• Chevron average operating margin for 2023 was 17.83%, a 3.47% decline from 2022.
• Chevron average operating margin for 2022 was 18.47%, a 312.28% decline from 2021.
• Chevron average operating margin for 2021 was 4.48%, a 165.98% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.