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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 June 30, 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
Delaware 94-0890210 San Ramon, California 94583-2324
(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: (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 class Trading Symbol Name of each exchange on which registered
Common stock, par value $.75 per share CVX New 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 1,957,434,814 shares of the company’s common stock outstanding on June 30, 2022.


TABLE OF CONTENTS
 
  Page No.
2
FINANCIAL INFORMATION
3
4
5
6
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8
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
June 30
Six Months Ended
June 30
  2022 2021 2022 2021
  (Millions of dollars, except per-share amounts)
Revenues and Other Income
Sales and other operating revenues $ 65,372  $ 36,117  $ 117,686  $ 67,193 
Income (loss) from equity affiliates 2,467  1,442  4,552  2,353 
Other income (loss) 923  38  897  80 
Total Revenues and Other Income 68,762  37,597  123,135  69,626 
Costs and Other Deductions
Purchased crude oil and products 40,003  20,629  72,652  38,197 
Operating expenses 6,318  4,899  11,956  9,866 
Selling, general and administrative expenses 863  1,096  1,830  2,086 
Exploration expenses 196  113  405  199 
Depreciation, depletion and amortization 3,700  4,522  7,354  8,808 
Taxes other than on income 1,563  1,566  3,565  2,986 
Interest and debt expense 129  185  265  383 
Other components of net periodic benefit costs (13) 165  51  502 
Total Costs and Other Deductions 52,759  33,175  98,078  63,027 
Income (Loss) Before Income Tax Expense 16,003  4,422  25,057  6,599 
Income Tax Expense (Benefit) 4,288  1,328  7,065  2,107 
Net Income (Loss) 11,715  3,094  17,992  4,492 
Less: Net income (loss) attributable to noncontrolling interests 93  12  111  33 
Net Income (Loss) Attributable to Chevron Corporation $ 11,622  $ 3,082  $ 17,881  $ 4,459 
Per Share of Common Stock
Net Income (Loss) Attributable to Chevron Corporation
- Basic $ 5.98  $ 1.61  $ 9.21  $ 2.33 
- Diluted $ 5.95  $ 1.60  $ 9.17  $ 2.32 
Weighted Average Number of Shares Outstanding (000s)
- Basic 1,947,703  1,917,536  1,941,719  1,915,243 
- Diluted 1,957,109  1,921,958  1,950,860  1,918,940 
See accompanying notes to consolidated financial statements.
3

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
June 30
Six Months Ended
June 30
  2022 2021 2022 2021
(Millions of dollars)
Net Income (Loss) $ 11,715  $ 3,094  $ 17,992  $ 4,492 
Currency translation adjustment (37) (48) (16)
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period    
Derivatives
Net derivatives gain (loss) on hedge transactions 29  (2) 31  (2)
Reclassification to net income (2) —  (2) — 
Income taxes on derivatives transactions (7) —  (7) — 
Total 20  (2) 22  (2)
Defined benefit plans
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements 79  242  237  677 
Actuarial gain (loss) arising during period 144  110  283  1,017 
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments (5) (4) (9) (8)
Prior service (costs) credits arising during period    
Defined benefit plans sponsored by equity affiliates - benefit (cost) 12  29  18  40 
 Income (taxes) benefit on defined benefit plans (52) (95) (105) (396)
Total 178  285  424  1,333 
Other Comprehensive Gain (Loss), Net of Tax 161  291  398  1,317 
Comprehensive Income (Loss) 11,876  3,385  18,390  5,809 
Comprehensive loss (income) attributable to noncontrolling interests (93) (12) (111) (33)
Comprehensive Income (Loss) Attributable to Chevron Corporation $ 11,783  $ 3,373  $ 18,279  $ 5,776 





