Chevron Corporation (CVX)

Business

From the FY2025 Form 10-K, accession 0000093410-26-000078.

Chevron Corporation is a Delaware holding company, incorporated in 1926 as Standard Oil Company of California, renamed Chevron in 1984, that manages investments in subsidiaries and affiliates engaged in integrated energy and chemicals operations. Upstream and downstream activities are run through a single Oil, Products and Gas organization, with operations and projects in North America, South America, Europe, Africa, Asia and Australia. The company had 43,039 employees at December 31, 2025 (37,860 non-service-station, 5,179 service-station).

Chevron reports two business segments, Upstream and Downstream, each split between U.S. and international geographies, plus All Other (worldwide cash management and debt financing, corporate administration, insurance, real estate and technology companies). Management states plainly that "earnings of the company depend mostly on the profitability of its upstream business segment," and that the single most significant factor in upstream results is the price of crude oil, set in global markets outside the company's control. In downstream, crude oil is the largest cost component of refined products.

Upstream

Upstream consists of exploring for, developing, producing and transporting crude oil and natural gas; LNG processing, liquefaction, transportation and regasification; crude transport via major international export pipelines; natural gas transport, storage and marketing; carbon capture and storage; and a gas-to-liquids plant.

Scale. Worldwide net oil-equivalent production was 3.7 million barrels per day in 2025, up approximately 12 percent from 2024 on the Hess acquisition, completion of the Future Growth Project at Tengizchevroil (TCO), record Permian output and Gulf of America ramp-up, partly offset by asset sales in Canada and the Republic of Congo. Proved reserves were 10.6 billion barrels of oil-equivalent at year-end 2025, eight percent higher than 2024; the 2025 reserve replacement ratio was 158 percent, against five- and ten-year ratios of 91 percent and 95 percent. At December 31, 2025, 43 percent of net proved oil-equivalent reserves were in the United States, 15 percent in Australia and 11 percent in Kazakhstan. About 21 percent of 2025 net oil-equivalent production came from OPEC+ member countries (Equatorial Guinea, Kazakhstan, Malaysia, Nigeria and the Partitioned Zone).

United States. The Permian Basin is the largest single position: more than 1,750,000 net acres in the Delaware and Midland basins, where 2025 production reached one million net barrels of oil-equivalent per day (435,000 bbl crude, 280,000 bbl NGLs and 1.8 billion cubic feet of gas per day). Colorado's DJ Basin covers approximately 580,000 net acres (125,000 bbl crude, 100,000 bbl NGLs, 945 MMcf/d). The Hess acquisition added approximately 469,000 net acres in the North Dakota Bakken and a consolidated ~38 percent interest in Hess Midstream LP, a publicly traded partnership providing fee-based gathering, processing and water services in the Williston Basin. Chevron is the largest acreage holder in the Gulf of America, with operated interests in Anchor (62.9%), Ballymore (60%), Big Foot (60%), Jack (50%) / St. Malo (51%), Stampede (50%, operatorship assumed from Hess) and Tahiti (58%), plus non-operated positions in Mad Dog, Perdido and Whale. California production averaged 63,000 net BOE/d; Chevron plans limited development drilling there in 2026 following Kern County's reinstatement of drilling permit approvals.

International. Principal positions include: Guyana, a 30 percent non-operated interest in the 6.6-million-acre Stabroek Block, where the One Guyana FPSO (~250,000 gross bbl/d) achieved first production in August 2025 as the fourth producing vessel, with eight FPSOs and approximately 1.7 million gross bbl/d of capacity expected by 2030 and the seventh development (Hammerhead) sanctioned in September 2025. Kazakhstan, 50 percent of TCO, where the Future Growth Project was completed in 2025, adding 260,000 bbl/d and lifting gross output to about one million BOE/d, plus an 18 percent interest in Karachaganak and a 15 percent interest in the Caspian Pipeline Consortium. Australia, largest LNG producer in the country, operating Gorgon (47.3 percent; three-train, 15.6 MTPA) and Wheatstone (64.1 percent of the LNG facilities, 80.2 percent of the offshore licenses; two-train, 8.9 MTPA). Israel, 39.7 percent operated interest in Leviathan and 25 percent in Tamar. Nigeria, Angola, Equatorial Guinea, Argentina (Vaca Muerta), Thailand, Bangladesh and others round out the portfolio. Venezuela interests (Petroboscan, Petropiar, Petroindependiente, Petroindependencia, Loran) have been carried as non-equity investments since 2020, income recognized only when cash is received, with no production or reserves included in reported results.

Downstream and Chemicals

At the end of 2025 Chevron's refining network could process 1.8 million barrels per day. Average crude unit distillation capacity utilization was 92.9 percent in 2025 versus 87.9 percent in 2024; U.S. utilization was 94.5 percent versus 86.6 percent, with imported crude supplying about 60 percent of U.S. refinery inputs. The Pasadena refinery expansion became fully operational in 2025, raising light crude throughput capacity to 125,000 bbl/d. International refining runs through three large affiliates: Singapore Refining Company (50 percent, 290,000 bbl/d), GS Caltex's Yeosu refinery in South Korea (50 percent, 800,000 bbl/d) and Star Petroleum Refining in Thailand (60.6 percent).

Marketing reaches roughly 8,600 Chevron- and Texaco-branded service stations in the United States (about 380 company-owned or leased) and approximately 5,200 branded stations internationally, plus commercial aviation fuel at 58 airports. Renewable fuels include 11 biofuel refineries in the U.S. and Germany and the Geismar, Louisiana renewable diesel plant, expanded in 2025 from 7,000 to 22,000 bbl/d. Chemicals run through Chevron Oronite (additives) and the 50 percent-owned Chevron Phillips Chemical Company (CPChem), which has two major polymer projects under construction, Golden Triangle Polymers in Orange, Texas (51 percent) and Ras Laffan in Qatar (30 percent), both targeted for start-up in the first half of 2027.

