Chevron Corporation (CVX) - Company Research

Last Updated: 30 August 2026

Chevron Corporation is one of the world's largest integrated energy companies, producing crude oil and natural gas, refining and marketing fuels and lubricants, and increasingly building natural-gas-fired power for data centres. The July 2025 acquisition of Hess Corporation reshaped the company, adding a 30% interest in Guyana's Stabroek Block and lifting production to record levels. This report sets out what Chevron actually reported through its second quarter of 2026, published 31 July 2026, using only company filings and primary sources. No analyst opinions, no price targets.

1. Company Snapshot

Field	Value
Exchange and ticker	New York Stock Exchange, CVX (SEC CIK 0000093410)
Sector	Energy — integrated oil and gas (SIC 2911, Petroleum Refining)
Headquarters	1400 Smith Street, Houston, Texas, USA (relocated from San Ramon, California, announced 2 Aug 2024)
Founded	1879 (Pacific Coast Oil Company, incorporated 10 September 1879)
Employees	43,039 at 31 December 2025 (37,860 non-service-station plus 5,179 service-station), per the FY2025 Form 10-K
CEO / Leadership	Michael K. Wirth, Chairman of the Board and Chief Executive Officer; Eimear P. Bonner, Vice President and Chief Financial Officer; Mark A. Nelson, Vice Chairman
Revenue (FY2025)	$184,432m sales and other operating revenues; $189,031m total revenues and other income
Net income (FY2025)	$12,299m attributable to Chevron; GAAP diluted EPS $6.63
Most recent quarter	Q2 2026, reported 31 July 2026: revenue $67,199m, GAAP diluted EPS $6.11
Market cap	$395.97bn (30 August 2026, on the 28 August 2026 close)
Share price	$201.86 (close, 28 August 2026)
Shares outstanding	1,962 million at 30 June 2026, excluding 14 million held by the Benefit Plan Trust
Dividend	$1.78 per share quarterly ($7.12 annualised), declared 31 July 2026, payable 10 September 2026

Chevron is the only energy constituent of the Dow Jones Industrial Average, and is also a member of the S&P 500 and S&P 100. It remains incorporated in Delaware. No stock split has occurred in 2024, 2025 or 2026.

2. Bull and Bear Case

Bull Case

• Record production with the Hess assets now consolidated: FY2025 output reached a record 3,723 MBOED, up 12%, and Q2 2026 reached 4,070 MBOED, up 20% year-on-year, with US production of 2,077 MBOED setting a quarterly record and exceeding two million boe/d for a fifth consecutive quarter.
• Cost programme delivered ahead of schedule: the $3 billion structural cost reduction run-rate versus 2024 was reached in Q2 2026, six months early, against a $3–4 billion target for end-2026; separately $1.5 billion of Hess run-rate synergies were delivered within a year of closing, 50% above the initial $1 billion target.
• Low breakeven and a stated growth framework: at the 12 November 2025 Investor Day Chevron guided to a capex-and-dividend breakeven below $50/bbl Brent sustained through 2030, adjusted free cash flow and EPS growth of more than 10% a year at $70 Brent, and production growth of 2–3% a year.
• Balance sheet repaired fast when prices cooperate: total debt was cut by a record $8.4 billion in Q2 2026 alone, taking the net debt ratio from 15.6% at 31 December 2025 to 13.1% at 30 June 2026, with debt-to-cash-flow of 0.8x.
• A genuinely new revenue line with a signed 20-year contract: Chevron signed a 20-year power purchase agreement with Microsoft for approximately 2.67 GW of behind-the-meter capacity at Project Kilby in West Texas, built with GE Vernova and Engine No. 1, with first power expected in 2028.

Bear Case

• Current earnings are price-inflated, not run-rate: Q2 2026 net income of $12.1 billion was earned with Brent averaging $104/bbl. Q1 2026 at $81 Brent produced $2.2 billion and Q4 2025 at $64 Brent produced $2.8 billion. That is roughly a five-fold earnings swing in four quarters driven almost entirely by price and timing.
• Cash returns have exceeded free cash flow: FY2025 returned $27.1 billion against $16.6 billion of free cash flow, and total debt rose from $24.5 billion to $40.8 billion during the year. In Q1 2026 free cash flow was negative $1.5 billion while $6.0 billion was still returned.
• Concentrated geopolitical exposure: substantially all Tengiz crude exports run through the Caspian Pipeline Consortium to Russia's Black Sea coast, which suspended loadings in July 2026 after drone strikes on four tankers in four days. Venezuela operates only under specific OFAC authorisations that have been withdrawn and restored repeatedly.
• The Guyana position is large and non-operated: the $48 billion Hess purchase concentrates value in a 30% non-operated interest in Stabroek, where ExxonMobil is the operator and publicly disagreed with the July 2025 arbitration ruling that cleared the deal.
• Insiders are selling, not buying: across every Chevron Form 4 filed in 2026 there is not a single Code P open-market purchase; roughly $360 million of gross insider sale proceeds were recorded, and every acquisition is a Code A grant or a Code M option exercise.