See accompanying notes to consolidated financial statements.
4

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
At June 30,
2022
At December 31,
2021
(Millions of dollars)
Assets
Cash and cash equivalents $ 12,029  $ 5,640 
Marketable securities 341  35 
Accounts and notes receivable (less allowance: 2022 - $307; 2021 - $303)
26,860  18,419 
Inventories:
Crude oil and products 5,671  4,248 
Chemicals 616  565 
Materials, supplies and other 1,428  1,492 
Total inventories 7,715  6,305 
Prepaid expenses and other current assets 4,243  3,339 
Total Current Assets 51,188  33,738 
Long-term receivables (less allowance: 2022 - $473; 2021 - $442)
649  603 
Investments and advances 43,557  40,696 
Properties, plant and equipment, at cost 322,541  336,045 
Less: Accumulated depreciation, depletion and amortization 178,131  189,084 
Properties, plant and equipment, net 144,410  146,961 
Deferred charges and other assets 12,647  12,384 
Goodwill 4,663  4,385 
Assets held for sale 822  768 
Total Assets $ 257,936  $ 239,535 
Liabilities and Equity
Short-term debt
$ 3,230  $ 256 
Accounts payable 24,906  16,454 
Accrued liabilities 6,710  6,972 
Federal and other taxes on income 2,922  1,700 
Other taxes payable 1,353  1,409 
Total Current Liabilities 39,121  26,791 
Long-term debt 23,005  31,113 
Deferred credits and other noncurrent obligations 19,722  20,778 
Noncurrent deferred income taxes 15,942  14,665 
Noncurrent employee benefit plans 5,584  6,248 
Total Liabilities*
$ 103,374  $ 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 June 30, 2022 and December 31, 2021)
1,832  1,832 
Capital in excess of par value 18,559  17,282 
Retained earnings 177,909  165,546 
Accumulated other comprehensive losses (3,491) (3,889)
Deferred compensation and benefit plan trust (240) (240)
Treasury stock, at cost (485,241,766 and 512,870,523 shares at June 30, 2022 and December 31, 2021, respectively)
(41,015) (41,464)
Total Chevron Corporation Stockholders’ Equity 153,554  139,067 
Noncontrolling interests (includes redeemable noncontrolling interest of $139 and $135 at June 30, 2022 and December 31, 2021)
1,008  873 
Total Equity 154,562  139,940 
Total Liabilities and Equity $ 257,936  $ 239,535 





See accompanying notes to consolidated financial statements.
5

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Six Months Ended
June 30
  2022 2021
(Millions of dollars)
Operating Activities
Net Income (Loss) $ 17,992  $ 4,492 
Adjustments
Depreciation, depletion and amortization 7,354  8,808 
Dry hole expense 234  19 
Distributions more (less) than income from equity affiliates (3,166) (1,417)
Net before-tax losses (gains) on asset retirements and sales (466) (87)
Net foreign currency effects (225) 159 
Deferred income tax provision 1,341  (186)
Net decrease (increase) in operating working capital (405) (1,032)
Decrease (increase) in long-term receivables 52  22 
Net decrease (increase) in other deferred charges (119) (116)
Cash contributions to employee pension plans (775) (581)
Other 20  1,069 
Net Cash Provided by Operating Activities 21,837  11,150 
Investing Activities
Acquisition of businesses, net of cash received (2,862) — 
Capital expenditures (5,144) (3,543)
Proceeds and deposits related to asset sales and returns of investment 2,349  369 
Net sales (purchases) of marketable securities (1) — 
Net repayment (borrowing) of loans by equity affiliates 29  39 
Net Cash Used for Investing Activities (5,629) (3,135)
Financing Activities
Net borrowings (repayments) of short-term obligations 36  1,948 
Repayments of long-term debt and other financing obligations (5,689) (3,252)
Cash dividends - common stock (5,512) (5,041)
Net contributions from (distributions to) noncontrolling interests (36) (26)
Net sales (purchases) of treasury shares 1,697  373 
Net Cash Provided by (Used for) Financing Activities (9,504) (5,998)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (143) (66)
Net Change in Cash, Cash Equivalents and Restricted Cash 6,561  1,951 
Cash, Cash Equivalents and Restricted Cash at January 1 6,795  6,737 
Cash, Cash Equivalents and Restricted Cash at June 30
$ 13,356  $ 8,688 





