⚡What does Chevron do, in 30 seconds?
Chevron finds and produces oil and natural gas, and refines crude oil into fuels, chemicals and lubricants 1. It took in $189.0bn ✓ in FY2025, and its Downstream fuels and chemicals business made up 69% ✓ of that. It kept $12.3bn ✓ as profit.
📱What does Chevron sell?
Chevron has two big businesses: Upstream pumps oil and gas out of the ground, and Downstream turns crude oil into fuels and chemicals. A small slice of income comes from elsewhere.
Upstream
Upstream explores for, develops and produces crude oil and natural gas. It also turns gas into liquefied natural gas (LNG) for shipping, ships crude oil through big export pipelines and stores carbon 1. Chevron holds more than 1,750,000 net acres in the Permian Basin of West Texas and Southeast New Mexico, where output reached one million barrels of oil equivalent a day in 2025 2. It owns half of Tengizchevroil, which runs the Tengiz and Korolev oil fields in Kazakhstan 2. Through Hess it gained 30% of the Stabroek Block off Guyana 2. Upstream brought in $53.5bn ✓ in FY2025, a year that includes Hess from 18 July 2025 4.
👥 Buyers of crude oil and natural gas, at prices that are generally set by supply and demand 1. Outside the US, Chevron must deliver 3.2 trillion cubic feet of gas from 2026 through 2028, mainly from Australia and Israel 5.
Downstream
Downstream refines crude oil into fuels and other products, and sells crude oil, fuels and lubricants. It also makes renewable fuels, chemicals, plastics and additives 1. At the end of 2025 its refineries, including affiliates, could process 1.8 million barrels a day 6. Chevron owns half of Chevron Phillips Chemical and half of GS Caltex in South Korea 6. Downstream brought in $130.9bn ✓ in FY2025.
👥 Drivers who fill up under the Chevron, Texaco and Caltex brands. At the end of 2025 Chevron supplied about 8,600 branded US stations and about 5,200 elsewhere 6. It also sells jet fuel to airlines at 58 airports 6.
Other income
Income that does not come from the Upstream and Downstream segments' sales. This slice came to $4.7bn ✓ in FY2025.
👥 A small slice next to the two main businesses, at 2% ✓ of FY2025 sales.
How the mix has shifted
💸How does Chevron make money?
Follow the money: what customers pay for, what it costs to make, and what is left as profit.
Chevron took in $189.0bn ✓ in FY2025. The direct costs of what it sold came to $108.2bn ✓. What is left is gross profit, which was $80.8bn ✓.
Next come the costs of running the company. Research took $0.4bn ✓, and sales and admin took $5.1bn ✓. Other operating costs took $54.3bn ✓. That left operating profit, the profit from the main business, of $21.0bn ✓. Other items came to -$1.4bn ✓, and tax took $7.3bn ✓. That left net income of $12.3bn ✓. Put simply, out of every $100 of sales, Chevron kept about $6 ✓ as profit, and $29 ✓ went on other operating costs.
Out of every $100 customers paid in FY2025…
⏱️ Chevron by the clock
Spread the FY2025 totals evenly over its 365 days and you get this. Source: CHEVRON CORP 10-K [7].
📈How is Chevron doing?
Chevron's sales and profit fell in FY2025, even with Hess added for part of the year, but sales grew again in the four quarters to June 2026. Sales were $189.0bn ✓, a change of -6.8% ✓ on FY2024. FY2025 includes Hess from 18 July 2025 4. Operating margin slipped to 11.1% ✓ from 13.9% ✓. Free cash flow was $16.6bn ✓, up from $15.0bn ✓.
Output rose even as sales fell. Chevron produced 3.723 million barrels of oil equivalent a day in 2025, up about 12%, including affiliates 5. Chevron says this was mainly due to Hess, a new project at Tengiz, record Permian output and growth in the Gulf of America 5.
In the four quarters to 30 June 2026, sales reached $215.3bn ✓, up 10.2% ✓ on the four quarters before. Operating margin over those four quarters was 14.9% ✓. The later period includes Hess from 18 July 2025, nearly all of it, while the earlier one ended before Chevron bought Hess 4.
On 30 October 2026, Chevron reported third-quarter earnings of $9.9 billion, up from $3.5 billion a year earlier; adjusted earnings were $10.4 billion 10. Output in that quarter was 3.98 million barrels of oil equivalent a day, below 4.086 million a year earlier 10. Chevron says this was mainly because higher prices cut the volumes its contracts give it, and the Middle East conflict cut output 10. The year-earlier quarter includes Hess only from 18 July 2025 4.
