caspian Pipeline Consortium, which provides the critical export route for crude oil from both TCO and Karachaganak.

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

Chevron Phillips Chemical Company LLC Chevron owns 50 percent of Chevron Phillips Chemical Company LLC. Included in the investment balance is a loan with a principal balance of $59 to fund a portion of the Golden Triangle Polymers Project in Orange, Texas, in which Chevron Phillips Chemical Company LLC owns 51 percent.

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

Other Information “Sales and other operating revenues” on the Consolidated Statement of Income includes $16,286, $10,796 and $6,038 with affiliated companies for 2022, 2021 and 2020, respectively. “Purchased crude oil and products” includes $10,171, $5,778 and $3,003 with affiliated companies for 2022, 2021 and 2020, respectively.

“Accounts and notes receivable” on the Consolidated Balance Sheet includes $907 and $1,454 due from affiliated companies at December 31, 2022 and 2021, respectively. “Accounts payable” includes $709 and $552 due to affiliated companies at December 31, 2022 and 2021, respectively.

The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron’s total share, which includes Chevron’s net loans to affiliates of $4,278, $4,704 and $5,153 at December 31, 2022, 2021 and 2020, respectively.


	Affiliates						Chevron Share
Year ended December 31	2022		2021		2020		2022		2021		2020
Total revenues	$	100,184	$	71,241	$	49,093	$	48,323	$	34,359	$	21,641
Income before income tax expense*	23,811		15,175		5,682		10,876		6,984		2,550
Net income attributable to affiliates	19,077		12,598		4,704		8,595		5,670		2,034
At December 31
Current assets	$	26,632	$	21,871	$	17,087	$	11,671	$	9,267	$	7,328
Noncurrent assets	101,557		100,235		97,468		46,428		44,360		43,247
Current liabilities	16,319		17,275		12,164		7,708		7,492		5,052
Noncurrent liabilities	22,943		24,219		25,586		5,980		5,982		5,884
Total affiliates’ net equity	$	88,927	$	80,612	$	76,805	$	44,411	$	40,153	$	39,639

* Chevron’s net income attributable to affiliates is recorded in the company’s before-tax consolidated earnings in accordance with U.S. Generally Accepted Accounting Principles. The total income tax expense recorded by the company’s equity affiliates in 2022 was $4,734, with Chevron’s share being $2,281.

Litigation	12 Months Ended
Litigation	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation Ecuador In 2003, Chevron was sued in Ecuador for environmental harm allegedly caused by an oil consortium formerly operated by a Texaco subsidiary. The subsidiary previously had been released from environmental claims by Ecuador after it completed a three-year remediation program, which Ecuador certified. Nonetheless, in February 2011, the Ecuadorian trial court entered judgment against Chevron for approximately $9.5 billion, plus punitive damages. An appellate panel affirmed, and Ecuador’s National Court of Justice ratified the judgment but nullified the punitive damages. Ecuador’s highest Constitutional Court rejected Chevron’s final appeal in July 2018. In 2011, Chevron sued the Ecuadorian plaintiffs and several of their lawyers and cohorts in the U.S. District Court for the Southern District of New York (SDNY) for violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and state law. The SDNY ruled that the Ecuadorian judgment had been procured through fraud, bribery, and corruption, and prohibited the defendants from seeking to enforce the judgment in the United States or profiting from their illegal acts. The Second Circuit affirmed, and the U.S. Supreme Court denied certiorari in 2017. The Ecuadorian plaintiffs sought to have the Ecuadorian judgment recognized and enforced in Canada, Brazil, and Argentina, but all of those actions were dismissed in Chevron’s favor. In 2009, Chevron filed an arbitration claim against Ecuador before an arbitral tribunal administered by the Permanent Court of Arbitration in The Hague, under the United States-Ecuador Bilateral Investment Treaty. In 2018, the Tribunal ruled that the Ecuadorian judgment was procured through fraud, bribery, and corruption, and was based on environmental claims that Ecuador had already settled and released. According to the Tribunal, the Ecuadorian judgment “violates international public policy” and “should not be recognized or enforced by the courts of other States.” The Tribunal ordered Ecuador to remove the judgment’s status of enforceability and to compensate Chevron for its injuries. The arbitration’s final phases, to determine the amount of compensation owed to Chevron and to allocate the arbitration’s costs, remain pending. In 2020, the District Court of The Hague denied Ecuador’s request to set aside the Tribunal’s award. Based on Ecuador’s admissions during the litigation, the Court stated that it now is “common ground” between Ecuador and Chevron that the Ecuadorian judgment is fraudulent. In June 2022, The Hague Court of Appeals dismissed Ecuador’s appeal. In September 2022, Ecuador appealed to the Dutch Supreme Court. In a separate proceeding before the Office of the United States Trade Representative, Ecuador also admitted in July 2020 that the Ecuadorian judgment is fraudulent. Management continues to believe that the Ecuadorian judgment is illegitimate and unenforceable and will vigorously defend against any further attempts to have it recognized or enforced. Climate Change Governmental and other entities in various jurisdictions across the United States have filed legal proceedings against fossil fuel producing companies, including Chevron entities, purporting to seek legal and equitable relief to address alleged impacts of climate change. Chevron entities are or were among the codefendants in 23 separate lawsuits brought by 17 U.S. cities and counties, three U.S. states, the District of Columbia, a group of municipalities in Puerto Rico and a trade group. One of the city lawsuits was dismissed on the merits, and one of the county lawsuits was voluntarily dismissed by the plaintiff. The lawsuits assert various causes of action, including public nuisance, private nuisance, failure to warn, fraud, conspiracy to commit fraud, design defect, product defect, trespass, negligence, impairment of public trust, violations of consumer protection statutes, violations of a federal antitrust statute, and violations of the RICO Act, based upon, among other things, the company’s production of oil and gas products and alleged misrepresentations or omissions relating to climate change risks associated with those products. The unprecedented legal theories set forth in these proceedings entail the possibility of damages liability (both compensatory and punitive), injunctive and other forms of equitable relief, including without limitation abatement and disgorgement of profits, civil penalties and liability for fees and costs of suits, that, while we believe remote, could have a material adverse effect on the company’s results of operations and financial condition. Further such proceedings are likely to be filed by other parties. 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. Louisiana Seven coastal parishes and the State of Louisiana have filed 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.

Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Taxes


Income Taxes	Year ended December 31
	2022		2021		2020
Income tax expense (benefit)
U.S. federal
Current	$	1,723	$	174	$	(182)
Deferred	2,240		1,004		(1,315)
State and local
Current	482		222		65
Deferred	39		202		(152)
Total United States	4,484		1,602		(1,584)
International
Current	9,738		4,854		1,833
Deferred	(156)		(506)		(2,141)
Total International	9,582		4,348		(308)
Total income tax expense (benefit)	$	14,066	$	5,950	$	(1,892)

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



	2022			2021			2020
Income (loss) before income taxes
United States	$	21,005		$	9,674		$	(5,700)
International	28,669			11,965			(1,753)
Total income (loss) before income taxes	49,674			21,639			(7,453)
Theoretical tax (at U.S. statutory rate of 21%)	10,432			4,544			(1,565)

Equity affiliate accounting effect	(1,678)			(890)			211
Effect of income taxes from international operations	5,041			2,692			(39)
State and local taxes on income, net of U.S. federal income tax benefit	508			216			(65)
Prior year tax adjustments, claims and settlements 1	(90)			362			(236)
Tax credits	(6)			(173)			(33)
Other U.S. 1, 2	(141)			(801)			(165)
Total income tax expense (benefit)	$	14,066		$	5,950		$	(1,892)

Effective income tax rate 3	28.3		%	27.5		%	25.4		%

1 Includes one-time tax costs (benefits) associated with changes in uncertain tax positions.

2 Includes one-time tax costs (benefits) associated with changes in valuation allowances (2022 - $(36); 2021 - $(624); 2020 - $0).

3 The company’s effective tax rate is reflective of equity income reported on an after-tax basis as part of the “Total Income (Loss) Before Income Tax Expense,” in accordance with U.S. Generally Accepted Accounting Principles. Chevron’s share of its equity affiliates’ total income tax expense in 2022 was $2,281.

The 2022 increase in income tax expense of $8,116 is a result of the year-over-year increase in total income before income tax expense, which is primarily due to higher upstream realizations and downstream margins. The company’s effective tax rate changed from 27.5 percent in 2021 to 28.3 percent in 2022. The change in effective tax rate is mainly due to mix effects resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions.

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


			At December 31
	2022		2021
Deferred tax liabilities
Properties, plant and equipment	$	18,295	$	17,169
Investments and other	4,492		4,105
Total deferred tax liabilities	22,787		21,274
Deferred tax assets
Foreign tax credits	(12,599)		(11,718)
Asset retirement obligations/environmental reserves	(4,518)		(4,553)
Employee benefits	(2,087)		(3,037)
Deferred credits	(446)		(996)
Tax loss carryforwards	(3,887)		(4,175)
Other accrued liabilities	(746)		(239)
Inventory	(219)		(289)
Operating leases	(1,134)		(1,255)
Miscellaneous	(4,057)		(3,657)
Total deferred tax assets	(29,693)		(29,919)
Deferred tax assets valuation allowance	19,532		17,651
Total deferred taxes, net	$	12,626	$	9,006

Deferred tax liabilities increased by $1,513 from year-end 2021, primarily driven by an increase to properties, plant and equipment. Deferred tax assets decreased by $226 from year-end 2021. This decrease was primarily related to decreases in employee benefits and tax loss carryforwards for various locations, partially offset by the increase in foreign tax credits.

The overall valuation allowance relates to deferred tax assets for U.S. foreign tax credit carryforwards, tax loss carryforwards and temporary differences. The valuation allowance reduces the deferred tax assets to amounts that are, in management’s assessment, more likely than not to be realized. At the end of 2022, the company had gross tax loss carryforwards of approximately $9,850 and tax credit carryforwards of approximately $440, primarily related to various international tax jurisdictions. Whereas some of these tax loss carryforwards do not have an expiration date, others expire at various times from 2023 through 2041. U.S. foreign tax credit carryforwards of $12,599 will expire between 2023 and 2033.

At December 31, 2022 and 2021, deferred taxes were classified on the Consolidated Balance Sheet as follows:


	At December 31
	2022		2021
Deferred charges and other assets	$	(4,505)	$	(5,659)
Noncurrent deferred income taxes	17,131		14,665
Total deferred income taxes, net	$	12,626	$	9,006

Income taxes, including U.S. state and foreign withholding taxes, are not accrued for unremitted earnings of international operations that have been or are intended to be reinvested indefinitely. The indefinite reinvestment assertion continues to apply for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding tax purposes.

Undistributed earnings of international consolidated subsidiaries and affiliates for which no deferred income tax provision has been made for possible future remittances totaled approximately $51,300 at December 31, 2022. This amount represents earnings reinvested as part of the company’s ongoing international business. It is not practicable to estimate the amount of state and foreign withholding taxes that might be payable on the possible remittance of earnings that are intended to be reinvested indefinitely. The company does not anticipate incurring significant additional taxes on remittances of earnings that are not indefinitely reinvested.

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

The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2022, 2021 and 2020. The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements. Interest and penalties are not included.


	2022		2021		2020
Balance at January 1	$	5,288	$	5,018	$	4,987
Foreign currency effects	(2)		(1)		2
Additions based on tax positions taken in current year	30		194		253
Additions for tax positions taken in prior years	234		218		437
Reductions for tax positions taken in prior years	(117)		(36)		(216)
Settlements with taxing authorities in current year	(110)		(18)		(429)
Reductions as a result of a lapse of the applicable statute of limitations	—		(87)		(16)
Balance at December 31	$	5,323	$	5,288	$	5,018

Approximately 80 percent of the $5,323 of unrecognized tax benefits at December 31, 2022, would have an impact on the effective tax rate if subsequently recognized. Certain of these unrecognized tax benefits relate to tax carryforwards that may require a full valuation allowance at the time of any such recognition.

Tax positions for Chevron and its subsidiaries and affiliates are subject to income tax audits by many tax jurisdictions throughout the world. For the company’s major tax jurisdictions, examinations of tax returns for certain prior tax years had not been completed as of December 31, 2022. For these jurisdictions, the latest years for which income tax examinations had been finalized were as follows: United States – 2016, Nigeria – 2007, Australia – 2009, Kazakhstan – 2012 and Saudi Arabia – 2016.

The company engages in ongoing discussions with tax authorities regarding the resolution of tax matters in the various jurisdictions. Both the outcome of these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. Of the amount of unrecognized tax benefits the company has identified as of December 31, 2022, it is reasonably possible that developments on tax matters in certain tax jurisdictions may result in decreases of approximately 20 percent 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 beyond the next 12 months.

On the Consolidated Statement of Income, the company reports interest and penalties related to liabilities for uncertain tax positions as “Income Tax Expense (Benefit).” As of December 31, 2022, accrued expense of $112 for anticipated interest

and penalties was included on the Consolidated Balance Sheet, compared with accrued benefit of $(76) as of year-end 2021. Income tax expense (benefit) associated with interest and penalties was $152, $19 and $(124) in 2022, 2021 and 2020, respectively.


Taxes Other Than on Income
	Year ended December 31
	2022		2021		2020
United States
Import duties and other levies	$	10	$	7	$	7
Property and other miscellaneous taxes	609		552		588
Payroll taxes	248		302		235
Taxes on production	989		628		317
Total United States	1,856		1,489		1,147
International
Import duties and other levies	63		49		39
Property and other miscellaneous taxes	1,789		2,174		1,461
Payroll taxes	122		113		117
Taxes on production	202		138		75
Total International	2,176		2,474		1,692
Total taxes other than on income	$	4,032	$	3,963	$	2,839

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Property, Plant and Equipment [Abstract]

Properties, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Properties, Plant and Equipment

Properties, Plant and Equipment1


	At December 31												Year ended December 31
	Gross Investment at Cost						Net Investment						Additions at Cost2						Depreciation Expense3
	2022		2021		2020		2022		2021		2020		2022		2021		2020		2022		2021		2020
Upstream
United States	$	96,590	$	93,393	$	96,555	$	37,031	$	36,027	$	38,175	$	6,461	$	4,520	$	13,067	$	5,012	$	5,675	$	6,841
International	188,556		202,757		209,846		88,549		94,770		102,010		2,599		2,349		11,069		9,830		10,824		11,121
Total Upstream	285,146		296,150		306,401		125,580		130,797		140,185		9,060		6,869		24,136		14,842		16,499		17,962
Downstream
United States	29,802		26,888		26,499		12,827		10,766		11,101		2,742		543		638		913		833		851
International	8,281		8,134		7,993		3,226		3,300		3,395		246		234		573		311		296		283
Total Downstream	38,083		35,022		34,492		16,053		14,066		14,496		2,988		777		1,211		1,224		1,129		1,134
All Other
United States	4,402		4,729		4,195		1,931		2,078		1,916		230		143		194		247		290		403
International	154		144		144		27		20		21		12		7		5		6		7		9
Total All Other	4,556		4,873		4,339		1,958		2,098		1,937		242		150		199		253		297		412
Total United States	130,794		125,010		127,249		51,789		48,871		51,192		9,433		5,206		13,899		6,172		6,798		8,095
Total International	196,991		211,035		217,983		91,802		98,090		105,426		2,857		2,590		11,647		10,147		11,127		11,413
Total	$	327,785	$	336,045	$	345,232	$	143,591	$	146,961	$	156,618	$	12,290	$	7,796	$	25,546	$	16,319	$	17,925	$	19,508

1Other than the United States and Australia, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2022. Australia had PP&E of $44,012, $46,687 and $48,374 in 2022, 2021 and 2020, respectively. Gross Investment at Cost, Net Investment and Additions at Cost for 2020 each include $16,703 associated with the Noble acquisition.

2Net of dry hole expense related to prior years’ expenditures of $177, $35 and $709 in 2022, 2021 and 2020, respectively.

3Depreciation expense includes accretion expense of $560, $616 and $560 in 2022, 2021 and 2020, respectively, and impairments and write-offs of $950, $414 and $2,792 in 2022, 2021 and 2020, respectively.

Short-Term Debt

12 Months Ended

Dec. 31, 2022

Short-Term Debt


	At December 31
	2022		2021
Commercial paper	$	—	$	—
Notes payable to banks and others with originating terms of one year or less	328		62
Current maturities of long-term debt1	2,699		4,946
Current maturities of long-term finance leases	45		48
Redeemable long-term obligations	2,942		2,959

Subtotal	6,014		8,015
Reclassified to long-term debt	(4,050)		(7,759)
Total short-term debt	$	1,964	$	256
1 Inclusive of unamortized premiums of $5 at December 31, 2022 and $0 at December 31, 2021.

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

The company may periodically enter into interest rate swaps on a portion of its short-term debt. At December 31, 2022, the company had no interest rate swaps on short-term debt.

At December 31, 2022, the company had $8,495 in 364-day committed credit facilities with various major banks that enable the refinancing of short-term obligations on a long-term basis. The credit facilities allow the company to convert any amounts outstanding into a term loan for a period of up to one year. This supports commercial paper borrowing and can also be used for general corporate purposes. The company’s practice has been to continually replace expiring commitments with new commitments on substantially the same terms, maintaining levels management believes appropriate. Any borrowings under the facility would be unsecured indebtedness at interest rates based on the Secured Overnight Financing Rate (SOFR), or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under this facility at December 31, 2022.

The company classified $4,050 and $7,759 of short-term debt as long-term at December 31, 2022 and 2021, respectively. Settlement of these obligations is not expected to require the use of working capital within one year, and the company has both the intent and the ability, as evidenced by committed credit facilities, to refinance them on a long-term basis.

Long-Term Debt

12 Months Ended

Dec. 31, 2022

Accounting for Suspended Exploratory Wells [Abstract]

Long-Term Debt

Total long-term debt including finance lease liabilities at December 31, 2022, was $21,375. The company’s long-term debt outstanding at year-end 2022 and 2021 was as follows:


			At December 31
			2022		2021
	Weighted Average Interest Rate (%)1	Range of Interest Rates (%)2	Principal		Principal

Notes due 2023	1.282	0.426 - 7.250	$	1,800	$	4,800
Floating rate notes due 2023	3.384	3.121 - 3.821	800		800
Notes due 2024	3.291	2.895 - 3.900	1,650		1,650


Notes due 2025	1.724	0.687 - 3.326	4,000		4,000
Notes due 2026		2.954	2,250		2,250
Notes due 2027	2.379	1.018 - 8.000	2,000		2,000
Notes due 2028		3.850	600		600
Notes due 2029		3.250	500		500
Notes due 2030		2.236	1,500		1,500
Debentures due 2031		8.625	102		102
Debentures due 2032	8.416	8.000 - 8.625	183		183
Notes due 2040		2.978	293		293
Notes due 2041		6.000	397		397
Notes due 2043		5.250	330		330
Notes due 2044		5.050	222		222
Notes due 2047		4.950	187		187
Notes due 2049		4.200	237		237
Notes due 2050	2.763	2.343 - 3.078	1,750		1,750
Debentures due 2097		7.250	60		60
Bank loans due 2023	5.206	4.928 - 5.342	91		100
3.400% loan			—		211
Medium-term notes, maturing from 2023 to 2038	6.306	4.283 - 7.900	23		23
Notes due 2022			—		4,946
Total including debt due within one year			18,975		27,141
Debt due within one year			(2,694)		(4,946)


Fair market value adjustment for debt acquired in the Noble acquisition			664		741
Reclassified from short-term debt			4,050		7,759
Unamortized discounts and debt issuance costs			(23)		(31)
Finance lease liabilities3			403		449
Total long-term debt			$	21,375	$	31,113
1 Weighted-average interest rate at December 31, 2022.
2 Range of interest rates at December 31, 2022.
3 For details on finance lease liabilities, see Note 5 Lease Commitments.

Chevron has an automatic shelf registration statement that expires in August 2023. This registration statement is for an unspecified amount of nonconvertible debt securities issued or guaranteed by Chevron Corporation or CUSA.

Long-term debt excluding finance lease liabilities with a principal balance of $18,975 matures as follows: 2023 – $2,694; 2024 – $1,650; 2025 – $4,000; 2026 – $2,250; 2027 – $2,000; and after 2027 – $6,381.

In addition to the $4.9 billion in long-term debt that matured in 2022, the company also early-redeemed $3.0 billion in notes at face value that were scheduled to mature in the second quarter of 2023.

See Note 9 Fair Value Measurements for information concerning the fair value of the company’s long-term debt.

Accounting for Suspended Exploratory Wells

12 Months Ended

Dec. 31, 2022

Accounting for Suspended Exploratory Wells

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

The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2022:


	2022		2021		2020
Beginning balance at January 1	$	2,109	$	2,512	$	3,041
Additions to capitalized exploratory well costs pending the determination of proved reserves	72		56		28
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(481)		(425)		(102)
Capitalized exploratory well costs charged to expense	(73)		(34)		(667)
Other*	—		—		212
Ending balance at December 31	$	1,627	$	2,109	$	2,512

* 2020 represents fair value of well costs acquired in the Noble acquisition.

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


	At December 31
	2022		2021		2020
Exploratory well costs capitalized for a period of one year or less	$	73	$	65	$	26
Exploratory well costs capitalized for a period greater than one year	1,554		2,044		2,486
Balance at December 31	$	1,627	$	2,109	$	2,512
Number of projects with exploratory well costs that have been capitalized for a period greater than one year*	12		15		17

*Certain projects have multiple wells or fields or both.

Of the $1,554 of exploratory well costs capitalized for more than one year at December 31, 2022, $945 is related to seven projects that had drilling activities underway or firmly planned for the near future. The $609 balance is related to five projects in areas requiring a major capital expenditure before production could begin and for which additional drilling efforts were not underway or firmly planned for the near future. Additional drilling was not deemed necessary because the presence of hydrocarbons had already been established, and other activities were in process to enable a future decision on project development.

The projects for the $609 referenced above had the following activities associated with assessing the reserves and the projects’ economic viability: (a) $194 (three projects) – undergoing front-end engineering and design with final investment decision expected within four years; (b) $415 (two projects) – development alternatives under review. While progress was being made on all 12 projects, the decision on the recognition of proved reserves under SEC rules in some cases may not occur for several years because of the complexity, scale and negotiations associated with the projects. More than three-quarters of these decisions are expected to occur in the next five years.

