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INSIDER TRADING ALERT: As a recipient of this document, you are prohibited from transacting in Chevron (CVX) securities (including common stock, stock options, and investment election changes and exchanges involving the Chevron stock fund in the ESIP) until the first business day that is at least 24 hours after the public disclosure of Chevron’s earnings press release. This document contains highly confidential information that has not been disclosed to the public. Please refer to Policy 20 and Section 2 of the Chevron’s Manual of Compliance Procedures and Guidelines. You are reminded that this document is “Classified”, and company policy requires you to use care to safeguard this information from unauthorized use or disclosure. You should not circulate this information to anyone unless there is a specific legitimate business need, and this cautionary language should accompany such circulation. Any other circulation or sharing of information is prohibited. Please refer to Policy 575 and Section 11 of Chevron’s Manual of Compliance Procedures and Guidelines. Anyone who violates these provisions shall be subject to disciplinary action, up to and including termination, and may be subject to legal action, including civil or criminal penalties under the Federal securities laws.
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, 2022
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)
6001 Bollinger Canyon Road
Delaware94-0890210San Ramon,California94583-2324
(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: (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 1,964,813,456 shares of the company’s common stock outstanding on March 31, 2022.


TABLE OF CONTENTS
 
 Page No.
FINANCIAL INFORMATION
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 energy transition plans 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,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” 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 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 (including coronavirus (COVID-19)) 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 and the global response to such conflict; 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, particularly 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 undertaken or 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 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; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; 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 25 of the company’s 2021 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
 20222021
 (Millions of dollars, except per-share amounts)
Revenues and Other Income
Sales and other operating revenues$52,314 $31,076 
Income (loss) from equity affiliates2,085 911 
Other income (loss)(26)42 
Total Revenues and Other Income54,373 32,029 
Costs and Other Deductions
Purchased crude oil and products32,649 17,568 
Operating expenses5,638 4,967 
Selling, general and administrative expenses967 990 
Exploration expenses209 86 
Depreciation, depletion and amortization3,654 4,286 
Taxes other than on income2,002 1,420 
Interest and debt expense136 198 
Other components of net periodic benefit costs64 337 
Total Costs and Other Deductions45,319 29,852 
Income (Loss) Before Income Tax Expense9,054 2,177 
Income Tax Expense (Benefit)2,777 779 
Net Income (Loss)6,277 1,398 
Less: Net income (loss) attributable to noncontrolling interests18 21 
Net Income (Loss) Attributable to Chevron Corporation$6,259 $1,377 
Per Share of Common Stock
Net Income (Loss) Attributable to Chevron Corporation
- Basic$3.23 $0.72 
- Diluted$3.22 $0.72 
Weighted Average Number of Shares Outstanding (000s)
- Basic1,935,668 1,912,925 
- Diluted1,944,542 1,915,889 
See accompanying notes to consolidated financial statements.
3

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
March 31
 20222021
(Millions of dollars)
Net Income (Loss)$6,277 $1,398 
Currency translation adjustment(11)(19)
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period (3)
Derivatives
Net derivatives loss on hedge transactions2  
Reclassification to net income  
Income taxes on derivatives transactions  
Total2  
Defined benefit plans
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements158 435 
Actuarial gain (loss) arising during period139 907 
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments(4)(4)
Prior service (costs) credits arising during period  
Defined benefit plans sponsored by equity affiliates - benefit (cost)6 11 
 Income (taxes) benefit on defined benefit plans(53)(301)
Total246 1,048 
Other Comprehensive Gain (Loss), Net of Tax237 1,026 
Comprehensive Income (Loss)6,514 2,424 
Comprehensive loss (income) attributable to noncontrolling interests(18)(21)
Comprehensive Income (Loss) Attributable to Chevron Corporation$6,496 $2,403 