Over the long run, sales have grown slowly and unevenly. From FY2015 to FY2025, sales grew 3.2% ✓ a year on average, with Hess included only in the final year, from 18 July 2025 4. They rose in only 5 ✓ of those 10 ✓ years.
📝 The report card
Chevron earns a C ✓ for profitability, a D ✓ for cash and a D ✓ for its balance sheet. Growth earns an F ✓, and steadiness also earns an F ✓. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Chevron (orange) and its 2 peers land; further right is better.
Growth
Chevron's sales changed by -8.4% ✓ a year over its last three fiscal years, which earns an F ✓. The period starts from FY2022, when sales jumped 51.6% ✓. It ends with FY2025, which includes Hess from 18 July 2025 4. ExxonMobil's -7.0% ✓ also earns an F ✓, and so does ConocoPhillips' -9.1% ✓, an F ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Chevron kept 13.3% ✓ of sales as operating profit, above the 10% line for a C ✓. ExxonMobil kept 14.0% ✓, also a C ✓. ConocoPhillips kept 26.3% ✓, a B ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Chevron turned 8.7% ✓ of sales into free cash flow, a D ✓. ExxonMobil was close at 8.6% ✓, also a D ✓. ConocoPhillips did better at 14.1% ✓, a C ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
At the end of FY2025, Chevron's net cash (cash and investments minus borrowings; leases and stakes in other companies not counted) was -17.7% ✓ of a year's sales, a D ✓. Its net cash was -$33.5bn ✓, and its total debt was $40.8bn ✓. ExxonMobil's -9.9% ✓ earns a C ✓, and ConocoPhillips' -26.0% ✓ a D ✓.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Chevron's yearly growth rates swing a lot, with a standard deviation of 33.6% ✓, which earns an F ✓. Sales jumped 51.6% ✓ in FY2022, then changed by -18.4% ✓ in FY2023. ExxonMobil's figure is 28.4% ✓, an F ✓, and ConocoPhillips' is 55.8% ✓, also an F ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Chevron compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
From FY2015 to FY2025, Chevron handed back more cash than it made in free cash flow. It spent $170.7bn ✓ on buybacks and dividends, against $133.3bn ✓ of free cash flow. In FY2025 alone, it paid $12.8bn ✓ in dividends and spent $12.1bn ✓ on buybacks, equal to 150% ✓ of free cash flow.
🧮Ratios 101: what are Chevron's key financial ratios?
Ratios shrink Chevron's giant numbers into easy comparisons with ExxonMobil and ConocoPhillips. The FY2025 figures include Hess, which Chevron bought on 18 July 2025 4. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Chevron's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 At 42.8% ✓, Chevron's gross margin is below the 53.3% ✓ peer median and down from 48.2% ✓ in FY2016.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 Chevron's 11.1% ✓ is well above the 0.7% ✓ of FY2015 but below the 17.8% ✓ peer median.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Chevron keeps 6.5% ✓ of sales as final profit, up from 3.3% ✓ in FY2015 but below the 11.1% ✓ peer median.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 6.6% ✓ trails the 11.8% ✓ peer median. Shareholders' equity is large, at $186.5bn ✓.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 3.8% ✓ is below the 6.5% ✓ peer median, on total assets of $324.0bn ✓.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Chevron's sales are 0.6x ✓ the value of everything it owns, level with the 0.6x ✓ peer median and up from 0.5x ✓ in FY2015.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 Chevron holds 33 ✓ days of stock, the same as in FY2016 at 33 ✓ days. ConocoPhillips holds 31 ✓ days.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 Chevron's 1.2x ✓ means short-term assets of $38.6bn ✓ cover bills due within a year of $33.4bn ✓. That matches the 1.2x ✓ peer median.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 Chevron's 0.2x ✓ is below the 0.3x ✓ of FY2015 and the 0.3x ✓ peer median. It had $40.8bn ✓ of debt against $186.5bn ✓ of shareholders' equity.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit of $21.0bn ✓ covered interest of $1.2bn ✓ by 17.2x ✓. That is below ExxonMobil's 69.4x ✓ but above ConocoPhillips' 11.5x ✓.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Chevron turned profit into free cash at 1.3x ✓ in FY2025, above the 0.9x ✓ peer median. In FY2015 the figure was -2.2x ✓, when free cash flow was -$10.0bn ✓.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 Chevron spends 0.2% ✓ of sales on research, the same as the 0.2% ✓ peer median and down from 0.4% ✓ in FY2015.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Chevron paid out 201.9% ✓ of FY2025 profit, or $24.8bn ✓ on $12.3bn ✓ of net income. The peer median is 121.4% ✓.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Chevron's competitors?