The $1,554 of suspended well costs capitalized for a period greater than one year as of December 31, 2022, represents 71 exploratory wells in 12 projects. The tables below contain the aging of these costs on a well and project basis:


Aging based on drilling completion date of individual wells:	Amount		Number of wells
2000-2009	$	263	14
2010-2014	1,121		49
2015-2021	170		8
Total	$	1,554	71

Aging based on drilling completion date of last suspended well in project:	Amount		Number of projects
2008-2013	$	428	5
2014-2018	1,083		6
2019-2022	43		1
Total	$	1,554	12

Stock Options and Other Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock Options and Other Share-Based Compensation

Compensation expense for stock options for 2022, 2021 and 2020 was $60 ($46 after tax), $60 ($47 after tax) and $94 ($74 after tax), respectively. In addition, compensation expense for stock appreciation rights, restricted stock, performance shares and restricted stock units was $1,013 ($770 after tax), $701 ($554 after tax) and $96 ($76 after tax) for 2022, 2021 and 2020, respectively. No significant stock-based compensation cost was capitalized at December 31, 2022, or December 31, 2021.

Cash received in payment for option exercises under all share-based payment arrangements for 2022, 2021 and 2020 was $5,835, $1,274 and $226, respectively. Actual tax benefits realized for the tax deductions from option exercises were $216, $(15) and $8 for 2022, 2021 and 2020, respectively.

Cash paid to settle performance shares, restricted stock units and stock appreciation rights was $556, $163 and $95 for 2022, 2021 and 2020, respectively.

On May 25, 2022, stockholders approved the Chevron 2022 Long-Term Incentive Plan (2022 LTIP). Awards under the 2022 LTIP may take the form of, but are not limited to, stock options, restricted stock, restricted stock units, stock appreciation rights, performance shares and non-stock grants. From May 2022 through May 2032, no more than 104 million shares may be issued under the 2022 LTIP. For awards issued on or after May 25, 2022, no more than 48 million of those shares may be issued in the form of full value awards such as share-settled restricted stock, share-settled restricted stock units and other share-settled awards that do not require full payment in cash or property for shares underlying such awards by the award recipient. For the major types of awards issued before January 1, 2017, the contractual terms vary between three years for the performance shares and restricted stock units, and 10 years for the stock options and stock appreciation rights. For awards issued after January 1, 2017, contractual terms vary between three years for the performance shares and special restricted stock units, five years for standard restricted stock units and 10 years for the stock options and stock appreciation rights. Commencing for grants issued in January 2023 and after, standard restricted stock units vest ratably on an annual basis over a three-year period. Forfeitures of performance shares, restricted stock units, and stock appreciation rights are recognized as they occur. Forfeitures of stock options are estimated using historical forfeiture data dating back to 1990.

Noble Share-Based Plans (Noble Plans) When Chevron acquired Noble in October 2020, outstanding stock options granted under various Noble Plans were exchanged for Chevron options. These awards retained the same provisions as the original Noble Plans. Awards issued may be exercised for up to five years after termination of employment, depending upon the termination type, or the original expiration date, whichever is earlier. Other awards issued under the Noble Plans included restricted stock awards, restricted stock units, and performance shares, which retained the same provisions as the original Noble Plans. Upon termination of employment due to change-in-control, all unvested awards issued under the Noble Plans, including stock options, restricted stock awards, restricted stock units and performance shares vested on the termination date. If not exercised, awards will expire between 2023 and 2029.

Fair Value and Assumptions The fair market values of stock options and stock appreciation rights granted in 2022, 2021 and 2020 were measured on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Year ended December 31
	2022			2021			2020
Expected term in years1	6.9			6.8			6.6
Volatility2	31.3		%	31.1		%	20.8		%
Risk-free interest rate based on zero coupon U.S. treasury note	1.79		%	0.71		%	1.50		%
Dividend yield	5.0		%	6.0		%	4.0		%
Weighted-average fair value per option granted	$	23.56		$	12.22		$	13.00

1 Expected term is based on historical exercise and post-vesting cancellation data.

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

A summary of option activity during 2022 is presented below:


	Shares (Thousands)	Weighted-Average Exercise Price			Averaged Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2022	77,399		$	108.10
Granted	3,870		$	132.69
Exercised	(55,275)		$	105.56
Forfeited	(729)		$	208.46
Outstanding at December 31, 2022	25,265		$	114.61	6.62		$	1,794
Exercisable at December 31, 2022	16,421		$	117.20	5.18		$	1,178

The total intrinsic value (i.e., the difference between the exercise price and the market price) of options exercised during 2022, 2021 and 2020 was $2,369, $152 and $92, respectively. During this period, the company continued its practice of issuing treasury shares upon exercise of these awards.

As of December 31, 2022, there was $78 of total unrecognized before-tax compensation cost related to nonvested share-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average period of 1.8 years.

At January 1, 2022, the number of LTIP performance shares outstanding was equivalent to 5,023,065 shares. During 2022, 1,552,624 performance shares were granted, 1,652,839 shares vested with cash proceeds distributed to recipients and 169,584 shares were forfeited. At December 31, 2022, there were 4,753,266 performance shares outstanding that are payable in cash. The fair value of the liability recorded for these instruments was $996 and was measured largely using the Monte Carlo simulation method.

At January 1, 2022, the number of restricted stock units outstanding was equivalent to 4,386,637 shares. During 2022, 989,715 restricted stock units were granted, 979,382 units vested with cash proceeds distributed to recipients and 109,144 units were forfeited. At December 31, 2022, there were 4,287,826 restricted stock units outstanding that are payable in cash. The fair value of the liability recorded for the vested portion of these instruments was $548, valued at the stock price as of December 31, 2022. In addition, outstanding stock appreciation rights that were granted under the LTIP totaled 686,573 equivalent shares as of December 31, 2022. The fair value of the liability recorded for the vested portion of these instruments was $50.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

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

The company also sponsors other postretirement benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and retirees share the costs. 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 company recognizes the overfunded or underfunded status of each of its defined benefit pension and OPEB plans as an asset or liability on the Consolidated Balance Sheet.

The funded status of the company’s pension and OPEB plans for 2022 and 2021 follows:


	Pension Benefits
	2022				2021				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		2022		2021
Change in Benefit Obligation
Benefit obligation at January 1	$	12,966	$	5,351	$	15,166	$	6,307	$	2,489	$	2,650
Service cost	432		83		450		123		43		43
Interest cost	318		137		235		137		60		53
Plan participants’ contributions	—		3		—		3		62		43
Plan amendments	40		38		—		—		18		—
Actuarial (gain) loss	(2,753)		(1,559)		(325)		(364)		(509)		(108)
Foreign currency exchange rate changes	—		(423)		—		(85)		(5)		(3)
Benefits paid	(1,290)		(276)		(2,560)		(746)		(220)		(189)
Divestitures/Acquisitions	—		—		—		—		—		—
Curtailment	—		—		—		(24)		—		—
Benefit obligation at December 31	9,713		3,354		12,966		5,351		1,938		2,489
Change in Plan Assets
Fair value of plan assets at January 1	9,919		4,950		9,930		5,363		—		—
Actual return on plan assets	(1,851)		(1,096)		997		166		—		—
Foreign currency exchange rate changes	—		(453)		—		(35)		—		—
Employer contributions	1,164		158		1,552		199		158		146
Plan participants’ contributions	—		3		—		3		62		43
Benefits paid	(1,290)		(276)		(2,560)		(746)		(220)		(189)

Fair value of plan assets at December 31	7,942		3,286		9,919		4,950		—		—
Funded status at December 31	$	(1,771)	$	(68)	$	(3,047)	$	(401)	$	(1,938)	$	(2,489)

Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2022 and 2021, include:


	Pension Benefits
	2022				2021				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		2022		2021
Deferred charges and other assets	$	26	$	759	$	36	$	696	$	—	$	—
Accrued liabilities	(210)		(62)		(303)		(142)		(152)		(151)
Noncurrent employee benefit plans	(1,587)		(765)		(2,780)		(955)		(1,786)		(2,338)
Net amount recognized at December 31	$	(1,771)	$	(68)	$	(3,047)	$	(401)	$	(1,938)	$	(2,489)

For the year ended December 31, 2022, the decrease in benefit obligations was primarily due to actuarial gains caused by higher discount rates used to value the obligations and benefit payments paid to retirees in 2022. For the year ended December 31, 2021, the decrease in benefit obligations was primarily due to actuarial gains caused by higher discount rates used to value the obligations and large benefit payments paid to retirees in 2021.

Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB plans were $3,446 and $4,979 at the end of 2022 and 2021, respectively. These amounts consisted of:


	Pension Benefits
	2022				2021				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		2022		2021
Net actuarial loss	$	3,147	$	659	$	4,007	$	920	$	(392)	$	134
Prior service (credit) costs	40		107		2		75		(115)		(159)
Total recognized at December 31	$	3,187	$	766	$	4,009	$	995	$	(507)	$	(25)

The accumulated benefit obligations for all U.S. and international pension plans were $8,595 and $3,084, respectively, at December 31, 2022, and $11,337 and $4,976, respectively, at December 31, 2021.

Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2022 and 2021, was:


	Pension Benefits
	2022				2021
	U.S.		Int’l.		U.S.		Int’l.
Projected benefit obligations	$	1,322	$	828	$	1,957	$	1,097
Accumulated benefit obligations	1,135		671		1,665		883
Fair value of plan assets	—		3		55		2

The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2022, 2021 and 2020 are shown in the table below:


	Pension Benefits
	2022				2021				2020				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		U.S.		Int’l.		2022		2021		2020
Net Periodic Benefit Cost
Service cost	$	432	$	83	$	450	$	123	$	497	$	130	$	43	$	43	$	38
Interest cost	318		137		235		137		353		175		60		53		71
Expected return on plan assets	(624)		(176)		(596)		(171)		(650)		(209)		—		—		—
Amortization of prior service costs (credits)	2		6		2		8		2		10		(27)		(27)		(28)
Recognized actuarial losses	218		15		309		46		385		45		13		16		3
Settlement losses	363		(6)		672		7		620		37		—		—		—
Curtailment losses (gains)	—		(5)		—		(1)		92		2		—		—		(27)
Total net periodic benefit cost	709		54		1,072		149		1,299		190		89		85		57
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	(279)		(257)		(725)		(408)		1,584		230		(514)		(111)		190
Amortization of actuarial loss	(581)		(5)		(981)		(73)		(1,005)		(98)		(13)		(15)		(4)
Prior service (credits) costs during period	40		38		—		—		—		—		18		—		—
Amortization of prior service (costs) credits	(2)		(6)		(2)		(11)		(2)		(17)		27		27		42
Total changes recognized in other comprehensive income	(822)		(230)		(1,708)		(492)		577		115		(482)		(99)		228
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	(113)	$	(176)	$	(636)	$	(343)	$	1,876	$	305	$	(393)	$	(14)	$	285

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


	Pension Benefits
	2022				2021				2020						Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		U.S.		Int’l.		2022		2021		2020
Assumptions used to determine benefit obligations:
Discount rate	5.2	%	5.8	%	2.8	%	2.8	%	2.4	%	2.4	%	5.3	%	2.9	%	2.6	%
Rate of compensation increase	4.5	%	4.2	%	4.5	%	4.1	%	4.5	%	4.0	%	N/A		N/A		N/A
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost	3.6	%	2.8	%	3.0	%	2.4	%	3.3	%	3.2	%	3.1	%	3.0	%	3.5	%
Discount rate for interest cost	2.8	%	2.8	%	1.9	%	2.4	%	2.6	%	3.2	%	2.4	%	2.1	%	3.0	%
Expected return on plan assets	6.6	%	3.9	%	6.5	%	3.5	%	6.5	%	4.5	%	N/A		N/A		N/A
Rate of compensation increase	4.5	%	4.1	%	4.5	%	4.0	%	4.5	%	4.0	%	N/A		N/A		N/A

Expected Return on Plan Assets The company’s estimated long-term rates of return on pension assets are driven primarily by actual historical asset-class returns, an assessment of expected future performance, advice from external actuarial firms and the incorporation of specific asset-class risk factors. Asset allocations are periodically updated using pension plan asset/liability studies, and the company’s estimated long-term rates of return are consistent with these studies. For 2022, the company used an expected long-term rate of return of 6.6 percent for U.S. pension plan assets, which account for 67 percent of the company’s pension plan assets.

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

Discount Rate The discount rate assumptions used to determine the U.S. and international pension and OPEB plan obligations and expense reflect the rate at which benefits could be effectively settled, and are equal to the equivalent single rate resulting from yield curve analysis. This analysis considered the projected benefit payments specific to the company’s plans and the yields on high-quality bonds. The projected cash flows were discounted to the valuation date using the yield curve for the main U.S. pension and OPEB plans. The effective discount rates derived from this analysis were 5.2 percent, 2.8 percent, and 2.4 percent for 2022, 2021, and 2020, respectively, for both the main U.S. pension and OPEB plans.

Other Benefit Assumptions For the measurement of accumulated postretirement benefit obligation at December 31, 2022, for the main U.S. OPEB plan, the assumed health care cost-trend rates start with 6.6 percent in 2023 and gradually decline to 4.5 percent for 2032 and beyond. For this measurement at December 31, 2021, the assumed health care cost-trend rates started with 6.2 percent in 2022 and gradually declined to 4.5 percent for 2031 and beyond.

Plan Assets and Investment Strategy

The fair value measurements of the company’s pension plans for 2022 and 2021 are as follows:


	U.S.										Int’l.
	Total		Level 1		Level 2		Level 3		NAV		Total		Level 1		Level 2		Level 3		NAV
At December 31, 2021
Equities
U.S.1	$	1,677	$	1,677	$	—	$	—	$	—	$	491	$	491	$	—	$	—	$	—
International	1,285		1,284		—		1		—		356		355		—		1		—
Collective Trusts/Mutual Funds2	2,541		32		—		—		2,509		134		6		—		—		128
Fixed Income
Government	215		—		215		—		—		229		135		94		—		—
Corporate	660		—		660		—		—		532		2		530		—		—
Bank Loans	137		—		136		1		—		—		—		—		—		—
Mortgage/Asset Backed	1		—		1		—		—		4		—		4		—		—

Collective Trusts/Mutual Funds2	1,907		13		—		—		1,894		2,388		1		—		—		2,387
Mixed Funds3	—		—		—		—		—		99		12		87		—		—
Real Estate4	1,172		—		—		—		1,172		312		—		—		42		270
Alternative Investments	—		—		—		—		—		—		—		—		—		—
Cash and Cash Equivalents	264		263		1		—		—		161		89		3		—		69
Other5	60		(1)		14		46		1		244		—		17		113		114
Total at December 31, 2021	$	9,919	$	3,268	$	1,027	$	48	$	5,576	$	4,950	$	1,091	$	735	$	156	$	2,968
At December 31, 2022
Equities
U.S.1	$	1,358	$	1,358	$	—	$	—	$	—	$	164	$	164	$	—	$	—	$	—
International	946		946		—		—		—		120		120		—		—		—
Collective Trusts/Mutual Funds2	1,695		4		—		—		1,691		87		6		—		—		81
Fixed Income
Government	110		—		110		—		—		185		127		58		—		—
Corporate	680		—		680		—		—		343		15		328		—		—
Bank Loans	45		—		45		—		—		—		—		—		—		—
Mortgage/Asset Backed	1		—		1		—		—		4		—		4		—		—

Collective Trusts/Mutual Funds2	1,616		—		—		—		1,616		1,750		—		—		—		1,750
Mixed Funds3	—		—		—		—		—		87		14		73		—		—
Real Estate4	1,184		—		—		—		1,184		198		—		—		38		160
Alternative Investments	—		—		—		—		—		—		—		—		—		—
Cash and Cash Equivalents	200		25		—		—		175		80		69		2		—		9
Other5	107		37		15		54		1		268		—		18		85		165
Total at December 31, 2022	$	7,942	$	2,370	$	851	$	54	$	4,667	$	3,286	$	515	$	483	$	123	$	2,165

1U.S. equities include investments in the company’s common stock in the amount of $0 at December 31, 2022, and $0 at December 31, 2021.

2Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds.

3Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk.

4The year-end valuations of the U.S. real estate assets are based on third-party appraisals that occur at least once a year for each property in the portfolio.

5The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts (Level 3); and investments in private-equity limited partnerships (NAV).

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


	Equity		Fixed Income
	International		Corporate		Bank Loans		Real Estate		Other		Total
Total at December 31, 2020	$	1	$	—	$	2	$	45	$	45	$	93
Actual Return on Plan Assets:
Assets held at the reporting date	—		—		—		—		4		4
Assets sold during the period	—		—		—		(3)		—		(3)
Purchases, Sales and Settlements	—		—		(2)		—		4		2
Transfers in and/or out of Level 3	—		—		—		—		108		108
Total at December 31, 2021	$	1	$	—	$	—	$	42	$	161	$	204
Actual Return on Plan Assets:
Assets held at the reporting date	(1)		—		—		—		(18)		(19)
Assets sold during the period	—		—		—		(4)		—		(4)
Purchases, Sales and Settlements	—		—		—		—		(4)		(4)
Transfers in and/or out of Level 3	—		—		—		—		—		—
Total at December 31, 2022	$	—	$	—	$	—	$	38	$	139	$	177

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

The company’s U.S. and U.K. pension plans comprise 94 percent of the total pension assets. Both the U.S. and U.K. plans have an Investment Committee that regularly meets during the year to review the asset holdings and their returns. To assess the plans’ investment performance, long-term asset allocation policy benchmarks have been established.

For the primary U.S. pension plan, the company’s Investment Committee has established the following approved asset allocation ranges: Equities 35–65 percent, Fixed Income 25–45 percent, Real Estate 5–25 percent, Alternative Investments 0–5 percent and Cash 0–15 percent. For the U.K. pension plan, the U.K. Board of Trustees has established the following asset allocation guidelines: Equities 5–15 percent, Fixed Income 35–45 percent, Real Estate 5–15 percent, and Cash 0–5 percent. The other significant international pension plans also have established maximum and minimum asset allocation ranges that vary by plan. Actual asset allocation within approved ranges is based on a variety of factors, including market conditions and illiquidity constraints. To mitigate concentration and other risks, assets are invested across multiple asset classes with active investment managers and passive index funds.

The company does not prefund its OPEB obligations.

Cash Contributions and Benefit Payments In 2022, the company contributed $1,164 and $158 to its U.S. and international pension plans, respectively. In 2023, the company expects contributions to be approximately $1,000 to its U.S. plans and $100 to its international pension plans. Actual contribution amounts are dependent upon investment returns, changes in pension obligations, regulatory environments, tax law changes and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations.

The company anticipates paying OPEB benefits of approximately $150 in 2023; $158 was paid in 2022.

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


	Pension Benefits				Other
	U.S.		Int’l.		Benefits
2023	$	903	$	203	$	152
2024	846		206		150
2025	854		214		148
2026	850		227		146
2027	840		236		145
2028-2031	4,066		1,306		708

Employee Savings Investment Plan Eligible employees of Chevron and certain of its subsidiaries participate in the Chevron Employee Savings Investment Plan (ESIP). Compensation expense for the ESIP totaled $283, $252 and $281 in 2022, 2021 and 2020, respectively.

Benefit Plan Trusts Prior to its acquisition by Chevron, Texaco established a benefit plan trust for funding obligations under some of its benefit plans. At year-end 2022, the trust contained 14.2 million shares of Chevron treasury stock. The trust will sell the shares or use the dividends from the shares to pay benefits only to the extent that the company does not pay such benefits. The company intends to continue to pay its obligations under the benefit plans. The trustee will vote the shares held in the trust as instructed by the trust’s beneficiaries. The shares held in the trust are not considered outstanding for earnings-per-share purposes until distributed or sold by the trust in payment of benefit obligations.

Prior to its acquisition by Chevron, Unocal established various grantor trusts to fund obligations under some of its benefit plans, including the deferred compensation and supplemental retirement plans. At December 31, 2022 and 2021, trust assets of $35 and $36, respectively, were invested primarily in interest-earning accounts.

Employee Incentive Plans The Chevron Incentive Plan is an annual cash bonus plan for eligible employees that links awards to corporate, business unit and individual performance in the prior year. Charges to expense for cash bonuses were $1,169, $1,165 and $462 in 2022, 2021 and 2020, respectively. Chevron also has the LTIP for officers and other regular salaried employees of the company and its subsidiaries who hold positions of significant responsibility. Awards under the LTIP consist of stock options and other share-based compensation that are described in Note 22 Stock Options and Other Share-Based Compensation.

The entire disclosure for retirement benefits.

