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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 September 30, 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: (925) 842-1000
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 filer☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
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 1,797,091,325 shares of the company’s common stock outstanding on September 30, 2024.

TABLE OF CONTENTS
 
 Page No.
FINANCIAL INFORMATION
Consolidated Balance Sheet at September 30, 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; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; 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 risk that regulatory approvals and clearances related to the Hess Corporation (Hess) transaction 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 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 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
September 30		Nine Months Ended
September 30
 2024202320242023
 (Millions of dollars, except per-share amounts)
Revenues and Other Income
Sales and other operating revenues$48,926 $51,922 $145,080 $147,980 
Income (loss) from equity affiliates1,261 1,313 3,908 4,141 
Other income (loss)482 845 1,578 1,648 
Total Revenues and Other Income50,669 54,080 150,566 153,769 
Costs and Other Deductions
Purchased crude oil and products30,450 32,328 89,058 90,719 
Operating expenses6,695 6,299 19,842 18,377 
Selling, general and administrative expenses1,191 1,163 3,249 3,172 
Exploration expenses154 301 546 660 
Depreciation, depletion and amortization4,214 4,025 12,309 11,072 
Taxes other than on income1,263 1,021 3,575 3,158 
Interest and debt expense164 114 395 349 
Other components of net periodic benefit costs49 91 145 168 
Total Costs and Other Deductions44,180 45,342 129,119 127,675 
Income (Loss) Before Income Tax Expense6,489 8,738 21,447 26,094 
Income Tax Expense (Benefit)1,993 2,183 6,957 6,926 
Net Income (Loss)4,496 6,555 14,490 19,168 
Less: Net income (loss) attributable to noncontrolling interests9 29 68 58 
Net Income (Loss) Attributable to Chevron Corporation$4,487 $6,526 $14,422 $19,110 
Per Share of Common Stock
Net Income (Loss) Attributable to Chevron Corporation
- Basic$2.49 $3.48 $7.91 $10.18 
- Diluted$2.48 $3.48 $7.88 $10.14 
Weighted Average Number of Shares Outstanding (000s)
- Basic1,800,336 1,870,963 1,822,770 1,876,532 
- Diluted1,807,030 1,877,104 1,829,776 1,884,407 
See accompanying notes to consolidated financial statements.
3
CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
September 30		Nine Months Ended
September 30
 2024202320242023
(Millions of dollars)
Net Income (Loss)$4,496 $6,555 $14,490 $19,168 
Currency translation adjustment23 (21)(9)(21)
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period4 (1)(5)(4)
Derivatives
Net derivatives gain (loss) on hedge transactions18 (16)(33)(18)
Reclassification to net income16 4 43 17 
Income taxes on derivatives transactions(8)3 (3)— 
Total26 (9)7 (1)
Defined benefit plans
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements61 101 185 197 
Actuarial gain (loss) arising during period1 49 1 49 
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments(3)(3)(8)(10)
Prior service (costs) credits arising during period— — — — 
Defined benefit plans sponsored by equity affiliates - benefit (cost)1 — 3 14 
 Income (taxes) benefit on defined benefit plans(14)(2)(39)(23)
Total46 145 142 227 
Other Comprehensive Gain (Loss), Net of Tax99 114 135 201 
Comprehensive Income (Loss)4,595 6,669 14,625 19,369 
Comprehensive loss (income) attributable to noncontrolling interests(9)(29)(68)(58)
Comprehensive Income (Loss) Attributable to Chevron Corporation$4,586 $6,640 $14,557 $19,311 





See accompanying notes to consolidated financial statements.
