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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, 2021
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 1,933,911,944 shares of the Company’s common stock outstanding on June 30, 2021.


TABLE OF CONTENTS
 
  Page No.
2
FINANCIAL INFORMATION
3
4
5
6
7
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 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” 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 our 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 (OPEC) and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas 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 ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; 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 pay future dividends; 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 18 through 23 of the company’s 2020 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
  2021 2020 2021 2020
  (Millions of dollars, except per-share amounts)
Revenues and Other Income
Sales and other operating revenues $ 36,117  $ 15,926  $ 67,193  $ 45,631 
Income (loss) from equity affiliates 1,442  (2,515) 2,353  (1,550)
Other income (loss) 38  83  80  914 
Total Revenues and Other Income 37,597  13,494  69,626  44,995 
Costs and Other Deductions
Purchased crude oil and products 20,629  8,144  38,197  23,653 
Operating expenses 4,899  5,530  9,866  10,821 
Selling, general and administrative expenses 1,096  1,569  2,086  2,252 
Exploration expenses 113  895  199  1,053 
Depreciation, depletion and amortization 4,522  6,717  8,808  11,005 
Taxes other than on income 1,566  965  2,986  2,132 
Interest and debt expense 185  172  383  334 
Other components of net periodic benefit costs 165  99  502  197 
Total Costs and Other Deductions 33,175  24,091  63,027  51,447 
Income (Loss) Before Income Tax Expense 4,422  (10,597) 6,599  (6,452)
Income Tax Expense (Benefit) 1,328  (2,320) 2,107  (1,756)
Net Income (Loss) 3,094  (8,277) 4,492  (4,696)
Less: Net income (loss) attributable to noncontrolling interests 12  (7) 33  (25)
Net Income (Loss) Attributable to Chevron Corporation $ 3,082  $ (8,270) $ 4,459  $ (4,671)
Per Share of Common Stock
Net Income (Loss) Attributable to Chevron Corporation
- Basic $ 1.61  $ (4.44) $ 2.33  $ (2.51)
- Diluted $ 1.60  $ (4.44) $ 2.32  $ (2.51)
Weighted Average Number of Shares Outstanding (000s)
- Basic 1,917,536  1,853,313  1,915,243  1,857,793 
- Diluted 1,921,958  1,853,313  1,918,940  1,857,793 
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
  2021 2020 2021 2020
(Millions of dollars)
Net Income (Loss) $ 3,094  $ (8,277) $ 4,492  $ (4,696)
Currency translation adjustment 3  (16) (12)
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period 5  (1) 2  (4)
Derivatives
Net derivatives loss on hedge transactions (2) —  (2) — 
  Total (2) —  (2) — 
Defined benefit plans
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements 242  169  677  335 
Actuarial gain (loss) arising during period 110  —  1,017  — 
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments (4) (5) (8) (8)
Prior service (costs) credits arising during period 3  —  3  — 
Defined benefit plans sponsored by equity affiliates - benefit (cost) 29  40 
   Income (taxes) benefit on defined benefit plans (95) (43) (396) (80)
  Total 285  128  1,333  256 
Other Comprehensive Gain (Loss), Net of Tax 291  134  1,317  240 
Comprehensive Income (Loss) 3,385  (8,143) 5,809  (4,456)
Comprehensive loss (income) attributable to noncontrolling interests (12) (33) 25 
Comprehensive Income (Loss) Attributable to Chevron Corporation $ 3,373  $ (8,136) $ 5,776  $ (4,431)