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Asset Retirement Obligation Disclosure [Abstract]

Other Contingencies and Commitments	12 Months Ended
Other Contingencies and Commitments	Dec. 31, 2022
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 17 Taxes for a discussion of the periods for which tax returns have been audited for the company’s major tax jurisdictions and a discussion for all tax jurisdictions of the differences between the amount of tax benefits recognized in the financial statements and the amount taken or expected to be taken in a tax return. 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 provisions have been made for all years under examination or subject to future examination. Guarantees The company has one guarantee to an equity affiliate totaling $175. This guarantee is associated with certain payments under a terminal use agreement entered into by an equity affiliate. Over the approximate 5-year remaining term of this guarantee, the maximum guarantee amount will be reduced as certain fees are paid by the affiliate. There are numerous cross-indemnity agreements with the affiliate and the other partners to permit recovery of amounts paid under the guarantee. Chevron has recorded no liability for this guarantee.Indemnifications The company often includes standard indemnification provisions in its arrangements with its partners, suppliers and vendors in the ordinary course of business, the terms of which range in duration and sometimes are not limited. The company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service or other claims made against such parties. Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional purchase obligations and commitments, including throughput and take-or-pay agreements, some of which 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. The aggregate amounts of required payments under throughput and take-or-pay agreements are: 2023 – $897; 2024 – $959; 2025 – $941; 2026 – $1,002; 2027 – $1,053 ; after 2027 – $6,489. The aggregate amount of required payments for other unconditional purchase obligations are: 2023 – $349; 2024 – $425; 2025 – $322; 2026 – $358; 2027 – $311; after 2027 – $1,233. A portion of these commitments may ultimately be shared with project partners. Total payments under the agreements were $1,866 in 2022, $861 in 2021 and $514 in 2020. 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 by the company or other parties. Such contingencies may exist for various operating, closed and divested sites, including, but not limited to, U.S. federal Superfund sites and analogous sites under state laws, refineries, chemical plants, marketing facilities, crude oil fields, and mining sites. Although the company has provided for known environmental obligations that are probable and reasonably estimable, it is likely that the company will continue to incur additional liabilities. The amount of additional future costs are not fully determinable due to such factors as the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions that may be required, the determination of the company’s liability in proportion to other responsible parties, and the extent to which such costs are recoverable from third parties. These future costs may be material to results of operations in the period in which they are recognized, but the company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Chevron’s environmental reserve as of December 31, 2022, was $868. Included in this balance was $218 related to remediation activities at approximately 143 sites for which the company had been identified as a potentially responsible party under the provisions of the U.S. federal Superfund law or analogous state laws which provide for joint and several liability for all responsible parties. Any future actions by regulatory agencies to require Chevron to assume other potentially responsible parties’ costs at designated hazardous waste sites are not expected to have a material effect on the company’s results of operations, consolidated financial position or liquidity. Of the remaining year-end 2022 environmental reserves balance of $650, $384 is related to the company’s U.S. downstream operations, $44 to its international downstream operations, and $222 to its upstream operations. Liabilities at all sites were primarily associated with the company’s plans and activities to remediate soil or groundwater contamination or both. The company manages environmental liabilities under specific sets of regulatory requirements, which in the United States include the Resource Conservation and Recovery Act and various state and local regulations. No single remediation site at year-end 2022 had a recorded liability that was material to the company’s results of operations, consolidated financial position or liquidity. Refer to Note 25 Asset Retirement Obligations for a discussion of the company’s asset retirement obligations.Other Contingencies Chevron receives claims from and submits claims to customers; trading partners; joint venture partners; U.S. federal, state and local regulatory bodies; governments; contractors; insurers; suppliers; and individuals. The amounts of these claims, individually and in the aggregate, may be significant and take lengthy periods to resolve, and may result in gains or losses in future periods.The company and its affiliates also continue to review and analyze their operations and may close, retire, sell, exchange, acquire or restructure assets to achieve operational or strategic benefits and to improve competitiveness and profitability. These activities, individually or together, may result in significant gains or losses in future periods.

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligations

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

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

The following table indicates the changes to the company’s before-tax asset retirement obligations in 2022, 2021 and 2020:


	2022		2021		2020
Balance at January 1	$	12,808	$	13,616	$	12,832
Liabilities assumed in the Noble acquisition	—		—		630
Liabilities incurred	9		31		10
Liabilities settled	(1,281)		(1,887)		(1,661)
Accretion expense	560		616		560
Revisions in estimated cash flows	605		432		1,245
Balance at December 31	$	12,701	$	12,808	$	13,616

In the table above, the amount associated with “Revisions in estimated cash flows” in 2021 primarily reflects increased cost estimates and scope changes to decommission wells, equipment and facilities. The long-term portion of the $12,701 balance at the end of 2022 was $11,419.

Revenue	12 Months Ended
Revenue	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue from contracts with customers is presented in “Sales and other operating revenues” along with some activity that is accounted for outside the scope of Accounting Standard Codification (ASC) 606, which is not material to this line, on the Consolidated Statement of Income. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported in “Purchased crude oil and products” on the Consolidated Statement of Income. Refer to Note 14 Operating Segments and Geographic Data for additional information on the company’s segmentation of revenue. Receivables related to revenue from contracts with customers are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the allowance for doubtful accounts. The net balance of these receivables was $14,219 and $12,877 at December 31, 2022 and 2021, 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. Contract assets and related costs are reflected in “Prepaid expenses and other current assets” and contract liabilities are reflected in “Accrued liabilities” and “Deferred credits and other noncurrent obligations” on the Consolidated Balance Sheet. Amounts for these items are not material to the company’s financial position.

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
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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Financial Information

12 Months Ended

Dec. 31, 2022

Other Financial Information

Earnings in 2022 included after-tax gains of approximately $390 relating to the sale of certain properties. Of this amount, approximately $90 and $300 related to downstream and upstream, respectively. Earnings in 2021 included after-tax gains of approximately $785 relating to the sale of certain properties, of which approximately $30 and $755 related to downstream and upstream assets, respectively. Earnings in 2020 included after-tax gains of approximately $765 relating to the sale of certain properties, of which approximately $30 and $735 related to downstream and upstream assets, respectively.

Earnings in 2022 included after-tax charges of approximately $1,075 for impairments and other asset write-offs and $600 for an early contract termination in upstream, and $271 for pension settlement costs. Earnings in 2021 included after-tax charges of approximately $519 for pension settlement costs, $260 for early retirement of debt, $120 relating to upstream remediation and $110 relating to downstream legal reserves. Earnings in 2020 included after-tax charges of approximately $4,800 for impairments and other asset write-offs related to upstream.


Other financial information is as follows:
	Year ended December 31
	2022		2021		2020
Total financing interest and debt costs	$	630	$	775	$	735
Less: Capitalized interest	114		63		38
Interest and debt expense	$	516	$	712	$	697
Research and development expenses	$	268	$	268	$	435
Excess of replacement cost over the carrying value of inventories (LIFO method)	$	9,061	$	5,588	$	2,749
LIFO profits (losses) on inventory drawdowns included in earnings	$	122	$	35	$	(147)
Foreign currency effects*	$	669	$	306	$	(645)

* Includes $253, $180 and $(152) in 2022, 2021 and 2020, respectively, for the company’s share of equity affiliates’ foreign currency effects.

The company has $4,722 in goodwill on the Consolidated Balance Sheet, of which $4,370 is in the upstream segment primarily related to the 2005 acquisition of Unocal and $352 is in the downstream segment. The company tested this goodwill for impairment during 2022, and no impairment was required.

Financial Instruments - Credit Losses	12 Months Ended
Financial Instruments - Credit Losses	Dec. 31, 2022
Receivables [Abstract]
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses Chevron’s expected credit loss allowance balance was $1.0 billion as of December 31, 2022 and $745 million as of December 31, 2021, with a majority of the allowance relating to non-trade receivable balances. The majority of the company’s receivable balance is concentrated in trade receivables, with a balance of $18.2 billion as of December 31, 2022, 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 prepayments, 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. Chevron’s non-trade receivable balance was $4.3 billion as of December 31, 2022, 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. Loans to equity affiliates and non-equity investees are also considered non-trade and associated allowances of $560 million are included within “Investments and Advances” on the Consolidated Balance Sheet at both December 31, 2022 and December 31, 2021.

Acquisition of Renewable Energy Group, Inc.

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisition of Renewable Energy Group, Inc.

On June 13, 2022, the company acquired Renewable Energy Group, Inc. (REG), an independent company focused on converting natural fats, oils and greases into advanced biofuels. REG utilizes a global integrated production, procurement, distribution and logistics network to operate 11 biorefineries in the U.S. and Europe. Ten biorefineries produce biodiesel and one produces renewable diesel. The acquisition combines REG’s growing renewable fuels production and leading feedstock capabilities with Chevron’s large manufacturing, distribution and commercial marketing position.

Chevron acquired outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share. As part of the transaction, the company recognized long-term debt and finance leases with a fair value of $590 million.

The acquisition was accounted for as a business combination under ASC 805, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. Provisional fair value measurements were made for acquired assets and 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. Tangible and intangible assets were valued using a combination of replacement cost approach and discounted cash flows that incorporated internally generated price assumptions and production profiles together with appropriate operating and capital cost assumptions. Debt assumed in the

acquisition was valued based on observable market prices for REG’s debt. As a result of measuring the assets acquired and the liabilities assumed at fair value, the company recognized $293 million of goodwill.

The following table summarizes the values assigned to assets acquired and liabilities assumed:


	At June 13, 2022
	(Millions of dollars)
Current assets	$	1,584
Properties, plant and equipment	1,778
Deferred tax	92
Other assets	374
Total assets acquired	3,828
Current liabilities	301
Long-term debt and finance leases	590
Other liabilities	75
Total liabilities assumed	966
Net assets acquired	$	2,862
Goodwill	293
Purchase Price	$	3,155

Pro forma financial information is not disclosed as the acquisition was deemed not to have a material impact on the company’s results of operations.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II — Valuation and Qualifying Accounts


	Year ended December 31
Millions of Dollars	2022		2021		2020
Employee Termination Benefits
Balance at January 1	$	43	$	470	$	7
Additions (reductions) charged to expense	1		(30)		859
Payments	(33)		(397)		(396)
Balance at December 31	$	11	$	43	$	470
Expected Credit Losses
Beginning allowance balance for expected credit losses	$	745	$	671	$	849
Current period provision	263		74		573

Write-offs charged against the allowance, if any	—		—		(751)

Balance at December 31	$	1,008	$	745	$	671
Deferred Income Tax Valuation Allowance1
Balance at January 1	$	17,651	$	17,762	$	15,965
Additions to deferred income tax expense2	3,533		3,691		2,892
Reduction of deferred income tax expense	(1,652)		(3,802)		(1,095)
Balance at December 31	$	19,532	$	17,651	$	17,762

1 See also Note 17 Taxes.

2 Includes $974 of additions associated with the purchase of Noble in 2020.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
General	General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America. These require the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and judgments, actual results could differ from these estimates as circumstances change and additional information becomes known. Prior years’ data have been reclassified in certain cases to conform to the 2022 presentation basis.
Subsidiary and Affiliated Companies	Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary companies more than 50 percent-owned and any variable interest entities in which the company is the primary beneficiary. Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis. Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately 20 percent to 50 percent, or for which the company exercises significant influence but not control over policy decisions, are accounted for by the equity method. Investments in affiliates are assessed for possible impairment when events indicate that the fair value of the investment may be below the company’s carrying value. When such a condition is deemed to be other than temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in net income. In making the determination as to whether a decline is other than temporary, the company considers such factors as the duration and extent of the decline, the investee’s financial performance, and the company’s ability and intention to retain its investment for a period that will be sufficient to allow for any anticipated recovery in the investment’s market value. The new cost basis of investments in these equity investees is not changed for subsequent recoveries in fair value. Differences between the company’s carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned to the extent practicable to specific assets and liabilities based on the company’s analysis of the various factors giving rise to the difference. When appropriate, the company’s share of the affiliate’s reported earnings is adjusted quarterly to reflect the difference between these allocated values and the affiliate’s historical book values.
Noncontrolling Interests	Noncontrolling Interests Ownership interests in the company’s subsidiaries held by parties other than the parent are presented separately from the parent’s equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the parent and the noncontrolling interests are both presented on the face of the Consolidated Statement of Income and Consolidated Statement of Equity. Included within noncontrolling interest is redeemable noncontrolling interest.
Fair Value Measurements	Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or a liability are as follows. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Level 3 inputs are inputs that are not observable in the market.
Derivatives	Derivatives The majority of the company’s activity in derivative commodity instruments is intended to manage the financial risk posed by physical transactions. For some of this derivative activity, the company may elect to apply fair value or cash flow hedge accounting with changes in fair value recorded as components of accumulated other comprehensive income (loss). For other similar derivative instruments, generally because of the short-term nature of the contracts or their limited use, the company does not apply hedge accounting, and changes in the fair value of those contracts are reflected in current income. For the company’s commodity trading activity, gains and losses from derivative instruments are reported in current income. The company may enter into interest rate swaps from time to time as part of its overall strategy to manage the interest rate risk on its debt. Interest rate swaps related to a portion of the company’s fixed-rate debt, if any, may be accounted for as fair value hedges. Interest rate swaps related to floating-rate debt, if any, are recorded at fair value on the balance sheet with resulting gains and losses reflected in income. Where Chevron is a party to master netting arrangements, fair value receivable and payable amounts recognized for derivative instruments executed with the same counterparty are generally offset on the balance sheet.
Inventories	Inventories Crude oil, products and chemicals inventories are generally stated at cost, using a last-in, first-out method. In the aggregate, these costs are below market. “Materials, supplies and other” inventories are primarily stated at cost or net realizable value.
Properties, Plant and Equipment	Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation (ARO) assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. Refer to Note 21 Accounting for Suspended Exploratory Wells for additional discussion of accounting for suspended exploratory well costs. Long-lived assets to be held and used, including proved crude oil and natural gas properties, are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast or carbon costs), significant change in the extent or manner of use of or a physical change in an asset, and a more likely than not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved crude oil and natural gas properties, the company performs impairment reviews on a country, concession, PSC, development area or field basis, as appropriate. In downstream, impairment reviews are performed on the basis of a refinery, a plant, a marketing/lubricants area or distribution area, as appropriate. Impairment amounts are recorded as incremental “Depreciation, depletion and amortization” expense. Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the asset is considered impaired and adjusted to the lower value. Refer to Note 9 Fair Value Measurements relating to fair value measurements. The fair value of a liability for an ARO is recorded as an asset and a liability when there is a legal obligation associated with the retirement of a long-lived asset and the amount can be reasonably estimated. Refer also to Note 25 Asset Retirement Obligations relating to AROs. Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using the unit-of-production method, generally by individual field, as the proved developed reserves are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by individual field as the related proved reserves are produced. Impairments of capitalized costs of unproved mineral interests are expensed. The capitalized costs of all other plant and equipment are depreciated or amortized over their estimated useful lives. In general, the declining-balance method is used to depreciate plant and equipment in the United States; the straight-line method is generally used to depreciate international plant and equipment and to amortize finance lease right-of-use assets. Gains or losses are not recognized for normal retirements of properties, plant and equipment subject to composite group amortization or depreciation. Gains or losses from abnormal retirements are recorded as expenses, and from sales as “Other income.” Expenditures for maintenance (including those for planned major maintenance projects), repairs and minor renewals to maintain facilities in operating condition are generally expensed as incurred. Major replacements and renewals are capitalized.
Leases	Leases Leases are classified as operating or finance leases. Both operating and finance leases recognize lease liabilities and associated right-of-use assets. The company has elected the short-term lease exception and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. The company has elected the practical expedient to not separate non-lease components from lease components for most asset classes except for certain asset classes that have significant non-lease (i.e., service) components. Where leases are used in joint ventures, the company recognizes 100 percent of the right-of-use assets and lease liabilities when the company is the sole signatory for the lease (in most cases, where the company is the operator of a joint venture). Lease costs reflect only the costs associated with the operator’s working interest share. The lease term includes the committed lease term identified in the contract, taking into account renewal and termination options that management is reasonably certain to exercise. The company uses its incremental borrowing rate as a proxy for the discount rate based on the term of the lease unless the implicit rate is available.
Goodwill	Goodwill Goodwill resulting from a business combination is not subject to amortization. The company tests such goodwill at the reporting unit level for impairment annually at December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount.
Environmental Expenditures	Environmental Expenditures Environmental expenditures that relate to ongoing operations or to conditions caused by past operations are expensed. Expenditures that create future benefits or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments or cleanups or both are probable and the costs can be reasonably estimated. For crude oil, natural gas and mineral-producing properties, a liability for an ARO is made in accordance with accounting standards for asset retirement and environmental obligations. Refer to Note 25 Asset Retirement Obligations for a discussion of the company’s AROs. For U.S. federal Superfund sites and analogous sites under state laws, the company records a liability for its designated share of the probable and estimable costs, and probable amounts for other potentially responsible parties when mandated by the regulatory agencies because the other parties are not able to pay their respective shares. The gross amount of environmental liabilities is based on the company’s best estimate of future costs using currently available technology and applying current regulations and the company’s own internal environmental policies. Future amounts are not discounted. Recoveries or reimbursements are recorded as assets when receipt is reasonably assured.
Currency Translation	Currency Translation The U.S. dollar is the functional currency for substantially all of the company’s consolidated operations and those of its equity affiliates. For those operations, all gains and losses from currency remeasurement are included in current period income. The cumulative translation effects for those few entities, both consolidated and affiliated, using functional currencies other than the U.S. dollar are included in “Currency translation adjustment” on the Consolidated Statement of Equity.
Revenue Recognition	Revenue Recognition The company accounts for each delivery order of crude oil, natural gas, petroleum and chemical products as a separate performance obligation. Revenue is recognized when the performance obligation is satisfied, which typically occurs at the point in time when control of the product transfers to the customer. Payment is generally due within 30 days of delivery. The company accounts for delivery transportation as a fulfillment cost, not a separate performance obligation, and recognizes these costs as an operating expense in the period when revenue for the related commodity is recognized. Revenue is measured as the amount the company expects to receive in exchange for transferring commodities to the customer. The company’s commodity sales are typically based on prevailing market-based prices and may include discounts and allowances. Until market prices become known under terms of the company’s contracts, the transaction price included in revenue is based on the company’s estimate of the most likely outcome. Discounts and allowances are estimated using a combination of historical and recent data trends. When deliveries contain multiple products, an observable standalone selling price is generally used to measure revenue for each product. The company includes estimates in the transaction price only to the extent that a significant reversal of revenue is not probable in subsequent periods. Revenue from contracts with customers is presented in “Sales and other operating revenues” along with some activity that is accounted for outside the scope of Accounting Standard Codification (ASC) 606, which is not material to this line, on the Consolidated Statement of Income. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported in “Purchased crude oil and products” on the Consolidated Statement of Income. Refer to Note 14 Operating Segments and Geographic Data for additional information on the company’s segmentation of revenue. Receivables related to revenue from contracts with customers are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the allowance for doubtful accounts. The net balance of these receivables was $14,219 and $12,877 at December 31, 2022 and 2021, 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. Contract assets and related costs are reflected in “Prepaid expenses and other current assets” and contract liabilities are reflected in “Accrued liabilities” and “Deferred credits and other noncurrent obligations” on the Consolidated Balance Sheet. Amounts for these items are not material to the company’s financial position.
Stock Options and Other Share-Based Compensation	Stock Options and Other Share-Based Compensation The company issues stock options and other share-based compensation to certain employees. For equity awards, such as stock options, total compensation cost is based on the grant date fair value, and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period in which an employee becomes eligible to retain the award at retirement. The company’s Long-Term Incentive Plan (LTIP) awards include stock options and stock appreciation rights, which have graded vesting provisions by which one-third of each award vests on each of the first, second and third anniversaries of the date of grant. In addition, performance shares granted under the company’s LTIP will vest at the end of the three-year performance period. For awards granted under the company’s LTIP beginning in 2017, stock options and stock appreciation rights have graded vesting by which one third of each award vests annually on each January 31 on or after the first anniversary of the grant date. Special restricted stock unit awards have cliff vesting by which the total award will vest on January 31 on or after the third anniversary of the grant date. Standard restricted stock unit awards have cliff vesting by which the total award will vest on January 31 on or after the fifth anniversary of the grant date, subject to adjustment upon termination pursuant to the satisfaction of certain criteria. Commencing for grants issued in January 2023 and after, standard restricted stock units vest ratably on an annual basis over a three-year period. The company amortizes these awards on a straight-line basis.
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, producing and transporting 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, refined products, and lubricants; manufacturing and marketing of renewable fuels; 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 activities. 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 are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Non-billable costs remain at the corporate level in “All Other.”
Uncertain Income Tax Positions	Uncertain Income Tax Positions The company recognizes a tax benefit in the financial statements for an uncertain tax position only if management’s assessment is that the position is more likely than not (i.e., a likelihood greater than 50 percent) to be allowed by the tax jurisdiction based solely on the technical merits of the position. The term “tax position” in the accounting standards for income taxes refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods.
Accounting for Suspended Exploratory Wells	Accounting for Suspended Exploratory Wells The company continues to capitalize exploratory well costs after the completion of drilling when the well has found a sufficient quantity of reserves to justify completion as a producing well, and the business unit is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense.

Changes in Accumulated Other Comprehensive Losses (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)


	Currency Translation Adjustments		Unrealized Holding Gains (Losses) on Securities		Derivatives		Defined Benefit Plans		Total
Balance at December 31, 2019	$	(142)	$	(8)	$	—	$	(4,840)	$	(4,990)
Components of Other Comprehensive Income (Loss)1:
Before Reclassifications	35		(2)		—		(1,487)		(1,454)
Reclassifications2	—		—		—		832		832
Net Other Comprehensive Income (Loss)	35		(2)		—		(655)		(622)
Balance at December 31, 2020	$	(107)	$	(10)	$	—	$	(5,495)	$	(5,612)
Components of Other Comprehensive Income (Loss)1:
Before Reclassifications	(55)		(1)		(6)		949		887
Reclassifications2, 3	—		—		6		830		836
Net Other Comprehensive Income (Loss)	(55)		(1)		—		1,779		1,723

Balance at December 31, 2021	$	(162)	$	(11)	$	—	$	(3,716)	$	(3,889)
Components of Other Comprehensive Income (Loss)1:
Before Reclassifications	(41)		(1)		68		703		729
Reclassifications2, 3	—		—		(80)		442		362
Net Other Comprehensive Income (Loss)	(41)		(1)		(12)		1,145		1,091

Balance at December 31, 2022	$	(203)	$	(12)	$	(12)	$	(2,571)	$	(2,798)

1 All amounts are net of tax.

3 Refer to Note 10 Financial and Derivative Instruments for cash flow hedging.

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

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Elements [Abstract]

Schedule of information relating to the consolidated statement of cash flows


	Year ended December 31
	2022		2021		2020
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates	$	3,855	$	3,659	$	1,543
(Income) loss from equity affiliates	(8,585)		(5,657)		472
Distributions more (less) than income from equity affiliates	$	(4,730)	$	(1,998)	$	2,015
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	$	(2,317)	$	(7,548)	$	2,423
Decrease (increase) in inventories	(930)		(530)		284
Decrease (increase) in prepaid expenses and other current assets	(226)		19		(87)
Increase (decrease) in accounts payable and accrued liabilities	2,750		5,475		(3,576)
Increase (decrease) in income and other taxes payable	2,848		1,223		(696)
Net decrease (increase) in operating working capital	$	2,125	$	(1,361)	$	(1,652)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	$	525	$	699	$	720
Income taxes	9,148		4,355		2,987
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	$	1,435	$	1,352	$	2,891
Returns of investment from equity affiliates	1,200		439		77
Proceeds and deposits related to asset sales and returns of investment	$	2,635	$	1,791	$	2,968




Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	$	(7)	$	(4)	$	—
Marketable securities sold	124		3		35
Net sales (purchases) of marketable securities	$	117	$	(1)	$	35
Net repayment (borrowing) of loans by equity affiliates:
Borrowing of loans by equity affiliates	$	(108)	$	—	$	(3,925)
Repayment of loans by equity affiliates	84		401		2,506
Net repayment (borrowing) of loans by equity affiliates	$	(24)	$	401	$	(1,419)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	$	—	$	4,448	$	10,846
Repayments of short-term obligations	—		(6,906)		(9,771)
Net borrowings (repayments) of short-term obligations with three months or less maturity	263		(3,114)		(424)
Net borrowings (repayments) of short-term obligations	$	263	$	(5,572)	$	651
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans	$	5,838	$	1,421	$	226
Shares purchased under share repurchase and deferred compensation plans	(11,255)		(1,383)		(1,757)
Net sales (purchases) of treasury shares	$	(5,417)	$	38	$	(1,531)
Net contributions from (distributions to) noncontrolling interests consisted of the following gross and net amounts:
Distributions to noncontrolling interests	$	(118)	$	(53)	$	(26)
Contributions from noncontrolling interests	4		17		2
Net contributions from (distributions to) noncontrolling interests	$	(114)	$	(36)	$	(24)

Capital expenditures

The components of “Capital expenditures” are presented in the following table:


	Year ended December 31
	2022		2021		2020
Additions to properties, plant and equipment *	$	10,349	$	7,515	$	8,492
Additions to investments	1,147		460		136
Current-year dry hole expenditures	309		83		327
Payments for other assets and liabilities, net	169		(2)		(33)
Capital expenditures	$	11,974	$	8,056	$	8,922

* Excludes non-cash movements of $334 in 2022, $316 in 2021 and $816 in 2020.