New Energies and other

The new energies organization pursues hydrogen and its derivatives, carbon capture and storage and offsets, power generation for data centers, enhanced geothermal and lithium extraction. In 2025 Chevron acquired approximately 135,000 net acres in the Smackover Formation (Northeast Texas and Southwest Arkansas) for lithium, advanced its first data-center power project in West Texas, and completed construction at the ACES Delta hydrogen storage joint venture in Utah. Chevron holds a 50 percent interest in Bayou Bend CCS (approximately 140,000 acres of CO2 storage in Texas) and, in early 2025, acquired the remaining equity of Brightmark RNG Holdings, renamed Chevron RNG.

Risk factors

From the FY2025 Form 10-K, accession 0000093410-26-000078, condensed to the substantive risks.

Commodity price exposure. Chevron is primarily a commodities business with a history of price volatility. Extended periods of low prices or low demand for crude, natural gas and NGLs have had and can have a material adverse impact on results, financial condition and liquidity, depressing upstream earnings, cash flow, capital programs, production and proved reserves, and potentially impairing upstream assets. A significant or sustained decline in liquidity could hurt credit ratings, raise financing costs and reduce capital-markets access.

Resource replacement. The company is in an extractive business: if it fails to replace produced crude and gas through organic opportunity, acquisition, exploration or technology, the business will decline. Maintaining an inventory of economic projects depends on obtaining and renewing exploration and production rights, drilling success, reservoir optimization, delivering long-lead capital-intensive projects on budget and schedule, partner alignment and efficient operation of mature properties.

Political instability, expropriation and sanctions. Operations, particularly exploration and production, are exposed to changing political, regulatory and economic environments. As has occurred in the past, governments could act to increase public ownership of the company's partially or wholly owned businesses, force contract renegotiations, or impose additional taxes, tariffs, royalties, fees, penalties or other costs. Governments including the European Union have proposed or imposed obligations on activities, trade, taxes and public disclosures, and currency exchange controls. In some countries political conditions may threaten employee safety and Chevron's continued presence; internal unrest, acts of violence or strained relations between governments may adversely affect operations. Chevron must also comply with sanctions and trade laws, including sanctions imposed on Venezuela and Russia. The company's concession and licence terms are finite and geographically concentrated, for example, Angola Block 0 to 2050, Nigeria's PML 52 to 2044, the Partitioned Zone concession to 2046, Kazakhstan's Karachaganak PSA to 2038 and Israel's Leviathan concession to 2044.

Operational hazards and self-insurance. Chevron operates in urban and remote settings exposed to hurricanes, severe storms, floods, heat waves, wildfires, sea level rise, war and other military conflicts (the company names the Russia–Ukraine conflict, the Middle East and "current geopolitical tensions in Venezuela"), accidents, civil unrest, earthquakes, system failures, cyber threats, terrorism and disease. Failures can cause releases, explosions or mechanical failures with personal injury, loss of life, environmental damage and lost revenue. The company does not carry commercial insurance or third-party indemnities sufficient to cover all operational risk and is, to a substantial extent, self-insured; it relies on liquidity, financial resources and borrowing capacity to meet obligations arising from a catastrophic event.

Cybersecurity and AI. Threat actors, criminal hackers, state-sponsored intrusions, industrial espionage and employee malfeasance, target IT systems and data, including those of cloud providers and third-party vendors. Chevron states it "has experienced and will continue to experience cyber incidents of varying degrees," and that it is increasingly experiencing incidents related to third-party vendors, while noting it has not to date experienced an incident that materially affected the company. Separately, increasing use of artificial intelligence introduces risks of dependency on biased or incorrect outputs, new regulatory requirements, litigation, privacy and cybersecurity exposure and reputational harm.

Hess integration. Success of the Hess acquisition, which closed in July 2025, depends in part on realizing anticipated run-rate cost synergies and estimated five-year production and free cash flow growth rates. Failure to realize synergies in the expected timeframe, operational challenges, diversion of management attention and unforeseen expenses could adversely affect results. A Chevron subsidiary acts as general partner of Hess Midstream LP, a publicly traded partnership, which may expose the company to claims of breach of duties owed to the partnership, including conflict-of-interest claims.

Litigation and government action. Chevron produces, transports, refines and markets hazardous materials, often through joint ventures over which it has limited control; these activities can create liability or operating delays, potentially imposed without regard to Chevron's causation or contribution.

Tax law changes and windfall profit taxes. Tax laws change regularly for political and economic reasons; returns are subject to audit worldwide with no assurance authorities or courts will agree with Chevron's positions. During periods of high industry profitability, governments, Chevron names California and Australia, have announced, proposed or implemented windfall profit taxes on energy and oil and gas companies.

GHG and climate regulation. International agreements and national, regional and state measures aimed at limiting GHG emissions are in various stages of implementation, including carbon taxes, cap-and-trade, performance standards, restrictive permitting, procurement standards, trade barriers, minimum renewable usage requirements, financing standards and disclosure requirements, the 10-K names the U.S. Renewable Fuel Standard, California's Cap-and-Trade Program and Low Carbon Fuel Standard and CARB Advanced Clean Cars II. Such measures may curtail profitability and "render the extraction of the company's hydrocarbon resources economically infeasible," and some jurisdictions are enacting legislation imposing retroactive liability on estimated past GHG emissions by energy producers and refiners.

ESG attention and the company's own ambitions. Divestment campaigns by sovereign wealth, pension and endowment funds, voluntary carbon frameworks that may exclude the sector from capital, and unfavorable third-party ESG ratings could pressure the stock price and cost of capital. Chevron also flags that investors hold divergent views, some calling for more oil and gas production rather than lower-carbon lines, creating pressure from activists and the potential for proxy fights. The company notes it has changed and/or eliminated some of its own aspirations and targets and may do so again; in the 10-K's Business Environment discussion it states that it "is not on track to achieve the aspiration by 2050" and that while it continues to hold the aspiration, it "will no longer use 2050 as a timeline."