3. Business Segments

Chevron reports three operating segments. Because Downstream sells large volumes of third-party-sourced product at low margin, it dominates reported revenue while contributing only about a fifth of positive segment earnings. Percentages below use total revenues and other income of $189,031m for FY2025.

Segment	% of revenue	What it is
Downstream	69.7% ($131,837m; US $65,913m, international $65,924m). FY2025 segment earnings after tax $3,022m	Refines crude into transportation fuels, markets fuels and lubricants, manufactures additives and renewable fuels, and trades and transports crude and product. Includes the 50%-owned Chevron Phillips Chemical and GS Caltex affiliates.
Upstream	29.9% ($56,550m; US $20,005m, international $36,545m). FY2025 segment earnings after tax $12,822m	Explores for, develops, produces and transports crude oil and natural gas and runs the LNG and gas-marketing business. Core positions: Permian Basin, Gulf of America, Kazakhstan, Guyana, Australia, the Eastern Mediterranean, the Bakken, West Africa and Venezuela.
All Other	0.3% ($644m, of which only $104m is operating revenue). FY2025 net charges after tax $(3,545)m	Worldwide cash management and debt financing, corporate administration, insurance operations, real estate and technology companies. Unallocated corporate costs sit here.

Chevron measures segment performance after tax, excluding debt-financing interest expense and investment interest income. FY2025 income from equity affiliates was $3,000m, the largest contributors being Tengizchevroil and the Caspian Pipeline Consortium in Kazakhstan, Angola LNG, Chevron Phillips Chemical and GS Caltex.

4. Business Model and Moat

How it makes money. Upstream generates the great majority of earnings by producing and selling crude, natural gas liquids and natural gas at market realisations — $12,822m of FY2025's $15,844m of positive segment earnings. Downstream converts crude into fuels, lubricants, additives and petrochemicals and captures refining and marketing margins. The integration matters because the two halves are imperfectly correlated: weak crude usually widens refining margins and vice versa.

Scale in the assets that matter. Chevron holds more than 1,750,000 net acres in the Delaware and Midland basins, where FY2025 production reached the stated one million boe/d plateau target with more than 10% growth and lower capital spending than 2024. It owns 50% of Tengizchevroil in Kazakhstan, whose Future Growth Project started up in 2025 and added 260,000 b/d, taking gross output to approximately one million boe/d. After the Hess deal it is the largest acreage holder in the Gulf of America.

Refining footprint. The network could process 1.8 million barrels per day at end-2025: five consolidated US refineries totalling 1,099 thousand b/d (Pascagoula 369, El Segundo 290, Richmond 257, Pasadena 125, Salt Lake City 58) plus Map Ta Phut in Thailand at 175 kb/d, and affiliate capacity at GS Caltex Yeosu, Singapore Refining Company and Star Petroleum Refining. Q2 2026 set a record US crude unit throughput of 1.07 million b/d at more than 97% utilisation.

Reserves and replacement. Year-end 2025 proved reserves stood at approximately 10.6 billion boe, 8% higher than 2024, on a one-year reserve replacement ratio of 158%. Around 43% of proved reserves sit in the United States, 15% in Australia and 11% in Kazakhstan. Exploration acreage has been expanded by more than 50% versus 2023 through blocks in Brazil, Egypt, Guinea-Bissau, the Gulf of America, Namibia, Peru and Suriname.

Capital discipline and shareholder returns. The 2026 organic capital budget is $18–19 billion, at the low end of the $18–21 billion long-term range, with roughly $10.5 billion to the United States and $17.0 billion to upstream. FY2025 returned $27.1 billion to shareholders: $12.8 billion of dividends, $12.1 billion of buybacks and $2.2 billion of Hess share purchases. The $75 billion buyback authorisation of January 2023 had $36.5 billion remaining at 31 December 2025; cumulative repurchases through 30 June 2026 were 281 million shares for $44.0 billion. Guidance for Q3 2026 is $2.5–3.0 billion of repurchases, explicitly non-binding.

