0000093410-24-000013 | 10-K | XBRL Viewer

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Lease Commitments - Cash Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 2,271	$ 1,892	$ 1,670
Investing cash flows from operating leases	713	467	398
Operating cash flows from finance leases	15	18	21
Financing cash flows from finance leases	$ 42	$ 44	$ 193

Operating Segments and Geographic Data - Segment Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	$ 8,173	$ 14,066	$ 5,950
Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	6,874	12,733	6,126
Operating Segments \| Upstream \| United States
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	1,141	3,678	1,934
Operating Segments \| Upstream \| International
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	5,733	9,055	4,192
Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	1,628	1,795	750
Operating Segments \| Downstream \| United States
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	1,109	1,515	547
Operating Segments \| Downstream \| International
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	519	280	203
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total Income Tax Expense (Benefit)	$ (329)	$ (462)	$ (926)

- Definition

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

+ References + Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

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
	2023		2022		2021
Basic EPS Calculation
Earnings available to common stockholders - Basic*	$	21,369	$	35,465	$	15,625
Weighted-average number of common shares outstanding	1,873		1,931		1,916
Add: Deferred awards held as stock units	—		—		—
Total weighted-average number of common shares outstanding	1,873		1,931		1,916
Earnings per share of common stock - Basic	$	11.41	$	18.36	$	8.15
Diluted EPS Calculation
Earnings available to common stockholders - Diluted*	$	21,369	$	35,465	$	15,625
Weighted-average number of common shares outstanding	1,873		1,931		1,916
Add: Deferred awards held as stock units	—		—		—
Add: Dilutive effect of employee stock-based awards	7		9		4
Total weighted-average number of common shares outstanding	1,880		1,940		1,920
Earnings per share of common stock - Diluted	$	11.36	$	18.28	$	8.14
* There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.

Changes in Accumulated Other Comprehensive Losses

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Changes in Accumulated Other Comprehensive Losses

The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the year ended December 31, 2023, are reflected in the table below.


	Currency Translation Adjustments		Unrealized Holding Gains (Losses) on Securities		Derivatives		Defined Benefit Plans		Total
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)
Components of Other Comprehensive Income (Loss)1:
Before Reclassifications	11		1		(16)		(397)		(401)
Reclassifications2, 3	—		—		33		206		239
Net Other Comprehensive Income (Loss)	11		1		17		(191)		(162)

Balance at December 31, 2023	$	(192)	$	(11)	$	5	$	(2,762)	$	(2,960)

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 $231 that are included in employee benefit costs for the year ended December 31, 2023. Related income taxes for the same period, totaling $25, 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.

Summarized Financial Data - Tengizchevroil LLP (Tables)

12 Months Ended

Dec. 31, 2023

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
	2023		2022		2021
Sales and other operating revenues	$	19,578	$	23,795	$	15,927
Costs and other deductions	10,193		11,596		8,186
Net income attributable to TCO	6,569		8,566		5,418

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


	Year ended December 31
	2023		2022		2021
Sales and other operating revenues	$	11,560	$	14,180	$	14,104
Costs and other deductions	10,561		12,870		10,862
Net income attributable to CPChem	1,173		1,662		3,684

Summarized Financial Data and its Affiliate


	At December 31
	2023		2022
Current assets	$	3,919	$	6,522
Other assets	57,454		54,506
Current liabilities	2,372		3,567
Other liabilities	12,782		12,312
Total TCO net equity	$	46,219	$	45,149


	At December 31
	2023		2022
Current assets	$	3,284	$	3,472
Other assets	16,425		15,184
Current liabilities	1,757		2,146
Other liabilities	3,269		2,941
Total CPChem net equity	$	14,683	$	13,569

Investments and Advances - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Sales and other operating revenues	$ 196,913	$ 235,717	$ 155,606
Purchased crude oil and products	119,196	145,416	92,249
Accounts and notes receivable due from affiliated companies	1,480	907
Accounts payable due to affiliated companies	591	709
Affiliated Entity
Variable Interest Entity [Line Items]
Chevron's loan to affiliates	4,494	4,278	4,704
Sales and other operating revenues	13,623	16,286	10,796
Affiliated Entity \| Oil and Gas, Purchased
Variable Interest Entity [Line Items]
Purchased crude oil and products	$ 7,404	$ 10,171	$ 5,778
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	$ 80
Principal balance	$ 4,500
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 Phillips Chemical Company LLC \| Affiliated Entity
Variable Interest Entity [Line Items]
Chevron's loan to affiliates	$ 387
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%

Assets Held for Sale (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets Held For Sale [Abstract]
Assets held for sale	$ 675	$ 436

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis


	At December 31, 2023								At December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	45	$	45	$	—	$	—	$	223	$	223	$	—	$	—
Derivatives - not designated	152		24		128		—		184		111		73		—
Derivatives - designated	7		7		—		—		—		—		—		—
Total assets at fair value	$	204	$	76	$	128	$	—	$	407	$	334	$	73	$	—
Derivatives - not designated	262		160		102		—		43		33		10		—
Derivatives - designated	—		—		—		—		15		15		—		—

Total liabilities at fair value	$	262	$	160	$	102	$	—	$	58	$	48	$	10	$	—

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 2023		Total		Level 1		Level 2		Level 3		Year 2022
Properties, plant and equipment, net (held and used)	$	484	$	—	$	—	$	484	$	2,175	$	54	$	—	$	—	$	54	$	518
Properties, plant and equipment, net (held for sale)	—		—		—		—		5		—		—		—		—		432
Investments and advances	207		5		165		37		352		33		2		—		31		9
Total nonrecurring assets at fair value	$	691	$	5	$	165	$	521	$	2,532	$	87	$	2	$	—	$	85	$	959

Employee Benefit Plans - Summary of Change in Assets Measured at Level 3 (Details) - Level 3 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below
Beginning balance	$ 177	$ 204
Actual Return on Plan Assets:
Assets held at the reporting date	6	(19)
Assets sold during the period	(2)	(4)
Purchases, Sales and Settlements	0	(4)
Transfers in and/or out of Level 3	(43)	0
Ending balance	138	177
International
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below
Beginning balance	0	0
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
Ending balance	1	0
Corporate
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below
Beginning balance	0	1
Actual Return on Plan Assets:
Assets held at the reporting date	0	(1)
Assets sold during the period	0	0
Purchases, Sales and Settlements	0	0
Transfers in and/or out of Level 3	0	0
Ending balance	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
Beginning balance	38	42
Actual Return on Plan Assets:
Assets held at the reporting date	5	0
Assets sold during the period	0	(4)
Purchases, Sales and Settlements	0	0
Transfers in and/or out of Level 3	(43)	0
Ending balance	0	38
Other
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below
Beginning balance	139	161
Actual Return on Plan Assets:
Assets held at the reporting date	0	(18)
Assets sold during the period	(2)	0
Purchases, Sales and Settlements	0	(4)
Transfers in and/or out of Level 3	0	0
Ending balance	$ 137	$ 139

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 8,178	$ 17,678	$ 5,640
Carrying/fair value of investments not included in cash and cash equivalents	1,097	1,443
Carrying Amount of Long-term Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount of long-term debt	14,612	16,258
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount of long-term debt	$ 13,709	14,959
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	$ 691	87
Level 3 \| Nonrecurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets at fair value	521	85
Level 1 \| Corporate Bond Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	13,321
Level 1 \| Nonrecurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets at fair value	5	2
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	$ 165	$ 0

Operating Segments and Geographic Data - Segment Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	$ 21,369	$ 35,465	$ 15,625
Operating Segments
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	23,575	38,439	18,732
Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	17,438	30,284	15,818
Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	6,137	8,155	2,914
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest expense	(432)	(476)	(662)
Interest income	491	261	36
Other	(2,265)	(2,759)	(2,481)
United States \| Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	4,148	12,621	7,319
United States \| Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	3,904	5,394	2,389
International \| Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	13,290	17,663	8,499
International \| Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Chevron Corporation	$ 2,233	$ 2,761	$ 525

Information Relating to the Consolidated Statement of Cash Flows - Cash Balances (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 8,178	$ 17,678	$ 5,640
Restricted cash included in “Prepaid expenses and other current assets”	275	630	333
Restricted cash included in “Deferred charges and other assets”	822	813	822
Total cash, cash equivalents and restricted cash	$ 9,275	$ 19,121	$ 6,795	$ 6,737

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Termination Benefits
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 11	$ 43	$ 470
Additions (reductions) charged to expense	(2)	1	(30)
Payments/ reductions	(3)	(33)	(397)
Ending balance	6	11	43
Expected Credit Losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	1,008	745	671
Current period provision	(367)	263	74
Additions (reductions) charged to expense	0	0	0
Ending balance	641	1,008	745
Deferred Income Tax Valuation Allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	19,532	17,651	17,762
Additions (reductions) charged to expense	2,348	3,533	3,691
Payments/ reductions	(1,464)	(1,652)	(3,802)
Ending balance	$ 20,416	$ 19,532	$ 17,651

Investments and Advances

12 Months Ended

Dec. 31, 2023

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

Investments and Advances

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


Investments and Advances					Equity in Earnings
	At December 31				Year ended December 31
	2023		2022		2023		2022		2021
Upstream
Tengizchevroil	$	26,954	$	26,534	$	3,375	$	4,386	$	2,831


Caspian Pipeline Consortium	797		761		158		128		155
Angola LNG Limited	1,762		1,963		513		1,857		336

Other	2,106		1,938		(161)		255		187
Total Upstream	31,619		31,196		3,885		6,626		3,509
Downstream
Chevron Phillips Chemical Company LLC	7,765		6,843		608		867		1,842
GS Caltex Corporation	4,309		4,288		437		874		85
Other	2,426		2,288		210		224		220
Total Downstream	14,500		13,419		1,255		1,965		2,147
All Other
Other	(6)		(5)		(9)		(6)		1
Total equity method	$	46,113	$	44,610	$	5,131	$	8,585	$	5,657
Other non-equity method investments	699		628
Total investments and advances	$	46,812	$	45,238
Total United States	$	10,985	$	9,855	$	340	$	975	$	1,889
Total International	$	35,827	$	35,383	$	4,791	$	7,610	$	3,768

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, 2023, the company’s carrying value of its investment in TCO was about $80 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.

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 $387 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 $13,623, $16,286 and $10,796 with affiliated companies for 2023, 2022 and 2021, respectively. “Purchased crude oil and products” includes $7,404, $10,171 and $5,778 with affiliated companies for 2023, 2022 and 2021, respectively.

“Accounts and notes receivable” on the Consolidated Balance Sheet includes $1,480 and $907 due from affiliated companies at December 31, 2023 and 2022, respectively. “Accounts payable” includes $591 and $709 due to affiliated companies at December 31, 2023 and 2022, 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 $4,494, $4,278 and $4,704 at December 31, 2023, 2022 and 2021, respectively.


	Affiliates						Chevron Share
Year ended December 31	2023		2022		2021		2023		2022		2021
Total revenues	$	49,306	$	100,184	$	71,241	$	23,217	$	48,323	$	34,359
Income before income tax expense*	15,304		23,811		15,175		7,209		10,876		6,984
Net income attributable to affiliates	11,618		19,077		12,598		5,485		8,595		5,670
At December 31
Current assets	$	22,772	$	26,632	$	21,871	$	10,110	$	11,671	$	9,267
Noncurrent assets	105,965		101,557		100,235		48,753		46,428		44,360
Current liabilities	14,085		16,319		17,275		6,698		7,708		7,492
Noncurrent liabilities	23,797		22,943		24,219		6,342		5,980		5,982
Total affiliates’ net equity	$	90,855	$	88,927	$	80,612	$	45,823	$	44,411	$	40,153

* 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 2023 was $3,686, with Chevron’s share being $1,724.

Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables	$ 13,641	$ 14,219

Stock Options and Other Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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 2023, 2022 and 2021 were measured on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Year ended December 31
	2023			2022			2021
Expected term in years1	6.4			6.9			6.8
Volatility2	32.5		%	31.3		%	31.1		%
Risk-free interest rate based on zero coupon U.S. treasury note	3.43		%	1.79		%	0.71		%
Dividend yield	3.5		%	5.0		%	6.0		%
Weighted-average fair value per option granted	$	45.82		$	23.56		$	12.22

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 2023 is presented below:


	Shares (Thousands)	Weighted-Average Exercise Price			Averaged Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2023	25,265		$	114.61
Granted	2,122		$	179.08
Exercised	(2,538)		$	104.30
Forfeited	(474)		$	246.61
Outstanding at December 31, 2023	24,375		$	118.72	5.14		$	934
Exercisable at December 31, 2023	18,438		$	113.38	4.11		$	791

Information Relating to the Consolidated Statement of Cash Flows - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Non cash transaction in operating segments	$ (2,180)	$ (950)	$ (414)
Upstream \| Operating Segments
Segment Reporting Information [Line Items]
Non cash transaction in operating segments	(1,765)
Downstream \| Operating Segments
Segment Reporting Information [Line Items]
Non cash transaction in operating segments	$ (1,950)

Operating Segments and Geographic Data - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments (in segments)	2
Number of operating segments (in segments)	2

Investments and Advances (Tables)

12 Months Ended

Dec. 31, 2023

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
	2023		2022		2023		2022		2021
Upstream
Tengizchevroil	$	26,954	$	26,534	$	3,375	$	4,386	$	2,831


Caspian Pipeline Consortium	797		761		158		128		155
Angola LNG Limited	1,762		1,963		513		1,857		336

Other	2,106		1,938		(161)		255		187
Total Upstream	31,619		31,196		3,885		6,626		3,509
Downstream
Chevron Phillips Chemical Company LLC	7,765		6,843		608		867		1,842
GS Caltex Corporation	4,309		4,288		437		874		85
Other	2,426		2,288		210		224		220
Total Downstream	14,500		13,419		1,255		1,965		2,147
All Other
Other	(6)		(5)		(9)		(6)		1
Total equity method	$	46,113	$	44,610	$	5,131	$	8,585	$	5,657
Other non-equity method investments	699		628
Total investments and advances	$	46,812	$	45,238
Total United States	$	10,985	$	9,855	$	340	$	975	$	1,889
Total International	$	35,827	$	35,383	$	4,791	$	7,610	$	3,768

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	2023		2022		2021		2023		2022		2021
Total revenues	$	49,306	$	100,184	$	71,241	$	23,217	$	48,323	$	34,359
Income before income tax expense*	15,304		23,811		15,175		7,209		10,876		6,984
Net income attributable to affiliates	11,618		19,077		12,598		5,485		8,595		5,670
At December 31
Current assets	$	22,772	$	26,632	$	21,871	$	10,110	$	11,671	$	9,267
Noncurrent assets	105,965		101,557		100,235		48,753		46,428		44,360
Current liabilities	14,085		16,319		17,275		6,698		7,708		7,492
Noncurrent liabilities	23,797		22,943		24,219		6,342		5,980		5,982
Total affiliates’ net equity	$	90,855	$	88,927	$	80,612	$	45,823	$	44,411	$	40,153

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	San Francisco, California
Auditor Firm ID	238

Stock Options and Other Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for stock options	$ 85	$ 60	$ 60
After tax compensation expense for stock options	65	46	47
Compensation expense for stock appreciation rights restricted stock performance units and restricted stock units	(100)	1,013	701
Compensation expense for stock appreciation rights, restricted stock, performance units and restricted stock units, after tax	(76)	770	554
Cash received in payment for option exercises	263	5,835	1,274
Tax benefits realized for the tax deductions from option exercises	20	216	(15)
Cash paid to settle performance units and stock appreciation rights	$ 566	556	163
Maximum number of share that may be issued under LTIP (in shares)	578,044
Total intrinsic value options exercised	$ 167	$ 2,369	$ 152
Total before-tax compensation cost related to nonvested share-based compensation arrangements	$ 181
Weighted-average period of recognition of unrecognized compensation cost related to nonvested share-based compensation arrangements	1 year 10 months 24 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)	5,060,242			4,287,826
Shares granted (in shares)	1,739,120
Shares vested (in shares)	866,494
Shares forfeited (in shares)	100,210
Shares vested, fair value	$ 457
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	4,419,310			4,753,266
Shares granted (in shares)	1,291,262
Shares vested (in shares)	1,521,636
Shares forfeited (in shares)	103,582
Shares vested, fair value	$ 360
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	652,493
Shares vested, fair value	$ 32
Restricted Stock Units Payable In Cash
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	3,905,243
Restricted Stock Units Payable In Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	1,154,999
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)	101,000,000
Maximum number of shares that may not be a stock option, stock appreciation right or award (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

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2023

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 2023, 2022 and 2021:


	2023		2022		2021
Balance at January 1	$	12,701	$	12,808	$	13,616

Liabilities assumed in the PDC acquisition	220		—		—
Liabilities incurred	183		9		31
Liabilities settled	(1,565)		(1,281)		(1,887)
Accretion expense	593		560		616
Revisions in estimated cash flows	1,701		605		432
Balance at December 31	$	13,833	$	12,701	$	12,808

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

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	2023		2022		2021
Employee Termination Benefits
Balance at January 1	$	11	$	43	$	470
Additions (reductions) charged to expense	(2)		1		(30)
Payments	(3)		(33)		(397)
Balance at December 31	$	6	$	11	$	43
Expected Credit Losses
Beginning allowance balance for expected credit losses	$	1,008	$	745	$	671
Current period provision	(367)		263		74

Write-offs charged against the allowance, if any	—		—		—

Balance at December 31	$	641	$	1,008	$	745
Deferred Income Tax Valuation Allowance*
Balance at January 1	$	19,532	$	17,651	$	17,762
Additions to deferred income tax expense	2,348		3,533		3,691
Reduction of deferred income tax expense	(1,464)		(1,652)		(3,802)
Balance at December 31	$	20,416	$	19,532	$	17,651

* See also Note 17 Taxes.

Fair Value Measurements - Summary of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 45	$ 223
Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - not designated	152	184
Derivatives	262	43
Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - not designated	7	0
Derivatives	0	15
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	45	223
Total assets at fair value	204	407
Total liabilities at fair value	262	58
Recurring basis \| Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - not designated	152	184
Derivatives	262	43
Recurring basis \| Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - not designated	7	0
Derivatives	0	15
Recurring basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	45	223
Total assets at fair value	76	334
Total liabilities at fair value	160	48
Recurring basis \| Level 1 \| Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - not designated	24	111
Derivatives	160	33
Recurring basis \| Level 1 \| Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - not designated	7	0
Derivatives	0	15
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	128	73
Total liabilities at fair value	102	10
Recurring basis \| Level 2 \| Not Designated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - not designated	128	73
Derivatives	102	10
Recurring basis \| Level 2 \| 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
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 - not designated	0	0
Derivatives	$ 0	$ 0

Properties, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

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
	2023		2022		2021		2023		2022		2021		2023		2022		2021		2023		2022		2021
Upstream
United States	$	117,955	$	96,590	$	93,393	$	50,390	$	37,031	$	36,027	$	20,408	$	6,461	$	4,520	$	7,666	$	5,012	$	5,675
International	183,996		188,556		202,757		84,561		88,549		94,770		4,130		2,599		2,349		8,109		9,830		10,824
Total Upstream	301,951		285,146		296,150		134,951		125,580		130,797		24,538		9,060		6,869		15,775		14,842		16,499
Downstream
United States	31,192		29,802		26,888		13,521		12,827		10,766		1,623		2,742		543		931		913		833
International	8,401		8,281		8,134		3,122		3,226		3,300		237		246		234		301		311		296
Total Downstream	39,593		38,083		35,022		16,643		16,053		14,066		1,860		2,988		777		1,232		1,224		1,129
All Other
United States	4,390		4,402		4,729		1,991		1,931		2,078		311		230		143		313		247		290
International	147		154		144		34		27		20		15		12		7		6		6		7
Total All Other	4,537		4,556		4,873		2,025		1,958		2,098		326		242		150		319		253		297
Total United States	153,537		130,794		125,010		65,902		51,789		48,871		22,342		9,433		5,206		8,910		6,172		6,798
Total International	192,544		196,991		211,035		87,717		91,802		98,090		4,382		2,857		2,590		8,416		10,147		11,127
Total	$	346,081	$	327,785	$	336,045	$	153,619	$	143,591	$	146,961	$	26,724	$	12,290	$	7,796	$	17,326	$	16,319	$	17,925

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 2023. Australia had PP&E of $41,409, $44,012 and $46,687 in 2023, 2022 and 2021, respectively. Gross Investment at Cost and Additions at Cost for 2023 each include $10,487 associated with the PDC acquisition.

2Net of dry hole expense related to prior years’ expenditures of $110, $177 and $35 in 2023, 2022 and 2021, respectively.

3Depreciation expense includes accretion expense of $593, $560 and $616 in 2023, 2022 and 2021, respectively, and impairments and write-offs of $2,180, $950 and $414 in 2023, 2022 and 2021, respectively.

Other Financial Information

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Financial Information

Earnings in 2023 included after-tax gains of approximately $143 relating to the sale of certain properties. Of this amount, approximately $33 and $110 related to downstream and upstream, respectively. Earnings in 2022 included after-tax gains of approximately $390 relating to the sale of certain properties, of which approximately $90 and $300 related to downstream and upstream assets, 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 2023 included after-tax charges of approximately $1,950 for abandonment and decommissioning obligations from previously sold oil and gas production assets in the U.S. Gulf of Mexico and $1,765 for upstream impairments, mainly in California, and several tax items with a net benefit of $655. Earnings in 2022 included after-tax charges of approximately $1,075 for impairments and other asset write-offs related to upstream, $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.


Other financial information is as follows:
	Year ended December 31
	2023		2022		2021
Total financing interest and debt costs	$	617	$	630	$	775
Less: Capitalized interest	148		114		63
Interest and debt expense	$	469	$	516	$	712
Research and development expenses	$	320	$	268	$	268
Excess of replacement cost over the carrying value of inventories (LIFO method)	$	6,455	$	9,061	$	5,588
LIFO profits (losses) on inventory drawdowns included in earnings	$	14	$	122	$	35
Foreign currency effects*	$	(224)	$	669	$	306

* Includes $(11), $253 and $180 in 2023, 2022 and 2021, 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 2023, and no impairment was required.