4
CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
At September 30,
2024		At December 31,
2023
(Millions of dollars)
Assets
Cash and cash equivalents$4,699 $8,178 
Time deposits4 — 
Marketable securities— 45 
Accounts and notes receivable (less allowance: 2024 - $259; 2023 - $301)
19,591 19,921 
Inventories:
Crude oil and products6,767 6,059 
Chemicals479 406 
Materials, supplies and other2,479 2,147 
Total inventories9,725 8,612 
Prepaid expenses and other current assets4,168 4,372 
Total Current Assets38,187 41,128 
Long-term receivables (less allowance: 2024 - $354; 2023 - $340)
942 942 
Investments and advances47,476 46,812 
Properties, plant and equipment, at cost343,450 346,081 
Less: Accumulated depreciation, depletion and amortization195,559 192,462 
Properties, plant and equipment, net147,891 153,619 
Deferred charges and other assets14,039 13,734 
Goodwill4,722 4,722 
Assets held for sale5,975 675 
Total Assets$259,232 $261,632 
Liabilities and Equity
Short-term debt
$5,144 $529 
Accounts payable20,037 20,423 
Accrued liabilities8,313 7,655 
Federal and other taxes on income702 1,863 
Other taxes payable1,522 1,788 
Total Current Liabilities35,718 32,258 
Long-term debt20,697 20,307 
Deferred credits and other noncurrent obligations21,955 24,226 
Noncurrent deferred income taxes19,899 18,830 
Noncurrent employee benefit plans3,933 4,082 
Total Liabilities*
$102,202 $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 September 30, 2024 and December 31, 2023)
1,832 1,832 
Capital in excess of par value21,578 21,365 
Retained earnings205,503 200,025 
Accumulated other comprehensive losses(2,825)(2,960)
Deferred compensation and benefit plan trust(240)(240)
Treasury stock, at cost (645,585,255 and 577,028,776 shares at September 30, 2024 and December 31, 2023, respectively)
(69,646)(59,065)
Total Chevron Corporation Stockholders’ Equity156,202 160,957 
Noncontrolling interests (includes redeemable noncontrolling interest of $0 and $166 at September 30, 2024 and December 31, 2023, respectively)
828 972 
Total Equity157,030 161,929 
Total Liabilities and Equity$259,232 $261,632 





See accompanying notes to consolidated financial statements.
5
CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30
 20242023
(Millions of dollars)
Operating Activities
Net Income (Loss)$14,490 $19,168 
Adjustments
Depreciation, depletion and amortization12,309 11,072 
Dry hole expense225 315 
Distributions more (less) than income from equity affiliates(485)(2,273)
Net before-tax losses (gains) on asset retirements and sales(236)(133)
Net foreign currency effects104 (135)
Deferred income tax provision1,545 1,346 
Net decrease (increase) in operating working capital(2,172)(4,181)
Decrease (increase) in long-term receivables54 36 
Net decrease (increase) in other deferred charges(765)(423)
Cash contributions to employee pension plans(658)(893)
Other(1,614)(724)
Net Cash Provided by Operating Activities22,797 23,175 
Investing Activities
Acquisition of businesses, net of cash received— 55 
Capital expenditures(12,110)(11,468)
Proceeds and deposits related to asset sales and returns of investment620 410 
Net maturities of (investments in) time deposits(4)— 
Net sales (purchases) of marketable securities45 84 
Net repayment (borrowing) of loans by equity affiliates(157)(242)
Net Cash Used for Investing Activities(11,606)(11,161)
Financing Activities
Net borrowings (repayments) of short-term obligations5,615 (33)
Proceeds from issuances of long-term debt403 150 
Repayments of long-term debt and other financing obligations(1,062)(4,207)
Cash dividends - common stock(8,914)(8,527)
Net contributions from (distributions to) noncontrolling interests(197)(44)
Net sales (purchases) of treasury shares(10,535)(11,281)
Net Cash Provided by (Used for) Financing Activities(14,690)(23,942)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(12)(187)