See accompanying notes to consolidated financial statements.
6

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(Unaudited)
(Millions of dollars) Accumulated Treasury Chevron Corp. Non-
Common Retained Other Comp. Stock Stockholders’ Controlling Total
Three Months Ended June 30
Stock(1)
Earnings Income (Loss) (at cost) Equity Interests Equity
Balance at March 31, 2021 $ 18,458  $ 159,285  $ (4,586) $ (41,269) $ 131,888  $ 1,045  $ 132,933 
Treasury stock transactions 40  —  —  —  40  —  40 
NBLX Acquisition 138  (148) —  377  367  (321) 46 
Net income (loss) —  3,082  —  —  3,082  12  3,094 
Cash dividends ($1.34 per share)
—  (2,573) —  —  (2,573) (14) (2,587)
Stock dividends —  —  —  —  —  —  — 
Other comprehensive income —  —  291  —  291  —  291 
Purchases of treasury shares —  —  —  (2) (2) —  (2)
Issuances of treasury shares —  —  —  95  95  —  95 
Other changes, net —  (6) —  —  (6)
Balance at June 30, 2021 $ 18,636  $ 159,640  $ (4,295) $ (40,799) $ 133,182  $ 729  $ 133,911 
Balance at March 31, 2022 $ 19,970  $ 169,059  $ (3,652) $ (39,158) $ 146,219  $ 881  $ 147,100 
Treasury stock transactions 13  —  —  —  13  —  13 
Net income (loss) —  11,622  —  —  11,622  93  11,715 
Cash dividends ($1.42 per share)
—  (2,766) —  —  (2,766) (31) (2,797)
Stock dividends —  (1) —  —  (1) —  (1)
Other comprehensive income —  —  161  —  161  —  161 
Purchases of treasury shares —  —  —  (2,500) (2,500) —  (2,500)
Issuances of treasury shares 168  —  —  643  811  —  811 
Other changes, net —  (5) —  —  (5) 65  60 
Balance at June 30, 2022 $ 20,151  $ 177,909  $ (3,491) $ (41,015) $ 153,554  $ 1,008  $ 154,562 
Six Months Ended June 30
Balance at December 31, 2020 $ 18,421  $ 160,377  $ (5,612) $ (41,498) $ 131,688  $ 1,038  $ 132,726 
Treasury stock transactions 77  —  —  —  77  —  77 
NBLX acquisition 138  (148) —  377  367  (321) 46 
Net income (loss) —  4,459  —  —  4,459  33  4,492 
Cash dividends ($2.63 per share)
—  (5,041) —  —  (5,041) (26) (5,067)
Stock dividends —  (1) —  —  (1) —  (1)
Other comprehensive income —  —  1,317  —  1,317  —  1,317 
Purchases of treasury shares —  —  —  (8) (8) —  (8)
Issuances of treasury shares —  —  —  330  330  —  330 
Other changes, net —  (6) —  —  (6) (1)
Balance at June 30, 2021 $ 18,636  $ 159,640  $ (4,295) $ (40,799) $ 133,182  $ 729  $ 133,911 
Balance at December 31, 2021 $ 18,874  $ 165,546  $ (3,889) $ (41,464) $ 139,067  $ 873  $ 139,940 
Treasury stock transactions 29  —  —  —  29  —  29 
Net income (loss) —  17,881  —  —  17,881  111  17,992 
Cash dividends ($2.84 per share)
—  (5,512) —  —  (5,512) (36) (5,548)
Stock dividends —  (1) —  —  (1) —  (1)
Other comprehensive income —  —  398  —  398  —  398 
Purchases of treasury shares —  —  —  (3,755) (3,755) —  (3,755)
Issuances of treasury shares 1,248  —  —  4,204  5,452  —  5,452 
Other changes, net —  (5) —  —  (5) 60  55 
Balance at June 30, 2022 $ 20,151  $ 177,909  $ (3,491) $ (41,015) $ 153,554  $ 1,008  $ 154,562 
(Number of Shares) Common Stock - 2022 Common Stock - 2021
Three Months Ended June 30
Issued(2)
Treasury Outstanding
Issued(2)
Treasury Outstanding
Balance at March 31 2,442,676,580  (477,863,124) 1,964,813,456  2,442,676,580  (514,624,401) 1,928,052,179 
Purchases —  (15,168,627) (15,168,627) —  (6,593) (6,593)
Issuances —  7,789,985  7,789,985  —  5,866,358  5,866,358 
Balance at June 30 2,442,676,580  (485,241,766) 1,957,434,814  2,442,676,580  (508,764,636) 1,933,911,944 
Six Months Ended June 30
Balance at December 31 2,442,676,580  (512,870,523) 1,929,806,057  2,442,676,580  (517,490,263) 1,925,186,317 
Purchases —  (24,065,638) (24,065,638) —  (73,596) (73,596)
Issuances —  51,694,395  51,694,395  —  8,799,223  8,799,223 
Balance at June 30 2,442,676,580  (485,241,766) 1,957,434,814  2,442,676,580  (508,764,636) 1,933,911,944 
(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- and six-month periods ended June 30, 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 six months ended June 30, 2022 and 2021 are reflected in the table below.
Changes in Accumulated Other Comprehensive Income (Loss) by Component(1)
(Millions of dollars)
Currency Translation Adjustment Unrealized Holding Gains (Losses) on Securities Derivatives Defined Benefit Plans Total
Balance at December 31, 2020 $ (107) $ (10) $   $ (5,495) $ (5,612)
Components of Other Comprehensive Income (Loss):
Before Reclassifications (16) (2) 820  804 
Reclassifications(2) (3)
—  —  —  513  513 
Net Other Comprehensive Income (Loss) (16) (2) 1,333  1,317 
Balance at June 30, 2021 $ (123) $ (8) $ (2) $ (4,162) $ (4,295)
Balance at December 31, 2021 $ (162) $ (11) $   $ (3,716) $ (3,889)
Components of Other Comprehensive Income (Loss):
Before Reclassifications (48) —  24  231  207 
Reclassifications(2) (3)
—  —  (2) 193  191 
Net Other Comprehensive Income (Loss) (48) —  22  424  398 
Balance at June 30, 2022 $ (210) $ (11) $ 22  $ (3,292) $ (3,491)
(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 $227 million that are included in employee benefit costs for the six months ended June 30, 2022. Related income taxes for the same period, totaling $34 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
Six Months Ended
June 30
2022 2021
(Millions of dollars)
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates $ 1,386  $ 936 
(Income) loss from equity affiliates (4,552) (2,353)
Distributions more (less) than income from equity affiliates $ (3,166) $ (1,417)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable $ (8,625) $ (4,725)
Decrease (increase) in inventories (789) (471)
Decrease (increase) in prepaid expenses and other current assets (479) (1)
Increase (decrease) in accounts payable and accrued liabilities 8,219  3,751 
Increase (decrease) in income and other taxes payable 1,269  414 
Net decrease (increase) in operating working capital $ (405) $ (1,032)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest) $ 262  $ 355 
Income taxes 4,414  1,939 
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales $ 1,263  $ 352 
Returns of investment from equity affiliates 1,086  17 
Proceeds and deposits related to asset sales and returns of investment $ 2,349  $ 369 
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased $ (7) $ (3)
Marketable securities sold 6 
Net sales (purchases) of marketable securities $ (1) $ — 
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates $ (20) $ — 
Repayment of loans by equity affiliates 49  39 
Net repayment (borrowing) of loans by equity affiliates $ 29  $ 39 
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations $   $ 4,449 
Repayments of short-term obligations   (3,910)
Net borrowings (repayments) of short-term obligations with three months or less maturity 36  1,409 
Net borrowings (repayments) of short-term obligations $ 36  $ 1,948 
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans $ 5,452  $ 381 
Shares purchased under share repurchase and deferred compensation plans (3,755) (8)
Net sales (purchases) of treasury shares $ 1,697  $ 373 
Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts:
Distributions to noncontrolling interests $ (36) $ (26)
Contributions from noncontrolling interests   — 
Net contributions from (distributions to) noncontrolling interests $ (36) $ (26)
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 second quarter 2022. This compares to dividends of $1.34 per share paid in the year-ago corresponding period.
The components of “Capital expenditures” are presented in the following table:
Six Months Ended
June 30
2022 2021
(Millions of dollars)
Additions to properties, plant and equipment
$ 4,028  $ 3,354 
Additions to investments 831  168 
Current-year dry hole expenditures 116  19 
Payments for other assets and liabilities, net 169 
Capital expenditures $ 5,144  $ 3,543 
The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet:
At June 30 At December 31
2022 2021 2021 2020
(Millions of dollars)
Cash and cash equivalents $ 12,029  $ 7,527  $ 5,640  $ 5,596 
Restricted cash included in “Prepaid expenses and other current assets” 524  378  333  365 
Restricted cash included in “Deferred charges and other assets” 803  783  822  776 
Total cash, cash equivalents and restricted cash $ 13,356  $ 8,688  $ 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:
Six Months Ended
June 30
  2022 2021
  (Millions of dollars)
Sales and other operating revenues $ 12,649  $ 7,368 
Costs and other deductions 6,046  3,935 
Net income attributable to TCO $ 4,612  $ 2,403 
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 following table:
Six Months Ended
June 30
  2022 2021
  (Millions of dollars)
Sales and other operating revenues $ 7,818  $ 6,452 
Costs and other deductions 6,746  5,178 
Net income attributable to CPChem $ 1,308  $ 1,544 