Management's discussion, fiscal 2025

From the FY2025 Form 10-K, accession 0000093410-26-000078.

Results

Earnings by segment in 2025: Upstream $12,822 million (U.S. $5,815 million, international $7,007 million) against $18,602 million in 2024; Downstream $3,022 million (U.S. $1,375 million, international $1,647 million) against $1,727 million; All Other charges of $(3,545) million against $(2,668) million.

Price environment. Brent averaged $69 per barrel in 2025 versus $81 in 2024 and WTI $65 versus $76, with prices lower on non-OPEC supply growth and slowing demand despite geopolitical conflict and OPEC+ supply decisions. U.S. Henry Hub natural gas averaged $3.53 per MCF versus $2.25, on weather-driven demand and rising LNG export demand.

Upstream. U.S. upstream earnings fell $1.8 billion on lower liquids realizations ($2.4 billion), higher operating expenses ($2.0 billion) and higher DD&A ($1.4 billion), partly offset by higher sales volumes ($2.8 billion) and higher gas realizations ($800 million); U.S. production rose 259,000 BOE/d, or 16 percent. International upstream earnings fell $4.0 billion on higher DD&A ($2.8 billion), lower realizations ($2.0 billion), an unfavorable currency swing ($803 million) and the absence of prior-year asset sale benefits ($260 million), partly offset by higher liftings ($2.2 billion) and lower operating expenses ($470 million); international production rose 126,000 BOE/d, or 7 percent.

Downstream. U.S. downstream earnings rose $844 million on lower operating expenses ($730 million) and higher refined product margins ($580 million), partly offset by $440 million lower CPChem earnings; refinery crude unit inputs rose 121,000 bbl/d, or 13 percent, on the Pasadena Light Tight Oil project. International downstream earnings rose $451 million on higher margins ($440 million) and the absence of prior-year impairments ($185 million), partly offset by $174 million of unfavorable currency effects.

Income taxes. Income tax expense fell $2.5 billion in 2025, chiefly on a $7.8 billion decline in pre-tax income and the absence of the tax impacts of the 2024 Canadian asset sales. U.S. income before tax fell from $8.1 billion to $6.0 billion; international income before tax fell from $19.5 billion to $13.8 billion.

Cash, capital and returns

Cash provided by operating activities was $33.9 billion in 2025 versus $31.5 billion in 2024, as higher TCO distributions and legacy Hess contributions more than offset lower commodity prices. Capital expenditures were $17.3 billion versus $16.4 billion, up 5 percent on post-acquisition Hess spend and U.S. data-center power investment; affiliate capex was $1.8 billion, 27 percent lower on reduced TCO project spend. Proceeds and deposits from asset sales and returns of investment totalled $1.8 billion versus $7.7 billion. Cash, cash equivalents and marketable securities ended the year at $6.3 billion versus $6.8 billion.

Total debt including finance leases rose to $40.8 billion from $24.5 billion, reflecting $11.2 billion of public bonds issued, $4.0 billion retired at maturity, and $10.0 billion of debt and finance lease liabilities assumed in the Hess acquisition, of which roughly $3.7 billion relates to Hess Midstream Operations LP and is non-recourse to Chevron Corporation. Commercial paper outstanding was $4.6 billion. Chevron Corporation obligations carry an AA- rating from S&P and Aa2 from Moody's.

Shareholder returns: dividends paid were $12.8 billion in 2025 (versus $11.8 billion), and the $6.84 annual per-share dividend made 2025 the 38th consecutive year of an increased annual per-share payout; in January 2026 the Board raised the quarterly dividend by $0.07, roughly four percent, to $1.78 per share payable in March 2026. The company repurchased $12.1 billion of stock in 2025 (79.9 million shares) under the $75 billion 2023 Program, leaving $36.5 billion remaining at December 31, 2025, and guided to $2.5–3.0 billion of first-quarter 2026 repurchases.

Outlook as stated in the 10-K

• Production: estimated to increase 7 to 10 percent in 2026 over 2025, assuming Brent of $60 per barrel and excluding expected asset sales, including a full-year Hess contribution.
• Capital: 2026 organic capex of $18–19 billion, upstream about $17 billion (nearly $6 billion for U.S. shale and tight in the Permian, DJ and Bakken; about $7 billion for global offshore, primarily Guyana, the Eastern Mediterranean and the Gulf of America), downstream about $1 billion, corporate about $0.6 billion, with about $1 billion across the budgets dedicated to lowering carbon intensity and growing new energies. Affiliate capex of $1.3–1.7 billion.
• Costs: plans to achieve $3–4 billion in structural cost reductions by the end of 2026; $1.5 billion delivered in 2025, with $2 billion achieved in the annual run rate.
• Portfolio: the company had targeted $10–15 billion of asset sales over the five years ending 2028 and generated approximately $9 billion from 2024 through January 2026; it expects $1–2 billion in annual asset sale proceeds through 2030.
• Decommissioning: $297 million spent in 2025 on decommissioning obligations reverted from previously divested Gulf of America assets, with a further $200–300 million annually anticipated through 2033.

Current quarter, second quarter 2026

From the Form 10-Q for the quarter ended June 30, 2026, accession 0000093410-26-000167.

Results

Both year-ago columns predate the July 18, 2025 close of the Hess acquisition, which is consolidated in the 2026 periods only. Segment earnings for the quarter: Upstream $8,182 million (U.S. $3,541 million, international $4,641 million) versus $2,727 million a year earlier; Downstream $4,868 million (U.S. $2,411 million, international $2,457 million) versus $737 million; All Other charges of $(978) million, essentially flat against $(974) million. Diluted weighted average shares were 1,975 million versus 1,724 million, reflecting the 301.25 million shares issued for Hess in July 2025.