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

12 Months Ended

Dec. 31, 2023

Summarized Financial Data of Subsidiary Two [Abstract]

Summarized Financial Data Affiliate - Chevron Phillips Chemical Company LLC

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


	Year ended December 31
	2023		2022		2021
Sales and other operating revenues	$	19,578	$	23,795	$	15,927
Costs and other deductions	10,193		11,596		8,186
Net income attributable to TCO	6,569		8,566		5,418

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


	Year ended December 31
	2023		2022		2021
Sales and other operating revenues	$	11,560	$	14,180	$	14,104
Costs and other deductions	10,561		12,870		10,862
Net income attributable to CPChem	1,173		1,662		3,684

Summarized Financial Data Affiliate Net Equity One


	At December 31
	2023		2022
Current assets	$	3,919	$	6,522
Other assets	57,454		54,506
Current liabilities	2,372		3,567
Other liabilities	12,782		12,312
Total TCO net equity	$	46,219	$	45,149


	At December 31
	2023		2022
Current assets	$	3,284	$	3,472
Other assets	16,425		15,184
Current liabilities	1,757		2,146
Other liabilities	3,269		2,941
Total CPChem net equity	$	14,683	$	13,569

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net Income (Loss)	$ 21,411	$ 35,608	$ 15,689
Adjustments
Depreciation, depletion and amortization	17,326	16,319	17,925
Dry hole expense	436	486	118
Distributions more (less) than income from equity affiliates	(885)	(4,730)	(1,998)
Net before-tax gains on asset retirements and sales	(138)	(550)	(1,021)
Net foreign currency effects	578	(412)	(7)
Deferred income tax provision	298	2,124	700
Net decrease (increase) in operating working capital	(3,185)	2,125	(1,361)
Decrease (increase) in long-term receivables	150	153	21
Net decrease (increase) in other deferred charges	(300)	(212)	(320)
Cash contributions to employee pension plans	(1,120)	(1,322)	(1,751)
Other	1,038	13	1,192
Net Cash Provided by Operating Activities	35,609	49,602	29,187
Investing Activities
Acquisition of businesses, net of cash received	55	(2,862)	0
Capital expenditures	(15,829)	(11,974)	(8,056)
Proceeds and deposits related to asset sales and returns of investment	669	2,635	1,791
Net sales (purchases) of marketable securities	175	117	(1)
Net repayment (borrowing) of loans by equity affiliates	(302)	(24)	401
Net Cash Used for Investing Activities	(15,232)	(12,108)	(5,865)
Financing Activities
Net borrowings (repayments) of short-term obligations	135	263	(5,572)
Proceeds from issuances of long-term debt	150	0	0
Repayments of long-term debt and other financing obligations	(4,340)	(8,742)	(7,364)
Cash dividends - common stock	(11,336)	(10,968)	(10,179)
Net contributions from (distributions to) noncontrolling interests	(40)	(114)	(36)
Net sales (purchases) of treasury shares	(14,678)	(5,417)	38
Net Cash Provided by (Used for) Financing Activities	(30,109)	(24,978)	(23,113)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(114)	(190)	(151)
Net Change in Cash, Cash Equivalents and Restricted Cash	(9,846)	12,326	58
Cash, cash equivalents, and restricted cash beginning balance	19,121	6,795	6,737
Cash, cash equivalents, and restricted cash ending balance	$ 9,275	$ 19,121	$ 6,795

Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023						At December 31, 2022
	Operating Leases			Finance Leases			Operating Leases			Finance Leases

Deferred charges and other assets	$	5,422		$	—		$	4,262		$	—
Properties, plant and equipment, net	—			583			—			392
Right-of-use assets*	$	5,422		$	583		$	4,262		$	392
Accrued Liabilities	$	1,538		$	—		$	1,111		$	—
Short-term Debt	—			60			—			45
Current lease liabilities	1,538			60			1,111			45
Deferred credits and other noncurrent obligations	3,696			—			2,920			—
Long-term Debt	—			574			—			403
Noncurrent lease liabilities	3,696			574			2,920			403
Total lease liabilities	$	5,234		$	634		$	4,031		$	448

Weighted-average remaining lease term (in years)	6.7			12.6			7.0			11.9
Weighted-average discount rate	3.3		%	4.5		%	1.9		%	4.1		%

* Includes non-cash additions of $2,556 and $233 in 2023, and $1,807 and $3 in 2022 for right-of-use assets obtained in exchange for new and modified lease liabilities for operating and finance leases, respectively.

Schedule of Lease, Cost

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
	2023		2022		2021
Operating lease costs*	$	2,984	$	2,359	$	2,199
Finance lease costs	52		57		66
Total lease costs	$	3,036	$	2,416	$	2,265

* 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
	2023		2022		2021
Operating cash flows from operating leases	$	2,271	$	1,892	$	1,670
Investing cash flows from operating leases	713		467		398
Operating cash flows from finance leases	15		18		21
Financing cash flows from finance leases	42		44		193

Schedule of Lessee, Operating Lease, Liability, Maturity

At December 31, 2023, the estimated future undiscounted cash flows for operating and finance leases were as follows:


		At December 31, 2023
		Operating Leases		Finance Leases

Year	2024	$	1,673	$	84
	2025	1,153		79
	2026	734		76
	2027	544		68
	2028	396		66
	Thereafter	1,364		443
	Total	$	5,864	$	816
Less: Amounts representing interest		630		182
Total lease liabilities		$	5,234	$	634

Schedule of Finance Lease, Liability, Maturity

At December 31, 2023, the estimated future undiscounted cash flows for operating and finance leases were as follows:


		At December 31, 2023
		Operating Leases		Finance Leases

Year	2024	$	1,673	$	84
	2025	1,153		79
	2026	734		76
	2027	544		68
	2028	396		66
	Thereafter	1,364		443
	Total	$	5,864	$	816
Less: Amounts representing interest		630		182
Total lease liabilities		$	5,234	$	634

Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Taxes


Income Taxes	Year ended December 31
	2023		2022		2021
Income tax expense (benefit)
U.S. federal
Current	$	895	$	1,723	$	174
Deferred	666		2,240		1,004
State and local
Current	211		482		222
Deferred	1		39		202
Total United States	1,773		4,484		1,602
International
Current	6,745		9,738		4,854
Deferred	(345)		(156)		(506)
Total International	6,400		9,582		4,348
Total income tax expense (benefit)	$	8,173	$	14,066	$	5,950

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:



	Year ended December 31
	2023			2022			2021
Income (loss) before income taxes
United States	$	8,565		$	21,005		$	9,674
International	21,019			28,669			11,965
Total income (loss) before income taxes	29,584			49,674			21,639
Theoretical tax (at U.S. statutory rate of 21%)	6,213			10,432			4,544

Equity affiliate accounting effect	(1,072)			(1,678)			(890)
Effect of income taxes from international operations	3,001			5,041			2,692
State and local taxes on income, net of U.S. federal income tax benefit	252			508			216
Prior year tax adjustments, claims and settlements 1	(32)			(90)			362
Tax credits	(20)			(6)			(173)
Other U.S. 1, 2	(169)			(141)			(801)
Total income tax expense (benefit)	$	8,173		$	14,066		$	5,950

Effective income tax rate 3	27.6		%	28.3		%	27.5		%

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 (2023 - $(84); 2022 - $(36); 2021 - $(624)).

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 2023 was $1,724.

The 2023 decrease in income tax expense of $5,893 is a result of the year-over-year decrease in total income before income tax expense, which is primarily due to lower upstream realizations and downstream margins. The company’s effective tax rate changed from 28.3 percent in 2022 to 27.6 percent in 2023. 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
	2023		2022
Deferred tax liabilities
Properties, plant and equipment	$	20,303	$	18,295
Investments and other	4,263		4,492
Total deferred tax liabilities	24,566		22,787
Deferred tax assets
Foreign tax credits	(13,560)		(12,599)
Asset retirement obligations/environmental reserves	(4,543)		(4,518)
Employee benefits	(1,785)		(2,087)
Deferred credits	(268)		(446)
Tax loss carryforwards	(3,492)		(3,887)
Other accrued liabilities	(1,416)		(746)
Inventory	(126)		(219)
Operating leases	(1,479)		(1,134)
Miscellaneous	(3,652)		(4,057)
Total deferred tax assets	(30,321)		(29,693)
Deferred tax assets valuation allowance	20,416		19,532
Total deferred taxes, net	$	14,661	$	12,626

Deferred tax liabilities increased by $1,779 from year-end 2022, driven by an increase to properties, plant and equipment. Deferred tax assets increased by $628 from year-end 2022. This increase was primarily related to increases in foreign tax credits and other accrued liabilities, partially offset by decreases in tax loss carryforwards and employee benefits.

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 2023, the company had gross tax loss carryforwards of approximately $9,600 and tax credit carryforwards of approximately $260, 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 2024 through 2042. U.S. foreign tax credit carryforwards of $13,560 will expire between 2024 and 2033.

At December 31, 2023 and 2022, deferred taxes were classified on the Consolidated Balance Sheet as follows:


	At December 31
	2023		2022
Deferred charges and other assets	$	(4,169)	$	(4,505)
Noncurrent deferred income taxes	18,830		17,131
Total deferred income taxes, net	$	14,661	$	12,626

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, or where no taxable temporary differences exist that are attributable to unremitted earnings from an investment in a foreign entity. The indefinite reinvestment assertion continues to apply for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding tax purposes. 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, 2023, 2022 and 2021. 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.


	2023		2022		2021
Balance at January 1	$	5,323	$	5,288	$	5,018
Foreign currency effects	(27)		(2)		(1)
Additions based on tax positions taken in current year	248		30		194
Additions for tax positions taken in prior years	265		234		218
Reductions based on tax positions taken in current year	(104)		—		—
Reductions for tax positions taken in prior years	(251)		(117)		(36)
Settlements with taxing authorities in current year	(2)		(110)		(18)
Reductions as a result of a lapse of the applicable statute of limitations	—		—		(87)
Balance at December 31	$	5,452	$	5,323	$	5,288

Approximately 79 percent of the $5,452 of unrecognized tax benefits at December 31, 2023, 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.

The company and its subsidiaries are subject to income taxation and audits throughout the world. With certain exceptions, income tax examinations are completed through 2016 for the United States and 2007 for other major jurisdictions.

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. Given the number of years that still remain subject to examination and the number of matters being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits.

On 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, 2023, accrued expense of $229 for anticipated interest and penalties was included on the Consolidated Balance Sheet, compared with accrued benefit of $112 as of year-end 2022. Income tax expense (benefit) associated with interest and penalties was $124, $152 and $19 in 2023, 2022 and 2021, respectively.


Taxes Other Than on Income
	Year ended December 31
	2023		2022		2021
United States
Import duties and other levies	$	(9)	$	10	$	7
Property and other miscellaneous taxes	818		609		552
Payroll taxes	286		248		302
Taxes on production	801		989		628
Total United States	1,896		1,856		1,489
International
Import duties and other levies	72		63		49
Property and other miscellaneous taxes	2,004		1,789		2,174
Payroll taxes	121		122		113
Taxes on production	127		202		138
Total International	2,324		2,176		2,474
Total taxes other than on income	$	4,220	$	4,032	$	3,963

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: 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 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Agreement to Acquire Hess Corporation (Details) - Hess Corporation $ in Billions	Oct. 23, 2023 USD ($)
Business Acquisition [Line Items]
Consideration transferred	$ 53
Common Stock
Business Acquisition [Line Items]
Stock received on acquisition per share (in shares)	1.0250

Consolidated Statement of Equity - USD ($)
$ in Millions

Total

Chevron Corp. Stockholders' Equity

Common Stock

Retained Earnings

Acc. Other Comprehensive Income (Loss)

Treasury Stock (at cost)

Noncontrolling Interests

Beginning balance at Dec. 31, 2020

$ 132,726

$ 131,688

$ 18,421

^[1]

$ 160,377

$ (5,612)

$ (41,498)

$ 1,038

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

Treasury stock transactions

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 shares2

(1,383)

Issuances of treasury shares

1,040

Other changes, net

(126)

145

Ending balance at Dec. 31, 2021

139,940

139,067

$ 18,874

^[1]

165,546

(3,889)

$ (41,464)

873

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

^[2]

2,442,676,580

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

(517,490,263)

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

1,925,186,317

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]

2,442,676,580

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]

Treasury stock transactions

$ 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 shares2

(11,255)

$ (11,255)

Issuances of treasury shares

5,838

1,315

^[1]

4,523

Other changes, net

(16)

Ending balance 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

^[2]

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]

Treasury stock transactions

$ 174

174

$ 174

^[1]

Acquisitions

6,520

2,550

^[1]

$ 3,970

Net income (loss)

21,411

21,369

Cash dividends

(11,390)

(11,336)

(54)

Stock dividends

(9)

Other comprehensive income

(162)

Purchases of treasury shares2

^[3]

(15,085)

Issuances of treasury shares

263

^[1]

246

Other changes, net

(35)

(59)

(36)

^[1]

(23)

Ending balance at Dec. 31, 2023

$ 161,929

$ 160,957

$ 22,957

^[1]

$ 200,025

$ (2,960)

$ (59,065)

$ 972

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

Purchases (in shares)

(92,849,905)

Issuances (in shares)

43,281,366

Ending balance, shares issued (in shares) at Dec. 31, 2023

2,442,676,580

^[2]

Ending balance, treasury shares (in shares) at Dec. 31, 2023

(577,028,776)

Ending balance, shares outstanding (in shares) at Dec. 31, 2023

1,865,647,804

[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]	3 Beginning and ending total issued share balances include 14,168,000 shares associated with Chevron’s Benefit Plan Trust.
[3]	2 Includes excise tax on share repurchases.

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 21,411	$ 35,608	$ 15,689
Currency translation adjustment
Unrealized net change arising during period	11	(41)	(55)
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period	1	(1)	(1)
Derivatives
Net derivatives gain (loss) on hedge transactions	(11)	65	(6)
Reclassification to net income	33	(80)	6
Income tax benefit (cost) on derivatives transactions	(5)	3	0
Total	17	(12)	0
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements	244	599	1,069
Actuarial gain (loss) arising during period	(550)	1,050	1,244
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments	(13)	(19)	(14)
Prior service (costs) credits arising during period	(29)	(96)	0
Defined benefit plans sponsored by equity affiliates - benefit (cost)	6	100	127
Income tax benefit (cost) on defined benefit plans	151	(489)	(647)
Total	(191)	1,145	1,779
Other Comprehensive Gain (Loss), Net of Tax	(162)	1,091	1,723
Comprehensive Income (Loss)	21,249	36,699	17,412
Comprehensive loss (income) attributable to noncontrolling interests	(42)	(143)	(64)
Comprehensive Income (Loss) Attributable to Chevron Corporation	$ 21,207	$ 36,556	$ 17,348

Summarized Financial Data – Chevron Phillips Chemical Company LLC - Summary of Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsidiary Statements Captions [Line Items]
Current assets	$ 41,128	$ 50,343
Current liabilities	32,258	34,208
Total CTC net deficit	161,929	160,242	$ 139,940	$ 132,726
Chevron Phillips Chemical Company LLC
Subsidiary Statements Captions [Line Items]
Current assets	3,284	3,472
Other assets	16,425	15,184
Current liabilities	1,757	2,146
Other liabilities	3,269	2,941
Total CTC net deficit	$ 14,683	$ 13,569

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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Reference 3: 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 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Aug. 07, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt instruments	$ 16,281			$ 18,975
Debt due within one year	(1,650)			(2,694)
Fair market value adjustment for debt acquired in the Noble acquisition	578			664
Reclassified from short-term debt	4,543			4,050
Unamortized discounts and debt issuance costs	(19)			(23)
Finance lease liabilities	574			403
Total long-term debt	20,307			21,375
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	1,650
2025	4,000
2026	2,250
2027	2,000
2028	600
Thereafter	$ 5,781
PDC Energy, Inc.
Long-term Debt, Fiscal Year Maturity [Abstract]
Long-term debt		$ 1,500	$ 1,473
Notes \| Notes due 2024
Debt Instrument [Line Items]
Weighted average interest rate	3.291%
Long-term debt instruments	$ 1,650			1,650
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			4,000
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			2,250
Notes \| Notes due 2027
Debt Instrument [Line Items]
Weighted average interest rate	2.379%
Long-term debt instruments	$ 2,000			2,000
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			600
Notes \| Notes due 2029
Debt Instrument [Line Items]
Interest rate	3.25%
Long-term debt instruments	$ 500			500
Notes \| Notes due 2030
Debt Instrument [Line Items]
Interest rate	2.236%
Long-term debt instruments	$ 1,500			1,500
Notes \| Notes due 2040
Debt Instrument [Line Items]
Interest rate	2.978%
Long-term debt instruments	$ 293			293
Notes \| Notes due 2041
Debt Instrument [Line Items]
Interest rate	6.00%
Long-term debt instruments	$ 397			397
Notes \| Notes due 2043
Debt Instrument [Line Items]
Interest rate	5.25%
Long-term debt instruments	$ 330			330
Notes \| Notes due 2044
Debt Instrument [Line Items]
Interest rate	5.05%
Long-term debt instruments	$ 222			222
Notes \| Notes due 2047
Debt Instrument [Line Items]
Interest rate	4.95%
Long-term debt instruments	$ 187			187
Notes \| Notes due 2049
Debt Instrument [Line Items]
Interest rate	4.20%
Long-term debt instruments	$ 237			237
Notes \| Notes due 2050
Debt Instrument [Line Items]
Weighted average interest rate	2.763%
Long-term debt instruments	$ 1,750			1,750
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 2023
Debt Instrument [Line Items]
Long-term debt instruments	$ 0			2,600
Debentures \| Debentures due 2031
Debt Instrument [Line Items]
Interest rate	8.625%
Long-term debt instruments	$ 102			102
Debentures \| Debentures due 2032
Debt Instrument [Line Items]
Weighted average interest rate	8.416%
Long-term debt instruments	$ 183			183
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			60
Loans \| Bank loans due 2023
Debt Instrument [Line Items]
Weighted average interest rate
Long-term debt instruments	$ 0			91
Loans \| Bank loans due 2023 \| Minimum
Debt Instrument [Line Items]
Weighted average interest rate
Loans \| Bank loans due 2023 \| Maximum
Debt Instrument [Line Items]
Weighted average interest rate
Medium-term Notes \| Medium-term notes, maturing from 2023 to 2038
Debt Instrument [Line Items]
Weighted average interest rate	6.599%
Long-term debt instruments	$ 20			$ 23
Medium-term Notes \| Medium-term notes, maturing from 2023 to 2038 \| Minimum
Debt Instrument [Line Items]
Weighted average interest rate	5.331%
Medium-term Notes \| Medium-term notes, maturing from 2023 to 2038 \| Maximum
Debt Instrument [Line Items]
Weighted average interest rate	7.84%
Six Point One Two Five Percent Senior Notes \| PDC Energy, Inc.
Debt Instrument [Line Items]
Interest rate		6.125%
Five Point Seven Five Percent Senior Notes \| PDC Energy, Inc.
Debt Instrument [Line Items]
Interest rate		5.75%

Short-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Short-Term Debt


	At December 31
	2023		2022
Commercial paper	$	—	$	—
Notes payable to banks and others with originating terms of one year or less	469		328
Current maturities of long-term debt*	1,667		2,699
Current maturities of long-term finance leases	60		45
Redeemable long-term obligations	2,876		2,942

Subtotal	5,072		6,014
Reclassified to long-term debt	(4,543)		(4,050)
Total short-term debt	$	529	$	1,964
* Inclusive of unamortized premiums of $17 at December 31, 2023 and $5 at December 31, 2022.

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, 2023, the company had no interest rate swaps on short-term debt.

At December 31, 2023, the company had $8,050 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, 2023.

The company classified $4,543 and $4,050 of short-term debt as long-term at December 31, 2023 and 2022, 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.

Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 6.04	$ 5.68	$ 5.31
Common stock issued at par	$ 1,832	$ 1,832	$ 1,832	$ 1,832
Benefit plan trust	$ (240)	$ (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	14,168,000
Redeemable mezzanine equity	$ 166	$ 142

Other Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Financial Information


Other financial information is as follows:
	Year ended December 31
	2023		2022		2021
Total financing interest and debt costs	$	617	$	630	$	775
Less: Capitalized interest	148		114		63
Interest and debt expense	$	469	$	516	$	712
Research and development expenses	$	320	$	268	$	268
Excess of replacement cost over the carrying value of inventories (LIFO method)	$	6,455	$	9,061	$	5,588
LIFO profits (losses) on inventory drawdowns included in earnings	$	14	$	122	$	35
Foreign currency effects*	$	(224)	$	669	$	306

* Includes $(11), $253 and $180 in 2023, 2022 and 2021, respectively, for the company’s share of equity affiliates’ foreign currency effects.