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 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:
Six Months Ended
June 30
2022 2021
(Millions of dollars)
Sales and other operating revenues $ 93,356  $ 51,752 
Costs and other deductions 85,678  50,962 
Net income (loss) attributable to CUSA $ 6,660  $ 1,290 
At June 30,
2022
At December 31,
2021
  (Millions of dollars)
Current assets $ 31,982  $ 20,216 
Other assets 48,171  47,355 
Current liabilities 23,101  17,824 
Other liabilities 19,084  18,438 
Total CUSA net equity $ 37,968  $ 31,309 
Memo: Total debt $ 11,715  $ 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.
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. Nonbillable costs remain at the corporate level in “All Other.” Earnings by major operating area for the three- and six-month periods ended June 30, 2022 and 2021, are presented in the following table:
Three Months Ended
June 30
Six Months Ended
June 30
2022 2021 2022 2021
Segment Earnings (Millions of dollars) (Millions of dollars)
Upstream
United States $ 3,367  $ 1,446  $ 6,605  $ 2,387 
International 5,191  1,732  8,887  3,141 
Total Upstream 8,558  3,178  15,492  5,528 
Downstream
United States 2,440  776  2,926  646 
International 1,083  63  928  198 
Total Downstream 3,523  839  3,854  844 
Total Segment Earnings 12,081  4,017  19,346  6,372 
All Other
Interest expense (120) (173) (246) (357)
Interest income 29  12  39  20 
Other (368) (774) (1,258) (1,576)
Net Income Attributable to Chevron Corporation $ 11,622  $ 3,082  $ 17,881  $ 4,459 
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at June 30, 2022, and December 31, 2021, are as follows: 
At June 30,
2022
At December 31,
2021
Segment Assets (Millions of dollars)
Upstream
United States $ 42,954  $ 41,870 
International 137,550  138,157 
Goodwill 4,370  4,385 
Total Upstream 184,874  184,412 
Downstream
United States 33,094  26,376 
International 23,829  18,848 
Goodwill 293  — 
Total Downstream 57,216  45,224 
Total Segment Assets 242,090  229,636 
All Other
United States 11,615  5,746 
International 4,231  4,153 
Total All Other 15,846  9,899 
Total Assets — United States 87,663  73,992 
Total Assets — International 165,610  161,158 
Goodwill 4,663  4,385 
Total Assets $ 257,936  $ 239,535 
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 six-month periods ended June 30, 2022 and 2021, 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
June 30
Six Months Ended
June 30
2022 2021 2022 2021
Sales and Other Operating Revenues (Millions of dollars) (Millions of dollars)
Upstream
United States $ 14,232  $ 6,034  $ 25,548  $ 11,825 
International 14,230  9,516  27,732  18,306 
Subtotal 28,462  15,550  53,280  30,131 
Intersegment Elimination — United States (8,475) (3,256) (15,394) (6,111)
Intersegment Elimination — International (4,138) (2,761) (7,787) (5,136)
Total Upstream 15,849  9,533  30,099  18,884 
Downstream
United States 25,867  13,911  45,638  24,765 
International 25,443  13,605  45,050  25,187 
Subtotal 51,310  27,516  90,688  49,952 
Intersegment Elimination — United States (1,343) (500) (2,342) (966)
Intersegment Elimination — International (482) (457) (813) (726)
Total Downstream 49,485  26,559  87,533  48,260 
All Other
United States 141  210  224  234 
International 1  —  1  — 
Subtotal 142  210  225  234 
Intersegment Elimination — United States (103) (185) (170) (185)
Intersegment Elimination — International (1) —  (1) — 
Total All Other 38  25  54  49 
Sales and Other Operating Revenues
United States 40,240  20,155  71,410  36,824 
International 39,674  23,121  72,783  43,493 
Subtotal 79,914  43,276  144,193  80,317 
Intersegment Elimination — United States (9,921) (3,941) (17,906) (7,262)
Intersegment Elimination — International (4,621) (3,218) (8,601) (5,862)
Total Sales and Other Operating Revenues $ 65,372  $ 36,117  $ 117,686  $ 67,193 
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 2022 and 2021 are as follows:
  Three Months Ended
June 30
Six Months Ended
June 30
  2022 2021 2022 2021
(Millions of dollars) (Millions of dollars)
Pension Benefits
United States
Service cost $ 117  $ 108  $ 235  $ 225 
Interest cost 69  64  135  119 
Expected return on plan assets (162) (145) (323) (294)
Amortization of prior service costs (credits) 1  —  1 
Amortization of actuarial losses (gains) 60  73  125  177 
Settlement losses 21  151  107  468 
Total United States 106  251  280  696 
International
Service cost 21  37  43  71 
Interest cost 35  36  71  69 
Expected return on plan assets (44) (43) (92) (89)
Amortization of prior service costs (credits) 1  3 
Amortization of actuarial losses (gains) 4  14  8  24 
Settlement losses (9) —  (9) — 
Total International 8  46  24  79 
Net Periodic Pension Benefit Costs $ 114  $ 297  $ 304  $ 775 
Other Benefits*
Service cost $ 10  $ 10  $ 21  $ 21 
Interest cost 16  13  31  26 
Amortization of prior service costs (credits) (7) (6) (13) (13)
Amortization of actuarial losses (gains) 3  6 
Net Periodic Other Benefit Costs $ 22  $ 21  $ 45  $ 42 
* 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 June 30, 2022, a total of $775 million was contributed to employee pension plans (including $673 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 six months of 2022, the company contributed $86 million to its OPEB plans.
Note 9. Assets Held For Sale
At June 30, 2022, the company classified $822 million of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet. These assets are associated with upstream and corporate operations that are anticipated to be sold in the next 12 months. The revenues and earnings contributions of these assets in 2021 and the first six months of 2022 were not material.
Note 10. Income Taxes
The income tax expense increased between quarterly periods from $1.3 billion in 2021 to $4.3 billion in 2022. The company's income before income tax expense increased $11.6 billion from $4.4 billion in 2021 to $16.0 billion in 2022, primarily due to higher realizations and downstream margins. The company’s effective tax
14