See accompanying notes to consolidated financial statements.
4

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
At March 31,
2022
At December 31,
2021
(Millions of dollars)
Assets
Cash and cash equivalents$11,671 $5,640 
Marketable securities33 35 
Accounts and notes receivable (less allowance: 2022 - $302; 2021 - $303)
23,255 18,419 
Inventories:
Crude oil and petroleum products4,467 4,248 
Chemicals547 565 
Materials, supplies and other1,511 1,492 
Total inventories6,525 6,305 
Prepaid expenses and other current assets3,225 3,339 
Total Current Assets44,709 33,738 
Long-term receivables (less allowance: 2022 - $457; 2021 - $442)
516 603 
Investments and advances41,732 40,696 
Properties, plant and equipment, at cost335,340 336,045 
Less: Accumulated depreciation, depletion and amortization190,896 189,084 
Properties, plant and equipment, net144,444 146,961 
Deferred charges and other assets12,502 12,384 
Goodwill4,374 4,385 
Assets held for sale771 768 
Total Assets$249,048 $239,535 
Liabilities and Equity
Short-term debt
$314 $256 
Accounts payable20,137 16,454 
Accrued liabilities6,974 6,972 
Federal and other taxes on income2,573 1,700 
Other taxes payable1,205 1,409 
Total Current Liabilities31,203 26,791 
Long-term debt29,019 31,113 
Deferred credits and other noncurrent obligations20,273 20,778 
Noncurrent deferred income taxes15,526 14,665 
Noncurrent employee benefit plans5,927 6,248 
Total Liabilities*
$101,948 $99,595 
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, 2022 and December 31, 2021)
1,832 1,832 
Capital in excess of par value18,378 17,282 
Retained earnings169,059 165,546 
Accumulated other comprehensive losses(3,652)(3,889)
Deferred compensation and benefit plan trust(240)(240)
Treasury stock, at cost (477,863,124 and 512,870,523 shares at March 31, 2022 and December 31, 2021, respectively)
(39,158)(41,464)
Total Chevron Corporation Stockholders’ Equity146,219 139,067 
Noncontrolling interests (includes redeemable noncontrolling interest of $135 at both March 31, 2022 and December 31, 2021)
881 873 
Total Equity147,100 139,940 
Total Liabilities and Equity$249,048 $239,535 





See accompanying notes to consolidated financial statements.
5

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31
 20222021
(Millions of dollars)
Operating Activities
Net Income (Loss)$6,277 $1,398 
Adjustments
Depreciation, depletion and amortization3,654 4,286 
Dry hole expense135 4 
Distributions more (less) than income from equity affiliates(1,441)(491)
Net before-tax losses (gains) on asset retirements and sales(99)(56)
Net foreign currency effects248 111 
Deferred income tax provision626 (254)
Net decrease (increase) in operating working capital(937)(902)
Decrease (increase) in long-term receivables86 15 
Net decrease (increase) in other deferred charges(56)(31)
Cash contributions to employee pension plans(463)(331)
Other25 447 
Net Cash Provided by Operating Activities8,055 4,196 
Investing Activities
Capital expenditures(1,960)(1,746)
Proceeds and deposits related to asset sales and returns of investment1,283 158 
Net sales (purchases) of marketable securities  
Net repayment (borrowing) of loans by equity affiliates12 25 
Net Cash Used for Investing Activities(665)(1,563)
Financing Activities
Net borrowings (repayments) of short-term obligations61 1,237 
Repayments of long-term debt and other financing obligations(2,062)(78)
Cash dividends - common stock(2,746)(2,468)
Net contributions from (distributions to) noncontrolling interests(5)(11)
Net sales (purchases) of treasury shares3,386 267 
Net Cash Provided by (Used for) Financing Activities(1,366)(1,053)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(13)(53)
Net Change in Cash, Cash Equivalents and Restricted Cash6,011 1,527 
Cash, Cash Equivalents and Restricted Cash at January 16,795 6,737 
Cash, Cash Equivalents and Restricted Cash at March 31
$12,806 $8,264 