Net Change in Cash, Cash Equivalents and Restricted Cash(3,511)(12,115)
Cash, Cash Equivalents and Restricted Cash at January 19,275 19,121 
Cash, Cash Equivalents and Restricted Cash at September 30
$5,764 $7,006 





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 September 30
Stock(1)
EarningsIncome (Loss)(at cost)EquityInterestsEquity
Balance at June 30, 2023$20,350 $196,926 $(2,711)$(56,240)$158,325 $973 $159,298 
Treasury stock transactions43 — — — 43 — 43 
PDC Energy, Inc. acquisition2,550 — — 3,970 6,520 — 6,520 
Net income (loss)— 6,526 — — 6,526 29 6,555 
Cash dividends ($1.51 per share)
— (2,852)— — (2,852)(45)(2,897)
Stock dividends— (6)— — (6)— (6)
Other comprehensive income— — 114 — 114 — 114 
Purchases of treasury shares— — — (3,424)(3,424)— (3,424)
Issuances of treasury shares2 — — 54 56 — 56 
Other changes, net(36)(1)— — (37)26 (11)
Balance at September 30, 2023$22,909 $200,593 $(2,597)$(55,640)$165,265 $983 $166,248 
Balance at June 30, 2024$23,087 $203,960 $(2,924)$(64,890)$159,233 $1,030 $160,263 
Treasury stock transactions86 — — — 86 — 86 
Net income (loss)— 4,487 — — 4,487 9 4,496 
Cash dividends ($1.63 per share)
— (2,933)— — (2,933)(203)(3,136)
Stock dividends— (6)— — (6)— (6)
Other comprehensive income— — 99 — 99 — 99 
Purchases of treasury shares(2)
— — — (4,797)(4,797)— (4,797)
Issuances of treasury shares(3)— — 41 38 — 38 
Other changes, net — (5)— — (5)(8)(13)
Balance at September 30, 2024$23,170 $205,503 $(2,825)$(69,646)$156,202 $828 $157,030 
Nine Months Ended September 30
Balance at December 31, 2022$20,252 $190,024 $(2,798)$(48,196)$159,282 $960 $160,242 
Treasury stock transactions123 — — — 123 — 123 
PDC Energy, Inc. acquisition2,550 — — 3,970 6,520 — 6,520 
Net income (loss)— 19,110 — — 19,110 58 19,168 
Cash dividends ($4.53 per share)
— (8,527)— — (8,527)(54)(8,581)
Stock dividends— (7)— — (7)— (7)
Other comprehensive income— — 201 — 201 — 201 
Purchases of treasury shares— — — (11,631)(11,631)— (11,631)
Issuances of treasury shares20 — — 217 237 — 237 
Other changes, net(36)(7)— — (43)19 (24)
Balance at September 30, 2023$22,909 $200,593 $(2,597)$(55,640)$165,265 $983 $166,248 
Balance at December 31, 2023$22,957 $200,025 $(2,960)$(59,065)$160,957 $972 $161,929 
Treasury stock transactions251 — — — 251 — 251 
Net income (loss)— 14,422 — — 14,422 68 14,490 
Cash dividends ($4.89 per share)
— (8,914)— — (8,914)(210)(9,124)
Stock dividends— (17)— — (17)— (17)
Other comprehensive income— — 135 — 135 — 135 
Purchases of treasury shares(2)
— — — (10,833)(10,833)— (10,833)
Issuances of treasury shares(38)— — 252 214 — 214 
Other changes, net— (13)— — (13)(2)(15)
Balance at September 30, 2024$23,170 $205,503 $(2,825)$(69,646)$156,202 $828 $157,030 
(Number of Shares)Common Stock - 2024Common Stock - 2023
Three Months Ended September 30
Issued(3)
TreasuryOutstanding
Issued(3)
TreasuryOutstanding
Balance at June 302,442,676,580 (613,759,467)1,828,917,113 2,442,676,580 (575,431,362)1,867,245,218 
Purchases— (32,209,398)(32,209,398)— (20,721,774)(20,721,774)
Issuances— 383,610 383,610 — 41,225,221 41,225,221 
Balance at September 302,442,676,580 (645,585,255)1,797,091,325 2,442,676,580 (554,927,915)1,887,748,665 
Nine Months Ended September 30
Balance at December 312,442,676,580 (577,028,776)1,865,647,804 2,442,676,580 (527,460,237)1,915,216,343 
Purchases— (70,981,509)(70,981,509)— (70,455,234)(70,455,234)
Issuances— 2,425,030 2,425,030 — 42,987,556 42,987,556 
Balance at September 302,442,676,580 (645,585,255)1,797,091,325 2,442,676,580 (554,927,915)1,887,748,665 
(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- and nine-month periods ended September 30, 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 nine months ended September 30, 2024 and 2023, are reflected in the table below.
