10-Q 1 cvx-20240331.htm 10-Q cvx-20240331
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-00368
Chevron Corporation
(Exact name of registrant as specified in its charter)
5001 Executive Parkway, Suite 200
Delaware94-0890210San Ramon,California94583-5006
(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: (925842-1000
NONE
(Former name, former address and former fiscal year, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $.75 per shareCVXNew York Stock Exchange
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.    Yes          No  
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).    Yes          No  
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 filerAccelerated filer
Non-accelerated filerSmaller 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.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes         No  

There were 1,847,009,033 shares of the company’s common stock outstanding on March 31, 2024.


TABLE OF CONTENTS
 
 Page No.
FINANCIAL INFORMATION
Consolidated Balance Sheet at March 31, 2024 and December 31, 2023
OTHER INFORMATION
1

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This quarterly report on Form 10-Q of Chevron Corporation contains forward-looking statements relating to Chevron’s operations and lower carbon strategy 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,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous 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 the company’s 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 and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine, the conflict in Israel and the global response to these hostilities; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; 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 undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the ability to successfully integrate the operations of the company and PDC Energy, Inc. and achieve the anticipated benefits from the transaction, including the expected incremental annual free cash flow; the risk that Hess Corporation (Hess) stockholders do not approve the potential transaction, and the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by the company and Hess; potential delays in consummating the Hess transaction, including as a result of regulatory proceedings or the ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement; risks that such ongoing arbitration is not satisfactorily resolved and the potential transaction fails to be consummated; uncertainties as to whether the potential transaction, if consummated, will achieve its anticipated economic benefits, including as a result of regulatory proceedings and risks associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the potential transaction that are not waived or otherwise satisfactorily resolved; the company’s ability to integrate Hess’ operations in a successful manner and in the expected time period; the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period; 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, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; 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 20 through 26 of the company’s 2023 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.
2

PART I.
FINANCIAL INFORMATION
 
Item 1.Consolidated Financial Statements
CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
 
 Three Months Ended
March 31
 20242023
 (Millions of dollars, except per-share amounts)
Revenues and Other Income
Sales and other operating revenues$46,580 $48,842 
Income (loss) from equity affiliates1,441 1,588 
Other income (loss)695 363 
Total Revenues and Other Income48,716 50,793 
Costs and Other Deductions
Purchased crude oil and products27,741 29,407 
Operating expenses6,533 6,021 
Selling, general and administrative expenses1,010 881 
Exploration expenses129 190 
Depreciation, depletion and amortization4,091 3,526 
Taxes other than on income1,124 1,096 
Interest and debt expense118 115 
Other components of net periodic benefit costs48 38 
Total Costs and Other Deductions40,794 41,274 
Income (Loss) Before Income Tax Expense7,922 9,519 
Income Tax Expense (Benefit)2,371 2,914 
Net Income (Loss)5,551 6,605 
Less: Net income (loss) attributable to noncontrolling interests50 31 
Net Income (Loss) Attributable to Chevron Corporation$5,501 $6,574 
Per Share of Common Stock
Net Income (Loss) Attributable to Chevron Corporation
- Basic$2.99 $3.48 
- Diluted$2.97 $3.46 
Weighted Average Number of Shares Outstanding (000s)
- Basic1,842,377 1,891,695 
- Diluted1,849,116 1,900,785 
See accompanying notes to consolidated financial statements.
3

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
March 31
 20242023
(Millions of dollars)
Net Income (Loss)$5,551 $6,605 
Currency translation adjustment(20)7 
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period(6)(4)
Derivatives
Net derivatives gain (loss) on hedge transactions(34)2 
Reclassification to net income(7)15 
Income taxes on derivatives transactions9 (4)
Total(32)13 
Defined benefit plans
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements62 48 
Actuarial gain (loss) arising during period  
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments(2)(3)
Prior service (costs) credits arising during period  
Defined benefit plans sponsored by equity affiliates - benefit (cost)4 6 
 Income (taxes) benefit on defined benefit plans(11)(10)
Total53 41 
Other Comprehensive Gain (Loss), Net of Tax(5)57 
Comprehensive Income (Loss)5,546 6,662 
Comprehensive loss (income) attributable to noncontrolling interests(50)(31)
Comprehensive Income (Loss) Attributable to Chevron Corporation$5,496 $6,631 





See accompanying notes to consolidated financial statements.
4

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
At March 31,
2024
At December 31,
2023
(Millions of dollars)
Assets
Cash and cash equivalents$6,278 $8,178 
Marketable securities 45 
Accounts and notes receivable (less allowance: 2024 - $292; 2023 - $301)
20,414 19,921 
Inventories:
Crude oil and products7,212 6,059 
Chemicals411 406 
Materials, supplies and other2,319 2,147 
Total inventories9,942 8,612 
Prepaid expenses and other current assets3,874 4,372 
Total Current Assets40,508 41,128 
Long-term receivables (less allowance: 2024 - $349; 2023 - $340)
968 942 
Investments and advances47,650 46,812 
Properties, plant and equipment, at cost350,501 346,081 
Less: Accumulated depreciation, depletion and amortization196,860 192,462 
Properties, plant and equipment, net153,641 153,619 
Deferred charges and other assets13,582 13,734 
Goodwill4,722 4,722 
Assets held for sale580 675 
Total Assets$261,651 $261,632 
Liabilities and Equity
Short-term debt
$282 $529 
Accounts payable21,257 20,423 
Accrued liabilities7,777 7,655 
Federal and other taxes on income2,001 1,863 
Other taxes payable1,623 1,788 
Total Current Liabilities32,940 32,258 
Long-term debt21,553 20,307 
Deferred credits and other noncurrent obligations22,448 24,226 
Noncurrent deferred income taxes19,106 18,830 
Noncurrent employee benefit plans3,948 4,082 
Total Liabilities*
$99,995 $99,703 
Preferred stock (authorized 100,000,000 shares; $1.00 par value; none issued)
  
