Chevron Corporation (CVX) - Company Research

Last Updated: 7 May 2026

Chevron is one of the world's two U.S.-headquartered "supermajors" — an integrated oil-and-gas company that explores for, produces, refines and markets crude oil, natural gas, refined products and petrochemicals on six continents. Fiscal 2025 brought a step-change in the size of the company: Chevron closed its acquisition of Hess Corporation in July 2025, lifting net oil-equivalent production to 3.7 million barrels per day (up about 12% on 2024) and adding a 30% interest in the Stabroek Block offshore Guyana, the Bakken shale position in North Dakota and additional Gulf of America assets. At the same time lower crude prices, far higher depreciation from the enlarged asset base, and a full year of integration costs pulled net income down to $12.3 billion from $17.7 billion in 2024, even as the company still returned $24.83 billion to shareholders across dividends ($12.75 billion) and buybacks ($12.08 billion). This research note pulls together what Chevron actually does, where the production sits geographically, the cash flow underwriting one of the longest dividend-growth records in the U.S. market, and what is on the calendar — all from the company's own filings and disclosures, with no analyst opinions or ratings included.

1. Company Snapshot

Name	Chevron Corporation
Ticker	CVX (NYSE)
Sector / Industry	Energy / Oil & Gas Integrated
Market cap	$360.59 billion
Enterprise value	$412.23 billion
Latest fiscal-year revenue	$184.43 billion (FY2025, ended 31 December 2025)
Employees	43,039
CEO	Michael K. Wirth
Headquarters	1400 Smith Street, Houston, Texas
Website	chevron.com
Price (intraday 7 May 2026)	$182.39
52-week range	$133.77 – $214.71

2. Bull Case vs Bear Case

Bull case

• Free cash flow rose to $16.59 billion in FY2025 from $15.04 billion in FY2024 despite a 4.6% revenue decline, with operating cash flow of $33.94 billion comfortably covering $17.35 billion of capex and a $24.83 billion combined dividend-and-buyback return to shareholders.
• Per the FY2025 10-K (Item 7, filed 2026-02-24): the 2025 annual dividend of $6.84 per share was the 38th consecutive year that Chevron increased its annual per-share dividend, and in January 2026 the Board lifted the quarterly dividend by approximately 4% to $1.78 per share.
• Per the FY2025 10-K (Item 7, filed 2026-02-24): Chevron repurchased 79.9 million shares in 2025 (totalling $12.08 billion) under the $75 billion 2023 Program, leaving $36.5 billion of authorisation remaining at year-end, and guided to $2.5–$3.0 billion of repurchases in Q1 2026.
• Per the FY2025 10-K (Item 1, filed 2026-02-24): proved reserves rose 8% to approximately 10.6 billion barrels of oil-equivalent at year-end 2025 — Per the FY2025 10-K (Item 7, filed 2026-02-24): the FY2025 reserve replacement ratio was 158%, up sharply from the five-year and ten-year averages of 91% and 95%.
• Per the FY2025 10-K (Item 1, filed 2026-02-24): Chevron estimates 2026 net oil-equivalent production will rise 7–10% over 2025, including a full-year contribution from Hess assets and a $60-per-barrel Brent assumption — driven by Permian Basin growth, the completed Tengizchevroil Future Growth Project (which added 260,000 barrels per day), and ramps at Anchor, Ballymore, Stampede and Whale in the Gulf of America.
• Per the FY2025 10-K (Item 7, filed 2026-02-24): Chevron has delivered $1.5 billion of structural cost savings in 2025 with a $2 billion run-rate, on a path to its $3–4 billion savings target by end-2026.
• Berkshire Hathaway remains the fourth-largest holder with 130.16 million shares (6.53%), valued at $23.74 billion at 31 December 2025 — a vote of confidence on the cash-return profile from a long-only holder.

Bear case

• Revenue fell to $184.43 billion in FY2025 from $193.41 billion in FY2024 and $196.91 billion in FY2023; net income fell approximately 65% from $35.47 billion in FY2022 (FY2025 net income of $12.30 billion is about 35% of the FY2022 level); trailing P/E of 27.51 sits above the typical large-cap integrated-oil multiple range.
• Per the FY2025 10-K (Item 7, filed 2026-02-24): Brent crude averaged $69 per barrel in 2025 versus $81 in 2024, U.S. liquids realisations dropped to $48.13 per barrel from $56.24, and U.S. upstream earnings fell $1.8 billion year-on-year while international upstream earnings fell $4.0 billion.
• Per the FY2025 10-K (Item 7, filed 2026-02-24): depreciation, depletion and amortisation jumped to $20.13 billion from $17.28 billion as the enlarged Hess asset base began contributing — a structural lift in the cost line that compresses upstream margin even at flat realisations.
• Total debt rose to $40.76 billion at year-end 2025 from $24.54 billion a year earlier — Per the FY2025 10-K (Item 7, filed 2026-02-24): Chevron issued $11.2 billion of public bonds, retired $4.0 billion at maturity, and assumed $10.0 billion of debt and finance lease liabilities (including approximately $3.7 billion related to Hess Midstream Operations LP that is non-recourse to Chevron Corporation) as part of the Hess transaction; interest and debt expense more than doubled to $1,217 million from $594 million.
• Per the FY2025 10-K (Item 7, filed 2026-02-24): Chevron has retreated from a hard 2050 net-zero deadline for upstream Scope 1 and 2 emissions ("Chevron is not on track to achieve the aspiration by 2050. While Chevron continues to have the aspiration, it will no longer use 2050 as a timeline"), reflecting the difficulty of decarbonising integrated oil-and-gas operations on a fixed schedule.
• Per the FY2025 10-K (Item 7, filed 2026-02-24): about 21% of 2025 net oil-equivalent production occurred in OPEC+ member countries (Equatorial Guinea, Kazakhstan, Malaysia, Nigeria, Partitioned Zone) — exposing volumes to quotas and policy decisions outside Chevron's control; Caspian Pipeline Consortium operations have been disrupted by drone attacks in the past, and Venezuela cash-method accounting and U.S. sanctions add another non-economic risk variable.
• Risk Factors content (Item 1A) is not cleanly available from this filing's structure — the parsed body is flagged as bloated/mixed with neighbouring items; readers seeking the company's explicit risk language should consult the 10-K directly at the SEC link in Section 11.

