Analysis of Revenues
Revenues as Reported
Chevron Corp., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The annual revenue data reveals several notable trends across different business segments and geographic regions over the five-year period.
- United States Revenue
- Revenues from the United States exhibited significant growth from 2020 to 2022 across both upstream and downstream operations, peaking in 2022 for upstream at 20,952 million US dollars and downstream at 86,295 million US dollars. However, after 2022, there was a decline in revenues through 2023 and 2024, with upstream revenues falling to 13,808 million in 2023 and slightly recovering to 14,640 million in 2024, and downstream revenues steadily decreasing from 74,774 million in 2023 to 70,672 million in 2024.
- International Revenue
- International revenues also followed a similar upward trajectory through 2022, with upstream revenues reaching 42,341 million and downstream revenues at 86,013 million in 2022. Post-2022, there was a decline in both segments during 2023 and 2024, with upstream revenues decreasing to 31,934 million in 2023 and slightly improving to 32,208 million in 2024, while downstream revenues dropped to 76,264 million in 2023 and remained stable at 75,762 million in 2024.
- Upstream Segment
- The upstream segment showed a marked increase from 26,311 million in 2020 to a peak of 63,293 million in 2022, indicating strong growth. However, this was followed by a notable decline in 2023 to 45,742 million, with a minor recovery to 46,848 million in 2024. This pattern suggests potential volatility or operational challenges in the upstream division after the peak in 2022.
- Downstream Segment
- Downstream revenues consistently increased from 68,083 million in 2020 to a peak of 172,308 million in 2022, followed by a decline across the next two years to 151,038 million in 2023 and 146,434 million in 2024. Despite the decrease, the downstream segment remains the largest contributor to total sales and other operating revenues, reflecting its critical role in overall financial performance.
- All Other Revenues
- Revenues classified as "All other" remained minimal and relatively stable throughout the period, fluctuating slightly between 77 million and 133 million, indicating limited impact on total revenues.
- Total Sales and Other Operating Revenues
- Total sales and other operating revenues increased significantly between 2020 and 2022, rising from 94,471 million to 235,717 million. This was followed by a decrease in 2023 to 196,913 million and a slight further decline to 193,414 million in 2024. This overall trend reflects strong revenue growth until 2022, with a subsequent moderation in performance during the last two years.
In summary, the data points to robust revenue growth in both upstream and downstream segments up to 2022, accompanied by substantial increases in both domestic and international markets. The decline observed from 2023 onward suggests market adjustments or operational challenges affecting revenues, though partial recoveries are noted in some segments in 2024. The downstream segment consistently represents the largest revenue contributor, and while total revenues declined after 2022, they remain significantly higher than in 2020.