Analysis of Reportable Segments
Chevron Corp. operates in 2 segments: Upstream and Downstream.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Analysis of Revenues
- Aggregate Accruals
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Segment Profit Margin
Chevron Corp., profit margin by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Upstream | |||||
| Downstream |
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).
- Upstream Segment Profit Margin
- The upstream segment demonstrates considerable improvement from a negative margin of -5.88% at the end of 2020 to significantly positive margins in the following years. There is a notable increase to 22.55% in 2021, followed by a further rise to 28.31% in 2022, indicating strong profitability recovery and growth. However, the margin declines somewhat in 2023 to 20.78% and remains relatively stable into 2024 with a slight increase to 21.19%. This pattern suggests that, after a peak in 2022, the segment experienced a moderation in profit margins but maintained strong overall profitability compared to the initial negative result.
- Downstream Segment Profit Margin
- The downstream segment's profit margins reveal a steady, positive trend from 2020 through 2022. Starting from a marginal 0.07% in 2020, the margin improves to 2.53% in 2021 and peaks at 4.54% in 2022. Following this, there is a decline in profitability, with margins decreasing to 3.8% in 2023 and further dropping to 1.09% in 2024. Despite the reduction, margins remain above the initial 2020 level, reflecting some resilience but also increased challenges or cost pressures affecting this segment during the later periods.
- Overall Insights
- The upstream segment exhibits a strong recovery and comparatively higher profitability than the downstream segment across the analyzed periods, although with some volatility after reaching peak margins in 2022. The downstream segment shows more moderate profitability improvements but declines in the last two years, signaling potential operational or market challenges. The divergence in trends suggests differing dynamics between the two segments, with upstream maintaining relatively robust profitability while downstream faces margin contractions in recent years.
Segment Profit Margin: Upstream
Chevron Corp.; Upstream; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | |||||
| Segment sales and other operating revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Segment net income (loss) ÷ Segment sales and other operating revenues
= 100 × ÷ =
- Segment Net Income (Loss)
- The segment net income experienced a significant recovery and growth from 2020 to 2022, starting with a loss of -$2,433 million in 2020, then sharply increasing to a profit of $15,818 million in 2021, and reaching a peak of $30,284 million in 2022. Following this peak, net income declined to $17,438 million in 2023 but showed a slight rebound to $18,602 million in 2024. Overall, the trend indicates strong positive growth after a negative start in 2020, with some volatility in the last two years.
- Segment Sales and Other Operating Revenues
- Sales and other operating revenues demonstrated a consistent upward trend from 2020 through 2022, rising from $41,381 million to $106,978 million. In 2023, revenues declined to $83,920 million but increased marginally to $87,768 million in 2024. This pattern suggests expansion until 2022, followed by a reduction in 2023 and a modest recovery in 2024.
- Segment Profit Margin
- The profit margin closely mirrors the net income trend, starting with a negative margin of -5.88% in 2020. It improved notably to 22.55% in 2021, peaking at 28.31% in 2022. In 2023, it decreased to 20.78%, with a slight increase to 21.19% in 2024. This reflects strong operational profitability from 2021 onwards, albeit with some contraction after the peak year.
- Summary Insights
- The upstream segment showed a pronounced recovery from a loss in 2020 to robust profitability by 2022. Both net income and margins peaked in 2022, coinciding with the highest revenue figures. The decline in 2023 indicates challenges impacting profitability and sales, though the slight improvement in 2024 suggests some stabilization. These dynamics point to significant market or operational shifts affecting the upstream segment post-2022, leading to volatility after a period of strong growth.
Segment Profit Margin: Downstream
Chevron Corp.; Downstream; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | |||||
| Segment sales and other operating revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Segment net income (loss) ÷ Segment sales and other operating revenues
= 100 × ÷ =
The financial performance of the downstream segment over the reviewed period exhibits significant fluctuations across key metrics, including net income, sales revenue, and profit margin.