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
rate changed between quarterly periods from 30 percent in 2021 to 27 percent in 2022. The change in the effective tax rate is mainly due to the consequence of mix effects, resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions.
The income tax expense increased between the six-month periods from $2.1 billion in 2021 to $7.1 billion in 2022. This increase is a direct result of the company’s income before income tax expense increasing $18.5 billion, from $6.6 billion in 2021 to $25.1 billion in 2022. The increase in income is primarily due to higher realizations and downstream margins. The company’s effective tax rate changed between the six-month periods from 32 percent in 2021 to 28 percent in 2022. The change in effective tax rate is primarily a consequence of the mix effects, resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions and lower favorable international tax items.
Tax positions for Chevron and its subsidiaries and affiliates are subject to income tax audits by many tax jurisdictions throughout the world. For the company’s major tax jurisdictions, examinations of tax returns for certain prior tax years had not been completed as of June 30, 2022. For these jurisdictions, the latest years for which income tax examinations had been finalized were as follows: United States — 2013, Nigeria — 2007, Australia — 2009, Kazakhstan — 2012 and Saudi Arabia — 2016.
The company engages in ongoing discussions with tax authorities regarding the resolution of tax matters in the various jurisdictions. Both the outcomes for these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. However, it is reasonably possible that developments regarding tax matters in certain tax jurisdictions may result in significant increases or decreases in the company’s total unrecognized tax benefits within the next 12 months. 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.
Note 11. Litigation
Ecuador
Texaco Petroleum Company (Texpet), a subsidiary of Texaco Inc., was a minority member of an oil production consortium with Ecuadorian state-owned Petroecuador from 1967 until 1992. After termination of the consortium and a third-party environmental audit, Ecuador and the consortium parties entered into a settlement agreement specifying Texpet’s remediation obligations. Following Texpet’s completion of a three-year remediation program, Ecuador certified the remediation as proper and released Texpet and its affiliates from environmental liability. In May 2003, plaintiffs alleging environmental harm from the consortium’s activities sued Chevron in the Superior Court in Lago Agrio, Ecuador. In February 2011, that court entered a judgment against Chevron for approximately $9.5 billion plus additional punitive damages. An appellate panel affirmed, and Ecuador’s National Court of Justice ratified the judgment but nullified the punitive damages, resulting in a judgment of approximately $9.5 billion. Ecuador’s highest Constitutional Court rejected Chevron’s final appeal in July 2018.
In February 2011, Chevron sued the Lago Agrio plaintiffs and several of their lawyers and supporters in the U.S. District Court for the Southern District of New York (SDNY) for violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and state law. The SDNY court ruled that the Ecuadorian judgment had been procured through fraud, bribery, and corruption, and prohibited the RICO defendants from seeking to enforce the Ecuadorian judgment in the United States or profiting from their illegal acts. The Court of Appeals for the Second Circuit affirmed, and the U.S. Supreme Court denied certiorari in June 2017, rendering final the U.S. judgment in favor of Chevron. The Lago Agrio plaintiffs sought to have the Ecuadorian judgment recognized and enforced in Canada, Brazil, and Argentina. All of those recognition and enforcement actions were dismissed and resolved in Chevron’s favor. Chevron and Texpet filed an arbitration claim against Ecuador in September 2009 before an arbitral tribunal administered by the Permanent Court of Arbitration in The Hague, under the United States-Ecuador Bilateral Investment Treaty. In August 2018, the Tribunal issued an award holding that the Ecuadorian judgment was based on environmental claims that Ecuador had settled and released, and that it was procured through fraud, bribery, and corruption. According to the Tribunal, the Ecuadorian judgment “violates international public policy” and “should not be recognized or enforced by the courts of other States.” The Tribunal ordered Ecuador to remove the status of
15