Chevron says it competes with big integrated oil companies, independent producers and national oil companies 1. ExxonMobil and Chevron both produce oil and gas and refine it into fuels and chemicals 1011. ConocoPhillips meets Chevron in oil and gas production in the Permian Basin and abroad 1213.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Chevron (CVX, FY2025) | Oil and gas production, refining, fuels and chemicals | $189.0bn | -8.4% | 11.1% | 8.8% |
| ExxonMobil (XOM, FY2025) | Oil, gas, fuels and chemicals; in the third quarter of 2026 it produced 4.50 million barrels of oil equivalent a day, against Chevron's 3.98 million, after Chevron's Hess deal 1011 | $332.2bn | -7.0% | 12.6% | 7.1% |
| ConocoPhillips (COP, FY2025) | Permian and overseas oil and gas. In 2025 it produced 2,375 thousand barrels of oil equivalent a day, with Marathon Oil all year 1213. Chevron produced 3,723 thousand, with Hess from July 2025 1213 | $58.9bn | -9.1% | 23.0% | 12.3% |
Chevron also competes with national oil companies and independent producers, and says oil, gas and fuel prices are generally set by supply and demand 1.
🧭Chevron SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Chevron holds more than 1,750,000 net acres in the Permian Basin, where its output reached one million barrels of oil equivalent a day in 2025 2.
- Its proved reserves were about 10.6 billion barrels of oil equivalent at the end of 2025, 8% more than a year earlier 5.
- Its US refineries ran at 94.5% of capacity on average in 2025, up from 86.6% in 2024 6.
- Chevron hit its cost-cutting target six months early, in the second quarter of 2026 14. It reached $3 billion of yearly run-rate savings, against a goal of $3 billion to $4 billion by the end of 2026 14.
🩹 Weaknesses
- Sales changed by -8.4% ✓ a year over the three years to FY2025, an F ✓ for growth.
- Chevron kept 6.5% ✓ of FY2025 sales as profit, below the 11.1% ✓ peer median.
- In FY2025, buybacks and dividends came to 150% ✓ of free cash flow.
- About 21% of Chevron's 2025 output came from OPEC+ countries, such as Kazakhstan and Nigeria 17.
🚀 Opportunities
- Chevron said in October 2026 that its Venezuelan joint ventures plan to invest $7 billion over five years 10. It said better terms and more land could more than double its Venezuela output in that time 10.
- In the second quarter of 2026, Chevron agreed to build a West Texas power plant 16. It is designed to supply about 2.67 gigawatts to a Microsoft data center under a 20-year deal 16.
- Eight production vessels are expected to be working in Guyana's Stabroek Block by 2030, with combined capacity of about 1.7 million gross barrels of oil a day 2.
- In 2025, Chevron entered the US lithium business, buying about 135,000 net acres in Texas and Arkansas 15.
⚠️ Threats
- Chevron estimated in mid-2026 that each 1 dollar a barrel change in the Brent oil price moves its yearly after-tax earnings and cash flow by about $600 million 14.
- Chevron's 2025 annual report names drone attacks among the events that could disrupt the Caspian Pipeline Consortium, the main export route for Tengiz oil 17.
- As of mid-2026, Chevron entities were or had been defendants in 34 US climate change lawsuits 14.
- In its second-quarter 2026 report, Chevron said the Middle East conflict had cut output in the Partitioned Zone and at Chevron Phillips Chemical sites in Saudi Arabia and Qatar 14.
🏰Does Chevron have a moat?
Why 2?
Chevron sells fuel under the Chevron, Texaco and Caltex brands at about 8,600 branded US stations and about 5,200 elsewhere 6. Only about 380 of the US stations were owned or leased by Chevron at the end of 2025; retailers and marketers supplied the rest 6. Chevron says oil, gas and fuel prices are generally set by supply and demand 1.
Why 3?