- Segment Net Income (Loss)
- Starting from a modest profit of US$47 million in 2020, the net income experienced a remarkable increase to US$2,914 million in 2021. This upward trend continued sharply in 2022, peaking at US$8,155 million. However, the following years showed a notable decline, with the net income dropping to US$6,137 million in 2023 and further decreasing to US$1,727 million in 2024. The pattern indicates a strong growth phase until 2022, followed by a substantial reduction in profitability.
- Segment Sales and Other Operating Revenues
- Sales revenues grew significantly from US$71,525 million in 2020 to US$115,307 million in 2021, continuing an upward trajectory to US$179,565 million in 2022. Thereafter, the revenues contracted to US$161,625 million in 2023 and slightly further to US$157,847 million in 2024. The overall trend reveals an initial expansion in market activity or pricing power until 2022, after which a reversal occurred with declining sales figures, albeit remaining substantially higher than at the start of the period.
- Segment Profit Margin
- The profit margin mirrored the net income trajectory, beginning at a negligible 0.07% in 2020. It surged to 2.53% in 2021 and reached its maximum at 4.54% in 2022. Subsequent years saw a contraction to 3.8% in 2023 and a pronounced drop to 1.09% by 2024. This indicates that despite relatively high revenue figures, the efficiency and profitability of operations decreased significantly in the later years.
In summary, the data depicts a downstream segment that experienced robust growth in both net income and revenues through 2022, accompanied by improved profit margins. However, post-2022, the segment shows signs of deterioration in profitability and sales volume or pricing, leading to reduced net income and lower profit margins by 2024. These trends suggest a changing environment or operational challenges impacting the segment’s financial health in the recent period.
Segment Return on Assets (Segment ROA)
Chevron Corp., ROA by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Upstream | |||||
| Downstream |
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 analysis of the annual reportable segment Return on Assets (ROA) for the periods ending from 2020 to 2024 reveals distinct trends within the upstream and downstream segments.
- Upstream Segment ROA
- The upstream segment exhibited a significant improvement from a negative ROA of -1.27% in 2020 to a strong positive ROA of 8.58% in 2021. This upward momentum continued, reaching a peak at 16.54% in 2022. Following this peak, the ROA declined notably to 8.95% in 2023 but demonstrated a slight recovery to 9.87% in 2024. Overall, the upstream segment experienced robust growth in profitability reflected in asset utilization, albeit with some volatility after the zenith in 2022.
- Downstream Segment ROA
- The downstream segment also showed improvement from a marginally positive ROA of 0.12% in 2020 to 6.44% in 2021, followed by a marked increase to 15.32% in 2022. However, unlike the upstream segment, the downstream ROA declined more sharply after 2022, decreasing to 11.26% in 2023 and then to 3.04% in 2024. This indicates a more pronounced reduction in asset profitability in the downstream operations during the latter periods.
- Comparative Insights
- Both segments improved significantly in 2021 and peaked in 2022, suggesting favorable market or operational conditions during this timeframe. Post-2022, the upstream segment maintained moderate ROA levels with some recovery, whereas the downstream segment faced a more substantial downturn. This divergence may point to differing challenges or strategic focus between the segments starting in 2023.
Segment ROA: Upstream
Chevron Corp.; Upstream; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | |||||
| Segment assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2024 Calculation
Segment ROA = 100 × Segment net income (loss) ÷ Segment assets
= 100 × ÷ =
The analysis of the upstream segment over the reported periods reveals significant fluctuations in financial performance and asset base.
- Segment Net Income (Loss)
- The net income displayed a marked recovery after 2020. Initially, a substantial loss of approximately $2.43 billion was recorded in 2020. However, it reversed to a profit of $15.82 billion in 2021, nearly doubling to $30.28 billion in 2022. This upward trend was followed by a decline in 2023 to $17.44 billion, with a slight increase anticipated in 2024 to $18.60 billion. The volatility in net income suggests sensitivity to market conditions or operational factors affecting profitability during these years.