3. What Does This Company Actually Do?

Chevron is a fully integrated oil-and-gas company. It finds, produces and transports crude oil and natural gas (Upstream); refines, markets and chemically processes hydrocarbons into fuels, lubricants, plastics and additives (Downstream); and runs cash-management, real-estate and corporate functions through an All Other segment. The plain-English split below is by after-tax segment earnings (the per-segment revenue split is not broken out in the parts of the 10-K that are clean for this report).

Per the FY2025 10-K (Item 7, filed 2026-02-24): segment earnings in 2025 were:

• Upstream — $12,822 million. U.S. $5,815 million; international $7,007 million. By far the dominant earnings driver; primarily exposed to Brent and WTI crude prices, U.S. NGLs and Henry Hub gas, and contractual LNG pricing in Australia and the Eastern Mediterranean.
• Downstream — $3,022 million. U.S. $1,375 million; international $1,647 million. Refining, marketing, lubricants, additives and renewable fuels, plus a 50% interest in Chevron Phillips Chemical and a 50% interest in GS Caltex (South Korea).
• All Other — $(3,545) million net charge. Worldwide cash management and debt financing, corporate administration, insurance, real estate and technology activities; the size of the negative reflects higher interest costs, pension settlement and curtailment expenses and corporate overhead.

Net income attributable to Chevron in 2025: $12,299 million.

Where the production comes from (FY2025) — Per the FY2025 10-K (Item 1, filed 2026-02-24): worldwide oil-equivalent production averaged 3.7 million barrels per day, up about 12% on 2024. The U.S. (1,858 thousand barrels of oil-equivalent per day, or "MBOED") and international consolidated companies (1,327 MBOED) plus affiliates (538 MBOED) made up the total of 3,723 MBOED. Per the FY2025 10-K (Item 1, filed 2026-02-24): at year-end 2025, 43% of net proved oil-equivalent reserves were located in the United States, 15% in Australia and 11% in Kazakhstan.

Refining footprint — Per the FY2025 10-K (Item 1, filed 2026-02-24): Chevron operates a refining network capable of processing 1.8 million barrels per day worldwide. Five wholly-owned U.S. refineries (Pascagoula, El Segundo, Richmond, Pasadena, Salt Lake City) plus Map Ta Phut in Thailand sum to 1,274 thousand barrels per day of operable capacity at year-end 2025; affiliate refineries at Yeosu (South Korea, 50% via GS Caltex) and Pulau Merlimau (Singapore, 50% via SRC) add a further 545 thousand barrels per day. Crude unit utilisation was 92.9% in 2025 versus 87.9% in 2024.

Marketing footprint — Per the FY2025 10-K (Item 1, filed 2026-02-24): Chevron supplied directly or through retailers approximately 8,600 Chevron- and Texaco-branded U.S. service stations and approximately 5,200 international branded stations (including affiliates). Aviation fuel is sold to 58 airports worldwide; lubricants under the Chevron, Texaco and Caltex brands; base oils under the Chevron and Nexbase brands.

4. The Business Model

Chevron earns money in three distinct ways. Upstream is a price-taker on global crude and gas benchmarks; the variable that managers control is unit cost and capital efficiency. Downstream earns refining and marketing margins (the "crack spread") plus chemicals contribution from the 50%-owned Chevron Phillips Chemical and GS Caltex affiliates. The All Other line is corporate overhead and finance costs, structurally negative.

Realisations and price exposure (FY2025 vs FY2024) — Per the FY2025 10-K (Item 7, filed 2026-02-24): Brent crude averaged $69 per barrel in 2025 versus $81 in 2024; WTI averaged $65 versus $76; U.S. Henry Hub natural gas averaged $3.53 per thousand cubic feet versus $2.25. As of mid-February 2026 the company quoted Brent $70, WTI $63 and Henry Hub $3.43. Per the FY2025 10-K (Item 7, filed 2026-02-24): U.S. liquids realisations were $48.13 per barrel (vs $56.24); international liquids $61.58 per barrel (vs $71.38); U.S. natural gas $2.05 per thousand cubic feet (vs $1.04); international natural gas $7.04 per thousand cubic feet (vs $7.32).