Common stock (authorized 6,000,000,000 shares, $0.75 par value; 2,442,676,580 shares issued at March 31, 2024 and December 31, 2023)
1,832 1,832 
Capital in excess of par value21,443 21,365 
Retained earnings202,514 200,025 
Accumulated other comprehensive losses(2,965)(2,960)
Deferred compensation and benefit plan trust(240)(240)
Treasury stock, at cost (595,667,547 and 577,028,776 shares at March 31, 2024 and December 31, 2023, respectively)
(61,959)(59,065)
Total Chevron Corporation Stockholders’ Equity160,625 160,957 
Noncontrolling interests (includes redeemable noncontrolling interest of $172 and $166 at March 31, 2024 and December 31, 2023)
1,031 972 
Total Equity161,656 161,929 
Total Liabilities and Equity$261,651 $261,632 





See accompanying notes to consolidated financial statements.
5

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31
 20242023
(Millions of dollars)
Operating Activities
Net Income (Loss)$5,551 $6,605 
Adjustments
Depreciation, depletion and amortization4,091 3,526 
Dry hole expense28 105 
Distributions more (less) than income from equity affiliates(705)(901)
Net before-tax losses (gains) on asset retirements and sales(30)34 
Net foreign currency effects(198)23 
Deferred income tax provision688 790 
Net decrease (increase) in operating working capital(1,144)(1,815)
Decrease (increase) in long-term receivables27 36 
Net decrease (increase) in other deferred charges(300)(185)
Cash contributions to employee pension plans(256)(345)
Other(924)(668)
Net Cash Provided by Operating Activities6,828 7,205 
Investing Activities
Capital expenditures(4,089)(3,038)
Proceeds and deposits related to asset sales and returns of investment104 219 
Net sales (purchases) of marketable securities45 95 
Net repayment (borrowing) of loans by equity affiliates(16)(83)
Net Cash Used for Investing Activities(3,956)(2,807)
Financing Activities
Net borrowings (repayments) of short-term obligations1,836 (87)
Proceeds from issuances of long-term debt203  
Repayments of long-term debt and other financing obligations(1,012)(13)
Cash dividends - common stock(3,003)(2,857)
Net contributions from (distributions to) noncontrolling interests4 (9)
Net sales (purchases) of treasury shares(2,891)(3,607)
Net Cash Provided by (Used for) Financing Activities(4,863)(6,573)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(72)(47)
Net Change in Cash, Cash Equivalents and Restricted Cash(2,063)(2,222)
Cash, Cash Equivalents and Restricted Cash at January 19,275 19,121 
Cash, Cash Equivalents and Restricted Cash at March 31
$7,212 $16,899 





See accompanying notes to consolidated financial statements.
6

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(Unaudited)
(Millions of dollars)AccumulatedTreasuryChevron Corp.Non-
CommonRetainedOther Comp.StockStockholders’ControllingTotal
Three Months Ended March 31
Stock(1)
EarningsIncome (Loss)(at cost)EquityInterestsEquity
Balance at December 31, 2022$20,252 $190,024 $(2,798)$(48,196)$159,282 $960 $160,242 
Treasury stock transactions38 — — — 38 — 38 
Net income (loss)— 6,574 — — 6,574 31 6,605 
Cash dividends ($1.51 per share)
— (2,857)— — (2,857)(9)(2,866)
Stock dividends— (1)— — (1)— (1)
Other comprehensive income— — 57 — 57 — 57 
Purchases of treasury shares— — — (3,788)(3,788)— (3,788)
Issuances of treasury shares16 — — 130 146 — 146 
Other changes, net— (2)— — (2)3 1 
Balance at March 31, 2023$20,306 $193,738 $(2,741)$(51,854)$159,449 $985 $160,434 
Balance at December 31, 2023$22,957 $200,025 $(2,960)$(59,065)$160,957 $972 $161,929 
Treasury stock transactions92 — — — 92 — 92 
Net income (loss)— 5,501 — — 5,501 50 5,551 
Cash dividends ($1.63 per share)
— (3,003)— — (3,003)(3)(3,006)
Stock dividends— (6)— — (6)— (6)
Other comprehensive income— — (5)— (5)— (5)
Purchases of treasury shares(2)
— — — (3,006)(3,006)— (3,006)
Issuances of treasury shares(14)— — 112 98 — 98 
Other changes, net — (3)— — (3)12 9 
Balance at March 31, 2024$23,035 $202,514 $(2,965)$(61,959)$160,625 $1,031 $161,656 
(Number of Shares)Common Stock - 2024Common Stock - 2023
Three Months Ended March 31
Issued(3)
TreasuryOutstanding
Issued(3)
TreasuryOutstanding
Balance at Dec 312,442,676,580 (577,028,776)1,865,647,804 2,442,676,580 (527,460,237)1,915,216,343 
Purchases— (19,737,687)(19,737,687)— (22,418,644)(22,418,644)
Issuances— 1,098,916 1,098,916 — 1,417,565 1,417,565 
Balance at March 312,442,676,580 (595,667,547)1,847,009,033 2,442,676,580 (548,461,316)1,894,215,264 
(1) Beginning and ending balances for all periods include capital in excess of par, common stock issued at par for $1,832, and $(240) associated with Chevron’s Benefit Plan Trust. Changes reflect capital in excess of par.
(2) Includes excise tax on share repurchases.
(3) Beginning and ending total issued share balances include 14,168,000 shares associated with Chevron’s Benefit Plan Trust for all periods.