See accompanying notes to consolidated financial statements.
4

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
At June 30,
2021
At December 31,
2020
(Millions of dollars)
Assets
Cash and cash equivalents $ 7,527  $ 5,596 
Marketable securities 34  31 
Accounts and notes receivable (less allowance: 2021 - $281; 2020 - $284)
15,705  11,471 
Inventories:
Crude oil and petroleum products 4,093  3,576 
Chemicals 556  457 
Materials, supplies and other 1,590  1,643 
Total inventories 6,239  5,676 
Prepaid expenses and other current assets 3,468  3,304 
Total Current Assets 32,973  26,078 
Long-term receivables (less allowance: 2021 - $418; 2020 - $387)
566  589 
Investments and advances 40,551  39,052 
Properties, plant and equipment, at cost 342,157  345,232 
Less: Accumulated depreciation, depletion and amortization 190,949  188,614 
Properties, plant and equipment, net 151,208  156,618 
Deferred charges and other assets 11,744  11,950 
Goodwill 4,402  4,402 
Assets held for sale 1,362  1,101 
Total Assets $ 242,806  $ 239,790 
Liabilities and Equity
Short-term debt
$ 3,497  $ 1,548 
Accounts payable 14,719  10,950 
Accrued liabilities 7,680  7,812 
Federal and other taxes on income 1,212  921 
Other taxes payable 1,039  952 
Total Current Liabilities 28,147  22,183 
Long-term debt 39,521  42,767 
Deferred credits and other noncurrent obligations 20,437  20,328 
Noncurrent deferred income taxes 13,140  12,569 
Noncurrent employee benefit plans 7,650  9,217 
Total Liabilities*
$ 108,895  $ 107,064 
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, 2021 and December 31, 2020)
1,832  1,832 
Capital in excess of par value 17,044  16,829 
Retained earnings 159,640  160,377 
Accumulated other comprehensive losses (4,295) (5,612)
Deferred compensation and benefit plan trust (240) (240)
Treasury stock, at cost (508,764,636 and 517,490,263 shares at June 30, 2021 and December 31, 2020, respectively)
(40,799) (41,498)
Total Chevron Corporation Stockholders’ Equity 133,182  131,688 
Noncontrolling interests (includes redeemable noncontrolling interest of $127 and $120 at June 30, 2021 and December 31, 2020, respectively)
729  1,038 
Total Equity 133,911  132,726 
Total Liabilities and Equity $ 242,806  $ 239,790 
* Refer to Note 12, “Other Contingencies and Commitments” beginning on page 17.





See accompanying notes to consolidated financial statements.
5

CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Six Months Ended
June 30
  2021 2020
(Millions of dollars)
Operating Activities
Net Income (Loss) $ 4,492  $ (4,696)
Adjustments
Depreciation, depletion and amortization 8,808  11,005 
Dry hole expense 19  845 
Distributions more (less) than income from equity affiliates (1,417) 2,278 
Net before-tax losses (gains) on asset retirements and sales (87) (598)
Net foreign currency effects 159  (19)
Deferred income tax provision (186) (2,547)
Net decrease (increase) in operating working capital (1,032) (373)
Decrease (increase) in long-term receivables 22  49 
Net decrease (increase) in other deferred charges (116) (109)
Cash contributions to employee pension plans (581) (531)
Other 1,069  (502)
Net Cash Provided by Operating Activities 11,150  4,802 
Investing Activities
Capital expenditures (3,543) (5,225)
Proceeds and deposits related to asset sales and returns of investment 369  1,852 
Net sales (purchases) of marketable securities   (1)
Net repayment (borrowing) of loans by equity affiliates 39  (1,074)
Net Cash Used for Investing Activities (3,135) (4,448)
Financing Activities
Net borrowings (repayments) of short-term obligations 1,948  2,571 
Proceeds from issuances of long-term debt   8,250 
Repayments of long-term debt and other financing obligations (3,252) (3,820)
Cash dividends - common stock (5,041) (4,796)
Distributions to noncontrolling interests (26) (10)
Net sales (purchases) of treasury shares 373  (1,550)
Net Cash Provided by (Used for) Financing Activities (5,998) 645 
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (66) (131)
Net Change in Cash, Cash Equivalents and Restricted Cash 1,951  868 
Cash, Cash Equivalents and Restricted Cash at January 1 6,737  6,911 
Cash, Cash Equivalents and Restricted Cash at June 30
$ 8,688  $ 7,779 