What drove the quarter

Price. Brent averaged $92 per barrel in the first half of 2026 against $72 in the first half of 2025, and WTI $83 against $68. Crude prices were volatile within the quarter: they rose sharply following the escalation of conflict in the Middle East and concern over supply disruption, then declined as those concerns eased, ending the quarter near pre-conflict levels. Henry Hub averaged $3.77 per MCF versus $3.71, easing during the quarter as added pipeline capacity improved Permian gas flows and Gulf Coast LNG maintenance reduced exports. Chevron discloses a sensitivity of approximately $600 million of annual after-tax earnings and cash flow per $1 change in Brent.

Realizations followed. For the three months ended June 30, 2026 against the same quarter of 2025, U.S. upstream liquids realization was $70.80/bbl versus $47.77, and international liquids $96.41/bbl versus $58.88. U.S. natural gas realization for the quarter fell to $0.91/MCF from $1.75.

Volume. Worldwide net oil-equivalent production averaged 3.97 million barrels per day in the first half of 2026, up 18 percent year over year on the Hess acquisition and growth in the Permian and the Gulf of America. U.S. production rose 382,000 BOE/d, or 23 percent, in the quarter, a new quarterly production record. International production rose 292,000 BOE/d, or 17 percent, partly offset by curtailments in the Partitioned Zone between Saudi Arabia and Kuwait caused by the Middle East conflict.

Timing effects. Mark-to-market treatment of economic hedges and LIFO accounting produced a $2.9 billion adverse earnings impact in the first quarter of 2026 as commodity prices rose in March, and a favorable effect in the second quarter as prices declined in June. The quarterly report, filed August 6, 2026, puts that second-quarter benefit at $1.5 billion; the second-quarter earnings release furnished six days earlier, on July 31, 2026 (accession 0000093410-26-000162), puts it at $1.4 billion. This is the principal reason the six-month downstream result ($4,051 million) is below the second quarter alone.

Segment detail. U.S. upstream earnings rose $2.1 billion on higher liquids realizations ($2.1 billion) and sales volumes ($1.1 billion), against higher DD&A ($590 million), lower gas realizations ($200 million) and the absence of a prior-year $115 million asset sale gain. International upstream rose $3.3 billion on volumes ($2.0 billion), realizations ($1.7 billion) and favorable timing effects ($570 million), against $650 million higher DD&A. U.S. downstream rose $2.0 billion on refined product margins ($1.7 billion) and $290 million higher CPChem earnings, with refineries running "reliably at record levels near capacity" (inputs up 19,000 bbl/d) even as refined product sales fell 61,000 bbl/d on weaker gasoline demand. International downstream rose $2.1 billion on margins ($1.7 billion, including favorable timing effects), a $230 million asset sale gain and a $133 million favorable currency swing, but refinery inputs fell 63,000 bbl/d (10 percent) and refined product sales fell 186,000 bbl/d (13 percent) on supply disruption from the Middle East conflict and weaker gasoline and diesel demand. The six-month U.S. downstream result absorbed a $190 million litigation reserve.

Taxes. Income tax expense rose $2.8 billion to $4.5 billion for the quarter, while the effective tax rate fell from 39 percent to 27 percent on jurisdictional mix and a smaller relative burden of unfavorable tax items. The six-month effective rate was 30 percent versus 38 percent.

Cash, capital and balance sheet

Cash provided by operating activities was $25.1 billion in the first half of 2026 against $13.8 billion a year earlier, on higher commodity prices and increased TCO distributions. Capital expenditures were $8.6 billion versus $7.6 billion, with the increase entirely international (international upstream capex of $3,712 million versus $2,235 million) as U.S. capex declined. Asset sale proceeds and returns of investment were $355 million versus $990 million; a net $979 million inflow came from equity affiliate loan repayments, mainly TCO.

Cash, cash equivalents and marketable securities rose to $8.5 billion from $6.3 billion at year-end. Total debt and finance lease liabilities fell to $37.1 billion from $40.8 billion on maturing long-term notes, a finance lease repayment and lower commercial paper (outstanding $4.1 billion versus $4.6 billion). The company had $11.4 billion in 364-day committed credit facilities at June 30, 2026, with no borrowings outstanding. Debt-to-CFFO improved to 0.8x from 1.2x and net debt-to-CFFO to 0.6x from 1.0x. Noncontrolling interests were $5.7 billion, unchanged from year-end.

Dividends paid in the first half were $7.0 billion. Chevron repurchased 16,255,113 shares in the second quarter at an average $184.72, leaving approximately $31.0 billion available under the 2023 Program at June 30, 2026.

Structural costs. The company achieved its $3–4 billion structural cost reduction target six months early, capturing $3 billion in annual run-rate savings during the second quarter, and says it plans to keep looking for further cost reductions. The accrued severance liability fell to $378 million at June 30, 2026 from $683 million at January 1, and is expected to be substantially settled by the end of 2026.

Portfolio moves disclosed in the quarter

• Completed the sale of the Hong Kong downstream fuels and lubricants businesses, generating proceeds of approximately $290 million.
• Signed an agreement to sell the company's 50 percent interest in Singapore Refining Company Private Limited and other downstream assets in Singapore, Australia, Indonesia, Malaysia, the Philippines and Vietnam; the transaction is expected to close in 2027. Related to pending downstream sales, $780 million of net properties, plant and equipment was classified as assets held for sale at June 30, 2026.
• Signed heads of agreements with the Government of Iraq to advance potential participation in the West Qurna 2 and Nasiriyah oilfield developments and an export pipeline.
• Signed an agreement to develop a West Texas power facility providing approximately 2.67 gigawatts of behind-the-meter dedicated electricity capacity to Microsoft under a 20-year power purchase agreement.
• Announced a technology licensing agreement to commercialize Chevron-developed chemical surfactant technology for improved recovery from unconventional reservoirs.

