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, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Upstream | 20.78% | 28.31% | 22.55% | -5.88% | 4.37% |
| Downstream | 3.80% | 4.54% | 2.53% | 0.07% | 2.20% |
Based on: 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), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Upstream | Upstream segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Downstream | Downstream segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Profit Margin: Upstream
Chevron Corp.; Upstream; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment earnings | 17,438) | 30,284) | 15,818) | (2,433) | 2,576) |
| Segment sales and other operating revenues | 83,920) | 106,978) | 70,140) | 41,381) | 58,986) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 20.78% | 28.31% | 22.55% | -5.88% | 4.37% |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Segment earnings ÷ Segment sales and other operating revenues
= 100 × 17,438 ÷ 83,920 = 20.78%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Upstream | Upstream segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Profit Margin: Downstream
Chevron Corp.; Downstream; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment earnings | 6,137) | 8,155) | 2,914) | 47) | 2,481) |
| Segment sales and other operating revenues | 161,625) | 179,565) | 115,307) | 71,525) | 112,925) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 3.80% | 4.54% | 2.53% | 0.07% | 2.20% |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Segment earnings ÷ Segment sales and other operating revenues
= 100 × 6,137 ÷ 161,625 = 3.80%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Downstream | Downstream segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Return on Assets (Segment ROA)
Chevron Corp., ROA by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Upstream | 8.95% | 16.54% | 8.58% | -1.27% | 1.38% |
| Downstream | 11.26% | 15.32% | 6.44% | 0.12% | 5.89% |
Based on: 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), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Upstream | Upstream segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Downstream | Downstream segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment ROA: Upstream
Chevron Corp.; Upstream; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment earnings | 17,438) | 30,284) | 15,818) | (2,433) | 2,576) |
| Segment assets | 194,805) | 183,105) | 184,412) | 191,309) | 186,037) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 8.95% | 16.54% | 8.58% | -1.27% | 1.38% |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Segment earnings ÷ Segment assets
= 100 × 17,438 ÷ 194,805 = 8.95%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Upstream | Upstream segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Segment ROA: Downstream
Chevron Corp.; Downstream; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment earnings | 6,137) | 8,155) | 2,914) | 47) | 2,481) |
| Segment assets | 54,488) | 53,221) | 45,224) | 39,586) | 42,152) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 11.26% | 15.32% | 6.44% | 0.12% | 5.89% |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Segment earnings ÷ Segment assets
= 100 × 6,137 ÷ 54,488 = 11.26%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Downstream | Downstream segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Asset Turnover
Chevron Corp., asset turnover by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Upstream | 0.43 | 0.58 | 0.38 | 0.22 | 0.32 |
| Downstream | 2.97 | 3.37 | 2.55 | 1.81 | 2.68 |
Based on: 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), 10-K (reporting date: 2019-12-31).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Upstream | Upstream segment asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Downstream | Downstream segment asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Asset Turnover: Upstream
Chevron Corp.; Upstream; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment sales and other operating revenues | 83,920) | 106,978) | 70,140) | 41,381) | 58,986) |
| Segment assets | 194,805) | 183,105) | 184,412) | 191,309) | 186,037) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.43 | 0.58 | 0.38 | 0.22 | 0.32 |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Segment sales and other operating revenues ÷ Segment assets
= 83,920 ÷ 194,805 = 0.43
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Upstream | Upstream segment asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Segment Asset Turnover: Downstream
Chevron Corp.; Downstream; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment sales and other operating revenues | 161,625) | 179,565) | 115,307) | 71,525) | 112,925) |
| Segment assets | 54,488) | 53,221) | 45,224) | 39,586) | 42,152) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 2.97 | 3.37 | 2.55 | 1.81 | 2.68 |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Segment sales and other operating revenues ÷ Segment assets
= 161,625 ÷ 54,488 = 2.97
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Downstream | Downstream segment asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment earnings
Chevron Corp., segment earnings by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Upstream | 17,438) | 30,284) | 15,818) | (2,433) | 2,576) |
| Downstream | 6,137) | 8,155) | 2,914) | 47) | 2,481) |
| Total | 23,575) | 38,439) | 18,732) | (2,386) | 5,057) |
Based on: 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), 10-K (reporting date: 2019-12-31).
Segment assets
Chevron Corp., segment assets by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Upstream | 194,805) | 183,105) | 184,412) | 191,309) | 186,037) |
| Downstream | 54,488) | 53,221) | 45,224) | 39,586) | 42,152) |
| Total | 249,293) | 236,326) | 229,636) | 230,895) | 228,189) |
Based on: 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), 10-K (reporting date: 2019-12-31).
Segment sales and other operating revenues
Chevron Corp., segment sales and other operating revenues by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Upstream | 83,920) | 106,978) | 70,140) | 41,381) | 58,986) |
| Downstream | 161,625) | 179,565) | 115,307) | 71,525) | 112,925) |
| All Other | 597) | 518) | 508) | 759) | 1,084) |
| Total | 246,142) | 287,061) | 185,955) | 113,665) | 172,995) |
Based on: 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), 10-K (reporting date: 2019-12-31).