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, 2020 $ 18,867  $ 176,113  $ (4,884) $ (46,166) $ 143,930  $ 984  $ 144,914 
Treasury stock transactions 22  —  —  —  22  —  22 
Net income (loss) —  (8,270) —  —  (8,270) (7) (8,277)
Cash dividends —  (2,394) —  —  (2,394) (5) (2,399)
Stock dividends —  —  —  —  —  —  — 
Other comprehensive income —  —  134  —  134  —  134 
Purchases of treasury shares —  —  —  —  —  —  — 
Issuances of treasury shares —  —  —  23  23  —  23 
Other changes, net —  673  —  —  673  (704) (31)
Balance at June 30, 2020 $ 18,889  $ 166,122  $ (4,750) $ (46,143) $ 134,118  $ 268  $ 134,386 
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 —  (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 
Six Months Ended June 30
Balance at December 31, 2019 $ 18,857  $ 174,945  $ (4,990) $ (44,599) $ 144,213  $ 995  $ 145,208 
Treasury stock transactions 32  —  —  —  32  —  32 
Net income (loss) —  (4,671) —  —  (4,671) (25) (4,696)
Cash dividends —  (4,796) —  —  (4,796) (10) (4,806)
Stock dividends —  (1) —  —  (1) —  (1)
Other comprehensive income —  —  240  —  240  —  240 
Purchases of treasury shares —  —  —  (1,751) (1,751) —  (1,751)
Issuances of treasury shares —  —  —  207  207  —  207 
Other changes, net —  645  —  —  645  (692) (47)
Balance at June 30, 2020 $ 18,889  $ 166,122  $ (4,750) $ (46,143) $ 134,118  $ 268  $ 134,386 
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 —  (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 
(Number of Shares) Common Stock - 2021 Common Stock - 2020
Three Months Ended June 30
Issued(2)
Treasury Outstanding
Issued(2)
Treasury Outstanding
Balance at March 31 2,442,676,580  (514,624,401) 1,928,052,179  2,442,676,580  (575,697,930) 1,866,978,650 
Purchases —  (6,593) (6,593) —  (224) (224)
Issuances —  5,866,358  5,866,358  —  289,406  289,406 
Balance at June 30 2,442,676,580  (508,764,636) 1,933,911,944  2,442,676,580  (575,408,748) 1,867,267,832 
Six Months Ended June 30
Balance at December 31 2,442,676,580  (517,490,263) 1,925,186,317  2,442,676,580  (560,508,479) 1,882,168,101 
Purchases —  (73,596) (73,596) —  (17,501,326) (17,501,326)
Issuances —  8,799,223  8,799,223  —  2,601,057  2,601,057 
Balance at June 30 2,442,676,580  (508,764,636) 1,933,911,944  2,442,676,580  (575,408,748) 1,867,267,832 
(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, 2021, 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 2020 Annual Report on Form 10-K.
Impact of the Coronavirus Disease 2019 (COVID-19) Pandemic The outbreak of COVID-19 and decreases in commodity prices resulting from oversupply, government-imposed travel restrictions and other constraints on economic activity caused a significant decline in the demand for our products and created disruptions and volatility in the global marketplace beginning late in the first quarter 2020, which negatively affected our results of operations and cash flows throughout 2020. While demand and commodity prices have largely recovered, demand is not back to pre-pandemic levels, and financial results could continue to be challenged in future quarters. There continues to be uncertainty and unpredictability around the extent to which the COVID-19 pandemic may impact our results, which could be material.