Hess acquisition accounting

Chevron acquired Hess Corporation on July 18, 2025 for an aggregate purchase price of approximately $48 billion, comprising 15.38 million Hess shares purchased in open-market transactions in the first quarter of 2025 and 301.25 million Chevron shares issued as closing consideration, about 15 percent of Chevron shares outstanding immediately after closing. Chevron assumed debt with aggregate principal of $8.8 billion ($5,138 million Hess Corporation notes, $3,746 million Hess Midstream Operations LP, less discounts), carried at a fair value of $9,070 million. Total liabilities assumed were $26.5 billion and noncontrolling interest related to Hess Midstream was $5.0 billion. Measured at fair value, no goodwill or bargain purchase was recognized; provisional fair value measurements remain subject to adjustment for up to one year from the acquisition date.

Litigation

Louisiana coastal erosion. Chevron entities are defendants in 35 of the cases brought by seven coastal parishes and the State of Louisiana under the State and Local Coastal Resources Management Act. In April 2025 a Louisiana state jury awarded Plaquemines Parish $744.6 million against Chevron entities in Plaquemines Parish v. Rozel Operating Co. In April 2026 the U.S. Supreme Court held the lawsuit was related to actions taken under federal direction for purposes of the federal-officer removal statute and remanded for further proceedings; the state-court verdict remains subject to further proceedings including potential vacatur and further litigation in federal court. Chevron has recorded an accrual of $131 million, does not concede the verdict's viability and plans to appeal, and states that if required to pay remediation damages in these cases it may have a material adverse effect on financial position and results.

Climate change. Chevron entities are or were among the codefendants in 34 separate lawsuits brought by U.S. cities and counties, seven states, the District of Columbia, Puerto Rico, two Native American tribes and a trade group. On February 23, 2026 the U.S. Supreme Court granted certiorari in Suncor Energy (U.S.A.) Inc. v. County Commissioners of Boulder County (No. 25-170), a case in which no Chevron entity is a party, to address whether federal law precludes state-law claims seeking relief for injuries allegedly caused by interstate and international GHG emissions. Chevron says it is unable to estimate any range of possible liability and believes the suits are legally and factually meritless.

Environmental penalties. The El Segundo Renewable Fuel Standard matter was resolved with a civil penalty of $1,072,634 paid in April 2026. On June 24, 2026 the Colorado Energy & Carbon Management Commission approved an Administrative Order by Consent assessing a total civil penalty of $6,416,735.

Decommissioning obligations for previously divested assets carried a liability balance of $2.0 billion at June 30, 2026.

Geopolitical exposure flagged for the period ahead

Chevron notes that the Middle East conflict has already caused production curtailments in the Partitioned Zone and at CPChem assets in Saudi Arabia and Qatar, and increased risks in lifting and transporting physical cargoes; the situation "remains volatile with the potential for escalation." The Caspian Pipeline Consortium, the primary export route for Tengiz production, has experienced drone attacks on CPC and third-party infrastructure and vessels. On Venezuela, Chevron delivered limited crude to the U.S. through January 2026 and, under authorizations aligned with current U.S. sanctions policy, expects to continue delivering crude from its Venezuelan assets to the U.S. and international markets, while noting current geopolitical developments could affect those operations. The company also flags growing threats from sophisticated cyberattacks leveraging artificial intelligence.

Subsequent events

From the Form 10-Q for the quarter ended June 30, 2026, accession 0000093410-26-000167.

The quarterly report contains no separately captioned subsequent-events note. The following post-period developments are disclosed within it:

• Dividend declared. In July 2026 the Board declared a quarterly dividend of $1.78 per common share, payable in September 2026, unchanged from the rate set in January 2026.
• Colorado penalty payments. Under the Administrative Order by Consent approved by the Colorado Energy & Carbon Management Commission on June 24, 2026, Chevron paid $400,000 of the $6,416,735 assessed civil penalty in July 2026. In satisfaction of a further $1,204,184 of the penalty, Chevron must pay $783,003 to fund public projects designated by the Commission on or before June 24, 2027. The remaining $4,812,551 is suspended and will be reduced by 25 percent for each year Chevron completes specified actions during a four-year compliance period.
• Commodity prices after quarter-end. Brent ended July at about $97 per barrel (against a $92 first-half average) and WTI at about $85 per barrel, with prices rising in July as continued conflict in the Middle East contributed to market volatility. Henry Hub ended July at about $2.64 per MCF, well below its $3.77 first-half average.

The Singapore Refining Company divestment and the Iraq heads of agreements were signed during the quarter and remained uncompleted at the filing date. Beyond the items listed above, the quarterly report discloses no post-period acquisition, divestiture, financing or borrowing.

Filings that contain financial statements

Chevron is a domestic filer; each quarterly results announcement is furnished as a Form 8-K with an Exhibit 99.1 news release that includes a full earnings and cash-flow summary and segment-level income tables (Upstream, Downstream, All Other, by U.S. and international) alongside select balance-sheet ratios. These are the source filings for each quarter's headline and segment figures:

• 8-K filed 2026-07-31, accession 0000093410-26-000162, second quarter 2026 results (reported earnings $12.1 billion, $6.11/share diluted); Exhibit 99.1 news release with earnings/cash-flow summary and segment detail for Q2 2026, Q1 2026, Q2 2025, and year-to-date 2026/2025.
• 8-K filed 2026-05-01, accession 0000093410-26-000110, first quarter 2026 results (reported earnings $2.2 billion, $1.11/share diluted); Exhibit 99.1 with earnings/cash-flow summary and segment detail for Q1 2026, Q4 2025, and Q1 2025.
• 8-K filed 2026-01-30, accession 0000093410-26-000019, fourth quarter and full-year 2025 results (Q4 2025 earnings $2.8 billion; full-year 2025 earnings $12.3 billion); Exhibit 99.1 with earnings/cash-flow summary and segment detail for Q4 2025, Q3 2025, Q4 2024, and full years 2025/2024.
• 8-K filed 2025-10-31, accession 0000093410-25-000103, third quarter 2025 results (reported earnings $3.5 billion, $1.82/share diluted); Exhibit 99.1 with earnings/cash-flow summary and segment detail for Q3 2025, Q2 2025, Q3 2024, and year-to-date 2025/2024.