See accompanying notes to consolidated financial statements.
7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. General
Basis of Presentation The accompanying consolidated financial statements of Chevron Corporation and its subsidiaries (together, Chevron or the company) have not been audited by an independent registered public accounting firm. In the opinion of the company’s management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. These adjustments were of a normal recurring nature. The results for the three-month period ended March 31, 2024, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron.
Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the company’s 2023 Annual Report on Form 10-K.

Note 2. Changes in Accumulated Other Comprehensive Losses
The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the three months ended March 31, 2024 and 2023, are reflected in the table below.
Changes in Accumulated Other Comprehensive Income (Loss) by Component(1)
(Millions of dollars)
Currency Translation AdjustmentUnrealized Holding Gains (Losses) on SecuritiesDerivativesDefined Benefit PlansTotal
Balance at December 31, 2022$(203)$(12)$(12)$(2,571)$(2,798)
Components of Other Comprehensive Income (Loss):
Before Reclassifications7 (4)(2)6 7 
Reclassifications(2) (3)
  15 35 50 
Net Other Comprehensive Income (Loss)7 (4)13 41 57 
Balance at March 31, 2023$(196)$(16)$1 $(2,530)$(2,741)
Balance at December 31, 2023$(192)$(11)$5 $(2,762)$(2,960)
Components of Other Comprehensive Income (Loss):
Before Reclassifications(20)(6)(25)14 (37)
Reclassifications(2) (3)
  (7)39 32 
Net Other Comprehensive Income (Loss)(20)(6)(32)53 (5)
Balance at March 31, 2024$(212)$(17)$(27)$(2,709)$(2,965)
(1)All amounts are net of tax.
(2)Refer to Note 14 Financial and Derivative Instruments for reclassified components of cash flow hedging.
(3)Refer to Note 8 Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $58 that are included in employee benefit costs for the three months ended March 31, 2024. Related income taxes for the same period, totaling $19, are reflected in “Income Tax Expense (Benefit)” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 3. Information Relating to the Consolidated Statement of Cash Flows
Three Months Ended
March 31
20242023
(Millions of dollars)
Distributions more (less) than income from equity affiliates included the following:
Distributions from equity affiliates$736 $687 
(Income) loss from equity affiliates(1,441)(1,588)
Distributions more (less) than income from equity affiliates$(705)$(901)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable$(606)$1,458 
Decrease (increase) in inventories(1,330)(985)
Decrease (increase) in prepaid expenses and other current assets 255 (822)
Increase (decrease) in accounts payable and accrued liabilities 538 (1,849)
Increase (decrease) in income and other taxes payable(1)383 
Net decrease (increase) in operating working capital$(1,144)$(1,815)
Net cash provided by operating activities included the following cash payments:
Interest on debt (net of capitalized interest)$56 $53 
Income taxes1,428 1,830 
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales$52 $131 
Returns of investment from equity affiliates52 88 
Proceeds and deposits related to asset sales and returns of investment$104 $219 
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased$ $ 
Marketable securities sold45 95 
Net sales (purchases) of marketable securities$45 $95 
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates$(46)$(103)
Repayment of loans by equity affiliates30 20 
Net repayment (borrowing) of loans by equity affiliates$(16)$(83)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term debt obligations$ $ 
Repayments of short-term debt obligations  
Net borrowings (repayments) of short-term debt obligations with three months or less maturity1,836 (87)
Net borrowings (repayments) of short-term obligations$1,836 $(87)
Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts:
Distributions to noncontrolling interests$(3)$(9)
Contributions from noncontrolling interests7  
Net contributions from (distributions to) noncontrolling interests$4 $(9)
Net sales (purchases) of treasury shares consisted of the following gross and net amounts:
Shares issued for share-based compensation plans$87 $146 
Shares purchased under share repurchase and deferred compensation plans (2,978)(3,753)
Net sales (purchases) of treasury shares$(2,891)$(3,607)
The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash.
9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The “Other” line in the Operating Activities section includes changes in asset retirement obligations, postretirement benefits obligations and other long-term liabilities.
The company paid dividends of $1.63 per share of common stock in first quarter 2024. This compares to dividends of $1.51 per share paid in the year-ago corresponding period.
The components of “Capital expenditures” are presented in the following table:
Three Months Ended
March 31
20242023
(Millions of dollars)
Additions to properties, plant and equipment
$3,864 $2,907 
Additions to investments199 111 
Current-year dry hole expenditures28 20 
Payments for other assets and liabilities, net(2) 
Capital expenditures$4,089 $3,038 
The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet:
At March 31At December 31
2024202320232022
(Millions of dollars)(Millions of dollars)
Cash and cash equivalents$6,278 $15,668 $8,178 $17,678 
Restricted cash included in “Prepaid expenses and other current assets”127 357 275 630 
Restricted cash included in “Deferred charges and other assets”807 874 822 813 
Total cash, cash equivalents and restricted cash$7,212 $16,899 $9,275 $19,121 
Additional information related to restricted cash is included in Note 13 Fair Value Measurements under the heading “Restricted Cash.”
Note 4. New Accounting Standards
Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-07, which becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard requires companies to disclose significant segment expenses. The company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.
Income Taxes (Topic 740) Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.
Note 5. Summarized Financial Data — Tengizchevroil LLP
Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Summarized financial information for 100 percent of TCO is presented in the following table:
Three Months Ended
March 31
 20242023
 (Millions of dollars)
Sales and other operating revenues$5,056 $4,999 
Costs and other deductions2,645 2,665 
Net income attributable to TCO$1,706 $1,658 
10