Schedule of Cash and Cash Equivalents

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


	Year ended December 31
		2022		2021		2020
Cash and cash equivalents		$	17,678	$	5,640	$	5,596
Restricted cash included in “Prepaid expenses and other current assets”		630		333		365
Restricted cash included in “Deferred charges and other assets”		813		822		776
Total cash, cash equivalents and restricted cash		$	19,121	$	6,795	$	6,737

Restrictions on Cash and Cash Equivalents

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


	Year ended December 31
		2022		2021		2020
Cash and cash equivalents		$	17,678	$	5,640	$	5,596
Restricted cash included in “Prepaid expenses and other current assets”		630		333		365
Restricted cash included in “Deferred charges and other assets”		813		822		776
Total cash, cash equivalents and restricted cash		$	19,121	$	6,795	$	6,737

Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Assets And Liabilities, Lessee

Details of the right-of-use assets and lease liabilities for operating and finance leases, including the balance sheet presentation, are as follows:


	At December 31, 2022						At December 31, 2021
	Operating Leases			Finance Leases			Operating Leases			Finance Leases

Deferred charges and other assets	$	4,262		$	—		$	3,668		$	—
Properties, plant and equipment, net	—			392			—			429
Right-of-use assets*	$	4,262		$	392		$	3,668		$	429
Accrued Liabilities	$	1,111		$	—		$	995		$	—
Short-term Debt	—			45			—			48
Current lease liabilities	1,111			45			995			48
Deferred credits and other noncurrent obligations	2,920			—			2,508			—
Long-term Debt	—			403			—			449
Noncurrent lease liabilities	2,920			403			2,508			449
Total lease liabilities	$	4,031		$	448		$	3,503		$	497

Weighted-average remaining lease term (in years)	7.0			11.9			7.8			13.2
Weighted-average discount rate	1.9		%	4.1		%	2.2		%	4.2		%

Schedule of Lease, Cost


	Year-ended December 31
	2022		2021		2020
Operating lease costs*	$	2,359	$	2,199	$	2,551
Finance lease costs	57		66		45
Total lease costs	$	2,416	$	2,265	$	2,596

* Includes variable and short-term lease costs.

Cash paid for amounts included in the measurement of lease liabilities was as follows:


	Year-ended December 31
	2022		2021		2020
Operating cash flows from operating leases	$	1,892	$	1,670	$	1,744
Investing cash flows from operating leases	467		398		762
Operating cash flows from finance leases	18		21		14
Financing cash flows from finance leases	44		193		34

Schedule of Lessee, Operating Lease, Liability, Maturity

At December 31, 2022, the estimated future undiscounted cash flows for operating and finance leases were as follows:


		At December 31, 2022
		Operating Leases		Finance Leases

Year	2023	$	1,171	$	61
	2024	902		61
	2025	633		57
	2026	391		54
	2027	252		47
	Thereafter	1,042		269
	Total	$	4,391	$	549
Less: Amounts representing interest		360		101
Total lease liabilities		$	4,031	$	448

Schedule of Finance Lease, Liability, Maturity

At December 31, 2022, the estimated future undiscounted cash flows for operating and finance leases were as follows:


		At December 31, 2022
		Operating Leases		Finance Leases

Year	2023	$	1,171	$	61
	2024	902		61
	2025	633		57
	2026	391		54
	2027	252		47
	Thereafter	1,042		269
	Total	$	4,391	$	549
Less: Amounts representing interest		360		101
Total lease liabilities		$	4,031	$	448

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

12 Months Ended

Dec. 31, 2022

Summarized Financial Data of Subsidiary One [Abstract]

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

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


	Year ended December 31
	2022		2021		2020
Sales and other operating revenues	$	183,032	$	120,380	$	67,950
Total costs and other deductions	166,955		114,641		72,575
Net income (loss) attributable to CUSA	13,315		6,904		(2,676)

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


	Year ended December 31
	2022		2021		2020
Sales and other operating revenues	$	14,180	$	14,104	$	8,407
Costs and other deductions	12,870		10,862		7,221
Net income attributable to CPChem	1,662		3,684		1,260

Summarized Financial Data and its Subsidiary


	At December 31
	2022		2021
Current assets	$	18,704	$	20,216
Other assets	50,153		47,355
Current liabilities	22,452		17,824
Other liabilities	19,274		18,438
Total CUSA net equity	$	27,131	$	31,309
Memo: Total debt	$	10,800	$	11,693


	At December 31
	2022		2021
Current assets	$	3,472	$	3,381
Other assets	15,184		14,396
Current liabilities	2,146		1,854
Other liabilities	2,941		3,160
Total CPChem net equity	$	13,569	$	12,763

Summarized Financial Data - Tengizchevroil LLP (Tables)

12 Months Ended

Dec. 31, 2022

Summarized Financial Data of Affiliate [Abstract]

Summarized Financial Data - Tengizchevroil LLP

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


	Year ended December 31
	2022		2021		2020
Sales and other operating revenues	$	23,795	$	15,927	$	9,194
Costs and other deductions	11,596		8,186		6,076
Net income attributable to TCO	8,566		5,418		2,196

Summarized Financial Data and its Affiliate


	At December 31
	2022		2021
Current assets	$	6,522	$	3,307
Other assets	54,506		51,473
Current liabilities	3,567		3,436
Other liabilities	12,312		12,060
Total TCO net equity	$	45,149	$	39,284

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

12 Months Ended

Dec. 31, 2022

Summarized Financial Data of Subsidiary Two [Abstract]

Summarized Financial Data - Chevron Phillips Chemical Company LLC

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


	Year ended December 31
	2022		2021		2020
Sales and other operating revenues	$	183,032	$	120,380	$	67,950
Total costs and other deductions	166,955		114,641		72,575
Net income (loss) attributable to CUSA	13,315		6,904		(2,676)

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


	Year ended December 31
	2022		2021		2020
Sales and other operating revenues	$	14,180	$	14,104	$	8,407
Costs and other deductions	12,870		10,862		7,221
Net income attributable to CPChem	1,662		3,684		1,260

Summarized Financial Data and its Subsidiary


	At December 31
	2022		2021
Current assets	$	18,704	$	20,216
Other assets	50,153		47,355
Current liabilities	22,452		17,824
Other liabilities	19,274		18,438
Total CUSA net equity	$	27,131	$	31,309
Memo: Total debt	$	10,800	$	11,693


	At December 31
	2022		2021
Current assets	$	3,472	$	3,381
Other assets	15,184		14,396
Current liabilities	2,146		1,854
Other liabilities	2,941		3,160
Total CPChem net equity	$	13,569	$	12,763

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis


	At December 31, 2022								At December 31, 2021
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	223	$	223	$	—	$	—	$	35	$	35	$	—	$	—
Derivatives - not designated	184		111		73		—		313		285		28		—
Total assets at fair value	$	407	$	334	$	73	$	—	$	348	$	320	$	28	$	—
Derivatives - not designated	43		33		10		—		72		24		48		—
Derivatives - designated	15		15		—		—		—		—		—		—

Total liabilities at fair value	$	58	$	48	$	10	$	—	$	72	$	24	$	48	$	—

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

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis


	At December 31										At December 31
									Before-Tax Loss										Before-Tax Loss
	Total		Level 1		Level 2		Level 3		Year 2022		Total		Level 1		Level 2		Level 3		Year 2021
Properties, plant and equipment, net (held and used)	$	54	$	—	$	—	$	54	$	518	$	124	$	—	$	—	$	124	$	414
Properties, plant and equipment, net (held for sale)	—		—		—		—		432		—		—		—		—		—
Investments and advances	33		2		—		31		9		16		—		—		16		32
Total nonrecurring assets at fair value	$	87	$	2	$	—	$	85	$	959	$	140	$	—	$	—	$	140	$	446

Financial and Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2022

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


				At December 31
Type of Contract	Balance Sheet Classification	2022		2021
Commodity	Accounts and notes receivable, net	$	175	$	251
Commodity	Long-term receivables, net	9		62
Total assets at fair value		$	184	$	313
Commodity	Accounts payable	$	46	$	71
Commodity	Deferred credits and other noncurrent obligations	12		1
Total liabilities at fair value		$	58	$	72

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

Consolidated Statement of Income: The Effect of Derivatives


		Gain/(Loss)
Type of Derivative	Statement of	Year ended December 31
Contract	Income Classification	2022		2021		2020
Commodity	Sales and other operating revenues	$	(651)	$	(685)	$	69
Commodity	Purchased crude oil and products	(226)		(64)		(36)
Commodity	Other income	10		(46)		7
		$	(867)	$	(795)	$	40

Consolidated Balance Sheet: The Effect of Netting Derivative Assets

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2022 and 2021.

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


	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amounts
At December 31, 2022
Derivative Assets - not designated	$	2,591	$	2,407	$	184	$	5	$	179
Derivative Assets - designated	$	8	$	8	$	—	$	—	$	—
Derivative Liabilities - not designated	$	2,450	$	2,407	$	43	$	—	$	43
Derivative Liabilities - designated	$	23	$	8	$	15	$	—	$	15
At December 31, 2021
Derivative Assets - not designated	$	1,684	$	1,371	$	313	$	—	$	313
Derivative Liabilities - not designated	$	1,443	$	1,371	$	72	$	—	$	72

Consolidated Balance Sheet: The Effect of Netting Derivative Liabilities

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2022 and 2021.

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


	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amounts
At December 31, 2022
Derivative Assets - not designated	$	2,591	$	2,407	$	184	$	5	$	179
Derivative Assets - designated	$	8	$	8	$	—	$	—	$	—
Derivative Liabilities - not designated	$	2,450	$	2,407	$	43	$	—	$	43
Derivative Liabilities - designated	$	23	$	8	$	15	$	—	$	15
At December 31, 2021
Derivative Assets - not designated	$	1,684	$	1,371	$	313	$	—	$	313
Derivative Liabilities - not designated	$	1,443	$	1,371	$	72	$	—	$	72

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Computation of basic and diluted EPS

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


	Year ended December 31
	2022		2021		2020
Basic EPS Calculation
Earnings available to common stockholders - Basic1	$	35,465	$	15,625	$	(5,543)
Weighted-average number of common shares outstanding2	1,931		1,916		1,870
Add: Deferred awards held as stock units	—		—		—
Total weighted-average number of common shares outstanding	1,931		1,916		1,870
Earnings per share of common stock - Basic	$	18.36	$	8.15	$	(2.96)
Diluted EPS Calculation
Earnings available to common stockholders - Diluted1	$	35,465	$	15,625	$	(5,543)
Weighted-average number of common shares outstanding2	1,931		1,916		1,870
Add: Deferred awards held as stock units	—		—		—
Add: Dilutive effect of employee stock-based awards	9		4		—
Total weighted-average number of common shares outstanding	1,940		1,920		1,870
Earnings per share of common stock - Diluted	$	18.28	$	8.14	$	(2.96)
1 There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.
2 Millions of shares; 1 million shares of employee-based awards were not included in the 2020 diluted EPS calculation as the result would be anti-dilutive.

Operating Segments and Geographic Data (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Earnings

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


	Year ended December 31
	2022		2021		2020
Upstream
United States	$	12,621	$	7,319	$	(1,608)
International	17,663		8,499		(825)
Total Upstream	30,284		15,818		(2,433)
Downstream
United States	5,394		2,389		(571)
International	2,761		525		618
Total Downstream	8,155		2,914		47
Total Segment Earnings	38,439		18,732		(2,386)
All Other
Interest expense	(476)		(662)		(658)
Interest income	261		36		52
Other	(2,759)		(2,481)		(2,551)
Net Income (Loss) Attributable to Chevron Corporation	$	35,465	$	15,625	$	(5,543)

Segment Assets

Assets at year-end 2022 and 2021 are as follows:


	At December 31
	2022		2021
Upstream
United States	$	44,246	$	41,870
International	134,489		138,157
Goodwill	4,370		4,385
Total Upstream	183,105		184,412
Downstream
United States	31,676		26,376
International	21,193		18,848
Goodwill	352		—
Total Downstream	53,221		45,224
Total Segment Assets	236,326		229,636
All Other
United States	17,861		5,746
International	3,522		4,153
Total All Other	21,383		9,899
Total Assets – United States	93,783		73,992
Total Assets – International	159,204		161,158
Goodwill	4,722		4,385
Total Assets	$	257,709	$	239,535

Segment Sales and Other Operating Revenues


	Year ended December 311
	2022		2021		2020
Upstream
United States	$	50,822	$	29,219	$	14,577
International	56,156		40,921		26,804
Subtotal	106,978		70,140		41,381
Intersegment Elimination — United States	(29,870)		(15,154)		(8,068)
Intersegment Elimination — International	(13,815)		(10,994)		(7,002)
Total Upstream	63,293		43,992		26,311
Downstream
United States	91,824		57,209		32,589
International	87,741		58,098		38,936
Subtotal	179,565		115,307		71,525
Intersegment Elimination — United States	(5,529)		(2,296)		(2,150)
Intersegment Elimination — International	(1,728)		(1,521)		(1,292)
Total Downstream	172,308		111,490		68,083
All Other
United States	515		506		744
International	3		2		15
Subtotal	518		508		759
Intersegment Elimination — United States	(400)		(382)		(667)
Intersegment Elimination — International	(2)		(2)		(15)
Total All Other	116		124		77
Sales and Other Operating Revenues
United States	143,161		86,934		47,910
International	143,900		99,021		65,755
Subtotal	287,061		185,955		113,665
Intersegment Elimination — United States	(35,799)		(17,832)		(10,885)
Intersegment Elimination — International	(15,545)		(12,517)		(8,309)
Total Sales and Other Operating Revenues	$	235,717	$	155,606	$	94,471

1 Other than the United States, no other country accounted for 10 percent or more of the company’s Sales and Other Operating Revenues.

Segment income tax expense

Segment income tax expense for the years 2022, 2021 and 2020 is as follows:


	Year ended December 31
	2022		2021		2020
Upstream
United States	$	3,678	$	1,934	$	(570)
International	9,055		4,192		(415)
Total Upstream	12,733		6,126		(985)
Downstream
United States	1,515		547		(192)
International	280		203		253
Total Downstream	1,795		750		61
All Other	(462)		(926)		(968)
Total Income Tax Expense (Benefit)	$	14,066	$	5,950	$	(1,892)

Investments and Advances (Tables)

12 Months Ended

Dec. 31, 2022

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

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


Investments and Advances					Equity in Earnings
	At December 31				Year ended December 31
	2022		2021		2022		2021		2020
Upstream
Tengizchevroil	$	26,534	$	23,727	$	4,386	$	2,831	$	1,238
Petropiar	—		—		—		—		(1,396)
Petroboscan	—		—		—		—		(1,112)
Caspian Pipeline Consortium	761		805		128		155		159
Angola LNG Limited	1,963		2,180		1,857		336		(166)

Other	1,938		1,859		255		187		137
Total Upstream	31,196		28,571		6,626		3,509		(1,140)
Downstream
Chevron Phillips Chemical Company LLC	6,843		6,455		867		1,842		630
GS Caltex Corporation	4,288		3,616		874		85		(185)
Other	2,288		1,725		224		220		223
Total Downstream	13,419		11,796		1,965		2,147		668
All Other
Other	(5)		(10)		(6)		1		—
Total equity method	$	44,610	$	40,357	$	8,585	$	5,657	$	(472)
Other non-equity method investments	628		339
Total investments and advances	$	45,238	$	40,696
Total United States	$	9,855	$	8,540	$	975	$	1,889	$	709
Total International	$	35,383	$	32,156	$	7,610	$	3,768	$	(1,181)

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


	Affiliates						Chevron Share
Year ended December 31	2022		2021		2020		2022		2021		2020
Total revenues	$	100,184	$	71,241	$	49,093	$	48,323	$	34,359	$	21,641
Income before income tax expense*	23,811		15,175		5,682		10,876		6,984		2,550
Net income attributable to affiliates	19,077		12,598		4,704		8,595		5,670		2,034
At December 31
Current assets	$	26,632	$	21,871	$	17,087	$	11,671	$	9,267	$	7,328
Noncurrent assets	101,557		100,235		97,468		46,428		44,360		43,247
Current liabilities	16,319		17,275		12,164		7,708		7,492		5,052
Noncurrent liabilities	22,943		24,219		25,586		5,980		5,982		5,884
Total affiliates’ net equity	$	88,927	$	80,612	$	76,805	$	44,411	$	40,153	$	39,639

Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Taxes on income


Income Taxes	Year ended December 31
	2022		2021		2020
Income tax expense (benefit)
U.S. federal
Current	$	1,723	$	174	$	(182)
Deferred	2,240		1,004		(1,315)
State and local
Current	482		222		65
Deferred	39		202		(152)
Total United States	4,484		1,602		(1,584)
International
Current	9,738		4,854		1,833
Deferred	(156)		(506)		(2,141)
Total International	9,582		4,348		(308)
Total income tax expense (benefit)	$	14,066	$	5,950	$	(1,892)

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

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



	2022			2021			2020
Income (loss) before income taxes
United States	$	21,005		$	9,674		$	(5,700)
International	28,669			11,965			(1,753)
Total income (loss) before income taxes	49,674			21,639			(7,453)
Theoretical tax (at U.S. statutory rate of 21%)	10,432			4,544			(1,565)

Equity affiliate accounting effect	(1,678)			(890)			211
Effect of income taxes from international operations	5,041			2,692			(39)
State and local taxes on income, net of U.S. federal income tax benefit	508			216			(65)
Prior year tax adjustments, claims and settlements 1	(90)			362			(236)
Tax credits	(6)			(173)			(33)
Other U.S. 1, 2	(141)			(801)			(165)
Total income tax expense (benefit)	$	14,066		$	5,950		$	(1,892)

Effective income tax rate 3	28.3		%	27.5		%	25.4		%

1 Includes one-time tax costs (benefits) associated with changes in uncertain tax positions.

2 Includes one-time tax costs (benefits) associated with changes in valuation allowances (2022 - $(36); 2021 - $(624); 2020 - $0).