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
enforceability from the Ecuadorian judgment and to compensate Chevron for any injuries resulting from the judgment. The third and final phase of the arbitration, to determine the amount of compensation Ecuador owes to Chevron, is ongoing. In September 2020, the District Court of The Hague denied Ecuador’s request to set aside the Tribunal’s award, stating that it now is “common ground” between Ecuador and Chevron that the Ecuadorian judgment is fraudulent. In December 2020, Ecuador appealed the District Court’s decision to The Hague Court of Appeals. In June 2022, The Hague Court of Appeals dismissed Ecuador's appeal. In a separate proceeding, Ecuador admitted that the Ecuadorian judgment is fraudulent in a public filing with the Office of the United States Trade Representative in July 2020. Management continues to believe that the Ecuadorian judgment is illegitimate and unenforceable and will vigorously defend against any further attempts to have it recognized or enforced.
Climate Change
Governmental and other entities in various jurisdictions across the United States have filed 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 21 separate lawsuits brought by 17 U.S. cities and counties, two U.S. states, the District of Columbia and a trade group. One of the city lawsuits was dismissed on the merits, and one of the county lawsuits was voluntarily dismissed by the plaintiff. The lawsuits assert various causes of action, including public nuisance, private nuisance, failure to warn, design defect, product defect, trespass, negligence, impairment of public trust, and violations of consumer protection statutes, based upon the company’s production of oil and gas products and alleged misrepresentations or omissions relating to climate change risks associated with those products. The unprecedented legal theories set forth in these proceedings entail the possibility of damages liability (both compensatory and punitive), injunctive and other forms of equitable relief, including without limitation abatement and disgorgement of profits, civil penalties and liability for fees and costs of suits, that, while we believe remote, could have a material adverse effect on the company’s results of operations and financial condition. Further such proceedings are likely to be filed by other parties. 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.
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. 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. Plaintiffs’ SLCRMA theories are unprecedented; thus, there remains significant uncertainty about the scope of the claims and alleged damages and any potential effects 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.
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. Refer to Note 10 Income Taxes for a discussion of the periods for which tax returns have been audited for the company’s major tax jurisdictions.
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.
16