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

12 Months Ended

Dec. 31, 2023

Summarized Financial Data of Subsidiary One [Abstract]

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

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

Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas 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
	2023		2022		2021
Sales and other operating revenues	$	152,347	$	183,032	$	120,380
Total costs and other deductions	144,482		166,955		114,641
Net income (loss) attributable to CUSA	4,598		13,315		6,904


	At December 31
	2023		2022
Current assets	$	19,489	$	18,704
Other assets	54,460		50,153
Current liabilities	20,624		22,452
Other liabilities	22,227		19,274
Total CUSA net equity	$	31,098	$	27,131
Memo: Total debt	$	9,740	$	10,800

Operating Segments and Geographic Data - Segment Sales and Operating Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	$ 196,913	$ 235,717	$ 155,606
Oil and Gas
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	196,913	235,717	155,606
Oil and Gas \| Upstream
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	45,742	63,293	43,992
Oil and Gas \| Downstream
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	151,038	172,308	111,490
Oil and Gas \| Operating Segments
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	246,142	287,061	185,955
Oil and Gas \| Operating Segments \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	124,277	143,161	86,934
Oil and Gas \| Operating Segments \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	121,865	143,900	99,021
Oil and Gas \| Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	83,920	106,978	70,140
Oil and Gas \| Operating Segments \| Upstream \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	40,115	50,822	29,219
Oil and Gas \| Operating Segments \| Upstream \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	43,805	56,156	40,921
Oil and Gas \| Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	161,625	179,565	115,307
Oil and Gas \| Operating Segments \| Downstream \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	83,567	91,824	57,209
Oil and Gas \| Operating Segments \| Downstream \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	78,058	87,741	58,098
Oil and Gas \| Corporate and Eliminations
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	133	116	124
Oil and Gas \| Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	597	518	508
Oil and Gas \| Corporate, Non-Segment \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	595	515	506
Oil and Gas \| Corporate, Non-Segment \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	2	3	2
Oil and Gas \| Intersegment \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	(462)	(400)	(382)
Oil and Gas \| Intersegment \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	(2)	(2)	(2)
Oil and Gas \| Intersegment \| Upstream \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	(26,307)	(29,870)	(15,154)
Oil and Gas \| Intersegment \| Upstream \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	(11,871)	(13,815)	(10,994)
Oil and Gas \| Intersegment \| Downstream \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	(8,793)	(5,529)	(2,296)
Oil and Gas \| Intersegment \| Downstream \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	(1,794)	(1,728)	(1,521)
Oil and Gas \| Intersegment Elimination \| United States
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	(35,562)	(35,799)	(17,832)
Oil and Gas \| Intersegment Elimination \| International
Segment Reporting Information [Line Items]
Total Sales and Other Operating Revenues	$ (13,667)	$ (15,545)	$ (12,517)

Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Total long-term debt including finance lease liabilities at December 31, 2023, was $20,307. The company’s long-term debt outstanding at year-end 2023 and 2022 was as follows:


			At December 31
			2023		2022
	Weighted Average Interest Rate (%)1	Range of Interest Rates (%)2	Principal		Principal



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		-	—		91

Medium-term notes, maturing from 2023 to 2038	6.599	5.331 - 7.840	20		23
Notes due 2023			—		2,600
Total including debt due within one year			16,281		18,975
Debt due within one year			(1,650)		(2,694)


Fair market value adjustment for debt acquired in the Noble acquisition			578		664
Reclassified from short-term debt			4,543		4,050
Unamortized discounts and debt issuance costs			(19)		(23)
Finance lease liabilities3			574		403
Total long-term debt			$	20,307	$	21,375
1 Weighted-average interest rate at December 31, 2023.
2 Range of interest rates at December 31, 2023.
3 For details on finance lease liabilities, see Note 5 Lease Commitments.

Long-term debt excluding finance lease liabilities with a principal balance of $16,281 matures as follows: 2024 – $1,650; 2025 – $4,000; 2026 – $2,250; 2027 – $2,000; 2028 – $600; and after 2028 – $5,781.

During the third quarter of 2023, the company assumed $1.5 billion of debt in conjunction with the PDC acquisition, including balances outstanding under the revolving credit facility, PDC’s 6.125% notes due 2024 (2024 notes) and PDC’s 5.75% notes due 2026 (2026 notes). The outstanding balances under the revolving credit facility and the 2024 notes were repaid during third quarter 2023. The company also irrevocably deposited sufficient U.S. Treasury securities with U.S. Bank Trust Company, N.A., as trustee, to fund the redemption of the 2026 notes, resulting in the indenture being satisfied and discharged.

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

Summarized Financial Data - Chevron U.S.A. Inc. - Summary of Income Statement Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsidiary Statements Captions [Line Items]
Sales and other operating revenues	$ 196,913	$ 235,717	$ 155,606
Total costs and other deductions	171,365	196,578	140,826
Net Income (Loss) Attributable to Chevron Corporation	21,369	35,465	15,625
Chevron U.S.A. Inc.
Subsidiary Statements Captions [Line Items]
Sales and other operating revenues	152,347	183,032	120,380
Total costs and other deductions	144,482	166,955	114,641
Net Income (Loss) Attributable to Chevron Corporation	$ 4,598	$ 13,315	$ 6,904

- Definition

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

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-Name Accounting Standards Codification
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-Paragraph 22
-Subparagraph (b)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (a)
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-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Revenue	12 Months Ended
Revenue	Dec. 31, 2023
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” on the Consolidated Balance Sheet, net of the allowance for doubtful accounts. The net balance of these receivables was $13,641 and $14,219 at December 31, 2023 and 2022, respectively. Other items included in “Accounts and notes receivable” 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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+ Details

Summarized Financial Data - Tengizchevroil LLP - Summary of Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Affiliate Statements Captions [Line Items]
Current assets	$ 41,128	$ 50,343
Current liabilities	32,258	34,208
Total affiliates’ net equity	161,929	160,242	$ 139,940	$ 132,726
Tengizchevroil LLP
Affiliate Statements Captions [Line Items]
Current assets	3,919	6,522
Other assets	57,454	54,506
Current liabilities	2,372	3,567
Other liabilities	12,782	12,312
Total affiliates’ net equity	$ 46,219	$ 45,149

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.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Employee Benefit Plans - Expected Benefit Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Other Benefits
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years
2024	$ 154
2025	151
2026	149
2027	147
2028	146
2029-2033	716
U.S. \| Pension Benefits
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years
2024	886
2025	912
2026	904
2027	901
2028	877
2029-2033	4,248
Int’l. \| Pension Benefits
Benefit payments, which include estimated future service, are expected to be paid by the company in the next 10years
2024	216
2025	210
2026	222
2027	228
2028	240
2029-2033	$ 1,266

Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Increase in income tax expense	$ 5,893
Effective tax rate	27.60%	28.30%	27.50%
Decrease in deferred tax liabilities	$ 1,779
Decrease in deferred tax assets	(628)
Loss carryforward	9,600
Tax credit carryforward	260
Carry forward amount of foreign tax credit with expiration dates	$ 13,560
Percentage of impact of unrecognized tax benefits on effective tax rate if subsequently recognized	79.00%
Unrecognized tax benefits	$ 5,452	$ 5,323	$ 5,288	$ 5,018
Anticipated interest and penalty obligations	229
Accrued benefit for interest and penalties		112
Income tax benefit expense associated with interest and penalties	$ 124	$ 152	$ 19

Properties, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Properties, Plant and Equipment
Gross Investment at Cost	$ 346,081	$ 327,785	$ 336,045
Net Investment	153,619	143,591	146,961
Additions at Cost	26,724	12,290	7,796
Depreciation Expense	17,326	16,319	17,925
Dry hole expense related to prior years expenditures, net	110	177	35
Accretion expense	593	560	616
Impairment charges	2,180	950	414
PDC Energy, Inc.
Properties, Plant and Equipment
Net Investment	10,487	10,487	10,487
United States
Properties, Plant and Equipment
Gross Investment at Cost	153,537	130,794	125,010
Net Investment	65,902	51,789	48,871
Additions at Cost	22,342	9,433	5,206
Depreciation Expense	8,910	6,172	6,798
International
Properties, Plant and Equipment
Gross Investment at Cost	192,544	196,991	211,035
Net Investment	87,717	91,802	98,090
Additions at Cost	4,382	2,857	2,590
Depreciation Expense	8,416	10,147	11,127
Australia
Properties, Plant and Equipment
Net Investment	41,409	44,012	46,687
Operating Segments \| Upstream
Properties, Plant and Equipment
Gross Investment at Cost	301,951	285,146	296,150
Net Investment	134,951	125,580	130,797
Additions at Cost	24,538	9,060	6,869
Depreciation Expense	15,775	14,842	16,499
Impairment charges	1,765
Operating Segments \| Upstream \| United States
Properties, Plant and Equipment
Gross Investment at Cost	117,955	96,590	93,393
Net Investment	50,390	37,031	36,027
Additions at Cost	20,408	6,461	4,520
Depreciation Expense	7,666	5,012	5,675
Operating Segments \| Upstream \| International
Properties, Plant and Equipment
Gross Investment at Cost	183,996	188,556	202,757
Net Investment	84,561	88,549	94,770
Additions at Cost	4,130	2,599	2,349
Depreciation Expense	8,109	9,830	10,824
Operating Segments \| Downstream
Properties, Plant and Equipment
Gross Investment at Cost	39,593	38,083	35,022
Net Investment	16,643	16,053	14,066
Additions at Cost	1,860	2,988	777
Depreciation Expense	1,232	1,224	1,129
Operating Segments \| Downstream \| United States
Properties, Plant and Equipment
Gross Investment at Cost	31,192	29,802	26,888
Net Investment	13,521	12,827	10,766
Additions at Cost	1,623	2,742	543
Depreciation Expense	931	913	833
Operating Segments \| Downstream \| International
Properties, Plant and Equipment
Gross Investment at Cost	8,401	8,281	8,134
Net Investment	3,122	3,226	3,300
Additions at Cost	237	246	234
Depreciation Expense	301	311	296
Segment Reconciling Items
Properties, Plant and Equipment
Gross Investment at Cost	4,537	4,556	4,873
Net Investment	2,025	1,958	2,098
Additions at Cost	326	242	150
Depreciation Expense	319	253	297
Segment Reconciling Items \| United States
Properties, Plant and Equipment
Gross Investment at Cost	4,390	4,402	4,729
Net Investment	1,991	1,931	2,078
Additions at Cost	311	230	143
Depreciation Expense	313	247	290
Segment Reconciling Items \| International
Properties, Plant and Equipment
Gross Investment at Cost	147	154	144
Net Investment	34	27	20
Additions at Cost	15	12	7
Depreciation Expense	$ 6	$ 6	$ 7

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022.

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, 2023.

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 In 2023, the company impaired a portion of its U.S. upstream assets, primarily in California, due to continuing regulatory challenges in the state that have resulted in lower anticipated future investment levels in its business plans. 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.

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 2023 or 2022.

Assets and Liabilities Measured at Fair Value on a Recurring Basis


	At December 31, 2023								At December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	45	$	45	$	—	$	—	$	223	$	223	$	—	$	—
Derivatives - not designated	152		24		128		—		184		111		73		—
Derivatives - designated	7		7		—		—		—		—		—		—
Total assets at fair value	$	204	$	76	$	128	$	—	$	407	$	334	$	73	$	—
Derivatives - not designated	262		160		102		—		43		33		10		—
Derivatives - designated	—		—		—		—		15		15		—		—

Total liabilities at fair value	$	262	$	160	$	102	$	—	$	58	$	48	$	10	$	—

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 2023		Total		Level 1		Level 2		Level 3		Year 2022
Properties, plant and equipment, net (held and used)	$	484	$	—	$	—	$	484	$	2,175	$	54	$	—	$	—	$	54	$	518
Properties, plant and equipment, net (held for sale)	—		—		—		—		5		—		—		—		—		432
Investments and advances	207		5		165		37		352		33		2		—		31		9
Total nonrecurring assets at fair value	$	691	$	5	$	165	$	521	$	2,532	$	87	$	2	$	—	$	85	$	959

At year-end 2023, the company had assets measured at fair value Level 3 using unobservable inputs of $521. The carrying value of these assets were written down to fair value based on estimates derived from 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 $8,178 and $17,678 at December 31, 2023, and December 31, 2022, 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, 2023.

“Cash and cash equivalents” do not include investments with a carrying/fair value of $1,097 and $1,443 at December 31, 2023, and December 31, 2022, respectively. At December 31, 2023, these investments are classified as Level 1 and include restricted funds related to certain upstream decommissioning activities, a financing program and tax payments.

Long-term debt, excluding finance lease liabilities, of $14,612 and $16,258 at December 31, 2023, and December 31, 2022, respectively, had estimated fair values of $13,709 and $14,959, respectively. Long-term debt primarily includes corporate issued bonds. The fair value of corporate bonds is $13,321 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, 2023 and 2022, were not material.

- Definition

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

+ References + Details

Properties, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Properties, Plant and Equipment

Properties, Plant and Equipment1


	At December 31												Year ended December 31
	Gross Investment at Cost						Net Investment						Additions at Cost2						Depreciation Expense3
	2023		2022		2021		2023		2022		2021		2023		2022		2021		2023		2022		2021
Upstream
United States	$	117,955	$	96,590	$	93,393	$	50,390	$	37,031	$	36,027	$	20,408	$	6,461	$	4,520	$	7,666	$	5,012	$	5,675
International	183,996		188,556		202,757		84,561		88,549		94,770		4,130		2,599		2,349		8,109		9,830		10,824
Total Upstream	301,951		285,146		296,150		134,951		125,580		130,797		24,538		9,060		6,869		15,775		14,842		16,499
Downstream
United States	31,192		29,802		26,888		13,521		12,827		10,766		1,623		2,742		543		931		913		833
International	8,401		8,281		8,134		3,122		3,226		3,300		237		246		234		301		311		296
Total Downstream	39,593		38,083		35,022		16,643		16,053		14,066		1,860		2,988		777		1,232		1,224		1,129
All Other
United States	4,390		4,402		4,729		1,991		1,931		2,078		311		230		143		313		247		290
International	147		154		144		34		27		20		15		12		7		6		6		7
Total All Other	4,537		4,556		4,873		2,025		1,958		2,098		326		242		150		319		253		297
Total United States	153,537		130,794		125,010		65,902		51,789		48,871		22,342		9,433		5,206		8,910		6,172		6,798
Total International	192,544		196,991		211,035		87,717		91,802		98,090		4,382		2,857		2,590		8,416		10,147		11,127
Total	$	346,081	$	327,785	$	336,045	$	153,619	$	143,591	$	146,961	$	26,724	$	12,290	$	7,796	$	17,326	$	16,319	$	17,925

2Net of dry hole expense related to prior years’ expenditures of $110, $177 and $35 in 2023, 2022 and 2021, respectively.

Short-Term Debt - Narrative (Details) - USD ($)	12 Months Ended
Short-Term Debt - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Committed credit facilities	$ 8,050,000,000
Debt instrument, term	364 days
Outstanding amount	$ 0
Reclassified to long-term debt	$ 4,543,000,000	$ 4,050,000,000

Financial and Derivative Instruments - Fair Value of Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Total assets at fair value	$ 159	$ 184
Total liabilities at fair value	262	58
Commodity \| Accounts and notes receivable
Derivatives, Fair Value [Line Items]
Total assets at fair value	151	175
Commodity \| Long-term receivables, net
Derivatives, Fair Value [Line Items]
Total assets at fair value	8	9
Commodity \| Accounts payable
Derivatives, Fair Value [Line Items]
Total liabilities at fair value	216	46
Commodity \| Deferred credits and other noncurrent obligations
Derivatives, Fair Value [Line Items]
Total liabilities at fair value	$ 46	$ 12

Employee Benefit Plans - Summary of Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S.
Change in Plan Assets
Beginning balance	$ 7,942
Employer contributions	1,020
Ending balance	9,137	$ 7,942
Int’l.
Change in Plan Assets
Beginning balance	3,286
Employer contributions	100
Ending balance	3,398	3,286
Pension Benefits \| U.S.
Change in Benefit Obligation
Beginning balance	9,713	12,966
Service cost	342	432	$ 450
Interest cost	448	318	235
Plan participants’ contributions	0	0
Plan amendments	0	40
Actuarial (gain) loss	603	(2,753)
Foreign currency exchange rate changes	0	0
Benefits paid	(714)	(1,290)
Acquisitions	0	0
Curtailment	0	0
Special termination costs	0	0
Ending balance	10,392	9,713	12,966
Change in Plan Assets
Beginning balance	7,942	9,919
Actual return on plan assets	889	(1,851)
Foreign currency exchange rate changes	0	0
Employer contributions	1,020	1,164
Plan participants’ contributions	0	0
Benefits paid	(714)	(1,290)
Ending balance	9,137	7,942	9,919
Funded status	(1,255)	(1,771)
Pension Benefits \| Int’l.
Change in Benefit Obligation
Beginning balance	3,354	5,351
Service cost	58	83	123
Interest cost	193	137	137
Plan participants’ contributions	3	3
Plan amendments	28	38
Actuarial (gain) loss	17	(1,559)
Foreign currency exchange rate changes	180	(423)
Benefits paid	(218)	(276)
Acquisitions	(14)	0
Curtailment	2	0
Special termination costs	2	0
Ending balance	3,605	3,354	5,351
Change in Plan Assets
Beginning balance	3,286	4,950
Actual return on plan assets	46	(1,096)
Foreign currency exchange rate changes	181	(453)
Employer contributions	100	158
Plan participants’ contributions	3	3
Benefits paid	(218)	(276)
Ending balance	3,398	3,286	4,950
Funded status	(207)	(68)
Other Benefits
Change in Benefit Obligation
Beginning balance	1,938	2,489
Service cost	33	43	43
Interest cost	97	60	53
Plan participants’ contributions	63	62
Plan amendments	0	18
Actuarial (gain) loss	103	(509)
Foreign currency exchange rate changes	5	(5)
Benefits paid	(222)	(220)
Acquisitions	0	0
Curtailment	0	0
Special termination costs	0	0
Ending balance	2,017	1,938	2,489
Change in Plan Assets
Beginning balance	0	0
Actual return on plan assets	0	0
Foreign currency exchange rate changes	0	0
Employer contributions	159	158
Plan participants’ contributions	63	62
Benefits paid	(222)	(220)
Ending balance	0	0	$ 0
Funded status	$ (2,017)	$ (1,938)

Changes in Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 160,242	$ 139,940	$ 132,726
Components of Other Comprehensive Income (Loss):
Other Comprehensive Gain (Loss), Net of Tax	(162)	1,091	1,723
Ending balance	161,929	160,242	139,940
Income tax expense (benefit)	8,173	14,066	5,950
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,798)	(3,889)	(5,612)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(401)	729	887
Reclassifications	239	362	836
Other Comprehensive Gain (Loss), Net of Tax	(162)	1,091	1,723
Ending balance	(2,960)	(2,798)	(3,889)
Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(203)	(162)	(107)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	11	(41)	(55)
Reclassifications	0	0	0
Other Comprehensive Gain (Loss), Net of Tax	11	(41)	(55)
Ending balance	(192)	(203)	(162)
Unrealized Holding Gains (Losses) on Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(12)	(11)	(10)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	1	(1)	(1)
Reclassifications	0	0	0
Other Comprehensive Gain (Loss), Net of Tax	1	(1)	(1)
Ending balance	(11)	(12)	(11)
Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(12)	0	0
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(16)	68	(6)
Reclassifications	33	(80)	6
Other Comprehensive Gain (Loss), Net of Tax	17	(12)	0
Ending balance	5	(12)	0
Defined Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,571)	(3,716)	(5,495)
Components of Other Comprehensive Income (Loss):
Before Reclassifications	(397)	703	949
Reclassifications	206	442	830
Other Comprehensive Gain (Loss), Net of Tax	(191)	1,145	1,779
Ending balance	(2,762)	$ (2,571)	$ (3,716)
Defined Benefit Plans \| Reclassification out of Accumulated Other Comprehensive Income
Components of Other Comprehensive Income (Loss):
Reclassification, before tax amount	231
Income tax expense (benefit)	$ 25

Operating Segments and Geographic Data

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Operating Segments and Geographic Data

Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of exploring for, developing, 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; carbon capture and storage; 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
	2023		2022		2021
Upstream
United States	$	4,148	$	12,621	$	7,319
International	13,290		17,663		8,499
Total Upstream	17,438		30,284		15,818
Downstream
United States	3,904		5,394		2,389
International	2,233		2,761		525
Total Downstream	6,137		8,155		2,914
Total Segment Earnings	23,575		38,439		18,732
All Other
Interest expense	(432)		(476)		(662)
Interest income	491		261		36
Other	(2,265)		(2,759)		(2,481)
Net Income (Loss) Attributable to Chevron Corporation	$	21,369	$	35,465	$	15,625

Segment Assets Segment assets do not include intercompany investments or receivables. Assets at year-end 2023 and 2022 are as follows:


	At December 31
	2023		2022
Upstream
United States	$	58,750	$	44,246
International	131,685		134,489
Goodwill	4,370		4,370
Total Upstream	194,805		183,105
Downstream
United States	33,066		31,676
International	21,070		21,193
Goodwill	352		352
Total Downstream	54,488		53,221
Total Segment Assets	249,293		236,326
All Other
United States	10,292		17,861
International	2,047		3,522
Total All Other	12,339		21,383
Total Assets – United States	102,108		93,783
Total Assets – International	154,802		159,204
Goodwill	4,722		4,722
Total Assets	$	261,632	$	257,709

Segment Sales and Other Operating Revenues Operating segment sales and other operating revenues, including internal transfers, for the years 2023, 2022 and 2021, are presented in the table on the next page. Products are transferred between operating segments at internal product values that approximate market prices.