Composition of deferred tax balances

The reported deferred tax balances are composed of the following:


			At December 31
	2022		2021
Deferred tax liabilities
Properties, plant and equipment	$	18,295	$	17,169
Investments and other	4,492		4,105
Total deferred tax liabilities	22,787		21,274
Deferred tax assets
Foreign tax credits	(12,599)		(11,718)
Asset retirement obligations/environmental reserves	(4,518)		(4,553)
Employee benefits	(2,087)		(3,037)
Deferred credits	(446)		(996)
Tax loss carryforwards	(3,887)		(4,175)
Other accrued liabilities	(746)		(239)
Inventory	(219)		(289)
Operating leases	(1,134)		(1,255)
Miscellaneous	(4,057)		(3,657)
Total deferred tax assets	(29,693)		(29,919)
Deferred tax assets valuation allowance	19,532		17,651
Total deferred taxes, net	$	12,626	$	9,006

Classification of deferred taxes

At December 31, 2022 and 2021, deferred taxes were classified on the Consolidated Balance Sheet as follows:


	At December 31
	2022		2021
Deferred charges and other assets	$	(4,505)	$	(5,659)
Noncurrent deferred income taxes	17,131		14,665
Total deferred income taxes, net	$	12,626	$	9,006

Changes to the Company's unrecognized tax benefits


	2022		2021		2020
Balance at January 1	$	5,288	$	5,018	$	4,987
Foreign currency effects	(2)		(1)		2
Additions based on tax positions taken in current year	30		194		253
Additions for tax positions taken in prior years	234		218		437
Reductions for tax positions taken in prior years	(117)		(36)		(216)
Settlements with taxing authorities in current year	(110)		(18)		(429)
Reductions as a result of a lapse of the applicable statute of limitations	—		(87)		(16)
Balance at December 31	$	5,323	$	5,288	$	5,018

Taxes other than on income


Taxes Other Than on Income
	Year ended December 31
	2022		2021		2020
United States
Import duties and other levies	$	10	$	7	$	7
Property and other miscellaneous taxes	609		552		588
Payroll taxes	248		302		235
Taxes on production	989		628		317
Total United States	1,856		1,489		1,147
International
Import duties and other levies	63		49		39
Property and other miscellaneous taxes	1,789		2,174		1,461
Payroll taxes	122		113		117
Taxes on production	202		138		75
Total International	2,176		2,474		1,692
Total taxes other than on income	$	4,032	$	3,963	$	2,839

Properties, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Properties, Plant and Equipment


	At December 31												Year ended December 31
	Gross Investment at Cost						Net Investment						Additions at Cost2						Depreciation Expense3
	2022		2021		2020		2022		2021		2020		2022		2021		2020		2022		2021		2020
Upstream
United States	$	96,590	$	93,393	$	96,555	$	37,031	$	36,027	$	38,175	$	6,461	$	4,520	$	13,067	$	5,012	$	5,675	$	6,841
International	188,556		202,757		209,846		88,549		94,770		102,010		2,599		2,349		11,069		9,830		10,824		11,121
Total Upstream	285,146		296,150		306,401		125,580		130,797		140,185		9,060		6,869		24,136		14,842		16,499		17,962
Downstream
United States	29,802		26,888		26,499		12,827		10,766		11,101		2,742		543		638		913		833		851
International	8,281		8,134		7,993		3,226		3,300		3,395		246		234		573		311		296		283
Total Downstream	38,083		35,022		34,492		16,053		14,066		14,496		2,988		777		1,211		1,224		1,129		1,134
All Other
United States	4,402		4,729		4,195		1,931		2,078		1,916		230		143		194		247		290		403
International	154		144		144		27		20		21		12		7		5		6		7		9
Total All Other	4,556		4,873		4,339		1,958		2,098		1,937		242		150		199		253		297		412
Total United States	130,794		125,010		127,249		51,789		48,871		51,192		9,433		5,206		13,899		6,172		6,798		8,095
Total International	196,991		211,035		217,983		91,802		98,090		105,426		2,857		2,590		11,647		10,147		11,127		11,413
Total	$	327,785	$	336,045	$	345,232	$	143,591	$	146,961	$	156,618	$	12,290	$	7,796	$	25,546	$	16,319	$	17,925	$	19,508

2Net of dry hole expense related to prior years’ expenditures of $177, $35 and $709 in 2022, 2021 and 2020, respectively.

Short-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Short-Term Debt


	At December 31
	2022		2021
Commercial paper	$	—	$	—
Notes payable to banks and others with originating terms of one year or less	328		62
Current maturities of long-term debt1	2,699		4,946
Current maturities of long-term finance leases	45		48
Redeemable long-term obligations	2,942		2,959

Subtotal	6,014		8,015
Reclassified to long-term debt	(4,050)		(7,759)
Total short-term debt	$	1,964	$	256
1 Inclusive of unamortized premiums of $5 at December 31, 2022 and $0 at December 31, 2021.

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Long-term debt outstanding

The company’s long-term debt outstanding at year-end 2022 and 2021 was as follows:


			At December 31
			2022		2021
	Weighted Average Interest Rate (%)1	Range of Interest Rates (%)2	Principal		Principal

Notes due 2023	1.282	0.426 - 7.250	$	1,800	$	4,800
Floating rate notes due 2023	3.384	3.121 - 3.821	800		800
Notes due 2024	3.291	2.895 - 3.900	1,650		1,650


Notes due 2025	1.724	0.687 - 3.326	4,000		4,000
Notes due 2026		2.954	2,250		2,250
Notes due 2027	2.379	1.018 - 8.000	2,000		2,000
Notes due 2028		3.850	600		600
Notes due 2029		3.250	500		500
Notes due 2030		2.236	1,500		1,500
Debentures due 2031		8.625	102		102
Debentures due 2032	8.416	8.000 - 8.625	183		183
Notes due 2040		2.978	293		293
Notes due 2041		6.000	397		397
Notes due 2043		5.250	330		330
Notes due 2044		5.050	222		222
Notes due 2047		4.950	187		187
Notes due 2049		4.200	237		237
Notes due 2050	2.763	2.343 - 3.078	1,750		1,750
Debentures due 2097		7.250	60		60
Bank loans due 2023	5.206	4.928 - 5.342	91		100
3.400% loan			—		211
Medium-term notes, maturing from 2023 to 2038	6.306	4.283 - 7.900	23		23
Notes due 2022			—		4,946
Total including debt due within one year			18,975		27,141
Debt due within one year			(2,694)		(4,946)


Fair market value adjustment for debt acquired in the Noble acquisition			664		741
Reclassified from short-term debt			4,050		7,759
Unamortized discounts and debt issuance costs			(23)		(31)
Finance lease liabilities3			403		449
Total long-term debt			$	21,375	$	31,113
1 Weighted-average interest rate at December 31, 2022.
2 Range of interest rates at December 31, 2022.
3 For details on finance lease liabilities, see Note 5 Lease Commitments.

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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Accounting for Suspended Exploratory Wells [Abstract]

Accounting for Suspended Exploratory Wells (Tables)

12 Months Ended

Dec. 31, 2022

Changes in company's suspended exploratory well costs

The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2022:


	2022		2021		2020
Beginning balance at January 1	$	2,109	$	2,512	$	3,041
Additions to capitalized exploratory well costs pending the determination of proved reserves	72		56		28
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(481)		(425)		(102)
Capitalized exploratory well costs charged to expense	(73)		(34)		(667)
Other*	—		—		212
Ending balance at December 31	$	1,627	$	2,109	$	2,512

* 2020 represents fair value of well costs acquired in the Noble acquisition.

Aging of capitalized well costs and number of project


	At December 31
	2022		2021		2020
Exploratory well costs capitalized for a period of one year or less	$	73	$	65	$	26
Exploratory well costs capitalized for a period greater than one year	1,554		2,044		2,486
Balance at December 31	$	1,627	$	2,109	$	2,512
Number of projects with exploratory well costs that have been capitalized for a period greater than one year*	12		15		17

*Certain projects have multiple wells or fields or both.

Aging of Costs on Well and Project Basis


Aging based on drilling completion date of individual wells:	Amount		Number of wells
2000-2009	$	263	14
2010-2014	1,121		49
2015-2021	170		8
Total	$	1,554	71

Aging based on drilling completion date of last suspended well in project:	Amount		Number of projects
2008-2013	$	428	5
2014-2018	1,083		6
2019-2022	43		1
Total	$	1,554	12

Stock Options and Other Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Fair market values of stock options and stock appreciation rights granted

The fair market values of stock options and stock appreciation rights granted in 2022, 2021 and 2020 were measured on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Year ended December 31
	2022			2021			2020
Expected term in years1	6.9			6.8			6.6
Volatility2	31.3		%	31.1		%	20.8		%
Risk-free interest rate based on zero coupon U.S. treasury note	1.79		%	0.71		%	1.50		%
Dividend yield	5.0		%	6.0		%	4.0		%
Weighted-average fair value per option granted	$	23.56		$	12.22		$	13.00

1 Expected term is based on historical exercise and post-vesting cancellation data.

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

Summary of option activity

A summary of option activity during 2022 is presented below:


	Shares (Thousands)	Weighted-Average Exercise Price			Averaged Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2022	77,399		$	108.10
Granted	3,870		$	132.69
Exercised	(55,275)		$	105.56
Forfeited	(729)		$	208.46
Outstanding at December 31, 2022	25,265		$	114.61	6.62		$	1,794
Exercisable at December 31, 2022	16,421		$	117.20	5.18		$	1,178

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Funded status of pension and other postretirement benefit plans

The funded status of the company’s pension and OPEB plans for 2022 and 2021 follows:


	Pension Benefits
	2022				2021				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		2022		2021
Change in Benefit Obligation
Benefit obligation at January 1	$	12,966	$	5,351	$	15,166	$	6,307	$	2,489	$	2,650
Service cost	432		83		450		123		43		43
Interest cost	318		137		235		137		60		53
Plan participants’ contributions	—		3		—		3		62		43
Plan amendments	40		38		—		—		18		—
Actuarial (gain) loss	(2,753)		(1,559)		(325)		(364)		(509)		(108)
Foreign currency exchange rate changes	—		(423)		—		(85)		(5)		(3)
Benefits paid	(1,290)		(276)		(2,560)		(746)		(220)		(189)
Divestitures/Acquisitions	—		—		—		—		—		—
Curtailment	—		—		—		(24)		—		—
Benefit obligation at December 31	9,713		3,354		12,966		5,351		1,938		2,489
Change in Plan Assets
Fair value of plan assets at January 1	9,919		4,950		9,930		5,363		—		—
Actual return on plan assets	(1,851)		(1,096)		997		166		—		—
Foreign currency exchange rate changes	—		(453)		—		(35)		—		—
Employer contributions	1,164		158		1,552		199		158		146
Plan participants’ contributions	—		3		—		3		62		43
Benefits paid	(1,290)		(276)		(2,560)		(746)		(220)		(189)

Fair value of plan assets at December 31	7,942		3,286		9,919		4,950		—		—
Funded status at December 31	$	(1,771)	$	(68)	$	(3,047)	$	(401)	$	(1,938)	$	(2,489)

Consolidated Balance Sheet for pension and other postretirement benefit plans

Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2022 and 2021, include:


	Pension Benefits
	2022				2021				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		2022		2021
Deferred charges and other assets	$	26	$	759	$	36	$	696	$	—	$	—
Accrued liabilities	(210)		(62)		(303)		(142)		(152)		(151)
Noncurrent employee benefit plans	(1,587)		(765)		(2,780)		(955)		(1,786)		(2,338)
Net amount recognized at December 31	$	(1,771)	$	(68)	$	(3,047)	$	(401)	$	(1,938)	$	(2,489)

Before tax basis amount in accumulated other comprehensive loss


	Pension Benefits
	2022				2021				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		2022		2021
Net actuarial loss	$	3,147	$	659	$	4,007	$	920	$	(392)	$	134
Prior service (credit) costs	40		107		2		75		(115)		(159)
Total recognized at December 31	$	3,187	$	766	$	4,009	$	995	$	(507)	$	(25)

Pension plans with accumulated benefit obligation in excess of plan assets

Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2022 and 2021, was:


	Pension Benefits
	2022				2021
	U.S.		Int’l.		U.S.		Int’l.
Projected benefit obligations	$	1,322	$	828	$	1,957	$	1,097
Accumulated benefit obligations	1,135		671		1,665		883
Fair value of plan assets	—		3		55		2

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

The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2022, 2021 and 2020 are shown in the table below:


	Pension Benefits
	2022				2021				2020				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		U.S.		Int’l.		2022		2021		2020
Net Periodic Benefit Cost
Service cost	$	432	$	83	$	450	$	123	$	497	$	130	$	43	$	43	$	38
Interest cost	318		137		235		137		353		175		60		53		71
Expected return on plan assets	(624)		(176)		(596)		(171)		(650)		(209)		—		—		—
Amortization of prior service costs (credits)	2		6		2		8		2		10		(27)		(27)		(28)
Recognized actuarial losses	218		15		309		46		385		45		13		16		3
Settlement losses	363		(6)		672		7		620		37		—		—		—
Curtailment losses (gains)	—		(5)		—		(1)		92		2		—		—		(27)
Total net periodic benefit cost	709		54		1,072		149		1,299		190		89		85		57
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	(279)		(257)		(725)		(408)		1,584		230		(514)		(111)		190
Amortization of actuarial loss	(581)		(5)		(981)		(73)		(1,005)		(98)		(13)		(15)		(4)
Prior service (credits) costs during period	40		38		—		—		—		—		18		—		—
Amortization of prior service (costs) credits	(2)		(6)		(2)		(11)		(2)		(17)		27		27		42
Total changes recognized in other comprehensive income	(822)		(230)		(1,708)		(492)		577		115		(482)		(99)		228
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	(113)	$	(176)	$	(636)	$	(343)	$	1,876	$	305	$	(393)	$	(14)	$	285

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

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


	Pension Benefits
	2022				2021				2020						Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		U.S.		Int’l.		2022		2021		2020
Assumptions used to determine benefit obligations:
Discount rate	5.2	%	5.8	%	2.8	%	2.8	%	2.4	%	2.4	%	5.3	%	2.9	%	2.6	%
Rate of compensation increase	4.5	%	4.2	%	4.5	%	4.1	%	4.5	%	4.0	%	N/A		N/A		N/A
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost	3.6	%	2.8	%	3.0	%	2.4	%	3.3	%	3.2	%	3.1	%	3.0	%	3.5	%
Discount rate for interest cost	2.8	%	2.8	%	1.9	%	2.4	%	2.6	%	3.2	%	2.4	%	2.1	%	3.0	%
Expected return on plan assets	6.6	%	3.9	%	6.5	%	3.5	%	6.5	%	4.5	%	N/A		N/A		N/A
Rate of compensation increase	4.5	%	4.1	%	4.5	%	4.0	%	4.5	%	4.0	%	N/A		N/A		N/A

Fair value measurements of the Company's pension plans

The fair value measurements of the company’s pension plans for 2022 and 2021 are as follows:


	U.S.										Int’l.
	Total		Level 1		Level 2		Level 3		NAV		Total		Level 1		Level 2		Level 3		NAV
At December 31, 2021
Equities
U.S.1	$	1,677	$	1,677	$	—	$	—	$	—	$	491	$	491	$	—	$	—	$	—
International	1,285		1,284		—		1		—		356		355		—		1		—
Collective Trusts/Mutual Funds2	2,541		32		—		—		2,509		134		6		—		—		128
Fixed Income
Government	215		—		215		—		—		229		135		94		—		—
Corporate	660		—		660		—		—		532		2		530		—		—
Bank Loans	137		—		136		1		—		—		—		—		—		—
Mortgage/Asset Backed	1		—		1		—		—		4		—		4		—		—

Collective Trusts/Mutual Funds2	1,907		13		—		—		1,894		2,388		1		—		—		2,387
Mixed Funds3	—		—		—		—		—		99		12		87		—		—
Real Estate4	1,172		—		—		—		1,172		312		—		—		42		270
Alternative Investments	—		—		—		—		—		—		—		—		—		—
Cash and Cash Equivalents	264		263		1		—		—		161		89		3		—		69
Other5	60		(1)		14		46		1		244		—		17		113		114
Total at December 31, 2021	$	9,919	$	3,268	$	1,027	$	48	$	5,576	$	4,950	$	1,091	$	735	$	156	$	2,968
At December 31, 2022
Equities
U.S.1	$	1,358	$	1,358	$	—	$	—	$	—	$	164	$	164	$	—	$	—	$	—
International	946		946		—		—		—		120		120		—		—		—
Collective Trusts/Mutual Funds2	1,695		4		—		—		1,691		87		6		—		—		81
Fixed Income
Government	110		—		110		—		—		185		127		58		—		—
Corporate	680		—		680		—		—		343		15		328		—		—
Bank Loans	45		—		45		—		—		—		—		—		—		—
Mortgage/Asset Backed	1		—		1		—		—		4		—		4		—		—

Collective Trusts/Mutual Funds2	1,616		—		—		—		1,616		1,750		—		—		—		1,750
Mixed Funds3	—		—		—		—		—		87		14		73		—		—
Real Estate4	1,184		—		—		—		1,184		198		—		—		38		160
Alternative Investments	—		—		—		—		—		—		—		—		—		—
Cash and Cash Equivalents	200		25		—		—		175		80		69		2		—		9
Other5	107		37		15		54		1		268		—		18		85		165
Total at December 31, 2022	$	7,942	$	2,370	$	851	$	54	$	4,667	$	3,286	$	515	$	483	$	123	$	2,165

1U.S. equities include investments in the company’s common stock in the amount of $0 at December 31, 2022, and $0 at December 31, 2021.

2Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds.

3Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk.

4The year-end valuations of the U.S. real estate assets are based on third-party appraisals that occur at least once a year for each property in the portfolio.

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

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


	Equity		Fixed Income
	International		Corporate		Bank Loans		Real Estate		Other		Total
Total at December 31, 2020	$	1	$	—	$	2	$	45	$	45	$	93
Actual Return on Plan Assets:
Assets held at the reporting date	—		—		—		—		4		4
Assets sold during the period	—		—		—		(3)		—		(3)
Purchases, Sales and Settlements	—		—		(2)		—		4		2
Transfers in and/or out of Level 3	—		—		—		—		108		108
Total at December 31, 2021	$	1	$	—	$	—	$	42	$	161	$	204
Actual Return on Plan Assets:
Assets held at the reporting date	(1)		—		—		—		(18)		(19)
Assets sold during the period	—		—		—		(4)		—		(4)
Purchases, Sales and Settlements	—		—		—		—		(4)		(4)
Transfers in and/or out of Level 3	—		—		—		—		—		—
Total at December 31, 2022	$	—	$	—	$	—	$	38	$	139	$	177

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

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


	Pension Benefits				Other
	U.S.		Int’l.		Benefits
2023	$	903	$	203	$	152
2024	846		206		150
2025	854		214		148
2026	850		227		146
2027	840		236		145
2028-2031	4,066		1,306		708

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

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

The following table indicates the changes to the company’s before-tax asset retirement obligations in 2022, 2021 and 2020:


	2022		2021		2020
Balance at January 1	$	12,808	$	13,616	$	12,832
Liabilities assumed in the Noble acquisition	—		—		630
Liabilities incurred	9		31		10
Liabilities settled	(1,281)		(1,887)		(1,661)
Accretion expense	560		616		560
Revisions in estimated cash flows	605		432		1,245
Balance at December 31	$	12,701	$	12,808	$	13,616

Other Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Financial Information


Other financial information is as follows:
	Year ended December 31
	2022		2021		2020
Total financing interest and debt costs	$	630	$	775	$	735
Less: Capitalized interest	114		63		38
Interest and debt expense	$	516	$	712	$	697
Research and development expenses	$	268	$	268	$	435
Excess of replacement cost over the carrying value of inventories (LIFO method)	$	9,061	$	5,588	$	2,749
LIFO profits (losses) on inventory drawdowns included in earnings	$	122	$	35	$	(147)
Foreign currency effects*	$	669	$	306	$	(645)

* Includes $253, $180 and $(152) in 2022, 2021 and 2020, respectively, for the company’s share of equity affiliates’ foreign currency effects.

Acquisition of Renewable Energy Group, Inc. (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the values assigned to assets acquired and liabilities assumed:


	At June 13, 2022
	(Millions of dollars)
Current assets	$	1,584
Properties, plant and equipment	1,778
Deferred tax	92
Other assets	374
Total assets acquired	3,828
Current liabilities	301
Long-term debt and finance leases	590
Other liabilities	75
Total liabilities assumed	966
Net assets acquired	$	2,862
Goodwill	293
Purchase Price	$	3,155

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2022
Accounting Policies [Abstract]
Percent of the right-of-use assets recognized when the company is the sole signatory for the lease	100.00%
Percent of the lease liabilities recognized when the company is the sole signatory for the lease	100.00%
Revenue, performance obligation, description of timing	Payment is generally due within 30 days of delivery.
Performance Shares \| Chevron Long-Term Incentive Plan (LTIP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at January 1	$ 139,940	$ 132,726	$ 145,208
Components of Other Comprehensive Income (Loss):
Other Comprehensive Gain (Loss), Net of Tax	1,091	1,723	(622)
Balance at December 31	160,242	139,940	132,726
Income tax expense (benefit)	14,066	5,950	(1,892)
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at January 1	(3,889)	(5,612)	(4,990)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	729	887	(1,454)
Reclassifications	362	836	832
Other Comprehensive Gain (Loss), Net of Tax	1,091	1,723	(622)
Balance at December 31	(2,798)	(3,889)	(5,612)
Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at January 1	(162)	(107)	(142)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(41)	(55)	35
Reclassifications	0	0	0
Other Comprehensive Gain (Loss), Net of Tax	(41)	(55)	35
Balance at December 31	(203)	(162)	(107)
Unrealized Holding Gains (Losses) on Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at January 1	(11)	(10)	(8)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(1)	(1)	(2)
Reclassifications	0	0	0
Other Comprehensive Gain (Loss), Net of Tax	(1)	(1)	(2)
Balance at December 31	(12)	(11)	(10)
Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at January 1	0	0	0
Components of Other Comprehensive Income (Loss):
Before Reclassifications	68	(6)	0
Reclassifications	(80)	6	0
Other Comprehensive Gain (Loss), Net of Tax	(12)	0	0
Balance at December 31	(12)	0	0
Defined Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at January 1	(3,716)	(5,495)	(4,840)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	703	949	(1,487)
Reclassifications	442	830	832
Other Comprehensive Gain (Loss), Net of Tax	1,145	1,779	(655)
Balance at December 31	(2,571)	$ (3,716)	$ (5,495)
Defined Benefit Plans \| Reclassification out of Accumulated Other Comprehensive Income
Components of Other Comprehensive Income (Loss):
Reclassification, before tax amount	580
Income tax expense (benefit)	$ 138

Information Relating to the Consolidated Statement of Cash Flows - Summary of Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates	$ 3,855	$ 3,659	$ 1,543
(Income) loss from equity affiliates	(8,585)	(5,657)	472
Distributions more (less) than income from equity affiliates	(4,730)	(1,998)	2,015
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	(2,317)	(7,548)	2,423
Decrease (increase) in inventories	(930)	(530)	284
Decrease (increase) in prepaid expenses and other current assets	(226)	19	(87)
Increase (decrease) in accounts payable and accrued liabilities	2,750	5,475	(3,576)
Increase (decrease) in income and other taxes payable	2,848	1,223	(696)
Net decrease (increase) in operating working capital	2,125	(1,361)	(1,652)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	525	699	720
Income taxes	9,148	4,355	2,987
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	1,435	1,352	2,891
Returns of investment from equity affiliates	1,200	439	77
Proceeds and deposits related to asset sales and returns of investment	2,635	1,791	2,968
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	(7)	(4)	0
Marketable securities sold	124	3	35
Net sales (purchases) of marketable securities	117	(1)	35
Net repayment (borrowing) of loans by equity affiliates:
Borrowing of loans by equity affiliates	(108)	0	(3,925)
Repayment of loans by equity affiliates	84	401	2,506
Net repayment (borrowing) of loans by equity affiliates	(24)	401	(1,419)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	0	4,448	10,846
Repayments of short-term obligations	0	(6,906)	(9,771)
Net borrowings (repayments) of short-term obligations with three months or less maturity	263	(3,114)	(424)
Net borrowings (repayments) of short-term obligations	263	(5,572)	651
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans	5,838	1,421	226
Shares purchased under share repurchase and deferred compensation plans	(11,255)	(1,383)	(1,757)
Net sales (purchases) of treasury shares	(5,417)	38	(1,531)
Net contributions from (distributions to) noncontrolling interests consisted of the following gross and net amounts:
Distributions to noncontrolling interests	(118)	(53)	(26)
Contributions from noncontrolling interests	4	17	2
Net contributions from (distributions to) noncontrolling interests	(114)	(36)	(24)
Capital expenditures
Additions to properties, plant and equipment	10,349	7,515	8,492
Additions to investments	1,147	460	136
Current-year dry hole expenditures	309	83	327
Payments for other assets and liabilities, net	169	(2)	(33)
Capital expenditures	11,974	8,056	8,922
Non-cash additions to properties, plant and equipment	$ 334	$ 316	$ 816

