falsedesktopCVX2020-12-31000009341021000009{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "\t\t6001 Bollinger Canyon Road\t\t\nDelaware\t94-0890210\tSan Ramon\tCalifornia\t94583-2324\n(State or other jurisdiction of incorporation or organization)\t(I.R.S. Employer Identification No.)\t(Address of principal executive offices) (Zip Code)\t\t\n", "q10k_tbl_1": "Large accelerated filer\t☑\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\n\t\tEmerging growth company\t☐\n", "q10k_tbl_2": "ITEM\t\tPAGE\nPART I\t\t\n1.\tBusiness\t3\n\tGeneral Development of Business\t3\n\tDescription of Business and Properties\t5\n\tUpstream\t5\n\tDownstream\t15\n\tOther Businesses\t17\n1A.\tRisk Factors\t18\n1B.\tUnresolved Staff Comments\t23\n2.\tProperties\t24\n3.\tLegal Proceedings\t24\n4.\tMine Safety Disclosures\t24\n\tInformation about our Executive Officers\t24\nPART II\t\t\n5.\tMarket for the Registrant's Common Equity Related Stockholder Matters and Issuer Purchases of Equity Securities\t25\n6.\tSelected Financial Data\t25\n7.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t25\n7A.\tQuantitative and Qualitative Disclosures About Market Risk\t25\n8.\tFinancial Statements and Supplementary Data\t25\n9.\tChanges in and Disagreements With Accountants on Accounting and Financial Disclosure\t25\n9A.\tControls and Procedures\t25\n9B.\tOther Information\t26\nPART III\t\t\n10.\tDirectors Executive Officers and Corporate Governance\t27\n11.\tExecutive Compensation\t28\n12.\tSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters\t28\n13.\tCertain Relationships and Related Transactions and Director Independence\t28\n14.\tPrincipal Accounting Fees and Services\t28\nPART IV\t\t\n15.\tExhibits Financial Statement Schedules\t112\n\tSchedule II - Valuation and Qualifying Accounts\t112\n16.\tForm 10-K Summary\t112\n\tSignatures\t115\n", "q10k_tbl_3": "\tAt December 31 2020\t\t\t\t\t\t\t\n\tFemale\t\tMale\t\tGender data not available 1\t\tTotal Employees\t\n\tNumber of Employees\tPercentage\tNumber of Employees\tPercentage\tNumber of Employees\tPercentage\tNumber of Employees\tPercentage\nU.S.\t6632\t28%\t16606\t70%\t491\t2%\t23729\t50%\nOther Americas\t894\t26%\t2484\t73%\t33\t1%\t3411\t7%\nAfrica\t715\t17%\t3507\t83%\t6\t-%\t4228\t9%\nAsia\t2982\t29%\t7334\t71%\t80\t1%\t10396\t22%\nAustralia\t1746\t40%\t2584\t60%\t6\t-%\t4336\t9%\nEurope\t410\t25%\t1226\t75%\t0\t-%\t1636\t3%\nTotal Employees 2\t13379\t28%\t33741\t71%\t616\t1%\t47736\t100%\n", "q10k_tbl_4": "\tAt December 31\t\t\n\t2020\t2019\t2018\nLiquids - Millions of barrels\t\t\t\nConsolidated Companies\t4475\t4771\t4975\nAffiliated Companies\t1672\t1750\t1815\nTotal Liquids\t6147\t6521\t6790\nNatural Gas - Billions of cubic feet\t\t\t\nConsolidated Companies\t27006\t26587\t28733\nAffiliated Companies\t2916\t2870\t2843\nTotal Natural Gas\t29922\t29457\t31576\nOil-Equivalent - Millions of barrels1\t\t\t\nConsolidated Companies\t8976\t9202\t9764\nAffiliated Companies\t2158\t2229\t2289\nTotal Oil-Equivalent\t11134\t11431\t12053\n", "q10k_tbl_5": "\t\t\tComponents of Oil-Equivalent\t\t\t\n\tOil-Equivalent\t\tLiquids\t\tNatural Gas\t\nThousands of barrels per day (MBPD)\t(MBPD)1\t\t(MBPD)\t\t(MMCFPD)\t\nMillions of cubic feet per day (MMCFPD)\t2020\t2019\t2020\t2019\t2020\t2019\nUnited States2\t1058\t929\t790\t724\t1607\t1225\nOther Americas\t\t\t\t\t\t\nArgentina\t25\t27\t21\t23\t24\t25\nBrazil\t6\t8\t6\t8\t1\t2\nCanada3\t159\t135\t138\t119\t126\t95\nColombia4\t2\t11\t0\t0\t14\t64\nTotal Other Americas\t192\t181\t165\t150\t165\t186\nAfrica\t\t\t\t\t\t\nAngola\t87\t95\t78\t86\t53\t52\nEquatorial Guinea2\t11\t0\t5\t0\t42\t0\nNigeria\t183\t209\t140\t173\t260\t215\nRepublic of Congo\t46\t52\t44\t49\t13\t13\nTotal Africa\t327\t356\t267\t308\t368\t280\nAsia\t\t\t\t\t\t\nAzerbaijan4\t7\t20\t7\t18\t3\t10\nBangladesh\t107\t110\t3\t4\t622\t638\nChina\t32\t31\t15\t16\t100\t93\nIndonesia\t138\t109\t131\t101\t43\t52\nIsrael2\t20\t0\t0\t0\t116\t0\nKazakhstan\t55\t49\t32\t28\t136\t129\nMyanmar\t15\t15\t0\t0\t92\t93\nPartitioned Zone5\t18\t0\t17\t0\t3\t0\nPhilippines4\t5\t26\t1\t3\t25\t136\nThailand\t207\t238\t54\t65\t918\t1038\nTotal Asia\t604\t598\t260\t235\t2058\t2189\nAustralia\t\t\t\t\t\t\nAustralia\t441\t455\t42\t45\t2392\t2460\nTotal Australia\t441\t455\t42\t45\t2392\t2460\nEurope\t\t\t\t\t\t\nDenmark4\t0\t5\t0\t3\t0\t11\nUnited Kingdom4\t14\t62\t13\t44\t5\t108\nTotal Europe\t14\t67\t13\t47\t5\t119\nTotal Consolidated Companies\t2636\t2586\t1537\t1509\t6595\t6459\nAffiliates36\t447\t472\t331\t356\t695\t698\nTotal Including Affiliates7\t3083\t3058\t1868\t1865\t7290\t7157\n1 Oil-equivalent conversion ratio is 6000 cubic feet of natural gas = 1 barrel of crude oil.\t\t\t\t\t\t\n2 Includes production associated with the acquisition of Noble commencing October 2020.\t\t\t\t\t\t\n3 Includes synthetic oil: Canada net\t54\t53\t54\t53\t0\t0\nVenezuela net\t0\t3\t0\t3\t0\t0\n4 Chevron sold its interest in various upstream producing assets in 2019 and 2020.\t\t\t\t\t\t\n5 Located between Saudi Arabia and Kuwait. Production was shut-in in May 2015; resumed in July 2020.\t\t\t\t\t\t\n6 Volumes represent Chevron's share of production by affiliates including Tengizchevroil in Kazakhstan; Petroboscan and Petropiar in Venezuela through June 30 2020; and Angola LNG in Angola.\t\t\t\t\t\t\n7 Volumes include natural gas consumed in operations of 603 million and 638 million cubic feet per day in 2020 and 2019 respectively. Total \"as sold\" natural gas volumes were 6687 million and 6519 million cubic feet per day for 2020 and 2019 respectively.\t\t\t\t\t\t\n", "q10k_tbl_6": "\tAt December 31 2020\t\t\t\n\tProductive Oil Wells1\t\tProductive Gas Wells1\t\n\tGross\tNet\tGross\tNet\nUnited States\t42933\t31380\t2859\t2322\nOther Americas\t1077\t687\t216\t135\nAfrica\t1732\t679\t50\t19\nAsia\t14210\t12492\t3179\t1732\nAustralia\t533\t299\t101\t25\nEurope\t29\t6\t0\t0\nTotal Consolidated Companies\t60514\t45543\t6405\t4233\nAffiliates2\t1675\t601\t0\t0\nTotal Including Affiliates\t62189\t46144\t6405\t4233\nMultiple completion wells included above\t619\t340\t148\t117\n1 Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron's ownership interest in gross wells.\t\t\t\t\n2 Includes gross 1452 and net 490 productive oil wells for interests accounted for by the non-equity method.\t\t\t\t\n", "q10k_tbl_7": "\tUndeveloped2\t\tDeveloped\t\tDeveloped and Undeveloped\t\nThousands of acres1\tGross\tNet\tGross\tNet\tGross\tNet\nUnited States\t4120\t3561\t4670\t3317\t8790\t6878\nOther Americas\t19418\t10592\t1169\t252\t20587\t10844\nAfrica\t7393\t4829\t2522\t1051\t9915\t5880\nAsia\t18742\t7692\t1914\t1041\t20656\t8733\nAustralia\t10370\t6471\t2061\t812\t12431\t7283\nTotal Consolidated Companies\t60043\t33145\t12336\t6473\t72379\t39618\nAffiliates3\t702\t290\t102\t46\t804\t336\nTotal Including Affiliates\t60745\t33435\t12438\t6519\t73183\t39954\n1 Gross acres represent the total number of acres in which Chevron has an ownership interest. Net acres represent the sum of Chevron's ownership interest in gross acres.\t\t\t\t\t\t\n2 The gross undeveloped acres that will expire in 2021 2022 and 2023 if production is not established by certain required dates are 2415 5404 and 3199 respectively.\t\t\t\t\t\t\n3 Includes gross 405 and net 141 undeveloped and gross 19 and net 5 developed acreage for interests accounted for by the non-equity method.\t\t\t\t\t\t\n", "q10k_tbl_8": "\tWells Drilling1\t\tNet Wells Completed\t\t\t\t\t\n\tat 12/31/20\t\t2020\t\t2019\t\t2018\t\n\tGross\tNet\tProd.\tDry\tProd.\tDry\tProd.\tDry\nUnited States\t190\t149\t539\t2\t682\t1\t509\t1\nOther Americas\t12\t9\t27\t0\t36\t0\t43\t0\nAfrica\t1\t0\t5\t0\t26\t0\t8\t0\nAsia\t23\t8\t94\t2\t181\t2\t289\t5\nAustralia\t0\t0\t0\t0\t0\t0\t1\t0\nEurope\t0\t0\t1\t0\t1\t0\t2\t0\nTotal Consolidated Companies\t226\t166\t666\t4\t926\t3\t852\t6\nAffiliates2\t22\t8\t13\t0\t43\t0\t39\t0\nTotal Including Affiliates\t248\t174\t679\t4\t969\t3\t891\t6\n1 Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron's ownership interest in gross wells.\t\t\t\t\t\t\t\t\n2 Includes gross 19 and net 6 wells drilling for interests accounted for by the non-equity method.\t\t\t\t\t\t\t\t\n", "q10k_tbl_9": "\tWells Drilling*\t\tNet Wells Completed\t\t\t\t\t\n\tat 12/31/20\t\t2020\t\t2019\t\t2018\t\n\tGross\tNet\tProd.\tDry\tProd.\tDry\tProd.\tDry\nUnited States\t1\t0\t4\t1\t10\t2\t13\t2\nOther Americas\t0\t0\t2\t2\t0\t0\t1\t1\nAfrica\t0\t0\t0\t0\t0\t0\t0\t0\nAsia\t0\t0\t0\t0\t0\t0\t1\t0\nAustralia\t0\t0\t0\t0\t0\t0\t0\t0\nEurope\t0\t0\t0\t0\t0\t0\t0\t1\nTotal Consolidated Companies\t1\t0\t6\t3\t10\t2\t15\t4\nAffiliates\t0\t0\t0\t0\t0\t0\t0\t0\nTotal Including Affiliates\t1\t0\t6\t3\t10\t2\t15\t4\n* Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron's ownership interest in gross wells.\t\t\t\t\t\t\t\t\n", "q10k_tbl_10": "Petroleum Refineries: Locations Capacities and Inputs\t\t\t\t\t\t\nCapacities and inputs in thousands of barrels per day\t\tDecember 31 2020\t\tRefinery Inputs\t\t\nLocations\t\tNumber\tOperable Capacity\t2020\t2019\t2018\nPascagoula\tMississippi\t1\t369\t305\t358\t332\nEl Segundo\tCalifornia\t1\t290\t176\t241\t273\nRichmond\tCalifornia\t1\t257\t198\t236\t249\nPasadena1\tTexas\t1\t110\t69\t58\t0\nSalt Lake City\tUtah\t1\t58\t45\t54\t51\nTotal Consolidated Companies - United States\t\t5\t1084\t793\t947\t905\nMap Ta Phut\tThailand\t1\t175\t143\t134\t160\nCape Town2\tSouth Africa\t0\t0\t0\t0\t49\nTotal Consolidated Companies - International\t\t1\t175\t143\t134\t209\nAffiliates\tVarious Locations3\t2\t545\t441\t483\t494\nTotal Including Affiliates - International\t\t3\t720\t584\t617\t703\nTotal Including Affiliates - Worldwide\t\t8\t1804\t1377\t1564\t1608\n", "q10k_tbl_11": "Refined Products Sales Volumes\t\t\t\nThousands of barrels per day\t2020\t2019\t2018\nUnited States\t\t\t\nGasoline\t581\t667\t627\nJet Fuel\t139\t256\t255\nDiesel/Gas Oil\t167\t191\t188\nResidual Fuel Oil\t33\t42\t48\nOther Petroleum Products1\t83\t94\t100\nTotal United States\t1003\t1250\t1218\nInternational2\t\t\t\nGasoline\t264\t289\t336\nJet Fuel\t143\t238\t276\nDiesel/Gas Oil\t438\t427\t446\nResidual Fuel Oil\t184\t167\t177\nOther Petroleum Products1\t192\t206\t202\nTotal International\t1221\t1327\t1437\nTotal Worldwide2\t2224\t2577\t2655\n1 Principally naphtha lubricants asphalt and coke.\t\t\t\n2 Includes share of affiliates' sales:\t348\t379\t373\n", "q10k_tbl_12": "\tTotal Number\tAverage\tTotal Number of Shares\tApproximate Dollar Values of Shares that\n\tof Shares\tPrice Paid\tPurchased as Part of Publicly\tMay Yet be Purchased Under the Program\nPeriod\tPurchased 12\tper Share\tAnnounced Program\t(Billions of dollars) 2\nOctober. 1 - October. 31 2020\t30243\t72.65\t0\t19.5\nNovember 1 - November 30 2020\t9850\t71.15\t0\t19.5\nDecember 1 -December 31 2020\t33819\t80.89\t0\t19.5\nTotal October 1 - December 31 2020\t73912\t76.22\t0\t\n", "q10k_tbl_13": "Name\tAge\tCurrent and Prior Positions (up to five years)\tPrimary Areas of Responsibility\nMichael K. Wirth\t60\tChairman of the Board and Chief Executive Officer (since Feb 2018) Vice Chairman of the Board (Feb 2017 - Jan 2018) and Executive Vice President Midstream and Development (Jan 2016 - Jan 2018) Executive Vice President Downstream (Mar 2006 - Dec 2015)\tChairman of the Board and Chief Executive Officer\nJoseph C. Geagea\t61\tExecutive Vice President Technology Projects and Services (since Jun 2015) Senior Vice President Technology Projects and Services (Jan 2014 - Jun 2015)\tCapital Projects; Procurement; Information Technology and Digital; Asset Performance; Health Safety and Environment; Real Estate Services\nJames W. Johnson\t61\tExecutive Vice President Upstream (since Jun 2015) Senior Vice President Upstream (Jan 2014 - Jun 2015)\tWorldwide Exploration and Production Activities\nMark A. Nelson\t57\tExecutive Vice President Downstream (since Mar 2019) Vice President Midstream Strategy and Policy (Feb 2018 - Feb 2019) Vice President Strategic Planning (Apr 2016 - Jan 2018) President International Products (Jun 2010 - Mar 2016)\tWorldwide Manufacturing Marketing and Lubricants; Chemicals\nPierre R. Breber\t56\tVice President and Chief Financial Officer (since Apr 2019) Executive Vice President Downstream (Jan 2016 - Mar 2019) Executive Vice President Gas and Midstream (Apr 2015 - Dec 2015) Vice President Gas and Midstream (Jan 2014 - Mar 2015)\tFinance\nRhonda J. Morris\t55\tVice President and Chief Human Resources Officer (since Feb 2019) Vice President Human Resources (Oct 2016 - Jan 2019) Vice President Downstream Human Resources (Sep 2012 - Sep 2016)\tHuman Resources; Diversity and Inclusion\nColin E. Parfitt\t56\tVice President Midstream (since Mar 2019) President Supply and Trading (Jun 2013 - Feb 2019)\tSupply and Trading Activities; Shipping; Pipeline; Power and Energy Management\nR. Hewitt Pate\t58\tVice President and General Counsel (since Aug 2009)\tLaw Governance and Compliance\n", "q10k_tbl_14": "Management's Discussion and Analysis of Financial Condition and Results of Operations\t\nKey Financial Results\t31\nEarnings by Major Operating Area\t31\nBusiness Environment and Outlook\t31\nOperating Developments\t36\nResults of Operations\t37\nConsolidated Statement of Income\t39\nSelected Operating Data\t41\nLiquidity and Capital Resources\t42\nFinancial Ratios and Metrics\t45\nOff-Balance-Sheet Arrangements Contractual Obligations Guarantees and Other Contingencies\t47\nFinancial and Derivative Instrument Market Risk\t47\nTransactions With Related Parties\t48\nLitigation and Other Contingencies\t48\nEnvironmental Matters\t49\nCritical Accounting Estimates and Assumptions\t49\nNew Accounting Standards\t53\nQuarterly Results\t54\nConsolidated Financial Statements\t\nReports of Management\t55\nReport of Independent Registered Public Accounting Firm\t56\nConsolidated Statement of Income\t59\nConsolidated Statement of Comprehensive Income\t60\nConsolidated Balance Sheet\t61\nConsolidated Statement of Cash Flows\t62\nConsolidated Statement of Equity\t63\n", "q10k_tbl_15": "Notes to the Consolidated Financial Statements\t\t\nNote 1\tSummary of Significant Accounting Policies\t64\nNote 2\tChanges in Accumulated Other Comprehensive Losses\t67\nNote 3\tInformation Relating to the Consolidated Statement of Cash Flows\t68\nNote 4\tNew Accounting Standards\t69\nNote 5\tLease Commitments\t69\nNote 6\tSummarized Financial Data - Chevron U.S.A. Inc.\t71\nNote 7\tFair Value Measurements\t71\nNote 8\tFinancial and Derivative Instruments\t72\nNote 9\tAssets Held for Sale\t74\nNote 10\tEquity\t74\nNote 11\tEarnings Per Share\t74\nNote 12\tOperating Segments and Geographic Data\t74\nNote 13\tInvestments and Advances\t77\nNote 14\tLitigation\t78\nNote 15\tTaxes\t79\nNote 16\tProperties Plant and Equipment\t82\nNote 17\tShort-Term Debt\t83\nNote 18\tLong-Term Debt\t84\nNote 19\tAccounting for Suspended Exploratory Wells\t85\nNote 20\tStock Options and Other Share-Based Compensation\t86\nNote 21\tEmployee Benefit Plans\t87\nNote 22\tOther Contingencies and Commitments\t92\nNote 23\tAsset Retirement Obligations\t94\nNote 24\tRevenue\t94\nNote 25\tOther Financial Information\t95\nNote 26\tSummarized Financial Data - Chevron Phillips Chemical Company LLC\t95\nNote 27\tRestructuring and Reorganization Costs\t95\nNote 28\tFinancial Instruments - Credit Losses\t96\nNote 29\tAcquisition of Noble Energy Inc.\t96\nFive-Year Financial Summary\t\t98\nSupplemental Information on Oil and Gas Producing Activities\t\t99\n", "q10k_tbl_16": "Millions of dollars except per-share amounts\t2020\t2019\t2018\nNet Income (Loss) Attributable to Chevron Corporation\t(5543)\t2924\t14824\nPer Share Amounts:\t\t\t\nNet Income (Loss) Attributable to Chevron Corporation\t\t\t\n- Basic\t(2.96)\t1.55\t7.81\n- Diluted\t(2.96)\t1.54\t7.74\nDividends\t5.16\t4.76\t4.48\nSales and Other Operating Revenues\t94471\t139865\t158902\nReturn on:\t\t\t\nCapital Employed\t(2.8)%\t2.0%\t8.2%\nStockholders' Equity\t(4.0)%\t2.0%\t9.8%\nEarnings by Major Operating Area\t\t\t\nMillions of dollars\t2020\t2019\t2018\nUpstream\t\t\t\nUnited States\t(1608)\t(5094)\t3278\nInternational\t(825)\t7670\t10038\nTotal Upstream\t(2433)\t2576\t13316\nDownstream\t\t\t\nUnited States\t(571)\t1559\t2103\nInternational\t618\t922\t1695\nTotal Downstream\t47\t2481\t3798\nAll Other\t(3157)\t(2133)\t(2290)\nNet Income (Loss) Attributable to Chevron Corporation12\t(5543)\t2924\t14824\n1 Includes foreign currency effects:\t(645)\t(304)\t611\n2 Income net of tax also referred to as \"earnings\" in the discussions that follow.