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 6. Summarized Financial Data — Chevron U.S.A. Inc.
Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas liquids and natural gas and those associated with refining, marketing, and supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the Chevron Phillips Chemical LLC (CPChem) joint venture, which is accounted for using the equity method.
The summarized financial information for CUSA and its consolidated subsidiaries is as follows:
Three Months Ended
March 31
20242023
(Millions of dollars)
Sales and other operating revenues$36,490 $37,729 
Costs and other deductions34,947 35,522 
Net income (loss) attributable to CUSA$1,392 $1,830 
At March 31,
2024
At December 31,
2023
 (Millions of dollars)
Current assets$20,226 $19,489 
Other assets55,706 54,460 
Current liabilities23,237 20,624 
Other liabilities22,314 22,227 
Total CUSA net equity$30,381 $31,098 
Memo: Total debt$9,670 $9,740 
Note 7. Operating Segments and Geographic Data
Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream, representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. “All Other” activities of the company include worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies.
The company’s segments are managed by “segment managers” who report to the “chief operating decision maker” (CODM). The segments represent components of the company that engage in activities (a) from which revenues are earned and expenses are incurred; (b) whose operating results are regularly reviewed by the CODM, which makes decisions about resources to be allocated to the segments and assesses their performance; and (c) for which discrete financial information is available.
The company’s primary country of operation is the United States of America, its country of domicile. Other components of the company’s operations are reported as “International” (outside the United States).
11

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Segment Earnings The company evaluates the performance of its operating segments on an after-tax basis, without considering the effects of debt financing interest expense or investment interest income, both of which are managed by the company on a worldwide basis. Corporate administrative costs and assets are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Non-billable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three-month period ended March 31, 2024 and 2023, are presented in the following table:
Three Months Ended
March 31
20242023
Segment Earnings(Millions of dollars)
Upstream
United States$2,075 $1,781 
International3,164 3,380 
Total Upstream5,239 5,161 
Downstream
United States453 977 
International330 823 
Total Downstream783 1,800 
Total Segment Earnings6,022 6,961 
All Other
Interest expense(109)(106)
Interest income85 152 
Other(497)(433)
Net Income Attributable to Chevron Corporation$5,501 $6,574 
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at March 31, 2024, and December 31, 2023, are as follows: 
At March 31,
2024
At December 31,
2023
Segment Assets(Millions of dollars)
Upstream
United States $58,870 $58,750 
International 130,896 131,685 
Goodwill4,370 4,370 
Total Upstream194,136 194,805 
Downstream
United States 34,297 33,066 
International22,411 21,070 
Goodwill352 352 
Total Downstream57,060 54,488 
Total Segment Assets251,196 249,293 
All Other
United States 7,559 10,292 
International2,896 2,047 
Total All Other10,455 12,339 
Total Assets — United States100,726 102,108 
Total Assets — International156,203 154,802 
Goodwill4,722 4,722 
Total Assets$261,651 $261,632 
12

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Segment Sales and Other Operating Revenues Segment sales and other operating revenues, including internal transfers, for the three-month period ended March 31, 2024 and 2023, are presented in the following table. Products are transferred between operating segments at internal product values that approximate market prices. Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well as the sale of third-party production of natural gas. Revenues for the downstream segment are derived primarily from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils, other products derived from crude oil, and manufacturing and marketing of renewable fuels. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance operations, real estate activities and technology companies.
Three Months Ended
March 31
20242023
Sales and Other Operating Revenues(Millions of dollars)
Upstream
United States$11,167 $9,623 
International10,783 11,196 
Subtotal21,950 20,819 
Intersegment Elimination — United States(7,589)(5,902)
Intersegment Elimination — International(2,925)(2,606)
Total Upstream11,436 12,311 
Downstream
United States20,240 19,390 
International18,091 19,105 
Subtotal38,331 38,495 
Intersegment Elimination — United States(2,707)(1,565)
Intersegment Elimination — International(507)(429)
Total Downstream35,117 36,501 
All Other
United States120 108 
International1 1 
Subtotal121 109 
Intersegment Elimination — United States(93)(79)
Intersegment Elimination — International(1) 
Total All Other27 30 
Sales and Other Operating Revenues
United States31,527 29,121 
International28,875 30,302 
Subtotal60,402 59,423 
Intersegment Elimination — United States(10,389)(7,546)
Intersegment Elimination — International(3,433)(3,035)
Total Sales and Other Operating Revenues$46,580 $48,842 
Note 8. Employee Benefits
Chevron has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the company’s other investment alternatives.
13