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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 In the acquisition of Unocal, the company assumed certain indemnities relating to contingent environmental liabilities associated with assets that were sold in 1997. The acquirer of those assets shared in certain environmental remediation costs up to a maximum obligation of $200 million, which had been reached at December 31, 2009. Under the indemnification agreement, after reaching the $200 million obligation, Chevron was solely responsible until April 2022, when the indemnification expired.
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.
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
17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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 on a recurring basis at June 30, 2022, and December 31, 2021, is as follows:
Assets and Liabilities Measured at Fair Value on a Recurring Basis
(Millions of dollars)
  At June 30, 2022 At December 31, 2021
  Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Marketable Securities $ 341  $ 341  $   $   $ 35  $ 35  $ —  $ — 
Derivatives - not designated 111  68  43    313  285  28  — 
Derivatives - designated 29  29      —  —  —  — 
Total Assets at Fair Value
$ 481  $ 438  $ 43  $   $ 348  $ 320  $ 28  $ — 
Derivatives - not designated 364  290  74    72  24  48  — 
Total Liabilities at Fair Value
$ 364  $ 290  $ 74  $   $ 72  $ 24  $ 48  $ — 
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 June 30, 2022.
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 June 30, 2022, and December 31, 2021, 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 time deposits with maturities of 90 days or less, and money market funds. “Cash and cash equivalents” had carrying/fair values of $12.0 billion and $5.6 billion at June 30, 2022, and December 31, 2021, respectively. The fair values of cash and cash equivalents are classified as Level 1 and reflect the cash that would have been received if the instruments were settled at June 30, 2022.
Restricted Cash had a carrying/fair value of $1.3 billion and $1.2 billion at June 30, 2022 and December 31, 2021, respectively. At June 30, 2022, restricted cash is classified as Level 1 and includes restricted funds related to certain upstream decommissioning activities, tax payments and a financing program, which 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 $17.4 billion and $22.2 billion at June 30, 2022, and December 31, 2021, respectively. The fair value of long-term debt for the company was $16.7 billion and $23.7 billion at June 30, 2022 and December 31, 2021, respectively. Long-term debt primarily includes corporate issued bonds, classified as Level 1 and are $16.2 billion for the period. The fair value of other long-term debt classified as Level 2 is $0.5 billion.
18

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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 June 30, 2022, and December 31, 2021, were not material.
Properties, plant and equipment The company did not have any impairments of long-lived assets measured at fair value on a nonrecurring basis to report.
Investments and advances The company did not have any impairments of investments and advances measured at fair value on a nonrecurring basis to report in second quarter 2022.
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 June 30, 2022, and December 31, 2021, 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 Classification At June 30,
2022
At December 31,
2021
Commodity Accounts and notes receivable, net $ 114  $ 251 
Commodity Long-term receivables, net 26  62 
Total Assets at Fair Value
$ 140  $ 313 
Commodity Accounts payable $ 350  $ 71 
Commodity Deferred credits and other noncurrent obligations 14 
Total Liabilities at Fair Value
$ 364  $ 72 
Consolidated Statement of Income: The Effect of Derivatives
(Millions of dollars)
Type of   Gain / (Loss)
Three Months Ended
June 30
Gain / (Loss)
Six Months Ended
June 30
Contract Statement of Income Classification 2022 2021 2022 2021
Commodity Sales and other operating revenues $ (74) $ (268) $ (947) $ (542)
Commodity Purchased crude oil and products (129) (21) (234) (24)
Commodity Other income (7) (6) (35)
$ (210) $ (285) $ (1,187) $ (601)
In the six months ended June 30, 2022, cash flow hedging contracts increased Sales and other operating revenues by $2 million compared with no impact in the same period of the prior year. At June 30, 2022, before-tax deferred gains in Accumulated Other Comprehensive Losses related to outstanding crude oil price hedging contracts were $29 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.