Changes in Accumulated Other Comprehensive Income (Loss) by Component(1)
Currency Translation AdjustmentUnrealized Holding Gains (Losses) on SecuritiesDerivativesDefined Benefit PlansTotal
(Millions of dollars)
Balance at December 31, 2022$(203)$(12)$(12)$(2,571)$(2,798)
Components of Other Comprehensive Income (Loss):
Before Reclassifications(21)(4)(18)51 8 
Reclassifications(2) (3)
— — 17 176 193 
Net Other Comprehensive Income (Loss)(21)(4)(1)227 201 
Balance at September 30, 2023$(224)$(16)$(13)$(2,344)$(2,597)
Balance at December 31, 2023$(192)$(11)$5 $(2,762)$(2,960)
Components of Other Comprehensive Income (Loss):
Before Reclassifications(9)(5)(36)13 (37)
Reclassifications(2) (3)
— — 43 129 172 
Net Other Comprehensive Income (Loss)(9)(5)7 142 135 
Balance at September 30, 2024$(201)$(16)$12 $(2,620)$(2,825)
(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 $177 that are included in employee benefit costs for the nine months ended September 30, 2024. Related income taxes for the same period, totaling $48, 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
Nine Months Ended
September 30
20242023
(Millions of dollars)
Distributions more (less) than income from equity affiliates included the following:
Distributions from equity affiliates$3,423 $1,868 
(Income) loss from equity affiliates(3,908)(4,141)
Distributions more (less) than income from equity affiliates$(485)$(2,273)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable$286 $(890)
Decrease (increase) in inventories(1,113)(1,136)
Decrease (increase) in prepaid expenses and other current assets 96 (1,121)
Increase (decrease) in accounts payable and accrued liabilities (121)1,706 
Increase (decrease) in income and other taxes payable(1,320)(2,740)
Net decrease (increase) in operating working capital$(2,172)$(4,181)
Net cash provided by operating activities included the following cash payments:
Interest on debt (net of capitalized interest)$326 $292 
Income taxes6,586 8,189 
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales$497 $218 
Returns of investment from equity affiliates123 192 
Proceeds and deposits related to asset sales and returns of investment$620 $410 
Net maturities of (investments in) time deposits consisted of the following gross amounts:
Investments in time deposits$(4)$— 
Maturities of time deposits— — 
Net maturities of (investments in) time deposits$(4)$— 
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased$— $(289)
Marketable securities sold45 373 
Net sales (purchases) of marketable securities$45 $84 
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates$(211)$(296)
Repayment of loans by equity affiliates54 54 
Net repayment (borrowing) of loans by equity affiliates$(157)$(242)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term debt obligations$829 $— 
Repayments of short-term debt obligations— — 
Net borrowings (repayments) of short-term debt obligations with three months or less maturity4,786 (33)
Net borrowings (repayments) of short-term obligations$5,615 $(33)
Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts:
Distributions to noncontrolling interests$(210)$(54)
Contributions from noncontrolling interests13 10 
Net contributions from (distributions to) noncontrolling interests$(197)$(44)
Net sales (purchases) of treasury shares consisted of the following gross and net amounts:
Shares issued for share-based compensation plans$194 $237 
Shares purchased under share repurchase and deferred compensation plans (10,729)(11,518)
Net sales (purchases) of treasury shares$(10,535)$(11,281)
9
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash.