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The company also sponsors other postretirement employee benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and the retirees share the costs. For the company’s main U.S. medical plan, the increase to the pre-Medicare company contribution for retiree medical coverage is limited to no more than four percent each year. Certain life insurance benefits are paid by the company.
The components of net periodic benefit costs for 2024 and 2023 are as follows:
 Three Months Ended
March 31
 20242023
(Millions of dollars)
Pension Benefits
United States
Service cost$89 $86 
Interest cost116 112 
Expected return on plan assets(149)(140)
Amortization of prior service costs (credits) 1 1 
Amortization of actuarial losses (gains)61 51 
Settlement losses  
Total United States118 110 
International
Service cost14 15 
Interest cost47 47 
Expected return on plan assets(50)(51)
Amortization of prior service costs (credits)3 2 
Amortization of actuarial losses (gains)5 2 
Settlement losses  
Acquisitions / (divestitures) (2)
Total International19 13 
Net Periodic Pension Benefit Costs$137 $123 
Other Benefits*
Service cost$8 $8 
Interest cost25 24 
Amortization of prior service costs (credits)(6)(6)
Amortization of actuarial losses (gains)(4)(5)
Net Periodic Other Benefit Costs$23 $21 
* Includes costs for U.S. and international OPEB plans. Obligations for plans outside the United States are not significant relative to the company’s total OPEB obligation.
Through March 31, 2024, a total of $256 million was contributed to employee pension plans (including $234 million to the U.S. plans). Contribution amounts are dependent upon plan investment returns, changes in pension obligations, regulatory requirements and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations.
During the first three months of 2024, the company contributed $45 million to its OPEB plans.
Note 9. Assets Held For Sale
At March 31, 2024, the company classified $580 million of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet. These assets are associated with upstream operations that are anticipated to be sold in the next 12 months. The revenues and earnings contributions of these assets in 2023 and the first three months of 2024 were not material.
14

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 10. Income Taxes
The income tax expense decreased $543 million between quarterly periods from $2.9 billion in 2023 to $2.4 billion in 2024. The company’s income before income tax expense decreased $1.6 billion from $9.5 billion in 2023 to $7.9 billion in 2024, primarily due to lower downstream margins and natural gas realizations, partly offset by higher upstream sales volumes in the U.S. The company’s effective tax rate decreased slightly between quarterly periods from 31 percent in 2023 to 30 percent in 2024. The change in effective tax rate is primarily due to mix effects resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions.
The company engages in ongoing discussions with tax authorities regarding the resolution of tax matters in various jurisdictions. Both the outcomes for these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. Given the number of years that still remain subject to examination and the number of matters being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits.

15

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 11. Litigation
Climate Change
Governmental and other plaintiffs in various jurisdictions across the United States have brought legal proceedings against fossil fuel producing companies, including Chevron entities, purporting to seek legal and equitable relief to address alleged impacts of climate change. Chevron entities are or were among the codefendants in 30 separate lawsuits filed by various U.S. cities and counties, four U.S. states, the District of Columbia, two Native American tribes, and a trade group in both federal and state courts.1 The lawsuits have asserted various causes of action, including public nuisance, private nuisance, failure to warn, fraud, conspiracy to commit fraud, design defect, product defect, trespass, negligence, impairment of public trust, equitable relief for pollution, impairment and destruction of natural resources, unjust enrichment, violations of consumer protection statutes, violations of unfair competition statutes, violations of a federal antitrust statute, and violations of federal and state RICO statutes, based upon, among other things, the company’s production of oil and gas products and alleged misrepresentations or omissions relating to climate change risks associated with those products. Further such proceedings are likely to be brought by other parties. While defendants have sought to remove cases filed in state court to federal court, most of those cases have been remanded to state court and the U.S. Supreme Court has denied petitions for writ of certiorari on jurisdictional questions to date. The unprecedented legal theories set forth in these proceedings include claims for damages (both compensatory and punitive), injunctive and other forms of equitable relief, including without limitation abatement, contribution to abatement funds, disgorgement of profits and equitable relief for pollution, impairment and destruction of natural resources, civil penalties and liability for fees and costs of suits. Due to the unprecedented nature of the suits, the company is unable to estimate any range of possible liability, but given the uncertainty of litigation there can be no assurance that the cases will not have a material adverse effect on the company’s results of operations and financial condition. Management believes that these proceedings are legally and factually meritless and detract from constructive efforts to address the important policy issues presented by climate change and will vigorously defend against such proceedings.