8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 2. Information Relating to the Consolidated Statement of Cash Flows
Six Months Ended
June 30
2021 2020
(Millions of dollars)
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates $ 936  $ 728 
(Income) loss from equity affiliates (2,353) 1,550 
Distributions more (less) than income from equity affiliates $ (1,417) $ 2,278 
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable $ (4,725) $ 4,769 
Decrease (increase) in inventories (471) 371 
Decrease (increase) in prepaid expenses and other current assets (1) 392 
Increase (decrease) in accounts payable and accrued liabilities 3,751  (4,812)
Increase (decrease) in income and other taxes payable 414  (1,093)
Net decrease (increase) in operating working capital $ (1,032) $ (373)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest) $ 355  $ 328 
Income taxes 1,939  2,142 
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales $ 352  $ 1,821 
Returns of investment from equity affiliates 17  31 
Proceeds and deposits related to asset sales and returns of investment $ 369  $ 1,852 
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased $ (3) $ (1)
Marketable securities sold 3  — 
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 $   $ (1,100)
Repayment of loans by equity affiliates 39  26 
Net repayment (borrowing) of loans by equity affiliates $ 39  $ (1,074)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations $ 4,449  $ 7,922 
Repayments of short-term obligations (3,910) (2,150)
Net borrowings (repayments) of short-term obligations with three months or less maturity 1,409  (3,201)
Net borrowings (repayments) of short-term obligations $ 1,948  $ 2,571 
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans $ 381  $ 201 
Shares purchased under share repurchase and deferred compensation plans (8) (1,751)
Net sales (purchases) of treasury shares $ 373  $ (1,550)
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 postretirement benefits obligations and other long-term liabilities.
The company paid dividends of $1.34 per share of common stock in second quarter 2021. This compares to dividends of $1.29 per share paid in the year-ago corresponding period.
9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory expenditures, including equity affiliates, are presented in the following table:
Six Months Ended
June 30
2021 2020
(Millions of dollars)
Additions to properties, plant and equipment
$ 3,354  $ 4,991 
Additions to investments 168  44 
Current-year dry hole expenditures 19  223 
Payments for other assets and liabilities, net 2  (33)
Capital expenditures 3,543  5,225 
Expensed exploration expenditures 180  208 
Assets acquired through finance lease obligations and other financing obligations 42 
Payments for other assets and liabilities, net (2) 33 
Capital and exploratory expenditures, excluding equity affiliates 3,763  5,472 
Company’s share of expenditures by equity affiliates 1,527  2,258 
Capital and exploratory expenditures, including equity affiliates $ 5,290  $ 7,730 
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
2021 2020 2020 2019
(Millions of dollars)
Cash and Cash Equivalents $ 7,527  $ 6,855  $ 5,596  $ 5,686 
Restricted cash included in “Prepaid expenses and other current assets” 378  161  365  452 
Restricted cash included in “Deferred charges and other assets” 783  763  776  773 
Total Cash, Cash Equivalents and Restricted Cash $ 8,688  $ 7,779  $ 6,737  $ 6,911 
Additional information related to “Restricted Cash” is included on page 19 in Note 13 under the heading “Restricted Cash.”
Note 3. 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
  2021 2020
  (Millions of dollars)
Sales and other operating revenues $ 7,368  $ 4,567 
Costs and other deductions 3,935  3,166 
Net income attributable to TCO $ 2,403  $ 984 
Note 4. Summarized Financial Data — Chevron Phillips Chemical Company LLC
Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Summarized financial information for 100 percent of CPChem is presented in the table.
Six Months Ended
June 30
  2021 2020
  (Millions of dollars)
Sales and other operating revenues $ 6,452  $ 3,998 
Costs and other deductions 5,178  3,500 
Net income attributable to CPChem $ 1,544  $ 420 