Why margins compressed in 2025. Per the FY2025 10-K (Item 7, filed 2026-02-24): U.S. upstream earnings fell $1.8 billion primarily due to lower liquids realisations of $2.4 billion, higher operating expenses of $2.0 billion, and higher DD&A of $1.4 billion, partially offset by higher sales volumes of $2.8 billion and higher gas realisations of $0.8 billion. International upstream earnings fell $4.0 billion primarily due to higher DD&A of $2.8 billion, lower realisations of $2.0 billion and an unfavourable foreign-currency swing of $803 million, partially offset by higher liftings of $2.2 billion. The Hess deal therefore added volume and reserves but also brought a step-change in DD&A.

Cost programme — Per the FY2025 10-K (Item 7, filed 2026-02-24): Chevron is targeting $3–4 billion of structural cost reductions by end-2026, with savings sourced from portfolio optimisation, expanded use of global capability centres and technology-enabled productivity. The company delivered $1.5 billion of structural cost savings in 2025 with a $2 billion annual run-rate.

Capital return is the central financial promise. Per the FY2025 10-K (Item 7, filed 2026-02-24): the 2025 annual dividend was $6.84 per share, the 38th consecutive year that Chevron increased its annual per-share dividend payout. Dividends paid to common stockholders were $12.75 billion in 2025 and $11.80 billion in 2024 (JSON cash-flow figures; the 10-K rounds these to $12.8 billion and $11.8 billion respectively). Stock buybacks were $12.08 billion in 2025 versus $15.23 billion in 2024. Per the FY2025 10-K (Item 7, filed 2026-02-24): Chevron purchased 79.9 million shares in 2025 under the $75 billion 2023 Program (authorised 25 January 2023), with $36.5 billion remaining at year-end and Q1 2026 repurchases guided to $2.5–$3.0 billion.

Subsidy / regulatory-credit exposure. Chevron's revenue is fundamentally fee-for-service in fuels and chemicals, and the company does not earn a meaningful share of headline revenue from regulatory credits. Per the FY2025 10-K (Item 7, filed 2026-02-24): "Although we expect the company's costs to comply with these [GHG] policies and programs to continue to increase, these costs currently do not have a material impact on the company's financial condition or results of operations." Per the FY2025 10-K (Item 7, filed 2026-02-24): the U.S. tariff impact in 2025 was less than 1% of third-party spend and was not material.

Moat. The moat is a function of (a) reserves and ownership of long-life assets — Per the FY2025 10-K (Item 1, filed 2026-02-24): proved reserves of approximately 10.6 billion barrels of oil-equivalent, with assets such as Anchor, Tahiti, Mad Dog and Wheatstone carrying production lives of 15–40+ years; (b) capital-intensity and permitting barriers that prevent new entrants in deepwater, LNG and integrated petrochemicals; and (c) refining-and-marketing scale via 1.8 million barrels per day of refining and >13,800 branded service stations.

5. Financial Health

Five-year P&L and cash-flow trend (USD millions; FY2021 line items not disclosed in this report's source data)

Fiscal year (Dec)	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	n/a	$235,717	$196,913	$193,414	$184,432
Gross profit	n/a	$73,982	$60,391	$56,926	$56,086
Operating income	n/a	$39,950	$26,229	$18,917	$16,674
Net income	n/a	$35,465	$21,369	$17,661	$12,299
EPS (diluted)	n/a	$18.28	$11.36	$9.72	$6.63
Operating cash flow	n/a	$49,602	$35,609	$31,492	$33,939
Capex	n/a	$(11,974)	$(15,829)	$(16,448)	$(17,347)
Free cash flow	n/a	$37,628	$19,780	$15,044	$16,592
Stock buybacks	n/a	$(11,255)	$(14,939)	$(15,229)	$(12,079)
Dividends paid	n/a	$(10,968)	$(11,336)	$(11,801)	$(12,751)
Diluted share count (mn)	n/a	1,940	1,880	1,817	1,856
Total debt	n/a	$23,339	$20,836	$24,541	$40,758
Cash & equivalents	n/a	$17,678	$8,178	$6,781	$6,293
Total equity	n/a	$159,282	$160,957	$152,318	$186,450

The trend tells a clear story. FY2022 was the post-pandemic peak as Brent averaged well above $90; revenue, operating income, EPS and free cash flow have stepped down each year since. FY2025 brought a one-off enlargement of the asset base via the Hess acquisition: total assets jumped from $256.94 billion at year-end 2024 to $324.01 billion, total equity rose to $186.45 billion (helped by stock issued in the deal), total debt almost doubled to $40.76 billion, and the diluted share count ticked back up to 1,856 million from 1,817 million as new equity was issued to Hess shareholders. Free cash flow recovered modestly to $16.59 billion despite a 4.6% revenue decline, because operating cash flow benefited from working-capital tailwinds and the first contributions from legacy Hess assets.

Quarterly trend (last five quarters) (USD millions). Q1 FY2026 only EPS is disclosed in the report's source data.