1 The cases are: Bayamon v. Exxon Mobil Corp., et al., No. 22-cv-1550 (D.P.R.); City of Annapolis v. BP P.L.C., et al., No. C-02-CV-21-000250 (Md. Cir. Ct.); County of Anne Arundel v. BP P.L.C., et al., No. C-02-CV-21-000565 (Md. Cir. Ct.); Mayor and City Council of Baltimore v. BP P.L.C., et al., No. 24-C-18-004219 (Md. Cir. Ct.); People ex rel. Bonta v. Exxon Mobil Corp., et al., No. CGC-23-609134 (Cal. Super. Ct.); Bucks County v. BP P.L.C., et al., No. 2024-01836 (Pa. Ct. Common Pleas); City of Charleston v. Brabham Oil Co., et al., No. 20-CP-10-3975 (S.C. Ct. of Common Pleas); District of Columbia v. Exxon Mobil Corp., et al., No. 2020-CA-002892-B (D.C. Super. Ct.); Delaware ex rel. Jennings v. BP America Inc., et al., No. N20C-09-097 (Del.Super. Ct.); City of Hoboken v. Exxon Mobil Corp., et al., No. HUD-L-003179-20 (N.J. Super. Ct.); City and County of Honolulu, et al. v. Sunoco LP, et al., No. 1CCV-20-0000380 (Haw. Cir. Ct.); City of Imperial Beach v. Chevron Corp., et al., No. C17-01227 (Cal. Super. Ct.); King County v. BP P.L.C., et al., No. 18-2-11859-0 (Wash. Super. Ct.) (voluntarily dismissed); Makah Indian Tribe v. Exxon Mobil Corp., et al., No. 23-25216-1-SEA (Wash. Super. Ct.); County of Marin v. Chevron Corp., et al., No. 17-cv-02586 (Cal. Super. Ct.); County of Maui v. Sunoco LP, et al., No. 2CCV-20-0000283 (Haw. Cir. Ct.); County of Multnomah v. Exxon Mobil Corp., et al., No. 23-cv-25164 (Or. Cir. Ct.); Municipality of San Juan, Puerto Rico v. Exxon Mobil Corp., et al., No. 23-cv-01608 (D.P.R.); City of Oakland v. BP p.l.c., et al., No. RG17875889 (Cal. Super. Ct.); Platkin, et al. v. Exxon Mobil Corp., et al., No. MER-L-001797-22 (N.J. Super. Ct.); City of New York v. Chevron Corp., et al., No. 18-cv-00182 (S.D.N.Y.) (dismissed on the merits); Pacific Coast Federation of Fishermen’s Associations v. Chevron Corp., et al., No. CGC-18-571285 (Cal. Super. Ct.) (voluntarily dismissed); State of Rhode Island v. Chevron Corp., et al., No. PC-2018-4716 (R.I. Super. Ct.); City of Richmond v. Chevron Corp., et al., No. C18-00055 (Cal. Super. Ct.); City of San Francisco v. BP P.L.C., et al., No. CGC-17-561370 (Cal. Super. Ct.); County of San Mateo v. Chevron Corp., et al., No. 17-CIV-03222 (Cal. Super. Ct.); City of Santa Cruz v. Chevron Corp., et al., No. 17-cv-03243 (Cal. Super. Ct.); County of Santa Cruz v. Chevron Corp., et al., No. 17-cv-03242 (Cal. Super. Ct.); Shoalwater Bay Indian Tribe v. Exxon Mobil Corp., et al., No. 23-2-25215-2-SEA (Wash. Super. Ct.); City of Chicago v. BP p.l.c., et al., No. 2024-CH-01024 (Ill. Cir. Ct.).
16

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Louisiana
Seven coastal parishes and the State of Louisiana have filed lawsuits in Louisiana against numerous oil and gas companies seeking damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA). Chevron entities are defendants in 39 of these cases.2 The lawsuits allege that the defendants’ historical operations were conducted without necessary permits or failed to comply with permits obtained and seek damages and other relief, including the costs of restoring coastal wetlands allegedly impacted by oil field operations. Further such proceedings may be brought by other parties. The Supreme Court denied a petition for writ of certiorari on jurisdictional questions impacting certain of these cases, and those cases have been or will be remanded to Louisiana state court, one of which has been set for trial and is scheduled to begin in March 2025. Federal jurisdictional questions are still being decided for the remaining cases in the United States Court of Appeals for the Fifth Circuit. Due to the unprecedented nature of the suits, the company is unable to estimate any range of possible liability, but given the uncertainty of litigation there can be no assurance that the cases will not have a material adverse effect on the company’s results of operations and financial condition. Management believes that the claims lack legal and factual merit and will continue to vigorously defend against such proceedings.

2 The cases are: Jefferson Parish v. Atlantic Richfield Company, et al., No. 732-768 (24th Jud. Dist. Ct., Jefferson Par.); Jefferson Parish v. Chevron U.S.A. Holdings, Inc., et al., No. 732-769 (24th Jud. Dist. Ct., Jefferson Par.); Jefferson Parish v. Destin Operating Company, Inc., et al., No. 732-770 (24th Jud. Dist. Ct., Jefferson Par.); Jefferson Parish v. Canlan Oil Company, et al., No. 732-771 (24th Jud. Dist. Ct., Jefferson Par.); Jefferson Parish v. Anadarko E&P Onshore LLC, et al., No. 732-772 (24th Jud. Dist. Ct., Jefferson Par.); Jefferson Parish v. ExxonMobil Corporation, et al., No. 732-774 (24th Jud. Dist. Ct., Jefferson Par.); Jefferson Parish v. Equitable Petroleum Corporation, et al., No. 732-775 (24th Jud. Dist. Ct., Jefferson Par.); Plaquemines Parish v. ConocoPhillips Co., et al., No. 60-982 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. HHE Energy Co., et al., No. 60-983 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Exchange Oil & Gas Corp., et al., No. 60-984 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. LLOG Exploration & Production Co., et al., No. 60-985 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Equitable Petroleum Corporation, et al., No. 60-986 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. June Energy, et al., No. 60-987 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Linder Oil Company, et al., No. 60-988 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Riverwood Production Company, et al., No. 60-989 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Helis Oil & Gas Company, et al., No. 60-990 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Northcoast Oil Company, et al., No. 60-992 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Goodrich Petroleum Company, L.L.C., et al., No. 60-994 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Devon Energy Production Company, L.P., et al., No. 60-995 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Rozel Operating Co., et al., No. 60-996 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Palm Energy Offshore, L.L.C., et al., No. 60-997 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Great Southern Oil & Gas Company, Inc., et al., No. 60-998 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Hilcorp Energy Company, et al., No. 60-999 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Apache Oil Corporation, et al., No. 61-000 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Campbell Energy Corporation, et al., No. 61-001 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. TotalPetrochemicals & Refining USA, Inc., et al., No. 61-002 (25th Jud. Dist. Ct., Plaquemines Par.); Cameron Parish v. Alpine Exploration Companies, Inc., et al., No. 10-19580 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. Anadarko E&P Onshore, LLC, et al., No. 10-19578 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. Apache Corporation (of Delaware), et al., No. 10-19579 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. Auster Oil & Gas, Inc., et al., No. 10-19582 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. Ballard Exploration Company, Inc., et al., No. 10-19574 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. Bay Coquille, Inc., et al., No. 10-19581 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. BEPCO, LP, et al., No. 10-19572 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. BP America Production Company, et al., No. 10-19576 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. Brammer Engineering, Inc., et al., No. 10-19573 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. Burlington Resources, et al., No. 10-19575 (38th Jud. Dist. Ct., Cameron Par.); Stutes v. Gulfport Energy Corporation, et al., No. 102,146 (15th Jud. Dist. Ct., Vermilion Par.); St. Bernard Parish v. Atlantic Richfield, et al., No. 16-1228 (34th Jud. Dist. Ct. St., Bernard Par.); City of New Orleans v. Apache Louisiana Mins, LLC, et al., No. 19-cv-08290, (E.D. La.).
17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)


