• Chevron average gross margin for 2023 was 39.53%, a 0.71% decline from 2022.
• Chevron average gross margin for 2022 was 39.25%, a 3.7% increase from 2021.
• Chevron average gross margin for 2021 was 40.76%, a 4.54% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.