Earnings announcements

Second quarter 2026 (reported July 31, 2026; accession 0000093410-26-000162). Chevron reported earnings of $12.1 billion ($6.11 per diluted share), up sharply from $2.49 billion a year earlier, driven by record U.S. production, record U.S. refinery crude throughput (97% utilization), and $1.4 billion of favorable timing effects (as stated in the July 31 earnings release; the subsequently filed 10-Q states this figure as $1.5 billion). Worldwide production rose 20% year over year, reflecting the contribution of legacy Hess assets and growth in the Permian Basin and Gulf of America. The company said it reached its $3-4 billion structural cost-reduction target six months early by capturing $3 billion of annual run-rate savings, and separately delivered $1.5 billion of annual run-rate synergies from the Hess acquisition, exceeding the original target by 50%, within a year of closing. Total debt was cut by $8.4 billion in the quarter. The board declared a quarterly dividend of $1.78 per share, payable September 10, 2026. During the quarter Chevron signed a 20-year, 2.67-gigawatt power purchase agreement with Microsoft for a West Texas data center, signed heads of agreement with the Government of Iraq on the West Qurna 2 and Nasiriyah oilfield developments and an export pipeline, completed the sale of its Hong Kong downstream fuels and lubricants businesses, and signed an agreement to sell its 50% interest in Singapore Refining Company and related downstream assets in Singapore, Vietnam, Australia, Indonesia, the Philippines and Malaysia, expected to close in 2027.

First quarter 2026 (reported May 1, 2026; accession 0000093410-26-000110). Chevron reported earnings of $2.2 billion ($1.11 per diluted share), down from $3.5 billion a year earlier, including a $360 million net loss tied to a legal reserve and roughly $2.9 billion of unfavorable timing effects. The company returned $6.0 billion of cash to shareholders, its 16th consecutive quarter above $5 billion, including $2.5 billion of share repurchases and $3.5 billion of dividends. Worldwide and U.S. production rose 15% and 24%, respectively, year over year, reflecting the Hess acquisition and growth in the Gulf of America and Permian Basin. The board declared a quarterly dividend of $1.78 per share, payable June 10, 2026. Business developments included an agreement to expand Chevron's heavy-oil interest in Venezuela's Petroindependencia and Petropiar joint ventures, an exclusivity agreement with Microsoft and Engine No. 1 on the West Texas power project, and new exploration entries in Libya, Greece and Uruguay.

An 8-K filed April 9, 2026 (accession 0000093410-26-000108) previewed preliminary first-quarter 2026 items ahead of the earnings release: unfavorable timing effects of $2.7–3.7 billion, working-capital outflows of $2–4 billion, favorable upstream commodity price impacts of $1.6–2.2 billion, upstream production of 3.8–3.9 million BOE/day, and an expected $350–400 million litigation charge related to a legal matter tied to ceased operations, together with commentary on commodity-price volatility from the conflict in the Middle East.

Fourth quarter and full-year 2025 (reported January 30, 2026; accession 0000093410-26-000019). Chevron reported Q4 2025 earnings of $2.8 billion ($1.39 per diluted share) and full-year 2025 earnings of $12.3 billion ($6.63 per diluted share), down from $17.7 billion in 2024. Full-year cash flow from operations was $33.9 billion, a company record at similar commodity prices, and worldwide/U.S. 2025 production rose 12%/16% to record levels, with a one-year reserve replacement ratio of 158%. The board raised the quarterly dividend 4% to $1.78 per share, payable March 10, 2026, which the release said positions the company to increase its annual dividend payout per share for the 39th consecutive year. Full-year 2025 shareholder returns totaled $27.1 billion ($12.1 billion buybacks, $12.8 billion dividends, plus $2.2 billion of Hess share purchases in early 2025). The release listed among its business highlights the completed sale of the company's interest in the Republic of Congo, the Malaysia-Thailand joint development area, certain non-operated U.S. midstream pipelines and facilities, and a portion of its interest in certain gas assets in East Texas, together with entry into the U.S. lithium sector via the acquisition of approximately 135,000 net acres in the Smackover Formation (Northeast Texas and Southwest Arkansas) for direct lithium extraction. The release characterized the Hess acquisition, which closed in 2025, as complete and integrated, noting the company had already delivered its initial $1 billion synergy target and citing continued engagement with the U.S. and Venezuelan governments on energy matters in Venezuela.

Third quarter 2025 (reported October 31, 2025; accession 0000093410-25-000103). Chevron reported earnings of $3.5 billion ($1.82 per diluted share), down from $4.5 billion a year earlier, including a $235 million net loss from severance and other transaction costs tied to the Hess acquisition, partly offset by a fair-value gain on Hess shares. Worldwide production reached a record 4.1 million BOE/day, up 21% year over year, with 495 MBOED from the Hess acquisition. Cash returned to shareholders was $6.0 billion for the quarter. The board declared a quarterly dividend of $1.71 per share, payable December 10, 2025. Chevron noted that following the close of the Hess transaction it had divested its interest in the Malaysia-Thailand joint development area and was integrating other Hess assets into its streamlined organization.

A Regulation FD 8-K filed September 25, 2025 (accession 0000093410-25-000098) previewed estimated third-quarter 2025 Hess-related impacts (an estimated $200–400 million after-tax earnings loss, or $50–150 million on an adjusted basis excluding $350–450 million of severance and transaction costs), Hess-related depreciation/amortization of $1.2–1.4 billion, and expected proceeds of $410 million from the Malaysia/Thailand joint-development-area asset sale.