5. Financial Health

All figures below come from Chevron's own quarterly earnings releases (Form 8-K Exhibit 99.1), the FY2025 Form 10-K and SEC XBRL company facts. The revenue column is sales and other operating revenues, which is the line most commonly used for like-for-like comparison. Chevron's headline "total revenues and other income" is higher because it adds equity affiliate income and other income — $189,031m for FY2025 against $184,432m of operating revenue.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$155,606m	+64.7%	$8.14	$8.13	$5.31‡	$31,113m
FY2022	$235,717m	+51.5%	$18.28	$18.83	$5.68	$21,375m
FY2023	$196,913m	−16.5%	$11.36	$13.13	$6.04	$20,307m
FY2024	$193,414m	−1.8%	$9.72	$10.05	$6.52	$20,135m
FY2025	$184,432m	−4.6%	$6.63	$7.29	$6.84	$39,781m

‡ Chevron's XBRL "dividends declared per share" tag begins only in FY2022. The FY2021 figure of $5.31 is the dividends-per-share cash-paid tag, the only per-share dividend figure Chevron tagged for that year.

The long-term debt jump in FY2025 is the Hess acquisition, which closed 18 July 2025 and brought roughly $10.0 billion of assumed long-term debt into a $48.0 billion purchase. Total debt rose from $24,541m at 31 December 2024 to $40,758m at 31 December 2025, then fell to $37,075m at 30 June 2026 after a record $8.4 billion of repayment in the second quarter. Total Chevron stockholders' equity was $186,450m at year-end 2025 and $189,883m at 30 June 2026.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026 (reported 31 Jul 2026)	$67,199m	$6.06	$6.11
Q1 2026 (reported 1 May 2026)	$47,556m	$1.41	$1.11
Q4 2025 (reported 30 Jan 2026)	$45,787m	$1.52	$1.39
Q3 2025	$48,169m	$1.85	$1.82
Q2 2025	$44,375m	$1.77	$1.45
Q1 2025	$46,101m	$2.18	$2.00
FY2025 total	$184,432m	$7.29	$6.63

The quarterly pattern is worth reading carefully. Brent averaged $76, $68, $69, $64, $81 and $104 per barrel across those six quarters in order. Q2 2026 also carried a 20% year-on-year production increase and $22.6 billion of operating cash flow against $18.1 billion of free cash flow. Q1 2026, by contrast, absorbed roughly $2.9 billion of unfavourable derivative and LIFO timing effects, a $360 million after-tax legal reserve and $223 million of adverse currency movement, producing negative free cash flow of $1.5 billion.