\t\t\t\n", "q10k_tbl_17": "Millions of dollars\t2020\t2019\t2018\nEarnings (Loss)\t(1608)\t(5094)\t3278\n", "q10k_tbl_18": "Millions of dollars\t2020\t2019\t2018\nEarnings (Loss)*\t(825)\t7670\t10038\n*Includes foreign currency effects:\t(285)\t(323)\t545\n", "q10k_tbl_19": "Millions of dollars\t2020\t2019\t2018\nEarnings (Loss)\t(571)\t1559\t2103\n", "q10k_tbl_20": "Millions of dollars\t2020\t2019\t2018\nEarnings*\t618\t922\t1695\n*Includes foreign currency effects:\t(152)\t17\t71\n", "q10k_tbl_21": "Millions of dollars\t2020\t2019\t2018\nNet charges*\t(3157)\t(2133)\t(2290)\n*Includes foreign currency effects:\t(208)\t2\t(5)\n", "q10k_tbl_22": "Millions of dollars\t2020\t2019\t2018\nSales and other operating revenues\t94471\t139865\t158902\n", "q10k_tbl_23": "Millions of dollars\t2020\t2019\t2018\nIncome (loss) from equity affiliates\t(472)\t3968\t6327\n", "q10k_tbl_24": "Millions of dollars\t2020\t2019\t2018\nOther income\t693\t2683\t1110\n", "q10k_tbl_25": "Millions of dollars\t2020\t2019\t2018\nPurchased crude oil and products\t50488\t80113\t94578\n", "q10k_tbl_26": "Millions of dollars\t2020\t2019\t2018\nOperating selling general and administrative expenses\t24536\t25528\t24382\n", "q10k_tbl_27": "Millions of dollars\t2020\t2019\t2018\nExploration expense\t1537\t770\t1210\n", "q10k_tbl_28": "Millions of dollars\t2020\t2019\t2018\nDepreciation depletion and amortization\t19508\t29218\t19419\n", "q10k_tbl_29": "Millions of dollars\t2020\t2019\t2018\nTaxes other than on income\t4499\t4136\t4867\n", "q10k_tbl_30": "Millions of dollars\t2020\t2019\t2018\nInterest and debt expense\t697\t798\t748\n", "q10k_tbl_31": "Millions of dollars\t2020\t2019\t2018\nOther components of net periodic benefit costs\t880\t417\t560\n", "q10k_tbl_32": "Millions of dollars\t2020\t2019\t2018\nIncome tax expense (benefit)\t(1892)\t2691\t5715\n", "q10k_tbl_33": "\t2020\t2019\t2018\nU.S. Upstream\t\t\t\nNet Crude Oil and Natural Gas Liquids Production (MBPD)\t790\t724\t618\nNet Natural Gas Production (MMCFPD)3\t1607\t1225\t1034\nNet Oil-Equivalent Production (MBOEPD)\t1058\t929\t791\nSales of Natural Gas (MMCFPD)\t3894\t4016\t3481\nSales of Natural Gas Liquids (MBPD)\t208\t130\t110\nRevenues from Net Production\t\t\t\nLiquids ($/Bbl)\t30.53\t48.54\t58.17\nNatural Gas ($/MCF)\t0.98\t1.09\t1.86\nInternational Upstream\t\t\t\nNet Crude Oil and Natural Gas Liquids Production (MBPD)4\t1078\t1141\t1164\nNet Natural Gas Production (MMCFPD)3\t5683\t5932\t5855\nNet Oil-Equivalent Production (MBOEPD)4\t2025\t2129\t2139\nSales of Natural Gas (MMCFPD)\t5634\t5869\t5604\nSales of Natural Gas Liquids (MBPD)\t46\t34\t34\nRevenues from Liftings\t\t\t\nLiquids ($/Bbl)\t36.07\t58.14\t64.25\nNatural Gas ($/MCF)\t4.59\t5.83\t6.29\nWorldwide Upstream\t\t\t\nNet Oil-Equivalent Production (MBOEPD)4\t\t\t\nUnited States\t1058\t929\t791\nInternational\t2025\t2129\t2139\nTotal\t3083\t3058\t2930\nU.S. Downstream\t\t\t\nGasoline Sales (MBPD)5\t581\t667\t627\nOther Refined Product Sales (MBPD)\t422\t583\t591\nTotal Refined Product Sales (MBPD)\t1003\t1250\t1218\nSales of Natural Gas Liquids (MBPD)\t25\t101\t74\nRefinery Input (MBPD)6\t793\t947\t905\nInternational Downstream\t\t\t\nGasoline Sales (MBPD)5\t264\t289\t336\nOther Refined Product Sales (MBPD)\t957\t1038\t1101\nTotal Refined Product Sales (MBPD)7\t1221\t1327\t1437\nSales of Natural Gas Liquids (MBPD)\t74\t72\t62\nRefinery Input (MBPD)8\t584\t617\t706\n1 Includes company share of equity affiliates.\t\t\t\n2 MBPD - thousands of barrels per day; MMCFPD - millions of cubic feet per day; MBOEPD - thousands of barrels of oil-equivalents per day; Bbl - barrel; MCF - thousands of cubic feet. Oil-equivalent gas (OEG) conversion ratio is 6000 cubic feet of natural gas = 1 barrel of crude oil.\t\t\t\n3 Includes natural gas consumed in operations (MMCFPD):\t\t\t\nUnited States\t37\t36\t35\nInternational\t566\t602\t584\n4 Includes net production of synthetic oil:\t\t\t\nCanada\t54\t53\t53\nVenezuela affiliate\t0\t3\t24\n5 Includes branded and unbranded gasoline.\t\t\t\n6 In May 2019 the company acquired the Pasadena Refinery in Pasadena Texas which has an operable capacity of 110000 barrels per day.\t\t\t\n7 Includes sales of affiliates (MBPD):\t348\t379\t373\n8 In September 2018 the company sold its interest in the Cape Town Refinery in Cape Town South Africa which had an operable capacity of 110000 barrels per day.\t\t\t\n", "q10k_tbl_34": "\tYear Ended December 31 2020\tYear Ended December 31 2019\n\t(Millions of dollars) (unaudited)\t\nSales and other operating revenues\t49636\t82206\nSales and other operating revenues - related party\t17044\t24336\nTotal costs and other deductions\t57575\t87287\nTotal costs and other deductions - related party\t14052\t22632\nNet income (loss)\t(1610)\t2173\n", "q10k_tbl_35": "\tAt December 31 2020\tAt December 31 2019\n\t(Millions of dollars) (unaudited)\t\nCurrent assets\t9196\t10180\nCurrent assets - related party\t5719\t952\nOther assets\t48993\t50595\nCurrent liabilities\t20965\t25187\nCurrent liabilities - related party\t55273\t46237\nOther liabilities\t34983\t25622\nTotal net equity (deficit)\t(47313)\t(35319)\n", "q10k_tbl_36": "\t2020\t\t\t2019\t\t\t2018\t\t\nMillions of dollars\tU.S.\tInt'l.\tTotal\tU.S.\tInt'l.\tTotal\tU.S.\tInt'l.\tTotal\nUpstream\t5130\t5784\t10914\t8197\t9627\t17824\t7128\t10529\t17657\nDownstream\t1021\t1325\t2346\t1868\t920\t2788\t1582\t611\t2193\nAll Other\t226\t13\t239\t365\t17\t382\t243\t13\t256\nTotal\t6377\t7122\t13499\t10430\t10564\t20994\t8953\t11153\t20106\nTotal Excluding Equity in Affiliates\t6053\t3464\t9517\t10062\t4820\t14882\t8651\t5739\t14390\n", "q10k_tbl_37": "\tAt December 31\t\t\nMillions of dollars\t2020\t2019\t2018\nCurrent assets\t26078\t28329\t34021\nCurrent liabilities\t22183\t26530\t27171\nCurrent Ratio\t1.2\t1.1\t1.3\n", "q10k_tbl_38": "\tYear ended December 31\t\t\nMillions of dollars\t2020\t2019\t2018\nIncome (Loss) Before Income Tax Expense\t(7453)\t5536\t20575\nPlus: Interest and debt expense\t697\t798\t748\nPlus: Before-tax amortization of capitalized interest\t205\t240\t280\nLess: Net income attributable to noncontrolling interests\t(18)\t(79)\t36\nSubtotal for calculation\t(6533)\t6653\t21567\nTotal financing interest and debt costs\t735\t817\t921\nInterest Coverage Ratio\t(8.9)\t8.1\t23.4\n", "q10k_tbl_39": "\tYear ended December 31\t\t\nMillions of dollars\t2020\t2019\t2018\nNet cash provided by operating activities\t10577\t27314\t30618\nLess: Capital expenditures\t8922\t14116\t13792\nFree Cash Flow\t1655\t13198\t16826\n", "q10k_tbl_40": "\tAt December 31\t\t\t\t\t\nMillions of dollars\t2020\t\t2019\t\t2018\t\nShort-term debt\t1548\t\t3282\t\t5726\t\nLong-term debt\t42767\t\t23691\t\t28733\t\nTotal debt\t44315\t\t26973\t\t34459\t\nTotal Chevron Corporation Stockholders' Equity\t131688\t\t144213\t\t154554\t\nTotal debt plus total Chevron Corporation Stockholders' Equity\t176003\t\t171186\t\t189013\t\nDebt Ratio\t25.2\t%\t15.8\t%\t18.2\t%\n", "q10k_tbl_41": "\tAt December 31\t\t\t\t\t\nMillions of dollars\t2020\t\t2019\t\t2018\t\nShort-term debt\t1548\t\t3282\t\t5726\t\nLong-term debt\t42767\t\t23691\t\t28733\t\nTotal Debt\t44315\t\t26973\t\t34459\t\nLess: Cash and cash equivalents\t5596\t\t5686\t\t9342\t\nLess: Time deposits\t0\t\t0\t\t950\t\nLess: Marketable securities\t31\t\t63\t\t53\t\nTotal adjusted debt\t38688\t\t21224\t\t24114\t\nTotal Chevron Corporation Stockholders' Equity\t131688\t\t144213\t\t154554\t\nTotal adjusted debt plus total Chevron Corporation Stockholders' Equity\t170376\t\t165437\t\t178668\t\nNet Debt Ratio\t22.7\t%\t12.8\t%\t13.5\t%\n", "q10k_tbl_42": "\tAt December 31\t\t\nMillions of dollars\t2020\t2019\t2018\nChevron Corporation Stockholders' Equity\t131688\t144213\t154554\nPlus: Short-term debt\t1548\t3282\t5726\nPlus: Long-term debt\t42767\t23691\t28733\nPlus: Noncontrolling interest\t1038\t995\t1088\nCapital Employed at December 31\t177041\t172181\t190101\n", "q10k_tbl_43": "\tYear ended December 31\t\t\t\t\t\nMillions of dollars\t2020\t\t2019\t\t2018\t\nNet income attributable to Chevron\t(5543)\t\t2924\t\t14824\t\nPlus: After-tax interest and debt expense\t658\t\t761\t\t713\t\nPlus: Noncontrolling interest\t(18)\t\t(79)\t\t36\t\nNet income after adjustments\t(4903)\t\t3606\t\t15573\t\nAverage capital employed\t174611\t\t181141\t\t189092\t\nReturn on Average Capital Employed\t(2.8)\t%\t2.0\t%\t8.2\t%\n", "q10k_tbl_44": "\tYear ended December 31\t\t\t\t\t\nMillions of dollars\t2020\t\t2019\t\t2018\t\nNet income attributable to Chevron\t(5543)\t\t2924\t\t14824\t\nChevron Corporation Stockholders' Equity at December 31\t131688\t\t144213\t\t154554\t\nAverage Chevron Corporation Stockholders' Equity\t137951\t\t149384\t\t151339\t\nReturn on Average Stockholders' Equity\t(4.0)\t%\t2.0\t%\t9.8\t%\n", "q10k_tbl_45": "\tPayments Due by Period\t\t\t\t\nMillions of dollars\tTotal1\t2021\t2022-2023\t2024-2025\tAfter 2025\nOn Balance Sheet:2\t\t\t\t\t\nShort-Term Debt3 4\t1362\t1362\t0\t0\t0\nLong-Term Debt3 4\t40732\t0\t21848\t5650\t13234\nLeases\t5119\t1580\t1394\t702\t1443\nInterest4\t9357\t866\t1469\t1105\t5917\nOff Balance Sheet:\t\t\t\t\t\nThroughput and Take-or-Pay Agreements5\t13186\t817\t2045\t2236\t8088\nOther Unconditional Purchase Obligations5\t1464\t211\t468\t489\t296\n", "q10k_tbl_46": "\tCommitment Expiration by Period\t\t\t\t\nMillions of dollars\tTotal\t2021\t2022-2023\t2024-2025\tAfter 2025\nGuarantee of nonconsolidated affiliate or joint-venture obligations\t391\t176\t77\t78\t60\n", "q10k_tbl_47": "Millions of dollars\t2020\t2019\t2018\nBalance at January 1\t1234\t1327\t1429\nNet Additions\t179\t200\t197\nExpenditures\t(274)\t(293)\t(299)\nBalance at December 31\t1139\t1234\t1327\n", "q10k_tbl_48": "\t2020\t\t\t\t2019\t\t\t\t\nMillions of dollars except per-share amounts\t4th Q\t3rd Q\t2nd Q\t1st Q\t\t4th Q\t3rd Q\t2nd Q\t1st Q\nRevenues and Other Income\t\t\t\t\t\t\t\t\t\nSales and other operating revenues\t24843\t23997\t15926\t29705\t\t34574\t34779\t36323\t34189\nIncome from equity affiliates\t568\t510\t(2515)\t965\t\t538\t1172\t1196\t1062\nOther income\t(165)\t(56)\t83\t831\t\t1238\t165\t1331\t(51)\nTotal Revenues and Other Income\t25246\t24451\t13494\t31501\t\t36350\t36116\t38850\t35200\nCosts and Other Deductions\t\t\t\t\t\t\t\t\t\nPurchased crude oil and products\t13387\t13448\t8144\t15509\t\t19693\t19882\t20835\t19703\nOperating expenses\t4898\t4604\t5530\t5291\t\t5987\t5325\t5187\t4886\nSelling general and administrative expenses\t1129\t832\t1569\t683\t\t1129\t954\t1076\t984\nExploration expenses\t367\t117\t895\t158\t\t272\t168\t141\t189\nDepreciation depletion and amortization\t4486\t4017\t6717\t4288\t\t16429\t4361\t4334\t4094\nTaxes other than on income\t1276\t1091\t965\t1167\t\t969\t1059\t1047\t1061\nInterest and debt expense\t199\t164\t172\t162\t\t178\t197\t198\t225\nOther components of net periodic benefit costs\t461\t222\t99\t98\t\t98\t121\t97\t101\nTotal Costs and Other Deductions\t26203\t24495\t24091\t27356\t\t44755\t32067\t32915\t31243\nIncome (Loss) Before Income Tax Expense\t(957)\t(44)\t(10597)\t4145\t\t(8405)\t4049\t5935\t3957\nIncome Tax Expense (Benefit)\t(301)\t165\t(2320)\t564\t\t(1738)\t1469\t1645\t1315\nNet Income (Loss)\t(656)\t(209)\t(8277)\t3581\t\t(6667)\t2580\t4290\t2642\nLess: Net income attributable to noncontrolling interests\t9\t(2)\t(7)\t(18)\t\t(57)\t0\t(15)\t(7)\nNet Income (Loss) Attributable to Chevron Corporation\t(665)\t(207)\t(8270)\t3599\t\t(6610)\t2580\t4305\t2649\nPer Share of Common Stock\t\t\t\t\t\t\t\t\t\nNet Income (Loss) Attributable to Chevron Corporation\t\t\t\t\t\t\t\t\t\n- Basic\t(0.33)\t(0.12)\t(4.44)\t1.93\t\t(3.51)\t1.38\t2.28\t1.40\n- Diluted\t(0.33)\t(0.12)\t(4.44)\t1.93\t\t(3.51)\t1.36\t2.27\t1.39\nDividends per share\t1.29\t1.29\t1.29\t1.29\t\t1.19\t1.19\t1.19\t1.19\n", "q10k_tbl_49": "Management's Responsibility for Financial Statements\t\t\nTo the Stockholders of Chevron Corporation Management of Chevron Corporation is responsible for preparing the accompanying consolidated financial statements and the related information appearing in this report. The statements were prepared in accordance with accounting principles generally accepted in the United States of America and fairly represent the transactions and financial position of the company. The financial statements include amounts that are based on management's best estimates and judgments. As stated in its report included herein the independent registered public accounting firm of PricewaterhouseCoopers LLP has audited the company's consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). The Board of Directors of Chevron has an Audit Committee composed of directors who are not officers or employees of the company. The Audit Committee meets regularly with members of management the internal auditors and the independent registered public accounting firm to review accounting internal control auditing and financial reporting matters. Both the internal auditors and the independent registered public accounting firm have free and direct access to the Audit Committee without the presence of management. The company's management has evaluated with the participation of the Chief Executive Officer and Chief Financial Officer the effectiveness of the company's disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31 2020. Based on that evaluation management concluded that the company's disclosure controls are effective in ensuring that information required to be recorded processed summarized and reported are done within the time periods specified in the U.S. Securities and Exchange Commission's rules and forms.\t\t\nManagement's Report on Internal Control Over Financial Reporting\t\t\nThe company's management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f). The company's management including the Chief Executive Officer and Chief Financial Officer conducted an evaluation of the effectiveness of the company's internal control over financial reporting based on the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on the results of this evaluation the company's management concluded that internal control over financial reporting was effective as of December 31 2020. The company excluded Noble from our assessment of internal control over financial reporting as of December 31 2020 because it was acquired by the company in a business combination during 2020. Total assets and total revenues of Noble a wholly-owned subsidiary represent eight percent and one percent respectively of the related consolidated financial statement amounts as of and for the year ended December 31 2020. The effectiveness of the company's internal control over financial reporting as of December 31 2020 has been audited by PricewaterhouseCoopers LLP an independent registered public accounting firm as stated in its report included herein.\t\t\nMichael K. Wirth\tPierre R. Breber\tDavid A. Inchausti\nChairman of the Board\tVice President\tVice President\nand Chief Executive Officer\tand Chief Financial Officer\tand Controller\nFebruary 25 2021\t\t\n", "q10k_tbl_50": "Report of Independent Registered Public Accounting Firm\nTo the Board of Directors and Shareholders of Chevron Corporation:\nOpinions on the Financial Statements and Internal Control over Financial Reporting\nWe have audited the accompanying consolidated balance sheet of Chevron Corporation and its subsidiaries (the \"Company\") as of December 31 2020 and 2019 and the related consolidated statements of income of comprehensive income of equity and of cash flows for each of the three years in the period ended December 31 2020 including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the \"consolidated financial statements\"). We also have audited the Company's internal control over financial reporting as of December 31 2020 based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).\nIn our opinion the consolidated financial statements referred to above present fairly in all material respects the financial position of the Company as of December 31 2020 and 2019 and the results of its operations and its cash flows for each of the three years in the period ended December 31 2020 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion the Company maintained in all material respects effective internal control over financial reporting as of December 31 2020 based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.\nBasis for Opinions The Company's management is responsible for these consolidated financial statements for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement whether due to error or fraud and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements whether due to error or fraud and performing procedures that respond to those risks. Such procedures included examining on a test basis evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. As described in Management's Report on Internal Control Over Financial Reporting management has excluded Noble Energy Inc. from its assessment of internal control over financial reporting as of December 31 2020 because it was acquired by the Company in a purchase business combination during 2020. We have also excluded Noble Energy Inc. from our audit of internal control over financial reporting. Noble Energy Inc. is a wholly-owned subsidiary whose total assets and total revenues excluded from management's assessment and our audit of internal control over financial reporting represent eight percent and one percent respectively of the related consolidated financial statement amounts as of and for the year ended December 31 2020.