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


	Year ended December 31*
	2023		2022		2021
Upstream
United States	$	40,115	$	50,822	$	29,219
International	43,805		56,156		40,921
Subtotal	83,920		106,978		70,140
Intersegment Elimination — United States	(26,307)		(29,870)		(15,154)
Intersegment Elimination — International	(11,871)		(13,815)		(10,994)
Total Upstream	45,742		63,293		43,992
Downstream
United States	83,567		91,824		57,209
International	78,058		87,741		58,098
Subtotal	161,625		179,565		115,307
Intersegment Elimination — United States	(8,793)		(5,529)		(2,296)
Intersegment Elimination — International	(1,794)		(1,728)		(1,521)
Total Downstream	151,038		172,308		111,490
All Other
United States	595		515		506
International	2		3		2
Subtotal	597		518		508
Intersegment Elimination — United States	(462)		(400)		(382)
Intersegment Elimination — International	(2)		(2)		(2)
Total All Other	133		116		124
Sales and Other Operating Revenues
United States	124,277		143,161		86,934
International	121,865		143,900		99,021
Subtotal	246,142		287,061		185,955
Intersegment Elimination — United States	(35,562)		(35,799)		(17,832)
Intersegment Elimination — International	(13,667)		(15,545)		(12,517)
Total Sales and Other Operating Revenues	$	196,913	$	235,717	$	155,606

*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 2023, 2022 and 2021 is as follows:


	Year ended December 31
	2023		2022		2021
Upstream
United States	$	1,141	$	3,678	$	1,934
International	5,733		9,055		4,192
Total Upstream	6,874		12,733		6,126
Downstream
United States	1,109		1,515		547
International	519		280		203
Total Downstream	1,628		1,795		750
All Other	(329)		(462)		(926)
Total Income Tax Expense (Benefit)	$	8,173	$	14,066	$	5,950

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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Lease Commitments - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
Future undiscounted cash flows for operating leases not yet commenced	$ 232

Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	$ 550	$ (1,050)	$ (1,244)
Amortization of actuarial loss	(244)	(599)	(1,069)
Prior service (credits) costs during period	29	96	0
Amortization of prior service (costs) credits	13	19	14
Other Benefits
Net Periodic Benefit Cost
Service cost	33	43	43
Interest cost	97	60	53
Expected return on plan assets	0	0	0
Amortization of prior service costs (credits)	(25)	(27)	(27)
Recognized actuarial losses	(19)	13	16
Settlement losses	0	0	0
Acquisition/Divestiture losses (gains)	0	0	0
Special termination benefits	0	0	0
Acquisition/Divestiture losses (gains)	0	0	0
Total net periodic benefit cost	86	89	85
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	108	(514)	(111)
Amortization of actuarial loss	19	(13)	(15)
Prior service (credits) costs during period	1	18	0
Amortization of prior service (costs) credits	25	27	27
Total changes recognized in other comprehensive income	153	(482)	(99)
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	239	(393)	(14)
U.S. \| Pension Benefits
Net Periodic Benefit Cost
Service cost	342	432	450
Interest cost	448	318	235
Expected return on plan assets	(557)	(624)	(596)
Amortization of prior service costs (credits)	4	2	2
Recognized actuarial losses	199	218	309
Settlement losses	56	363	672
Acquisition/Divestiture losses (gains)	0	0	0
Special termination benefits	0	0	0
Acquisition/Divestiture losses (gains)	0	0	0
Total net periodic benefit cost	492	709	1,072
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	270	(279)	(725)
Amortization of actuarial loss	(255)	(581)	(981)
Prior service (credits) costs during period	0	40	0
Amortization of prior service (costs) credits	(4)	(2)	(2)
Total changes recognized in other comprehensive income	11	(822)	(1,708)
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	503	(113)	(636)
Int’l. \| Pension Benefits
Net Periodic Benefit Cost
Service cost	58	83	123
Interest cost	193	137	137
Expected return on plan assets	(204)	(176)	(171)
Amortization of prior service costs (credits)	8	6	8
Recognized actuarial losses	8	15	46
Settlement losses	0	(6)	7
Acquisition/Divestiture losses (gains)	2	(5)	(1)
Special termination benefits	2	0	0
Acquisition/Divestiture losses (gains)	2	0	0
Total net periodic benefit cost	65	54	149
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	172	(257)	(408)
Amortization of actuarial loss	(8)	(5)	(73)
Prior service (credits) costs during period	28	38	0
Amortization of prior service (costs) credits	(8)	(6)	(11)
Total changes recognized in other comprehensive income	184	(230)	(492)
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$ 249	$ (176)	$ (343)

Summarized Financial Data - Tengizchevroil LLP

12 Months Ended

Dec. 31, 2023

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
	2023		2022		2021
Sales and other operating revenues	$	19,578	$	23,795	$	15,927
Costs and other deductions	10,193		11,596		8,186
Net income attributable to TCO	6,569		8,566		5,418


	At December 31
	2023		2022
Current assets	$	3,919	$	6,522
Other assets	57,454		54,506
Current liabilities	2,372		3,567
Other liabilities	12,782		12,312
Total TCO net equity	$	46,219	$	45,149

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
	2023		2022		2021
Sales and other operating revenues	$	11,560	$	14,180	$	14,104
Costs and other deductions	10,561		12,870		10,862
Net income attributable to CPChem	1,173		1,662		3,684


	At December 31
	2023		2022
Current assets	$	3,284	$	3,472
Other assets	16,425		15,184
Current liabilities	1,757		2,146
Other liabilities	3,269		2,941
Total CPChem net equity	$	14,683	$	13,569

Equity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's share of undistributed earnings for equity affiliates	$ 34,359	$ 33,570
Shares remaining available for issuance (in shares)	578,044
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)	101,000,000
Chevron Long-Term Incentive Plan (LTIP) \| From May 2022 through May 2032 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for issuance (in shares)	104,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 21,369	$ 35,465	$ 15,625

- Definition

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

+ References

+ Details

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable, current	$ 301	$ 457
Allowance for long-term receivables, noncurrent	$ 340	$ 552
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (usd per share)	$ 1.00	$ 1.00
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	6,000,000,000	6,000,000,000
Common stock, par value (usd per share)	$ 0.75	$ 0.75
Common stock, shares issued (in shares)	2,442,676,580	2,442,676,580
Treasury stock, shares (in shares)	577,028,776	527,460,237
Redeemable mezzanine equity	$ 166	$ 142
Finance lease liabilities	$ 574	$ 403

Consolidated Balance Sheet - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Assets

Cash and cash equivalents

$ 8,178

$ 17,678

Marketable securities

223

Accounts and notes receivable (less allowance: 2023 - $301; 2022 - $457)

19,921

20,456

Inventories:

Crude oil and products

6,059

5,866

Chemicals

406

515

Materials, supplies and other

2,147

1,866

Total inventories

8,612

8,247

Prepaid expenses and other current assets

4,372

3,739

Total Current Assets

41,128

50,343

Long-term receivables, net (less allowances: 2023 - $340; 2022 - $552)

942

1,069

Investments and advances

46,812

45,238

Properties, plant and equipment, at cost

346,081

327,785

Less: Accumulated depreciation, depletion and amortization

192,462

184,194

Properties, plant and equipment, net

153,619

143,591

Deferred charges and other assets

13,734

12,310

Goodwill

4,722

Assets held for sale

675

436

Total Assets

261,632

257,709

Liabilities and Equity

Short-term debt

529

1,964

Accounts payable

20,423

18,955

Accrued liabilities

7,655

7,486

Federal and other taxes on income

1,863

4,381

Other taxes payable

1,788

1,422

Total Current Liabilities

32,258

34,208

Long-term debt

^[1]

20,307

21,375

Deferred credits and other noncurrent obligations

24,226

20,396

Noncurrent deferred income taxes

18,830

17,131

Noncurrent employee benefit plans

4,082

4,357

Total Liabilities

^[2]

99,703

97,467

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

Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares issued at December 31, 2023 and 2022)

1,832

Capital in excess of par value

21,365

18,660

Retained earnings

200,025

190,024

Accumulated other comprehensive losses

(2,960)

(2,798)

Deferred compensation and benefit plan trust

(240)

Treasury stock, at cost (2023 - 577,028,776 shares; 2022 - 527,460,237 shares)

(59,065)

(48,196)

Total Chevron Corporation Stockholders’ Equity

160,957

159,282

Noncontrolling interests (includes redeemable noncontrolling interest of $166 and $142 at December 31, 2023 and 2022)

972

960

Total Equity

161,929

160,242

Total Liabilities and Equity

$ 261,632

$ 257,709

[1]	1 Includes finance lease liabilities of $574 and $403 at December 31, 2023 and 2022, respectively.
[2]	2 Refer to Note 24 Other Contingencies and Commitments.

Financial Instruments - Credit Losses (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Allowance for credit loss	$ 641	$ 1,009
Trade receivable	17,640
Non-Trade Accounts Receivable
Related Party Transaction [Line Items]
Non-trade receivable	3,864
Equity Affiliate Loan \| Investments and Advances
Related Party Transaction [Line Items]
Allowance for credit loss	$ 219	$ 560

Operating Segments and Geographic Data (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Earnings

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


	Year ended December 31
	2023		2022		2021
Upstream
United States	$	4,148	$	12,621	$	7,319
International	13,290		17,663		8,499
Total Upstream	17,438		30,284		15,818
Downstream
United States	3,904		5,394		2,389
International	2,233		2,761		525
Total Downstream	6,137		8,155		2,914
Total Segment Earnings	23,575		38,439		18,732
All Other
Interest expense	(432)		(476)		(662)
Interest income	491		261		36
Other	(2,265)		(2,759)		(2,481)
Net Income (Loss) Attributable to Chevron Corporation	$	21,369	$	35,465	$	15,625

Segment Assets

Assets at year-end 2023 and 2022 are as follows:


	At December 31
	2023		2022
Upstream
United States	$	58,750	$	44,246
International	131,685		134,489
Goodwill	4,370		4,370
Total Upstream	194,805		183,105
Downstream
United States	33,066		31,676
International	21,070		21,193
Goodwill	352		352
Total Downstream	54,488		53,221
Total Segment Assets	249,293		236,326
All Other
United States	10,292		17,861
International	2,047		3,522
Total All Other	12,339		21,383
Total Assets – United States	102,108		93,783
Total Assets – International	154,802		159,204
Goodwill	4,722		4,722
Total Assets	$	261,632	$	257,709

Segment Sales and Other Operating Revenues


	Year ended December 31*
	2023		2022		2021
Upstream
United States	$	40,115	$	50,822	$	29,219
International	43,805		56,156		40,921
Subtotal	83,920		106,978		70,140
Intersegment Elimination — United States	(26,307)		(29,870)		(15,154)
Intersegment Elimination — International	(11,871)		(13,815)		(10,994)
Total Upstream	45,742		63,293		43,992
Downstream
United States	83,567		91,824		57,209
International	78,058		87,741		58,098
Subtotal	161,625		179,565		115,307
Intersegment Elimination — United States	(8,793)		(5,529)		(2,296)
Intersegment Elimination — International	(1,794)		(1,728)		(1,521)
Total Downstream	151,038		172,308		111,490
All Other
United States	595		515		506
International	2		3		2
Subtotal	597		518		508
Intersegment Elimination — United States	(462)		(400)		(382)
Intersegment Elimination — International	(2)		(2)		(2)
Total All Other	133		116		124
Sales and Other Operating Revenues
United States	124,277		143,161		86,934
International	121,865		143,900		99,021
Subtotal	246,142		287,061		185,955
Intersegment Elimination — United States	(35,562)		(35,799)		(17,832)
Intersegment Elimination — International	(13,667)		(15,545)		(12,517)
Total Sales and Other Operating Revenues	$	196,913	$	235,717	$	155,606

*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 2023, 2022 and 2021 is as follows:


	Year ended December 31
	2023		2022		2021
Upstream
United States	$	1,141	$	3,678	$	1,934
International	5,733		9,055		4,192
Total Upstream	6,874		12,733		6,126
Downstream
United States	1,109		1,515		547
International	519		280		203
Total Downstream	1,628		1,795		750
All Other	(329)		(462)		(926)
Total Income Tax Expense (Benefit)	$	8,173	$	14,066	$	5,950

Consolidated Statement of Income - USD ($) $ in Millions	12 Months Ended
Consolidated Statement of Income - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues and Other Income
Sales and other operating revenues	$ 196,913	$ 235,717	$ 155,606
Income (loss) from equity affiliates	5,131	8,585	5,657
Other income (loss)	(1,095)	1,950	1,202
Total Revenues and Other Income	200,949	246,252	162,465
Costs and Other Deductions
Purchased crude oil and products	119,196	145,416	92,249
Operating expenses	24,887	24,714	20,726
Selling, general and administrative expenses	4,141	4,312	4,014
Exploration expenses	914	974	549
Depreciation, depletion and amortization	17,326	16,319	17,925
Taxes other than on income	4,220	4,032	3,963
Interest and debt expense	469	516	712
Other components of net periodic benefit costs	212	295	688
Total Costs and Other Deductions	171,365	196,578	140,826
Income (Loss) Before Income Tax Expense	29,584	49,674	21,639
Income Tax Expense (Benefit)	8,173	14,066	5,950
Net Income (Loss)	21,411	35,608	15,689
Less: Net income (loss) attributable to noncontrolling interests	42	143	64
Net Income (Loss) Attributable to Chevron Corporation	$ 21,369	$ 35,465	$ 15,625
Net Income (Loss) Attributable to Chevron Corporation
– Basic (in dollars per share)	$ 11.41	$ 18.36	$ 8.15
– Diluted (in dollars per share)	$ 11.36	$ 18.28	$ 8.14

New Accounting Standards	12 Months Ended
New Accounting Standards	Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-07, which becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard requires companies to disclose significant segment expenses. The company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. Income Taxes (Topic 740) Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.

- Definition

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.

+ References

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+ Details

Equity	12 Months Ended
Equity	Dec. 31, 2023
Equity [Abstract]
Equity	Equity Retained earnings at December 31, 2023 and 2022, included $34,359 and $33,570, respectively, for the company’s share of undistributed earnings of equity affiliates. At December 31, 2023, about 101 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, 578,044 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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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%
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	$ 3,792	$ 3,446
Other Benefit Assumptions:
Assumed health care cost-trend rates in the next fiscal year	8.40%	6.60%
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	95.00%
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
Employee Incentive Plan
Charges to expense for cash bonuses	$ 809	$ 1,169	$ 1,165
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	$ (355)	$ (507)
Discount Rate:
Discount rate for pension plans	5.10%	5.30%	2.90%
Cash Contributions and Benefit Payments:
Contributions to employee pension plans	$ 159	$ 158
Estimated contributions to employee pension plans for the next fiscal year	150
ESIP
Employee Savings Investment Plan:
Compensation expense	$ 320	$ 283	$ 252
U.S.
Expected Return on Plan Assets:
Estimated long-term rate of return on US pension plan assets	7.00%
Discount Rate:
Discount rate for pension plans	5.00%	5.20%	2.80%
Cash Contributions and Benefit Payments:
Contributions to employee pension plans	$ 1,020
Estimated contributions to employee pension plans for the next fiscal year	750
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	3,198	$ 3,187
Accumulated benefit obligations pension plans	$ 9,284	$ 8,595
Expected Return on Plan Assets:
Estimated long-term rate of return on US pension plan assets	7.00%	6.60%	6.50%
Percentage of US pension plan assets relative to total pension plan assets	71.00%
Plan asset market valuation period, prior to year-end measurement date	3 months
Discount Rate:
Discount rate for pension plans	5.00%	5.20%	2.80%
Cash Contributions and Benefit Payments:
Contributions to employee pension plans	$ 1,020	$ 1,164
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	$ 100
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	949	766
Accumulated benefit obligations pension plans	$ 3,378	$ 3,084
Expected Return on Plan Assets:
Estimated long-term rate of return on US pension plan assets	6.10%	3.90%	3.50%
Discount Rate:
Discount rate for pension plans	5.50%	5.80%	2.80%
Cash Contributions and Benefit Payments:
Contributions to employee pension plans	$ 100	$ 158
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	63.00%
UNITED KINGDOM \| Pension Benefits \| Fixed Income and Cash \| Maximum
Primary Investment:
Pension Plan - Board of Trustees approved asset allocation	93.00%
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	7.00%

Taxes - Summary of Unrecognized Income Tax Benefits and Taxes Other Than on Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes to company's unrecognized tax benefits
Beginning balance	$ 5,323	$ 5,288	$ 5,018
Foreign currency effects	(27)	(2)	(1)
Additions based on tax positions taken in current year	248	30	194
Additions for tax positions taken in prior years	265	234	218
Reductions based on tax positions taken in current year	(104)	0	0
Reductions for tax positions taken in prior years	(251)	(117)	(36)
Settlements with taxing authorities in current year	(2)	(110)	(18)
Reductions as a result of a lapse of the applicable statute of limitations	0	0	(87)
Ending balance	5,452	5,323	5,288
Income Tax Authority [Line Items]
Total taxes other than on income	4,220	4,032	3,963
United States
Income Tax Authority [Line Items]
Import duties and other levies	(9)	10	7
Property and other miscellaneous taxes	818	609	552
Payroll taxes	286	248	302
Taxes on production	801	989	628
Total taxes other than on income	1,896	1,856	1,489
International
Income Tax Authority [Line Items]
Import duties and other levies	72	63	49
Property and other miscellaneous taxes	2,004	1,789	2,174
Payroll taxes	121	122	113
Taxes on production	127	202	138
Total taxes other than on income	$ 2,324	$ 2,176	$ 2,474

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 09, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-00368
Entity Registrant Name	Chevron Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-0890210
Entity Address, Address Line One	6001 Bollinger Canyon Road
Entity Address, City or Town	San Ramon
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94583-2324
City Area Code	925
Local Phone Number	842-1000
Title of 12(b) Security	Common stock, par value $.75 per share
Trading Symbol	CVX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 293.8
Entity Common Stock, Shares Outstanding		1,857,269,160
Documents Incorporated by Reference	Notice of the 2024 Annual Meeting and 2024 Proxy Statement, to be filed pursuant to Rule 14a-6(b) under the Securities Exchange Act of 1934, in connection with the company’s 2024 Annual Meeting of Stockholders (in Part III)
Entity Central Index Key	0000093410
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Investments and Advances - Summary of Financial Information of All Equity Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Total revenues	$ 200,949	$ 246,252	$ 162,465
Income before income tax expense	29,584	49,674	21,639
Net Income (Loss)	21,411	35,608	15,689
Current assets	41,128	50,343
Current liabilities	32,258	34,208
Total affiliates’ net equity	161,929	160,242	139,940	$ 132,726
Income Tax Expense (Benefit)	8,173	14,066	5,950
Chevron \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Investments [Line Items]
Total revenues	23,217	48,323	34,359
Income before income tax expense	7,209	10,876	6,984
Net Income (Loss)	5,485	8,595	5,670
Current assets	10,110	11,671	9,267
Noncurrent assets	48,753	46,428	44,360
Current liabilities	6,698	7,708	7,492
Noncurrent liabilities	6,342	5,980	5,982
Total affiliates’ net equity	45,823	44,411	40,153
Income Tax Expense (Benefit)	1,724
Affiliates \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Investments [Line Items]
Total revenues	49,306	100,184	71,241
Income before income tax expense	15,304	23,811	15,175
Net Income (Loss)	11,618	19,077	12,598
Current assets	22,772	26,632	21,871
Noncurrent assets	105,965	101,557	100,235
Current liabilities	14,085	16,319	17,275
Noncurrent liabilities	23,797	22,943	24,219
Total affiliates’ net equity	90,855	$ 88,927	$ 80,612
Income Tax Expense (Benefit)	$ 3,686

Acquisition of PDC Energy, Inc. - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - PDC Energy, Inc. - USD ($) $ in Millions	Sep. 30, 2023	Aug. 07, 2023
Business Acquisition [Line Items]
Current assets		$ 630
Properties, plant and equipment		10,487
Other assets		118
Total assets acquired		11,235
Current liabilities		1,376
Long-term debt	$ 1,500	1,473
Deferred income tax		1,397
Other liabilities		469
Total liabilities assumed		4,715
Purchase Price		$ 6,520

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Funded status of pension and other postretirement benefit plans

The funded status of the company’s pension and OPEB plans for 2023 and 2022 follows:


	Pension Benefits
	2023				2022				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		2023		2022
Change in Benefit Obligation
Benefit obligation at January 1	$	9,713	$	3,354	$	12,966	$	5,351	$	1,938	$	2,489
Service cost	342		58		432		83		33		43
Interest cost	448		193		318		137		97		60
Plan participants’ contributions	—		3		—		3		63		62
Plan amendments	—		28		40		38		—		18
Actuarial (gain) loss	603		17		(2,753)		(1,559)		103		(509)
Foreign currency exchange rate changes	—		180		—		(423)		5		(5)
Benefits paid	(714)		(218)		(1,290)		(276)		(222)		(220)
Divestitures/Acquisitions	—		(14)		—		—		—		—
Curtailment	—		2		—		—		—		—
Special termination costs	—		2		—		—		—		—
Benefit obligation at December 31	10,392		3,605		9,713		3,354		2,017		1,938
Change in Plan Assets
Fair value of plan assets at January 1	7,942		3,286		9,919		4,950		—		—
Actual return on plan assets	889		46		(1,851)		(1,096)		—		—
Foreign currency exchange rate changes	—		181		—		(453)		—		—
Employer contributions	1,020		100		1,164		158		159		158
Plan participants’ contributions	—		3		—		3		63		62
Benefits paid	(714)		(218)		(1,290)		(276)		(222)		(220)

Fair value of plan assets at December 31	9,137		3,398		7,942		3,286		—		—
Funded status at December 31	$	(1,255)	$	(207)	$	(1,771)	$	(68)	$	(2,017)	$	(1,938)

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, 2023 and 2022, include:


	Pension Benefits
	2023				2022				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		2023		2022
Deferred charges and other assets	$	31	$	703	$	26	$	759	$	—	$	—
Accrued liabilities	(145)		(73)		(210)		(62)		(154)		(152)
Noncurrent employee benefit plans	(1,141)		(837)		(1,587)		(765)		(1,863)		(1,786)
Net amount recognized at December 31	$	(1,255)	$	(207)	$	(1,771)	$	(68)	$	(2,017)	$	(1,938)

Before tax basis amount in accumulated other comprehensive loss

Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB plans were $3,792 and $3,446 at the end of 2023 and 2022, respectively. These amounts consisted of:


	Pension Benefits
	2023				2022				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		2023		2022
Net actuarial loss	$	3,161	$	823	$	3,147	$	659	$	(266)	$	(392)
Prior service (credit) costs	37		126		40		107		(89)		(115)
Total recognized at December 31	$	3,198	$	949	$	3,187	$	766	$	(355)	$	(507)

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, 2023 and 2022, was:


	Pension Benefits
	2023				2022
	U.S.		Int’l.		U.S.		Int’l.
Projected benefit obligations	$	1,203	$	913	$	1,322	$	828
Accumulated benefit obligations	1,108		773		1,135		671
Fair value of plan assets	—		4		—		3

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 2023, 2022 and 2021 are shown in the table below:


	Pension Benefits
	2023				2022				2021				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		U.S.		Int’l.		2023		2022		2021
Net Periodic Benefit Cost
Service cost	$	342	$	58	$	432	$	83	$	450	$	123	$	33	$	43	$	43
Interest cost	448		193		318		137		235		137		97		60		53
Expected return on plan assets	(557)		(204)		(624)		(176)		(596)		(171)		—		—		—
Amortization of prior service costs (credits)	4		8		2		6		2		8		(25)		(27)		(27)
Recognized actuarial losses	199		8		218		15		309		46		(19)		13		16
Settlement losses	56		—		363		(6)		672		7		—		—		—
Curtailment losses (gains)	—		2		—		(5)		—		(1)		—		—		—
Special termination benefits	—		2		—		—		—		—		—		—		—
Acquisition/Divestiture losses (gains)	—		(2)		—		—		—		—		—		—		—
Total net periodic benefit cost	492		65		709		54		1,072		149		86		89		85
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	270		172		(279)		(257)		(725)		(408)		108		(514)		(111)
Amortization of actuarial loss	(255)		(8)		(581)		(5)		(981)		(73)		19		(13)		(15)
Prior service (credits) costs during period	—		28		40		38		—		—		1		18		—
Amortization of prior service (costs) credits	(4)		(8)		(2)		(6)		(2)		(11)		25		27		27
Total changes recognized in other comprehensive income	11		184		(822)		(230)		(1,708)		(492)		153		(482)		(99)
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	503	$	249	$	(113)	$	(176)	$	(636)	$	(343)	$	239	$	(393)	$	(14)

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
	2023				2022				2021						Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		U.S.		Int’l.		2023		2022		2021
Assumptions used to determine benefit obligations:
Discount rate	5.0	%	5.5	%	5.2	%	5.8	%	2.8	%	2.8	%	5.1	%	5.3	%	2.9	%
Rate of compensation increase	4.5	%	3.9	%	4.5	%	4.2	%	4.5	%	4.1	%	N/A		N/A		N/A
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost	5.2	%	5.8	%	3.6	%	2.8	%	3.0	%	2.4	%	5.4	%	3.1	%	3.0	%
Discount rate for interest cost	5.0	%	5.8	%	2.8	%	2.8	%	1.9	%	2.4	%	5.2	%	2.4	%	2.1	%
Expected return on plan assets	7.0	%	6.1	%	6.6	%	3.9	%	6.5	%	3.5	%	N/A		N/A		N/A
Rate of compensation increase	4.5	%	4.2	%	4.5	%	4.1	%	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 2023 and 2022 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, 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
At December 31, 2023
Equities
U.S.1	$	1,691	$	1,689	$	1	$	1	$	—	$	188	$	188	$	—	$	—	$	—
International	1,128		1,128		—		—		—		124		124		—		—		—
Collective Trusts/Mutual Funds2	1,269		4		—		—		1,265		95		6		—		—		89
Fixed Income
Government	82		—		82		—		—		172		101		71		—		—
Corporate	964		—		964		—		—		431		4		427		—		—
Bank Loans	5		—		5		—		—		—		—		—		—		—
Mortgage/Asset Backed	1		—		1		—		—		5		—		5		—		—

Collective Trusts/Mutual Funds2	2,293		—		—		—		2,293		1,819		—		—		—		1,819
Mixed Funds3	—		—		—		—		—		85		8		77		—		—
Real Estate4	1,087		—		—		—		1,087		147		—		24		—		123
Alternative Investments	—		—		—		—		—		9		—		9		—		—
Cash and Cash Equivalents	548		12		—		—		536		81		74		1		—		6
Other5	69		(2)		14		56		1		242		—		11		81		150
Total at December 31, 2023	$	9,137	$	2,831	$	1,067	$	57	$	5,182	$	3,398	$	505	$	625	$	81	$	2,187

1There were no investments in the company’s common stock at December 31, 2023 or December 31, 2022.

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 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
	U.S.		International		Real Estate		Other		Total
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
Actual Return on Plan Assets:
Assets held at the reporting date	1		—		5		—		6
Assets sold during the period	—		—		—		(2)		(2)
Purchases, Sales and Settlements	—		—		—		—		—
Transfers in and/or out of Level 3	—		—		(43)		—		(43)
Total at December 31, 2023	$	1	$	—	$	—	$	137	$	138

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
2024	$	886	$	216	$	154
2025	912		210		151
2026	904		222		149
2027	901		228		147
2028	877		240		146
2029-2033	4,248		1,266		716

Information Relating to the Consolidated Statement of Cash Flows - Summary of Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates	$ 4,246	$ 3,855	$ 3,659
(Income) loss from equity affiliates	(5,131)	(8,585)	(5,657)
Distributions more (less) than income from equity affiliates	(885)	(4,730)	(1,998)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	1,187	(2,317)	(7,548)
Decrease (increase) in inventories	(320)	(930)	(530)
Decrease (increase) in prepaid expenses and other current assets	(1,202)	(226)	19
Increase (decrease) in accounts payable and accrued liabilities	(49)	2,750	5,475
Increase (decrease) in income and other taxes payable	(2,801)	2,848	1,223
Net decrease (increase) in operating working capital	(3,185)	2,125	(1,361)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	465	525	699
Income taxes	10,416	9,148	4,355
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	446	1,435	1,352
Returns of investment from equity affiliates	223	1,200	439
Proceeds and deposits related to asset sales and returns of investment	669	2,635	1,791
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	(289)	(7)	(4)
Marketable securities sold	464	124	3
Net sales (purchases) of marketable securities	175	117	(1)
Net repayment (borrowing) of loans by equity affiliates:
Borrowing of loans by equity affiliates	(368)	(108)	0
Repayment of loans by equity affiliates	66	84	401
Net repayment (borrowing) of loans by equity affiliates	(302)	(24)	401
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Repayments of short-term obligations	0	0	(6,906)
Proceeds from issuances of short-term debt obligations	0	0	4,448
Net borrowings (repayments) of short-term obligations with three months or less maturity	135	263	(3,114)
Net borrowings (repayments) of short-term obligations	135	263	(5,572)
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans	261	5,838	1,421
Shares purchased under share repurchase and deferred compensation plans	(14,939)	(11,255)	(1,383)
Net sales (purchases) of treasury shares	(14,678)	(5,417)	38
Net contributions from (distributions to) noncontrolling interests consisted of the following gross and net amounts:
Distributions to noncontrolling interests	(54)	(118)	(53)
Contributions from noncontrolling interests	14	4	17
Net contributions from (distributions to) noncontrolling interests	(40)	(114)	(36)
Capital expenditures
Additions to properties, plant and equipment	14,788	10,349	7,515
Additions to investments	690	1,147	460
Current-year dry hole expenditures	326	309	83
Payments for other assets and liabilities, net	25	169	(2)
Capital expenditures	15,829	11,974	8,056
Non-cash additions to properties, plant and equipment	$ 1,559	$ 334	$ 316

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
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 2023 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 abandonment and decommissioning obligations related to previously sold assets, refer to Note 24 Other Contingencies and Commitment s. 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, NGLs, 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” on the Consolidated Balance Sheet, net of the allowance for doubtful accounts. The net balance of these receivables was $13,641 and $14,219 at December 31, 2023 and 2022, respectively. Other items included in “Accounts and notes receivable” 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 and certain restricted stock units, 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; carbon capture and storage; 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.

Summarized Financial Data - Tengizchevroil LLP - Summary of Income Statement Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Sales and other operating revenues	$ 196,913	$ 235,717	$ 155,606
Net income attributable to TCO	$ 21,411	35,608	15,689
Tengizchevroil
Affiliate Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Sales and other operating revenues	$ 19,578	23,795	15,927
Costs and other deductions	10,193	11,596	8,186
Net income attributable to TCO	$ 6,569	$ 8,566	$ 5,418
Tengizchevroil
Affiliate Statements Captions [Line Items]
Equity method investment, ownership percentage	50.00%

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

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Financial and Derivative Instruments - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gain (loss) on hedge transactions	$ (11)	$ 65	$ (6)
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gain (loss) on hedge transactions	(7)
Cash flow hedge gain (loss) to be reclassified within 12 months	(7)
Designated \| Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	$ 33	$ (80)

Accounting for Suspended Exploratory Wells

12 Months Ended

Dec. 31, 2023

Accounting for Suspended Exploratory Wells [Abstract]

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, 2023:


	2023		2022		2021
Beginning balance at January 1	$	1,627	$	2,109	$	2,512
Additions to capitalized exploratory well costs pending the determination of proved reserves	88		72		56
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	—		(481)		(425)
Capitalized exploratory well costs charged to expense	(67)		(73)		(34)

Ending balance at December 31	$	1,648	$	1,627	$	2,109

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
	2023		2022		2021
Exploratory well costs capitalized for a period of one year or less	$	78	$	73	$	65
Exploratory well costs capitalized for a period greater than one year	1,570		1,554		2,044
Balance at December 31	$	1,648	$	1,627	$	2,109
Number of projects with exploratory well costs that have been capitalized for a period greater than one year*	13		12		15

*Certain projects have multiple wells or fields or both.

Of the $1,570 of exploratory well costs capitalized for more than one year at December 31, 2023, $844 is related to seven projects that had drilling activities underway or firmly planned for the near future. The $726 balance is related to six 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 $726 referenced above had the following activities associated with assessing the reserves and the projects’ economic viability: (a) $311 (four 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 13 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. Approximately three-quarters of these decisions are expected to occur in the next five years.

The $1,570 of suspended well costs capitalized for a period greater than one year as of December 31, 2023, represents 71 exploratory wells in 13 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
2015-2022	186		8
Total	$	1,570	71

Aging based on drilling completion date of last suspended well in project:	Amount		Number of projects
2008-2012	$	292	2
2013-2016	1,082		6
2017-2023	196		5
Total	$	1,570	13

Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Before tax basis amount in accumulated other comprehensive loss.
Total recognized	$ 3,792	$ 3,446
Other Benefits
Before tax basis amount in accumulated other comprehensive loss.
Net actuarial loss	(266)	(392)
Prior service (credit) costs	(89)	(115)
Total recognized	(355)	(507)
U.S. \| Pension Benefits
Before tax basis amount in accumulated other comprehensive loss.
Net actuarial loss	3,161	3,147
Prior service (credit) costs	37	40
Total recognized	3,198	3,187
Int’l. \| Pension Benefits
Before tax basis amount in accumulated other comprehensive loss.
Net actuarial loss	823	659
Prior service (credit) costs	126	107
Total recognized	$ 949	$ 766

Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax liabilities
Properties, plant and equipment	$ 20,303	$ 18,295
Investments and other	4,263	4,492
Total deferred tax liabilities	24,566	22,787
Deferred tax assets
Foreign tax credits	(13,560)	(12,599)
Asset retirement obligations/environmental reserves	(4,543)	(4,518)
Employee benefits	(1,785)	(2,087)
Deferred credits	(268)	(446)
Tax loss carryforwards	(3,492)	(3,887)
Other accrued liabilities	(1,416)	(746)
Inventory	(126)	(219)
Operating leases	(1,479)	(1,134)
Miscellaneous	(3,652)	(4,057)
Total deferred tax assets	(30,321)	(29,693)
Deferred tax assets valuation allowance	20,416	19,532
Total deferred taxes, net	14,661	12,626
Classification of deferred taxes
Deferred charges and other assets	(4,169)	(4,505)
Noncurrent deferred income taxes	18,830	17,131
Total deferred income taxes, net	$ 14,661	$ 12,626

Business Combinations and Asset Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Agreement to Acquire Hess Corporation

Acquisition of PDC Energy, Inc.

On August 7, 2023, the company acquired PDC Energy, Inc. (PDC), an independent exploration and production company with operations in the Denver-Julesburg Basin in Colorado and the Delaware Basin in west Texas.

The aggregate purchase price of PDC was $6,520, with approximately 41 million shares of Chevron common stock issued as consideration in the transaction. The shares represented approximately two percent of the shares of Chevron common stock outstanding immediately after the transaction closed on August 7, 2023.

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 value. 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 date of acquisition, as information necessary to complete the analysis is obtained. Oil and gas properties were valued using a discounted cash flow approach that incorporated internally generated price assumptions and production profiles together with appropriate operating cost and development cost assumptions. Debt assumed in the acquisition was valued based on observable market prices for PDC’s debt. As a result of measuring the assets acquired and the liabilities assumed at fair value, there was no goodwill or bargain purchase recognized.

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


	At August 7, 2023
Current assets	$	630
Properties, plant and equipment	10,487
Other assets	118
Total assets acquired	11,235
Current liabilities	1,376
Long-term debt	1,473
Deferred income tax	1,397
Other liabilities	469
Total liabilities assumed	4,715
Purchase Price	$	6,520

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.

Agreement to Acquire Hess Corporation

On October 23, 2023, Chevron Corporation announced it had entered into a definitive agreement with Hess Corporation (Hess) to acquire all of its outstanding shares in an all-stock transaction, valued at approximately $53,000, pursuant to which Hess stockholders will receive 1.0250 shares of Chevron common stock for each Hess share. The transaction was unanimously approved by the Boards of Directors of both companies and is anticipated to close around the middle of 2024. The acquisition is subject to Hess stockholder approval. It is also subject to regulatory approvals and other closing conditions. See Item 1A. Risk Factors for a discussion of risks related to the Hess acquisition.

Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Company Before Tax Obligation
Beginning balance	$ 12,701	$ 12,808	$ 13,616
Liabilities assumed in the PDC acquisition	220	0	0
Liabilities incurred	183	9	31
Liabilities settled	(1,565)	(1,281)	(1,887)
Accretion expense	593	560	616
Revisions in estimated cash flows	1,701	605	432
Ending balance	13,833	$ 12,701	$ 12,808
Long-term portion of the company's before-tax asset retirement obligations	$ 12,122

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

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of information relating to the consolidated statement of cash flows


	Year ended December 31
	2023		2022		2021
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates	$	4,246	$	3,855	$	3,659
(Income) loss from equity affiliates	(5,131)		(8,585)		(5,657)
Distributions more (less) than income from equity affiliates	$	(885)	$	(4,730)	$	(1,998)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	$	1,187	$	(2,317)	$	(7,548)
Decrease (increase) in inventories	(320)		(930)		(530)
Decrease (increase) in prepaid expenses and other current assets	(1,202)		(226)		19
Increase (decrease) in accounts payable and accrued liabilities	(49)		2,750		5,475
Increase (decrease) in income and other taxes payable	(2,801)		2,848		1,223
Net decrease (increase) in operating working capital	$	(3,185)	$	2,125	$	(1,361)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	$	465	$	525	$	699
Income taxes	10,416		9,148		4,355
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	$	446	$	1,435	$	1,352
Returns of investment from equity affiliates	223		1,200		439
Proceeds and deposits related to asset sales and returns of investment	$	669	$	2,635	$	1,791




Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	$	(289)	$	(7)	$	(4)
Marketable securities sold	464		124		3
Net sales (purchases) of marketable securities	$	175	$	117	$	(1)
Net repayment (borrowing) of loans by equity affiliates:
Borrowing of loans by equity affiliates	$	(368)	$	(108)	$	—
Repayment of loans by equity affiliates	66		84		401
Net repayment (borrowing) of loans by equity affiliates	$	(302)	$	(24)	$	401
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Repayments of short-term obligations	$	—	$	—	$	(6,906)
Proceeds from issuances of short-term debt obligations	—		—		4,448
Net borrowings (repayments) of short-term obligations with three months or less maturity	135		263		(3,114)
Net borrowings (repayments) of short-term obligations	$	135	$	263	$	(5,572)
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans	$	261	$	5,838	$	1,421
Shares purchased under share repurchase and deferred compensation plans	(14,939)		(11,255)		(1,383)
Net sales (purchases) of treasury shares	$	(14,678)	$	(5,417)	$	38
Net contributions from (distributions to) noncontrolling interests consisted of the following gross and net amounts:
Distributions to noncontrolling interests	$	(54)	$	(118)	$	(53)
Contributions from noncontrolling interests	14		4		17
Net contributions from (distributions to) noncontrolling interests	$	(40)	$	(114)	$	(36)

Capital expenditures

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


	Year ended December 31
	2023		2022		2021
Additions to properties, plant and equipment *	$	14,788	$	10,349	$	7,515
Additions to investments	690		1,147		460
Current-year dry hole expenditures	326		309		83
Payments for other assets and liabilities, net	25		169		(2)
Capital expenditures	$	15,829	$	11,974	$	8,056

* Excludes non-cash movements of $1,559 in 2023, $334 in 2022 and $316 in 2021.

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
		2023		2022		2021
Cash and cash equivalents		$	8,178	$	17,678	$	5,640
Restricted cash included in “Prepaid expenses and other current assets”		275		630		333
Restricted cash included in “Deferred charges and other assets”		822		813		822
Total cash, cash equivalents and restricted cash		$	9,275	$	19,121	$	6,795

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
		2023		2022		2021
Cash and cash equivalents		$	8,178	$	17,678	$	5,640
Restricted cash included in “Prepaid expenses and other current assets”		275		630		333
Restricted cash included in “Deferred charges and other assets”		822		813		822
Total cash, cash equivalents and restricted cash		$	9,275	$	19,121	$	6,795

Taxes - Summary of Components of Income Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S. federal
Current	$ 895	$ 1,723	$ 174
Deferred	666	2,240	1,004
State and local
Current	211	482	222
Deferred	1	39	202
Total United States	1,773	4,484	1,602
International
Current	6,745	9,738	4,854
Deferred	(345)	(156)	(506)
Total International	6,400	9,582	4,348
Total income tax expense (benefit)	$ 8,173	$ 14,066	$ 5,950

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

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 2023, 2022 and 2021:


	2023		2022		2021
Balance at January 1	$	12,701	$	12,808	$	13,616

Liabilities assumed in the PDC acquisition	220		—		—
Liabilities incurred	183		9		31
Liabilities settled	(1,565)		(1,281)		(1,887)
Accretion expense	593		560		616
Revisions in estimated cash flows	1,701		605		432
Balance at December 31	$	13,833	$	12,701	$	12,808

In the table above, the amount associated with “Revisions in estimated cash flows” primarily reflects increased cost estimates and scope changes to decommission wells, equipment and facilities. The long-term portion of the $13,833 balance at the end of 2023 was $12,122.

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

12 Months Ended

Dec. 31, 2023

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
	2023		2022		2021
Sales and other operating revenues	$	152,347	$	183,032	$	120,380
Total costs and other deductions	144,482		166,955		114,641
Net income (loss) attributable to CUSA	4,598		13,315		6,904

Summarized Financial Data Affiliate Net Equity One


	At December 31
	2023		2022
Current assets	$	19,489	$	18,704
Other assets	54,460		50,153
Current liabilities	20,624		22,452
Other liabilities	22,227		19,274
Total CUSA net equity	$	31,098	$	27,131
Memo: Total debt	$	9,740	$	10,800

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term debt outstanding

The company’s long-term debt outstanding at year-end 2023 and 2022 was as follows:


			At December 31
			2023		2022
	Weighted Average Interest Rate (%)1	Range of Interest Rates (%)2	Principal		Principal



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		-	—		91

Medium-term notes, maturing from 2023 to 2038	6.599	5.331 - 7.840	20		23
Notes due 2023			—		2,600
Total including debt due within one year			16,281		18,975
Debt due within one year			(1,650)		(2,694)


Fair market value adjustment for debt acquired in the Noble acquisition			578		664
Reclassified from short-term debt			4,543		4,050
Unamortized discounts and debt issuance costs			(19)		(23)
Finance lease liabilities3			574		403
Total long-term debt			$	20,307	$	21,375
1 Weighted-average interest rate at December 31, 2023.
2 Range of interest rates at December 31, 2023.
3 For details on finance lease liabilities, see Note 5 Lease Commitments.

- Definition

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

+ References

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+ Details

Summarized Financial Data – Chevron Phillips Chemical Company LLC

12 Months Ended

Dec. 31, 2023

Summarized Financial Data of Subsidiary Two [Abstract]

Summarized Financial Data – Chevron Phillips Chemical Company LLC

Summarized Financial Data – Tengizchevroil LLP


	Year ended December 31
	2023		2022		2021
Sales and other operating revenues	$	19,578	$	23,795	$	15,927
Costs and other deductions	10,193		11,596		8,186
Net income attributable to TCO	6,569		8,566		5,418


	At December 31
	2023		2022
Current assets	$	3,919	$	6,522
Other assets	57,454		54,506
Current liabilities	2,372		3,567
Other liabilities	12,782		12,312
Total TCO net equity	$	46,219	$	45,149

Summarized Financial Data – Chevron Phillips Chemical Company LLC


	Year ended December 31
	2023		2022		2021
Sales and other operating revenues	$	11,560	$	14,180	$	14,104
Costs and other deductions	10,561		12,870		10,862
Net income attributable to CPChem	1,173		1,662		3,684


	At December 31
	2023		2022
Current assets	$	3,284	$	3,472
Other assets	16,425		15,184
Current liabilities	1,757		2,146
Other liabilities	3,269		2,941
Total CPChem net equity	$	14,683	$	13,569

Stock Options and Other Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Options and Other Share-Based Compensation

Compensation expense for stock options for 2023, 2022 and 2021 was $85 ($65 after tax), $60 ($46 after tax) and $60 ($47 after tax), respectively. In addition, compensation expense for stock appreciation rights, restricted stock, performance shares and restricted stock units resulted in a net benefit of $(100) ($(76) after tax) for 2023, primarily as a result of reductions in the fair value of outstanding liability-classified performance shares that are remeasured each reporting period. Compensation expense for stock appreciation rights, restricted stock, performance shares and restricted stock units was $1,013 ($770 after tax) and $701 ($554 after tax) for 2022 and 2021, respectively. No significant stock-based compensation cost was capitalized at December 31, 2023, or December 31, 2022.

Cash received in payment for option exercises under all share-based payment arrangements for 2023, 2022 and 2021 was $263, $5,835 and $1,274, respectively. Actual tax benefits realized for the tax deductions from option exercises were $20, $216 and $(15) for 2023, 2022 and 2021, respectively.

Cash paid to settle performance shares, restricted stock units and stock appreciation rights was $566, $556 and $163 for 2023, 2022 and 2021, 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.