Cash flow and balance sheet inputs. FY2025 operating cash flow was $33,939m against capital expenditure of $17,347m, giving free cash flow of $16.6 billion on Chevron's own definition (its separately reported "adjusted free cash flow" was $20.2 billion). Depreciation, depletion and amortisation was $20,132m. On a trailing twelve-month basis to 30 June 2026, operating cash flow was $45,321m, capital expenditure $18,309m, free cash flow approximately $27,012m and DD&A $23,555m. Chevron does not report an operating income line and does not tag us-gaap:OperatingIncomeLoss; the nearest disclosed measure is income before income tax expense of $19,743m for FY2025.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	$395.97bn at $201.86 per share, close of 28 August 2026, on 1,962 million shares outstanding
Trailing P/E (GAAP)	19.4x on trailing twelve-month GAAP diluted EPS of $10.43 ($1.82 + $1.39 + $1.11 + $6.11). On trailing adjusted EPS of $10.84 the multiple is 18.6x. Both are heavily flattered by Q2 2026, which alone contributed $6.11 at $104/bbl Brent
P/E (forward)	15.2x on consensus forward EPS of $13.24. Chevron publishes no EPS guidance range, only a quarterly sensitivities document; its Investor Day framework targets EPS growth above 10% a year at $70 Brent
P/S (TTM)	1.90x (market cap $395.97bn / trailing twelve-month sales and other operating revenues of $208.7bn)
Enterprise value	~$424.5bn (market cap $395.97bn + total debt $37.075bn − cash and time deposits $8.530bn, per the 30 June 2026 balance sheet). Adding $5.675bn of non-controlling interests gives $430.2bn on an NCI-inclusive basis
EV/EBITDA (TTM)	~8.4x (EV ~$424.5bn / trailing twelve-month EBITDA ~$50.7bn). Chevron reports no operating income line, so EBITDA here is built as income before income tax plus interest plus DD&A; on the disclosed FY2025 basis that arithmetic is pre-tax income $19,743m + DD&A $20,132m + interest, giving roughly $41.4bn. Trailing DD&A alone is $23,555m (FY2025 $20,132m − H1 2025 $8,467m + H1 2026 $11,890m). The trailing figure is distorted upward by the Q2 2026 price windfall
P/FCF	~14.7x (market cap $395.97bn / free cash flow ~$27.0bn; FCF = trailing operating cash flow $45,321m − trailing capex $18,309m). On FY2025 free cash flow of $16.6bn the multiple would be 23.9x
Price/book	2.09x on book value per share of $96.78 (Chevron stockholders' equity $189,883m / 1,962m shares at 30 June 2026)
Dividend yield	3.53% on the $7.12 annualised rate ($1.78 quarterly)
52-week high	$214.71, reached 30 March 2026
52-week low	$146.49, reached 16 December 2025
Short interest (% of float)	0.84% — 15,741,465 shares short against a float of 1,868,466,351, settlement date 14 August 2026. MarketBeat reported 18,660,000 shares, or 1.1% of shares outstanding, at the 31 July 2026 settlement
Days to cover	2.05 days at the 14 August 2026 settlement; MarketBeat put it at 1.9 days on average daily volume of 9,940,000 shares at the 31 July 2026 settlement

You can track the live chart and levels on ChartsView Live Charts, and the macro releases that move crude on the Economic Calendar.

7. What Are They Building

Permian at plateau. FY2025 Permian production reached the one million net boe/d target — 435,000 b/d of crude, 280,000 b/d of NGLs and 1.8 Bcf/d of natural gas — with more than 10% growth on lower capital than 2024. The 2026 budget allocates nearly $6.0 billion to US shale and tight across the Permian, DJ and Bakken. Both Q1 and Q2 2026 note Permian spending falling year-on-year as the asset is held flat and cash flow is prioritised.

Tengiz and Karachaganak. The Future Growth Project started up in 2025, adding 260,000 b/d and taking Tengizchevroil's gross output to roughly one million boe/d. The asset had downtime in Q1 2026; by Q2 2026 cash flow was benefiting from increased distributions from the venture. The Karachaganak Expansion Project Stage 1A completed in 2025. The Tengiz concession runs to 2033 and the Karachaganak production sharing agreement to 2038.

Gulf of America. Anchor, 62.9%-owned and operated in Green Canyon using 20,000 psi subsea technology, completed its first full year of production in 2025 with a further well online. Production ramped at Ballymore, Stampede and Whale during 2025. On 9 April 2026 Chevron confirmed an oil discovery at the Bandit prospect in Green Canyon Block 680, on a non-operated joint venture with Occidental as operator.

Guyana Stabroek. The 30% non-operated interest acquired with Hess covers roughly 6.6 million acres with more than 11 billion boe of discovered recoverable resource. The One Guyana FPSO, at approximately 250,000 gross b/d, achieved first production in August 2025 as the fourth producing vessel; Yellowtail also achieved first oil in 2025 and a final investment decision was taken on Hammerhead. Eight FPSOs are expected in production by 2030.

Data-centre power. Project Kilby near Pecos in West Texas is being developed with GE Vernova and Engine No. 1 on a phased modular basis, adjacent to a planned Microsoft data-centre campus on a 7,000-acre site. A 20-year power purchase agreement for approximately 2.67 GW of behind-the-meter dedicated capacity was signed with Microsoft and disclosed with the Q2 2026 results. Final investment decision is expected by the end of 2026 and first power in 2028.

Eastern Mediterranean and new acreage. A final investment decision was reached in 2025 on the Leviathan Gas Expansion in Israel, taking capacity to 2.1 Bcf/d, with Tamar and Leviathan expansions starting up in Q1 2026. On 16 February 2026 Chevron and HELLENiQ ENERGY signed lease agreements with the Hellenic Republic for four offshore blocks in Greece. Chevron also entered Libya's Sirte Basin in February 2026, signed heads of agreement with the Government of Iraq on West Qurna 2 and Nasiriyah in Q2 2026, farmed into the OFF-7 block in Uruguay, closed Block 4B in Guinea-Bissau on 13 August 2026, and confirmed a discovery at the 105-4X well in Block 0 offshore Angola on 17 August 2026.