Quarter end	Revenue	Gross profit	Operating income	Net income	EPS (diluted)	Free cash flow
Q4 FY2024 (31 Dec 2024)	$48,334	$13,213	$2,416	$3,239	n/a	$4,357
Q1 FY2025 (31 Mar 2025)	$46,101	$13,368	$4,297	$3,500	$2.00	$1,262
Q2 FY2025 (30 Jun 2025)	$44,375	$13,173	$4,057	$2,490	$1.45	$4,864
Q3 FY2025 (30 Sep 2025)	$48,169	$14,990	$4,297	$3,539	$1.82	$4,941
Q4 FY2025 (31 Dec 2025)	$45,787	$14,555	$4,023	$2,770	$1.39	$5,525
Q1 FY2026 (31 Mar 2026)	n/a	n/a	n/a	n/a	$1.11	n/a

Quarterly gross margin walked up steadily through 2025, from 27.34% in Q4 FY2024 to 31.79% in Q4 FY2025, reflecting the contribution of higher-realisation Hess assets (Guyana, Bakken, Gulf of America) and stronger downstream margins. Quarterly EPS, however, ran in the opposite direction in absolute terms — diluted EPS fell from $2.00 in Q1 FY2025 to $1.39 in Q4 FY2025 as DD&A and finance costs absorbed an increasing share of operating profit. Q1 FY2026 diluted EPS of $1.11 in the report's source data is below all four quarters of 2025; per the 7 May 2026 Insider Monkey item in recent_news[], Chevron reported Q1 FY2026 adjusted EPS of $1.41 against a $0.97 consensus and revenue of $48.61 billion.

Capital structure — Per the FY2025 10-K (Item 7, filed 2026-02-24): total debt including finance lease liabilities was $40.8 billion at year-end 2025; short-term debt $977 million and long-term debt $39,781 million per the source data. Per the FY2025 10-K (Item 7, filed 2026-02-24): commercial paper outstanding was $4.6 billion at year-end 2025 versus $5.4 billion at year-end 2024. Per the FY2025 10-K (Item 7, filed 2026-02-24): Chevron Corporation senior notes carry an AA- rating from Standard & Poor's and an Aa2 rating from Moody's; U.S. commercial paper is rated A-1+ / P-1. Per the FY2025 10-K (Item 7, filed 2026-02-24): the debt ratio (total debt / [debt + equity]) was 17.9% at year-end 2025 versus 13.9% a year earlier; Net Debt / CFFO was 1.0× versus 0.6×; Return on Average Capital Employed was 6.6% versus 10.1%.

Balance-sheet liquidity — Cash and equivalents of $6,293 million at year-end 2025; current ratio of 1.15. Per the FY2025 10-K (Item 7, filed 2026-02-24): aggregate interest due on contractual obligations is $1.6 billion in 2026, $1.4 billion in 2027, $1.2 billion in 2028, $1.1 billion in 2029, $0.9 billion in 2030 and $6.0 billion thereafter. Restricted cash was $1.0 billion at year-end 2025 (mainly upstream decommissioning and tax payments).

6. Valuation & Market Data

All figures as of intraday 7 May 2026 unless dated otherwise.

Metric	Value
Price	$182.39
Previous close	$185.16
Day range	$179.53 – $182.53
52-week high	$214.71
52-week low	$133.77
Market cap	$360.59 billion
Enterprise value	$412.23 billion
Shares outstanding	1.977 billion
Float	1.836 billion
Beta (5Y monthly)	0.501
Trailing P/E (price ÷ EPS diluted)	27.51
Trailing P/E (yfinance)	31.78
Forward P/E (yfinance)	15.19
P/S (trailing)	1.96
P/B	1.93
EV / Revenue	2.24
EV / Operating income (proxy)	24.72
FCF yield	4.60%
Dividend yield	3.85%
Today's volume	5.76 million
10-day average volume	9.37 million
Short interest (shares short, % of float, days to cover)	not disclosed in this report's source data
Put/call ratio	not disclosed in this report's source data

Note on EV/EBITDA: the source data provides an EV / Operating Income proxy of 24.72× because depreciation & amortisation are not separately available in the snapshot; adding back the FY2025 DD&A figure (Per the FY2025 10-K (Item 7, filed 2026-02-24): $20,132 million) to operating income of $16,674 million gives an EBITDA proxy of $36,806 million and an EV/EBITDA proxy of approximately 11.20×.

7. What Are They Building / What's Coming?

Chevron's pipeline disclosures break into upstream major projects, the new-energies portfolio, and the data-centre / lithium adjacencies that opened up in 2025.

Upstream major projects.