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, 2020$18,421 $160,377 $(5,612)$(41,498)$131,688 $1,038 $132,726 
Treasury stock transactions37 — — — 37 — 37 
Net income (loss)— 1,377 — — 1,377 21 1,398 
Cash dividends ($1.29 per share)
— (2,468)— — (2,468)(11)(2,479)
Stock dividends— (1)— — (1)— (1)
Other comprehensive income— — 1,026 — 1,026 — 1,026 
Purchases of treasury shares— — — (6)(6)— (6)
Issuances of treasury shares— — — 235 235 — 235 
Other changes, net—  — —  (3)(3)
Balance at March 31, 2021$18,458 $159,285 $(4,586)$(41,269)$131,888 $1,045 $132,933 
Balance at December 31, 2021$18,874 $165,546 $(3,889)$(41,464)$139,067 $873 $139,940 
Treasury stock transactions16 — — — 16 — 16 
Net income (loss)— 6,259 — — 6,259 18 6,277 
Cash dividends ($1.42 per share)
— (2,746)— — (2,746)(5)(2,751)
Stock dividends—  — —  —  
Other comprehensive income— — 237 — 237 — 237 
Purchases of treasury shares— — — (1,255)(1,255)— (1,255)
Issuances of treasury shares1,080 — — 3,561 4,641 — 4,641 
Other changes, net —  — —  (5)(5)
Balance at March 31, 2022$19,970 $169,059 $(3,652)$(39,158)$146,219 $881 $147,100 
(Number of Shares)Common Stock - 2022Common Stock - 2021
Three Months Ended March 31
Issued(2)
TreasuryOutstanding
Issued(2)
TreasuryOutstanding
Balance at December 312,442,676,580 (512,870,523)1,929,806,057 2,442,676,580 (517,490,263)1,925,186,317 
Purchases— (8,897,011)(8,897,011)— (67,003)(67,003)
Issuances— 43,904,410 43,904,410 — 2,932,865 2,932,865 
Balance at March 312,442,676,580 (477,863,124)1,964,813,456 2,442,676,580 (514,624,401)1,928,052,179 
(1)Beginning and ending balances for all periods include capital in excess of par, common stock issued at par for $1,832, and $(240) associated with Chevron’s Benefit Plan Trust. Changes reflect capital in excess of par.
(2)Beginning and ending total issued share balances include 14,168,000 shares associated with Chevron’s Benefit Plan Trust for all periods.





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, 2022, 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 2021 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, 2022 and 2021 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, 2020$(107)$(10)$ $(5,495)$(5,612)
Components of Other Comprehensive Income (Loss):
Before Reclassifications(19)(3) 715 693 
Reclassifications   333 333 
Net Other Comprehensive Income (Loss)(19)(3) 1,048 1,026 
Balance at March 31, 2021$(126)$(13)$ $(4,447)$(4,586)
Balance at December 31, 2021$(162)$(11)$ $(3,716)$(3,889)
Components of Other Comprehensive Income (Loss):
Before Reclassifications(11) 2 117 108 
Reclassifications(2) (3)
   129 129 
Net Other Comprehensive Income (Loss)(11) 2 246 237 
Balance at March 31, 2022$(173)$(11)$2 $(3,470)$(3,652)
(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 $154 million that are included in employee benefit costs for the three months ended March 31, 2022. Related income taxes for the same period, totaling $25 million, are reflected in “Income Tax Expense” 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
20222021
(Millions of dollars)
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates$644 $420 
(Income) loss from equity affiliates(2,085)(911)
Distributions more (less) than income from equity affiliates$(1,441)$(491)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable$(5,289)$(2,827)
Decrease (increase) in inventories(222)51 
Decrease (increase) in prepaid expenses and other current assets 137 (102)
Increase (decrease) in accounts payable and accrued liabilities 3,768 1,599 
Increase (decrease) in income and other taxes payable669 377 
Net decrease (increase) in operating working capital$(937)$(902)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)$47 $70 
Income taxes1,071 629 
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales$747 $147 
Returns of investment from equity affiliates536 11 
Proceeds and deposits related to asset sales and returns of investment$1,283 $158 
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased$(2)$(1)
Marketable securities sold2 1 
Net sales (purchases) of marketable securities$ $ 
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates$ $ 
Repayment of loans by equity affiliates12 25 
Net repayment (borrowing) of loans by equity affiliates$12 $25 
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations$ $2,872 
Repayments of short-term obligations  (1,792)
Net borrowings (repayments) of short-term obligations with three months or less maturity61 157 
Net borrowings (repayments) of short-term obligations$61 $1,237 
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans$4,641 $273 
Shares purchased under share repurchase and deferred compensation plans (1,255)(6)
Net sales (purchases) of treasury shares$3,386 $267 
Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts:
Distributions to noncontrolling interests$(5)$(11)
Contributions from noncontrolling interests  
Net contributions from (distributions to) noncontrolling interests$(5)$(11)
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 postretirement benefits obligations and other long-term liabilities.
The company paid dividends of $1.42 per share of common stock in first quarter 2022. This compares to dividends of $1.29 per share paid in the year-ago corresponding period.
The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory expenditures, including equity affiliates, are presented in the following table:
Three Months Ended
March 31
20222021
(Millions of dollars)
Additions to properties, plant and equipment
$1,732 $1,631 
Additions to investments158 109 
Current-year dry hole expenditures70 4 
Payments for other assets and liabilities, net 2 
Capital expenditures1,960 1,746 
Expensed exploration expenditures74 82 
Assets acquired through finance lease obligations and other financing obligations(2) 
Payments for other assets and liabilities, net (2)
Capital and exploratory expenditures, excluding equity affiliates2,032 1,826 
Company’s share of expenditures by equity affiliates725 678 
Capital and exploratory expenditures, including equity affiliates$2,757 $2,504 
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
2022202120212020
(Millions of dollars)
Cash and cash equivalents$11,671 $7,076 $5,640 $5,596 
Restricted cash included in “Prepaid expenses and other current assets”317 412 333 365 
Restricted cash included in “Deferred charges and other assets”818 776 822 776 
Total cash, cash equivalents and restricted cash$12,806 $8,264 $6,795 $6,737 
Additional information related to restricted cash is included in Note 13 Fair Value Measurements under the heading “Restricted Cash.”
Note 4. 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
 20222021
 (Millions of dollars)
Sales and other operating revenues$6,187 $3,431 
Costs and other deductions2,978 1,856 
Net income attributable to TCO$2,233 $1,012 
Note 5. Summarized Financial Data — Chevron Phillips Chemical Company LLC
Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Summarized financial information for 100 percent of CPChem is presented in the table on the following page.
10