\nDefinition and Limitations of Internal Control over Financial Reporting A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely\n", "q10k_tbl_51": "detection of unauthorized acquisition use or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations internal control over financial reporting may not prevent or detect misstatements. Also projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.\nCritical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements taken as a whole and we are not by communicating the critical audit matters below providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.\nThe Impact of Proved Crude Oil and Natural Gas Reserves on Upstream Property Plant and Equipment Net As described in Notes 1 and 16 to the consolidated financial statements the Company's upstream property plant and equipment net balance was $140.2 billion as of December 31 2020 and depreciation depletion and amortization expense was $18.0 billion including impairments of $2.8 billion for the year ended December 31 2020. The Company follows the successful efforts method of accounting for crude oil and natural gas exploration and production activities. 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. As disclosed by management variables impacting the Company's estimated volumes of crude oil and natural gas reserves include field performance available technology commodity prices and development and production costs. Reserves are estimated by Company asset teams composed of earth scientists and engineers. As part of the internal control process related to reserves estimation the Company maintains a Reserves Advisory Committee (RAC) (the Company's earth scientists engineers and RAC are collectively referred to as \"management's specialists\"). The principal considerations for our determination that performing procedures relating to the impact of proved crude oil and natural gas reserves on upstream property plant and equipment net is a critical audit matter are (i) the significant judgment by management including the use of management's specialists when developing the estimates of proved crude oil and natural gas reserves which in turn led to (ii) a high degree of auditor judgment subjectivity and effort in performing procedures and evaluating audit evidence obtained related to the data methods and assumptions used by management and its specialists in developing the estimates of crude oil and natural gas reserve volumes. Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management's estimates of proved crude oil and natural gas reserves. The work of management's specialists was used in performing the procedures to evaluate the reasonableness of the proved crude oil and natural gas reserve volumes. As a basis for using this work the specialists' qualifications were understood and the Company's relationship with the specialists was assessed. The procedures performed also included evaluation of the methods and assumptions used by the specialists tests of the data used by the specialists and an evaluation of the specialists' findings. Acquisition of Noble Energy Inc. - Valuation of Crude Oil and Natural Gas Properties As described in Note 29 to the consolidated financial statements the Company acquired Noble Energy Inc. (\"Noble\") in an acquisition accounted for as a business combination which required assets acquired and liabilities assumed to be measured at their acquisition date fair values including approximately $15 billion related to the fair values of acquired oil and gas properties. Management applied significant judgment in estimating the fair value of properties acquired which involved use of a discounted cash flow approach that incorporated internally generated price assumptions and production profiles and operating cost and development cost assumptions. The principal considerations for our determination that performing procedures relating to the valuation of crude oil and natural gas properties from the acquisition of Noble is a critical audit matter are (i) the significant judgment by management including the use of management's specialists as defined in the previous Critical Audit Matter when developing the fair value measurement of acquired crude oil and natural gas properties; (ii) a high degree of auditor judgment subjectivity and effort in performing procedures and evaluating significant assumptions used in the discounted cash flow approach related to price production profiles and discount rates; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.\n", "q10k_tbl_52": "\tYear ended December 31\t\t\n\t2020\t2019\t2018\nRevenues and Other Income\t\t\t\nSales and other operating revenues\t94471\t139865\t158902\nIncome (loss) from equity affiliates\t(472)\t3968\t6327\nOther income\t693\t2683\t1110\nTotal Revenues and Other Income\t94692\t146516\t166339\nCosts and Other Deductions\t\t\t\nPurchased crude oil and products\t50488\t80113\t94578\nOperating expenses\t20323\t21385\t20544\nSelling general and administrative expenses\t4213\t4143\t3838\nExploration expenses\t1537\t770\t1210\nDepreciation depletion and amortization\t19508\t29218\t19419\nTaxes other than on income\t4499\t4136\t4867\nInterest and debt expense\t697\t798\t748\nOther components of net periodic benefit costs\t880\t417\t560\nTotal Costs and Other Deductions\t102145\t140980\t145764\nIncome (Loss) Before Income Tax Expense\t(7453)\t5536\t20575\nIncome Tax Expense (Benefit)\t(1892)\t2691\t5715\nNet Income (Loss)\t(5561)\t2845\t14860\nLess: Net income (loss) attributable to noncontrolling interests\t(18)\t(79)\t36\nNet Income (Loss) Attributable to Chevron Corporation\t(5543)\t2924\t14824\nPer Share of Common Stock\t\t\t\nNet Income (Loss) Attributable to Chevron Corporation\t\t\t\n- Basic\t(2.96)\t1.55\t7.81\n- Diluted\t(2.96)\t1.54\t7.74\nSee accompanying Notes to the Consolidated Financial Statements.\t\t\t\n", "q10k_tbl_53": "\tYear ended December 31\t\t\n\t2020\t2019\t2018\nNet Income (Loss)\t(5561)\t2845\t14860\nCurrency translation adjustment\t\t\t\nUnrealized net change arising during period\t35\t(18)\t(19)\nUnrealized holding gain (loss) on securities\t\t\t\nNet gain (loss) arising during period\t(2)\t2\t(5)\nDerivatives\t\t\t\nNet derivatives loss on hedge transactions\t0\t(1)\t0\nIncome taxes on derivatives transactions\t0\t3\t0\nTotal\t0\t2\t0\nDefined benefit plans\t\t\t\nActuarial gain (loss)\t\t\t\nAmortization to net income of net actuarial loss and settlements\t1107\t519\t792\nActuarial gain (loss) arising during period\t(2004)\t(2404)\t85\nPrior service credits (cost)\t\t\t\nAmortization to net income of net prior service costs and curtailments\t(23)\t4\t(13)\nPrior service (costs) credits arising during period\t0\t(28)\t(26)\nDefined benefit plans sponsored by equity affiliates - benefit (cost)\t(104)\t(33)\t23\nIncome tax benefit (cost) on defined benefit plans\t369\t510\t(230)\nTotal\t(655)\t(1432)\t631\nOther Comprehensive Gain (Loss) Net of Tax\t(622)\t(1446)\t607\nComprehensive Income\t(6183)\t1399\t15467\nComprehensive loss (income) attributable to noncontrolling interests\t18\t79\t(36)\nComprehensive Income (Loss) Attributable to Chevron Corporation\t(6165)\t1478\t15431\nSee accompanying Notes to the Consolidated Financial Statements.\t\t\t\n", "q10k_tbl_54": "\tAt December 31\t\n\t2020\t2019\nAssets\t\t\nCash and cash equivalents\t5596\t5686\nMarketable securities\t31\t63\nAccounts and notes receivable (less allowance: 2020 - $284; 2019 - $746)\t11471\t13325\nInventories:\t\t\nCrude oil and petroleum products\t3576\t3722\nChemicals\t457\t492\nMaterials supplies and other\t1643\t1634\nTotal inventories\t5676\t5848\nPrepaid expenses and other current assets\t3304\t3407\nTotal Current Assets\t26078\t28329\nLong-term receivables net\t589\t1511\nInvestments and advances\t39052\t38688\nProperties plant and equipment at cost\t345232\t326722\nLess: Accumulated depreciation depletion and amortization\t188614\t176228\nProperties plant and equipment net\t156618\t150494\nDeferred charges and other assets\t11950\t10532\nGoodwill\t4402\t4463\nAssets held for sale\t1101\t3411\nTotal Assets\t239790\t237428\nLiabilities and Equity\t\t\nShort-term debt\t1548\t3282\nAccounts payable\t10950\t14103\nAccrued liabilities\t7812\t6589\nFederal and other taxes on income\t921\t1554\nOther taxes payable\t952\t1002\nTotal Current Liabilities\t22183\t26530\nLong-term debt1\t42767\t23691\nDeferred credits and other noncurrent obligations\t20328\t20445\nNoncurrent deferred income taxes\t12569\t13688\nNoncurrent employee benefit plans\t9217\t7866\nTotal Liabilities2\t107064\t92220\nPreferred stock (authorized 100000000 shares; $1.00 par value; none issued)\t0\t0\nCommon stock (authorized 6000000000 shares; $0.75 par value; 2442676580 shares issued at December 312020 and 2019)\t1832\t1832\nCapital in excess of par value\t16829\t17265\nRetained earnings\t160377\t174945\nAccumulated other comprehensive losses\t(5612)\t(4990)\nDeferred compensation and benefit plan trust\t(240)\t(240)\nTreasury stock at cost (2020 - 517490263 shares; 2019 - 560508479 shares)\t(41498)\t(44599)\nTotal Chevron Corporation Stockholders' Equity\t131688\t144213\nNoncontrolling interests (2020 includes $120 redeemable noncontrolling interest)\t1038\t995\nTotal Equity\t132726\t145208\nTotal Liabilities and Equity\t239790\t237428\n1 Includes finance lease liabilities of $447 and $282 at December 31 2020 and 2019 respectively.\t\t\n2 Refer to Note 22 \"Other Contingencies and Commitments\" beginning on page 92.\t\t\nSee accompanying Notes to the Consolidated Financial Statements.\t\t\n", "q10k_tbl_55": "\tYear ended December 31\t\t\n\t2020\t2019\t2018\nOperating Activities\t\t\t\nNet Income (Loss)\t(5561)\t2845\t14860\nAdjustments\t\t\t\nDepreciation depletion and amortization\t19508\t29218\t19419\nDry hole expense\t1036\t172\t687\nDistributions more (less) than income from equity affiliates\t2015\t(2073)\t(3580)\nNet before-tax gains on asset retirements and sales\t(760)\t(1367)\t(619)\nNet foreign currency effects\t619\t272\t123\nDeferred income tax provision\t(3604)\t(1966)\t1050\nNet decrease (increase) in operating working capital\t(1652)\t1494\t(718)\nDecrease (increase) in long-term receivables\t296\t502\t418\nNet decrease (increase) in other deferred charges\t(248)\t(69)\t0\nCash contributions to employee pension plans\t(1213)\t(1362)\t(1035)\nOther\t141\t(352)\t13\nNet Cash Provided by Operating Activities\t10577\t27314\t30618\nInvesting Activities\t\t\t\nCash acquired from Noble Energy Inc.\t373\t0\t0\nCapital expenditures\t(8922)\t(14116)\t(13792)\nProceeds and deposits related to asset sales and returns of investment\t2968\t2951\t2392\nNet maturities of (investments in) time deposits\t0\t950\t(950)\nNet sales (purchases) of marketable securities\t35\t2\t(51)\nNet repayment (borrowing) of loans by equity affiliates\t(1419)\t(1245)\t111\nNet Cash Used for Investing Activities\t(6965)\t(11458)\t(12290)\nFinancing Activities\t\t\t\nNet borrowings (repayments) of short-term obligations\t651\t(2821)\t2021\nProceeds from issuances of long-term debt\t12308\t0\t218\nRepayments of long-term debt and other financing obligations\t(5489)\t(5025)\t(6741)\nCash dividends - common stock\t(9651)\t(8959)\t(8502)\nDistributions to noncontrolling interests\t(24)\t(18)\t(91)\nNet sales (purchases) of treasury shares\t(1531)\t(2935)\t(604)\nNet Cash Provided by (Used for) Financing Activities\t(3736)\t(19758)\t(13699)\nEffect of Exchange Rate Changes on Cash Cash Equivalents and Restricted Cash\t(50)\t332\t(91)\nNet Change in Cash Cash Equivalents and Restricted Cash\t(174)\t(3570)\t4538\nCash Cash Equivalents and Restricted Cash at January 1\t6911\t10481\t5943\nCash Cash Equivalents and Restricted Cash at December 31\t6737\t6911\t10481\nSee accompanying Notes to the Consolidated Financial Statements.\t\t\t\n", "q10k_tbl_56": "\t\t\tAcc. Other\tTreasury\tChevron Corp.\t\t\n\tCommon\tRetained\tComprehensive\tStock\tStockholders'\tNoncontrolling\tTotal\n\tStock1\tEarnings\tIncome (Loss)\t(at cost)\tEquity\tInterests\tEquity\nBalance at December 31 2017\t18440\t174106\t(3589)\t(40833)\t148124\t1195\t149319\nTreasury stock transactions\t264\t0\t0\t0\t264\t0\t264\nNet income (loss)\t0\t14824\t0\t0\t14824\t36\t14860\nCash dividends\t0\t(8502)\t0\t0\t(8502)\t(91)\t(8593)\nStock dividends\t0\t(3)\t0\t0\t(3)\t0\t(3)\nOther comprehensive income\t0\t0\t607\t0\t607\t0\t607\nPurchases of treasury shares\t0\t0\t0\t(1751)\t(1751)\t0\t(1751)\nIssuances of treasury shares\t0\t0\t0\t991\t991\t0\t991\nOther changes net\t0\t562\t(562)\t0\t0\t(52)\t(52)\nBalance at December 31 2018\t18704\t180987\t(3544)\t(41593)\t154554\t1088\t155642\nTreasury stock transactions\t153\t0\t0\t0\t153\t0\t153\nNet income (loss)\t0\t2924\t0\t0\t2924\t(79)\t2845\nCash dividends\t0\t(8959)\t0\t0\t(8959)\t(18)\t(8977)\nStock dividends\t0\t(3)\t0\t0\t(3)\t0\t(3)\nOther comprehensive income\t0\t0\t(1446)\t0\t(1446)\t0\t(1446)\nPurchases of treasury shares\t0\t0\t0\t(4039)\t(4039)\t0\t(4039)\nIssuances of treasury shares\t0\t0\t0\t1033\t1033\t0\t1033\nOther changes net\t0\t(4)\t0\t0\t(4)\t4\t0\nBalance at December 31 2019\t18857\t174945\t(4990)\t(44599)\t144213\t995\t145208\nTreasury stock transactions\t84\t0\t0\t0\t84\t0\t84\nNoble Acquisition3\t(520)\t0\t0\t4629\t4109\t779\t4888\nNet income (loss)\t0\t(5543)\t0\t0\t(5543)\t(18)\t(5561)\nCash dividends\t0\t(9651)\t0\t0\t(9651)\t(24)\t(9675)\nStock dividends\t0\t(5)\t0\t0\t(5)\t0\t(5)\nOther comprehensive income\t0\t0\t(622)\t0\t(622)\t0\t(622)\nPurchases of treasury shares\t0\t0\t0\t(1757)\t(1757)\t0\t(1757)\nIssuances of treasury shares\t0\t0\t0\t229\t229\t0\t229\nOther changes net\t0\t631\t0\t0\t631\t(694)\t(63)\nBalance at December 31 2020\t18421\t160377\t(5612)\t(41498)\t131688\t1038\t132726\n\t\t\tCommon Stock Share Activity\t\t\t\t\n\t\tIssued2\t\tTreasury\t\tOutstanding\t\nBalance at December 31 2017\t\t2442676580\t\t(537974695)\t\t1904701885\t\nPurchases\t\t0\t\t(14912039)\t\t(14912039)\t\nIssuances\t\t0\t\t13047844\t\t13047844\t\nBalance at December 31 2018\t\t2442676580\t\t(539838890)\t\t1902837690\t\nPurchases\t\t0\t\t(33955300)\t\t(33955300)\t\nIssuances\t\t0\t\t13285711\t\t13285711\t\nBalance at December 31 2019\t\t2442676580\t\t(560508479)\t\t1882168101\t\nPurchases\t\t0\t\t(17577457)\t\t(17577457)\t\nIssuances\t\t0\t\t60595673\t\t60595673\t\nBalance at December 31 2020\t\t2442676580\t\t(517490263)\t\t1925186317\t\n1 Beginning and ending balances for all periods include capital in excess of par common stock issued at par for $1832 and $(240) associated with Chevron's Benefit Plan Trust. Changes reflect capital in excess of par.\t\t\t\t\t\t\t\n2 Beginning and ending total issued share balances include 14168000 shares associated with Chevron's Benefit Plan Trust.\t\t\t\t\t\t\t\n3 Includes $120 redeemable noncontrolling interest.\t\t\t\t\t\t\t\nSee accompanying Notes to the Consolidated Financial Statements.