New Energies. The Geismar, Louisiana renewable diesel plant started production after an expansion lifting capacity from 7,000 to 22,000 barrels per day. Chevron acquired approximately 135,000 net acres in the Smackover Formation across northeast Texas and southwest Arkansas for direct lithium extraction. Gorgon in Australia includes a carbon capture and storage facility, and Chevron holds renewable natural gas investments through CalBioGas.

8. Peer Comparison

Peer	Market cap (August 2026)	Key 2025 metric
ExxonMobil (NYSE: XOM)	$644.38bn	FY2025 earnings of $28.8bn on production of 4,736 MBOED, the largest of the US majors (ExxonMobil FY2025 results, 30 January 2026)
Shell plc (NYSE: SHEL)	$250.23bn	FY2025 net income $17.8bn, up 11% on FY2024; adjusted earnings $18.5bn (Shell Q4 2025 results, February 2026)
TotalEnergies SE (NYSE: TTE)	$191.06bn	FY2025 adjusted net income $15.6bn, down 15% year-on-year; hydrocarbon production approximately 2,530 kboe/d (TotalEnergies FY2025 results)
ConocoPhillips (NYSE: COP)	$156.59bn	FY2025 production of 2,375 MBOED, third among the US majors behind ExxonMobil and Chevron
BP p.l.c. (NYSE: BP)	$108.55bn	FY2025 net income of $7.5bn, achieved in a weaker price environment (BP Q4 2025 results)

All market capitalisations were pulled live on 30 August 2026 on the 28 August 2026 close. Chevron sits second by market value among this group at $395.97bn, behind ExxonMobil and ahead of Shell.

9. Insider Activity

Michael K. Wirth is Chairman and Chief Executive Officer and remains in post as of the Q2 2026 results published 31 July 2026. Eimear P. Bonner has been Chief Financial Officer since 1 March 2024. The clearest signal in Chevron's 2026 Form 4 record is what is absent: across every filing this year there is not a single Code P open-market purchase. Every acquisition is either a Code A director grant or a Code M option exercise, and the cash direction is uniformly outward, at roughly $360 million of gross sale proceeds year to date.

Name	Date	Type	Shares	Price	Value	Plan Type
R. Hewitt Pate, General Counsel	18 Aug 2026	Sell (Code S)	2,470	$205.11	$506,619	Open market; 10b5-1 status unverified
Andrew B. Walz, President Downstream	17 Aug 2026	Option exercise then sell	16,800	$121.83 / $201.06	$3,377,833	Code M exercise, Code S sale
Michael K. Wirth, Chairman and CEO	14 Aug 2026	Option exercise then sell	317,100	$88.20 / $200.46	$63,566,861	Code M exercise, Code S sale
Jeff B. Gustavson, President New Energies	11 Aug 2026	Option exercise then sell	14,044	$118.54 / $194.95	$2,737,867	Code M exercise, Code S sale
John B. Hess, Director	3 Aug 2026	Option exercise then sell	810,665	$194.12	$157,368,733	Largest single 2026 disposition; 6,334,917 shares held after
John B. Hess, Director	20 May 2026	Sell (Code S)	380,000	$193.20	$73,414,765	Open market
Eleven directors (annual grant)	27 May 2026	Grant (Code A)	13,992 total (1,272 each)	$0.00	$0	Annual director equity award — a grant, not a purchase

Chevron's FY2025 Form 10-K discloses Rule 10b5-1 trading arrangements for Michael K. Wirth, Eimear P. Bonner and R. Hewitt Pate covering the fourth quarter of 2025. The recurring pattern of exercise-and-sell on similar calendar dates each quarter for Wirth, Bonner, Pate and Walz is consistent with such plans, but the 10b5-1 checkbox on individual 2026 Form 4 filings was not independently confirmed for this report and the plan-type column should be treated as unverified.