10

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 5. 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 Chevron Phillips Chemical Company LLC 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
2021 2020
(Millions of dollars)
Sales and other operating revenues $ 51,752  $ 32,779 
Costs and other deductions 50,962  35,953 
Net income (loss) attributable to CUSA $ 1,290  $ (2,151)
At June 30,
2021
At December 31,
2020
  (Millions of dollars)
Current assets $ 15,722  $ 10,555 
Other assets 47,427  48,054 
Current liabilities 15,437  12,403 
Other liabilities 22,102  14,102 
Total CUSA net equity $ 25,610  $ 32,104 
Memo: Total debt $ 14,972  $ 7,133 
Note 6. 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 and producing 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 the refining of crude oil into petroleum products; marketing of crude oil and refined products; 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, 2021 and 2020, are presented in the following table:
Three Months Ended
June 30
Six Months Ended
June 30
2021 2020 2021 2020
Segment Earnings (Millions of dollars) (Millions of dollars)
Upstream
United States $ 1,446  $ (2,066) $ 2,387  $ (1,825)
International 1,732  (4,023) 3,141  (1,344)
Total Upstream 3,178  (6,089) 5,528  (3,169)
Downstream
United States 776  (988) 646  (538)
International 63  (22) 198  631 
Total Downstream 839  (1,010) 844  93 
Total Segment Earnings 4,017  (7,099) 6,372  (3,076)
All Other
Interest expense (173) (164) (357) (318)
Interest income 12  13  20  36 
Other (774) (1,020) (1,576) (1,313)
Net Income Attributable to Chevron Corporation $ 3,082  $ (8,270) $ 4,459  $ (4,671)
Segment Assets Segment assets do not include intercompany investments or intercompany receivables. Segment assets at June 30, 2021, and December 31, 2020, are as follows: 
At June 30,
2021
At December 31,
2020
Segment Assets (Millions of dollars)
Upstream
United States $ 41,713  $ 42,431 
International 142,202  144,476 
Goodwill 4,402  4,402 
Total Upstream 188,317  191,309 
Downstream
United States 25,659  23,490 
International 17,735  16,096 
Total Downstream 43,394  39,586 
Total Segment Assets 231,711  230,895 
All Other
United States 4,836  4,017 
International 6,259  4,878 
Total All Other 11,095  8,895 
Total Assets — United States 72,208  69,938 
Total Assets — International 166,196  165,450 
Goodwill 4,402  4,402 
Total Assets $ 242,806  $ 239,790 
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, 2021 and 2020, 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 from the refining and marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived from crude oil. 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
2021 2020 2021 2020
Sales and Other Operating Revenues (Millions of dollars) (Millions of dollars)
Upstream
United States $ 6,034  $ 2,544  $ 11,825  $ 7,010 
International 9,516  4,554  18,306  13,567 
Subtotal 15,550  7,098  30,131  20,577 
Intersegment Elimination — United States (3,256) (1,420) (6,111) (4,232)
Intersegment Elimination — International (2,761) (1,021) (5,136) (3,562)
Total Upstream 9,533  4,657  18,884  12,783 
Downstream
United States 13,911  5,235  24,765  16,421 
International 13,605  6,519  25,187  18,692 
Subtotal 27,516  11,754  49,952  35,113 
Intersegment Elimination — United States (500) (332) (966) (1,592)
Intersegment Elimination — International (457) (186) (726) (771)
Total Downstream 26,559  11,236  48,260  32,750 
All Other
United States 210  227  234  437 
International    
Subtotal 210  233  234  445 
Intersegment Elimination — United States (185) (194) (185) (339)
Intersegment Elimination — International   (6)   (8)
Total All Other 25  33  49  98 
Sales and Other Operating Revenues
United States 20,155  8,006  36,824  23,868 
International 23,121  11,079  43,493  32,267 
Subtotal 43,276  19,085  80,317  56,135 
Intersegment Elimination — United States (3,941) (1,946) (7,262) (6,163)
Intersegment Elimination — International (3,218) (1,213) (5,862) (4,341)
Total Sales and Other Operating Revenues $ 36,117  $ 15,926  $ 67,193  $ 45,631 
Note 7. 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 4 percent each year. Certain life insurance benefits are paid by the company.
The components of net periodic benefit costs for 2021 and 2020 are as follows:
  Three Months Ended
June 30
Six Months Ended
June 30
  2021 2020 2021 2020
(Millions of dollars) (Millions of dollars)
Pension Benefits
United States
Service cost $ 108  $ 125  $ 225  $ 249 
Interest cost 64  88  119  176 
Expected return on plan assets (145) (163) (294) (325)
Amortization of prior service costs (credits)   —  1 
Amortization of actuarial losses (gains) 73  96  177  192 
Settlement losses 151  60  468  120 
Total United States 251  206  696  413 
International
Service cost 37  32  71  64 
Interest cost 36  44  69  87 
Expected return on plan assets (43) (51) (89) (103)
Amortization of prior service costs (credits) 2  4 
Amortization of actuarial losses (gains) 14  11  24  21 
Settlement losses   —    — 
Total International 46  39  79  74 
Net Periodic Pension Benefit Costs $ 297  $ 245  $ 775  $ 487 
Other Benefits*
Service cost $ 10  $ 10  $ 21  $ 19 
Interest cost 13  17  26  35 
Amortization of prior service costs (credits) (6) (8) (13) (14)
Amortization of actuarial losses (gains) 4  8 
Net Periodic Other Benefit Costs $ 21  $ 21  $ 42  $ 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, 2021, a total of $581 million was contributed to employee pension plans (including $511 million to the U.S. plans). Total contributions for the full year are currently estimated to be $1.75 billion ($1.55 billion for the U.S. plans and $200 million for the international 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 2021, the company contributed $79 million to its OPEB plans. The company anticipates contributing approximately $75 million during the remainder of 2021.
Note 8. Assets Held For Sale
At June 30, 2021, the company classified $1.36 billion of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet. These assets are associated with upstream operations that are anticipated to be sold in the next 12 months. The revenues and earnings contributions of these assets in 2020 and the first six months of 2021 were not material.
14