Information Relating to the Consolidated Statement of Cash Flows - Narrative (Details) $ in Billions	Dec. 31, 2022 USD ($)
Upstream \| Operating Segments
Segment Reporting Information [Line Items]
Non cash transaction in operating segments	$ 1.1

Information Relating to the Consolidated Statement of Cash Flows - Cash Balances (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 17,678	$ 5,640	$ 5,596
Restricted cash included in “Prepaid expenses and other current assets”	630	333	365
Restricted cash included in “Deferred charges and other assets”	813	822	776
Total cash, cash equivalents and restricted cash	$ 19,121	$ 6,795	$ 6,737	$ 6,911

Lease Commitments - Balance Sheets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Right-of-use asset	$ 4,262	$ 3,668
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating lease liability, current	$ 1,111	$ 995
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Noncurrent deferred income taxes	Noncurrent deferred income taxes
Noncurrent operating lease liabilities	$ 2,920	$ 2,508
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt and Lease Obligation, Including Current Maturities	Long-Term Debt and Lease Obligation, Including Current Maturities
Total operating lease liabilities	$ 4,031	$ 3,503
Weighted-average remaining lease term (in years)	7 years	7 years 9 months 18 days
Weighted-average discount rate	1.90%	2.20%
Finance Leases
Right-of-use asset	$ 392	$ 429
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total short-term debt	Total short-term debt
Current lease liabilities	$ 45	$ 48
Noncurrent lease liabilities	403	449
Finance lease liability	$ 448	$ 497
Weighted-average remaining lease term (in years)	11 years 10 months 24 days	13 years 2 months 12 days
Weighted-average discount rate	4.10%	4.20%
Right-of-use asset obtained in exchange for operating lease liability	$ 1,807	$ 1,063
Right-of-use asset obtained in exchange for finance lease liability	$ 3	$ 60

Lease Commitments - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease costs	$ 2,359	$ 2,199	$ 2,551
Finance lease costs	57	66	45
Total lease costs	$ 2,416	$ 2,265	$ 2,596

Lease Commitments - Cash Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 1,892	$ 1,670	$ 1,744
Investing cash flows from operating leases	467	398	762
Operating cash flows from finance leases	18	21	14
Financing cash flows from finance leases	$ 44	$ 193	$ 34

Lease Commitments - ASC 842 (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
2023	$ 1,171
2024	902
2025	633
2026	391
2027	252
Thereafter	1,042
Total	4,391
Less: Amounts representing interest	360
Total lease liabilities	4,031	$ 3,503
Finance Leases
2023	61
2024	61
2025	57
2026	54
2027	47
Thereafter	269
Total	549
Less: Amounts representing interest	101
Total lease liabilities	$ 448	$ 497

Lease Commitments - Narrative (Details) $ in Millions	12 Months Ended
Lease Commitments - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)
Leases [Abstract]
Future undiscounted cash flows for operating leases not yet commenced	$ 1,570
Future undiscounted cash flows for finance leases not yet commenced	$ 327

Summarized Financial Data - Chevron U.S.A. Inc. - Summary of Income Statement Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsidiary Statements Captions [Line Items]
Sales and other operating revenues	$ 235,717	$ 155,606	$ 94,471
Total costs and other deductions	196,578	140,826	102,145
Net Income (Loss) Attributable to Chevron Corporation	35,465	15,625	(5,543)
Chevron U.S.A. Inc.
Subsidiary Statements Captions [Line Items]
Sales and other operating revenues	183,032	120,380	67,950
Total costs and other deductions	166,955	114,641	72,575
Net Income (Loss) Attributable to Chevron Corporation	$ 13,315	$ 6,904	$ (2,676)

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. - Summary of Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsidiary Statements Captions [Line Items]
Current assets	$ 50,343	$ 33,738
Current liabilities	34,208	26,791
Total CUSA net equity	160,242	139,940	$ 132,726	$ 145,208
Chevron U.S.A. Inc.
Subsidiary Statements Captions [Line Items]
Current assets	18,704	20,216
Other assets	50,153	47,355
Current liabilities	22,452	17,824
Other liabilities	19,274	18,438
Total CUSA net equity	27,131	31,309
Memo: Total debt	$ 10,800	$ 11,693

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.

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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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Summarized Financial Data - Tengizchevroil LLP - Summary of Income Statement Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Sales and other operating revenues	$ 235,717	$ 155,606	$ 94,471
Net income attributable to TCO	$ 35,608	15,689	(5,561)
Tengizchevroil
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Sales and other operating revenues	$ 23,795	15,927	9,194
Costs and other deductions	11,596	8,186	6,076
Net income attributable to TCO	$ 8,566	$ 5,418	$ 2,196
Tengizchevroil
Affiliate Statements Captions [Line Items]
Equity method investment, ownership percentage	50.00%

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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

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Summarized Financial Data - Tengizchevroil LLP - Summary of Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Affiliate Statements Captions [Line Items]
Current assets	$ 50,343	$ 33,738
Current liabilities	34,208	26,791
Total affiliates’ net equity	160,242	139,940	$ 132,726	$ 145,208
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Current assets	6,522	3,307
Other assets	54,506	51,473
Current liabilities	3,567	3,436
Other liabilities	12,312	12,060
Total affiliates’ net equity	$ 45,149	$ 39,284

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.

Summarized Financial Data – Chevron Phillips Chemical Company LLC - Summary of Income Statement Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsidiary Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Summarized Financial Data - Chevron Transport Corporation
Total costs and other deductions	$ 196,578	$ 140,826	$ 102,145
Net Income (Loss) Attributable to Chevron Corporation	$ 35,465	15,625	(5,543)
Chevron Phillips Chemical Company LLC
Subsidiary Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Summarized Financial Data - Chevron Transport Corporation
Total costs and other deductions	$ 12,870	10,862	7,221
Net Income (Loss) Attributable to Chevron Corporation	1,662	3,684	1,260
Chevron Phillips Chemical Company LLC \| Oil and Gas
Summarized Financial Data - Chevron Transport Corporation
Sales and other operating revenues	$ 14,180	$ 14,104	$ 8,407
Chevron Phillips Chemical Company LLC
Subsidiary Statements Captions [Line Items]
Equity method investment, ownership percentage	50.00%

Summarized Financial Data – Chevron Phillips Chemical Company LLC - Summary of Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsidiary Statements Captions [Line Items]
Current assets	$ 50,343	$ 33,738
Current liabilities	34,208	26,791
Total CTC net deficit	160,242	139,940	$ 132,726	$ 145,208
Chevron Phillips Chemical Company LLC
Subsidiary Statements Captions [Line Items]
Current assets	3,472	3,381
Other assets	15,184	14,396
Current liabilities	2,146	1,854
Other liabilities	2,941	3,160
Total CTC net deficit	$ 13,569	$ 12,763

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.

Fair Value Measurements - Summary of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 223	$ 35
Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - not designated	184	313
Derivatives	43	72
Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - not designated	0
Derivatives	15
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	223	35
Total assets at fair value	407	348
Total liabilities at fair value	58	72
Recurring basis \| Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - not designated	184	313
Derivatives	43	72
Recurring basis \| Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	15	0
Recurring basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	223	35
Total assets at fair value	334	320
Total liabilities at fair value	48	24
Recurring basis \| Level 1 \| Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - not designated	111	285
Derivatives	33	24
Recurring basis \| Level 1 \| Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	15	0
Recurring basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Total assets at fair value	73	28
Total liabilities at fair value	10	48
Recurring basis \| Level 2 \| Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - not designated	73	28
Derivatives	10	48
Recurring basis \| Level 2 \| Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	0	0
Recurring basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Total assets at fair value	0	0
Total liabilities at fair value	0	0
Recurring basis \| Level 3 \| Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - not designated	0	0
Derivatives	0	0
Recurring basis \| Level 3 \| Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	$ 0	$ 0

Fair Value Measurements - Summary of Assets and Liabilities Measured On a Non-Recurring Basis (Details) - Nonrecurring basis - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	$ 54	$ 124
Properties, plant and equipment, net (held for sale)	0	0
Investments and advances	33	16
Total assets at fair value	87	140
Properties, plant and equipment, net (held and used), Before-Tax Loss	518	414
Properties, plant and equipment, net (held for sale), Before-Tax Loss	432	0
Investments and advances, Before-Tax Loss	9	32
Total nonrecurring assets at fair value, Before-Tax Loss	959	446
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	0	0
Properties, plant and equipment, net (held for sale)	0	0
Investments and advances	2	0
Total assets at fair value	2	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	0	0
Properties, plant and equipment, net (held for sale)	0	0
Investments and advances	0	0
Total assets at fair value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	54	124
Properties, plant and equipment, net (held for sale)	0	0
Investments and advances	31	16
Total assets at fair value	$ 85	$ 140

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 17,678	$ 5,640	$ 5,596
Carrying/fair value of investments not included in cash and cash equivalents	1,443	1,155
Carrying Amount of Long-term Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount of long-term debt	16,258	22,164
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount of long-term debt	$ 14,959	23,670
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity period of primarily bank time deposits, classified as cash equivalents, maximum	90 days
Nonrecurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets at fair value	$ 87	140
Level 3 \| Nonrecurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets at fair value	85	140
Level 1 \| Corporate Bond Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	14,571
Level 1 \| Nonrecurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets at fair value	2	0
Level 2 \| Other Long-term Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	388
Level 2 \| Nonrecurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets at fair value	$ 0	$ 0

Financial and Derivative Instruments - Fair Value of Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Total assets at fair value	$ 184	$ 313
Total liabilities at fair value	58	72
Commodity \| Accounts and notes receivable, net
Derivatives, Fair Value [Line Items]
Total assets at fair value	175	251
Commodity \| Long-term receivables, net
Derivatives, Fair Value [Line Items]
Total assets at fair value	9	62
Commodity \| Accounts payable
Derivatives, Fair Value [Line Items]
Total liabilities at fair value	46	71
Commodity \| Deferred credits and other noncurrent obligations
Derivatives, Fair Value [Line Items]
Total liabilities at fair value	$ 12	$ 1

Financial and Derivative Instruments - Effect of Derivatives Not Designated On Hedging Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ (867)	$ (795)	$ 40
Commodity \| Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(651)	(685)	69
Commodity \| Purchased crude oil and products
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(226)	(64)	(36)
Commodity \| Other income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ 10	$ (46)	$ 7

Financial and Derivative Instruments - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gain (loss) on hedge transactions	$ 65,000,000	$ (6,000,000)	$ 0
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gain (loss) on hedge transactions	15,000,000
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months	15,000,000
Designated \| Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	$ (80,000,000)	$ 0

Financial and Derivative Instruments - Effect of Netting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Not Designated
Offsetting Assets [Abstract]
Derivative Asset, Gross Amount Recognized	$ 2,591	$ 1,684
Derivative Asset, Gross Amounts Offset	2,407	1,371
Derivative Asset, Net Amounts Presented	184	313
Derivative Asset, Gross Amounts Not Offset	5	0
Derivative Asset, Net Amount	179	313
Offsetting Liabilities [Abstract]
Derivative Liability, Gross Amount Recognized	2,450	1,443
Derivative Liability, Gross Amounts Offset	2,407	1,371
Derivative Liability, Net Amounts Presented	43	72
Derivative Liability, Gross Amounts Not Offset	0	0
Derivative Liability, Net Amount	43	$ 72
Designated
Offsetting Assets [Abstract]
Derivative Asset, Gross Amount Recognized	8
Derivative Asset, Gross Amounts Offset	8
Derivative Asset, Net Amounts Presented	0
Derivative Asset, Gross Amounts Not Offset	0
Derivative Asset, Net Amount	0
Offsetting Liabilities [Abstract]
Derivative Liability, Gross Amount Recognized	23
Derivative Liability, Gross Amounts Offset	8
Derivative Liability, Net Amounts Presented	15
Derivative Liability, Gross Amounts Not Offset	0
Derivative Liability, Net Amount	$ 15

Assets Held for Sale (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 436	$ 768
Disposal Group, Held-for-sale or Disposed of by Sales, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 436

Equity (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's share of undistributed earnings for equity affiliates	$ 33,570	$ 28,876
Shares remaining available for issuance (in shares)	597,152
Shares available for issuance (in shares)	1,600,000
Chevron Long-Term Incentive Plan (LTIP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for issuance (in shares)	104,000,000

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic EPS Calculation
Earnings available to common stockholders - Basic	$ 35,465	$ 15,625	$ (5,543)
Weighted-average number of common shares outstanding (in shares)	1,931	1,916	1,870
Add: Deferred awards held as stock units (in shares)	0	0	0
Total weighted-average number of common shares outstanding (in shares)	1,931	1,916	1,870
Earnings per share of common stock - Basic (in dollars per share)	$ 18.36	$ 8.15	$ (2.96)
Diluted EPS Calculation
Earnings available to common stockholders - Diluted	$ 35,465	$ 15,625	$ (5,543)
Weighted-average number of common shares outstanding (in shares)	1,931	1,916	1,870
Add: Deferred awards held as stock units (in shares)	0	0	0
Add: Dilutive effect of employee stock-based awards (in shares)	9	4	0
Total weighted-average number of common shares outstanding (in shares)	1,940	1,920	1,870
Earnings per share of common stock - Diluted (in dollars per share)	$ 18.28	$ 8.14	$ (2.96)
Antidilutive securities excluded from computation of earnings per share (in shares)			1

Operating Segments and Geographic Data - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments (in segments)	2
Number of operating segments (in segments)	2

Operating Segments and Geographic Data - Segment Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	$ 35,465	$ 15,625	$ (5,543)
Operating Segments
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	38,439	18,732	(2,386)
Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	30,284	15,818	(2,433)
Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	8,155	2,914	47
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest expense	(476)	(662)	(658)
Interest income	261	36	52
Other	(2,759)	(2,481)	(2,551)
United States \| Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	12,621	7,319	(1,608)
United States \| Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	5,394	2,389	(571)
International \| Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	17,663	8,499	(825)
International \| Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	$ 2,761	$ 525	$ 618

Operating Segments and Geographic Data - Segment Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Assets	$ 257,709	$ 239,535
Goodwill	4,722	4,385
United States
Segment Reporting Information [Line Items]
Total Assets	93,783	73,992
International
Segment Reporting Information [Line Items]
Total Assets	159,204	161,158
Upstream
Segment Reporting Information [Line Items]
Goodwill	4,370
Downstream
Segment Reporting Information [Line Items]
Goodwill	352
Operating Segments
Segment Reporting Information [Line Items]
Total Assets	236,326	229,636
Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Total Assets	183,105	184,412
Goodwill	4,370	4,385
Operating Segments \| Upstream \| United States
Segment Reporting Information [Line Items]
Total Assets	44,246	41,870
Operating Segments \| Upstream \| International
Segment Reporting Information [Line Items]
Total Assets	134,489	138,157
Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Total Assets	53,221	45,224
Goodwill	352	0
Operating Segments \| Downstream \| United States
Segment Reporting Information [Line Items]
Total Assets	31,676	26,376
Operating Segments \| Downstream \| International
Segment Reporting Information [Line Items]
Total Assets	21,193	18,848
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total Assets	21,383	9,899
Segment Reconciling Items \| United States
Segment Reporting Information [Line Items]
Total Assets	17,861	5,746
Segment Reconciling Items \| International
Segment Reporting Information [Line Items]
Total Assets	$ 3,522	$ 4,153

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

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Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Operating Segments and Geographic Data - Segment Sales and Operating Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	$ 235,717	$ 155,606	$ 94,471
Oil and Gas
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	235,717	155,606	94,471
Oil and Gas \| Upstream
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	63,293	43,992	26,311
Oil and Gas \| Downstream
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	172,308	111,490	68,083
Oil and Gas \| Operating Segments
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	287,061	185,955	113,665
Oil and Gas \| Operating Segments \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	143,161	86,934	47,910
Oil and Gas \| Operating Segments \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	143,900	99,021	65,755
Oil and Gas \| Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	106,978	70,140	41,381
Oil and Gas \| Operating Segments \| Upstream \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	50,822	29,219	14,577
Oil and Gas \| Operating Segments \| Upstream \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	56,156	40,921	26,804
Oil and Gas \| Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	179,565	115,307	71,525
Oil and Gas \| Operating Segments \| Downstream \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	91,824	57,209	32,589
Oil and Gas \| Operating Segments \| Downstream \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	87,741	58,098	38,936
Oil and Gas \| Corporate and Eliminations
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	116	124	77
Oil and Gas \| Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	518	508	759
Oil and Gas \| Corporate, Non-Segment \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	515	506	744
Oil and Gas \| Corporate, Non-Segment \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	3	2	15
Oil and Gas \| Intersegment \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	(400)	(382)	(667)
Oil and Gas \| Intersegment \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	(2)	(2)	(15)
Oil and Gas \| Intersegment \| Upstream \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	(29,870)	(15,154)	(8,068)
Oil and Gas \| Intersegment \| Upstream \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	(13,815)	(10,994)	(7,002)
Oil and Gas \| Intersegment \| Downstream \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	(5,529)	(2,296)	(2,150)
Oil and Gas \| Intersegment \| Downstream \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	(1,728)	(1,521)	(1,292)
Oil and Gas \| Intersegment Elimination \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	(35,799)	(17,832)	(10,885)
Oil and Gas \| Intersegment Elimination \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	$ (15,545)	$ (12,517)	$ (8,309)

Operating Segments and Geographic Data - Segment Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	$ 14,066	$ 5,950	$ (1,892)
Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	12,733	6,126	(985)
Operating Segments \| Upstream \| United States
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	3,678	1,934	(570)
Operating Segments \| Upstream \| International
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	9,055	4,192	(415)
Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	1,795	750	61
Operating Segments \| Downstream \| United States
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	1,515	547	(192)
Operating Segments \| Downstream \| International
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	280	203	253
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	$ (462)	$ (926)	$ (968)

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

Investments and Advances - Summary of Investment and Advances and Equity in Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investments and Advances	$ 44,610	$ 40,357
Other non-equity method investments	628	339
Total investments and advances	45,238	40,696
Equity in Earnings	8,585	5,657	$ (472)
United States \| Investments and Advances
Schedule of Equity Method Investments [Line Items]
Total investments and advances	9,855	8,540
United States \| Equity in Earnings
Schedule of Equity Method Investments [Line Items]
Equity in Earnings	975	1,889	709
International \| Investments and Advances
Schedule of Equity Method Investments [Line Items]
Total investments and advances	35,383	32,156
International \| Equity in Earnings
Schedule of Equity Method Investments [Line Items]
Equity in Earnings	7,610	3,768	(1,181)
All Other
Schedule of Equity Method Investments [Line Items]
Investments and Advances	(5)	(10)
Equity in Earnings	(6)	1	0
Upstream \| Operating Segments
Schedule of Equity Method Investments [Line Items]
Investments and Advances	31,196	28,571
Equity in Earnings	6,626	3,509	(1,140)
Upstream \| Operating Segments \| Tengizchevroil
Schedule of Equity Method Investments [Line Items]
Investments and Advances	26,534	23,727
Equity in Earnings	4,386	2,831	1,238
Upstream \| Operating Segments \| Petropiar
Schedule of Equity Method Investments [Line Items]
Investments and Advances	0	0
Equity in Earnings	0	0	(1,396)
Upstream \| Operating Segments \| Petroboscan
Schedule of Equity Method Investments [Line Items]
Investments and Advances	0	0
Equity in Earnings	0	0	(1,112)
Upstream \| Operating Segments \| Caspian Pipeline Consortium
Schedule of Equity Method Investments [Line Items]
Investments and Advances	761	805
Equity in Earnings	128	155	159
Upstream \| Operating Segments \| Angola LNG Limited
Schedule of Equity Method Investments [Line Items]
Investments and Advances	1,963	2,180
Equity in Earnings	1,857	336	(166)
Upstream \| Operating Segments \| Other
Schedule of Equity Method Investments [Line Items]
Investments and Advances	1,938	1,859
Equity in Earnings	255	187	137
Downstream \| Operating Segments
Schedule of Equity Method Investments [Line Items]
Investments and Advances	13,419	11,796
Equity in Earnings	1,965	2,147	668
Downstream \| Operating Segments \| Chevron Phillips Chemical Company LLC
Schedule of Equity Method Investments [Line Items]
Investments and Advances	6,843	6,455
Equity in Earnings	867	1,842	630
Downstream \| Operating Segments \| GS Caltex Corporation
Schedule of Equity Method Investments [Line Items]
Investments and Advances	4,288	3,616
Equity in Earnings	874	85	(185)
Downstream \| Operating Segments \| Other
Schedule of Equity Method Investments [Line Items]
Investments and Advances	2,288	1,725
Equity in Earnings	$ 224	$ 220	$ 223