• Hess integration and Guyana. Per the FY2025 10-K (Item 7, filed 2026-02-24): the Hess acquisition closed in July 2025; Per the FY2025 10-K (Item 1, filed 2026-02-24): Chevron now holds a 30% nonoperated interest in the Stabroek Block offshore Guyana, where the One Guyana FPSO (~250,000 gross barrels per day) achieved first production in August 2025 alongside Liza Destiny, Liza Unity and Prosperity. Uaru (Errea Wittu FPSO, 250,000 gross barrels per day) is targeted for first production in 2026, Whiptail (Jaguar FPSO, ~250,000 gross barrels per day) for 2027, and Hammerhead (~150,000 gross barrels per day) — sanctioned September 2025 — for 2029. By 2030 eight FPSOs are expected with aggregate ~1.7 million gross barrels per day of capacity.
• Tengizchevroil Future Growth Project (Kazakhstan). Per the FY2025 10-K (Item 1, filed 2026-02-24): completed in 2025, increasing crude oil production by 260,000 barrels per day with total gross output reaching one million barrels of oil-equivalent per day at Tengiz.
• Permian Basin. Per the FY2025 10-K (Item 1, filed 2026-02-24): production reached one million net barrels of oil-equivalent per day in 2025; 2025 net daily production averaged 435,000 barrels of crude, 280,000 barrels of NGLs and 1.8 billion cubic feet of natural gas across more than 1,750,000 net acres in the Delaware and Midland basins.
• Gulf of America. Per the FY2025 10-K (Item 1, filed 2026-02-24): first oil at Ballymore (April 2025, three-well subsea tieback to Blind Faith), continued ramps at Anchor (62.9% interest) and Whale (41.5% nonoperated), and first oil from Stampede Black Pearl in July 2025; Chevron was also the apparent high bidder on 24 exploration blocks in the Big Beautiful Gulf 1 Lease Sale in 2025.
• Israel — Leviathan and Tamar. Per the FY2025 10-K (Item 1, filed 2026-02-24): in early 2026 Chevron reached final investment decision on the Leviathan Expansion Phase 1 Project, expected to lift Leviathan's upstream production capacity to 2.1 billion cubic feet per day; the Tamar Optimization Project Phase 1 first gas in early 2026 (capacity to 1.2 Bcfd) with Phase 2 due to complete in the first half of 2026 (capacity up to ~1.6 Bcfd). A Nitzana pipeline to transport gas from both fields to Egypt (0.6 Bcfd) is targeted for 2028.
• Australia LNG. Per the FY2025 10-K (Item 1, filed 2026-02-24): in 2025 final investment decision was reached on the Gorgon Stage 3 Project to develop the Geryon and Eurytion backfill fields, with first gas expected in 2029. Wheatstone marked its 1,000th LNG shipment in 2025; Jansz-Io Compression first gas remains targeted for 2028.
• Frontier exploration. Per the FY2025 10-K (Item 1, filed 2026-02-24): nine offshore blocks awarded in the Foz do Amazonas Basin (Brazil) in 2025; three offshore blocks in the Trujillo Basin (Peru); two frontier blocks in Guinea-Bissau; two shallow-water blocks in Suriname; PEL 82 in Walvis Basin and PEL 90 in Orange Basin (Namibia); and in early 2026 Chevron was designated winning bidder for Contract Area 106 in the Sirte Basin (Libya) and was awarded four deep-sea blocks off the Peloponnese and Crete (Greece).
• Malta exploration. Per Simply Wall St. coverage on 6 May 2026 in recent_news[], Chevron is starting hydrocarbon exploration south of Malta as part of a Mediterranean expansion.

New energies, lithium and data-centre power.

• Renewable diesel and RNG. Per the FY2025 10-K (Item 1, filed 2026-02-24): the Geismar renewable diesel plant in Louisiana ramped from 7,000 to 22,000 barrels per day in 2025; Chevron acquired the remaining equity of Brightmark RNG Holdings (renamed Chevron RNG) in early 2025, and operates 26 anaerobic digester facilities across nine U.S. states plus a 67-station compressed-natural-gas footprint under the Chevron and Beyond6 brands.
• Hydrogen storage. Per the FY2025 10-K (Item 1, filed 2026-02-24): hydrogen was produced and introduced into the salt cavern at the ACES Delta site in Utah in 2025 — construction is complete and final commissioning continues.
• Carbon capture and storage. Per the FY2025 10-K (Item 1, filed 2026-02-24): a 50% interest in Bayou Bend CCS LLC (~140,000 acres in Texas); five greenhouse-gas assessment permits in Australia totalling nearly 10.2 million gross acres for potential CO₂ storage.
• Lithium. Per the FY2025 10-K (Item 1, filed 2026-02-24): in 2025 Chevron acquired approximately 135,000 net acres in the Smackover Formation in Northeast Texas and Southwest Arkansas for direct lithium extraction.
• Data-centre power. Per the FY2025 10-K (Item 1, filed 2026-02-24): Chevron advanced work in 2025 on its first power project for data centres, expected to be supplied with gas from the Permian Basin in West Texas.

Patents and R&D — Per the FY2025 10-K (Item 1, filed 2026-02-24): Chevron holds more than 4,000 patents with approximately 3,400 additional patents pending, making it one of the leading U.S. patent holders in the industry. Chevron Technology Ventures has run for more than 26 years across 10 funds supporting more than 140 startups.

2026 capital plan — Per the FY2025 10-K (Item 7, filed 2026-02-24): organic capex is guided to $18–19 billion. Upstream is projected at $17 billion, including nearly $6 billion for U.S. shale and tight assets in the Permian, DJ and Bakken basins, and about $7 billion for global offshore developments primarily supporting Guyana, Eastern Mediterranean and Gulf of America. Downstream is around $1 billion (about three-quarters U.S.); $1 billion of total Capex is dedicated to lower-carbon-intensity activities. Affiliate Capex is guided to $1.3–1.7 billion.

8. Competitive Landscape

Chevron sits in the integrated oil-and-gas "supermajor" cohort alongside ExxonMobil, Shell, BP, TotalEnergies, ConocoPhillips and (further out the spectrum on integration) Equinor, Eni and Petrobras. The 10-K does not name competitors with explicit market-share percentages — Per the FY2025 10-K (Item 1, filed 2026-02-24): "Strong competition exists in all sectors of the petroleum and petrochemical industries… In the upstream business, Chevron competes with fully integrated, major global petroleum companies, as well as independent and national petroleum companies, for the acquisition of crude oil and natural gas leases and other properties and for the equipment and labor required to develop and operate those properties."