Capital markets

Debt issuance (accession 0001193125-25-312771, filed December 9, 2025). Chevron U.S.A. Inc. ("CUSA"), an indirect wholly owned subsidiary of Chevron Corporation, issued $154,204,000 aggregate principal amount of Floating Rate Notes due 2075, under an Indenture dated August 12, 2020, as supplemented by a Fifth Supplemental Indenture dated December 9, 2025, with Deutsche Bank Trust Company Americas as trustee. Chevron Corporation fully and unconditionally guarantees the notes on an unsecured, unsubordinated basis. The notes bear interest at Compounded SOFR minus 45 basis points, payable quarterly starting March 9, 2026, and mature December 9, 2075. CUSA and Chevron entered into an Underwriting Agreement dated December 4, 2025 with Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and UBS Securities LLC as representatives of the underwriters, who purchased the notes at 99.000% of principal amount. The offering was made under a shelf registration (Prospectus dated November 7, 2024) with a Final Prospectus Supplement dated December 4, 2025.

Governance and bylaws

• By-laws amended March 25, 2026 (accession 0000093410-26-000103). The board amended and restated Chevron's by-laws to provide that non-employee directors (rather than independent directors) elect the Chairman and, where applicable, the Lead Director and Vice Chairman. The filing states that following the Hess acquisition, director John Hess does not meet NYSE's "independent director" definition because of certain transactions related to the acquisition, and the amendment allows him to participate more fully in board activities that had been reserved to independent directors.
• By-laws amended December 3, 2025 (accession 0000093410-25-000122). The board approved and adopted amended and restated by-laws simplifying Article II (Officers) to give Chevron flexibility to modernize officer titles, and separately approved an updated list of executive officers, adding two new executive appointments: Robert C. Neff, Jr. as President, Upstream, and Andrew B. Walz as President, Downstream, Midstream and Chemicals.
• 2026 Annual Meeting (held May 27, 2026; accession 0000093410-26-000125). Stockholders elected all 12 director nominees, ratified PricewaterhouseCoopers LLP as independent auditor, and approved advisory "say-on-pay" compensation for named executive officers. Stockholder proposals for an independent board chair, a report on indigenous peoples' rights, and a report on human rights processes were not approved.
• 8-K/A filed December 19, 2025 (accession 0000093410-25-000130), amending a July 29, 2025 Form 8-K. Following the July 18, 2025 closing of the Hess acquisition, Hess Corporation and director John B. Hess executed agreements on December 17, 2025 for Hess Corporation to transfer to Mr. Hess a 100% interest in a toy-truck business entity for $40,000 and a 100% interest in the entity holding the "Hess" name, trademarks and related electronic assets for $863,000; these agreements implemented a non-binding memorandum of understanding entered into on July 14, 2025 between Chevron U.S.A. Inc. and HFO Holdings LLC (an entity wholly owned by Mr. Hess). Chevron U.S.A. Inc. retains a license to use the Hess trademarks and related digital assets for the oil and gas business. The filing also discloses that Hess Corporation paid a vendor $484,985 for IT separation support related to this arrangement, of which $107,899.78 was billed for work performed after Mr. Hess joined Chevron's board.

Management and compensation

• Chief Legal Officer resignation (announced May 27, 2026; accession 0000093410-26-000123). R. Hewitt Pate notified the board of his resignation as Chief Legal Officer, effective December 31, 2026, ahead of an expected retirement in June 2027; he will remain a non-executive senior advisor through retirement.
• New director appointment (effective January 27, 2026; accession 0000093410-26-000010). The board appointed Thomas W. Horton, former chairman and CEO of American Airlines, to the board and its Audit Committee, with a prorated restricted stock unit grant and standard non-employee director cash retainer.
• 2026 executive compensation (approved January 28, 2026; accession 0000093410-26-000021). The independent directors approved a $75,000 increase to CEO Michael K. Wirth's base salary (to $1,975,000) and ratified base-salary increases for CFO Eimear P. Bonner (to $1,100,000), Vice Chairman Mark A. Nelson (to $1,350,000) and Chief Legal Officer R. Hewitt Pate (to $1,250,000), effective March 1, 2026, along with 2026 equity grant award values ($23.0 million to Mr. Wirth and lesser amounts to the other named executive officers) under the 2022 Long-Term Incentive Plan.
• Controller transition (announced October 29, 2025; accession 0000093410-25-000105). Alana K. Knowles announced her resignation as Controller effective February 28, 2026, ahead of an expected retirement; the board elected Amit R. Ghai, then Assistant Controller, to succeed her as Controller and principal accounting officer, effective March 1, 2026.

Notes

No new corporate acquisition on the scale of Hess Corporation (which closed July 18, 2025, outside this filing set) appears in the reviewed 8-Ks; the period's transaction activity is instead portfolio-level. Completed 2025 divestitures included the Republic of Congo interest, the Malaysia-Thailand joint development area, certain non-operated U.S. midstream pipelines and facilities, and a portion of certain East Texas gas assets. Acquisitions included approximately 135,000 net acres in the Smackover Formation for direct lithium extraction and the announced agreement to expand Chevron's heavy-oil interests in the Petroindependencia and Petropiar joint ventures in Venezuela. References to Hess in this period concern integration, synergy realization, and administrative wind-down matters (trademark/toy-business transfer, board independence status). During the second quarter of 2026, Chevron completed the sale of its Hong Kong downstream fuels and lubricants businesses. The pending sale of Chevron's Singapore Refining Company interest and related Southeast Asia downstream assets, announced in the Q2 2026 earnings release, had not closed as of that filing and is expected to close in 2027.

