Analysis of Reportable Segments
Chevron Corp. operates in 2 segments: Upstream and Downstream.
Segment Profit Margin
Chevron Corp., profit margin by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Upstream | 21.19% | 20.78% | 28.31% | 22.55% | -5.88% |
| Downstream | 1.09% | 3.80% | 4.54% | 2.53% | 0.07% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Upstream | Upstream segment profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
| Downstream | Downstream segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Upstream
Chevron Corp.; Upstream; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 18,602) | 17,438) | 30,284) | 15,818) | (2,433) |
| Segment sales and other operating revenues | 87,768) | 83,920) | 106,978) | 70,140) | 41,381) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 21.19% | 20.78% | 28.31% | 22.55% | -5.88% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Segment net income (loss) ÷ Segment sales and other operating revenues
= 100 × 18,602 ÷ 87,768 = 21.19%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Upstream | Upstream segment profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
Segment Profit Margin: Downstream
Chevron Corp.; Downstream; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 1,727) | 6,137) | 8,155) | 2,914) | 47) |
| Segment sales and other operating revenues | 157,847) | 161,625) | 179,565) | 115,307) | 71,525) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 1.09% | 3.80% | 4.54% | 2.53% | 0.07% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Segment net income (loss) ÷ Segment sales and other operating revenues
= 100 × 1,727 ÷ 157,847 = 1.09%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Downstream | Downstream segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Return on Assets (Segment ROA)
Chevron Corp., ROA by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Upstream | 9.87% | 8.95% | 16.54% | 8.58% | -1.27% |
| Downstream | 3.04% | 11.26% | 15.32% | 6.44% | 0.12% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Upstream | Upstream segment ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
| Downstream | Downstream segment ROA deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment ROA: Upstream
Chevron Corp.; Upstream; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 18,602) | 17,438) | 30,284) | 15,818) | (2,433) |
| Segment assets | 188,483) | 194,805) | 183,105) | 184,412) | 191,309) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 9.87% | 8.95% | 16.54% | 8.58% | -1.27% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment ROA = 100 × Segment net income (loss) ÷ Segment assets
= 100 × 18,602 ÷ 188,483 = 9.87%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Upstream | Upstream segment ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
Segment ROA: Downstream
Chevron Corp.; Downstream; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 1,727) | 6,137) | 8,155) | 2,914) | 47) |
| Segment assets | 56,770) | 54,488) | 53,221) | 45,224) | 39,586) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 3.04% | 11.26% | 15.32% | 6.44% | 0.12% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment ROA = 100 × Segment net income (loss) ÷ Segment assets
= 100 × 1,727 ÷ 56,770 = 3.04%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Downstream | Downstream segment ROA deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Asset Turnover
Chevron Corp., asset turnover by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Upstream | 0.47 | 0.43 | 0.58 | 0.38 | 0.22 |
| Downstream | 2.78 | 2.97 | 3.37 | 2.55 | 1.81 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Upstream | Upstream segment asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
| Downstream | Downstream segment asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Asset Turnover: Upstream
Chevron Corp.; Upstream; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment sales and other operating revenues | 87,768) | 83,920) | 106,978) | 70,140) | 41,381) |
| Segment assets | 188,483) | 194,805) | 183,105) | 184,412) | 191,309) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.47 | 0.43 | 0.58 | 0.38 | 0.22 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment asset turnover = Segment sales and other operating revenues ÷ Segment assets
= 87,768 ÷ 188,483 = 0.47
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Upstream | Upstream segment asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
Segment Asset Turnover: Downstream
Chevron Corp.; Downstream; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment sales and other operating revenues | 157,847) | 161,625) | 179,565) | 115,307) | 71,525) |
| Segment assets | 56,770) | 54,488) | 53,221) | 45,224) | 39,586) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 2.78 | 2.97 | 3.37 | 2.55 | 1.81 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment asset turnover = Segment sales and other operating revenues ÷ Segment assets
= 157,847 ÷ 56,770 = 2.78
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Downstream | Downstream segment asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment sales and other operating revenues
Chevron Corp., segment sales and other operating revenues by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Upstream | 87,768) | 83,920) | 106,978) | 70,140) | 41,381) |
| Downstream | 157,847) | 161,625) | 179,565) | 115,307) | 71,525) |
| Total | 245,615) | 245,545) | 286,543) | 185,447) | 112,906) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Segment net income (loss)
Chevron Corp., segment net income (loss) by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Upstream | 18,602) | 17,438) | 30,284) | 15,818) | (2,433) |
| Downstream | 1,727) | 6,137) | 8,155) | 2,914) | 47) |
| Total | 20,329) | 23,575) | 38,439) | 18,732) | (2,386) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Segment assets
Chevron Corp., segment assets by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Upstream | 188,483) | 194,805) | 183,105) | 184,412) | 191,309) |
| Downstream | 56,770) | 54,488) | 53,221) | 45,224) | 39,586) |
| Total | 245,253) | 249,293) | 236,326) | 229,636) | 230,895) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).