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Note 9. 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, 2021 and 2020 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, 2019 $ (142) $ (8) $   $ (4,840) $ (4,990)
Components of Other Comprehensive Income (Loss):
Before Reclassifications
(12) (4) —  (7)
Reclassifications
—  —  —  247  247 
Net Other Comprehensive Income (Loss)
(12) (4) —  256  240 
Balance at June 30, 2020 $ (154) $ (12) $   $ (4,584) $ (4,750)
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)
—  —  —  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)
(1)All amounts are net of tax.
(2)Refer to Note 7, Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement losses, totaling $669 million that are included in employee benefit costs for the six months ended June 30, 2021. Related income taxes for the same period, totaling $156 million, are reflected in “Income Tax Expense” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
Note 10. Income Taxes
The income tax expense increased between quarterly periods from a benefit of $2.32 billion in 2020 to a charge of $1.33 billion in 2021. The company's income before income tax expense increased $15.02 billion from a loss of $10.60 billion in 2020 to income of $4.42 billion in 2021, primarily due to the absence of second quarter 2020 impairments and write-offs, higher crude oil realizations and downstream margins, and an increase in production. The company’s effective tax rate changed between quarterly periods from 22 percent in 2020 to 30 percent in 2021. The increase in the effective tax rate is mainly due to the 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.
The income tax expense increased between the six-month periods from a benefit of $1.76 billion in 2020 to a charge of $2.11 billion in 2021. This increase is a direct result of the company’s income before income tax expense increasing $13.05 billion, from a loss of $6.45 billion in 2020 to income of $6.60 billion in 2021. The increase in income is primarily due to the absence of second quarter 2020 impairments and write-offs and higher crude oil realizations, partially offset by the absence of 2020 asset sale gains. The company’s effective tax rate changed between six-month periods from 27 percent in 2020 to 32 percent in 2021. 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, 2021. 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 — 2015.
15

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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
MTBE
Chevron and many other companies in the petroleum industry used methyl tertiary butyl ether (MTBE) as a gasoline additive. Chevron is a party to six pending lawsuits and claims, the majority of which involve numerous other petroleum marketers and refiners. Resolution of these lawsuits and claims may ultimately require the company to correct or ameliorate the alleged effects on the environment of prior release of MTBE by the company or other parties. The company’s ultimate exposure related to pending lawsuits and claims is not determinable. The company no longer uses MTBE in the manufacture of gasoline in the United States.
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 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 a separate proceeding, Ecuador also admitted that the Ecuadorian judgment is fraudulent in a public filing with the Office of the United States Trade Representative in July 2020.
16