- Segment Assets
- The asset base exhibited a generally stable trend with modest fluctuations. Assets decreased slightly from $191.31 billion in 2020 to $183.11 billion in 2022, then increased to $194.81 billion in 2023 before marginally declining to $188.48 billion in 2024. These variations may reflect capital expenditures, asset disposals, or revaluations, but overall the asset values remained within a relatively narrow range.
- Segment Return on Assets (ROA)
- The ROA mirrored the net income trends, demonstrating recovery from negative returns in 2020 to robust positive returns subsequently. The ROA improved from -1.27% in 2020 to 8.58% in 2021 and peaked at 16.54% in 2022. This peak was followed by reductions to 8.95% in 2023 and a modest increase to 9.87% in 2024, indicating strong profitability relative to asset base despite some decreases after the peak period.
Overall, the upstream segment shows substantial improvement in profitability after the initial loss year, with asset levels remaining relatively stable. The peak performance in 2022 suggests a highly favorable operational environment or strategic achievement during that period, though the subsequent declines in income and ROA indicate some challenges or normalization effects post-peak.
Segment ROA: Downstream
Chevron Corp.; Downstream; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | |||||
| Segment assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2024 Calculation
Segment ROA = 100 × Segment net income (loss) ÷ Segment assets
= 100 × ÷ =
The downstream segment exhibits a pronounced increase in net income from 2020 to 2022, peaking at a notably high value in 2022. This is followed by a decline over the subsequent two years, with 2024 showing a substantial reduction compared to the prior years, although still significantly higher than the 2020 level.
Segment assets demonstrate a steady upward trend throughout the observed period. The asset base consistently expands each year, indicating ongoing investment or growth in the downstream segment's resources.
The segment's return on assets (ROA) mirrors the net income trend, with a low value in 2020, a sharp increase through 2021 and 2022, reaching a peak in 2022. However, ROA decreases thereafter, falling notably by 2024, which suggests that the efficiency of asset utilization in generating income diminished following the peak years.
In summary, the downstream segment experienced strong profitability and increasing asset growth until 2022, followed by a decline in profitability metrics despite a continuing increase in assets. This pattern may suggest market or operational challenges emerging after 2022 that impacted the segment's income generation capabilities relative to its asset base.
- Segment Net Income (US$ in millions)
- Rising significantly from 47 million in 2020 to 8,155 million in 2022, then declining to 1,727 million by 2024.
- Segment Assets (US$ in millions)
- Increasing steadily each year from 39,586 million in 2020 to 56,770 million in 2024.
- Segment ROA (%)
- Growth from 0.12% in 2020 to a peak of 15.32% in 2022, followed by a decrease to 3.04% in 2024.
Segment Asset Turnover
Chevron Corp., asset turnover by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Upstream | |||||
| Downstream |
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).
- Upstream Segment Asset Turnover
- The asset turnover ratio for the upstream segment displays a notable upward trend from 0.22 in 2020 to 0.58 in 2022. This increase suggests improving efficiency in generating revenue from assets during this period. However, a decline follows in 2023, with the ratio decreasing to 0.43, before rising slightly to 0.47 in 2024. The post-2022 fluctuation may indicate variability in asset utilization or changes in production and sales dynamics within the segment.
- Downstream Segment Asset Turnover
- The downstream segment maintains a significantly higher asset turnover ratio compared to the upstream segment throughout the observed years. Starting at 1.81 in 2020, the ratio climbs steadily to reach a peak of 3.37 in 2022, reflecting strong operational efficiency and effective asset use to generate sales. A subsequent decrease occurs in 2023 and 2024, with ratios of 2.97 and 2.78 respectively, suggesting a moderation in asset utilization or possibly a stabilization after a period of substantial growth.