Fair Value and Assumptions The fair market values of stock options and stock appreciation rights granted in 2023, 2022 and 2021 were measured on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Year ended December 31
	2023			2022			2021
Expected term in years1	6.4			6.9			6.8
Volatility2	32.5		%	31.3		%	31.1		%
Risk-free interest rate based on zero coupon U.S. treasury note	3.43		%	1.79		%	0.71		%
Dividend yield	3.5		%	5.0		%	6.0		%
Weighted-average fair value per option granted	$	45.82		$	23.56		$	12.22

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 2023 is presented below:


	Shares (Thousands)	Weighted-Average Exercise Price			Averaged Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2023	25,265		$	114.61
Granted	2,122		$	179.08
Exercised	(2,538)		$	104.30
Forfeited	(474)		$	246.61
Outstanding at December 31, 2023	24,375		$	118.72	5.14		$	934
Exercisable at December 31, 2023	18,438		$	113.38	4.11		$	791

The total intrinsic value (i.e., the difference between the exercise price and the market price) of options exercised during 2023, 2022 and 2021 was $167, $2,369 and $152, respectively. During this period, the company continued its practice of issuing treasury shares upon exercise of these awards.

As of December 31, 2023, there was $181 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 1.9 years.

At January 1, 2023, the number of LTIP performance shares outstanding was equivalent to 4,753,266 shares. During 2023, 1,291,262 performance shares were granted, 1,521,636 shares vested with cash proceeds distributed to recipients and 103,582 shares were forfeited. At December 31, 2023, there were 4,419,310 performance shares outstanding that are payable in cash. The fair value of the liability recorded for these instruments was $360 and was measured largely using the Monte Carlo simulation method.

At January 1, 2023, the number of restricted stock units outstanding was equivalent to 4,287,826 shares. During 2023, 1,739,120 restricted stock units were granted, 866,494 units vested with cash proceeds distributed to recipients and 100,210 units were forfeited. At December 31, 2023, there were 5,060,242 restricted stock units outstanding, of which 3,905,243 are payable in cash and 1,154,999 are payable in shares. The fair value of the liability recorded for the vested portion of these instruments payable in cash was $457, valued at the stock price as of December 31, 2023. In addition, outstanding stock appreciation rights that were granted under the LTIP totaled 652,493 equivalent shares as of December 31, 2023. The fair value of the liability recorded for the vested portion of these instruments was $32.

Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Taxes on income


Income Taxes	Year ended December 31
	2023		2022		2021
Income tax expense (benefit)
U.S. federal
Current	$	895	$	1,723	$	174
Deferred	666		2,240		1,004
State and local
Current	211		482		222
Deferred	1		39		202
Total United States	1,773		4,484		1,602
International
Current	6,745		9,738		4,854
Deferred	(345)		(156)		(506)
Total International	6,400		9,582		4,348
Total income tax expense (benefit)	$	8,173	$	14,066	$	5,950

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:



	Year ended December 31
	2023			2022			2021
Income (loss) before income taxes
United States	$	8,565		$	21,005		$	9,674
International	21,019			28,669			11,965
Total income (loss) before income taxes	29,584			49,674			21,639
Theoretical tax (at U.S. statutory rate of 21%)	6,213			10,432			4,544

Equity affiliate accounting effect	(1,072)			(1,678)			(890)
Effect of income taxes from international operations	3,001			5,041			2,692
State and local taxes on income, net of U.S. federal income tax benefit	252			508			216
Prior year tax adjustments, claims and settlements 1	(32)			(90)			362
Tax credits	(20)			(6)			(173)
Other U.S. 1, 2	(169)			(141)			(801)
Total income tax expense (benefit)	$	8,173		$	14,066		$	5,950

Effective income tax rate 3	27.6		%	28.3		%	27.5		%

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 (2023 - $(84); 2022 - $(36); 2021 - $(624)).

Composition of deferred tax balances

The reported deferred tax balances are composed of the following:


			At December 31
	2023		2022
Deferred tax liabilities
Properties, plant and equipment	$	20,303	$	18,295
Investments and other	4,263		4,492
Total deferred tax liabilities	24,566		22,787
Deferred tax assets
Foreign tax credits	(13,560)		(12,599)
Asset retirement obligations/environmental reserves	(4,543)		(4,518)
Employee benefits	(1,785)		(2,087)
Deferred credits	(268)		(446)
Tax loss carryforwards	(3,492)		(3,887)
Other accrued liabilities	(1,416)		(746)
Inventory	(126)		(219)
Operating leases	(1,479)		(1,134)
Miscellaneous	(3,652)		(4,057)
Total deferred tax assets	(30,321)		(29,693)
Deferred tax assets valuation allowance	20,416		19,532
Total deferred taxes, net	$	14,661	$	12,626

Classification of deferred taxes

At December 31, 2023 and 2022, deferred taxes were classified on the Consolidated Balance Sheet as follows:


	At December 31
	2023		2022
Deferred charges and other assets	$	(4,169)	$	(4,505)
Noncurrent deferred income taxes	18,830		17,131
Total deferred income taxes, net	$	14,661	$	12,626

Changes to the Company's unrecognized tax benefits

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.


	2023		2022		2021
Balance at January 1	$	5,323	$	5,288	$	5,018
Foreign currency effects	(27)		(2)		(1)
Additions based on tax positions taken in current year	248		30		194
Additions for tax positions taken in prior years	265		234		218
Reductions based on tax positions taken in current year	(104)		—		—
Reductions for tax positions taken in prior years	(251)		(117)		(36)
Settlements with taxing authorities in current year	(2)		(110)		(18)
Reductions as a result of a lapse of the applicable statute of limitations	—		—		(87)
Balance at December 31	$	5,452	$	5,323	$	5,288

Taxes other than on income


Taxes Other Than on Income
	Year ended December 31
	2023		2022		2021
United States
Import duties and other levies	$	(9)	$	10	$	7
Property and other miscellaneous taxes	818		609		552
Payroll taxes	286		248		302
Taxes on production	801		989		628
Total United States	1,896		1,856		1,489
International
Import duties and other levies	72		63		49
Property and other miscellaneous taxes	2,004		1,789		2,174
Payroll taxes	121		122		113
Taxes on production	127		202		138
Total International	2,324		2,176		2,474
Total taxes other than on income	$	4,220	$	4,032	$	3,963

Summarized Financial Data – Chevron Phillips Chemical Company LLC - Summary of Income Statement Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	$ 171,365	$ 196,578	$ 140,826
Net Income (Loss) Attributable to Chevron Corporation	$ 21,369	35,465	15,625
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	$ 10,561	12,870	10,862
Net Income (Loss) Attributable to Chevron Corporation	$ 1,173	1,662	3,684
Tengizchevroil
Subsidiary Statements Captions [Line Items]
Percentage of affiliate by summarized financial information	100.00%
Oil and Gas \| Chevron Phillips Chemical Company LLC
Summarized Financial Data - Chevron Transport Corporation
Sales and other operating revenues	$ 11,560	$ 14,180	$ 14,104
Chevron Phillips Chemical Company LLC
Subsidiary Statements Captions [Line Items]
Equity method investment, ownership percentage	50.00%

Employee Benefit Plans - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
U.S.
Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets
Projected benefit obligations	$ 1,203	$ 1,322
Accumulated benefit obligations	1,108	1,135
Fair value of plan assets	0	0
Int’l.
Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets
Projected benefit obligations	913	828
Accumulated benefit obligations	773	671
Fair value of plan assets	$ 4	$ 3

Lease Commitments

12 Months Ended

Dec. 31, 2023

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, 2023						At December 31, 2022
	Operating Leases			Finance Leases			Operating Leases			Finance Leases

Deferred charges and other assets	$	5,422		$	—		$	4,262		$	—
Properties, plant and equipment, net	—			583			—			392
Right-of-use assets*	$	5,422		$	583		$	4,262		$	392
Accrued Liabilities	$	1,538		$	—		$	1,111		$	—
Short-term Debt	—			60			—			45
Current lease liabilities	1,538			60			1,111			45
Deferred credits and other noncurrent obligations	3,696			—			2,920			—
Long-term Debt	—			574			—			403
Noncurrent lease liabilities	3,696			574			2,920			403
Total lease liabilities	$	5,234		$	634		$	4,031		$	448

Weighted-average remaining lease term (in years)	6.7			12.6			7.0			11.9
Weighted-average discount rate	3.3		%	4.5		%	1.9		%	4.1		%


	Year-ended December 31
	2023		2022		2021
Operating lease costs*	$	2,984	$	2,359	$	2,199
Finance lease costs	52		57		66
Total lease costs	$	3,036	$	2,416	$	2,265

* 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
	2023		2022		2021
Operating cash flows from operating leases	$	2,271	$	1,892	$	1,670
Investing cash flows from operating leases	713		467		398
Operating cash flows from finance leases	15		18		21
Financing cash flows from finance leases	42		44		193

At December 31, 2023, the estimated future undiscounted cash flows for operating and finance leases were as follows:


		At December 31, 2023
		Operating Leases		Finance Leases

Year	2024	$	1,673	$	84
	2025	1,153		79
	2026	734		76
	2027	544		68
	2028	396		66
	Thereafter	1,364		443
	Total	$	5,864	$	816
Less: Amounts representing interest		630		182
Total lease liabilities		$	5,234	$	634

Additionally, the company has $232 in future undiscounted cash flows for operating leases not yet commenced. These leases are primarily for drill ships, drilling rigs and storage tanks. 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, 2023						At December 31, 2022
	Operating Leases			Finance Leases			Operating Leases			Finance Leases

Deferred charges and other assets	$	5,422		$	—		$	4,262		$	—
Properties, plant and equipment, net	—			583			—			392
Right-of-use assets*	$	5,422		$	583		$	4,262		$	392
Accrued Liabilities	$	1,538		$	—		$	1,111		$	—
Short-term Debt	—			60			—			45
Current lease liabilities	1,538			60			1,111			45
Deferred credits and other noncurrent obligations	3,696			—			2,920			—
Long-term Debt	—			574			—			403
Noncurrent lease liabilities	3,696			574			2,920			403
Total lease liabilities	$	5,234		$	634		$	4,031		$	448

Weighted-average remaining lease term (in years)	6.7			12.6			7.0			11.9
Weighted-average discount rate	3.3		%	4.5		%	1.9		%	4.1		%


	Year-ended December 31
	2023		2022		2021
Operating lease costs*	$	2,984	$	2,359	$	2,199
Finance lease costs	52		57		66
Total lease costs	$	3,036	$	2,416	$	2,265

* 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
	2023		2022		2021
Operating cash flows from operating leases	$	2,271	$	1,892	$	1,670
Investing cash flows from operating leases	713		467		398
Operating cash flows from finance leases	15		18		21
Financing cash flows from finance leases	42		44		193

At December 31, 2023, the estimated future undiscounted cash flows for operating and finance leases were as follows:


		At December 31, 2023
		Operating Leases		Finance Leases

Year	2024	$	1,673	$	84
	2025	1,153		79
	2026	734		76
	2027	544		68
	2028	396		66
	Thereafter	1,364		443
	Total	$	5,864	$	816
Less: Amounts representing interest		630		182
Total lease liabilities		$	5,234	$	634

Lease Commitments - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease costs	$ 2,984	$ 2,359	$ 2,199
Finance lease costs	52	57	66
Total lease costs	$ 3,036	$ 2,416	$ 2,265

Litigation	12 Months Ended
Litigation	Dec. 31, 2023
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 Ecuadorian trial court entered judgment against Chevron, and Ecuador’s highest Constitutional Court affirmed the judgment for approximately $9.5 billion. In 2017, Chevron obtained a final court ruling in the United States determining that the Ecuadorian judgment had been procured through fraud, bribery, and corruption, and prohibiting the Ecuadorian plaintiffs and their cohorts from seeking to enforce the Ecuadorian judgment in the United States or profiting from their illegal acts. 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 in Chevron’s favor, finding that the Ecuadorian judgment was procured through fraud, bribery, and corruption and was based on environmental claims that Ecuador had already settled and released. The tribunal ruled that the Ecuadorian judgment “violates international public policy” and “should not be recognized or enforced by the courts of other States,” and ordered Ecuador to remove the judgment’s status of enforceability and to compensate Chevron for its injuries in an amount to be established separately by the tribunal. Ecuador’s requests to have a Dutch court set aside the tribunal’s award were denied, and the Dutch Supreme Court affirmed such denial in a final ruling in favor of Chevron in November 2023. 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 brought 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 29 separate lawsuits filed by various U.S. cities and counties, four U.S. states, the District of Columbia, two Native American tribes, and a trade group in both federal and state courts.1 One of the city lawsuits was dismissed on the merits and two suits, including one of the county lawsuits and the case brought by the trade association, were voluntarily dismissed by the plaintiffs. The lawsuits have asserted 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, equitable relief for pollution, impairment and destruction of natural resources, unjust enrichment, violations of consumer protection statutes, violations of unfair competition statutes, violations of a federal antitrust statute, and violations of federal and state RICO statutes, 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. Further such proceedings are likely to be brought by other parties. While defendants have sought to remove cases filed in state court to federal court, most of those cases have been remanded to state court and the U.S. Supreme Court has denied petitions for writ of certiorari on jurisdictional questions to date. The unprecedented legal theories set forth in these proceedings include claims for damages (both compensatory and punitive), injunctive and other forms of equitable relief, including without limitation abatement, contribution to abatement funds, disgorgement of profits and equitable relief for pollution, impairment and destruction of natural resources, civil penalties and liability for fees and costs of suits. Due to the unprecedented nature of the suits, the company is unable to estimate any range of possible liability, but given the uncertainty of litigation there can be no assurance that the cases will not have a material adverse effect on the company’s results of operations and financial condition. Management believes that these proceedings are legally and factually meritless and detract from constructive efforts to address the important policy issues presented by climate change and will vigorously defend against such proceedings. 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.2 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. Further such proceedings may be filed by other parties. The Supreme Court denied a petition for writ of certiorari on jurisdictional questions impacting certain of these cases, and those cases have been or will be remanded to Louisiana state court. Federal jurisdictional questions are still being decided for the remaining cases in the United States Court of Appeals for the Fifth Circuit. A case has been set for trial in the United States District Court for the Eastern District of Louisiana and is scheduled to begin in October 2024. Due to the unprecedented nature of the suits, the company is unable to estimate any range of possible liability, but given the uncertainty of litigation there can be no assurance that the cases will not have a material adverse effect 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.

Short-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Short-Term Debt


	At December 31
	2023		2022
Commercial paper	$	—	$	—
Notes payable to banks and others with originating terms of one year or less	469		328
Current maturities of long-term debt*	1,667		2,699
Current maturities of long-term finance leases	60		45
Redeemable long-term obligations	2,876		2,942

Subtotal	5,072		6,014
Reclassified to long-term debt	(4,543)		(4,050)
Total short-term debt	$	529	$	1,964
* Inclusive of unamortized premiums of $17 at December 31, 2023 and $5 at December 31, 2022.

Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss) before income taxes
United States	$ 8,565	$ 21,005	$ 9,674
International	21,019	28,669	11,965
Income (Loss) Before Income Tax Expense	29,584	49,674	21,639
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Theoretical tax (at U.S. statutory rate of 21%)	6,213	10,432	4,544
Equity affiliate accounting effect	(1,072)	(1,678)	(890)
Effect of income taxes from international operations	3,001	5,041	2,692
State and local taxes on income, net of U.S. federal income tax benefit	252	508	216
Prior year tax adjustments, claims and settlements	(32)	(90)	362
Tax credits	(20)	(6)	(173)
Other U.S.	(169)	(141)	(801)
Total income tax expense (benefit)	$ 8,173	$ 14,066	$ 5,950
Effective income tax rate	27.60%	28.30%	27.50%
One-time tax costs (benefits) associated with changes in valuation allowances	$ (84)	$ (36)	$ (624)
Chevron \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Income (loss) before income taxes
Income (Loss) Before Income Tax Expense	7,209	$ 10,876	$ 6,984
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Total income tax expense (benefit)	$ 1,724

Financial Instruments - Credit Losses	12 Months Ended
Financial Instruments - Credit Losses	Dec. 31, 2023
Receivables [Abstract]
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses Chevron’s expected credit loss allowance balance was $641 and $1,009 at December 31, 2023 and December 31, 2022, respectively, 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 $17,640 at December 31, 2023, 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 $3,864 at December 31, 2023, 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 $219 and $560 at December 31, 2023 and December 31, 2022, respectively, are included within “Investments and advances” on the Consolidated Balance Sheet.

Acquisition of PDC Energy, Inc. - Narrative (Details) - PDC Energy, Inc. shares in Millions, $ in Millions	Aug. 07, 2023 USD ($) shares
Business Acquisition [Line Items]
Consideration transferred \| $	$ 6,520
Percent of shares	0.02
Common Stock
Business Acquisition [Line Items]
Number of shares (in shares) \| shares	41

Operating Segments and Geographic Data - Segment Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Assets	$ 261,632	$ 257,709
Goodwill	4,722	4,722
United States
Segment Reporting Information [Line Items]
Total Assets	102,108	93,783
International
Segment Reporting Information [Line Items]
Total Assets	154,802	159,204
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	249,293	236,326
Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Total Assets	194,805	183,105
Goodwill	4,370	4,370
Operating Segments \| Upstream \| United States
Segment Reporting Information [Line Items]
Total Assets	58,750	44,246
Operating Segments \| Upstream \| International
Segment Reporting Information [Line Items]
Total Assets	131,685	134,489
Operating Segments \| Downstream
Segment Reporting Information [Line Items]
Total Assets	54,488	53,221
Goodwill	352	352
Operating Segments \| Downstream \| United States
Segment Reporting Information [Line Items]
Total Assets	33,066	31,676
Operating Segments \| Downstream \| International
Segment Reporting Information [Line Items]
Total Assets	21,070	21,193
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total Assets	12,339	21,383
Segment Reconciling Items \| United States
Segment Reporting Information [Line Items]
Total Assets	10,292	17,861
Segment Reconciling Items \| International
Segment Reporting Information [Line Items]
Total Assets	$ 2,047	$ 3,522

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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-Paragraph 25
-Subparagraph (a)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.13-01(a)(4)(i))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

- Definition

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.

+ References + Details

Accounting for Suspended Exploratory Wells - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Project Well	Dec. 31, 2022 USD ($) Project	Dec. 31, 2021 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 \| $	$ 1,570	$ 1,554	$ 2,044
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) \| Project	13	12	15
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 \| $	$ 844
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 \| $	$ 726
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) \| Project	6
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 \| $	$ 311
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) \| Project	4
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

Changes in Accumulated Other Comprehensive Losses (Tables)

12 Months Ended

Dec. 31, 2023

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, 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)
Components of Other Comprehensive Income (Loss)1:
Before Reclassifications	11		1		(16)		(397)		(401)
Reclassifications2, 3	—		—		33		206		239
Net Other Comprehensive Income (Loss)	11		1		17		(191)		(162)

Balance at December 31, 2023	$	(192)	$	(11)	$	5	$	(2,762)	$	(2,960)

1 All amounts are net of tax.

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

Acquisition of PDC Energy, Inc.

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisition of PDC Energy, Inc.

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


	At August 7, 2023
Current assets	$	630
Properties, plant and equipment	10,487
Other assets	118
Total assets acquired	11,235
Current liabilities	1,376
Long-term debt	1,473
Deferred income tax	1,397
Other liabilities	469
Total liabilities assumed	4,715
Purchase Price	$	6,520

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.