Chevron holds more than 1,750,000 net acres in the Permian, where output reached one million barrels of oil equivalent a day in 2025 2. It drills there from multi-well pads, a manufacturing-style process it credits with productivity gains 2. Its US refineries ran at 94.5% of capacity in 2025 6, and set a record of 1.09 million barrels a day in the third quarter of 2026 10. It reached $3 billion of yearly run-rate cost savings in the second quarter of 2026 14. In 2025 it reached its first target of $1 billion a year of run-rate synergies, the savings from combining with Hess 15. Its proved reserves were about 10.6 billion barrels of oil equivalent at the end of 2025 5.
Why 3?
Chevron owns half of Tengizchevroil, whose concession to run its Kazakh fields expires in 2033 2. Through Hess it holds 30% of Guyana's Stabroek Block, but does not operate it 2. In the second quarter of 2026 it announced a licensing deal to bring to market a chemical technology it developed to get more oil from shale and tight rock 16. Its Oronite unit made, blended or researched lubricant and fuel additives at 11 sites at the end of 2025 6.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Chevron; grey dots are peers).
🔭What should you watch next?
Hess Midstream deal
On 6 October 2026, Chevron agreed to hand its stake in Hess Midstream and its DJ Basin crude oil midstream assets to Hess Midstream, for longer Bakken contracts and cash 25. It expects the deal to close by the end of 2026, subject to closing conditions and regulatory approvals 25. It expects a one-time after-tax loss of about $3 billion to $4 billion at closing 25.
Next dividend payment
Chevron's board declared a quarterly dividend of $1.78 per share, payable on 10 December 2026 to holders of record on 18 November 2026 10.
New chief legal officer
R. Hewitt Pate will step down as chief legal officer on 31 December 2026, ahead of his expected retirement in June 2027 26.
New finance chief
Jeff Gustavson, now head of New Energies, becomes chief financial officer on 1 January 2027. Eimear Bonner, the current CFO, becomes President of Oil, Products and Gas 21.
Chemical projects expected to start up
In Chevron's FY2025 annual report, Chevron Phillips Chemical expected its Golden Triangle Polymers project in Texas and Ras Laffan project in Qatar to start up in the first half of 2027 6.
📚Learn the words
❓Frequently asked questions about Chevron
How does Chevron make money?
Chevron makes most of its sales from fuels and chemicals, and the rest mainly from oil and gas. In FY2025, Downstream brought in $130.9bn ✓ and Upstream $53.5bn ✓. Other income added $4.7bn ✓.
Did Chevron buy Hess?
Yes. Chevron completed its purchase of Hess, an oil and gas producer, on 18 July 2025 4. Chevron put the price at about $48 billion and took on $8.8 billion of Hess debt 4. The deal gave Chevron 30% of the Stabroek Block off Guyana 2.
How much oil and gas does Chevron produce?
Chevron produced 3.98 million barrels of oil equivalent a day in the third quarter of 2026 10. About 2.043 million came from the United States and 1.937 million from abroad 10.
Where is Chevron's headquarters?
Chevron's head office is at 1400 Smith Street in Houston, Texas 1. In August 2024 it announced the move from San Ramon, California, and said it expected all corporate functions to move there over five years 18.
Is Chevron's revenue growing?
Chevron's revenue fell in FY2025 but grew in the four quarters to 30 June 2026. Sales changed by -6.8% ✓ in FY2025, with Hess included from 18 July 2025 4. In those four quarters, sales rose 10.2% ✓. That later period includes Hess from 18 July 2025, nearly all of it, while the earlier one ended before Chevron bought Hess 4.
Who runs Chevron?
Michael Wirth was Chevron's chairman and chief executive at the end of FY2025, a role he has held since February 2018 20. Jeff Gustavson becomes chief financial officer on 1 January 2027 21.
Does Chevron pay a dividend?
Chevron paid $12.8bn ✓ in dividends in FY2025. Its board has declared a quarterly dividend of $1.78 per share, payable on 10 December 2026 10.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [7] [8] [9].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. Which part of Chevron brought in the most sales in FY2025?