\t\t\t\t\t\t\t\n", "q10k_tbl_57": "\tCurrency Translation Adjustments\tUnrealized Holding Gains (Losses) on Securities\tDerivatives\tDefined Benefit Plans\tTotal\nBalance at December 31 2017\t(105)\t(5)\t(2)\t(3477)\t(3589)\nComponents of Other Comprehensive Income (Loss)1:\t\t\t\t\t\nBefore Reclassifications\t(19)\t(5)\t0\t28\t4\nReclassifications2\t0\t0\t0\t603\t603\nNet Other Comprehensive Income (Loss)\t(19)\t(5)\t0\t631\t607\nStranded Tax Reclassification to Retained Earnings3\t0\t0\t0\t(562)\t(562)\nBalance at December 31 2018\t(124)\t(10)\t(2)\t(3408)\t(3544)\nComponents of Other Comprehensive Income (Loss)1:\t\t\t\t\t\nBefore Reclassifications\t(18)\t2\t(1)\t(1838)\t(1855)\nReclassifications2\t0\t0\t3\t406\t409\nNet Other Comprehensive Income (Loss)\t(18)\t2\t2\t(1432)\t(1446)\nBalance at December 31 2019\t(142)\t(8)\t0\t(4840)\t(4990)\nComponents of Other Comprehensive Income (Loss)1:\t\t\t\t\t\nBefore Reclassifications\t35\t(2)\t0\t(1487)\t(1454)\nReclassifications2\t0\t0\t0\t832\t832\nNet Other Comprehensive Income (Loss)\t35\t(2)\t0\t(655)\t(622)\nBalance at December 31 2020\t(107)\t(10)\t0\t(5495)\t(5612)\n", "q10k_tbl_58": "\tYear ended December 31\t\t\n\t2020\t2019\t2018\nDistributions more (less) than income from equity affiliates includes the following:\t\t\t\nDistributions from equity affiliates\t1543\t1895\t2747\n(Income) loss from equity affiliates\t472\t(3968)\t(6327)\nDistributions more (less) than income from equity affiliates\t2015\t(2073)\t(3580)\nNet decrease (increase) in operating working capital was composed of the following:\t\t\t\nDecrease (increase) in accounts and notes receivable\t2423\t1852\t437\nDecrease (increase) in inventories\t284\t7\t(424)\nDecrease (increase) in prepaid expenses and other current assets\t(87)\t(323)\t(149)\nIncrease (decrease) in accounts payable and accrued liabilities\t(3576)\t(109)\t(494)\nIncrease (decrease) in income and other taxes payable\t(696)\t67\t(88)\nNet decrease (increase) in operating working capital\t(1652)\t1494\t(718)\nNet cash provided by operating activities includes the following cash payments:\t\t\t\nInterest on debt (net of capitalized interest)\t720\t810\t736\nIncome taxes\t2987\t4817\t4748\nProceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:\t\t\t\nProceeds and deposits related to asset sales\t2891\t2809\t2000\nReturns of investment from equity affiliates\t77\t142\t392\nProceeds and deposits related to asset sales and returns of investment\t2968\t2951\t2392\nNet maturities (investments) of time deposits consisted of the following gross amounts:\t\t\t\nInvestments in time deposits\t0\t0\t(950)\nMaturities of time deposits\t0\t950\t0\nNet maturities of (investments in) time deposits\t0\t950\t(950)\nNet sales (purchases) of marketable securities consisted of the following gross amounts:\t\t\t\nMarketable securities purchased\t0\t(1)\t(51)\nMarketable securities sold\t35\t3\t0\nNet sales (purchases) of marketable securities\t35\t2\t(51)\nNet repayment (borrowing) of loans by equity affiliates:\t\t\t\nBorrowing of loans by equity affiliates\t(3925)\t(1350)\t0\nRepayment of loans by equity affiliates\t2506\t105\t111\nNet repayment (borrowing) of loans by equity affiliates\t(1419)\t(1245)\t111\nNet borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:\t\t\t\nProceeds from issuances of short-term obligations\t10846\t2586\t2486\nRepayments of short-term obligations\t(9771)\t(1430)\t(4136)\nNet borrowings (repayments) of short-term obligations with three months or less maturity\t(424)\t(3977)\t3671\nNet borrowings (repayments) of short-term obligations\t651\t(2821)\t2021\nNet sales (purchases) of treasury shares consists of the following gross and net amounts:\t\t\t\nShares issued for share-based compensation plans\t226\t1104\t1147\nShares purchased under share repurchase and deferred compensation plans\t(1757)\t(4039)\t(1751)\nNet sales (purchases) of treasury shares\t(1531)\t(2935)\t(604)\n", "q10k_tbl_59": "\tYear ended December 31\t\t\n\t2020\t2019\t2018\nAdditions to properties plant and equipment *\t8492\t13839\t13384\nAdditions to investments\t136\t140\t65\nCurrent-year dry hole expenditures\t327\t124\t344\nPayments for other assets and liabilities net\t(33)\t13\t(1)\nCapital expenditures\t8922\t14116\t13792\nExpensed exploration expenditures\t500\t598\t523\nAssets acquired through finance leases and other obligations\t53\t181\t75\nPayments for other assets and liabilities net\t42\t(13)\t0\nCapital and exploratory expenditures excluding equity affiliates\t9517\t14882\t14390\nCompany's share of expenditures by equity affiliates\t3982\t6112\t5716\nCapital and exploratory expenditures including equity affiliates\t13499\t20994\t20106\n", "q10k_tbl_60": "\tYear ended December 31\t\t\n\t\t2020\t2019\t\t\t\t2018\t\t\nCash and cash equivalents\t\t5596\t5686\t\t\t\t9342\t\t\nRestricted cash included in \"Prepaid expenses and other current assets\"\t\t365\t452\t\t\t\t341\t\t\nRestricted cash included in \"Deferred charges and other assets\"\t\t776\t773\t\t\t\t798\t\t\nTotal cash cash equivalents and restricted cash\t\t6737\t6911\t\t\t\t10481\t\t\n", "q10k_tbl_61": "\tAt December 31 2020\t\tAt December 31 2019\t\n\tOperating Leases\tFinance Leases\tOperating Leases\tFinance Leases\nDeferred charges and other assets\t3949\t0\t4074\t0\nProperties plant and equipment net\t0\t455\t0\t329\nRight-of-use assets1\t3949\t455\t4074\t329\nAccrued Liabilities\t1291\t0\t1277\t0\nShort-term Debt\t0\t186\t0\t18\nCurrent lease liabilities\t1291\t186\t1277\t18\nDeferred credits and other noncurrent obligations\t2615\t0\t2608\t0\nLong-term Debt\t0\t447\t0\t282\nNoncurrent lease liabilities\t2615\t447\t2608\t282\nTotal lease liabilities\t3906\t633\t3885\t300\nWeighted-average remaining lease term (in years)\t7.2\t10.4\t5.2\t16.0\nWeighted-average discount rate\t2.8%\t3.9%\t3.2%\t4.7%\n", "q10k_tbl_62": "\tYear-ended December 31\t\n\t2020\t2019\nOperating lease costs1 2\t2551\t2621\nFinance lease costs\t45\t66\nTotal lease costs\t2596\t2687\n", "q10k_tbl_63": "\tYear-ended December 31\t\n\t2020\t2019\nOperating cash flows from operating leases\t1744\t1574\nInvesting cash flows from operating leases\t762\t1047\nOperating cash flows from finance leases\t14\t13\nFinancing cash flows from finance leases\t34\t24\n", "q10k_tbl_64": "\t\tAt December 31 2020\t\n\t\tOperating Leases\tFinance Leases\nYear\t2021\t1376\t204\n\t2022\t779\t60\n\t2023\t497\t58\n\t2024\t338\t56\n\t2025\t255\t53\n\tThereafter\t1112\t331\n\tTotal\t4357\t762\nLess: Amounts representing interest\t\t451\t129\nTotal lease liabilities\t\t3906\t633\n", "q10k_tbl_65": "\tYear ended December 31\t\t\n\t2020\t2019\t2018\nSales and other operating revenues\t67950\t109314\t125076\nTotal costs and other deductions\t72575\t116365\t121351\nNet income (loss) attributable to CUSA\t(2676)\t(5061)\t4334\n", "q10k_tbl_66": "\tAt December 31\t\n\t2020\t2019\nCurrent assets\t10555\t13059\nOther assets\t48054\t50796\nCurrent liabilities\t12403\t18291\nOther liabilities\t14102\t12565\nTotal CUSA net equity\t32104\t32999\nMemo: Total debt\t7133\t3222\n", "q10k_tbl_67": "\tAt December 31 2020\t\t\t\tAt December 31 2019\t\t\t\n\tTotal\tLevel 1\tLevel 2\tLevel 3\tTotal\tLevel 1\tLevel 2\tLevel 3\nMarketable securities\t31\t31\t0\t0\t63\t63\t0\t0\nDerivatives\t74\t37\t37\t0\t11\t1\t10\t0\nTotal assets at fair value\t105\t68\t37\t0\t74\t64\t10\t0\nDerivatives\t173\t58\t115\t0\t74\t26\t48\t0\nTotal liabilities at fair value\t173\t58\t115\t0\t74\t26\t48\t0\n", "q10k_tbl_68": "\tAt December 31\t\t\t\t\tAt December 31\t\t\t\t\n\t\t\t\t\tBefore-Tax Loss\t\t\t\t\tBefore-Tax Loss\n\tTotal\tLevel 1\tLevel 2\tLevel 3\tYear 2020\tTotal\tLevel 1\tLevel 2\tLevel 3\tYear 2019\nProperties plant and equipment net (held and used)\t2443\t0\t20\t2423\t2599\t2177\t0\t0\t2177\t2095\nProperties plant and equipment net (held for sale)\t1418\t0\t1418\t0\t193\t1412\t0\t1412\t0\t8702\nInvestments and advances\t28\t0\t0\t28\t2555\t52\t0\t30\t22\t594\nTotal nonrecurring assets at fair value\t3889\t0\t1438\t2451\t5347\t3641\t0\t1442\t2199\t11391\n", "q10k_tbl_69": "\t\t\tAt December 31\nType of Contract\tBalance Sheet Classification\t2020\t2019\nCommodity\tAccounts and notes receivable net\t73\t11\nCommodity\tLong-term receivables net\t1\t0\nTotal assets at fair value\t\t74\t11\nCommodity\tAccounts payable\t172\t74\nCommodity\tDeferred credits and other noncurrent obligations\t1\t0\nTotal liabilities at fair value\t\t173\t74\n", "q10k_tbl_70": "\t\tGain/(Loss)\t\t\nType of Derivative\tStatement of\tYear ended December 31\t\t\nContract\tIncome Classification\t2020\t2019\t2018\nCommodity\tSales and other operating revenues\t69\t(291)\t135\nCommodity\tPurchased crude oil and products\t(36)\t(17)\t(33)\nCommodity\tOther income\t7\t(2)\t3\n\t\t40\t(310)\t105\n", "q10k_tbl_71": "\tGross Amounts Recognized\tGross Amounts Offset\tNet Amounts Presented\tGross Amounts Not Offset\tNet Amounts\nAt December 31 2020\t\t\nDerivative Assets\t818\t744\t74\t0\t74\nDerivative Liabilities\t917\t744\t173\t0\t173\nAt December 31 2019\t\t\t\t\t\nDerivative Assets\t656\t645\t11\t0\t11\nDerivative Liabilities\t719\t645\t74\t0\t74\n", "q10k_tbl_72": "\tYear ended December 31\t\t\n\t2020\t2019\t2018\nBasic EPS Calculation\t\t\t\nEarnings available to common stockholders - Basic1\t(5543)\t2924\t14824\nWeighted-average number of common shares outstanding2\t1870\t1882\t1897\nAdd: Deferred awards held as stock units\t0\t0\t1\nTotal weighted-average number of common shares outstanding\t1870\t1882\t1898\nEarnings per share of common stock - Basic\t(2.96)\t1.55\t7.81\nDiluted EPS Calculation\t\t\t\nEarnings available to common stockholders - Diluted1\t(5543)\t2924\t14824\nWeighted-average number of common shares outstanding2\t1870\t1882\t1897\nAdd: Deferred awards held as stock units\t0\t0\t1\nAdd: Dilutive effect of employee stock-based awards\t0\t13\t16\nTotal weighted-average number of common shares outstanding\t1870\t1895\t1914\nEarnings per share of common stock - Diluted\t(2.96)\t1.54\t7.74\n1 There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.\t\t\t\n2 Millions of shares; 1 million shares of employee-based awards were not included in the 2020 diluted EPS calculation as the result would be anti-dilutive.\t\t\t\n", "q10k_tbl_73": "\tYear ended December 31\t\t\n\t2020\t2019\t2018\nUpstream\t\t\t\nUnited States\t(1608)\t(5094)\t3278\nInternational\t(825)\t7670\t10038\nTotal Upstream\t(2433)\t2576\t13316\nDownstream\t\t\t\nUnited States\t(571)\t1559\t2103\nInternational\t618\t922\t1695\nTotal Downstream\t47\t2481\t3798\nTotal Segment Earnings\t(2386)\t5057\t17114\nAll Other\t\t\t\nInterest expense\t(658)\t(761)\t(713)\nInterest income\t52\t181\t137\nOther\t(2551)\t(1553)\t(1714)\nNet Income (Loss) Attributable to Chevron Corporation\t(5543)\t2924\t14824\n", "q10k_tbl_74": "\tAt December 31\t\n\t2020\t2019\nUpstream\t\t\nUnited States\t42431\t35926\nInternational\t144476\t145648\nGoodwill\t4402\t4463\nTotal Upstream\t191309\t186037\nDownstream\t\t\nUnited States\t23490\t25197\nInternational\t16096\t16955\nTotal Downstream\t39586\t42152\nTotal Segment Assets\t230895\t228189\nAll Other\t\t\nUnited States\t4017\t3475\nInternational\t4878\t5764\nTotal All Other\t8895\t9239\nTotal Assets - United States\t69938\t64598\nTotal Assets - International\t165450\t168367\nGoodwill\t4402\t4463\nTotal Assets\t239790\t237428\n", "q10k_tbl_75": "\tYear ended December 311\t\t\n\t2020\t2019\t2018\nUpstream\t\t\t\nUnited States\t14577\t23358\t22891\nInternational\t26804\t35628\t37822\nSubtotal\t41381\t58986\t60713\nIntersegment Elimination - United States\t(8068)\t(14944)\t(13965)\nIntersegment Elimination - International\t(7002)\t(12335)\t(13679)\nTotal Upstream\t26311\t31707\t33069\nDownstream\t\t\t\nUnited States\t32589\t55271\t59376\nInternational\t38936\t57654\t70095\nSubtotal\t71525\t112925\t129471\nIntersegment Elimination - United States\t(2150)\t(3924)\t(2742)\nIntersegment Elimination - International\t(1292)\t(1089)\t(1132)\nTotal Downstream\t68083\t107912\t125597\nAll Other\t\t\t\nUnited States\t744\t1064\t1022\nInternational\t15\t20\t22\nSubtotal\t759\t1084\t1044\nIntersegment Elimination - United States\t(667)\t(818)\t(786)\nIntersegment Elimination - International\t(15)\t(20)\t(22)\nTotal All Other\t77\t246\t236\nSales and Other Operating Revenues\t\t\t\nUnited States\t47910\t79693\t83289\nInternational\t65755\t93302\t107939\nSubtotal\t113665\t172995\t191228\nIntersegment Elimination - United States\t(10885)\t(19686)\t(17493)\nIntersegment Elimination - International\t(8309)\t(13444)\t(14833)\nTotal Sales and Other Operating Revenues\t94471\t139865\t158902\n", "q10k_tbl_76": "\tYear ended December 31\t\t\n\t2020\t2019\t2018\nUpstream\t\t\t\nUnited States\t(570)\t(1550)\t811\nInternational\t(415)\t3492\t4687\nTotal Upstream\t(985)\t1942\t5498\nDownstream\t\t\t\nUnited States\t(192)\t392\t534\nInternational\t253\t170\t328\nTotal Downstream\t61\t562\t862\nAll Other\t(968)\t187\t(645)\nTotal Income Tax Expense (Benefit)\t(1892)\t2691\t5715\n", "q10k_tbl_77": "Investments and Advances\t\t\tEquity in Earnings\t\t\n\tAt December 31\t\tYear ended December 31\t\t\n\t2020\t2019\t2020\t2019\t2018\nUpstream\t\t\t\t\t\nTengizchevroil\t22685\t20214\t1238\t3067\t3614\nPetropiar\t0\t1396\t(1396)\t80\t317\nPetroboscan\t0\t1139\t(1112)\t(11)\t357\nCaspian Pipeline Consortium\t835\t883\t159\t155\t170\nAngola LNG Limited\t2258\t2423\t(166)\t(26)\t172\nNoble Midstream equity affiliates\t895\t0\t(9)\t0\t0\nOther\t980\t881\t146\t(478)\t19\nTotal Upstream\t27653\t26936\t(1140)\t2787\t4649\nDownstream\t\t\t\t\t\nChevron Phillips Chemical Company LLC\t6181\t6241\t630\t880\t1034\nGS Caltex Corporation\t3547\t3796\t(185)\t13\t373\nOther\t1389\t1443\t223\t288\t273\nTotal Downstream\t11117\t11480\t668\t1181\t1680\nAll Other\t\t\t\t\t\nOther\t(14)\t(14)\t0\t0\t(2)\nTotal equity method\t38756\t38402\t(472)\t3968\t6327\nOther non-equity method investments\t296\t286\t\t\t\nTotal investments and advances\t39052\t38688\t\t\t\nTotal United States\t7978\t7203\t709\t641\t1033\nTotal International\t31074\t31485\t(1181)\t3327\t5294\n", "q10k_tbl_78": "\tAffiliates\t\t\tChevron Share\t\t\nYear ended December 31\t2020\t2019\t2018\t2020\t2019\t2018\nTotal revenues\t49093\t66473\t84469\t21641\t32628\t40679\nIncome before income tax expense\t5682\t13197\t16693\t2550\t5954\t6755\nNet income attributable to affiliates\t4704\t9809\t13321\t2034\t4366\t6384\nAt December 31\t\t\t\t\t\t\nCurrent assets\t17087\t30791\t32657\t7328\t12998\t12813\nNoncurrent assets\t97468\t97177\t87614\t43247\t41531\t36369\nCurrent liabilities\t12164\t26032\t26006\t5052\t10610\t9843\nNoncurrent liabilities\t25586\t21593\t20000\t5884\t5068\t4446\nTotal affiliates' net equity\t76805\t80343\t74265\t39639\t38851\t34893\n", "q10k_tbl_79": "Income Taxes\tYear ended December 31\t\t\n\t2020\t2019\t2018\nIncome tax expense (benefit)\t\t\t\nU.S. federal\t\t\t\nCurrent\t(182)\t(73)\t(181)\nDeferred\t(1315)\t(1074)\t738\nState and local\t\t\t\nCurrent\t65\t153\t183\nDeferred\t(152)\t(172)\t(16)\nTotal United States\t(1584)\t(1166)\t724\nInternational\t\t\t\nCurrent\t1833\t4577\t4662\nDeferred\t(2141)\t(720)\t329\nTotal International\t(308)\t3857\t4991\nTotal income tax expense (benefit)\t(1892)\t2691\t5715\n", "q10k_tbl_80": "\t2020\t2019\t2018\nIncome (loss) before income taxes\t\t\t\nUnited States\t(5700)\t(5483)\t4730\nInternational\t(1753)\t11019\t15845\nTotal income (loss) before income taxes\t(7453)\t5536\t20575\nTheoretical tax (at U.S. statutory rate of 21%)\t(1565)\t1163\t4321\nEffect of U.S. tax reform\t0\t3\t(26)\nEquity affiliate accounting effect\t211\t(687)\t(1526)\nEffect of income taxes from international operations*\t(39)\t2196\t3132\nState and local taxes on income net of U.S. federal income tax benefit\t(65)\t(18)\t162\nPrior year tax adjustments claims and settlements\t(236)\t192\t(51)\nTax credits\t(33)\t(18)\t(163)\nOther U.S.*\t(165)\t(140)\t(134)\nTotal income tax expense (benefit)\t(1892)\t2691\t5715\nEffective income tax rate\t25.4%\t48.6%\t27.8%\n", "q10k_tbl_81": "\t\tAt December 31\n\t2020\t2019\nDeferred tax liabilities\t\t\nProperties plant and equipment\t16603\t17251\nInvestments and other\t5617\t5372\nTotal deferred tax liabilities\t22220\t22623\nDeferred tax assets\t\t\nForeign tax credits\t(10585)\t(9840)\nAsset retirement obligations/environmental reserves\t(4721)\t(4329)\nEmployee benefits\t(3856)\t(3454)\nDeferred credits\t(1056)\t(1083)\nTax loss carryforwards\t(6701)\t(5262)\nOther accrued liabilities\t(228)\t(441)\nInventory\t(633)\t(662)\nOperating leases\t(1234)\t(1211)\nMiscellaneous\t(3685)\t(2796)\nTotal deferred tax assets\t(32699)\t(29078)\nDeferred tax assets valuation allowance\t17762\t15965\nTotal deferred taxes net\t7283\t9510\n", "q10k_tbl_82": "\tAt December 31\t\n\t2020\t2019\nDeferred charges and other assets\t(5286)\t(4178)\nNoncurrent deferred income taxes\t12569\t13688\nTotal deferred income taxes net\t7283\t9510\n", "q10k_tbl_83": "\t2020\t2019\t2018\nBalance at January 1\t4987\t5070\t4828\nForeign currency effects\t2\t1\t(6)\nAdditions based on tax positions taken in current year\t253\t94\t239\nAdditions for tax positions taken in prior years\t437\t313\t153\nReductions for tax positions taken in prior years\t(216)\t(194)\t(131)\nSettlements with taxing authorities in current year\t(429)\t(78)\t(13)\nReductions as a result of a lapse of the applicable statute of limitations\t(16)\t(219)\t0\nBalance at December 31\t5018\t4987\t5070\n", "q10k_tbl_84": "Taxes Other Than on Income\t\t\t\n\tYear ended December 31\t\t\n\t2020\t2019\t2018\nUnited States\t\t\t\nExcise and similar taxes on products and merchandise\t4566\t4990\t4830\nConsumer excise taxes collected on behalf of third parties\t(4566)\t(4990)\t(4830)\nImport duties and other levies\t7\t2\t15\nProperty and other miscellaneous taxes\t2248\t1785\t1577\nPayroll taxes\t235\t254\t246\nTaxes on production\t317\t355\t325\nTotal United States\t2807\t2396\t2163\nInternational\t\t\t\nExcise and similar taxes on products and merchandise\t2367\t2801\t3031\nConsumer excise taxes collected on behalf of third parties\t(2367)\t(2801)\t(3031)\nImport duties and other levies\t39\t35\t37\nProperty and other miscellaneous taxes\t1461\t1435\t2370\nPayroll taxes\t117\t125\t132\nTaxes on production\t75\t145\t165\nTotal International\t1692\t1740\t2704\nTotal taxes other than on income\t4499\t4136\t4867\n", "q10k_tbl_85": "\tAt December 31\t\t\t\t\t\tYear ended December 31\t\t\t\t\t\n\tGross Investment at Cost\t\t\tNet Investment\t\t\tAdditions at Cost2\t\t\tDepreciation Expense3\t\t\n\t2020\t2019\t2018\t2020\t2019\t2018\t2020\t2019\t2018\t2020\t2019\t2018\nUpstream\t\t\t\t\t\t\t\t\t\t\t\t\nUnited States\t96555\t82117\t88155\t38175\t31082\t39526\t13067\t7751\t6434\t6841\t15222\t5328\nInternational\t209846\t206292\t215329\t102010\t102639\t113603\t11069\t3664\t4865\t11121\t12618\t12726\nTotal Upstream\t306401\t288409\t303484\t140185\t133721\t153129\t24136\t11415\t11299\t17962\t27840\t18054\nDownstream\t\t\t\t\t\t\t\t\t\t\t\t\nUnited States\t26499\t25968\t24685\t11101\t11398\t10838\t638\t1452\t1259\t851\t869\t751\nInternational\t7993\t7480\t7237\t3395\t3114\t3023\t573\t355\t278\t283\t256\t282\nTotal Downstream\t34492\t33448\t31922\t14496\t14512\t13861\t1211\t1807\t1537\t1134\t1125\t1033\nAll Other\t\t\t\t\t\t\t\t\t\t\t\t\nUnited States\t4195\t4719\t4667\t1916\t2236\t2186\t194\t324\t224\t403\t243\t320\nInternational\t144\t146\t171\t21\t25\t31\t5\t9\t6\t9\t10\t12\nTotal All Other\t4339\t4865\t4838\t1937\t2261\t2217\t199\t333\t230\t412\t253\t332\nTotal United States\t127249\t112804\t117507\t51192\t44716\t52550\t13899\t9527\t7917\t8095\t16334\t6399\nTotal International\t217983\t213918\t222737\t105426\t105778\t116657\t11647\t4028\t5149\t11413\t12884\t13020\nTotal\t345232\t326722\t340244\t156618\t150494\t169207\t25546\t13555\t13066\t19508\t29218\t19419\n", "q10k_tbl_86": "\tAt December 31\t\n\t2020\t2019\nCommercial paper1\t5612\t4654\nNotes payable to banks and others with originating terms of one year or less\t15\t228\nCurrent maturities of long-term debt\t2600\t5054\nCurrent maturities of long-term finance leases\t186\t18\nRedeemable long-term obligations\t\t\nLong-term debt\t2960\t3078\nSubtotal\t11373\t13032\nReclassified to long-term debt\t(9825)\t(9750)\nTotal short-term debt\t1548\t3282\n1 Weighted-average interest rates at December 31 2020 and 2019 were 0.15% and 1.69% respectively.