Note 12. Other Contingencies and Commitments
Income Taxes The company calculates its income tax expense and liabilities quarterly. These liabilities generally are subject to audit and are not finalized with the individual taxing authorities until several years after the end of the annual period for which income taxes have been calculated.
Settlement of open tax years, as well as other tax issues in countries where the company conducts its businesses, are not expected to have a material effect on the consolidated financial position or liquidity of the company and, in the opinion of management, adequate provision has been made for income taxes for all years under examination or subject to future examination.
Guarantees The company and its subsidiaries have certain contingent liabilities with respect to guarantees, direct or indirect, of debt of affiliated companies or third parties. Under the terms of the guarantee arrangements, the company would generally be required to perform should the affiliated company or third party fail to fulfill its obligations under the arrangements. In some cases, the guarantee arrangements may have recourse provisions that would enable the company to recover any payments made under the terms of the guarantees from assets provided as collateral.
Indemnifications The company often includes standard indemnification provisions in its arrangements with its partners, suppliers and vendors in the ordinary course of business, the terms of which range in duration and sometimes are not limited. The company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service or other claims made against such parties.
Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional purchase obligations and commitments, including throughput and take-or-pay agreements, some of which may relate to suppliers’ financing arrangements. The agreements typically provide goods and services, such as pipeline and storage capacity, utilities, and petroleum products, to be used or sold in the ordinary course of the company’s business.
Environmental The company is subject to loss contingencies pursuant to laws, regulations, private claims and legal proceedings related to environmental matters that are subject to legal settlements or that in the future may require the company to take action to correct or ameliorate the effects on the environment of prior release of chemicals or petroleum substances by the company or other parties. Such contingencies may exist for various operating, closed and divested sites, including, but not limited to, U.S. federal Superfund sites and analogous sites under state laws, refineries, chemical plants, marketing facilities, crude oil fields, and mining sites.
Although the company has provided for known environmental obligations that are probable and reasonably estimable, it is likely that the company will continue to incur additional liabilities. The amount of additional future costs are not fully determinable due to such factors as the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions that may be required, the determination of the company’s liability in proportion to other responsible parties, and the extent to which such costs are recoverable from third parties. These future costs may be material to results of operations in the period in which they are recognized, but the company does not expect these costs will have a material effect on its consolidated financial position or liquidity.
Other Contingencies Chevron receives claims from and submits claims to customers; trading partners; joint venture partners; U.S. federal, state and local regulatory bodies; governments; contractors; insurers; suppliers; and individuals. The amounts of these claims, individually and in the aggregate, may be significant and take lengthy periods to resolve, and may result in gains or losses in future periods.
The company and its affiliates also continue to review and analyze their operations and may close, retire, sell, exchange, acquire or restructure assets to achieve operational or strategic benefits and to improve competitiveness and profitability. These activities, individually or together, may result in significant gains or losses in future periods. In addition, some assets are sold along with their related liabilities and in certain
18