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Managements Assessment The ultimate outcome of the foregoing matters, including any financial effect on Chevron, remains uncertain. Chevron continues to believe that the Ecuadorian judgment is illegitimate and unenforceable and that it does not provide any basis upon which an estimate of a reasonably possible loss or range of loss can be made.
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 beginning on page 15 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.
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 is solely responsible until April 2022, when the indemnification expires. The environmental conditions or events that are subject to these indemnities must have arisen prior to the sale of the assets in 1997.
Although the company has provided for known obligations under this indemnity that are probable and reasonably estimable, the amount of additional future costs may be material to results of operations in the period in which they are recognized. The company does not expect these costs will have a material effect on its consolidated financial position or liquidity.
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, including MTBE, by the company or other parties. Such contingencies may exist for various sites, including, but not limited to, U.S. federal Superfund sites and analogous sites under state laws, refineries, crude oil fields, service stations, terminals, land development areas, and mining activities, whether operating, closed or divested. These future costs are not fully determinable due to factors such 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.
Although the company has provided for known environmental obligations that are probable and reasonably estimable, the amount of additional future costs may be material to results of operations in the period in which
17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
they are recognized. The company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Also, the company does not believe its obligations to make such expenditures have had, or will have, any significant impact on the company’s competitive position relative to other U.S. or international petroleum or chemical companies.
Other Contingencies Governmental and other entities in various jurisdictions across the United States have filed legal proceedings against fossil fuel producing companies, including Chevron, purporting to seek legal and equitable relief to address alleged impacts of climate change. Further such proceedings are likely to be filed by other parties. The unprecedented legal theories set forth in these proceedings entail the possibility of damages liability and injunctions, including without limitation injunctions against the production of all fossil fuels, that, while we believe remote, could have a material adverse effect on the company’s results of operations and financial condition. 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.
Seven coastal parishes and the State of Louisiana have filed 43 separate 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.
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, decommission, 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 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.
18