\t\t\n", "q10k_tbl_87": "\t\t\tAt December 31\t\n\t\t\t2020\t2019\n\tWeighted Average Interest Rate (%)1\tRange of Interest Rates (%)2\tPrincipal\tPrincipal\nNotes due 2021\t\t2.100\t1350\t1350\nFloating rate notes due 2021\t0.913\t0.751 - 1.171\t650\t650\nDebentures due 2021\t\t8.875\t40\t40\nNotes due 2022\t2.179\t0.333 - 2.498\t3800\t3400\nFloating rate notes due 2022\t0.594\t0.324 - 0.762\t1000\t650\nNotes due 2023\t2.377\t0.426 - 7.250\t4800\t3000\nFloating rate notes due 2023\t0.676\t0.414 - 1.114\t800\t0\nNotes due 2024\t3.291\t2.895 - 3.900\t1650\t1000\nNotes due 2025\t1.724\t0.687 - 3.326\t4000\t750\nNotes due 2026\t\t2.954\t2250\t2250\nNotes due 2027\t2.379\t1.018 - 8.000\t2000\t0\nNotes due 2028\t\t3.850\t600\t0\nNotes due 2029\t\t3.250\t500\t0\nNotes due 2030\t\t2.236\t1500\t0\nDebentures due 2031\t\t8.625\t108\t108\nDebentures due 2032\t8.414\t8.000 - 8.625\t222\t222\nNotes due 2040\t\t2.978\t500\t0\nNotes due 2041\t\t6.000\t850\t0\nNotes due 2043\t\t5.250\t1000\t0\nNotes due 2044\t\t5.050\t850\t0\nNotes due 2047\t\t4.950\t500\t0\nNotes due 2049\t\t4.200\t500\t0\nNotes due 2050\t2.763\t2.343 - 3.078\t1750\t0\nDebentures due 2097\t\t7.250\t84\t0\nBank loans due 2021 - 2023\t1.530\t1.240 - 2.004\t1948\t0\n3.400% loan3\t\t3.400\t218\t218\nMedium-term notes maturing from 2021 to 2038\t6.131\t0.000 - 8.875\t37\t38\nNotes due 2020\t\t\t0\t5054\nTotal including debt due within one year\t\t\t33507\t18730\nDebt due within one year\t\t\t(2600)\t(5054)\nFair market valuation adjustment of Noble long-term debt\t\t\t1690\t0\nReclassified from short-term debt\t\t\t9825\t9750\nUnamortized discounts and debt issuance costs\t\t\t(102)\t(17)\nFinance lease liabilities4\t\t\t447\t282\nTotal long-term debt\t\t\t42767\t23691\n1 Weighted-average interest rate at December 31 2020\t\t\t\t\n2 Range of interest rates at December 31 2020.\t\t\t\t\n3 Maturity date is conditional upon the occurrence of certain events. 2022 is the earliest period in which the loan may become payable\t\t\t\t\n4 For details on finance lease liabilities see Note 5 beginning on page 69\t\t\t\t\n", "q10k_tbl_88": "\t2020\t2019\t2018\nBeginning balance at January 1\t3041\t3563\t3702\nAdditions to capitalized exploratory well costs pending the determination of proved reserves\t28\t244\t207\nReclassifications to wells facilities and equipment based on the determination of proved reserves\t(102)\t(500)\t(13)\nCapitalized exploratory well costs charged to expense\t(667)\t(125)\t(333)\nOther*\t212\t(141)\t0\nEnding balance at December 31\t2512\t3041\t3563\n", "q10k_tbl_89": "\tAt December 31\t\t\n\t2020\t2019\t2018\nExploratory well costs capitalized for a period of one year or less\t26\t214\t202\nExploratory well costs capitalized for a period greater than one year\t2486\t2827\t3361\nBalance at December 31\t2512\t3041\t3563\nNumber of projects with exploratory well costs that have been capitalized for a period greater than one year*\t17\t22\t30\n", "q10k_tbl_90": "Aging based on drilling completion date of individual wells:\tAmount\tNumber of wells\n2000-2009\t342\t17\n2010-2014\t1457\t54\n2015-2019\t687\t18\nTotal\t2486\t89\nAging based on drilling completion date of last suspended well in project:\tAmount\tNumber of projects\n2003-2012\t371\t4\n2013-2016\t1627\t8\n2017-2020\t488\t5\nTotal\t2486\t17\n", "q10k_tbl_91": "\tYear ended December 31\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\nExpected term in years1\t6.6\t\t6.6\t\t6.5\t\nVolatility2\t20.8\t%\t20.5\t%\t21.2\t%\nRisk-free interest rate based on zero coupon U.S. treasury note\t1.5\t%\t2.6\t%\t2.6\t%\nDividend yield\t4.0\t%\t3.8\t%\t3.8\t%\nWeighted-average fair value per option granted\t13.00\t\t15.82\t\t18.18\t\n", "q10k_tbl_92": "\tShares (Thousands)\tWeighted-Average Exercise Price\t\tAveraged Remaining Contractual Term (Years)\tAggregate Intrinsic Value\t\nOutstanding at January 1 2020\t86641\t\t103.22\t\t\t\nGranted\t8281\t\t150.98\t\t\t\nExercised\t(2739)\t\t78.92\t\t\t\nForfeited\t(2033)\t\t110.72\t\t\t\nOutstanding at December 31 2020\t90150\t\t108.17\t4.11\t\t23\nExercisable at December 31 2020\t80860\t\t107.65\t3.59\t\t23\n", "q10k_tbl_93": "\tPension Benefits\t\t\t\t\t\n\t2020\t\t2019\t\tOther Benefits\t\n\tU.S.\tInt'l.\tU.S.\tInt'l.\t2020\t2019\nChange in Benefit Obligation\t\t\t\t\t\t\nBenefit obligation at January 1\t14465\t5680\t11726\t4820\t2520\t2430\nService cost\t497\t130\t406\t139\t38\t36\nInterest cost\t353\t175\t397\t199\t71\t96\nPlan participants' contributions\t0\t3\t0\t4\t59\t72\nPlan amendments\t0\t0\t0\t29\t0\t0\nActuarial (gain) loss\t1782\t550\t2922\t673\t191\t125\nForeign currency exchange rate changes\t0\t158\t0\t121\t(1)\t2\nBenefits paid\t(2045)\t(368)\t(1035)\t(302)\t(214)\t(240)\nDivestitures/Acquisitions\t22\t0\t49\t0\t0\t(1)\nCurtailment\t92\t(21)\t0\t(3)\t(14)\t0\nBenefit obligation at December 31\t15166\t6307\t14465\t5680\t2650\t2520\nChange in Plan Assets\t\t\t\t\t\t\nFair value of plan assets at January 1\t10177\t4791\t8532\t4142\t0\t0\nActual return on plan assets\t848\t500\t1548\t566\t0\t0\nForeign currency exchange rate changes\t0\t174\t0\t115\t0\t0\nEmployer contributions\t950\t263\t1096\t266\t155\t168\nPlan participants' contributions\t0\t3\t0\t4\t59\t72\nBenefits paid\t(2045)\t(368)\t(1035)\t(302)\t(214)\t(240)\nDivestitures/Acquisitions\t0\t0\t36\t0\t0\t0\nFair value of plan assets at December 31\t9930\t5363\t10177\t4791\t0\t0\nFunded status at December 31\t(5236)\t(944)\t(4288)\t(889)\t(2650)\t(2520)\n", "q10k_tbl_94": "\tPension Benefits\t\t\t\t\t\n\t2020\t\t2019\t\tOther Benefits\t\n\tU.S.\tInt'l.\tU.S.\tInt'l.\t2020\t2019\nDeferred charges and other assets\t24\t547\t23\t413\t0\t0\nAccrued liabilities\t(258)\t(76)\t(239)\t(71)\t(153)\t(174)\nNoncurrent employee benefit plans\t(5002)\t(1415)\t(4072)\t(1231)\t(2497)\t(2346)\nNet amount recognized at December 31\t(5236)\t(944)\t(4288)\t(889)\t(2650)\t(2520)\n", "q10k_tbl_95": "\tPension Benefits\t\t\t\t\t\n\t2020\t\t2019\t\tOther Benefits\t\n\tU.S.\tInt'l.\tU.S.\tInt'l.\t2020\t2019\nNet actuarial loss\t5714\t1401\t5135\t1269\t260\t74\nPrior service (credit) costs\t3\t86\t5\t102\t(186)\t(228)\nTotal recognized at December 31\t5717\t1487\t5140\t1371\t74\t(154)\n", "q10k_tbl_96": "\tPension Benefits\t\t\t\n\t2020\t\t2019\t\n\tU.S.\tInt'l.\tU.S.\tInt'l.\nProjected benefit obligations\t15103\t2084\t14401\t1554\nAccumulated benefit obligations\t13545\t1622\t12718\t1268\nFair value of plan assets\t9842\t600\t10091\t278\n", "q10k_tbl_97": "\tPension Benefits\t\t\t\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\tOther Benefits\t\t\n\tU.S.\tInt'l.\tU.S.\tInt'l.\tU.S.\tInt'l.\t2020\t2019\t2018\nNet Periodic Benefit Cost\t\t\t\t\t\t\t\t\t\nService cost\t497\t130\t406\t139\t480\t141\t38\t36\t42\nInterest cost\t353\t175\t397\t199\t370\t206\t71\t96\t94\nExpected return on plan assets\t(650)\t(209)\t(565)\t(231)\t(636)\t(253)\t0\t0\t0\nAmortization of prior service costs (credits)\t2\t10\t2\t11\t2\t10\t(28)\t(28)\t(28)\nRecognized actuarial losses\t385\t45\t239\t21\t304\t29\t3\t(3)\t15\nSettlement losses\t620\t37\t259\t3\t411\t33\t0\t0\t0\nCurtailment losses (gains)\t92\t2\t0\t16\t0\t3\t(27)\t0\t0\nTotal net periodic benefit cost\t1299\t190\t738\t158\t931\t169\t57\t101\t123\nChanges Recognized in Comprehensive Income\t\t\t\t\t\t\t\t\t\nNet actuarial (gain) loss during period\t1584\t230\t1939\t338\t151\t12\t190\t128\t(248)\nAmortization of actuarial loss\t(1005)\t(98)\t(498)\t(24)\t(715)\t(62)\t(4)\t3\t(15)\nPrior service (credits) costs during period\t0\t0\t0\t29\t0\t23\t0\t(1)\t3\nAmortization of prior service (costs) credits\t(2)\t(17)\t(2)\t(30)\t(2)\t(13)\t42\t28\t28\nTotal changes recognized in other comprehensive income\t577\t115\t1439\t313\t(566)\t(40)\t228\t158\t(232)\nRecognized in Net Periodic Benefit Cost and Other Comprehensive Income\t1876\t305\t2177\t471\t365\t129\t285\t259\t(109)\n", "q10k_tbl_98": "\tPension Benefits\t\t\t\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\t\tOther Benefits\t\n\tU.S.\tInt'l.\tU.S.\tInt'l.\tU.S.\tInt'l.\t2020\t2019\t2018\nAssumptions used to determine benefit obligations:\t\t\t\t\t\t\t\t\t\nDiscount rate\t2.4%\t2.4%\t3.1%\t3.2%\t4.2%\t4.4%\t2.6%\t3.2%\t4.4%\nRate of compensation increase\t4.5%\t4.0%\t4.5%\t4.0%\t4.5%\t4.0%\tN/A\tN/A\tN/A\nAssumptions used to determine net periodic benefit cost:\t\t\t\t\t\t\t\t\t\nDiscount rate for service cost\t3.3%\t3.2%\t4.4%\t4.4%\t3.7%\t3.9%\t3.5%\t4.6%\t3.9%\nDiscount rate for interest cost\t2.6%\t3.2%\t3.7%\t4.4%\t3.0%\t3.9%\t3.0%\t4.2%\t3.5%\nExpected return on plan assets\t6.5%\t4.5%\t6.8%\t5.6%\t6.8%\t5.5%\tN/A\tN/A\tN/A\nRate of compensation increase\t4.5%\t4.0%\t4.5%\t4.0%\t4.5%\t4.0%\tN/A\tN/A\tN/A\n", "q10k_tbl_99": "\tU.S.\t\t\t\t\tInt'l.\t\t\t\t\n\tTotal\tLevel 1\tLevel 2\tLevel 3\tNAV\tTotal\tLevel 1\tLevel 2\tLevel 3\tNAV\nAt December 31 2019\t\t\t\t\t\t\t\t\t\t\nEquities\t\t\t\t\t\t\t\t\t\t\nU.S.1\t1769\t1769\t0\t0\t0\t471\t471\t0\t0\t0\nInternational\t1958\t1958\t0\t0\t0\t422\t421\t0\t1\t0\nCollective Trusts/Mutual Funds2\t1079\t52\t0\t0\t1027\t184\t6\t0\t0\t178\nFixed Income\t\t\t\t\t\t\t\t\t\t\nGovernment\t523\t0\t523\t0\t0\t265\t144\t121\t0\t0\nCorporate\t1444\t0\t1444\t0\t0\t493\t0\t490\t3\t0\nBank Loans\t120\t0\t113\t7\t0\t0\t0\t0\t0\t0\nMortgage/Asset Backed\t1\t0\t1\t0\t0\t4\t0\t4\t0\t0\nCollective Trusts/Mutual Funds2\t963\t0\t0\t0\t963\t2230\t5\t0\t0\t2225\nMixed Funds3\t0\t0\t0\t0\t0\t84\t7\t77\t0\t0\nReal Estate4\t1089\t0\t0\t0\t1089\t277\t0\t0\t55\t222\nAlternative Investments\t924\t0\t0\t0\t924\t0\t0\t0\t0\t0\nCash and Cash Equivalents\t235\t228\t7\t0\t0\t338\t334\t2\t0\t2\nOther5\t72\t(5)\t29\t44\t4\t23\t0\t21\t2\t0\nTotal at December 31 2019\t10177\t4002\t2117\t51\t4007\t4791\t1388\t715\t61\t2627\nAt December 31 2020\t\t\t\t\t\t\t\t\t\t\nEquities\t\t\t\t\t\t\t\t\t\t\nU.S.1\t2286\t2286\t0\t0\t0\t443\t443\t0\t0\t0\nInternational\t2211\t2210\t0\t1\t0\t373\t373\t0\t0\t0\nCollective Trusts/Mutual Funds2\t1107\t48\t0\t0\t1059\t192\t7\t0\t0\t185\nFixed Income\t\t\t\t\t\t\t\t\t\t\nGovernment\t231\t0\t231\t0\t0\t240\t125\t115\t0\t0\nCorporate\t778\t0\t778\t0\t0\t578\t10\t568\t0\t0\nBank Loans\t129\t0\t127\t2\t0\t0\t0\t0\t0\t0\nMortgage/Asset Backed\t1\t0\t1\t0\t0\t4\t0\t4\t0\t0\nCollective Trusts/Mutual Funds2\t1901\t13\t0\t0\t1888\t2520\t4\t0\t0\t2516\nMixed Funds3\t0\t0\t0\t0\t0\t127\t38\t89\t0\t0\nReal Estate4\t1018\t0\t0\t0\t1018\t448\t0\t0\t45\t403\nAlternative Investments\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\nCash and Cash Equivalents\t221\t209\t12\t0\t0\t417\t408\t3\t0\t6\nOther5\t47\t(19)\t22\t41\t3\t21\t(2)\t19\t4\t0\nTotal at December 31 2020\t9930\t4747\t1171\t44\t3968\t5363\t1406\t798\t49\t3110\n", "q10k_tbl_100": "\tEquity\tFixed Income\t\t\t\t\n\tInternational\tCorporate\tBank Loans\tReal Estate\tOther\tTotal\nTotal at December 31 2018\t1\t21\t5\t56\t46\t129\nActual Return on Plan Assets:\t\t\t\t\t\t\nAssets held at the reporting date\t(1)\t1\t0\t0\t(1)\t(1)\nAssets sold during the period\t0\t0\t0\t0\t0\t0\nPurchases Sales and Settlements\t0\t(19)\t0\t(1)\t1\t(19)\nTransfers in and/or out of Level 3\t1\t0\t2\t0\t0\t3\nTotal at December 31 2019\t1\t3\t7\t55\t46\t112\nActual Return on Plan Assets:\t\t\t\t\t\t\nAssets held at the reporting date\t0\t0\t0\t0\t1\t1\nAssets sold during the period\t0\t0\t0\t(10)\t0\t(10)\nPurchases Sales and Settlements\t0\t(3)\t(5)\t0\t(2)\t(10)\nTransfers in and/or out of Level 3\t0\t0\t0\t0\t0\t0\nTotal at December 31 2020\t1\t0\t2\t45\t45\t93\n", "q10k_tbl_101": "\tPension Benefits\t\tOther\n\tU.S.\tInt'l.\tBenefits\n2021\t1779\t658\t153\n2022\t919\t220\t162\n2023\t1069\t225\t158\n2024\t1097\t243\t154\n2025\t1068\t250\t151\n2026-2030\t4856\t1400\t706\n", "q10k_tbl_102": "\t2020\t2019\t2018\nBalance at January 1\t12832\t14050\t14214\nLiabilities assumed in the Noble acquisition\t630\t0\t0\nLiabilities incurred\t10\t32\t96\nLiabilities settled\t(1661)\t(1694)\t(830)\nAccretion expense\t560\t628\t654\nRevisions in estimated cash flows\t1245\t(184)\t(84)\nBalance at December 31\t13616\t12832\t14050\n", "q10k_tbl_103": "Other financial information is as follows:\t\t\t\n\tYear ended December 31\t\t\n\t2020\t2019\t2018\nTotal financing interest and debt costs\t735\t817\t921\nLess: Capitalized interest\t38\t19\t173\nInterest and debt expense\t697\t798\t748\nResearch and development expenses\t435\t500\t453\nExcess of replacement cost over the carrying value of inventories (LIFO method)\t2749\t4513\t5134\nLIFO profits (losses) on inventory drawdowns included in earnings\t(147)\t(9)\t26\nForeign currency effects*\t(645)\t(304)\t611\n", "q10k_tbl_104": "\tYear ended December 31\t\t\n\t2020\t2019\t2018\nSales and other operating revenues\t8407\t9333\t11310\nCosts and other deductions\t7221\t7863\t9812\nNet income attributable to CPChem\t1260\t1760\t2069\n", "q10k_tbl_105": "\tAt December 31\t\n\t2020\t2019\nCurrent assets\t2816\t2554\nOther assets\t14210\t14314\nCurrent liabilities\t1394\t1247\nOther liabilities\t3380\t3174\nTotal CPChem net equity\t12252\t12447\n", "q10k_tbl_106": "\tAmounts Before Tax\nBalance at January 1 2020\t7\nAccruals/Adjustments\t859\nPayments\t(396)\nBalance at December 31 2020\t470\n", "q10k_tbl_107": "\tAt October 5 2020\nCurrent assets\t1105\nInvestments and long-term receivables\t1282\nProperties (includes $14935 for oil and gas properties)\t16703\nOther assets\t607\nTotal assets acquired\t19697\nCurrent liabilities\t1829\nLong-term debt and finance leases\t9231\nDeferred income taxes\t2355\nOther liabilities\t1394\nTotal liabilities assumed\t14809\nNoncontrolling interest and redeemable noncontrolling interest\t779\nNet assets acquired\t4109\n", "q10k_tbl_108": "\tYear ended December 31\t\n\t2020\t2019\nSales and other operating revenues\t96980\t144303\nNet income\t(9890)\t1412\n", "q10k_tbl_109": "Millions of dollars except per-share amounts\t2020\t2019\t2018\t2017\t2016\nStatement of Income Data\t\t\t\t\t\nRevenues and Other Income\t\t\t\t\t\nTotal sales and other operating revenues*\t94471\t139865\t158902\t134674\t110215\nIncome from equity affiliates and other income\t221\t6651\t7437\t7048\t4257\nTotal Revenues and Other Income\t94692\t146516\t166339\t141722\t114472\nTotal Costs and Other Deductions\t102145\t140980\t145764\t132501\t116632\nIncome (Loss) Before Income Tax Expense\t(7453)\t5536\t20575\t9221\t(2160)\nIncome Tax Expense (Benefit)\t(1892)\t2691\t5715\t(48)\t(1729)\nNet Income (Loss)\t(5561)\t2845\t14860\t9269\t(431)\nLess: Net income (loss) attributable to noncontrolling interests\t(18)\t(79)\t36\t74\t66\nNet Income (Loss) Attributable to Chevron Corporation\t(5543)\t2924\t14824\t9195\t(497)\nPer Share of Common Stock\t\t\t\t\t\nNet Income (Loss) Attributable to Chevron\t\t\t\t\t\n- Basic\t(2.96)\t1.55\t7.81\t4.88\t(0.27)\n- Diluted\t(2.96)\t1.54\t7.74\t4.85\t(0.27)\nCash Dividends Per Share\t5.16\t4.76\t4.48\t4.32\t4.29\nBalance Sheet Data (at December 31)\t\t\t\t\t\nCurrent assets\t26078\t28329\t34021\t28560\t29619\nNoncurrent assets\t213712\t209099\t219842\t225246\t230459\nTotal Assets\t239790\t237428\t253863\t253806\t260078\nShort-term debt\t1548\t3282\t5726\t5192\t10840\nOther current liabilities\t20635\t23248\t21445\t22545\t20945\nLong-term debt\t42767\t23691\t28733\t33571\t35286\nOther noncurrent liabilities\t42114\t41999\t42317\t43179\t46285\nTotal Liabilities\t107064\t92220\t98221\t104487\t113356\nTotal Chevron Corporation Stockholders' Equity\t131688\t144213\t154554\t148124\t145556\nNoncontrolling interests\t1038\t995\t1088\t1195\t1166\nTotal Equity\t132726\t145208\t155642\t149319\t146722\n* Includes excise value-added and similar taxes:\t0\t0\t0\t7189\t6905\n", "q10k_tbl_110": "\tConsolidated Companies\t\t\t\t\t\t\tAffiliated Companies\t\n\t\tOther\t\t\tAustralia/\t\t\t\t\nMillions of dollars\tU.S.