- Overall Trends and Comparison
- Both segments demonstrate a peak in asset turnover in 2022, implying that year was relatively favorable for asset productivity across the company’s operations. The upstream segment shows more volatility with a sharper rise and subsequent fall, while the downstream segment exhibits a steadier increase with higher absolute values followed by a modest decline. The downstream segment consistently outperforms the upstream segment in terms of asset turnover, indicating more efficient use of assets in generating revenue.
Segment Asset Turnover: Upstream
Chevron Corp.; Upstream; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment sales and other operating revenues | |||||
| Segment assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2024 Calculation
Segment asset turnover = Segment sales and other operating revenues ÷ Segment assets
= ÷ =
- Segment Sales and Other Operating Revenues
- The segment experienced a significant increase in revenues from 2020 to 2022, rising from $41,381 million to $106,978 million. However, in the subsequent years, there was a noticeable decline to $83,920 million in 2023, followed by a moderate recovery to $87,768 million in 2024. This pattern suggests a peak in revenue in 2022 with some volatility in the following years.
- Segment Assets
- Segment assets showed a slight decrease from $191,309 million in 2020 to $183,105 million in 2022. There was a rebound in 2023, reaching $194,805 million, followed by a small decline to $188,483 million in 2024. Overall, asset levels remained relatively stable with minor fluctuations throughout the period.
- Segment Asset Turnover
- The asset turnover ratio improved significantly from 0.22 in 2020 to a peak of 0.58 in 2022, indicating more efficient use of assets to generate revenue during this period. After 2022, the ratio declined to 0.43 in 2023 but increased slightly to 0.47 in 2024. This trend aligns with the revenue fluctuations and suggests a varying efficiency in asset utilization over time.
Segment Asset Turnover: Downstream
Chevron Corp.; Downstream; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment sales and other operating revenues | |||||
| Segment assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2024 Calculation
Segment asset turnover = Segment sales and other operating revenues ÷ Segment assets
= ÷ =
- Segment Sales and Other Operating Revenues
- The sales and other operating revenues exhibited a strong upward trend from 2020 to 2022, increasing from approximately 71.5 billion US dollars to nearly 179.6 billion US dollars. This peak was followed by a decline in 2023 and 2024, with revenues decreasing to approximately 161.6 billion and 157.8 billion US dollars respectively. Despite the recent decline, the revenues in 2023 and 2024 remained significantly higher than the 2020 level.
- Segment Assets
- The segment's assets consistently increased over the entire period under review. Starting at around 39.6 billion US dollars in 2020, assets grew steadily each year, reaching approximately 56.8 billion US dollars by 2024. This reflects ongoing investments or asset growth within the downstream segment.
- Segment Asset Turnover Ratio
- The asset turnover ratio showed notable improvement from 2020 through 2022, rising from 1.81 to a peak of 3.37. This indicates an increasing efficiency in using assets to generate sales during that period. However, in 2023 and 2024, the ratio declined to 2.97 and 2.78 respectively, suggesting a slight reduction in asset utilization efficiency despite the higher asset base.
- Overall Analysis
- The downstream segment saw significant sales growth up to 2022, accompanied by increasing asset levels and improving efficiency in asset use. Post-2022, revenues decreased moderately while assets continued to grow, leading to a decline in asset turnover ratio. This pattern could suggest either softer market conditions or operational challenges affecting revenue generation relative to asset size in the most recent years.
Segment sales and other operating revenues
Chevron Corp., segment sales and other operating revenues by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Upstream | |||||
| Downstream | |||||
| Total |
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).
- Upstream Segment Sales and Revenues
- The upstream segment experienced a notable increase from 2020 to 2022, rising from approximately $41.4 billion to $107.0 billion. This represents a significant growth over two years. However, in 2023, the segment experienced a decline to about $83.9 billion, followed by a slight recovery in 2024 to roughly $87.8 billion. Despite the decline after 2022, the values in 2023 and 2024 still remain substantially higher than the 2020 baseline.