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at June 30, 2021, and December 31, 2020, is as follows:
Assets and Liabilities Measured at Fair Value on a Recurring Basis
(Millions of dollars)
  At June 30, 2021 At December 31, 2020
  Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Marketable Securities $ 34  $ 34  $   $   $ 31  $ 31  $ —  $ — 
Derivatives - not designated 122  104  18    74  37  37  — 
Total Assets at Fair Value
$ 156  $ 138  $ 18  $   $ 105  $ 68  $ 37  $ — 
Derivatives - not designated 229  57  172    173  58  115  — 
Derivatives - designated 2  2             
Total Liabilities at Fair Value
$ 231  $ 59  $ 172  $   $ 173  $ 58  $ 115  $ — 
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, 2021.
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 traded in active markets such as the New York Mercantile Exchange. Derivatives classified as Level 2 include swaps, options and forward contracts principally with financial institutions and other oil and gas companies, 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, 2021, and December 31, 2020, 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 $7.5 billion and $5.6 billion at June 30, 2021, and December 31, 2020, 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, 2021.
Restricted Cash had a carrying/fair value of $1.2 billion and $1.1 billion at June 30, 2021 and December 31, 2020, respectively. At June 30, 2021, restricted cash is classified as Level 1 and includes restricted funds related to certain upstream decommissioning activities and other corporate and tax items, 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 $27.7 billion and $30.8 billion at June 30, 2021, and December 31, 2020, respectively. The fair value of long-term debt for the company was $30.4 billion and $34.4 billion at June 30, 2021 and December 31, 2020, respectively. Long-term debt primarily includes corporate issued bonds, classified as Level 1 and are $29.3 billion for the period. The fair value of other long-term debt classified as Level 2 is $1.1 billion.
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, 2021, and December 31, 2020, were not material.
19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at June 30, 2021, is as follows:
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
(Millions of dollars)
  At June 30, 2021
Before - Tax Loss
  Three Months Ended Six Months Ended
Total Level 1 Level 2 Level 3
Properties, plant and equipment, net (held and used) $ —  $ —  $ —  $ —  $ —  $ — 
Properties, plant and equipment, net (held for sale) —  —  —  —  —  — 
Investments and advances 15  —  —  15  11  21 
Total Assets at Fair Value
$ 15  $   $   $ 15  $ 11  $ 21 
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 material impairments of investments and advances measured at fair value on a nonrecurring basis to report in second quarter 2021. At June 30, 2021, the company had assets measured at fair value Level 3 using unobservable inputs of $15 million.
Note 14. Financial and Derivative Instruments
The company’s commodity derivative instruments principally include crude oil, 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, 2021, and December 31, 2020, 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,
2021
At December 31,
2020
Commodity Accounts and notes receivable, net $ 103  $ 73 
Commodity Long-term receivables, net 19 
Total Assets at Fair Value
$ 122  $ 74 
Commodity Accounts payable $ 221  $ 172 
Commodity Deferred credits and other noncurrent obligations 10 
Total Liabilities at Fair Value
$ 231  $ 173 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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 2021 2020 2021 2020
Commodity Sales and other operating revenues $ (268) $ (216) $ (542) $ 245 
Commodity Purchased crude oil and products (21) (20) (24) (24)
Commodity Other income 4  (3) (35) (3)
$ (285) $ (239) $ (601) $ 218 
At June 30, 2021, deferred losses in Accumulated Other Comprehensive Losses related to outstanding crude oil price hedging contracts were $2 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.
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 2021, and December 31, 2020.
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, 2021
Derivative Assets - not designated $ 1,761  $ 1,639  $ 122  $   $ 122 
Derivative Liabilities - not designated $ 1,869  $ 1,639  $ 230  $ 1  $ 229 
Derivative Liabilities - designated $ 2  $   $ 2  $   $ 2 
At December 31, 2020
Derivative Assets - not designated $ 818  $ 744  $ 74  $ —  $ 74 
Derivative Liabilities - not designated $ 917  $ 744  $ 173  $ —  $ 173 
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 $10.9 billion and $7.6 billion at June 30, 2021, and December 31, 2020, 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 $699 million as of June 30, 2021 and $671 million as of December 31, 2020, 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 $13.9 billion as of June 30, 2021, 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 pre-payments, 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
21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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 $3.1 billion as of June 30, 2021, 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.
Note 17. Restructuring and Reorganization Costs
The following table summarizes the accrued severance liability, which is classified as current on the Consolidated Balance Sheet.
Amounts Before Tax
(Millions of dollars)
Balance at January 1, 2021 $ 470 
Accruals/Adjustments
Payments (334)
Balance at June 30, 2021 $ 142 
22

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

Second Quarter 2021 Compared with Second Quarter 2020
And Six Months 2021 Compared with Six Months 2020
Key Financial Results
Earnings by Business Segment
  Three Months Ended
June 30
Six Months Ended
June 30
  2021 2020 2021 2020
  (Millions of dollars) (Millions of dollars)
Upstream
United States $ 1,446  $ (2,066) $ 2,387  $ (1,825)
International 1,732  (4,023) 3,141  (1,344)
Total Upstream 3,178  (6,089) 5,528  (3,169)
Downstream
United States 776  (988) 646  (538)
International 63  (22) 198  631 
Total Downstream 839  (1,010) 844  93 
Total Segment Earnings 4,017  (7,099) 6,372  (3,076)
All Other (935) (1,171) (1,913) (1,595)
Net Income (Loss) Attributable to Chevron Corporation (1) (2)
$ 3,082  $ (8,270) $ 4,459  $ (4,671)
(1) Includes foreign currency effects.
$ 43  $ (437) $ 41