Operator	Geography / specialty	Where they touch Chevron
ExxonMobil	U.S. supermajor; Permian, Guyana, LNG, chemicals	Joint operator / partner on Stabroek Block (Guyana); direct Permian competitor; also competes in U.S. Gulf, LNG and chemicals.
Shell plc	European supermajor; LNG, deepwater, marketing	Australian LNG, Gulf of America, downstream / lubricants.
BP plc	European integrated; trading, deepwater, marketing	Gulf of America (Mad Dog, Atlantis), retail fuel competition outside the U.S.
TotalEnergies	European supermajor; Africa, LNG, integrated power	Africa upstream (Angola, Nigeria), LNG markets.
ConocoPhillips	U.S. independent; Permian, Alaska, LNG	Direct U.S. shale competitor; LNG offtake and trading.
National oil companies	Saudi Aramco, ADNOC, Petrobras, Equinor, Petronas, NNPC	Counterparties, partners and competitors for licences, equipment, services and infrastructure.
Independent E&P / shale	Pioneer (now part of XOM), Diamondback, Permian Resources, EOG	U.S. shale acreage competition; lease-sale rivals in Permian, DJ and Bakken.

Per the FY2025 10-K (Item 1, filed 2026-02-24): Chevron is the largest producer of LNG in Australia, operating Gorgon (47.3% interest, 15.6 mtpa LNG capacity across three trains) and Wheatstone (64.1% in LNG facilities, 8.9 mtpa across two trains). Per the FY2025 10-K (Item 1, filed 2026-02-24): Chevron is also one of the largest producers in the Permian Basin (one million BOE/day in 2025) and the largest acreage holder in the Gulf of America after the Hess deal. Specific market-share percentages by basin or by global LNG/refining capacity are not disclosed in this report's source data, so the competitor-share visualisation is omitted.

9. Leadership and Ownership

Chief Executive Officer — Michael K. Wirth. Mr. Wirth has been Chairman and CEO since 2018. The report's source data does not include a verified date of birth, so no age descriptor is given here; readers seeking biographical detail should consult the Chevron 2026 proxy statement (DEF 14A filed 7 April 2026, SEC accession 0001193125-26-145617).

Top institutional holders (as of 31 December 2025 unless otherwise noted)

Holder	Shares	% of shares	Reported value
Vanguard Group Inc.	182,961,533	9.18%	$33.37 billion
State Street Corporation	152,281,267	7.64%	$27.77 billion
BlackRock, Inc.	141,290,397	7.09%	$25.77 billion
Berkshire Hathaway, Inc.	130,156,362	6.53%	$23.74 billion
Geode Capital Management, LLC	43,613,011	2.19%	$7.95 billion
Morgan Stanley	36,305,638	1.82%	$6.62 billion
Charles Schwab Investment Management, Inc.	36,036,844	1.81%	$6.57 billion
Bank of America Corporation	26,295,251	1.32%	$4.80 billion
Norges Bank	24,457,623	1.23%	$4.46 billion
Fisher Asset Management, LLC (31 Mar 2026)	21,887,438	1.10%	$3.99 billion

Vanguard, State Street, BlackRock and Geode together hold roughly 26.10% of shares outstanding — a typical index-fund concentration for a U.S. mega-cap. The notable name in the top ten is Berkshire Hathaway, holding 130.16 million shares (6.53%) at year-end 2025; Berkshire has been a multi-year holder.

Recent insider filings (Form 4 / Form 5). The transaction-direction field is not populated in the report's source data, so the article cannot characterise these specific filings as discretionary purchases or pre-planned 10b5-1 sales.

Date	Insider	Position	Shares	Reported value (USD)
2026-03-30	Pate, Robert Hewitt	Officer	40,200	$8,574,857
2026-03-30	Pate, Robert Hewitt	Officer	40,200	$5,039,070
2026-03-06	Pate, Robert Hewitt	Officer	47,200	$9,068,064
2026-03-06	Pate, Robert Hewitt	Officer	47,200	$5,334,072
2026-03-02	Nelson, Mark A.	Officer	139,600	$26,233,775
2026-03-02	Nelson, Mark A.	Officer	139,600	$15,572,916
2026-03-02	Bonner, Eimear P.	Chief Financial Officer	45,800	$8,600,515
2026-03-02	Bonner, Eimear P.	Chief Financial Officer	45,800	$7,451,084
2026-03-02	Walz, Andrew Benjamin	Officer	11,600	$2,187,517
2026-03-02	Walz, Andrew Benjamin	Officer	11,600	$1,169,442

The pattern of paired filings on the same date with materially different reported values (e.g. CFO Eimear Bonner's two 2 March 2026 entries at the same 45,800-share count) is consistent with option-exercise-and-related-sale activity, but the report's source data does not record direction or 10b5-1 plan flags, and we will not infer them.

Workforce — Per the FY2025 10-K (Item 1, filed 2026-02-24): Chevron had 43,039 employees at 31 December 2025 (37,860 non-service-station employees and 5,179 service-station employees). Of the non-service-station total, 19,366 were based in the United States, 7,905 in Asia, 3,945 in Other Americas, 3,311 in Africa, 1,879 in Australia and 1,454 in Europe.