19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 2022, and December 31, 2021.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
(Millions of dollars)
  Gross Amount Recognized Gross Amounts Offset Net Amounts Presented  Gross Amounts Not Offset Net Amount
At June 30, 2022
Derivative Assets - not designated $ 3,946  $ 3,835  $ 111  $   $ 111 
Derivative Assets - designated $ 39    $ 10    $ 29    $     $ 29 
Derivative Liabilities - not designated $ 4,199  $ 3,835  $ 364  $   $ 364 
Derivative Liabilities - designated $ 10  $ 10  $   $   $  
At December 31, 2021
Derivative Assets - not designated $ 1,684  $ 1,371  $ 313  $ —  $ 313 
Derivative Liabilities - not designated $ 1,443  $ 1,371  $ 72  $ —  $ 72 
Derivative assets and liabilities are classified on the Consolidated Balance Sheet as accounts and notes receivable, long-term receivables, accounts payable, and deferred credits and other noncurrent obligations. Amounts not offset on the Consolidated Balance Sheet represent positions that do not meet all the conditions for “a right of offset.”
Note 15. Revenue
“Sales and other operating revenue” on the Consolidated Statement of Income primarily arise from contracts with customers. Related receivables are included in “Accounts and notes receivable, net” on the Consolidated Balance Sheet, net of the current expected credit losses. The net balance of these receivables was $18.7 billion and $12.9 billion at June 30, 2022, and December 31, 2021, respectively. Other items included in “Accounts and notes receivable, net” represent amounts due from partners for their share of joint venture operating and project costs and amounts due from others, primarily related to derivatives, leases, buy/sell arrangements and product exchanges, which are accounted for outside the scope of ASC 606.
Note 16. Financial Instruments - Credit Losses
Chevron’s expected credit loss allowance balance was $780 million as of June 30, 2022 and $745 million as of December 31, 2021, with a majority of the allowance relating to non-trade receivable balances.
The majority of the company’s receivable balance is concentrated in trade receivables, with a balance of $24.2 billion as of June 30, 2022, which reflects the company’s diversified sources of revenues and is dispersed across the company’s broad worldwide customer base. As a result, the company believes the concentration of credit risk is limited. The company routinely assesses the financial strength of its customers. When the financial strength of a customer is not considered sufficient, alternative risk mitigation measures may be deployed, including requiring prepayments, letters of credit or other acceptable forms of collateral. Once credit is extended and a receivable balance exists, the company applies a quantitative calculation to current trade receivable balances that reflects credit risk predictive analysis, including probability of default and loss given default, which takes into consideration current and forward-looking market data as well as the company’s historical loss data. This statistical approach becomes the basis of the company’s expected credit loss allowance for current trade receivables with payment terms that are typically short-term in nature, with most due in less than 90 days.
Chevron's non-trade receivable balance was $4.1 billion as of June 30, 2022, which includes receivables from certain governments in their capacity as joint venture partners. Joint venture partner balances that are paid as per contract terms or not yet due are subject to the statistical analysis described above while past due balances are subject to additional qualitative management quarterly review. This management review includes review of reasonable and supportable repayment forecasts. Non-trade receivables also include employee and tax receivables that are deemed immaterial and low risk. Equity affiliate loans are also considered non-trade and associated allowances of $560 million are included within Investments and Advances on the Consolidated Balance Sheet at both June 30, 2022, and December 31, 2021.
20

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 17. Acquisition of Renewable Energy Group, Inc.
On June 13, 2022, the company acquired Renewable Energy Group, Inc. (REG), an independent company focused on converting natural fats, oils and greases into advanced biofuels. REG utilizes a global integrated production, procurement, distribution and logistics network to operate 11 biorefineries in the U.S. and Europe. Ten biorefineries produce biodiesel and one produces renewable diesel. The acquisition combines REG’s growing renewable fuels production and leading feedstock capabilities with Chevron’s large manufacturing, distribution and commercial marketing position.
Chevron acquired outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share. As part of the transaction, the company recognized long-term debt and finance leases with a fair value of $590 million.
The acquisition was accounted for as a business combination under ASC 805, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. Provisional fair value measurements were made for acquired assets and liabilities, and adjustments to those measurements may be made in subsequent periods, up to one year from the acquisition date, as information necessary to complete the analysis is obtained. Tangible and intangible assets were valued using a combination of replacement cost approach and discounted cash flows that incorporated internally generated price assumptions and production profiles together with appropriate operating and capital cost assumptions. Debt assumed in the acquisition was valued based on observable market prices for REG’s debt. As a result of measuring the assets acquired and the liabilities assumed at fair value, the company recognized $293 million of goodwill.
The following table summarizes the values assigned to assets acquired and liabilities assumed:
At June 13, 2022
(Millions of dollars)
Current assets $ 1,584 
Properties, plant and equipment
1,778 
Deferred tax 92 
Other assets 374 
Total assets acquired 3,828 
Current liabilities 301 
Long-term debt and finance leases 590 
Other liabilities 75 
Total liabilities assumed 966 
Net assets acquired $ 2,862 
Goodwill 293 
Purchase Price $ 3,155 
Pro forma financial information is not disclosed as the acquisition was deemed not to have a material impact on the company's results of operations.
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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

Second Quarter 2022 Compared with Second Quarter 2021
Key Financial Results
Earnings by Business Segment
  Three Months Ended
June 30
Six Months Ended
June 30
  2022 2021 2022 2021
  (Millions of dollars) (Millions of dollars)
Upstream
United States $ 3,367  $ 1,446  $ 6,605