10. Key Risks

• Oil price sensitivity dominates everything else: Q2 2026 earnings of $12.1 billion were earned at $104/bbl Brent, against $2.2 billion at $81 Brent in Q1 2026 and $2.8 billion at $64 Brent in Q4 2025. Chevron's own planning framework is built around $70 Brent. Any normalisation toward that level removes the large majority of the recent earnings uplift.
• Kazakhstan export infrastructure is under physical attack: substantially all Tengiz crude exports run through the Caspian Pipeline Consortium to Novorossiysk on Russia's Black Sea coast, a route carrying roughly 80% of Kazakhstan's exports. In July 2026 four tankers loading at the CPC terminal were struck by drones over four days and loadings were suspended, with Kazakh output falling to about one million b/d from a June average of 2.16 million. Attacks have recurred since November 2025.
• Venezuela operates entirely at the discretion of US policy: Chevron produces roughly 150,000 b/d there under specific OFAC authorisations that have been withdrawn, restored, narrowed and re-broadened repeatedly. Licences were granted again in February 2026 following the change of government in Caracas, with royalty payments directed to US Treasury-designated accounts. A policy reversal could strand the position with no notice.
• Capital returns have run ahead of free cash flow: FY2025 returned $27.1 billion against $16.6 billion of free cash flow, funded by debt rising from $24.5 billion to $40.8 billion. In Q1 2026 free cash flow was negative $1.5 billion while $6.0 billion was returned. Chevron's own 10-Q states it may need to reduce buybacks, sell assets or increase borrowings to keep paying the dividend.
• Louisiana coastal-erosion litigation remains an unresolved liability: a state jury ordered Chevron to pay upward of $740 million for coastline damage. The US Supreme Court ruled unanimously on 17 April 2026 in Chevron USA Inc. v. Plaquemines Parish that such suits belong in federal court, which is a procedural win that does not extinguish the exposure. Multiple parallel parish actions remain live, as does City and County of Honolulu v. Sunoco. Q1 2026 carried a $360 million after-tax legal reserve charge.
• Refining margins swing violently: international downstream moved from $333m of earnings in Q2 2025 to a $1,013m loss in Q1 2026 and back to $2,457m of earnings in Q2 2026 — a $3.5 billion swing in two quarters. Q2 2026 international refinery crude inputs fell 10% and refined product sales 13% on Middle East supply disruption, with curtailments in the Saudi-Kuwait Partitioned Zone.
• Hess integration and operator relations carry residual risk: the $48 billion acquisition concentrates value in a non-operated 30% Stabroek interest where ExxonMobil operates and publicly disagreed with the arbitration ruling that permitted the deal. Integration remains an explicit forward-looking risk factor in every 2026 filing.
• Methane regulation is diverging by jurisdiction: US rules loosened in April 2026 when the EPA revised its 2024 standards, and Congress barred collection of the Waste Emissions Charge until 2034 — but that creates whiplash risk on any change of administration. From January 2027 EU importers must demonstrate upstream measurement and verification equivalent to EU standards, directly relevant to Gorgon, Wheatstone, Angola LNG and Leviathan export volumes.
• The power business is unsanctioned and outside Chevron's track record: Project Kilby is now a headline pillar of the story with a signed 20-year Microsoft PPA, but final investment decision is only expected by end-2026, first power not until 2028, and Chevron has no operating history as a merchant power developer.