About this file

CVX annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

CVX quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

CVX year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

CVX trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

Adjustments

Notes

• Every figure in this record comes from Chevron's FY2025 Form 10-K (accession 0000093410-26-000078, filed February 24, 2026) and its Form 10-Q for the quarter ended June 30, 2026 (accession 0000093410-26-000167, filed August 6, 2026), together with the second-quarter 2026 earnings release furnished as Exhibit 99.1 to the Form 8-K of July 31, 2026 (accession 0000093410-26-000162). The 10-K carries the consolidated financial statements on its own face rather than incorporating them from an exhibit.
• The 10-Q presents the consolidated statement of cash flows on a six-month basis only. The three-month operating cash flow, capital expenditures and free cash flow shown for the second quarter of 2026 and the second quarter of 2025 therefore come from the Summarized Statement of Cash Flows in Attachment 3 of the second-quarter 2026 earnings release (accession 0000093410-26-000162), which states them in exact millions of dollars; each of those two quarters names that accession alongside the 10-Q. The six-month cash flow figures in the year-to-date block are the 10-Q's own.
• Free cash flow is net cash provided by operating activities less capital expenditures, which is Chevron's own definition. Where the company publishes the figure it agrees exactly with the one computed here: $16,592 million for 2025, $15,044 million for 2024 and $19,780 million for 2023 in the 10-K, and $18,095 million for the second quarter of 2026 and $16,546 million for the first six months of 2026 in the earnings release.
• Capital expenditures, dividends paid on common stock and net purchases of treasury shares are stated here as positive amounts, matching the way Chevron's own free cash flow reconciliation prints capital expenditures. The investing and financing subtotals are stated as the statement of cash flows prints them, where a use of cash is negative.
• Total debt is short-term debt plus long-term debt as the balance sheet reports them. It comes to $40,758 million at December 31, 2025 and $37,075 million at June 30, 2026, which are the amounts Chevron publishes as "Total debt" in Attachment 2 of the second-quarter 2026 earnings release.
• The eight quarters of 2024 and 2025 are taken from the Quarterly Results (Unaudited) table in the FY2025 10-K. That table prints an income statement and a dividend per share for each quarter but no balance sheet, no cash flow statement and no share counts, so those quarters carry an income statement only. The second quarter of 2025 is instead taken from the comparative column of the Q2 2026 10-Q, which prints that quarter in full including weighted-average share counts; the two presentations of the quarter agree line for line.
• Neither filing prints the first quarter of 2026 as a column. Its income statement here is the 10-Q's six-month 2026 column less the 10-Q's second-quarter 2026 column, line by line. The result, net income attributable to Chevron of $2,210 million, is the figure Chevron itself published for that quarter in the second-quarter 2026 earnings release. Diluted earnings per share of $1.11 and the three segment earnings lines for that quarter are taken directly from the same release, because neither a per-share amount nor those segment lines can be obtained by subtracting one period from another.
• The trailing-twelve-month view is fiscal 2025 plus the first six months of 2026 less the first six months of 2025. Its operating cash flow of $45,321 million is the same trailing-twelve-month figure Chevron publishes in Attachment 2 of the second-quarter 2026 earnings release. It carries no earnings per share and no share count, because weighted-average share counts are not additive across periods.
• The 10-K's balance sheet shows December 31, 2025 and December 31, 2024 only, so no balance sheet is reported for 2023. The 10-Q's balance sheet shows June 30, 2026 and December 31, 2025, so no balance sheet is reported for the second quarter of 2025. The December 31, 2025 column in the 10-Q agrees with the 10-K line for line, so no earlier period was restated.
• Chevron acquired Hess Corporation on July 18, 2025. Periods ending after that date consolidate Hess and earlier periods do not, so year-over-year comparisons that straddle that date are not like-for-like.
• Segment earnings are after-tax earnings by business segment as Chevron reports them: for the fiscal years from the Earnings by Major Operating Area table in the 10-K, and for the quarters and the six-month periods from the Earnings by Business Segment table in the 10-Q. Upstream, downstream and "All Other" sum to net income attributable to Chevron.
• Dividends per share for the fiscal years are the amounts printed in the Key Financial Results table of the 10-K: $6.84 for 2025, $6.52 for 2024 and $6.04 for 2023. The 2024 and 2025 quarterly amounts come from the 10-K's Quarterly Results table, and the amounts for the second quarter of 2026 and the first six months of 2026 from the consolidated statement of equity in the 10-Q. The first quarter of 2026 amount of $1.78 is the six-month $3.56 less the second quarter's $1.78.
• The 10-Q states weighted-average share counts in thousands and the 10-K's earnings per share note states them in millions. Both are restated here in actual shares, as are all dollar amounts, which the filings state in millions.
• The earnings release combines operating expense, selling, general and administrative expense and the other components of net periodic benefit costs into a single "Operating expenses" line. The income statements in this record follow the 10-K and the 10-Q, which show those three lines separately.
• No stock split has been effective since 2018 and Chevron is not an American Depositary Receipt, so no per-share figure here has been restated. Chevron reports in U.S. dollars, so no currency translation was applied.

Uncertainties

• No three-month cash flow statement is reported for the first quarter of 2026. It could be obtained by subtracting the earnings release's second-quarter column from the 10-Q's six-month column, but that would mix two filings inside a single period, and Chevron's own published first-quarter amounts are rounded to the nearest $0.1 billion. Rather than state figures at a precision the filings do not support, that quarter carries an income statement only.
• The eight quarters drawn from the 10-K's Quarterly Results table are labelled unaudited by Chevron and carry no weighted-average share counts, so the diluted earnings per share reported for those quarters cannot be reconciled against a share count within this record.
• Share repurchases are not carried for the individual quarters. The 10-K and the 10-Q report a single netted line, "Net sales (purchases) of treasury shares", while the earnings release reports repurchases and share issuances on separate lines. Those are not the same measure, so only the netted figure is reported, and only for the fiscal years and the six-month periods where both filings print it.
• Chevron does not publish segment earnings on a trailing-twelve-month basis. The trailing-twelve-month segment lines here are computed the same way as the rest of that block: fiscal 2025 plus the first half of 2026 less the first half of 2025.
• Diluted earnings per share of $1.45 for the second quarter of 2025 is the filing's own figure. Net income attributable to Chevron of $2,490 million over 1,724,397 thousand weighted-average diluted shares works out to $1.444, which the company rounds to $1.45.

Company details

Fiscal period

Source filings