Agreement to Acquire Hess Corporation

Short-Term Debt - Summary (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Short term borrowings
Commercial paper	$ 0	$ 0
Notes payable to banks and others with originating terms of one year or less	469	328
Current maturities of long-term debt	1,667	2,699
Current maturities of long-term finance leases	60	45
Redeemable long term obligations	2,876	2,942
Subtotal	5,072	6,014
Reclassified to long-term debt	(4,543)	(4,050)
Total short-term debt	529	1,964
Debt instrument, unamortized premium	$ 17	$ 5

Lease Commitments - ASC 842 (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 1,673
2025	1,153
2026	734
2027	544
2028	396
Thereafter	1,364
Total	5,864
Less: Amounts representing interest	630
Total lease liabilities	5,234	$ 4,031
Finance Leases
2024	84
2025	79
2026	76
2027	68
2028	66
Thereafter	443
Total	816
Less: Amounts representing interest	182
Total lease liabilities	$ 634	$ 448

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, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	$ 484	$ 54
Properties, plant and equipment, net (held for sale)	0	0
Investments and advances	207	33
Total assets at fair value	691	87
Properties, plant and equipment, net (held and used), before-tax loss	2,175	518
Properties, plant and equipment, net (held for sale), before-tax loss	5	432
Investments and advances, before-tax loss	352	9
Total nonrecurring assets at fair value, before-tax loss	2,532	959
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	5	2
Total assets at fair value	5	2
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	165	0
Total assets at fair value	165	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Properties, plant and equipment, net (held and used)	484	54
Properties, plant and equipment, net (held for sale)	0	0
Investments and advances	37	31
Total assets at fair value	$ 521	$ 85

Other Contingencies and Commitments (Details) $ in Millions	12 Months Ended
Other Contingencies and Commitments (Details) $ in Millions	Dec. 31, 2023 USD ($) guaranty	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Guarantees
Number of guarantees \| guaranty	1
Guarantee for payments under terminal use agreements	$ 135
Term of guarantee for payments under terminal use agreement (in years)	4 years
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	$ 909
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year two	1,086
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year three	1,141
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year four	1,193
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year five	1,183
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements after year five	7,553
Total payments under long term unconditional purchase obligations and commitments including throughput and Take-or-Pay agreements	$ 1,420	$ 1,866	$ 861
Environmental
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current, Deferred credits and other noncurrent obligations
Environmental reserve balance	$ 936
Upstream
Environmental
Environmental reserve	260
United States \| Downstream
Environmental
Environmental reserve	389
International \| Downstream
Environmental
Environmental reserve	55
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	589
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year two	451
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year three	484
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year four	604
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements in year five	273
Long term unconditional purchase obligations and commitments, including throughout and take or pay agreements after year five	1,078
Sites with Potential Remediation Activities
Environmental
Environmental reserve	232
Environmental Reserve Less Environmental Reserve for Sites with Potential Remediation Activities
Environmental
Environmental reserve	$ 704

Accounting for Suspended Exploratory Wells - Summary of Changes and Aging of Capitalized Well Costs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Project	Dec. 31, 2022 USD ($) Project	Dec. 31, 2021 USD ($) Project
Changes in company's suspended exploratory well costs
Beginning balance	$ 1,627	$ 2,109	$ 2,512
Additions to capitalized exploratory well costs pending the determination of proved reserves	88	72	56
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	0	(481)	(425)
Capitalized exploratory well costs charged to expense	(67)	(73)	(34)
Ending balance	1,648	1,627	2,109
Aging of capitalized well costs and number of project
Exploratory well costs capitalized for a period of one year or less	78	73	65
Exploratory well costs capitalized for a period greater than one year	1,570	1,554	2,044
Capitalized exploratory well costs, total	$ 1,648	$ 1,627	$ 2,109
Number of projects with exploratory well costs that have been capitalized for a period greater than one year (in projects) \| Project	13	12	15

Acquisition of PDC Energy, Inc. (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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


	At August 7, 2023
Current assets	$	630
Properties, plant and equipment	10,487
Other assets	118
Total assets acquired	11,235
Current liabilities	1,376
Long-term debt	1,473
Deferred income tax	1,397
Other liabilities	469
Total liabilities assumed	4,715
Purchase Price	$	6,520

Information Relating to the Consolidated Statement of Cash Flows

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Information Relating to the Consolidated Statement of Cash Flows


	Year ended December 31
	2023		2022		2021
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates	$	4,246	$	3,855	$	3,659
(Income) loss from equity affiliates	(5,131)		(8,585)		(5,657)
Distributions more (less) than income from equity affiliates	$	(885)	$	(4,730)	$	(1,998)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	$	1,187	$	(2,317)	$	(7,548)
Decrease (increase) in inventories	(320)		(930)		(530)
Decrease (increase) in prepaid expenses and other current assets	(1,202)		(226)		19
Increase (decrease) in accounts payable and accrued liabilities	(49)		2,750		5,475
Increase (decrease) in income and other taxes payable	(2,801)		2,848		1,223
Net decrease (increase) in operating working capital	$	(3,185)	$	2,125	$	(1,361)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	$	465	$	525	$	699
Income taxes	10,416		9,148		4,355
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	$	446	$	1,435	$	1,352
Returns of investment from equity affiliates	223		1,200		439
Proceeds and deposits related to asset sales and returns of investment	$	669	$	2,635	$	1,791




Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	$	(289)	$	(7)	$	(4)
Marketable securities sold	464		124		3
Net sales (purchases) of marketable securities	$	175	$	117	$	(1)
Net repayment (borrowing) of loans by equity affiliates:
Borrowing of loans by equity affiliates	$	(368)	$	(108)	$	—
Repayment of loans by equity affiliates	66		84		401
Net repayment (borrowing) of loans by equity affiliates	$	(302)	$	(24)	$	401
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Repayments of short-term obligations	$	—	$	—	$	(6,906)
Proceeds from issuances of short-term debt obligations	—		—		4,448
Net borrowings (repayments) of short-term obligations with three months or less maturity	135		263		(3,114)
Net borrowings (repayments) of short-term obligations	$	135	$	263	$	(5,572)
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans	$	261	$	5,838	$	1,421
Shares purchased under share repurchase and deferred compensation plans	(14,939)		(11,255)		(1,383)
Net sales (purchases) of treasury shares	$	(14,678)	$	(5,417)	$	38
Net contributions from (distributions to) noncontrolling interests consisted of the following gross and net amounts:
Distributions to noncontrolling interests	$	(54)	$	(118)	$	(53)
Contributions from noncontrolling interests	14		4		17
Net contributions from (distributions to) noncontrolling interests	$	(40)	$	(114)	$	(36)

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” and “Deferred income tax provision” collectively include approximately $1,765 in non-cash reductions to “Properties, plant and equipment” and “Investments and advances” in 2023 relating to impairments, mainly of upstream assets in California. “Other income (loss)” and “Deferred income tax provision” collectively include a $1,950 charge related to non-cash increases to “Deferred credits and other noncurrent obligations” related to abandonment and decommissioning obligations from previously sold oil and gas production assets in the U.S. Gulf of Mexico. The cash outlays for these abandonment and decommissioning obligations are expected to take place over the next decade.

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, 2023.

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


	Year ended December 31
	2023		2022		2021
Additions to properties, plant and equipment *	$	14,788	$	10,349	$	7,515
Additions to investments	690		1,147		460
Current-year dry hole expenditures	326		309		83
Payments for other assets and liabilities, net	25		169		(2)
Capital expenditures	$	15,829	$	11,974	$	8,056

* Excludes non-cash movements of $1,559 in 2023, $334 in 2022 and $316 in 2021.

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
		2023		2022		2021
Cash and cash equivalents		$	8,178	$	17,678	$	5,640
Restricted cash included in “Prepaid expenses and other current assets”		275		630		333
Restricted cash included in “Deferred charges and other assets”		822		813		822
Total cash, cash equivalents and restricted cash		$	9,275	$	19,121	$	6,795

Investments and Advances - Summary of Investment and Advances and Equity in Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investments and Advances	$ 46,113	$ 44,610
Other non-equity method investments	699	628
Total investments and advances	46,812	45,238
Equity in Earnings	5,131	8,585	$ 5,657
United States \| Investments and Advances
Schedule of Equity Method Investments [Line Items]
Total investments and advances	10,985	9,855
United States \| Equity in Earnings
Schedule of Equity Method Investments [Line Items]
Equity in Earnings	340	975	1,889
International \| Investments and Advances
Schedule of Equity Method Investments [Line Items]
Total investments and advances	35,827	35,383
International \| Equity in Earnings
Schedule of Equity Method Investments [Line Items]
Equity in Earnings	4,791	7,610	3,768
All Other
Schedule of Equity Method Investments [Line Items]
Investments and Advances	(6)	(5)
Equity in Earnings	(9)	(6)	1
Upstream \| Operating Segments
Schedule of Equity Method Investments [Line Items]
Investments and Advances	31,619	31,196
Equity in Earnings	3,885	6,626	3,509
Upstream \| Operating Segments \| Tengizchevroil
Schedule of Equity Method Investments [Line Items]
Investments and Advances	26,954	26,534
Equity in Earnings	3,375	4,386	2,831
Upstream \| Operating Segments \| Caspian Pipeline Consortium
Schedule of Equity Method Investments [Line Items]
Investments and Advances	797	761
Equity in Earnings	158	128	155
Upstream \| Operating Segments \| Angola LNG Limited
Schedule of Equity Method Investments [Line Items]
Investments and Advances	1,762	1,963
Equity in Earnings	513	1,857	336
Upstream \| Operating Segments \| Other
Schedule of Equity Method Investments [Line Items]
Investments and Advances	2,106	1,938
Equity in Earnings	(161)	255	187
Downstream \| Operating Segments
Schedule of Equity Method Investments [Line Items]
Investments and Advances	14,500	13,419
Equity in Earnings	1,255	1,965	2,147
Downstream \| Operating Segments \| Chevron Phillips Chemical Company LLC
Schedule of Equity Method Investments [Line Items]
Investments and Advances	7,765	6,843
Equity in Earnings	608	867	1,842
Downstream \| Operating Segments \| GS Caltex Corporation
Schedule of Equity Method Investments [Line Items]
Investments and Advances	4,309	4,288
Equity in Earnings	437	874	85
Downstream \| Operating Segments \| Other
Schedule of Equity Method Investments [Line Items]
Investments and Advances	2,426	2,288
Equity in Earnings	$ 210	$ 224	$ 220

Financial and Derivative Instruments - Effect of Netting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Not Designated
Offsetting Assets [Abstract]
Derivative asset, gross amounts recognized	$ 2,394	$ 2,591
Derivative asset, gross amounts offset	2,242	2,407
Derivative asset, total	152	184
Derivative asset, gross amounts not offset	4	5
Derivative asset, net amount	148	179
Offsetting Liabilities [Abstract]
Derivative liability, gross amount recognized	2,504	2,450
Derivative liability, gross amounts offset	2,242	2,407
Derivative liability, net amounts presented	262	43
Derivative liability, gross amounts not offset	15
Derivative liability, net amount	247	43
Designated
Offsetting Assets [Abstract]
Derivative asset, gross amounts recognized	8	8
Derivative asset, gross amounts offset	1	8
Derivative asset, total	7	0
Derivative asset, gross amounts not offset	0	0
Derivative asset, net amount	7	0
Offsetting Liabilities [Abstract]
Derivative liability, gross amount recognized	1	23
Derivative liability, gross amounts offset	1	8
Derivative liability, net amounts presented	0	15
Derivative liability, gross amounts not offset	0	0
Derivative liability, net amount	$ 0	$ 15

Assets Held for Sale	12 Months Ended
Assets Held for Sale	Dec. 31, 2023
Assets Held For Sale [Abstract]
Assets Held for Sale	Assets Held for Sale At December 31, 2023, the company classified $675 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 2023 were not material.

Employee Benefit Plans - Summary of Balance Sheet Components (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheet for pension and other postretirement benefit plans
Noncurrent employee benefit plans	$ (4,082)	$ (4,357)
Pension Benefits \| U.S.
Consolidated Balance Sheet for pension and other postretirement benefit plans
Deferred charges and other assets	31	26
Accrued liabilities	(145)	(210)
Noncurrent employee benefit plans	(1,141)	(1,587)
Net amount recognized at December 31	(1,255)	(1,771)
Pension Benefits \| Int’l.
Consolidated Balance Sheet for pension and other postretirement benefit plans
Deferred charges and other assets	703	759
Accrued liabilities	(73)	(62)
Noncurrent employee benefit plans	(837)	(765)
Net amount recognized at December 31	(207)	(68)
Other Benefits
Consolidated Balance Sheet for pension and other postretirement benefit plans
Deferred charges and other assets	0	0
Accrued liabilities	(154)	(152)
Noncurrent employee benefit plans	(1,863)	(1,786)
Net amount recognized at December 31	$ (2,017)	$ (1,938)

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Other Financial Information (Details) - USD ($)	12 Months Ended
Other Financial Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Gains on sale of nonstrategic properties	$ 143,000,000	$ 390,000,000	$ 785,000,000
Loss for impairments and other assets write-offs	(1,950,000,000)	(1,075,000,000)
Tax benefit	655,000,000
Pension settlement costs		271,000,000	519,000,000
Loss on extinguishment of debt			$ (260,000,000)
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	4,722,000,000
Total financing interest and debt costs	617,000,000	630,000,000	$ 775,000,000
Less: capitalized interest	148,000,000	114,000,000	63,000,000
Interest and debt expense	469,000,000	516,000,000	712,000,000
Research and development expenses	320,000,000	268,000,000	268,000,000
Excess of replacement cost over the carrying value of inventories (LIFO method)	6,455,000,000	9,061,000,000	5,588,000,000
LIFO profits (losses) on inventory drawdowns included in earnings	14,000,000	122,000,000	35,000,000
Foreign currency effects	(224,000,000)	669,000,000	306,000,000
Company share of equity affiliates foreign currency effects	(11,000,000)	253,000,000	180,000,000
Downstream
Business Acquisition [Line Items]
Gains on sale of nonstrategic properties	33,000,000	90,000,000	30,000,000
Litigation settlement			110,000,000
Goodwill	352,000,000
Upstream
Business Acquisition [Line Items]
Gains on sale of nonstrategic properties	110,000,000	300,000,000	755,000,000
Loss for impairments and other assets write-offs	(1,765,000,000)
Loss on contract termination		$ (600,000,000)
Remediation expense			$ 120,000,000
Goodwill	4,370,000,000
Goodwill impairment loss	$ 0

Litigation (Details) $ in Billions	1 Months Ended	12 Months Ended
Litigation (Details) $ in Billions	Feb. 28, 2011 USD ($)	Dec. 31, 2023 lawsuit State tribe parish
Ecuador Litigation \| Pending Litigation
Loss Contingencies [Line Items]
Damages awarded \| $	$ 9.5
Climate Change \| Pending Litigation
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims)		29
State defendants, number \| State		4
Native tribe defendants, number \| tribe		2
Climate Change \| Dismissed Litigation
Loss Contingencies [Line Items]
Claims dismissed (in number of claims)		2
County claims dismissed, number		1
Coastal Erosion
Loss Contingencies [Line Items]
Number of parishes \| parish		7
Coastal Erosion \| Pending Litigation
Loss Contingencies [Line Items]
Pending lawsuits and claims (in number of claims)		39

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

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


	Year ended December 31
	2023		2022		2021
Basic EPS Calculation
Earnings available to common stockholders - Basic*	$	21,369	$	35,465	$	15,625
Weighted-average number of common shares outstanding	1,873		1,931		1,916
Add: Deferred awards held as stock units	—		—		—
Total weighted-average number of common shares outstanding	1,873		1,931		1,916
Earnings per share of common stock - Basic	$	11.41	$	18.36	$	8.15
Diluted EPS Calculation
Earnings available to common stockholders - Diluted*	$	21,369	$	35,465	$	15,625
Weighted-average number of common shares outstanding	1,873		1,931		1,916
Add: Deferred awards held as stock units	—		—		—
Add: Dilutive effect of employee stock-based awards	7		9		4
Total weighted-average number of common shares outstanding	1,880		1,940		1,920
Earnings per share of common stock - Diluted	$	11.36	$	18.28	$	8.14
* There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic EPS Calculation
Earnings available to common stockholders - basic	$ 21,369	$ 35,465	$ 15,625
Weighted-average number of common shares outstanding (in shares)	1,873	1,931	1,916
Add: deferred awards held as stock units (in shares)	0	0	0
Total weighted-average number of common shares outstanding (in shares)	1,873	1,931	1,916
Earnings per share of common stock - basic (in dollars per share)	$ 11.41	$ 18.36	$ 8.15
Diluted EPS Calculation
Earnings available to common stockholders - diluted	$ 21,369	$ 35,465	$ 15,625
Weighted-average number of common shares outstanding (in shares)	1,873	1,931	1,916
Add: deferred awards held as stock units (in shares)	0	0	0
Add: dilutive effect of employee stock-based awards (in shares)	7	9	4
Total weighted-average number of common shares outstanding (in shares)	1,880	1,940	1,920
Earnings per share of common stock - diluted (in dollars per share)	$ 11.36	$ 18.28	$ 8.14

Lease Commitments - Balance Sheets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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	$ 5,422	$ 4,262
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating lease liability, current	$ 1,538	$ 1,111
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Noncurrent deferred income taxes	Noncurrent deferred income taxes
Noncurrent operating lease liabilities	$ 3,696	$ 2,920
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	$ 5,234	$ 4,031
Weighted-average remaining lease term (in years)	6 years 8 months 12 days	7 years
Weighted-average discount rate	3.30%	1.90%
Finance Leases
Right-of-use asset	$ 583	$ 392
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total short-term debt	Total short-term debt
Current lease liabilities	$ 60	$ 45
Noncurrent lease liabilities	574	403
Finance lease liability	$ 634	$ 448
Weighted-average remaining lease term (in years)	12 years 7 months 6 days	11 years 10 months 24 days
Weighted-average discount rate	4.50%	4.10%
Right-of-use asset obtained in exchange for operating lease liability	$ 2,556	$ 1,807
Right-of-use asset obtained in exchange for finance lease liability	$ 233	$ 3

Summarized Financial Data - Chevron U.S.A. Inc. - Summary of Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsidiary Statements Captions [Line Items]
Current assets	$ 41,128	$ 50,343
Current liabilities	32,258	34,208
Total CUSA net equity	161,929	160,242	$ 139,940	$ 132,726
Chevron U.S.A. Inc.
Subsidiary Statements Captions [Line Items]
Current assets	19,489	18,704
Other assets	54,460	50,153
Current liabilities	20,624	22,452
Other liabilities	22,227	19,274
Total CUSA net equity	31,098	27,131
Memo: Total debt	$ 9,740	$ 10,800

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.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted		false
Rule 10b5-1 Arrangement Terminated		false
Non-Rule 10b5-1 Arrangement Terminated		false
Alana K. Knowles [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Alana K. Knowles, Vice President and Controller, entered into a pre-arranged stock trading plan on November 27, 2023. Ms. Knowles’ plan provides for the potential exercise of vested stock options and the associated sale of up to 17,534 shares of Chevron common stock between February 27, 2024 and November 30, 2024.
Name	Alana K. Knowles
Title	Vice President and Controller
Rule 10b5-1 Arrangement Adopted		true
Adoption Date	November 27, 2023
Arrangement Duration	277 days
Aggregate Available	17,534	17,534
Michael K. Wirth [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Michael K. Wirth, Chairman of the Board and Chief Executive Officer, entered into a pre-arranged stock trading plan on November 22, 2023. Mr. Wirth’s plan provides for the potential exercise of vested stock options and the associated sale of up to 404,500 shares of Chevron common stock between February 27, 2024 and January 28, 2025.
Name	Michael K. Wirth
Title	Chairman of the Board and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted		true
Adoption Date	November 22, 2023
Arrangement Duration	336 days
Aggregate Available	404,500	404,500
R. Hewitt Pate [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		R. Hewitt Pate, Vice President and General Counsel, entered into a pre-arranged stock trading plan on November 27, 2023. Mr. Pate’s plan provides for the potential exercise of vested stock options and the associated sale of up to 250,742 shares of Chevron common stock between February 27, 2024 and February 7, 2025.
Name	R. Hewitt Pate
Title	Vice President and General Counsel
Rule 10b5-1 Arrangement Adopted		true
Adoption Date	November 27, 2023
Arrangement Duration	353 days
Aggregate Available	250,742	250,742

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
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 2023 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 abandonment and decommissioning obligations related to previously sold assets, refer to Note 24 Other Contingencies and Commitment s. 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, NGLs, 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 and certain restricted stock units, 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.

Financial and Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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	2023		2022
Commodity	Accounts and notes receivable	$	151	$	175
Commodity	Long-term receivables, net	8		9
Total assets at fair value		$	159	$	184
Commodity	Accounts payable	$	216	$	46
Commodity	Deferred credits and other noncurrent obligations	46		12
Total liabilities at fair value		$	262	$	58

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	2023		2022		2021
Commodity	Sales and other operating revenues	$	(304)	$	(651)	$	(685)
Commodity	Purchased crude oil and products	(154)		(226)		(64)
Commodity	Other income (loss)	(47)		10		(46)
		$	(505)	$	(867)	$	(795)

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, 2023 and 2022.

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, 2023
Derivative Assets - not designated	$	2,394	$	2,242	$	152	$	4	$	148
Derivative Assets - designated	$	8	$	1	$	7	$	—	$	7
Derivative Liabilities - not designated	$	2,504	$	2,242	$	262	$	15	$	247
Derivative Liabilities - designated	$	1	$	1	$	—	$	—	$	—
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

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, 2023 and 2022.

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, 2023
Derivative Assets - not designated	$	2,394	$	2,242	$	152	$	4	$	148
Derivative Assets - designated	$	8	$	1	$	7	$	—	$	7
Derivative Liabilities - not designated	$	2,504	$	2,242	$	262	$	15	$	247
Derivative Liabilities - designated	$	1	$	1	$	—	$	—	$	—
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

Other Contingencies and Commitments	12 Months Ended
Other Contingencies and Commitments	Dec. 31, 2023
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 $135. This guarantee is associated with certain payments under a terminal use agreement entered into by an equity affiliate. Over the approximate 4-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: 2024 – $909; 2025 – $1,086; 2026 – $1,141; 2027 – $1,193; 2028 – $1,183; after 2028 – $7,553. The aggregate amount of required payments for other unconditional purchase obligations are: 2024 – $589; 2025 – $451; 2026 – $484; 2027 – $604; 2028 – $273; after 2028 – $1,078. A portion of these commitments may ultimately be shared with project partners. Total payments under the agreements were $1,420 in 2023, $1,866 in 2022 and $861 in 2021. 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, 2023, was $936. Included in this balance was $232 related to remediation activities at sites for which the company had been identified as a potentially responsible party under the provisions of the U.S. federal Superfund law 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 2023 environmental reserves balance of $704, $389 is related to the company’s U.S. downstream operations, $55 to its international downstream operations, and $260 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 2023 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. In addition, some assets are sold along with their related liabilities and in certain instances, such transferred obligations have reverted and may in the future revert to the company and result in losses that could be significant. In fourth quarter 2023, the company recognized an after-tax loss of $1,950 related to abandonment and decommissioning obligations from previously sold oil and gas production assets in the U.S. Gulf of Mexico, as companies that purchased these assets have filed for protection under Chapter 11 of the U.S. Bankruptcy Code, and we believe it is now probable and estimable that a portion of these obligations will revert to the company.