\tAmericas\tAfrica\tAsia\tOceania\tEurope\tTotal\tTCO\tOther\nYear Ended December 31 2020\t\t\t\t\t\t\t\t\t\nExploration\t\t\t\t\t\t\t\t\t\nWells\t190\t181\t1\t8\t1\t0\t381\t0\t0\nGeological and geophysical\t83\t29\t58\t3\t12\t0\t185\t0\t0\nOther\t125\t77\t42\t22\t39\t2\t307\t0\t0\nTotal exploration\t398\t287\t101\t33\t52\t2\t873\t0\t0\nProperty acquisitions2\t\t\t\t\t\t\t\t\t\nProved - Noble\t3463\t0\t438\t7945\t0\t0\t11846\t0\t0\nProved - Other\t23\t0\t2\t56\t0\t0\t81\t0\t0\nUnproved - Noble\t2845\t2\t113\t129\t0\t0\t3089\t0\t0\nUnproved - Other\t35\t0\t10\t0\t0\t0\t45\t0\t0\nTotal property acquisitions\t6366\t2\t563\t8130\t0\t0\t15061\t0\t0\nDevelopment3\t4622\t740\t386\t1034\t753\t37\t7572\t2998\t81\nTotal Costs Incurred4\t11386\t1029\t1050\t9197\t805\t39\t23506\t2998\t81\nYear Ended December 31 2019\t\t\t\t\t\t\t\t\t\nExploration\t\t\t\t\t\t\t\t\t\nWells\t571\t44\t9\t2\t4\t4\t634\t0\t0\nGeological and geophysical\t82\t118\t21\t5\t11\t1\t238\t0\t0\nOther\t140\t52\t35\t29\t44\t6\t306\t0\t8\nTotal exploration\t793\t214\t65\t36\t59\t11\t1178\t0\t8\nProperty acquisitions2\t\t\t\t\t\t\t\t\t\nProved\t81\t34\t0\t93\t0\t0\t208\t0\t0\nUnproved\t68\t150\t0\t17\t1\t0\t236\t0\t0\nTotal property acquisitions\t149\t184\t0\t110\t1\t0\t444\t0\t0\nDevelopment3\t7072\t1216\t279\t1020\t518\t199\t10304\t5112\t158\nTotal Costs Incurred4\t8014\t1614\t344\t1166\t578\t210\t11926\t5112\t166\nYear Ended December 31 2018\t\t\t\t\t\t\t\t\t\nExploration\t\t\t\t\t\t\t\t\t\nWells\t508\t74\t25\t55\t0\t14\t676\t0\t0\nGeological and geophysical\t84\t41\t4\t5\t7\t1\t142\t0\t0\nOther\t190\t46\t35\t33\t49\t23\t376\t0\t0\nTotal exploration\t782\t161\t64\t93\t56\t38\t1194\t0\t0\nProperty acquisitions2\t\t\t\t\t\t\t\t\t\nProved\t160\t0\t7\t117\t0\t0\t284\t0\t0\nUnproved\t52\t494\t2\t27\t0\t0\t575\t0\t0\nTotal property acquisitions\t212\t494\t9\t144\t0\t0\t859\t0\t0\nDevelopment3\t6245\t856\t711\t1095\t845\t278\t10030\t4963\t200\nTotal Costs Incurred4\t7239\t1511\t784\t1332\t901\t316\t12083\t4963\t200\n", "q10k_tbl_111": "1\tIncludes costs incurred whether capitalized or expensed. Excludes general support equipment expenditures. Includes capitalized amounts related to asset retirement obligations. See Note 23 \"Asset Retirement Obligations\" on page 94.\t\t\t\t\n2\tIncludes wells equipment and facilities associated with proved reserves. Does not include properties acquired in nonmonetary transactions.\t\t\t\t\n3\tIncludes $897 $246 and $114 of costs incurred on major capital projects prior to assignment of proved reserves for consolidated companies in 2020 2019 and 2018 respectively.\t\t\t\t\n4\tReconciliation of consolidated and affiliated companies total cost incurred to Upstream capital and exploratory (C&E) expenditures - $ billions:\t\t\t\t\n\t\t2020\t2019\t2018\t\n\tTotal cost incurred\t26.6\t17.2\t17.2\t\n\tNoble acquisition\t(14.9)\t0\t0\tSee Note 29 for additional information\n\tNon-oil and gas activities\t0\t0.3\t0.6\t(Primarily; LNG and transportation activities.)\n\tARO reduction/(build)\t(0.8)\t0.3\t(0.1)\t\n\tUpstream C&E\t10.9\t17.8\t17.7\tReference page 44 Upstream total\n", "q10k_tbl_112": "Table II - Capitalized Costs Related to Oil and Gas Producing Activities\t\t\t\t\t\t\t\t\t\n\tConsolidated Companies\t\t\t\t\t\t\tAffiliated Companies\t\n\t\tOther\t\t\tAustralia/\t\t\t\t\nMillions of dollars\tU.S.\tAmericas\tAfrica\tAsia\tOceania\tEurope\tTotal\tTCO\tOther\nAt December 31 2020\t\t\t\t\t\t\t\t\t\nUnproved properties\t3519\t2438\t188\t984\t1987\t0\t9116\t108\t0\nProved properties and related producing assets\t81573\t24108\t46637\t58086\t22321\t2117\t234842\t11326\t1548\nSupport equipment\t1882\t197\t1087\t2042\t18898\t0\t24106\t2023\t0\nDeferred exploratory wells\t411\t142\t202\t505\t1144\t108\t2512\t0\t0\nOther uncompleted projects\t5549\t582\t1030\t803\t1157\t20\t9141\t18806\t23\nGross Capitalized Costs\t92934\t27467\t49144\t62420\t45507\t2245\t279717\t32263\t1571\nUnproved properties valuation\t179\t1471\t126\t856\t110\t0\t2742\t67\t0\nProved producing properties - Depreciation and depletion\t55839\t13141\t35899\t42354\t7541\t498\t155272\t6746\t493\nSupport equipment depreciation\t1002\t159\t742\t1644\t2965\t0\t6512\t1169\t0\nAccumulated provisions\t57020\t14771\t36767\t44854\t10616\t498\t164526\t7982\t493\nNet Capitalized Costs\t35914\t12696\t12377\t17566\t34891\t1747\t115191\t24281\t1078\nAt December 31 2019\t\t\t\t\t\t\t\t\t\nUnproved properties\t4620\t2492\t151\t1081\t1986\t0\t10330\t108\t0\nProved properties and related producing assets\t82199\t24189\t45756\t56648\t22032\t2082\t232906\t10757\t4311\nSupport equipment\t2287\t311\t1098\t2075\t18610\t0\t24381\t1981\t0\nDeferred exploratory wells\t533\t147\t405\t513\t1322\t121\t3041\t0\t0\nOther uncompleted projects\t5080\t505\t1176\t926\t1023\t15\t8725\t16503\t743\nGross Capitalized Costs\t94719\t27644\t48586\t61243\t44973\t2218\t279383\t29349\t5054\nUnproved properties valuation\t3964\t1271\t120\t842\t109\t0\t6306\t65\t0\nProved producing properties - Depreciation and depletion\t56911\t12644\t33613\t44871\t6064\t404\t154507\t6018\t1912\nSupport equipment depreciation\t1635\t226\t772\t1605\t2272\t0\t6510\t1053\t0\nAccumulated provisions\t62510\t14141\t34505\t47318\t8445\t404\t167323\t7136\t1912\nNet Capitalized Costs\t32209\t13503\t14081\t13925\t36528\t1814\t112060\t22213\t3142\nAt December 31 2018\t\t\t\t\t\t\t\t\t\nUnproved properties\t4687\t2463\t201\t1299\t1986\t0\t10636\t108\t0\nProved properties and related producing assets\t75013\t21796\t44876\t57168\t22047\t12634\t233534\t9892\t4336\nSupport equipment\t2216\t317\t1096\t2149\t17712\t124\t23614\t1858\t0\nDeferred exploratory wells\t782\t160\t405\t632\t1323\t261\t3563\t0\t0\nOther uncompleted projects\t4730\t3704\t1744\t1292\t1462\t300\t13232\t12311\t605\nGross Capitalized Costs\t87428\t28440\t48322\t62540\t44530\t13319\t284579\t24169\t4941\nUnproved properties valuation\t820\t694\t164\t623\t107\t0\t2408\t61\t0\nProved producing properties - Depreciation and depletion\t45712\t12984\t31102\t43735\t4631\t10014\t148178\t5276\t1730\nSupport equipment depreciation\t1466\t220\t738\t1674\t1531\t119\t5748\t947\t0\nAccumulated provisions\t47998\t13898\t32004\t46032\t6269\t10133\t156334\t6284\t1730\nNet Capitalized Costs\t39430\t14542\t16318\t16508\t38261\t3186\t128245\t17885\t3211\n", "q10k_tbl_113": "\tConsolidated Companies\t\t\t\t\t\t\tAffiliated Companies\t\n\t\tOther\t\t\tAustralia/\t\t\t\t\nMillions of dollars\tU.S.\tAmericas\tAfrica\tAsia\tOceania\tEurope\tTotal\tTCO\tOther\nYear Ended December 31 2020\t\t\t\t\t\t\t\t\t\nRevenues from net production\t\t\t\t\t\t\t\t\t\nSales\t1665\t505\t473\t5629\t3010\t149\t11431\t3088\t288\nTransfers\t7711\t1683\t3378\t1092\t1830\t0\t15694\t0\t0\nTotal\t9376\t2188\t3851\t6721\t4840\t149\t27125\t3088\t288\nProduction expenses excluding taxes\t(3933)\t(981)\t(1485)\t(2408)\t(589)\t(64)\t(9460)\t(419)\t(98)\nTaxes other than on income\t(597)\t(62)\t(77)\t(11)\t(121)\t(2)\t(870)\t(190)\t(30)\nProved producing properties:\t\t\t\t\t\t\t\t\t\nDepreciation and depletion\t(6482)\t(1221)\t(2323)\t(3466)\t(2192)\t(92)\t(15776)\t(879)\t(146)\nAccretion expense2\t(165)\t(22)\t(136)\t(120)\t(62)\t(10)\t(515)\t(9)\t(6)\nExploration expenses\t(457)\t(314)\t(431)\t(67)\t(231)\t(15)\t(1515)\t0\t1\nUnproved properties valuation\t(58)\t(215)\t(6)\t(8)\t(1)\t0\t(288)\t0\t0\nOther income (expense)3\t51\t(8)\t(11)\t1053\t(2)\t(9)\t1074\t(29)\t(2103)\nResults before income taxes\t(2265)\t(635)\t(618)\t1694\t1642\t(43)\t(225)\t1562\t(2094)\nIncome tax (expense) benefit\t558\t(5)\t888\t(353)\t(558)\t12\t542\t(471)\t161\nResults of Producing Operations\t(1707)\t(640)\t270\t1341\t1084\t(31)\t317\t1091\t(1933)\nYear Ended December 31 2019\t\t\t\t\t\t\t\t\t\nRevenues from net production\t\t\t\t\t\t\t\t\t\nSales\t2259\t863\t668\t7410\t4332\t592\t16124\t5603\t780\nTransfers\t11043\t2160\t6534\t1311\t2596\t655\t24299\t0\t0\nTotal\t13302\t3023\t7202\t8721\t6928\t1247\t40423\t5603\t780\nProduction expenses excluding taxes\t(3567)\t(1020)\t(1460)\t(2703)\t(616)\t(343)\t(9709)\t(475)\t(247)\nTaxes other than on income\t(595)\t(64)\t(101)\t(16)\t(221)\t(2)\t(999)\t(57)\t(10)\nProved producing properties:\t\t\t\t\t\t\t\t\t\nDepreciation and depletion\t(11659)\t(1380)\t(2548)\t(3165)\t(2192)\t(85)\t(21029)\t(870)\t(211)\nAccretion expense2\t(191)\t(21)\t(148)\t(133)\t(53)\t(37)\t(583)\t(5)\t(8)\nExploration expenses\t(293)\t(211)\t(73)\t(93)\t(60)\t(10)\t(740)\t0\t(8)\nUnproved properties valuation\t(3268)\t(591)\t(2)\t(388)\t(2)\t0\t(4251)\t(4)\t0\nOther income (expense)3\t(51)\t(44)\t(121)\t413\t53\t1373\t1623\t1\t(157)\nResults before income taxes\t(6322)\t(308)\t2749\t2636\t3837\t2143\t4735\t4193\t139\nIncome tax (expense) benefit\t1311\t(27)\t(1731)\t(1212)\t(1161)\t(311)\t(3131)\t(1261)\t(73)\nResults of Producing Operations\t(5011)\t(335)\t1018\t1424\t2676\t1832\t1604\t2932\t66\n", "q10k_tbl_114": "\tConsolidated Companies\t\t\t\t\t\t\tAffiliated Companies\t\n\t\tOther\t\t\tAustralia/\t\t\t\t\nMillions of dollars\tU.S.\tAmericas\tAfrica\tAsia\tOceania\tEurope\tTotal\tTCO\tOther\nYear Ended December 31 2018\t\t\t\t\t\t\t\t\t\nRevenues from net production\t\t\t\t\t\t\t\t\t\nSales\t2162\t1008\t829\t5880\t4229\t619\t14727\t5987\t1369\nTransfers\t11645\t1808\t7829\t3206\t3413\t1071\t28972\t0\t0\nTotal\t13807\t2816\t8658\t9086\t7642\t1690\t43699\t5987\t1369\nProduction expenses excluding taxes\t(3203)\t(1009)\t(1564)\t(2653)\t(557)\t(424)\t(9410)\t(447)\t(295)\nTaxes other than on income\t(540)\t(70)\t(112)\t(22)\t(250)\t(2)\t(996)\t160\t(210)\nProved producing properties:\t\t\t\t\t\t\t\t\t\nDepreciation and depletion\t(4583)\t(998)\t(3368)\t(3714)\t(2103)\t(411)\t(15177)\t(711)\t(306)\nAccretion expense2\t(186)\t(26)\t(149)\t(146)\t(50)\t(52)\t(609)\t(4)\t(3)\nExploration expenses\t(777)\t(191)\t(52)\t(58)\t(56)\t(41)\t(1175)\t(3)\t(6)\nUnproved properties valuation\t(516)\t(42)\t(3)\t(135)\t0\t0\t(696)\t0\t0\nOther income (expense)3\t336\t4\t97\t(33)\t31\t(161)\t274\t70\t(280)\nResults before income taxes\t4338\t484\t3507\t2325\t4657\t599\t15910\t5052\t269\nIncome tax (expense) benefit\t(886)\t(400)\t(2131)\t(1088)\t(1415)\t(233)\t(6153)\t(1519)\t341\nResults of Producing Operations\t3452\t84\t1376\t1237\t3242\t366\t9757\t3533\t610\n", "q10k_tbl_115": "\tConsolidated Companies\t\t\t\t\t\t\tAffiliated Companies\t\n\t\tOther\t\t\tAustralia/\t\t\t\t\n\tU.S.\tAmericas\tAfrica\tAsia\tOceania\tEurope\tTotal\tTCO\tOther\nYear Ended December 31 2020\t\t\t\t\t\t\t\t\t\nAverage sales prices\t\t\t\t\t\t\t\t\t\nLiquids per barrel\t30.53\t35.41\t38.06\t39.77\t38.03\t34.20\t34.12\t24.25\t24.07\nNatural gas per thousand cubic feet\t0.96\t2.20\t1.61\t4.30\t5.42\t1.07\t3.68\t0.54\t0.61\nAverage production costs per barrel2\t10.01\t14.27\t13.19\t11.24\t4.02\t13.23\t10.07\t3.17\t3.91\nYear Ended December 31 2019\t\t\t\t\t\t\t\t\t\nAverage sales prices\t\t\t\t\t\t\t\t\t\nLiquids per barrel\t48.54\t54.85\t62.27\t59.53\t60.15\t61.80\t54.47\t49.14\t45.25\nNatural gas per thousand cubic feet\t1.07\t2.24\t1.84\t4.73\t7.54\t4.43\t4.86\t0.79\t0.99\nAverage production costs per barrel2\t10.48\t15.97\t11.90\t12.74\t4.08\t14.28\t10.62\t3.53\t7.93\nYear Ended December 31 2018\t\t\t\t\t\t\t\t\t\nAverage sales prices\t\t\t\t\t\t\t\t\t\nLiquids per barrel\t58.17\t58.27\t69.75\t63.55\t68.78\t66.31\t62.45\t56.20\t56.41\nNatural gas per thousand cubic feet\t1.86\t2.62\t2.55\t4.48\t8.78\t7.54\t5.54\t0.77\t3.19\nAverage production costs per barrel2\t11.18\t17.32\t11.29\t12.15\t3.95\t14.21\t10.78\t3.59\t9.29\n", "q10k_tbl_116": "\t2020\t\t\t\t2019\t\t\t\t2018\t\t\t\nLiquids in Millions of Barrels\t\t\t\t\t\t\t\t\t\t\t\t\nNatural Gas in Billions of Cubic Feet\tCrude Oil Condensate\tSyntheticOil\tNGL\tNatural Gas\tCrude Oil Condensate\tSyntheticOil\tNGL\tNatural Gas\tCrude Oil Condensate\tSyntheticOil\tNGL\tNatural Gas\nProved Developed\t\t\t\t\t\t\t\t\t\t\t\t\nConsolidated Companies\t\t\t\t\t\t\t\t\t\t\t\t\nU.S.\t1157\t0\t346\t2503\t1121\t0\t258\t2998\t1061\t0\t179\t2396\nOther Americas\t168\t597\t6\t222\t174\t540\t5\t397\t156\t545\t3\t393\nAfrica\t497\t0\t68\t1629\t525\t0\t67\t1472\t568\t0\t60\t1316\nAsia\t358\t0\t0\t7864\t406\t0\t0\t3382\t470\t0\t0\t4021\nAustralia/Oceania\t115\t0\t4\t8951\t136\t0\t4\t10697\t127\t0\t5\t10084\nEurope\t23\t0\t0\t8\t21\t0\t0\t8\t81\t0\t3\t205\nTotal Consolidated\t2318\t597\t424\t21177\t2383\t540\t334\t18954\t2463\t545\t250\t18415\nAffiliated Companies\t\t\t\t\t\t\t\t\t\t\t\t\nTCO\t565\t0\t53\t1057\t584\t0\t59\t1135\t638\t0\t62\t1179\nOther\t2\t0\t12\t322\t114\t0\t10\t308\t65\t55\t11\t308\nTotal Consolidated and Affiliated Companies\t2885\t597\t489\t22556\t3081\t540\t403\t20397\t3166\t600\t323\t19902\nProved Undeveloped\t\t\t\t\t\t\t\t\t\t\t\t\nConsolidated Companies\t\t\t\t\t\t\t\t\t\t\t\t\nU.S.\t593\t0\t247\t1747\t807\t0\t244\t1730\t813\t0\t349\t4313\nOther Americas\t92\t0\t2\t107\t146\t0\t11\t339\t185\t0\t19\t470\nAfrica\t57\t0\t36\t1208\t88\t0\t33\t1286\t110\t0\t38\t1499\nAsia\t45\t0\t0\t319\t107\t0\t0\t299\t109\t0\t0\t289\nAustralia/Oceania\t26\t0\t0\t2434\t30\t0\t0\t3961\t29\t0\t0\t3647\nEurope\t38\t0\t0\t14\t48\t0\t0\t18\t65\t0\t0\t100\nTotal Consolidated\t851\t0\t285\t5829\t1226\t0\t288\t7633\t1311\t0\t406\t10318\nAffiliated Companies\t\t\t\t\t\t\t\t\t\t\t\t\nTCO\t985\t0\t49\t961\t889\t0\t44\t869\t866\t0\t39\t755\nOther\t1\t0\t5\t576\t45\t0\t5\t558\t2\t72\t5\t601\nTotal Consolidated and Affiliated Companies\t1837\t0\t339\t7366\t2160\t0\t337\t9060\t2179\t72\t450\t11674\nTotal Proved Reserves\t4722\t597\t828\t29922\t5241\t540\t740\t29457\t5345\t672\t773\t31576\n", "q10k_tbl_117": "Proved Undeveloped Reserves (Millions of BOE)\t2020\nQuantity at January 1\t4007\nRevisions\t(699)\nImproved Recovery\t1\nExtension & Discoveries\t123\nPurchases\t329\nSales\t(95)\nTransfers to Proved Developed\t(262)\nQuantity at December 31\t3404\n", "q10k_tbl_118": "\tConsolidated Companies\t\t\t\t\t\t\t\tAffiliated Companies\t\t\tTotal Consolidated\n\t\tOther\t\t\tAustralia/\t\tSynthetic\t\t\tSynthetic\t\tand Affiliated\nMillions of barrels\tU.S.\tAmericas1\tAfrica\tAsia\tOceania\tEurope\tOil2\tTotal\tTCO\tOil\tOther3\tCompanies\nReserves at January 1 2018\t1573\t280\t743\t631\t153\t142\t543\t4065\t1630\t159\t83\t5937\nChanges attributable to:\t\t\t\t\t\t\t\t\t\t\t\t\nRevisions\t121\t59\t61\t37\t17\t19\t21\t335\t(28)\t(23)\t(7)\t277\nImproved recovery\t5\t0\t0\t1\t0\t4\t0\t10\t0\t0\t0\t10\nExtensions and discoveries\t359\t31\t1\t0\t0\t0\t0\t391\t0\t0\t0\t391\nPurchases\t31\t0\t0\t0\t0\t0\t0\t31\t0\t0\t0\t31\nSales\t(26)\t0\t(5)\t0\t0\t0\t0\t(31)\t0\t0\t0\t(31)\nProduction\t(189)\t(29)\t(122)\t(90)\t(14)\t(19)\t(19)\t(482)\t(98)\t(9)\t(9)\t(598)\nReserves at December 31 20184\t1874\t341\t678\t579\t156\t146\t545\t4319\t1504\t127\t67\t6017\nChanges attributable to:\t\t\t\t\t\t\t\t\t\t\t\t\nRevisions\t(153)\t(25)\t42\t19\t25\t6\t14\t(72)\t75\t(126)\t105\t(18)\nImproved recovery\t7\t0\t0\t0\t0\t0\t0\t7\t0\t0\t0\t7\nExtensions and discoveries\t394\t39\t1\t1\t1\t2\t0\t438\t0\t0\t0\t438\nPurchases\t19\t2\t0\t0\t0\t0\t0\t21\t0\t0\t0\t21\nSales\t0\t(4)\t0\t0\t0\t(69)\t0\t(73)\t0\t0\t0\t(73)\nProduction\t(213)\t(33)\t(108)\t(86)\t(16)\t(16)\t(19)\t(491)\t(106)\t(1)\t(13)\t(611)\nReserves at December 31 20194\t1928\t320\t613\t513\t166\t69\t540\t4149\t1473\t0\t159\t5781\nChanges attributable to:\t\t\t\t\t\t\t\t\t\t\t\t\nRevisions\t(279)\t(25)\t11\t74\t(11)\t(4)\t77\t(157)\t180\t0\t(149)\t(126)\nImproved recovery\t1\t1\t0\t0\t0\t0\t0\t2\t0\t0\t0\t2\nExtensions and discoveries\t105\t3\t1\t0\t1\t0\t0\t110\t0\t0\t0\t110\nPurchases\t227\t0\t21\t10\t0\t0\t0\t258\t0\t0\t0\t258\nSales\t(11)\t0\t0\t(99)\t0\t0\t0\t(110)\t0\t0\t0\t(110)\nProduction\t(221)\t(39)\t(92)\t(95)\t(15)\t(4)\t(20)\t(486)\t(103)\t0\t(7)\t(596)\nReserves at December 31 20204\t1750\t260\t554\t403\t141\t61\t597\t3766\t1550\t0\t3\t5319\n", "q10k_tbl_119": "\tConsolidated Companies\t\t\t\t\t\t\tAffiliated Companies\t\tTotal Consolidated\n\t\tOther\t\t\tAustralia/\t\t\t\t\tand Affiliated\nMillions of barrels\tU.S.