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

instances, such transferred obligations have reverted and may in the future revert to the company and result in losses that could be significant.
Note 13. Fair Value Measurements
The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability are described as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded.
Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract.
Level 3: Unobservable inputs. The company does not use Level 3 inputs for any of its recurring fair value measurements. Level 3 inputs may be required for the determination of fair value associated with certain nonrecurring measurements of nonfinancial assets and liabilities.
The fair value hierarchy for assets and liabilities measured at fair value at March 31, 2024, and December 31, 2023, is as follows:
Assets and Liabilities Measured at Fair Value on a Recurring Basis
(Millions of dollars)
 At March 31, 2024At December 31, 2023
 TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Marketable Securities$ $ $ $ $45 $45 $ $ 
Derivatives - not designated80 75 5  152 24 128  
Derivatives - designated    7 7   
   Total Assets at Fair Value $80 $75 $5 $ $204 $76 $128 $ 
Derivatives - not designated286 6 280  262 160 102  
Derivatives - designated34 34       
   Total Liabilities at Fair Value$320 $40 $280 $ $262 $160 $102 $ 
Marketable Securities The company calculates fair value for its marketable securities based on quoted market prices for identical assets. The fair values reflect the cash that would have been received if the instruments were sold at March 31, 2024.
Derivatives The company records most of its derivative instruments — other than any commodity derivative contracts that are accounted for as normal purchase and normal sale — on the Consolidated Balance Sheet at fair value, with the offsetting amount to the Consolidated Statement of Income. The company designates certain derivative instruments as cash flow hedges that, if applicable, are reflected in the table above. Derivatives classified as Level 1 include futures, swaps and options contracts valued using quoted prices from active markets such as the New York Mercantile Exchange. Derivatives classified as Level 2 include swaps, options and forward contracts, the fair values of which are obtained from third-party broker quotes, industry pricing services and exchanges. The company obtains multiple sources of pricing information for the Level 2 instruments. Since this pricing information is generated from observable market data, it has historically been very consistent. The company does not materially adjust this information.
Assets and liabilities carried at fair value at March 31, 2024, and December 31, 2023, are as follows:
Cash and Cash Equivalents The company holds cash equivalents in U.S. and non-U.S. portfolios. The instruments classified as cash equivalents are primarily bank deposits with maturities of 90 days or less, and money market funds. “Cash and cash equivalents” had carrying/fair values of $6.3 billion and $8.2 billion at March 31, 2024, and December 31, 2023, respectively. The fair values of cash and cash equivalents are
19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

classified as Level 1 and reflect the cash that would have been received if the instruments were settled at March 31, 2024.
Restricted Cash had a carrying/fair value of $934 million and $1.1 billion at March 31, 2024, and December 31, 2023, respectively. At March 31, 2024, restricted cash is classified as Level 1 and includes primarily restricted funds related to certain upstream decommissioning activities that are reported in “Prepaid expenses and other current assets” and “Deferred charges and other assets” on the Consolidated Balance Sheet.
Long-Term Debt had a net carrying value, excluding amounts reclassified from short-term debt, purchase price fair value adjustments and finance lease obligations, of $14.8 billion and $14.6 billion at March 31, 2024, and December 31, 2023, respectively. The fair value of long-term debt for the company was $13.8 billion and $13.7 billion at March 31, 2024, and December 31, 2023, respectively. Long-term debt primarily includes corporate issued bonds that are classified as Level 1 and the fair value of which is $13.2 billion for the period. The fair value of other long-term debt classified as Level 2 is $554 million.
The carrying values of other short-term financial assets and liabilities on the Consolidated Balance Sheet approximate their fair values. Fair value remeasurements of other financial instruments at March 31, 2024, and December 31, 2023, were not material.
Properties, plant and equipment The company did not have any individually material impairments of long-lived assets measured at fair value on a nonrecurring basis to report in first quarter 2024.
Investments and advances The company did not have any individually material impairments of investments and advances measured at fair value on a nonrecurring basis to report in first quarter 2024.
Note 14. Financial and Derivative Instruments
The company’s commodity derivative instruments principally include crude oil, natural gas, liquefied natural gas and refined product futures, swaps, options and forward contracts. The company applies cash flow hedge accounting to certain commodity transactions, where appropriate, to manage the market price risk associated with forecasted sales of crude oil. The company’s derivatives are not material to the company’s consolidated financial position, results of operations or liquidity. The company believes it has no material market or credit risks to its operations, financial position or liquidity as a result of its commodities and other derivatives activities.
The company uses commodity derivative instruments traded on the New York Mercantile Exchange and on electronic platforms of the Inter-Continental Exchange and Chicago Mercantile Exchange. In addition, the company enters into swap contracts and option contracts principally with major financial institutions and other oil and gas companies in the “over-the-counter” markets, which are governed by International Swaps and Derivatives Association agreements and other master netting arrangements.
Derivative instruments measured at fair value at March 31, 2024, and December 31, 2023, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:
Consolidated Balance Sheet: Fair Value of Derivatives
(Millions of dollars)
Type of
Contract
Balance Sheet ClassificationAt March 31,
2024
At December 31,
2023
CommodityAccounts and notes receivable, net$78 $151 
CommodityLong-term receivables, net2 8 
Total Assets at Fair Value
$80 $159 
CommodityAccounts payable$301 $216 
CommodityDeferred credits and other noncurrent obligations19 46 
Total Liabilities at Fair Value
$320 $262 
20

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Consolidated Statement of Income: The Effect of Derivatives
(Millions of dollars)
Type of Gain / (Loss)
Three Months Ended
March 31
ContractStatement of Income Classification20242023
CommoditySales and other operating revenues$(158)$(97)
CommodityPurchased crude oil and products(64)18 
CommodityOther income (loss)13 (6)
$(209)$(85)
The amount reclassified from AOCL to “Sales and other operating revenues” from designated hedges for first quarter 2024 was an increase of $7 million compared with a decrease of $15 million in the same period of the prior year. At March 31, 2024, before-tax deferred gains in AOCL related to outstanding crude oil price hedging contracts were $34 million, of which all is expected to be reclassified into earnings during the next 12 months as the hedged crude oil sales are recognized in earnings.
The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2024, and December 31, 2023.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
(Millions of dollars)
 Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented Gross Amounts Not OffsetNet Amount
At March 31, 2024
Derivative Assets - not designated$2,757 $2,677 $80 $4 $76 
Derivative Assets - designated$  $