Investments and Advances - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Chevron's loan to affiliates	$ 4,278	$ 4,704	$ 5,153
Other revenues from transactions with related party	16,286	10,796	6,038
Purchased crude oil and products	145,416	92,249	52,148
Accounts and notes receivable due from affiliated companies	907	1,454
Accounts payable due to affiliated companies	$ 709	552
Chevron Phillips Chemical Company LLC
Variable Interest Entity [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Affiliated Entity \| Oil and Gas, Purchased
Variable Interest Entity [Line Items]
Purchased crude oil and products	$ 10,171	$ 5,778	$ 3,003
Tengizchevroil LLP
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	50.00%
Chevron investment carrying value over underlying equity in TCO's net assets	$ 90
Notes receivable from affiliate	$ 4,500
Petropiar
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	30.00%
Petroboscan
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	39.20%
Carrying amount of long-term debt	$ 560
Caspian Pipeline Consortium
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	15.00%
Angola LNG Limited
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	36.40%
Chevron Phillips Chemical Company LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	50.00%
Chevron's loan to affiliates	$ 59
GS Caltex Corporation
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	50.00%
Golden Triangle Polymers Project \| Chevron Phillips Chemical Company LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	51.00%

Investments and Advances - Summary of Financial Information of All Equity Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Total revenues	$ 246,252	$ 162,465	$ 94,692
Income before income tax expense	49,674	21,639	(7,453)
Net Income (Loss)	35,608	15,689	(5,561)
Current assets	50,343	33,738
Current liabilities	34,208	26,791
Total affiliates’ net equity	160,242	139,940	132,726	$ 145,208
Income Tax Expense (Benefit)	14,066	5,950	(1,892)
Chevron \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Investments [Line Items]
Total revenues	48,323	34,359	21,641
Income before income tax expense	10,876	6,984	2,550
Net Income (Loss)	8,595	5,670	2,034
Current assets	11,671	9,267	7,328
Noncurrent assets	46,428	44,360	43,247
Current liabilities	7,708	7,492	5,052
Noncurrent liabilities	5,980	5,982	5,884
Total affiliates’ net equity	44,411	40,153	39,639
Income Tax Expense (Benefit)	2,281
Affiliates \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Investments [Line Items]
Total revenues	100,184	71,241	49,093
Income before income tax expense	23,811	15,175	5,682
Net Income (Loss)	19,077	12,598	4,704
Current assets	26,632	21,871	17,087
Noncurrent assets	101,557	100,235	97,468
Current liabilities	16,319	17,275	12,164
Noncurrent liabilities	22,943	24,219	25,586
Total affiliates’ net equity	88,927	$ 80,612	$ 76,805
Income Tax Expense (Benefit)	$ 4,734

Litigation (Details) $ in Billions	1 Months Ended	12 Months Ended
Litigation (Details) $ in Billions	Feb. 28, 2011 USD ($)	Dec. 31, 2022 lawsuit	Dec. 31, 1991
Ecuador Litigation \| Pending Litigation
Loss Contingencies [Line Items]
Remediation program term (in years)			3 years
Damages awarded \| $	$ 9.5
Climate Change
Loss Contingencies [Line Items]
Claims dismissed (in number of claims)		1
Climate Change \| Pending Litigation
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims)		23
Coastal Erosion \| Pending Litigation
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims)		39

Taxes - Summary of Components of Income Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
U.S. federal
Current	$ 1,723	$ 174	$ (182)
Deferred	2,240	1,004	(1,315)
State and local
Current	482	222	65
Deferred	39	202	(152)
Total United States	4,484	1,602	(1,584)
International
Current	9,738	4,854	1,833
Deferred	(156)	(506)	(2,141)
Total International	9,582	4,348	(308)
Total income tax expense (benefit)	$ 14,066	$ 5,950	$ (1,892)

Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income (loss) before income taxes
United States	$ 21,005	$ 9,674	$ (5,700)
International	28,669	11,965	(1,753)
Income (Loss) Before Income Tax Expense	49,674	21,639	(7,453)
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Theoretical tax (at U.S. statutory rate of 21%)	10,432	4,544	(1,565)
Equity affiliate accounting effect	(1,678)	(890)	211
Effect of income taxes from international operations	5,041	2,692	(39)
State and local taxes on income, net of U.S. federal income tax benefit	508	216	(65)
Prior year tax adjustments, claims and settlements	(90)	362	(236)
Tax credits	(6)	(173)	(33)
Other U.S.	(141)	(801)	(165)
Total income tax expense (benefit)	$ 14,066	$ 5,950	$ (1,892)
Effective income tax rate	28.30%	27.50%	25.40%
One-time tax costs (benefits) associated with changes in valuation allowances	$ (36)	$ (624)	$ 0
Chevron \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Income (loss) before income taxes
Income (Loss) Before Income Tax Expense	10,876	$ 6,984	$ 2,550
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Total income tax expense (benefit)	$ 2,281

Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Increase in income tax expense	$ 8,116
Effective tax rate	28.30%	27.50%	25.40%
Decrease in deferred tax liabilities	$ 1,513
Decrease in deferred tax assets	226
Loss carryforward	9,850
Tax credit carryforward	440
Carry forward amount of foreign tax credit with expiration dates	12,599
Existing undistributed accumulated earnings of foreign subsidiary	$ 51,300
Percentage of impact of unrecognized tax benefits on effective tax rate if subsequently recognized	80.00%
Unrecognized tax benefits	$ 5,323	$ 5,288	$ 5,018	$ 4,987
Anticipated interest and penalty obligations	112
Accrued benefit for interest and penalties		(76)
Income tax benefit expense associated with interest and penalties	$ 152	$ 19	$ (124)

Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax liabilities
Properties, plant and equipment	$ 18,295	$ 17,169
Investments and other	4,492	4,105
Total deferred tax liabilities	22,787	21,274
Deferred tax assets
Foreign tax credits	(12,599)	(11,718)
Asset retirement obligations/environmental reserves	(4,518)	(4,553)
Employee benefits	(2,087)	(3,037)
Deferred credits	(446)	(996)
Tax loss carryforwards	(3,887)	(4,175)
Other accrued liabilities	(746)	(239)
Inventory	(219)	(289)
Operating leases	(1,134)	(1,255)
Miscellaneous	(4,057)	(3,657)
Total deferred tax assets	(29,693)	(29,919)
Deferred tax assets valuation allowance	19,532	17,651
Total deferred taxes, net	12,626	9,006
Classification of deferred taxes
Deferred charges and other assets	(4,505)	(5,659)
Noncurrent deferred income taxes	17,131	14,665
Total deferred income taxes, net	$ 12,626	$ 9,006

Taxes - Summary of Unrecognized Income Tax Benefits and Taxes Other Than on Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes to company's unrecognized tax benefits
Balance at January 1	$ 5,288	$ 5,018	$ 4,987
Foreign currency effects	(2)	(1)
Foreign currency effects			2
Additions based on tax positions taken in current year	30	194	253
Additions for tax positions taken in prior years	234	218	437
Reductions for tax positions taken in prior years	(117)	(36)	(216)
Settlements with taxing authorities in current year	(110)	(18)	(429)
Reductions as a result of a lapse of the applicable statute of limitations	0	(87)	(16)
Balance at December 31	5,323	5,288	5,018
Income Tax Authority [Line Items]
Import duties and other levies	4,032	3,963	2,839
Total taxes other than on income	4,032	3,963	2,839
United States
Income Tax Authority [Line Items]
Import duties and other levies	10	7	7
Property and other miscellaneous taxes	609	552	588
Payroll taxes	248	302	235
Taxes on production	989	628	317
Total taxes other than on income	1,856	1,489	1,147
International
Income Tax Authority [Line Items]
Import duties and other levies	63	49	39
Property and other miscellaneous taxes	1,789	2,174	1,461
Payroll taxes	122	113	117
Taxes on production	202	138	75
Total taxes other than on income	$ 2,176	$ 2,474	$ 1,692

Properties, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Properties, Plant and Equipment
Gross Investment at Cost	$ 327,785	$ 336,045
Gross Investment at Cost			$ 345,232
Net Investment	143,591	146,961
Net Investment			156,618
Additions at Cost	12,290	7,796	25,546
Depreciation Expense	16,319	17,925	19,508
Dry hole expense related to prior years expenditures, net	177	35	709
Accretion expense	560	616	560
Impairment charges	950	414	2,792
Noble
Properties, Plant and Equipment
Gross Investment at Cost		16,703
Net Investment		16,703
Additions at Cost		16,703
United States
Properties, Plant and Equipment
Gross Investment at Cost	130,794	125,010
Gross Investment at Cost			127,249
Net Investment	51,789	48,871
Net Investment			51,192
Additions at Cost	9,433	5,206	13,899
Depreciation Expense	6,172	6,798	8,095
International
Properties, Plant and Equipment
Gross Investment at Cost	196,991	211,035
Gross Investment at Cost			217,983
Net Investment	91,802	98,090
Net Investment			105,426
Additions at Cost	2,857	2,590	11,647
Depreciation Expense	10,147	11,127	11,413
Australia
Properties, Plant and Equipment
Net Investment	44,012	46,687
Net Investment			48,374
Operating Segments \| Upstream
Properties, Plant and Equipment
Gross Investment at Cost	285,146	296,150
Gross Investment at Cost			306,401
Net Investment	125,580	130,797
Net Investment			140,185
Additions at Cost	9,060	6,869	24,136
Depreciation Expense	14,842	16,499	17,962
Operating Segments \| Upstream \| United States
Properties, Plant and Equipment
Gross Investment at Cost	96,590	93,393
Gross Investment at Cost			96,555
Net Investment	37,031	36,027
Net Investment			38,175
Additions at Cost	6,461	4,520	13,067
Depreciation Expense	5,012	5,675	6,841
Operating Segments \| Upstream \| International
Properties, Plant and Equipment
Gross Investment at Cost	188,556	202,757
Gross Investment at Cost			209,846
Net Investment	88,549	94,770
Net Investment			102,010
Additions at Cost	2,599	2,349	11,069
Depreciation Expense	9,830	10,824	11,121
Operating Segments \| Downstream
Properties, Plant and Equipment
Gross Investment at Cost	38,083	35,022
Gross Investment at Cost			34,492
Net Investment	16,053	14,066
Net Investment			14,496
Additions at Cost	2,988	777	1,211
Depreciation Expense	1,224	1,129	1,134
Operating Segments \| Downstream \| United States
Properties, Plant and Equipment
Gross Investment at Cost	29,802	26,888
Gross Investment at Cost			26,499
Net Investment	12,827	10,766
Net Investment			11,101
Additions at Cost	2,742	543	638
Depreciation Expense	913	833	851
Operating Segments \| Downstream \| International
Properties, Plant and Equipment
Gross Investment at Cost	8,281	8,134
Gross Investment at Cost			7,993
Net Investment	3,226	3,300
Net Investment			3,395
Additions at Cost	246	234	573
Depreciation Expense	311	296	283
Segment Reconciling Items
Properties, Plant and Equipment
Gross Investment at Cost	4,556	4,873
Gross Investment at Cost			4,339
Net Investment	1,958	2,098
Net Investment			1,937
Additions at Cost	242	150	199
Depreciation Expense	253	297	412
Segment Reconciling Items \| United States
Properties, Plant and Equipment
Gross Investment at Cost	4,402	4,729
Gross Investment at Cost			4,195
Net Investment	1,931	2,078
Net Investment			1,916
Additions at Cost	230	143	194
Depreciation Expense	247	290	403
Segment Reconciling Items \| International
Properties, Plant and Equipment
Gross Investment at Cost	154	144
Gross Investment at Cost			144
Net Investment	27	20
Net Investment			21
Additions at Cost	12	7	5
Depreciation Expense	$ 6	$ 7	$ 9

Short-Term Debt - Summary (Details) - USD ($) $ in Millions	12 Months Ended
Short-Term Debt - Summary (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Short term borrowings
Commercial paper	$ 0	$ 0
Notes payable to banks and others with originating terms of one year or less	328	62
Current maturities of long-term debt	2,699	4,946
Current maturities of long-term finance leases	45	48
Redeemable long term obligations	2,942	2,959
Subtotal	6,014	8,015
Reclassified to long-term debt	(4,050)	(7,759)
Total short-term debt	1,964	256
Debt instrument, unamortized premium	$ 5	$ 0

Short-Term Debt - Narrative (Details) - USD ($)	12 Months Ended
Short-Term Debt - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Committed credit facilities	$ 8,495,000,000
Debt instrument, term	364 days
Outstanding amount	$ 0
Reclassified to long-term debt	$ 4,050,000,000	$ 7,759,000,000

Long-Term Debt (Details) - USD ($)	12 Months Ended
Long-Term Debt (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Feb. 24, 2022	Oct. 31, 2021
Debt Instrument [Line Items]
Long-term debt instruments	$ 18,975,000,000	$ 27,141,000,000
Debt due within one year	(2,694,000,000)	(4,946,000,000)
Fair market value adjustment for debt acquired in the Noble acquisition	664,000,000	741,000,000
Reclassified from short-term debt	4,050,000,000	7,759,000,000
Unamortized discounts and debt issuance costs	(23,000,000)	(31,000,000)
Finance lease liabilities	403,000,000	449,000,000
Total long-term debt	21,375,000,000	31,113,000,000
Long-term Debt, Fiscal Year Maturity [Abstract]
2023	2,694,000,000
2024	1,650,000,000
2025	4,000,000,000
2026	2,250,000,000
2027	2,000,000,000
Thereafter	$ 6,381,000,000
Notes due 2023
Long-term Debt, Fiscal Year Maturity [Abstract]
Redemption amount			$ 3,000,000,000
Notes \| Notes due 2023
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.282%
Long-term debt instruments	$ 1,800,000,000	4,800,000,000
Notes \| Notes due 2023 \| Minimum
Debt Instrument [Line Items]
Weighted Average Interest Rate	0.426%
Notes \| Notes due 2023 \| Maximum
Debt Instrument [Line Items]
Weighted Average Interest Rate	7.25%
Notes \| Notes due 2024
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.291%
Long-term debt instruments	$ 1,650,000,000	1,650,000,000
Notes \| Notes due 2024 \| Minimum
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.895%
Notes \| Notes due 2024 \| Maximum
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.90%
Notes \| Notes due 2025
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.724%
Long-term debt instruments	$ 4,000,000,000	4,000,000,000
Notes \| Notes due 2025 \| Minimum
Debt Instrument [Line Items]
Weighted Average Interest Rate	0.687%
Notes \| Notes due 2025 \| Maximum
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.326%
Notes \| Notes due 2026
Debt Instrument [Line Items]
Interest rate	2.954%
Long-term debt instruments	$ 2,250,000,000	2,250,000,000
Notes \| Notes due 2027
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.379%
Long-term debt instruments	$ 2,000,000,000	2,000,000,000
Notes \| Notes due 2027 \| Minimum
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.018%
Notes \| Notes due 2027 \| Maximum
Debt Instrument [Line Items]
Weighted Average Interest Rate	8.00%
Notes \| Notes due 2028
Debt Instrument [Line Items]
Interest rate	3.85%
Long-term debt instruments	$ 600,000,000	600,000,000
Notes \| Notes due 2029
Debt Instrument [Line Items]
Interest rate	3.25%
Long-term debt instruments	$ 500,000,000	500,000,000
Notes \| Notes due 2030
Debt Instrument [Line Items]
Interest rate	2.236%
Long-term debt instruments	$ 1,500,000,000	1,500,000,000
Notes \| Notes due 2040
Debt Instrument [Line Items]
Interest rate	2.978%
Long-term debt instruments	$ 293,000,000	293,000,000
Notes \| Notes due 2041
Debt Instrument [Line Items]
Interest rate	6.00%
Long-term debt instruments	$ 397,000,000	397,000,000
Notes \| Notes due 2043
Debt Instrument [Line Items]
Interest rate	5.25%
Long-term debt instruments	$ 330,000,000	330,000,000
Notes \| Notes due 2044
Debt Instrument [Line Items]
Interest rate	5.05%
Long-term debt instruments	$ 222,000,000	222,000,000
Notes \| Notes due 2047
Debt Instrument [Line Items]
Interest rate	4.95%
Long-term debt instruments	$ 187,000,000	187,000,000
Notes \| Notes due 2049
Debt Instrument [Line Items]
Interest rate	4.20%
Long-term debt instruments	$ 237,000,000	237,000,000
Notes \| Notes due 2050
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.763%
Long-term debt instruments	$ 1,750,000,000	1,750,000,000
Notes \| Notes due 2050 \| Minimum
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.343%
Notes \| Notes due 2050 \| Maximum
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.078%
Notes \| Notes due 2022
Debt Instrument [Line Items]
Long-term debt instruments	$ 0	4,946,000,000
Floating Rate Notes \| Floating rate notes due 2023
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.384%
Long-term debt instruments	$ 800,000,000	800,000,000
Floating Rate Notes \| Floating rate notes due 2023 \| Minimum
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.121%
Floating Rate Notes \| Floating rate notes due 2023 \| Maximum
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.821%
Debentures \| Debentures due 2031
Debt Instrument [Line Items]
Interest rate	8.625%
Long-term debt instruments	$ 102,000,000	102,000,000
Debentures \| Debentures due 2032
Debt Instrument [Line Items]
Weighted Average Interest Rate	8.416%
Long-term debt instruments	$ 183,000,000	183,000,000
Debentures \| Debentures due 2032 \| Minimum
Debt Instrument [Line Items]
Weighted Average Interest Rate	8.00%
Debentures \| Debentures due 2032 \| Maximum
Debt Instrument [Line Items]
Weighted Average Interest Rate	8.625%
Debentures \| Debentures due 2097
Debt Instrument [Line Items]
Interest rate	7.25%
Long-term debt instruments	$ 60,000,000	60,000,000
Loans \| Bank loans due 2023
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.206%
Long-term debt instruments	$ 91,000,000	100,000,000
Loans \| Bank loans due 2023 \| Minimum
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.928%
Loans \| Bank loans due 2023 \| Maximum
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.342%
Loans \| 3.400% loan
Debt Instrument [Line Items]
Interest rate	3.40%
Long-term debt instruments	$ 0	211,000,000
Medium-term Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Debt issued				$ 4,900,000,000
Medium-term Notes \| Medium-term notes, maturing from 2023 to 2038
Debt Instrument [Line Items]
Weighted Average Interest Rate	6.306%
Long-term debt instruments	$ 23,000,000	$ 23,000,000
Medium-term Notes \| Medium-term notes, maturing from 2023 to 2038 \| Minimum
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.283%
Medium-term Notes \| Medium-term notes, maturing from 2023 to 2038 \| Maximum
Debt Instrument [Line Items]
Weighted Average Interest Rate	7.90%

Accounting for Suspended Exploratory Wells - Summary of Changes and Aging of Capitalized Well Costs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Project	Dec. 31, 2021 USD ($) Project	Dec. 31, 2020 USD ($) Project
Changes in company's suspended exploratory well costs
Beginning balance at January 1	$ 2,109	$ 2,512	$ 3,041
Additions to capitalized exploratory well costs pending the determination of proved reserves	72	56	28
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(481)	(425)	(102)
Capitalized exploratory well costs charged to expense	(73)	(34)	(667)
Other reductions	0	0	212
Ending balance at December 31	1,627	2,109	2,512
Aging of capitalized well costs and number of project
Exploratory well costs capitalized for a period of one year or less	73	65	26
Exploratory well costs capitalized for a period greater than one year	1,554	2,044	2,486
Balance at December 31	$ 1,627	$ 2,109	$ 2,512
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) \| Project	12	15	17

Accounting for Suspended Exploratory Wells - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Project Well	Dec. 31, 2021 USD ($) Project	Dec. 31, 2020 USD ($) Project
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year \| $	$ 1,554	$ 2,044	$ 2,486
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) \| Project	12	15	17
Expected period for decision on the recognition of proved reserves	5 years
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells \| Well	71
Drilling Activity
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year \| $	$ 945
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) \| Project	7
No Drilling Activity
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year \| $	$ 609
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) \| Project	5
Undergoing Front End Engineering and Design with Final Investment Decision Expected
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year \| $	$ 194
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) \| Project	3
Undergoing front-end engineering and design with final investment decision expected in three years	4 years
Reviewing Development Alternatives
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year \| $	$ 415
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) \| Project	2

Accounting for Suspended Exploratory Wells - Aging of Costs on a Well and Project Basis (Details) $ in Millions	Dec. 31, 2022 USD ($) Project Well	Dec. 31, 2021 USD ($) Project	Dec. 31, 2020 USD ($) Project
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 1,554	$ 2,044	$ 2,486
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells \| Well	71
Number of projects (in projects) \| Project	12	15	17
2000-2009
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 263
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells \| Well	14
2010-2014
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 1,121
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells \| Well	49
2015-2021
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 170
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells \| Well	8
2008-2013
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 428
Number of projects (in projects) \| Project	5
2014-2018
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 1,083
Number of projects (in projects) \| Project	6
2019-2022
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 43
Number of projects (in projects) \| Project	1

Stock Options and Other Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 05, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for stock options		$ 60	$ 60	$ 94
After tax compensation expense for stock options		46	47	74
Compensation expense for stock appreciation rights restricted stock performance units and restricted stock units		1,013	701	96
Compensation expense for stock appreciation rights, restricted stock, performance units and restricted stock units, after tax		770	554	76
Cash received in payment for option exercises		5,835	1,274	226
Tax benefits realized for the tax deductions from option exercises		216	(15)	8
Cash paid to settle performance units and stock appreciation rights		$ 556	163	95
Maximum number of share that may be issued under LTIP (in shares)		597,152
Total intrinsic value options exercised		$ 2,369	$ 152	$ 92
Total before-tax compensation cost related to nonvested share-based compensation arrangements		$ 78
Weighted-average period of recognition of unrecognized compensation cost related to nonvested share-based compensation arrangements		1 year 9 months 18 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Shares outstanding (in shares)		4,287,826			4,386,637
Shares granted (in shares)		989,715
Shares vested (in shares)		979,382
Shares forfeited (in shares)		109,144
Shares vested, fair value		$ 548
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)		4,753,266			5,023,065
Shares granted (in shares)		1,552,624
Shares vested (in shares)		1,652,839
Shares forfeited (in shares)		169,584
Shares vested, fair value		$ 996
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)		686,573
Shares vested, fair value		$ 50
Chevron Long-Term Incentive Plan (LTIP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of share that may be issued under LTIP (in shares)		104,000,000
For awards issued on or after May 29, 2013, the maximum number of shares that may be in a form other than a stock option, stock appreciation right or award requiring full payment for shares by the award recipient (in shares)		48,000,000
Chevron Long-Term Incentive Plan (LTIP) \| Maximum \| From May 2022 through May 2032
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of share that may be issued under LTIP (in shares)		104,000,000
Chevron Long-Term Incentive Plan (LTIP) \| Performance Shares and Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award contractual term (in years)		3 years
Chevron Long-Term Incentive Plan (LTIP) \| Stock Options and Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award contractual term (in years)		10 years
Chevron Long-Term Incentive Plan (LTIP) \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Chevron Long-Term Incentive Plan (LTIP), 2017 Issuance \| Performance Shares and Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award contractual term (in years)		3 years
Chevron Long-Term Incentive Plan (LTIP), 2017 Issuance \| Stock Options and Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award contractual term (in years)		10 years
Chevron Long-Term Incentive Plan (LTIP), 2017 Issuance \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award contractual term (in years)		5 years
Chevron Long-Term Incentive Plan (LTIP), 2023 Issuance \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Noble Share-Based Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable period	5 years