\tAmericas1\tAfrica\tAsia\tOceania\tEurope\tTotal\tTCO\tOther2\tCompanies\nReserves at January 1 2018\t343\t17\t96\t0\t6\t3\t465\t119\t21\t605\nChanges attributable to:\t\t\t\t\t\t\t\t\t\t\nRevisions\t34\t1\t7\t0\t0\t1\t43\t(11)\t(3)\t29\nImproved recovery\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\nExtensions and discoveries\t173\t5\t0\t0\t0\t0\t178\t0\t0\t178\nPurchases\t19\t0\t0\t0\t0\t0\t19\t0\t0\t19\nSales\t(6)\t0\t0\t0\t0\t0\t(6)\t0\t0\t(6)\nProduction\t(35)\t(1)\t(5)\t0\t(1)\t(1)\t(43)\t(7)\t(2)\t(52)\nReserves at December 31 20183\t528\t22\t98\t0\t5\t3\t656\t101\t16\t773\nChanges attributable to:\t\t\t\t\t\t\t\t\t\t\nRevisions\t(120)\t(4)\t6\t0\t0\t0\t(118)\t10\t2\t(106)\nImproved recovery\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\nExtensions and discoveries\t140\t0\t0\t0\t0\t0\t140\t0\t0\t140\nPurchases\t5\t0\t0\t0\t0\t0\t5\t0\t0\t5\nSales\t0\t0\t0\t0\t0\t(2)\t(2)\t0\t0\t(2)\nProduction\t(51)\t(2)\t(4)\t0\t(1)\t(1)\t(59)\t(8)\t(3)\t(70)\nReserves at December 31 20193\t502\t16\t100\t0\t4\t0\t622\t103\t15\t740\nChanges attributable to:\t\t\t\t\t\t\t\t\t\t\nRevisions\t(71)\t(7)\t(3)\t0\t0\t0\t(81)\t8\t5\t(68)\nImproved recovery\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\nExtensions and discoveries\t60\t1\t0\t0\t0\t0\t61\t0\t0\t61\nPurchases\t198\t0\t12\t0\t0\t0\t210\t0\t0\t210\nSales\t(27)\t0\t\t0\t0\t0\t(27)\t0\t0\t(27)\nProduction\t(69)\t(2)\t(5)\t0\t0\t0\t(76)\t(9)\t(3)\t(88)\nReserves at December 31 20203\t593\t8\t104\t0\t4\t0\t709\t102\t17\t828\n", "q10k_tbl_120": "\tConsolidated Companies\t\t\t\t\t\t\tAffiliated Companies\t\tTotal Consolidated\n\t\tOther\t\t\tAustralia/\t\t\t\t\tand Affiliated\nBillions of cubic feet (BCF)\tU.S.\tAmericas1\tAfrica\tAsia\tOceania\tEurope\tTotal\tTCO\tOther2\tCompanies\nReserves at January 1 2018\t5180\t795\t2906\t4773\t13559\t301\t27514\t2183\t1039\t30736\nChanges attributable to:\t\t\t\t\t\t\t\t\t\t\nRevisions\t258\t(3)\t25\t347\t1012\t68\t1707\t(108)\t(38)\t1561\nImproved recovery\t2\t2\t0\t0\t1\t0\t5\t0\t0\t5\nExtensions and discoveries\t1627\t138\t0\t5\t0\t1\t1771\t0\t3\t1774\nPurchases\t144\t0\t1\t0\t0\t0\t145\t0\t0\t145\nSales\t(125)\t0\t(5)\t0\t0\t0\t(130)\t0\t0\t(130)\nProduction3\t(377)\t(69)\t(112)\t(815)\t(841)\t(65)\t(2279)\t(141)\t(95)\t(2515)\nReserves at December 31 20184\t6709\t863\t2815\t4310\t13731\t305\t28733\t1934\t909\t31576\nChanges attributable to:\t\t\t\t\t\t\t\t\t\t\nRevisions\t(2565)\t(107)\t46\t165\t1732\t3\t(726)\t223\t39\t(464)\nImproved recovery\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\nExtensions and discoveries\t1008\t49\t0\t5\t93\t1\t1156\t0\t20\t1176\nPurchases\t24\t0\t0\t0\t0\t0\t24\t0\t0\t24\nSales\t(1)\t(2)\t0\t0\t0\t(240)\t(243)\t0\t0\t(243)\nProduction3\t(447)\t(67)\t(103)\t(799)\t(898)\t(43)\t(2357)\t(153)\t(102)\t(2612)\nReserves at December 31 20194\t4728\t736\t2758\t3681\t14658\t26\t26587\t2004\t866\t29457\nChanges attributable to:\t\t\t\t\t\t\t\t\t\t\nRevisions\t(509)\t(178)\t(229)\t169\t(2455)\t(2)\t(3204)\t162\t138\t(2904)\nImproved recovery\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\nExtensions and discoveries\t385\t8\t2\t0\t58\t0\t453\t0\t0\t453\nPurchases\t1548\t0\t441\t5350\t0\t0\t7339\t0\t0\t7339\nSales\t(1314)\t(177)\t0\t(264)\t0\t0\t(1755)\t0\t0\t(1755)\nProduction3\t(588)\t(60)\t(135)\t(753)\t(876)\t(2)\t(2414)\t(148)\t(106)\t(2668)\nReserves at December 31 20204\t4250\t329\t2837\t8183\t11385\t22\t27006\t2018\t898\t29922\n", "q10k_tbl_121": "\tConsolidated Companies\t\t\t\t\t\t\tAffiliated Companies\t\tTotal Consolidated\n\t\tOther\t\t\tAustralia/\t\t\t\t\tand Affiliated\nMillions of dollars\tU.S.\tAmericas\tAfrica\tAsia\tOceania\tEurope\tTotal\tTCO\tOther\tCompanies\nAt December 31 2020\t\t\t\t\t\t\t\t\t\t\nFuture cash inflows from production\t74671\t29605\t27521\t49265\t53241\t2304\t236607\t53309\t1070\t290986\nFuture production costs\t(30359)\t(15410)\t(15364)\t(12784)\t(11036)\t(1336)\t(86289)\t(19525)\t(426)\t(106240)\nFuture development costs\t(10492)\t(2366)\t(3017)\t(2274)\t(3205)\t(522)\t(21876)\t(7138)\t(38)\t(29052)\nFuture income taxes\t(5874)\t(3131)\t(6197)\t(17543)\t(11700)\t(178)\t(44623)\t(7994)\t(212)\t(52829)\nUndiscounted future net cash flows\t27946\t8698\t2943\t16664\t27300\t268\t83819\t18652\t394\t102865\n10 percent midyear annual discount for timing of estimated cash flows\t(10456)\t(4652)\t(582)\t(7856)\t(11774)\t(56)\t(35376)\t(8803)\t(149)\t(44328)\nStandardized Measure Net Cash Flows\t17490\t4046\t2361\t8808\t15526\t212\t48443\t9849\t245\t58537\nAt December 31 2019\t\t\t\t\t\t\t\t\t\t\nFuture cash inflows from production\t122012\t45701\t45706\t43386\t95845\t4466\t357116\t85179\t12309\t454604\nFuture production costs\t(32349)\t(18324)\t(17982)\t(14646)\t(14141)\t(1428)\t(98870)\t(22302)\t(2487)\t(123659)\nFuture development costs\t(15987)\t(4219)\t(3643)\t(5070)\t(5458)\t(341)\t(34718)\t(14340)\t(705)\t(49763)\nFuture income taxes\t(15780)\t(6491)\t(17562)\t(11147)\t(22874)\t(1078)\t(74932)\t(14561)\t(3855)\t(93348)\nUndiscounted future net cash flows\t57896\t16667\t6519\t12523\t53372\t1619\t148596\t33976\t5262\t187834\n10 percent midyear annual discount for timing of estimated cash flows\t(26422)\t(9312)\t(1629)\t(3652)\t(26536)\t(650)\t(68201)\t(16990)\t(2096)\t(87287)\nStandardized Measure Net Cash Flows\t31474\t7355\t4890\t8871\t26836\t969\t80395\t16986\t3166\t100547\nAt December 31 2018\t\t\t\t\t\t\t\t\t\t\nFuture cash inflows from production\t132512\t52470\t56856\t54012\t109116\t11959\t416925\t100518\t16928\t534371\nFuture production costs\t(34679)\t(20691)\t(18850)\t(17359)\t(16296)\t(6609)\t(114484)\t(24580)\t(4665)\t(143729)\nFuture development costs\t(17322)\t(5106)\t(4112)\t(5494)\t(7757)\t(1393)\t(41184)\t(14069)\t(1692)\t(56945)\nFuture income taxes\t(17369)\t(7553)\t(23593)\t(14514)\t(25519)\t(1676)\t(90224)\t(18561)\t(4496)\t(113281)\nUndiscounted future net cash flows\t63142\t19120\t10301\t16645\t59544\t2281\t171033\t43308\t6075\t220416\n10 percent midyear annual discount for timing of estimated cash flows\t(29103)\t(11136)\t(2646)\t(4822)\t(28276)\t(419)\t(76402)\t(22025)\t(2662)\t(101089)\nStandardized Measure Net Cash Flows\t34039\t7984\t7655\t11823\t31268\t1862\t94631\t21283\t3413\t119327\n", "q10k_tbl_122": "\t\t\t\t\tTotal Consolidated and\t\nMillions of dollars\tConsolidated Companies\t\tAffiliated Companies\t\tAffiliated Companies\t\nPresent Value at January 1 2018\t\t65847\t\t14166\t\t80013\nSales and transfers of oil and gas produced net of production costs\t\t(33535)\t\t(6813)\t\t(40348)\nDevelopment costs incurred\t\t9723\t\t5044\t\t14767\nPurchases of reserves\t\t99\t\t0\t\t99\nSales of reserves\t\t(622)\t\t0\t\t(622)\nExtensions discoveries and improved recovery less related costs\t\t5503\t\t14\t\t5517\nRevisions of previous quantity estimates\t\t15480\t\t(2255)\t\t13225\nNet changes in prices development and production costs\t\t39241\t\t17251\t\t56492\nAccretion of discount\t\t9413\t\t2084\t\t11497\nNet change in income tax\t\t(16518)\t\t(4795)\t\t(21313)\nNet Change for 2018\t\t28784\t\t10530\t\t39314\nPresent Value at December 31 2018\t\t94631\t\t24696\t\t119327\nSales and transfers of oil and gas produced net of production costs\t\t(29436)\t\t(5823)\t\t(35259)\nDevelopment costs incurred\t\t10497\t\t5120\t\t15617\nPurchases of reserves\t\t406\t\t0\t\t406\nSales of reserves\t\t(579)\t\t0\t\t(579)\nExtensions discoveries and improved recovery less related costs\t\t5697\t\t43\t\t5740\nRevisions of previous quantity estimates\t\t621\t\t2122\t\t2743\nNet changes in prices development and production costs\t\t(25056)\t\t(11637)\t\t(36693)\nAccretion of discount\t\t13538\t\t3584\t\t17122\nNet change in income tax\t\t10077\t\t2046\t\t12123\nNet Change for 2019\t\t(14235)\t\t(4545)\t\t(18780)\nPresent Value at December 31 2019\t\t80396\t\t20151\t\t100547\nSales and transfers of oil and gas produced net of production costs\t\t(16621)\t\t(2322)\t\t(18943)\nDevelopment costs incurred\t\t6301\t\t2892\t\t9193\nPurchases of reserves\t\t10295\t\t0\t\t10295\nSales of reserves\t\t(803)\t\t0\t\t(803)\nExtensions discoveries and improved recovery less related costs\t\t2066\t\t0\t\t2066\nRevisions of previous quantity estimates\t\t(1293)\t\t4033\t\t2740\nNet changes in prices development and production costs\t\t(62788)\t\t(22925)\t\t(85713)\nAccretion of discount\t\t11274\t\t2948\t\t14222\nNet change in income tax\t\t19616\t\t5317\t\t24933\nNet Change for 2020\t\t(31953)\t\t(10057)\t\t(42010)\nPresent Value at December 31 2020\t\t48443\t\t10094\t\t58537\n", "q10k_tbl_123": "\tPage(s)\nReport of Independent Registered Public Accounting Firm - PricewaterhouseCoopers LLP\t56\nConsolidated Statement of Income for the three years ended December 31 2020\t59\nConsolidated Statement of Comprehensive Income for the three years ended December 31 2020\t60\nConsolidated Balance Sheet at December 31 2020 and 2019\t61\nConsolidated Statement of Cash Flows for the three years ended December 31 2020\t62\nConsolidated Statement of Equity for the three years ended December 31 2020\t63\nNotes to the Consolidated Financial Statements\t64 to 97\n", "q10k_tbl_124": "\tYear ended December 31\t\t\nMillions of Dollars\t2020\t2019\t2018\nEmployee Termination Benefits\t\t\t\nBalance at January 1\t7\t19\t62\nAdditions (reductions) charged to expense\t859\t6\t5\nPayments\t(396)\t(18)\t(48)\nBalance at December 31\t470\t7\t19\nExpected Credit Losses\t\t\t\nBeginning allowance balance for expected credit losses\t849\t980\t606\nCurrent period provision\t573\t(128)\t379\nWrite-offs charged against the allowance if any\t(751)\t(3)\t(5)\nRecoveries of amounts previously written-off if any\t0\t0\t0\nBalance at December 31\t671\t849\t980\nDeferred Income Tax Valuation Allowance1\t\t\t\nBalance at January 1\t15965\t15973\t16574\nAdditions to deferred income tax expense2\t2892\t1336\t2000\nReduction of deferred income tax expense\t(1095)\t(1344)\t(2601)\nBalance at December 31\t17762\t15965\t15973\n", "q10k_tbl_125": "Exhibit No.\tDescription\n3.1\tRestated Certificate of Incorporation of Chevron Corporation dated May 30 2008 filed as Exhibit 3.1 to Chevron Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30 2008 and incorporated herein by reference.\n3.2\tBy-Laws of Chevron Corporation as amended and restated on September 30 2020 filed as Exhibit 3.1 to Chevron Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30 2020 and incorporated herein by reference.\n4.1\tIndenture dated as of June 15 1995 filed as Exhibit 4.1 to Chevron Corporation's Amendment Number 1 to Registration Statement on Form S-3 filed June 14 1995 and incorporated herein by reference.\n4.2\tIndenture dated as of May 11 2020 between Chevron Corporation and Deutsche Bank Trust Company Americas as trustee filed as Exhibit 4.1 to Chevron Corporation's Current Report on Form 8-K filed May 12 2020 and incorporated herein by reference.\n4.3\tIndenture dated as of August 12 2020 among Chevron U.S.A. Inc. Chevron Corporation as guarantor and Deutsche Bank Trust Company Americas as trustee filed as Exhibit 4.1 to Chevron Corporation's Current Report on Form 8-K filed August 13 2020 and incorporated herein by reference.\n4.4\tConfidential Stockholder Voting Policy of Chevron Corporation filed as Exhibit 4.2 to Chevron Corporation's Annual Report on Form 10-K for the year ended December 31 2008 and incorporated herein by reference.\n4.5\tDescription of Securities Registered under Section 12 of the Exchange Act filed as Exhibit 4.4 to Chevron Corporation's Annual Report on Form 10-K for the year ended December 31 2019 and incorporated herein by reference.\n10.1+\tChevron Corporation Non-Employee Directors' Equity Compensation and Deferral Plan filed as Exhibit 10.1 to Chevron Corporation's Annual Report on Form 10-K for the year ended December 31 2008 and incorporated herein by reference.\n10.2+\tAmendment Number One to the Chevron Corporation Non-Employee Directors' Equity Compensation and Deferral Plan filed as Exhibit 10.1 to Chevron Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30 2016 and incorporated herein by reference.\n10.3+\tForm of Retainer Stock Option Agreement under the Chevron Corporation Non-Employee Directors' Equity Compensation and Deferral Plan filed as Exhibit 10.17 to Chevron Corporation's Annual Report on Form 10-K for the year ended December 31 2009 and incorporated herein by reference.\n10.4+\tForm of Stock Units Agreement under the Chevron Corporation Non-Employee Directors' Equity Compensation and Deferral Plan filed as Exhibit 10.19 to Chevron Corporation's Annual Report on Form 10-K for the year ended December 31 2008 and incorporated herein by reference.\n10.5+*\tChevron Incentive Plan amended and restated effective January 1 2021.\n10.6+*\tSummary of Chevron Incentive Plan Award Criteria\n10.7+\tLong-Term Incentive Plan of Chevron Corporation filed as Appendix B to Chevron Corporation's Notice of the 2013 Annual Meeting and 2013 Proxy Statement filed April 11 2013 and incorporated herein by reference.\n10.8+\tForm of Performance Share Award Agreement under the Long-Term Incentive Plan of Chevron Corporation filed as Exhibit 10.1 to Chevron Corporation's Current Report on Form 8-K filed February 1 2021 and incorporated herein by reference.\n10.9+\tForm of Performance Share Award Agreement under the Long-Term Incentive Plan of Chevron Corporation filed as Exhibit 10.1 to Chevron Corporation's Current Report on Form 8-K filed February 3 2020 and incorporated herein by reference.\n10.10+\tForm of Standard Restricted Stock Unit Award Agreement under the Long-Term Incentive Plan of Chevron Corporation filed as Exhibit 10.3 to Chevron Corporation's Current Report on Form 8-K filed February 3 2020 and incorporated herein by reference.\n10.11+\tForm of Special Restricted Stock Unit Award Agreement under the Long-Term Incentive Plan of Chevron Corporation filed as Exhibit 10.3 to Chevron Corporation's Current Report on Form 8-K filed February 4 2019 and incorporated herein by reference.\n10.12+\tForm of Non-Qualified Stock Options Agreement under the Long-Term Incentive Plan of Chevron Corporation filed as Exhibit 10.2 to Chevron Corporation's Current Report on Form 8-K filed February 3 2020 and incorporated herein by reference.\n", "q10k_tbl_126": "Exhibit No.\tDescription\n10.13+\tForm of Stock Appreciation Rights Agreement under the Long-Term Incentive Plan of Chevron Corporation filed as Exhibit 10.13 to Chevron Corporation's Annual Report on Form 10-K for the year ended December 31 2019 and incorporated herein by reference.\n10.14+\tChevron Corporation Deferred Compensation Plan for Management Employees filed as Exhibit 10.5 to Chevron Corporation's Current Report on Form 8-K filed December 13 2005 and incorporated herein by reference.\n10.15+\tChevron Corporation Deferred Compensation Plan for Management Employees II filed as Exhibit 10.5 to Chevron Corporation's Annual Report on Form 10-K for the year ended December 31 2008 and incorporated herein by reference.\n10.16+\tChevron Corporation Retirement Restoration Plan filed as Exhibit 10.6 to Chevron Corporation's Annual Report on Form 10-K for the year ended December 31 2008 and incorporated herein by reference.\n10.17+\tAmendment Number One to the Chevron Corporation Retirement Restoration Plan filed as Exhibit 10.23 to Chevron Corporation's Annual Report on Form 10-K for the year ended December 31 2017 and incorporated herein by reference.\n10.18+\tChevron Corporation ESIP Restoration Plan Amended and Restated as of January 1 2018 filed as Exhibit 10.1 to Chevron Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30 2017 and incorporated herein by reference.\n10.19+\tAgreement between Chevron Corporation and R. Hewitt Pate filed as Exhibit 10.16 to Chevron Corporation's Annual Report on Form 10-K for the year ended December 31 2011 and incorporated herein by reference.\n10.20+\tAmended and Restated Aircraft Time-Sharing Agreement dated as of April 1 2020 between Chevron U.S.A. Inc. and Michael K. Wirth filed as Exhibit 10.1 to Chevron Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31 2020 and incorporated herein by reference.\n21.1*\tSubsidiaries of Chevron Corporation (page E-1).\n22.1\tSubsidiary Issuer of Guaranteed Securities filed as Exhibit 22.1 to Chevron Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30 2020 and incorporated herein by reference.\n23.1*\tConsent of PricewaterhouseCoopers LLP (page E-2).\n23.2*\tConsent of PricewaterhouseCoopers LLP for Tengizchevroil.\n23.3*\tConsent of Independent Petroleum Engineers and Geologists - Netherland Sewell & Associates Inc.\n24.1*\tPower of Attorney for certain directors of Chevron Corporation authorizing the signing of the Annual Report on Form 10-K on their behalf.\n31.1*\tRule 13a-14(a)/15d-14(a) Certification by the company's Chief Executive Officer (page E-3).\n31.2*\tRule 13a-14(a)/15d-14(a) Certification by the company's Chief Financial Officer (page E-4).\n32.1**\tRule 13a-14(b)/15d-14(b) Certification by the company's Chief Executive Officer (page E-5).\n32.2**\tRule 13a-14(b)/15d-14(b) Certification by the company's Chief Financial Officer (page E-6).\n99.1*\tDefinitions of Selected Energy and Financial Terms (pages E-7 through E-8).\n99.2*\tTengizchevroil LLP Consolidated Financial Statements for the fiscal year ended December 31 2020.\n99.3*\tReport of Netherland Sewell & Associates Inc.\n101.SCH*\tiXBRL Schema Document.\n101.CAL*\tiXBRL Calculation Linkbase Document.\n101.DEF*\tiXBRL Definition Linkbase Document.\n101.LAB*\tiXBRL Label Linkbase Document.\n101.PRE*\tiXBRL Presentation Linkbase Document.\n104*\tCover Page Interactive Data File (contained in Exhibit 101)\n"}{"bs": "q10k_tbl_54", "is": "q10k_tbl_48", "cf": "q10k_tbl_54"}None
Item 5. Market for The Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6. Selected Financial Data