- Downstream Segment Sales and Revenues
- The downstream segment displayed strong growth from 2020 through 2022, with values increasing from approximately $71.5 billion to around $179.6 billion. This growth peaked in 2022. Subsequently, the downstream segment's revenues began to decline in 2023 to around $161.6 billion and continued a slight downward trend in 2024, reaching about $157.8 billion. Nonetheless, the 2023 and 2024 figures remain significantly above 2020 levels.
- Total Sales and Revenues
- Total segment sales and revenues showed a clear upward trend from 2020 to 2022, climbing from roughly $112.9 billion to $286.5 billion. After peaking in 2022, total revenues decreased to approximately $245.5 billion in 2023 and remained relatively flat into 2024, with a marginal increase to about $245.6 billion. The total revenues in 2023 and 2024 are still considerably higher than those recorded in 2020 but indicate a partial reversal from the peak recorded in 2022.
- Summary of Trends
- Both upstream and downstream segments showed substantial revenue growth from 2020 through 2022, contributing to a strong total revenue peak in 2022. The following years, 2023 and 2024, exhibited a decline in both segments and total revenues, though values remained elevated compared to 2020. This pattern suggests that market or operational factors influenced a reduction in segment revenues after 2022, yet the overall financial performance remains strong compared to the baseline period. The downstream segment maintains higher absolute revenue levels than upstream across all years observed.
Segment net income (loss)
Chevron Corp., segment net income (loss) by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Upstream | |||||
| Downstream | |||||
| Total |
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).
- Upstream Segment Net Income (Loss)
- The upstream segment experienced a significant turnaround from a loss of $2,433 million in 2020 to substantial gains in subsequent years. Net income increased dramatically to $15,818 million in 2021 and further escalated to $30,284 million in 2022. However, in 2023, there was a noticeable decline to $17,438 million, followed by a slight recovery to $18,602 million in 2024. Despite the fluctuations after 2022, the segment consistently generated positive income after the initial loss year.
- Downstream Segment Net Income
- The downstream segment showed steady positive net income growth starting from a modest $47 million in 2020. It rose significantly to $2,914 million in 2021 and continued its upward trend reaching $8,155 million in 2022. In 2023, net income decreased to $6,137 million and declined further to $1,727 million in 2024, indicating a downward trend after peaking in 2022.
- Total Net Income
- The total net income mirrored the trends of the combined segments, beginning with a loss of $2,386 million in 2020. Following this, there was a sharp increase to $18,732 million in 2021 and a further jump to $38,439 million in 2022. The total net income then diminished to $23,575 million in 2023 and decreased again to $20,329 million in 2024, reflecting the overall decline observed in the upstream and downstream segments post-2022.
Segment assets
Chevron Corp., segment assets by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Upstream | |||||
| Downstream | |||||
| Total |
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).
- Upstream Segment Assets
- The upstream segment assets exhibited a general decline from 2020 to 2022, decreasing from $191,309 million to $183,105 million. This was followed by a recovery phase in 2023, reaching a peak of $194,805 million. However, in 2024, the assets slightly decreased to $188,483 million. Overall, the upstream assets showed some volatility but remained relatively stable around the $184 billion to $195 billion range over the five-year period.
- Downstream Segment Assets
- The downstream segment assets demonstrated a consistent upward trend throughout the period. Starting at $39,586 million in 2020, the assets increased steadily each year, reaching $56,770 million in 2024. This represents a significant growth of over 43% over the course of five years, indicating an ongoing investment or expansion in the downstream operations.
- Total Segment Assets
- The total segment assets showed an overall growth trend despite minor fluctuations. The total assets decreased marginally from $230,895 million in 2020 to $229,636 million in 2021, then increased steadily to reach a peak of $249,293 million in 2023. A slight decline to $245,253 million was observed in 2024. The total asset base expanded by approximately 6% over the five years, driven largely by the strong growth in the downstream assets offsetting the relatively flat upstream asset levels.