11. Recent Developments

• 17 Aug 2026 — Oil and gas condensate discovery confirmed offshore Angola. Chevron, through subsidiary Cabinda Gulf Oil Company Limited, confirmed a discovery at the 105-4X exploration well in Block 0, presented as evidence for its Sub-Saharan Africa exploration programme.
• 12 Aug 2026 — New Treasurer appointed. Uriel "Ose" Oseguera was elected Treasurer effective 1 November 2026, succeeding Navin Mahajan, who retires after nearly 30 years with the company.
• 31 Jul 2026 — Q2 2026 results deliver $12.1 billion of earnings. Net income attributable to Chevron was $12,072 million, or $6.11 diluted, with adjusted earnings of $11,977 million on revenue of $67,199 million and return on capital employed of 21.4%. Brent averaged $104/bbl. Production rose 20% year-on-year to 4,070 MBOED with a record 2,077 MBOED in the United States. Operating cash flow was $22.6 billion and free cash flow $18.1 billion, and total debt was cut by a record $8.4 billion.
• 31 Jul 2026 — Twenty-year Microsoft power purchase agreement disclosed. Chevron signed a 20-year PPA with Microsoft for approximately 2.67 GW of behind-the-meter dedicated capacity at Project Kilby in West Texas, developed with GE Vernova and Engine No. 1. Final investment decision is expected by end-2026 and first power in 2028.
• 31 Jul 2026 — Asian downstream retrenchment and Iraq entry announced with results. Chevron completed the sale of its Hong Kong downstream fuels and lubricants businesses and agreed to sell its 50% interest in Singapore Refining Company plus downstream assets in Vietnam, Australia, Indonesia, the Philippines and Malaysia, expected to close in 2027. Separately it signed heads of agreement with the Government of Iraq covering West Qurna 2, Nasiriyah and an export pipeline.
• 08 Jul 2026 — Surfactant technology licensing agreement signed. Chevron Technical Center and ZL Chemicals agreed to commercialise Chevron's Vantis chemical surfactant technology, designed to improve recovery from shale and tight reservoirs.
• 01 May 2026 — Q1 2026 results hit by timing effects. Net income was $2,210 million, or $1.11 diluted, on revenue of $47,556 million, against $3,500 million a year earlier. The quarter absorbed roughly $2.9 billion of unfavourable derivative and LIFO timing, a $360 million after-tax legal reserve and $223 million of adverse currency. Free cash flow was negative $1.5 billion while $6.0 billion was returned to shareholders, the sixteenth consecutive quarter above $5 billion.
• 13 Apr 2026 — Venezuela heavy-oil position consolidated in a PDVSA asset swap. Chevron expanded its interest in the Petroindependencia joint venture and added rights to develop the adjacent Ayacucho 8 area at Petropiar in the Orinoco Oil Belt.
• 16 Feb 2026 — Four offshore exploration leases awarded in Greece. Chevron, through four Dutch subsidiaries and alongside HELLENiQ ENERGY, signed lease agreements with the Hellenic Republic, extending its Eastern Mediterranean position.
• 30 Jan 2026 — FY2025 results and a 4% dividend increase. Full-year earnings were $12,299 million, or $6.63 diluted, on revenue of $184,432 million, with operating cash flow of $33.9 billion and free cash flow of $16.6 billion. Production rose 12% to a record 3,723 MBOED and the reserve replacement ratio was 158%. The quarterly dividend was raised 4% to $1.78, setting up a thirty-ninth consecutive year of dividend payout growth per share. $27.1 billion was returned to shareholders during 2025.

12. Key Dates to Watch

• Expected Oct 2026 — Q3 2026 results. Chevron has not published a date. Its pattern is the last Friday of October or the first Friday of November, before market open, with an advisory press release about four weeks ahead; 30 October 2026 is the most likely single date.
• 10 Sep 2026 — Payment date for the declared quarterly dividend of $1.78 per share. The record and ex-dividend date of 19 August 2026 has already passed.
• Expected Dec 2026 — Q4 2026 dividend payment, based on the 2026 pattern of a record date roughly three weeks after declaration and payment on the tenth of the following month. Not yet announced.
• Expected Dec 2026 — 2027 capital budget announcement. The 2026 budget of $18–19 billion was announced on 3 December 2025.
• 31 Dec 2026 — Target date for completing the $3–4 billion structural cost reduction programme versus 2024. The $3 billion run-rate was already achieved in Q2 2026.
• 31 Dec 2026 — Expected final investment decision on Project Kilby, the West Texas data-centre power project carrying the 2.67 GW Microsoft agreement. First power is expected in 2028.
• Expected Jan 2027 — FY2026 results and the annual dividend review. A further increase would be the fortieth consecutive year of dividend payout growth per share.
• 01 Jan 2027 — EU methane import rules take effect, requiring importers to demonstrate upstream measurement, reporting and verification equivalent to EU standards for contracts concluded or renewed on or after 4 August 2024.
• Expected May 2027 — Annual Meeting of Stockholders. The 2026 annual director equity grants were dated 27 May 2026, Chevron's customary meeting date.
• 31 Dec 2033 — Tengizchevroil concession expiry covering the Tengiz and Korolev fields in Kazakhstan. The Karachaganak production sharing agreement expires in 2038.

Two items carry no fixed date. The Louisiana coastal-erosion cases, including the roughly $740 million Plaquemines Parish verdict, return to federal court following the Supreme Court's 17 April 2026 ruling, and no retrial date has been set. The sale of Chevron's 50% interest in Singapore Refining Company and associated Asian downstream assets is expected to close during 2027 without a stated day. Discuss these with other readers in the ChartsView Forum.

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