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Three Months Ended
March 31
 20222021
 (Millions of dollars)
Sales and other operating revenues$3,795 $2,748 
Costs and other deductions3,106 2,553 
Net income attributable to CPChem$764 $304 
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 and natural gas liquids and those associated with refining, marketing, and supply and distribution of products derived from petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in the 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
20222021
(Millions of dollars)
Sales and other operating revenues$41,502 $23,479 
Costs and other deductions39,636 23,322 
Net income (loss) attributable to CUSA$1,754 $257 
At March 31,
2022
At December 31,
2021
 (Millions of dollars)
Current assets$25,167 $20,216 
Other assets47,406 47,355 
Current liabilities20,833 17,824 
Other liabilities18,667 18,438 
Total CUSA net equity$33,073 $31,309 
Memo: Total debt$11,837 $11,693 
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; 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.
11

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The company’s primary country of operation is the United States of America, its country of domicile. Other components of the company’s operations are reported as “International” (outside the United States).
Segment Earnings The company evaluates the performance of its operating segments on an after-tax basis, without considering the effects of debt financing interest expense or investment interest income, both of which are managed by the company on a worldwide basis. Corporate administrative costs and assets are not allocated to the operating segments. However, operating segments are billed for the direct use of corporate services. Nonbillable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three-month period ended March 31, 2022 and 2021, are presented in the following table:
Three Months Ended
March 31
20222021
Segment Earnings(Millions of dollars)
Upstream
United States$3,238 $941 
International3,696 1,409 
Total Upstream6,934 2,350 
Downstream
United States486 (130)
International(155)135 
Total Downstream331 5 
Total Segment Earnings7,265 2,355 
All Other
Interest expense(126)(184)
Interest income10 8 
Other(890)(802)
Net Income Attributable to Chevron Corporation$6,259 $1,377 
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at March 31, 2022, and December 31, 2021, are as follows: 
At March 31,
2022
At December 31,
2021
Segment Assets(Millions of dollars)
Upstream
United States $41,854 $41,870 
International 138,451 138,157 
Goodwill4,374 4,385 
Total Upstream184,679 184,412 
Downstream
United States 28,216 26,376 
International21,195 18,848 
Total Downstream49,411 45,224 
Total Segment Assets234,090 229,636 
All Other
United States