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 8. Financial Statements and Supplementary Data
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A. Controls and Procedures
Item 9B. Other Information
Part III
Item 10. Directors, Executive Officers and Corporate Governance
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13. Certain Relationships and Related Transactions, and Director Independence
Item 14. Principal Accounting Fees and Services
Note 1
Note 2
Note 3
Note 4
Note 5
Note 6
Note 7
Note 8
Note 9
Note 10
Note 11
Note 12
Note 13
Note 14
Note 15
Note 16
Note 17
Note 18
Note 19
Note 20
Note 21
Note 22
Note 23
Note 24
Note 25
Note 26
Note 27
Note 28
Note 29
Part IV
Item 15. Exhibits and Financial Statement Schedules
Item 16. Form 10 - K Summary
Exhibits
EX-10.5
exhibit105-chevronincent.htm
EX-10.6
exhibit106.htm
EX-21.1
cvx12312020ex211.htm
EX-23.1
cvx12312020ex231q4.htm
EX-23.2
cvx12312020ex232tco.htm
EX-23.3
exhibit233.htm
EX-24.1
cvx12312020ex241q4.htm
EX-31.1
a12312020ex311ceo-sox302ng.htm
EX-31.2
a12312020ex312cfo-sox302ng.htm
EX-32.1
a12312020ex321ceo-sox906ng.htm
EX-32.2
a12312020ex322cfo-sox906ng.htm
EX-99.1
cvx12312020ex991q4ng.htm
EX-99.2
ex992tco.htm
EX-99.3
exhibit993.htm
Chevron Earnings 2020-12-31
Balance Sheet
Income Statement
Cash Flow
Assets, Equity
Rev, G Profit, Net Income
Ops, Inv, Fin
cvx-20201231
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission File Number 001-00368
Chevron Corporation
(Exact name of registrant as specified in its charter)
6001 Bollinger Canyon Road
Delaware
94-0890210
San Ramon,
California
94583-2324
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (925) 842-1000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common stock, par value $.75 per share
CVX
New York Stock Exchange
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yesþ No o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes oNoþ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yesþ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yesþ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No þ
The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter — $166.6 billion (As of June 30, 2020)
Number of Shares of Common Stock outstanding as of February 10, 2021 — 1,926,376,764
DOCUMENTS INCORPORATED BY REFERENCE
(To The Extent Indicated Herein)
Notice of the 2021 Annual Meeting and 2021 Proxy Statement, to be filed pursuant to Rule 14a-6(b) under the Securities Exchange Act of 1934, in connection with the company’s 2021 Annual Meeting of Stockholders (in Part III)
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This Annual Report on Form 10-K of Chevron Corporation contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as [“anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential”] and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries (OPEC) and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 in this report. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.
2
PART I
Item 1. Business
General Development of Business
Summary Description of Chevron
Chevron Corporation,* a Delaware corporation, manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries that engage in integrated energy and chemicals operations. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; transporting, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of refining crude oil into petroleum products; marketing of crude oil, refined products and lubricants; transporting 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.
A list of the company’s major subsidiaries is presented in Exhibit 21.1 on page E-1.
Overview of Petroleum Industry
Petroleum industry operations and profitability are influenced by many factors. Prices for crude oil, natural gas, petroleum products and petrochemicals are generally determined by supply and demand. Production levels from the members of Organization of Petroleum Exporting Countries (OPEC), Russia and the United States are the major factors in determining worldwide supply. Demand for crude oil and its products and for natural gas is largely driven by the conditions of local, national and global economies, although weather patterns and taxation relative to other energy sources also play a significant part. Laws and governmental policies, particularly in the areas of taxation, energy and the environment, affect where and how companies invest, conduct their operations and formulate their products and, in some cases, limit their profits directly.
Strong competition exists in all sectors of the petroleum and petrochemical industries in supplying the energy, fuel and chemical needs of industry and individual consumers. In the upstream business, Chevron competes with fully integrated, major global petroleum companies, as well as independent and national petroleum companies, for the acquisition of crude oil and natural gas leases and other properties and for the equipment and labor required to develop and operate those properties. In its downstream business, Chevron competes with fully integrated, major petroleum companies, as well as independent refining and marketing, transportation and chemicals entities and national petroleum companies in the refining, manufacturing, sale and marketing of fuels, lubricants, additives and petrochemicals.
Operating Environment
Refer to pages 31 through 38 of this Form 10-K in Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the company’s current business environment and outlook.
Chevron’s Strategic Direction
Chevron’s primary objective is to deliver higher returns, lower carbon and superior shareholder value in any business environment. In the upstream, the company’s strategy is to deliver industry-leading returns while developing high-value resource opportunities. In the downstream, the company’s strategy is to be the leading downstream and chemicals company that delivers on customer needs. In seeking to help advance a lower carbon future, Chevron is focused on lowering its carbon intensity cost efficiently, increasing renewables and offsets in support of its business, and investing in low-carbon technologies to enable commercial solutions.
Information about the company is available on the company’s website at www.chevron.com. Information contained on the company’s website is not part of this Annual Report on Form 10-K. The company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge on the company’s website soon after such reports are filed with or furnished to the U.S. Securities and Exchange Commission (SEC). The reports are also available on the SEC’s website at www.sec.gov.
* Incorporated in Delaware in 1926 as Standard Oil Company of California, the company adopted the name Chevron Corporation in 1984 and ChevronTexaco Corporation in 2001. In 2005, ChevronTexaco Corporation changed its name to Chevron Corporation. As used in this report, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and "its" may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole, but unless stated otherwise they do not include “affiliates” of Chevron — i.e., those companies accounted for by the equity method (generally owned 50 percent or less) or non-equity method investments. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
3
Human Capital Management
Chevron is focused on investing in its employees and its culture. Chevron hires, develops, and strives to retain critical talent, and fosters a culture that values diversity and inclusion and employee engagement, all of which support the company’s overall objective to deliver industry leading performance. Chevron’s leadership reinforces and monitors the company’s investment in people and the company’s culture. This includes reviews of metrics addressing critical function hiring, leadership development, attrition, diversity and inclusion, and employee engagement.
The following table summarizes Chevron’s number of employees by gender, where data is available, and by region as of December 31, 2020.
At December 31, 2020
Female
Male
Gender data not available 1
Total Employees
Number of Employees
Percentage
Number of Employees
Percentage
Number of Employees
Percentage
Number of Employees
Percentage
U.S.
6,632
28
%
16,606
70
%
491
2
%
23,729
50
%
Other Americas
894
26
%
2,484
73
%
33
1
%
3,411
7
%
Africa
715
17
%
3,507
83
%
6
—
%
4,228
9
%
Asia
2,982
29
%
7,334
71
%
80
1
%
10,396
22
%
Australia
1,746
40
%
2,584
60
%
6
—
%
4,336
9
%
Europe
410
25
%
1,226
75
%
0
—
%
1,636
3
%
Total Employees 2
13,379
28
%
33,741
71
%
616
1
%
47,736
100
%
1 Includes employees where gender data was not collected or employee chose not to disclose gender.
2 Includes 5,108 service station employees; 2,312 and 1,672 new employees came from the 2020 Puma Energy (Australia) Holdings Pty. Ltd and Noble Energy, Inc. acquisitions, respectively.
Hiring, Development and Retention
The company’s approach to attracting, developing and retaining its employees is anchored in a career-oriented employment model. Chevron recruits new employees through partnerships with universities and diversity associations. In 2020, over 500 students participated in the company’s first ever virtual internship program. In addition, the company recruits experienced hires to target critical skills.
Development programs are designed to build leadership capabilities at all levels and ensure the company’s workforce has the technical and operating capabilities to produce energy safely and reliably. Chevron’s leadership regularly reviews metrics on employee training and development programs, which are continually evolving to better meet the needs of the business. For instance, Chevron recently launched learning initiatives focused on digital innovation, including new Digital Academy and Digital Scholars programs. In addition, to ensure business continuity, leadership regularly reviews the talent pipeline, identifies and develops succession candidates, and builds succession plans for leadership positions. The Board provides oversight of CEO and executive succession planning.
Chevron’s 2020 annual voluntary attrition was 4.1 percent, in line with its historical rates. The voluntary attrition rate generally excludes employee departures under enterprise-wide restructuring programs. Chevron believes its low voluntary attrition rate is in part a result of the company’s commitment to employee development and career advancement.
Diversity and Inclusion
Chevron is committed to advancing diversity and inclusion in the workplace so that employees are enabled to contribute to their full potential. The company believes innovative solutions to its most complex challenges emerge when diverse people, ideas, and experiences come together in an inclusive environment. Chevron reinforces the value of diversity and inclusion through accountability, communication, training and personnel selection processes. Examples of initiatives to further advance diversity and inclusion include the company’s Neurodiversity program through which the company employs neurodiverse individuals and leverages their talents, its Elevate program which focuses on learning opportunities to promote a deeper understanding of employees in underrepresented groups, and its Returnship initiative which provides support for women re-entering the workforce. In addition, Chevron has twelve employee networks (voluntary groups of employees that come together based on shared identity or interests) and more than fifteen diversity councils across its business units that help align diversity and inclusion efforts with business strategies.
4
Employee Engagement
Employee engagement is an indicator of employee well-being and commitment to the company’s values, purpose and strategies. Chevron regularly conducts employee surveys to assess the health of the company’s culture. Recent surveys have indicated a high degree of employee engagement. In 2020, the company’s employee survey focused on the COVID-19 impact on employee well-being and the company’s response to the pandemic. The survey results positively reinforced actions taken by Chevron, and helped inform further actions to address the impact on employees and their families through enhanced mental health and wellness support, financial assistance for unplanned childcare needs and remote learning resources, among other efforts. The company also has long-standing programs such as Ombuds, an independent resource designed to equip employees with options to address and resolve workplace issues; a company hotline, where employees can report concerns to the Corporate Compliance department; and its Employee Assistance Program, a confidential consulting service that can help employees resolve a broad range of personal, family and work-related concerns or problems.
Description of Business and Properties
The upstream and downstream activities of the company and its equity affiliates are widely dispersed geographically, with operations and projects* in North America, South America, Europe, Africa, Middle East, Asia and Australia. Tabulations of segment sales and other operating revenues, earnings and income taxes for the three years ending December 31, 2020, and assets as of the end of 2020 and 2019 — for the United States and the company’s international geographic areas — are in Note 12 to the Consolidated Financial Statements beginning on page 74. Similar comparative data for the company’s investments in and income from equity affiliates and property, plant and equipment are in Note 13 beginning on page 77 and Note 16 on page 82. Refer to page 44 of this Form 10-K in Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the company’s capital and exploratory expenditures.
Upstream
Reserves
Refer to Table V beginning on page 103 for a tabulation of the company’s proved crude oil, condensate, natural gas liquids (NGLs), synthetic oil and natural gas reserves by geographic area, at the beginning of 2018 and at each year-end from 2018 through 2020. Reserves governance, technologies used in establishing proved reserves additions, and major changes to proved reserves by geographic area for the three-year period ended December 31, 2020, are summarized in the discussion for Table V. Discussion is also provided regarding the nature of, status of, and planned future activities associated with the development of proved undeveloped reserves. The company recognizes reserves for projects with various development periods, sometimes exceeding five years. The external factors that impact the duration of a project include scope and complexity, remoteness or adverse operating conditions, infrastructure constraints, and contractual limitations.
At December 31, 2020, 27 percent of the company’s net proved oil-equivalent reserves were located in the United States, 18 percent were located in Australia and 20 percent were located in Kazakhstan.
The net proved reserve balances at the end of each of the three years 2018 through 2020 are shown in the following table:
At December 31
2020
2019
2018
Liquids — Millions of barrels
Consolidated Companies
4,475
4,771
4,975
Affiliated Companies
1,672
1,750
1,815
Total Liquids
6,147
6,521
6,790
Natural Gas — Billions of cubic feet
Consolidated Companies
27,006
26,587
28,733
Affiliated Companies
2,916
2,870
2,843
Total Natural Gas
29,922
29,457
31,576
Oil-Equivalent — Millions of barrels1
Consolidated Companies
8,976
9,202
9,764
Affiliated Companies
2,158
2,229
2,289
Total Oil-Equivalent
11,134
11,431
12,053
1 Oil-equivalent conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil.
* As used in this report, the term “project” may describe new upstream development activity, individual phases in a multiphase development, maintenance activities, certain existing assets, new investments in downstream and chemicals capacity, investments in emerging and sustainable energy activities, and certain other activities. All of these terms are used for convenience only and are not intended as a precise description of the term “project” as it relates to any specific governmental law or regulation.
5
Net Production of Liquids and Natural Gas
The following table summarizes the net production of liquids and natural gas for 2020 and 2019 by the company and its affiliates. Worldwide oil-equivalent production of 3.083 million barrels per day in 2020 was up approximately 1 percent from 2019. Production increases from shale and tight properties and the Noble Energy, Inc. (Noble) acquisition were partially offset by production curtailments associated with OPEC and coordinating countries’ (OPEC+) restrictions and market conditions, and asset sale related decreases of 100,000 barrels per day. Refer to the “Results of Operations” section beginning on page 37 for a detailed discussion of the factors explaining the changes in production for crude oil, condensate, natural gas liquids, synthetic oil and natural gas, and refer to Table V on pages 107 through 109 for information on annual production by geographical region.