Chevron’s Revenue by Segment (2016-2022)

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About

This statistic highlights Chevron’s Revenue by Segment, split between Upstream, Downstream, and other segments, reported on a quarterly basis from Q1 2016 onwards.
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This statistic highlights Chevron’s Revenue by Segment, split between Upstream, Downstream, and other segments, reported on a quarterly basis from Q1 2016 onwards.

Chevron oversees its investments in subsidiaries and affiliates, as well as providing administrative, financial, management, and technological assistance to U.S. and worldwide companies engaged in integrated energy and chemicals activities. Chevron’s goal is to produce better profits, smaller carbon footprints, and improved shareholder value. Chevron is focusing on cost-effectively decreasing its carbon intensity, boosting renewables and offsets to support its business, and investing in low-carbon technology to allow commercial solutions to help create a lower-carbon future.

Chevron’s Revenue by Segment

Segment Revenue in Q3 2019 Revenue in Q2 2020 Revenue in Q3 2020 Revenue Share in Q3 2020
Downstream $27.21 $11.236 $18.259 76.09%
Upstream $7.508 $4.657 $5.701 23.76%
All other $0.061 $0.033 $0.037 0.15%
Total $34.779 $15.926 $23.997 100.00%

(All figures in billions, except percentages)

Chevron’s total revenue fell from $34.779 billion in Q3 2019 to $23.997 billion in Q3 2020, down by 31% on a year-on-year basis. However, it grew by 50.7% compared to $15.926 billion earned in the previous quarter.

Chevron’s revenue is further bifurcated among the following segments:

Downstream

Downstream operations include refining crude oil into petroleum products, marketing crude oil, refined products, and lubricants, transporting crude oil and refined products via pipeline, marine vessel, motor equipment, and rail car, as well as manufacturing and marketing commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. The company’s downstream objective is to be the top downstream and chemicals company that meets client demands.

A vast majority of Chevron’s revenue is generated through the Downstream segment, accounting for 76.09% of the company’s total revenue in Q3 2020, amounting to $18.259 billion. It declined by 32.9% from $27.21 billion earned in Q3 2019.  The drop was mainly due to lower margins on refined product sales, reduced sales volumes, and lower equity earnings from the 50%-owned CPChem, which were somewhat offset by decreased operating expenditures. However, the revenue increased by 62.5% compared to $11.236 billion earned in Q2 2020.

Upstream

Upstream Operations include exploration for, development, production, and transportation of crude oil and natural gas, processing, liquefaction, transportation, and regasification of liquefied natural gas, transportation of crude oil via major international oil export pipelines, transportation, storage, and marketing of natural gas, and a gas-to-liquids plant. The company’s aim in the upstream is to generate industry-leading returns while exploiting high-value resource prospects.

Chevron’s revenue from Upstream declined by 24.1% from $7.508 million in Q3 2019 to $5.701 billion in Q3 2020. The drop was largely attributable to lower crude oil and natural gas realizations, as well as the lack of fourth-quarter 2019 impairment costs, primarily connected with Appalachia shale and Big Foot, which were somewhat offset by lower crude oil realizations.  However, the revenue grew by 22.4% compared to $4.657 billion earned in Q2 2020. The upstream segment contributed to 23.76% of Chevron’s revenue in Q3 2020.

All Other

All Other includes global cash management and debt finance activities, corporate administrative duties, insurance operations, real estate activities, and technological firms.

The All Other segment revenue fell from $0.061 billion in Q3 2019 to $0.037 billion in Q3 2020, marking a 39.3% decrease on a year-on-year basis. The decline between periods was primarily due to the absence of the Anadarko merger termination fee in Q2 2019, as well as higher pension expenses, severance, and Noble acquisition costs, which were partially offset by the absence of a prior year tax charge and favorable tax items. However, the revenue had increased by 12.1% compared to $0.033 billion earned in Q2 2020. Chevron’s All other segment accounted for 0.15% of the company’s total revenue.

About Chevron

Chevron Corporation is a multinational energy corporation headquartered in San Ramon, California, the United States that was formed in 1984. It is America’s third-largest oil corporation. It was ranked fifteenth in the Fortune 500 as of March 2020. It operates in 180 countries worldwide and employs more than 47000 people. Its common stocks are traded on the New York Stock Exchange under the symbol ‘CVX’. Some of Chevron’s top competitors are Exxon Mobil, Marathon Oil, Shell, ConocoPhillips, BP, Devon Energy, Occidental, Marathon Oil, Lukoil, and Noble Energy. Chevron was named the 12th most ecologically responsible business in the Arctic Environmental Responsibility Index in 2021, out of 120 oil, gas, and mining corporations active in resource exploitation north of the Arctic Circle (AERI).

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