Capital return at the company level — Per the FY2025 10-K (Item 7, filed 2026-02-24): the 2025 annual dividend was $6.84 per share; in January 2026 the Board approved a quarterly dividend increase to $1.78 per share (~4%) payable in March 2026 — the 38th consecutive year of dividend growth. Per the FY2025 10-K (Item 7, filed 2026-02-24): under the $75 billion 2023 Program (authorised 25 January 2023, effective 1 April 2023), Chevron has now repurchased 250.8 million shares for $38.5 billion excluding excise taxes, with $36.5 billion remaining at 31 December 2025.

10. Risks and Challenges

Risk Factors content (Item 1A) is not cleanly available from this filing's structure — the parsed body is flagged as suspect-bloat (the labelling mixes Properties, Legal Proceedings and MD&A material with actual Risk Factors), and ChartsView's Hard Rule D requires us not to quote from it. Readers seeking the company's explicit risk language should consult the 10-K directly at SEC EDGAR. The risks listed below are sourced from clean MD&A (Item 7) language and from the report's recent_news[].

• Crude price exposure. Per the FY2025 10-K (Item 7, filed 2026-02-24): the most significant factor affecting results of the upstream segment is the price of crude oil, which is determined in global markets outside the company's control. Brent averaged $69 per barrel in 2025 versus $81 in 2024, and Chevron's 2026 production guidance assumes a $60-per-barrel Brent base case.
• OPEC+ exposure. Per the FY2025 10-K (Item 7, filed 2026-02-24): about 21% of 2025 net oil-equivalent production occurred in OPEC+ member countries (Equatorial Guinea, Kazakhstan, Malaysia, Nigeria and the Partitioned Zone), exposing volumes to quotas or other actions imposed by OPEC+.
• Caspian Pipeline Consortium / Russia transit. Per the FY2025 10-K (Item 7, filed 2026-02-24): "An adverse event or incident affecting CPC operations, which CPC has experienced from time to time, such as recent drone attacks, could have a negative impact on the Tengiz field and the company's future results of operations and financial position." CPC transported 1.5 million barrels per day on average in 2025 (1.4 million from Kazakhstan, 0.1 million from Russia).
• Iran / Hormuz disruption. Per Simply Wall St. coverage on 6 May 2026 in recent_news[], CEO Mike Wirth has warned that global oil markets could see shortages comparable to the 1970s oil crises following a partial closure of the Strait of Hormuz linked to U.S.–Iran tensions; per 24/7 Wall St. coverage on 7 May 2026 in recent_news[], President Trump publicly stated he had "expected oil to hit $200" over Iran. A spike in Brent would be a tailwind for upstream earnings but a margin headwind for downstream and chemicals.
• Israel / Eastern Mediterranean. Per the FY2025 10-K (Item 7, filed 2026-02-24): Chevron holds a 39.7% interest in Leviathan and 25% in Tamar; conflict between Israel and various regional adversaries has not materially impacted operations to date but the company continues to monitor potential further conflict.
• Venezuela sanctions. Per the FY2025 10-K (Item 7, filed 2026-02-24): Chevron's Venezuelan investments are recorded as non-equity (income only on cash receipt), with reserves and production not included in results; deliveries to the U.S. continued through January 2026 under revised authorisations, and "current geopolitical developments relating to Venezuela could have an impact on the company's operations in Venezuela and, as a result, impact the company's future results of operations."
• Climate-related transition risk. Per the FY2025 10-K (Item 7, filed 2026-02-24): "For its aspiration to achieve net zero for upstream production Scope 1 and 2 GHG emissions on an equity basis by 2050, many of the necessary advancements in technology, policy and collective action have not occurred. As a result, Chevron is not on track to achieve the aspiration by 2050." Per the FY2025 10-K (Item 7, filed 2026-02-24): regulatory programmes including renewable / low-carbon fuel standards, GHG pricing, and performance standards "have had and may continue to have negative impacts on the company now and in the future".
• Decommissioning come-back. Per the FY2025 10-K (Item 7, filed 2026-02-24): in fourth quarter 2023 Chevron recognised charges for decommissioning obligations on previously divested Gulf of America assets; in 2025 the company spent $297 million related to these obligations and anticipates spending an additional $200–300 million annually through 2033, with potential for further reverted obligations.
• Tariffs and supply chain. Per the FY2025 10-K (Item 7, filed 2026-02-24): the 2025 tariff impact was less than 1% of third-party spend; "Although the U.S. Supreme Court struck down some global tariffs in February 2026, there remains significant uncertainty as to the duration and magnitude of any future tariffs… and, accordingly, as to the resultant impacts these tariffs could have on the company and its suppliers and the company's future results of operations."
• Operating leverage. Revenue fell 4.6% in FY2025; net income fell 30.4% (from $17.66 billion to $12.30 billion) and EPS fell 31.8% (from $9.72 to $6.63). The cost structure is heavy with depreciation, depletion and amortisation ($20.13 billion in 2025) and interest cost ($1.22 billion) — both essentially fixed against commodity-price moves.
• Capital intensity vs free cash flow. Per the FY2025 10-K (Item 7, filed 2026-02-24): 2026 organic capex guidance of $18–19 billion versus FY2025 free cash flow of $16.59 billion implies that, at flat or lower commodity prices, dividend and buyback growth depends on continued cost-out execution and asset-sale proceeds (Per the FY2025 10-K (Item 7, filed 2026-02-24): $1–2 billion of annual asset-sale proceeds expected through 2030).