Stock Options and Other Share-Based Compensation - Summary of Valuation Assumptions and Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock Option
Expected term in years	6 years 10 months 24 days	6 years 9 months 18 days	6 years 7 months 6 days
Volatility	31.30%	31.10%	20.80%
Risk-free interest rate based on zero coupon U.S. treasury note	1.79%	0.71%	1.50%
Dividend yield	5.00%	6.00%	4.00%
Weighted-average fair value per option granted (in dollars per share)	$ 23.56	$ 12.22	$ 13.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	77,399
Shares, Granted (in shares)	3,870
Shares, Exercised (in shares)	(55,275)
Shares, Forfeited (in shares)	(729)
Outstanding, ending balance (in shares)	25,265	77,399
Shares, Exercisable at December 31 (in shares)	16,421
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Weighted-Average Exercise Price, Outstanding at January 1 (in dollars per share)	$ 108.10
Weighted-Average Exercise Price, Granted (in dollars per share)	132.69
Weighted-Average Exercise Price, Exercised (in dollars per share)	105.56
Weighted-Average Exercise Price, Forfeited (in dollars per share)	208.46
Weighted-Average Exercise Price, Outstanding at December 31 (in dollars per share)	114.61	$ 108.10
Weighted-Average Exercise Price, Exercisable at December 31 (in dollars per share)	$ 117.20
Average Remaining Contractual Term, Outstanding at December 31 (in years)	6 years 7 months 13 days
Average Remaining Contractual Term, Exercisable at December 31 (in years)	5 years 2 months 4 days
Aggregate Intrinsic Value, Outstanding at December 31	$ 1,794
Aggregate Intrinsic Value, Exercisable at December 31	$ 1,178

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Maximum annual increase percentage to company contribution for retiree medical coverage	4.00%
Funded Status:
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans	$ 3,446	$ 4,979
Other Benefit Assumptions:
Assumed health care cost-trend rates in the next fiscal year	6.60%	6.20%
Ultimate trend rate for health care cost	4.50%	4.50%
Primary Investment:
Company's US and UK pension plans as a percentage of total pension assets	94.00%
Benefit Plan Trusts:
Number of Chevron treasury stocks held in benefit plan trust for funding obligations	14,168,000	14,168,000	14,168,000	14,168,000
Various grantor trust assets invested primarily in interest earning accounts	$ 35	$ 36
Employee Incentive Plan
Charges to expense for cash bonuses	1,169	1,165	$ 462
Other Benefits
Funded Status:
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans	$ (507)	$ (25)
Discount Rate:
Discount rate for pension plans	5.30%	2.90%	2.60%
Cash Contributions and Benefit Payments:
Contributions to employee pension plans	$ 158	$ 146
Estimated contributions to employee pension plans for the next fiscal year	150
ESIP
Employee Savings Investment Plan:
Compensation expense	$ 283	$ 252	$ 281
U.S.
Expected Return on Plan Assets:
Estimated long-term rate of return on US pension plan assets	6.60%
Discount Rate:
Discount rate for pension plans	5.20%	2.80%	2.40%
Cash Contributions and Benefit Payments:
Contributions to employee pension plans	$ 1,164
Estimated contributions to employee pension plans for the next fiscal year	1,000
U.S. \| Pension Benefits
Funded Status:
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans	3,187	$ 4,009
Accumulated benefit obligations pension plans	$ 8,595	$ 11,337
Expected Return on Plan Assets:
Estimated long-term rate of return on US pension plan assets	6.60%	6.50%	6.50%
Percentage of US pension plan assets relative to total pension plan assets	67.00%
Plan asset market valuation period, prior to year-end measurement date	3 months
Discount Rate:
Discount rate for pension plans	5.20%	2.80%	2.40%
Cash Contributions and Benefit Payments:
Contributions to employee pension plans	$ 1,164	$ 1,552
U.S. \| Pension Benefits \| Equities \| Minimum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	35.00%
U.S. \| Pension Benefits \| Equities \| Maximum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	65.00%
U.S. \| Pension Benefits \| Fixed Income and Cash \| Minimum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	25.00%
U.S. \| Pension Benefits \| Fixed Income and Cash \| Maximum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	45.00%
U.S. \| Pension Benefits \| Real Estate \| Minimum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	5.00%
U.S. \| Pension Benefits \| Real Estate \| Maximum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	25.00%
U.S. \| Pension Benefits \| Other \| Minimum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	0.00%
U.S. \| Pension Benefits \| Other \| Maximum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	5.00%
U.S. \| Pension Benefits \| Cash \| Minimum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	0.00%
U.S. \| Pension Benefits \| Cash \| Maximum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	15.00%
Int’l.
Cash Contributions and Benefit Payments:
Contributions to employee pension plans	$ 158
Estimated contributions to employee pension plans for the next fiscal year	100
Int’l. \| Pension Benefits
Funded Status:
Amounts recognized on a before-tax bases in "Accumulated other comprehensive loss" for the company's pension and other postretirement benefit plans	766	995
Accumulated benefit obligations pension plans	$ 3,084	$ 4,976
Expected Return on Plan Assets:
Estimated long-term rate of return on US pension plan assets	3.90%	3.50%	4.50%
Discount Rate:
Discount rate for pension plans	5.80%	2.80%	2.40%
Cash Contributions and Benefit Payments:
Contributions to employee pension plans	$ 158	$ 199
UNITED KINGDOM \| Pension Benefits \| Equities \| Minimum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	5.00%
UNITED KINGDOM \| Pension Benefits \| Equities \| Maximum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	15.00%
UNITED KINGDOM \| Pension Benefits \| Fixed Income and Cash \| Minimum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	35.00%
UNITED KINGDOM \| Pension Benefits \| Fixed Income and Cash \| Maximum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	45.00%
UNITED KINGDOM \| Pension Benefits \| Real Estate \| Minimum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	5.00%
UNITED KINGDOM \| Pension Benefits \| Real Estate \| Maximum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	15.00%
UNITED KINGDOM \| Pension Benefits \| Cash \| Minimum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	0.00%
UNITED KINGDOM \| Pension Benefits \| Cash \| Maximum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	5.00%

Employee Benefit Plans - Summary of Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
U.S.
Change in Plan Assets
Fair value of plan assets at January 1	$ 9,919
Employer contributions	1,164
Fair value of plan assets at December 31	7,942	$ 9,919
Int’l.
Change in Plan Assets
Fair value of plan assets at January 1	4,950
Employer contributions	158
Fair value of plan assets at December 31	3,286	4,950
Pension Benefits \| U.S.
Change in Benefit Obligation
Benefit obligation at January 1	12,966	15,166
Service cost	432	450	$ 497
Interest cost	318	235	353
Plan participants’ contributions	0	0
Plan amendments	40	0
Actuarial (gain) loss	(2,753)	(325)
Foreign currency exchange rate changes	0	0
Benefits paid	(1,290)	(2,560)
Acquisitions	0	0
Curtailment	0	0
Benefit obligation at December 31	9,713	12,966	15,166
Change in Plan Assets
Fair value of plan assets at January 1	9,919	9,930
Actual return on plan assets	(1,851)	997
Foreign currency exchange rate changes	0	0
Employer contributions	1,164	1,552
Plan participants’ contributions	0	0
Benefits paid	(1,290)	(2,560)
Fair value of plan assets at December 31	7,942	9,919	9,930
Funded status at December 31	(1,771)	(3,047)
Pension Benefits \| Int’l.
Change in Benefit Obligation
Benefit obligation at January 1	5,351	6,307
Service cost	83	123	130
Interest cost	137	137	175
Plan participants’ contributions	3	3
Plan amendments	38	0
Actuarial (gain) loss	(1,559)	(364)
Foreign currency exchange rate changes	(423)	(85)
Benefits paid	(276)	(746)
Acquisitions	0	0
Curtailment	0	(24)
Benefit obligation at December 31	3,354	5,351	6,307
Change in Plan Assets
Fair value of plan assets at January 1	4,950	5,363
Actual return on plan assets	(1,096)	166
Foreign currency exchange rate changes	(453)	(35)
Employer contributions	158	199
Plan participants’ contributions	3	3
Benefits paid	(276)	(746)
Fair value of plan assets at December 31	3,286	4,950	5,363
Funded status at December 31	(68)	(401)
Other Benefits
Change in Benefit Obligation
Benefit obligation at January 1	2,489	2,650
Service cost	43	43	38
Interest cost	60	53	71
Plan participants’ contributions	62	43
Plan amendments	18	0
Actuarial (gain) loss	(509)	(108)
Foreign currency exchange rate changes	(5)	(3)
Benefits paid	(220)	(189)
Divestitures	0	0
Curtailment	0	0
Benefit obligation at December 31	1,938	2,489	2,650
Change in Plan Assets
Fair value of plan assets at January 1	0	0
Actual return on plan assets	0	0
Foreign currency exchange rate changes	0	0
Employer contributions	158	146
Plan participants’ contributions	62	43
Benefits paid	(220)	(189)
Fair value of plan assets at December 31	0	0	$ 0
Funded status at December 31	$ (1,938)	$ (2,489)

Employee Benefit Plans - Summary of Balance Sheet Components (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheet for pension and other postretirement benefit plans
Noncurrent employee benefit plans	$ (4,357)	$ (6,248)
Pension Benefits \| U.S.
Consolidated Balance Sheet for pension and other postretirement benefit plans
Deferred charges and other assets	26	36
Accrued liabilities	(210)	(303)
Noncurrent employee benefit plans	(1,587)	(2,780)
Net amount recognized at December 31	(1,771)	(3,047)
Pension Benefits \| Int’l.
Consolidated Balance Sheet for pension and other postretirement benefit plans
Deferred charges and other assets	759	696
Accrued liabilities	(62)	(142)
Noncurrent employee benefit plans	(765)	(955)
Net amount recognized at December 31	(68)	(401)
Other Benefits
Consolidated Balance Sheet for pension and other postretirement benefit plans
Deferred charges and other assets	0	0
Accrued liabilities	(152)	(151)
Noncurrent employee benefit plans	(1,786)	(2,338)
Net amount recognized at December 31	$ (1,938)	$ (2,489)

Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Before tax basis amount in accumulated other comprehensive loss.
Total recognized at December 31	$ 3,446	$ 4,979
Other Benefits
Before tax basis amount in accumulated other comprehensive loss.
Net actuarial loss	(392)	134
Prior service (credit) costs	(115)	(159)
Total recognized at December 31	(507)	(25)
U.S. \| Pension Benefits
Before tax basis amount in accumulated other comprehensive loss.
Net actuarial loss	3,147	4,007
Prior service (credit) costs	40	2
Total recognized at December 31	3,187	4,009
Int’l. \| Pension Benefits
Before tax basis amount in accumulated other comprehensive loss.
Net actuarial loss	659	920
Prior service (credit) costs	107	75
Total recognized at December 31	$ 766	$ 995

Employee Benefit Plans - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
U.S.
Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets
Projected benefit obligations	$ 1,322	$ 1,957
Accumulated benefit obligations	1,135	1,665
Fair value of plan assets	0	55
Int’l.
Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets
Projected benefit obligations	828	1,097
Accumulated benefit obligations	671	883
Fair value of plan assets	$ 3	$ 2

Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	$ (1,050)	$ (1,244)	$ 2,004
Amortization of actuarial loss	(599)	(1,069)	(1,107)
Prior service (credits) costs during period	96	0	0
Amortization of prior service (costs) credits	19	14	23
Other Benefits
Net Periodic Benefit Cost
Service cost	43	43	38
Interest cost	60	53	71
Expected return on plan assets	0	0	0
Amortization of prior service costs (credits)	(27)	(27)	(28)
Recognized actuarial losses	13	16	3
Settlement losses	0	0	0
Curtailment losses (gains)	0	0	(27)
Total net periodic benefit cost	89	85	57
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	(514)	(111)	190
Amortization of actuarial loss	(13)	(15)	(4)
Prior service (credits) costs during period	18	0	0
Amortization of prior service (costs) credits	27	27	42
Total changes recognized in other comprehensive income	(482)	(99)	228
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	(393)	(14)	285
U.S. \| Pension Benefits
Net Periodic Benefit Cost
Service cost	432	450	497
Interest cost	318	235	353
Expected return on plan assets	(624)	(596)	(650)
Amortization of prior service costs (credits)	2	2	2
Recognized actuarial losses	218	309	385
Settlement losses	363	672	620
Curtailment losses (gains)	0	0	92
Total net periodic benefit cost	709	1,072	1,299
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	(279)	(725)	1,584
Amortization of actuarial loss	(581)	(981)	(1,005)
Prior service (credits) costs during period	40	0	0
Amortization of prior service (costs) credits	(2)	(2)	(2)
Total changes recognized in other comprehensive income	(822)	(1,708)	577
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	(113)	(636)	1,876
Int’l. \| Pension Benefits
Net Periodic Benefit Cost
Service cost	83	123	130
Interest cost	137	137	175
Expected return on plan assets	(176)	(171)	(209)
Amortization of prior service costs (credits)	6	8	10
Recognized actuarial losses	15	46	45
Settlement losses	(6)	7	37
Curtailment losses (gains)	(5)	(1)	2
Total net periodic benefit cost	54	149	190
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	(257)	(408)	230
Amortization of actuarial loss	(5)	(73)	(98)
Prior service (credits) costs during period	38	0	0
Amortization of prior service (costs) credits	(6)	(11)	(17)
Total changes recognized in other comprehensive income	(230)	(492)	115
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$ (176)	$ (343)	$ 305

Employee Benefit Plans - Assumptions (Details)	12 Months Ended
Employee Benefit Plans - Assumptions (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Benefits
Assumptions used to determine benefit obligations:
Discount rate	5.30%	2.90%	2.60%
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost	3.10%	3.00%	3.50%
Discount rate for interest cost	2.40%	2.10%	3.00%
U.S.
Assumptions used to determine benefit obligations:
Discount rate	5.20%	2.80%	2.40%
Assumptions used to determine net periodic benefit cost:
Expected return on plan assets	6.60%
U.S. \| Pension Benefits
Assumptions used to determine benefit obligations:
Discount rate	5.20%	2.80%	2.40%
Rate of compensation increase	4.50%	4.50%	4.50%
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost	3.60%	3.00%	3.30%
Discount rate for interest cost	2.80%	1.90%	2.60%
Expected return on plan assets	6.60%	6.50%	6.50%
Rate of compensation increase	4.50%	4.50%	4.50%
Int’l. \| Pension Benefits
Assumptions used to determine benefit obligations:
Discount rate	5.80%	2.80%	2.40%
Rate of compensation increase	4.20%	4.10%	4.00%
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost	2.80%	2.40%	3.20%
Discount rate for interest cost	2.80%	2.40%	3.20%
Expected return on plan assets	3.90%	3.50%	4.50%
Rate of compensation increase	4.10%	4.00%	4.00%

Employee Benefit Plans - Summary of Change in Assets Measured at Level 3 (Details) - Level 3 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below
Fair value of plan assets at January 1	$ 204	$ 93
Actual Return on Plan Assets:
Assets held at the reporting date	(19)	4
Assets sold during the period	(4)	(3)
Purchases, Sales and Settlements	(4)	2
Transfers in and/or out of Level 3	0	108
Fair value of plan assets at December 31	177	204
International
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below
Fair value of plan assets at January 1	1	1
Actual Return on Plan Assets:
Assets held at the reporting date	(1)	0
Assets sold during the period	0	0
Purchases, Sales and Settlements	0	0
Transfers in and/or out of Level 3	0	0
Fair value of plan assets at December 31	0	1
Corporate
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below
Fair value of plan assets at January 1	0	0
Actual Return on Plan Assets:
Assets held at the reporting date	0	0
Assets sold during the period	0	0
Purchases, Sales and Settlements	0	0
Transfers in and/or out of Level 3	0	0
Fair value of plan assets at December 31	0	0
Bank Loans
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below
Fair value of plan assets at January 1	0	2
Actual Return on Plan Assets:
Assets held at the reporting date	0	0
Assets sold during the period	0	0
Purchases, Sales and Settlements	0	(2)
Transfers in and/or out of Level 3	0	0
Fair value of plan assets at December 31	0	0
Real Estate
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below
Fair value of plan assets at January 1	42	45
Actual Return on Plan Assets:
Assets held at the reporting date	0	0
Assets sold during the period	(4)	(3)
Purchases, Sales and Settlements	0	0
Transfers in and/or out of Level 3	0	0
Fair value of plan assets at December 31	38	42
Other
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below
Fair value of plan assets at January 1	161	45
Actual Return on Plan Assets:
Assets held at the reporting date	(18)	4
Assets sold during the period	0	0
Purchases, Sales and Settlements	(4)	4
Transfers in and/or out of Level 3	0	108
Fair value of plan assets at December 31	$ 139	$ 161

Employee Benefit Plans - Expected Benefit Payments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Other Benefits
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years
2023	$ 152
2024	150
2025	148
2026	146
2027	145
2028-2031	708
U.S. \| Pension Benefits
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years
2023	903
2024	846
2025	854
2026	850
2027	840
2028-2031	4,066
Int’l. \| Pension Benefits
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years
2023	203
2024	206
2025	214
2026	227
2027	236
2028-2031	$ 1,306

Other Contingencies and Commitments (Details) $ in Millions	12 Months Ended
Other Contingencies and Commitments (Details) $ in Millions	Dec. 31, 2022 USD ($) guaranty Location	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Guarantees
Number of guarantees \| guaranty	1
Guarantee for payments under terminal use agreements	$ 175
Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year one	897
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year two	959
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year three	941
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year four	1,002
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year five	1,053
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements after year five	6,489
Total payments under long term unconditional purchase obligations and commitments including throughput and Take-or-Pay agreements	$ 1,866	$ 861	$ 514
Environmental
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current, Deferred credits and other noncurrent obligations
Environmental reserve balance	$ 868
Sites with potential remediation activities (in sites) \| Location	143
Upstream
Environmental
Environmental reserve	$ 222
United States \| Downstream
Environmental
Environmental reserve	384
International \| Downstream
Environmental
Environmental reserve	$ 44
Affiliates
Guarantees
Term of guarantee for payments under terminal use agreement (in years)	5 years
Other Obligations
Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year one	$ 349
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year two	425
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year three	322
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year four	358
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year five	311
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements after year five	1,233
Sites with Potential Remediation Activities
Environmental
Environmental reserve	218
Environmental Reserve Less Environmental Reserve for Sites with Potential Remediation Activities
Environmental
Environmental reserve	$ 650

Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Company Before Tax Obligation
Balance at January 1	$ 12,808	$ 13,616	$ 12,832
Liabilities assumed in the Noble acquisition	0	0	630
Liabilities incurred	9	31	10
Liabilities settled	(1,281)	(1,887)	(1,661)
Accretion expense	560	616	560
Revisions in estimated cash flows	605	432	1,245
Balance at December 31	12,701	$ 12,808	$ 13,616
Long-term portion of the company's before-tax asset retirement obligations	$ 11,419

Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Receivables	$ 14,219	$ 12,877

Other Financial Information (Details) - USD ($)	12 Months Ended
Other Financial Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Gains on sale of nonstrategic properties	$ 390,000,000	$ 785,000,000	$ 765,000,000
Loss for impairments and other assets write-offs	1,075,000,000
Loss on extinguishment of debt		260,000,000
Pension settlement costs	271,000,000	$ 519,000,000
Environmental Remediation Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating Costs and Expenses, Selling, General and Administrative Expense
Goodwill	4,722,000,000	$ 4,385,000,000
Total financing interest and debt costs	630,000,000	775,000,000	735,000,000
Less: Capitalized interest	114,000,000	63,000,000	38,000,000
Interest and debt expense	516,000,000	712,000,000	697,000,000
Research and development expenses	268,000,000	268,000,000	435,000,000
Excess of replacement cost over the carrying value of inventories (LIFO method)	9,061,000,000	5,588,000,000	2,749,000,000
LIFO profits (losses) on inventory drawdowns included in earnings	122,000,000	35,000,000	(147,000,000)
Foreign currency effects	669,000,000	306,000,000	(645,000,000)
Company share of equity affiliates foreign currency effects	253,000,000	180,000,000	(152,000,000)
Downstream
Business Acquisition [Line Items]
Gains on sale of nonstrategic properties	90,000,000	30,000,000	30,000,000
Loss on legal reserves		110,000,000
Goodwill	352,000,000
Upstream
Business Acquisition [Line Items]
Gains on sale of nonstrategic properties	300,000,000	755,000,000	735,000,000
Loss for impairments and other assets write-offs			$ 4,800,000,000
Loss on contract termination	600,000,000
Remediation expense		$ 120,000,000
Goodwill	4,370,000,000
Goodwill impairment loss	$ 0

Financial Instruments - Credit Losses (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Allowance for credit loss	$ 1,000	$ 745
Trade receivable	18,200
Non-Trade Accounts Receivable
Related Party Transaction [Line Items]
Non-trade receivable	4,300
Equity Affiliate Loan \| Investments and Advances
Related Party Transaction [Line Items]
Allowance for credit loss	$ 560	$ 560

Acquisition of Renewable Energy Group, Inc. - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 13, 2022	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 4,722	$ 4,385
Renewable Energy Group, Inc.
Business Acquisition [Line Items]
Payments to acquire business	$ 3,150
Share price (USD per share)	$ 61.50
Long-term debt and finance leases	$ 590
Goodwill	$ 293