Accounting for Suspended Exploratory Wells (Tables)

12 Months Ended

Dec. 31, 2023

Accounting for Suspended Exploratory Wells [Abstract]

Changes in company's suspended exploratory well costs

The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2023:


	2023		2022		2021
Beginning balance at January 1	$	1,627	$	2,109	$	2,512
Additions to capitalized exploratory well costs pending the determination of proved reserves	88		72		56
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	—		(481)		(425)
Capitalized exploratory well costs charged to expense	(67)		(73)		(34)

Ending balance at December 31	$	1,648	$	1,627	$	2,109

Aging of capitalized well costs and number of project


	At December 31
	2023		2022		2021
Exploratory well costs capitalized for a period of one year or less	$	78	$	73	$	65
Exploratory well costs capitalized for a period greater than one year	1,570		1,554		2,044
Balance at December 31	$	1,648	$	1,627	$	2,109
Number of projects with exploratory well costs that have been capitalized for a period greater than one year*	13		12		15

*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
2015-2022	186		8
Total	$	1,570	71

Aging based on drilling completion date of last suspended well in project:	Amount		Number of projects
2008-2012	$	292	2
2013-2016	1,082		6
2017-2023	196		5
Total	$	1,570	13

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Option
Expected term in years	6 years 4 months 24 days	6 years 10 months 24 days	6 years 9 months 18 days
Volatility	32.50%	31.30%	31.10%
Risk-free interest rate based on zero coupon U.S. treasury note	3.43%	1.79%	0.71%
Dividend yield	3.50%	5.00%	6.00%
Weighted-average fair value per option granted (in dollars per share)	$ 45.82	$ 23.56	$ 12.22
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	24,375	25,265
Shares, Granted (in shares)		2,122
Shares, Exercised (in shares)		(2,538)
Shares, Forfeited (in shares)		(474)
Outstanding, ending balance (in shares)		24,375	25,265
Shares, Exercisable at December 31 (in shares)		18,438
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)	$ 118.72	$ 114.61
Weighted-Average Exercise Price, Granted (in dollars per share)		179.08
Weighted-Average Exercise Price, Exercised (in dollars per share)		104.30
Weighted-Average Exercise Price, Forfeited (in dollars per share)		246.61
Weighted-Average Exercise Price, Outstanding at December 31 (in dollars per share)		118.72	$ 114.61
Weighted-Average Exercise Price, Exercisable at December 31 (in dollars per share)		$ 113.38
Average Remaining Contractual Term, Outstanding at December 31 (in years)	5 years 1 month 20 days
Average Remaining Contractual Term, Exercisable at December 31 (in years)	4 years 1 month 9 days
Aggregate Intrinsic Value, Outstanding at December 31		$ 934
Aggregate Intrinsic Value, Exercisable at December 31		$ 791

Financial and Derivative Instruments - Effect of Derivatives Not Designated On Hedging Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ (505)	$ (867)	$ (795)
Commodity \| Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(304)	(651)	(685)
Commodity \| Purchased crude oil and products
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(154)	(226)	(64)
Commodity \| Other income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ (47)	$ 10	$ (46)

Financial and Derivative Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial and Derivative Instruments

Derivative Commodity Instruments The company’s derivative commodity instruments principally include crude oil, natural gas, 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, 2023, 2022 and 2021, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:

Consolidated Balance Sheet: Fair Value of Derivatives


				At December 31
Type of Contract	Balance Sheet Classification	2023		2022
Commodity	Accounts and notes receivable	$	151	$	175
Commodity	Long-term receivables, net	8		9
Total assets at fair value		$	159	$	184
Commodity	Accounts payable	$	216	$	46
Commodity	Deferred credits and other noncurrent obligations	46		12
Total liabilities at fair value		$	262	$	58

Consolidated Statement of Income: The Effect of Derivatives


		Gain/(Loss)
Type of Derivative	Statement of	Year ended December 31
Contract	Income Classification	2023		2022		2021
Commodity	Sales and other operating revenues	$	(304)	$	(651)	$	(685)
Commodity	Purchased crude oil and products	(154)		(226)		(64)
Commodity	Other income (loss)	(47)		10		(46)
		$	(505)	$	(867)	$	(795)

The amount reclassified from AOCL to “Sales and other operating revenues” from designated hedges was a decrease of $33 in 2023, compared with an increase of $80 in the prior year. At December 31, 2023, before-tax deferred gains in AOCL related to outstanding crude oil price hedging contracts were $7, 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, 2023 and 2022.

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, 2023
Derivative Assets - not designated	$	2,394	$	2,242	$	152	$	4	$	148
Derivative Assets - designated	$	8	$	1	$	7	$	—	$	7
Derivative Liabilities - not designated	$	2,504	$	2,242	$	262	$	15	$	247
Derivative Liabilities - designated	$	1	$	1	$	—	$	—	$	—
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

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.

Employee Benefit Plans - Assumptions (Details)	12 Months Ended
Employee Benefit Plans - Assumptions (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Benefits
Assumptions used to determine benefit obligations:
Discount rate	5.10%	5.30%	2.90%
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost	5.40%	3.10%	3.00%
Discount rate for interest cost	5.20%	2.40%	2.10%
U.S.
Assumptions used to determine benefit obligations:
Discount rate	5.00%	5.20%	2.80%
Assumptions used to determine net periodic benefit cost:
Expected return on plan assets	7.00%
U.S. \| Pension Benefits
Assumptions used to determine benefit obligations:
Discount rate	5.00%	5.20%	2.80%
Rate of compensation increase	4.50%	4.50%	4.50%
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost	5.20%	3.60%	3.00%
Discount rate for interest cost	5.00%	2.80%	1.90%
Expected return on plan assets	7.00%	6.60%	6.50%
Rate of compensation increase	4.50%	4.50%	4.50%
Int’l. \| Pension Benefits
Assumptions used to determine benefit obligations:
Discount rate	5.50%	5.80%	2.80%
Rate of compensation increase	3.90%	4.20%	4.10%
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost	5.80%	2.80%	2.40%
Discount rate for interest cost	5.80%	2.80%	2.40%
Expected return on plan assets	6.10%	3.90%	3.50%
Rate of compensation increase	4.20%	4.10%	4.00%

Accounting for Suspended Exploratory Wells - Aging of Costs on a Well and Project Basis (Details) $ in Millions	Dec. 31, 2023 USD ($) Project Well	Dec. 31, 2022 USD ($) Project	Dec. 31, 2021 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	$ 1,570	$ 1,554	$ 2,044
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	13	12	15
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
2015-2022
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	$ 186
Capitalized exploratory well costs that have been capitalized for period greater than one year, number of wells \| Well	8
2008-2012
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	$ 292
Number of projects (in projects) \| Project	2
2013-2016
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	$ 1,082
Number of projects (in projects) \| Project	6
2017-2023
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	$ 196
Number of projects (in projects) \| Project	5

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

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 2023 and 2022 follows:


	Pension Benefits
	2023				2022				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		2023		2022
Change in Benefit Obligation
Benefit obligation at January 1	$	9,713	$	3,354	$	12,966	$	5,351	$	1,938	$	2,489
Service cost	342		58		432		83		33		43
Interest cost	448		193		318		137		97		60
Plan participants’ contributions	—		3		—		3		63		62
Plan amendments	—		28		40		38		—		18
Actuarial (gain) loss	603		17		(2,753)		(1,559)		103		(509)
Foreign currency exchange rate changes	—		180		—		(423)		5		(5)
Benefits paid	(714)		(218)		(1,290)		(276)		(222)		(220)
Divestitures/Acquisitions	—		(14)		—		—		—		—
Curtailment	—		2		—		—		—		—
Special termination costs	—		2		—		—		—		—
Benefit obligation at December 31	10,392		3,605		9,713		3,354		2,017		1,938
Change in Plan Assets
Fair value of plan assets at January 1	7,942		3,286		9,919		4,950		—		—
Actual return on plan assets	889		46		(1,851)		(1,096)		—		—
Foreign currency exchange rate changes	—		181		—		(453)		—		—
Employer contributions	1,020		100		1,164		158		159		158
Plan participants’ contributions	—		3		—		3		63		62
Benefits paid	(714)		(218)		(1,290)		(276)		(222)		(220)

Fair value of plan assets at December 31	9,137		3,398		7,942		3,286		—		—
Funded status at December 31	$	(1,255)	$	(207)	$	(1,771)	$	(68)	$	(2,017)	$	(1,938)

Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2023 and 2022, include:


	Pension Benefits
	2023				2022				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		2023		2022
Deferred charges and other assets	$	31	$	703	$	26	$	759	$	—	$	—
Accrued liabilities	(145)		(73)		(210)		(62)		(154)		(152)
Noncurrent employee benefit plans	(1,141)		(837)		(1,587)		(765)		(1,863)		(1,786)
Net amount recognized at December 31	$	(1,255)	$	(207)	$	(1,771)	$	(68)	$	(2,017)	$	(1,938)

For the year ended December 31, 2023, the increase in benefit obligations was primarily due to actuarial losses caused by lower discount rates used to value the obligations. 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.


	Pension Benefits
	2023				2022				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		2023		2022
Net actuarial loss	$	3,161	$	823	$	3,147	$	659	$	(266)	$	(392)
Prior service (credit) costs	37		126		40		107		(89)		(115)
Total recognized at December 31	$	3,198	$	949	$	3,187	$	766	$	(355)	$	(507)

The accumulated benefit obligations for all U.S. and international pension plans were $9,284 and $3,378, respectively, at December 31, 2023, and $8,595 and $3,084, respectively, at December 31, 2022.

Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2023 and 2022, was:


	Pension Benefits
	2023				2022
	U.S.		Int’l.		U.S.		Int’l.
Projected benefit obligations	$	1,203	$	913	$	1,322	$	828
Accumulated benefit obligations	1,108		773		1,135		671
Fair value of plan assets	—		4		—		3

The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2023, 2022 and 2021 are shown in the table below:


	Pension Benefits
	2023				2022				2021				Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		U.S.		Int’l.		2023		2022		2021
Net Periodic Benefit Cost
Service cost	$	342	$	58	$	432	$	83	$	450	$	123	$	33	$	43	$	43
Interest cost	448		193		318		137		235		137		97		60		53
Expected return on plan assets	(557)		(204)		(624)		(176)		(596)		(171)		—		—		—
Amortization of prior service costs (credits)	4		8		2		6		2		8		(25)		(27)		(27)
Recognized actuarial losses	199		8		218		15		309		46		(19)		13		16
Settlement losses	56		—		363		(6)		672		7		—		—		—
Curtailment losses (gains)	—		2		—		(5)		—		(1)		—		—		—
Special termination benefits	—		2		—		—		—		—		—		—		—
Acquisition/Divestiture losses (gains)	—		(2)		—		—		—		—		—		—		—
Total net periodic benefit cost	492		65		709		54		1,072		149		86		89		85
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	270		172		(279)		(257)		(725)		(408)		108		(514)		(111)
Amortization of actuarial loss	(255)		(8)		(581)		(5)		(981)		(73)		19		(13)		(15)
Prior service (credits) costs during period	—		28		40		38		—		—		1		18		—
Amortization of prior service (costs) credits	(4)		(8)		(2)		(6)		(2)		(11)		25		27		27
Total changes recognized in other comprehensive income	11		184		(822)		(230)		(1,708)		(492)		153		(482)		(99)
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	503	$	249	$	(113)	$	(176)	$	(636)	$	(343)	$	239	$	(393)	$	(14)

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


	Pension Benefits
	2023				2022				2021						Other Benefits
	U.S.		Int’l.		U.S.		Int’l.		U.S.		Int’l.		2023		2022		2021
Assumptions used to determine benefit obligations:
Discount rate	5.0	%	5.5	%	5.2	%	5.8	%	2.8	%	2.8	%	5.1	%	5.3	%	2.9	%
Rate of compensation increase	4.5	%	3.9	%	4.5	%	4.2	%	4.5	%	4.1	%	N/A		N/A		N/A
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost	5.2	%	5.8	%	3.6	%	2.8	%	3.0	%	2.4	%	5.4	%	3.1	%	3.0	%
Discount rate for interest cost	5.0	%	5.8	%	2.8	%	2.8	%	1.9	%	2.4	%	5.2	%	2.4	%	2.1	%
Expected return on plan assets	7.0	%	6.1	%	6.6	%	3.9	%	6.5	%	3.5	%	N/A		N/A		N/A
Rate of compensation increase	4.5	%	4.2	%	4.5	%	4.1	%	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 2023, the company used an expected long-term rate of return of 7.0 percent for U.S. pension plan assets, which account for 71 percent of the company’s pension plan assets at the beginning of the year.

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 5.0 percent, 5.2 percent, and 2.8 percent for 2023, 2022, and 2021, 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, 2023, for the main U.S. OPEB plan, the assumed health care cost-trend rates start with 8.4 percent in 2024 and gradually decline to 4.5 percent for 2033 and beyond. For this measurement at December 31, 2022, the assumed health care cost-trend rates started with 6.6 percent in 2023 and gradually declined to 4.5 percent for 2032 and beyond.

Plan Assets and Investment Strategy

The fair value measurements of the company’s pension plans for 2023 and 2022 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, 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
At December 31, 2023
Equities
U.S.1	$	1,691	$	1,689	$	1	$	1	$	—	$	188	$	188	$	—	$	—	$	—
International	1,128		1,128		—		—		—		124		124		—		—		—
Collective Trusts/Mutual Funds2	1,269		4		—		—		1,265		95		6		—		—		89
Fixed Income
Government	82		—		82		—		—		172		101		71		—		—
Corporate	964		—		964		—		—		431		4		427		—		—
Bank Loans	5		—		5		—		—		—		—		—		—		—
Mortgage/Asset Backed	1		—		1		—		—		5		—		5		—		—

Collective Trusts/Mutual Funds2	2,293		—		—		—		2,293		1,819		—		—		—		1,819
Mixed Funds3	—		—		—		—		—		85		8		77		—		—
Real Estate4	1,087		—		—		—		1,087		147		—		24		—		123
Alternative Investments	—		—		—		—		—		9		—		9		—		—
Cash and Cash Equivalents	548		12		—		—		536		81		74		1		—		6
Other5	69		(2)		14		56		1		242		—		11		81		150
Total at December 31, 2023	$	9,137	$	2,831	$	1,067	$	57	$	5,182	$	3,398	$	505	$	625	$	81	$	2,187

1There were no investments in the company’s common stock at December 31, 2023 or December 31, 2022.

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


	Equity
	U.S.		International		Real Estate		Other		Total
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
Actual Return on Plan Assets:
Assets held at the reporting date	1		—		5		—		6
Assets sold during the period	—		—		—		(2)		(2)
Purchases, Sales and Settlements	—		—		—		—		—
Transfers in and/or out of Level 3	—		—		(43)		—		(43)
Total at December 31, 2023	$	1	$	—	$	—	$	137	$	138

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 95 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 63–93 percent, Real Estate 5–15 percent, and Cash 0–7 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 liquidity 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 2023, the company contributed $1,020 and $100 to its U.S. and international pension plans, respectively. In 2024, the company expects contributions to be approximately $750 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 2024; $159 was paid in 2023.

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
2024	$	886	$	216	$	154
2025	912		210		151
2026	904		222		149
2027	901		228		147
2028	877		240		146
2029-2033	4,248		1,266		716

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 $320, $283 and $252 in 2023, 2022 and 2021, 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 2023, 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.

Employee Incentive Plans The Chevron Incentive Plan is an annual cash bonus plan for eligible employees that links awards to corporate and individual performance in the prior year. Charges to expense for cash bonuses were $809, $1,169 and $1,165 in 2023, 2022 and 2021, 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.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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+ Details

Employee Benefit Plans - Plan Assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	$ 138,000,000	$ 177,000,000	$ 204,000,000
U.S.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	9,137,000,000	7,942,000,000
U.S. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	2,831,000,000	2,370,000,000
U.S. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,067,000,000	851,000,000
U.S. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	57,000,000	54,000,000
U.S. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	5,182,000,000	4,667,000,000
Int’l.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	3,398,000,000	3,286,000,000
Int’l. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	505,000,000	515,000,000
Int’l. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	625,000,000	483,000,000
Int’l. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	81,000,000	123,000,000
Int’l. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	2,187,000,000	2,165,000,000
U.S. \| U.S.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,691,000,000	1,358,000,000
U.S. \| U.S. \| Company's Own Stock
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
U.S. \| U.S. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,689,000,000	1,358,000,000
U.S. \| U.S. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,000,000	0
U.S. \| U.S. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,000,000	0
U.S. \| U.S. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
U.S. \| Int’l.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	188,000,000	164,000,000
U.S. \| Int’l. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	188,000,000	164,000,000
U.S. \| Int’l. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
U.S. \| Int’l. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
U.S. \| Int’l. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
International \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,000,000	0	0
International \| U.S.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,128,000,000	946,000,000
International \| U.S. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,128,000,000	946,000,000
International \| U.S. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
International \| U.S. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
International \| U.S. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
International \| Int’l.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	124,000,000	120,000,000
International \| Int’l. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	124,000,000	120,000,000
International \| Int’l. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
International \| Int’l. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
International \| Int’l. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Collective Trusts/Mutual Funds \| U.S.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,269,000,000	1,695,000,000
Collective Trusts/Mutual Funds \| U.S. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	4,000,000	4,000,000
Collective Trusts/Mutual Funds \| U.S. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Collective Trusts/Mutual Funds \| U.S. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Collective Trusts/Mutual Funds \| U.S. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,265,000,000	1,691,000,000
Collective Trusts/Mutual Funds \| Int’l.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	95,000,000	87,000,000
Collective Trusts/Mutual Funds \| Int’l. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	6,000,000	6,000,000
Collective Trusts/Mutual Funds \| Int’l. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Collective Trusts/Mutual Funds \| Int’l. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Collective Trusts/Mutual Funds \| Int’l. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	89,000,000	81,000,000
Government \| U.S.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	82,000,000	110,000,000
Government \| U.S. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Government \| U.S. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	82,000,000	110,000,000
Government \| U.S. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Government \| U.S. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Government \| Int’l.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	172,000,000	185,000,000
Government \| Int’l. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	101,000,000	127,000,000
Government \| Int’l. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	71,000,000	58,000,000
Government \| Int’l. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Government \| Int’l. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Corporate \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0	1,000,000
Corporate \| U.S.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	964,000,000	680,000,000
Corporate \| U.S. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Corporate \| U.S. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	964,000,000	680,000,000
Corporate \| U.S. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Corporate \| U.S. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Corporate \| Int’l.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	431,000,000	343,000,000
Corporate \| Int’l. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	4,000,000	15,000,000
Corporate \| Int’l. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	427,000,000	328,000,000
Corporate \| Int’l. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Corporate \| Int’l. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Bank Loans \| U.S.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	5,000,000	45,000,000
Bank Loans \| U.S. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Bank Loans \| U.S. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	5,000,000	45,000,000
Bank Loans \| U.S. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Bank Loans \| U.S. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Bank Loans \| Int’l.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Bank Loans \| Int’l. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Bank Loans \| Int’l. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Bank Loans \| Int’l. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Bank Loans \| Int’l. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Mortgage/Asset Backed \| U.S.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,000,000	1,000,000
Mortgage/Asset Backed \| U.S. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Mortgage/Asset Backed \| U.S. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,000,000	1,000,000
Mortgage/Asset Backed \| U.S. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Mortgage/Asset Backed \| U.S. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Mortgage/Asset Backed \| Int’l.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	5,000,000	4,000,000
Mortgage/Asset Backed \| Int’l. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Mortgage/Asset Backed \| Int’l. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	5,000,000	4,000,000
Mortgage/Asset Backed \| Int’l. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Mortgage/Asset Backed \| Int’l. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Collective Trusts/Mutual Funds \| U.S.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	2,293,000,000	1,616,000,000
Collective Trusts/Mutual Funds \| U.S. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Collective Trusts/Mutual Funds \| U.S. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Collective Trusts/Mutual Funds \| U.S. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Collective Trusts/Mutual Funds \| U.S. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	2,293,000,000	1,616,000,000
Collective Trusts/Mutual Funds \| Int’l.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,819,000,000	1,750,000,000
Collective Trusts/Mutual Funds \| Int’l. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Collective Trusts/Mutual Funds \| Int’l. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Collective Trusts/Mutual Funds \| Int’l. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Collective Trusts/Mutual Funds \| Int’l. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,819,000,000	1,750,000,000
Mixed Funds \| U.S.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Mixed Funds \| U.S. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Mixed Funds \| U.S. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Mixed Funds \| U.S. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Mixed Funds \| U.S. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Mixed Funds \| Int’l.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	85,000,000	87,000,000
Mixed Funds \| Int’l. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	8,000,000	14,000,000
Mixed Funds \| Int’l. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	77,000,000	73,000,000
Mixed Funds \| Int’l. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Mixed Funds \| Int’l. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Real Estate \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	38,000,000	42,000,000
Real Estate \| U.S.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,087,000,000	1,184,000,000
Real Estate \| U.S. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Real Estate \| U.S. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Real Estate \| U.S. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Real Estate \| U.S. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,087,000,000	1,184,000,000
Real Estate \| Int’l.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	147,000,000	198,000,000
Real Estate \| Int’l. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Real Estate \| Int’l. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	24,000,000	0
Real Estate \| Int’l. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	38,000,000
Real Estate \| Int’l. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	123,000,000	160,000,000
Alternative Investments \| U.S.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Alternative Investments \| U.S. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Alternative Investments \| U.S. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Alternative Investments \| U.S. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Alternative Investments \| U.S. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Alternative Investments \| Int’l.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	9,000,000	0
Alternative Investments \| Int’l. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Alternative Investments \| Int’l. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	9,000,000	0
Alternative Investments \| Int’l. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Alternative Investments \| Int’l. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Cash and Cash Equivalents \| U.S.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	548,000,000	200,000,000
Cash and Cash Equivalents \| U.S. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	12,000,000	25,000,000
Cash and Cash Equivalents \| U.S. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Cash and Cash Equivalents \| U.S. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Cash and Cash Equivalents \| U.S. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	536,000,000	175,000,000
Cash and Cash Equivalents \| Int’l.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	81,000,000	80,000,000
Cash and Cash Equivalents \| Int’l. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	74,000,000	69,000,000
Cash and Cash Equivalents \| Int’l. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,000,000	2,000,000
Cash and Cash Equivalents \| Int’l. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Cash and Cash Equivalents \| Int’l. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	6,000,000	9,000,000
Other \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	137,000,000	139,000,000	$ 161,000,000
Other \| U.S.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	69,000,000	107,000,000
Other \| U.S. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	(2,000,000)	37,000,000
Other \| U.S. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	14,000,000	15,000,000
Other \| U.S. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	56,000,000	54,000,000
Other \| U.S. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	1,000,000	1,000,000
Other \| Int’l.
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	242,000,000	268,000,000
Other \| Int’l. \| Level 1
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	0	0
Other \| Int’l. \| Level 2
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	11,000,000	18,000,000
Other \| Int’l. \| Level 3
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	81,000,000	85,000,000
Other \| Int’l. \| NAV
Fair Value Measurements of Company's Pension Plans
Fair value of plan assets	$ 150,000,000	$ 165,000,000