11. Recent Developments

The most recent items first; URLs are taken verbatim from the report's source recent_news[].

• 7 May 2026 — Trump comments on $200 oil scenario (24/7 Wall St.). President Trump said publicly that he had "expected oil to hit $200" over Iran, framing how close the energy market came to an Iran-driven supply shock. (https://247wallst.com/investing/2026/05/07/trump-admits-i-expected-oil-to-hit-200-over-iran-heres-how-close-investors-came-to-disaster/)
• 7 May 2026 — Shell Q1 windfall on Iran-war oil-trading boom (Barron's / Bloomberg). Shell reported Q1 adjusted earnings of $6.92 billion, up from $3.26 billion in the prior quarter, driven by trading gains during the Iran conflict — context for how supermajors are absorbing the same backdrop. (https://www.barrons.com/articles/shell-earnings-stock-price-5303752e?siteid=yhoof2&yptr=yahoo) (https://finance.yahoo.com/sectors/energy/articles/shell-profit-climbs-iran-war-085050314.html)
• 7 May 2026 — Chevron Q1 EPS beat coverage (Insider Monkey). On 1 May 2026 Chevron reported Q1 FY2026 adjusted EPS of $1.41 versus a $0.97 consensus and revenue of $48.61 billion versus $52.7 billion expected; CEO Mike Wirth described the quarter as "solid" amid geopolitical volatility. (https://finance.yahoo.com/markets/stocks/articles/chevron-cvx-reports-q1-eps-062132623.html)
• 7 May 2026 — "Drill, baby, drill!" sector commentary (Motley Fool). Coverage on how oil companies are responding to the surge in crude prices, distinguishing names ramping up activity from those (the article notes ExxonMobil and Chevron) holding the line on capex. (https://www.fool.com/investing/2026/05/07/drill-baby-drill-these-2-oil-stocks-are-ramping-up/)
• 7 May 2026 — Aristotle Capital Management investor letter on Chevron (Insider Monkey). Aristotle's first-quarter 2026 Value Equity Fund letter discussed Chevron in the context of Q1 market volatility (S&P 500 −4.33%). (https://finance.yahoo.com/markets/stocks/articles/makes-chevron-corporation-cvx-attractive-114620249.html)
• 7 May 2026 — Trump affordability push stalling (Bloomberg). Coverage of the administration's affordability agenda losing momentum into the midterms — relevant for energy-policy direction (drilling, pipeline approvals, refinery permitting). (https://finance.yahoo.com/economy/policy/articles/trump-affordability-push-stalls-ahead-104500590.html)
• 7 May 2026 — Comstock Resources Q1 (Zacks). Comstock missed Q1 estimates as severe weather curbed gas production — context for Henry Hub gas exposure across U.S. shale operators. (https://finance.yahoo.com/markets/stocks/articles/comstock-resources-q1-earnings-miss-125700404.html)
• 6 May 2026 — Chevron weighs Hormuz strains, Malta exploration, dividend (Simply Wall St.). Coverage flags partial closure of the Strait of Hormuz, CEO Wirth's 1970s-style shortage warning, and the start of hydrocarbon exploration south of Malta as Chevron expands its Mediterranean footprint. (https://finance.yahoo.com/sectors/energy/articles/chevron-weighs-hormuz-supply-strains-161520981.html)
• 6 May 2026 — ConocoPhillips Q1 (Zacks). ConocoPhillips beat Q1 EPS and revenue on drilling efficiency, strong WTI prices and $1 billion of annual cost cuts — peer benchmark for Chevron's $3–4 billion structural cost programme. (https://finance.yahoo.com/sectors/energy/articles/conocophillips-q1-earnings-oil-giant-154300633.html)
• 7 May 2026 — Q1 FY2026 10-Q filed. SEC accession 0000093410-26-000113, available at SEC EDGAR.
• 1 May 2026 — Q1 earnings 8-K filed. SEC accession 0000093410-26-000110, available at SEC EDGAR.
• 9 April 2026 — 8-K filed. SEC accession 0000093410-26-000108.
• 7 April 2026 — DEF 14A proxy statement filed. SEC accession 0001193125-26-145617.
• 25 March 2026 — 8-K filed. SEC accession 0000093410-26-000103.
• 24 February 2026 — FY2025 10-K filed. SEC accession 0000093410-26-000078; this filing is the primary source for the management's-discussion-and-analysis citations in this note.

12. Key Dates Coming Up

Event	Date
Next earnings (Q2 FY2026)	31 July 2026
Next ex-dividend date	19 May 2026
Next dividend payment date	10 June 2026
AGM, product launches, regulatory decisions	not disclosed in this report's source data

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Disclaimer: This research note is for general information only and does not constitute investment advice, an offer to buy or sell any security, or a personalised recommendation. Figures are drawn from Chevron's own filings and from the data sources listed at the top of the underlying dataset; while we have taken care to attribute numerical claims to their source, no guarantee of accuracy is given. Markets are volatile, and past performance is not a reliable indicator of future results. Always consult a qualified financial adviser before making investment decisions.