2. What was Chevron called when it was incorporated in 1926?
3. Which oil company did Chevron buy in July 2025?
4. About how much does a 1 dollar change in the Brent oil price move Chevron's yearly after-tax earnings?
5. How much crude oil can the GS Caltex refinery at Yeosu, South Korea, process each day?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Chevron Form 10-K for fiscal year 2025 — Cover (address, fiscal year end); Item 1 summary description, incorporation and name history, competition (accessed 2026-11-04)
- Chevron Form 10-K for fiscal year 2025 — Item 1 upstream key areas: Permian Basin, Gulf of America, Guyana, Kazakhstan (Tengizchevroil) (accessed 2026-11-04)
- Chevron (CVX) Form 10-K for fiscal year 2025, filed 2026-02-24 — revenue and cost of sales by product, segment and geography (accessed 2026-11-04)
- Chevron Form 10-K for fiscal year 2025 — Note 29 Acquisition of Hess Corporation (accessed 2026-11-04)
- Chevron Form 10-K for fiscal year 2025 — Item 1 upstream: proved reserves, net production by country, delivery commitments (accessed 2026-11-04)
- Chevron Form 10-K for fiscal year 2025 — Item 1 downstream: refineries and capacity, marketing brands and stations, chemicals, pipelines (accessed 2026-11-04)
- SEC EDGAR companyfacts: Chevron (CVX) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: ExxonMobil Holdings Corp (XOM) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: CONOCOPHILLIPS (COP) — annual 10-K facts (accessed 2026-11-04)
- Chevron reports third quarter 2026 results (Form 8-K exhibit 99.1, October 30, 2026) — Third quarter 2026 earnings, production, refinery throughput, debt, dividend, segment reporting, highlights (accessed 2026-11-04)
- ExxonMobil Form 10-Q for the quarter ended September 30, 2026 — Upstream oil-equivalent production, third quarter 2026 (accessed 2026-11-04)
- Chevron Corporation Form 10-K, fiscal 2025 — Chevron 2025 worldwide oil-equivalent production, Permian Basin production, Hess acquisition timing (accessed 2026-11-04)
- ConocoPhillips Form 10-K, fiscal 2025 (Item 7, Management's Discussion and Analysis) — 2025 production, Marathon Oil integration and synergies, shareholder returns, reserve replacement, 2026 outlook, project milestones (accessed 2026-11-04)
- Chevron Form 10-Q for the quarter ended June 30, 2026 — Note 11 litigation; MD&A: Middle East conflict, Brent sensitivity, structural cost reductions (accessed 2026-11-04)
- Chevron reports fourth quarter 2025 results (Form 8-K exhibit 99.1, January 30, 2026) — 2025 business highlights: Hess, Tengiz, lithium, refinery throughput, cost reductions (accessed 2026-11-04)
- Chevron reports second quarter 2026 results (Form 8-K exhibit 99.1, July 31, 2026) — Second quarter 2026 business highlights: West Texas power project, Iraq, Singapore sale, surfactant licensing (accessed 2026-11-04)
- Chevron Form 10-K for fiscal year 2025 — MD&A business environment: production in OPEC+ countries, Caspian Pipeline Consortium risk (accessed 2026-11-04)
- Chevron news release: headquarters relocation and senior leadership changes (Form 8-K exhibit 99.1, August 2, 2024) — Headquarters move from San Ramon to Houston; employees in each location (accessed 2026-11-04)
- SEC EDGAR companyfacts: Chevron (CVX) — quarterly 10-Q/10-K facts (accessed 2026-11-04)
- Chevron Form 10-K for fiscal year 2025 — Part III executive officers of the registrant (accessed 2026-11-04)
- Chevron Form 8-K, officer elections (filed October 5, 2026) — New CFO and President, Oil, Products & Gas from January 1, 2027 (accessed 2026-11-04)
- Chevron Form 10-K for fiscal year 2025 — Note on benefit plan trusts: Texaco acquired by Chevron (accessed 2026-11-04)
- Chevron Form 10-K for fiscal year 2025 — Item 1 human capital: employees by region at December 31, 2025 (accessed 2026-11-04)
- SEC EDGAR companyfacts: Chevron (CVX) — balance sheet at 2026-06-30 (accessed 2026-11-04)
- Chevron news release: divestment of Hess Midstream and DJ Basin crude midstream interests (Form 8-K exhibit 99.1, October 6, 2026) — Hess Midstream transaction terms, expected loss and timing (accessed 2026-11-04)
- Chevron Form 8-K, chief legal officer resignation (filed May 29, 2026) — Chief Legal Officer to step down December 31, 2026 (accessed 2026-11-04)