Total Revenue

~1% decline (46,101M vs. 46,580M USD)

A marginal decline in total revenue reflects overall market pressures that impacted both upstream and downstream segments, with the significant declines in these segments driving the slight overall drop. " "

Upstream Segment Revenue

43% decline (12,421M vs. 21,950M USD)

The 43% drop is primarily due to lower production volumes and reduced realizations, echoing earlier period challenges such as decreased liftings and affiliate earnings, which have now significantly impacted the segment's revenue. " "

Downstream Segment Revenue

12% decline (33,661M vs. 38,331M USD)

A 12% YoY decline in this segment is attributed to lower margins on refined product sales and operational challenges like refinery downtime or upgrades, consistent with trends observed in previous periods. " "

Revenue from the All Other Segment

84% decline (19M vs. 121M USD)

The 84% plunge in revenue is largely driven by a dramatic reduction in non-core revenue items, likely due to the absence or reversal of one-time credits and adjustments that had boosted the previous period’s figures. " "

Net Income Attributable to Chevron

36% decline (3,500M vs. 5,501M USD)

The 36% drop in net income reflects a combination of lower upstream and downstream earnings along with unfavorable foreign currency effects and higher operating costs, compounding the revenue declines seen across the business. " "

Pre-tax Income

30% decline (5,583M vs. 7,922M USD)

A 30% reduction in pre-tax income indicates diminished operating profitability, driven by lower margins and performance challenges in both upstream and downstream segments, mirroring net income trends. " "

Total Assets

Minor decline (256,397M vs. 256,938M USD)

The slight decline of $541M in total assets suggests overall asset base stability, with reductions in cash and receivables partially offset by increases in investments—reflective of routine balance sheet adjustments rather than a fundamental shift. " "

Stockholders’ Equity

Decline of 3,074M (149,244M vs. 152,318M USD)

The $3,074M decrease in equity is driven by higher treasury stock levels—rising from $74,037M to $77,717M—indicating increased share repurchases, while changes in retained earnings and other components had a minimal impact. " "