The “Other” line in the Operating Activities section includes changes in asset retirement obligations, abandonment and decommissioning obligations associated with previously sold assets, postretirement benefits obligations and other long-term liabilities. Asset retirement obligation payments totaled $1.8 billion in the first nine months of 2024, compared to $1.1 billion in the year-ago period.
The company paid dividends of $1.63 per share of common stock in third 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:
Nine Months Ended
September 30
20242023
(Millions of dollars)
Additions to properties, plant and equipment
$11,590 $10,602 
Additions to investments392 636 
Current-year dry hole expenditures128 205 
Payments for other assets and liabilities, net— 25 
Capital expenditures$12,110 $11,468 
The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet:
At September 30At December 31
2024202320232022
(Millions of dollars)(Millions of dollars)
Cash and cash equivalents$4,699 $5,797 $8,178 $17,678 
Restricted cash included in “Prepaid expenses and other current assets”240 306 275 630 
Restricted cash included in “Deferred charges and other assets”825 903 822 813 
Total cash, cash equivalents and restricted cash$5,764 $7,006 $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 continues to evaluate 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 continues to evaluate 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:
10
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Nine Months Ended
September 30
 20242023
 (Millions of dollars)
Sales and other operating revenues$14,857 $14,720 
Costs and other deductions8,200 7,799 
Net income attributable to TCO$4,727 $4,918 
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:
Nine Months Ended
September 30
20242023
(Millions of dollars)
Sales and other operating revenues$112,708 $113,817 
Costs and other deductions107,834 106,318 
Net income (loss) attributable to CUSA$4,491 $6,152 
At September 30,
2024		At December 31,
2023
 (Millions of dollars)
Current assets$18,855 $19,489 
Other assets57,597 54,460 
Current liabilities22,115 20,624 
Other liabilities21,748 22,227 
Total CUSA net equity$32,589 $31,098 
Memo: Total debt$9,571 $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.
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. Non-billable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three- and nine-month periods ended September 30, 2024 and 2023, are presented in the following table:
Three Months Ended
September 30		Nine Months Ended
September 30
2024202320242023
Segment Earnings(Millions of dollars)(Millions of dollars)
Upstream
United States$1,946 $2,074 $6,182 $5,495 
International2,643 3,681 8,116 10,357 
Total Upstream4,589 5,755 14,298 15,852 
Downstream
United States146 1,376 879 3,434 
International449 307 1,096 1,556 
Total Downstream595 1,683 1,975 4,990 
Total Segment Earnings5,184 7,438 16,273 20,842 
All Other
Interest expense(146)(104)(358)(321)
Interest income64 103 215 401 
Other(615)(911)(1,708)(1,812)
Net Income Attributable to Chevron Corporation$4,487 $6,526 $14,422 $19,110 
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at September 30, 2024, and December 31, 2023, are as follows: 
At September 30,
2024		At December 31,
2023
Segment Assets(Millions of dollars)
Upstream
United States $59,573 $58,750 
International 128,373 131,685 
Goodwill4,370 4,370 
Total Upstream192,316 194,805 
Downstream
United States 34,689 33,066 
International22,516 21,070 
Goodwill352 352 
Total Downstream57,557 54,488 
Total Segment Assets249,873 249,293 
All Other
United States 7,186 10,292 
International2,173 2,047 
Total All Other9,359 12,339 
Total Assets — United States101,448 102,108 
Total Assets — International153,062 154,802 
Goodwill4,722 4,722 
Total Assets$259,232 $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- and nine-month periods ended September 30, 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
September 30		Nine Months Ended
September 30
2024202320242023
Sales and Other Operating Revenues(Millions of dollars)(Millions of dollars)
Upstream
United States$10,730 $10,278 $33,184 $28,656 
International11,330 10,633 32,334 31,705 
Subtotal22,060 20,911 65,518 60,361 
Intersegment Elimination — United States(7,432)(6,797)(22,911)(18,766)
Intersegment Elimination — International(2,745)